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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09689
Wells Fargo Master Trust
(Exact name of registrant as specified in charter)
525 Market St., San Francisco, CA 94105
(Address of principal executive offices) (Zip code)
C. David Messman
Wells Fargo Funds Management, LLC
525 Market St., 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: May 31, 2011
Date of reporting period: November 30, 2011
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| ITEM 1. | REPORT TO SHAREHOLDERS |
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Wells Fargo Advantage Allocation Funds
Semi-Annual Report
November 30, 2011
| n | Wells Fargo Advantage Conservative Allocation Fund |
| n | Wells Fargo Advantage Growth Balanced Fund |
| n | Wells Fargo Advantage Moderate Balanced Fund |
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Sign up for electronic delivery of prospectuses and shareholder reports at www.wellsfargo.com/advantagedelivery
The views expressed and any forward-looking statements are as of November 30, 2011, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.
NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE
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NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE
Not part of the semi-annual report.
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Wells Fargo Advantage Funds offers more than 110 mutual funds across a wide range of asset classes, representing over $225 billion in assets under management, as of November 30, 2011.
| Equity Funds | ||||
| Asia Pacific Fund |
Global Opportunities Fund |
Premier Large Company Growth Fund | ||
| C&B Large Cap Value Fund |
Growth Fund |
Small Cap Opportunities Fund | ||
| C&B Mid Cap Value Fund |
Health Care Fund |
Small Cap Value Fund | ||
| Capital Growth Fund |
Index Fund |
Small Company Growth Fund | ||
| Common Stock Fund |
International Equity Fund |
Small Company Value Fund | ||
| Disciplined U.S. Core Fund |
International Value Fund |
Small/Mid Cap Core Fund | ||
| Discovery Fund† |
Intrinsic Small Cap Value Fund |
Small/Mid Cap Value Fund | ||
| Diversified Equity Fund |
Intrinsic Value Fund |
Social Sustainability Fund† | ||
| Diversified International Fund |
Intrinsic World Equity Fund |
Special Mid Cap Value Fund | ||
| Diversified Small Cap Fund |
Large Cap Core Fund |
Special Small Cap Value Fund | ||
| Emerging Growth Fund |
Large Cap Growth Fund |
Specialized Technology Fund | ||
| Emerging Markets Equity Fund |
Large Company Value Fund |
Strategic Large Cap Growth Fund | ||
| Endeavor Select Fund† |
Omega Growth Fund |
Traditional Small Cap Growth Fund | ||
| Enterprise Fund† |
Opportunity Fund† |
Utility and Telecommunications Fund | ||
| Equity Value Fund |
Precious Metals Fund |
|||
| Bond Funds | ||||
| Adjustable Rate Government Fund |
Inflation-Protected Bond Fund |
Short-Term Bond Fund | ||
| California Limited-Term Tax-Free Fund |
Intermediate Tax/AMT-Free Fund |
Short-Term High Yield Bond Fund | ||
| California Tax-Free Fund |
International Bond Fund |
Short-Term Municipal Bond Fund | ||
| Colorado Tax-Free Fund |
Minnesota Tax-Free Fund |
Strategic Municipal Bond Fund | ||
| Government Securities Fund |
Municipal Bond Fund |
Total Return Bond Fund | ||
| High Income Fund |
North Carolina Tax-Free Fund |
Ultra Short-Term Income Fund | ||
| High Yield Bond Fund |
Pennsylvania Tax-Free Fund |
Ultra Short-Term Municipal Income Fund | ||
| Income Plus Fund |
Short Duration Government Bond Fund |
Wisconsin Tax-Free Fund | ||
| Asset Allocation Funds | ||||
| Asset Allocation Fund |
WealthBuilder Equity Portfolio† |
Target 2020 Fund† | ||
| Conservative Allocation Fund |
WealthBuilder Growth Allocation Portfolio† |
Target 2025 Fund† | ||
| Diversified Capital Builder Fund |
WealthBuilder Growth Balanced Portfolio† |
Target 2030 Fund† | ||
| Diversified Income Builder Fund |
WealthBuilder Moderate Balanced Portfolio† |
Target 2035 Fund† | ||
| Growth Balanced Fund |
WealthBuilder Tactical Equity Portfolio† |
Target 2040 Fund† | ||
| Index Asset Allocation Fund |
Target Today Fund† |
Target 2045 Fund† | ||
| Moderate Balanced Fund |
Target 2010 Fund† |
Target 2050 Fund† | ||
| WealthBuilder Conservative Allocation Portfolio† |
Target 2015 Fund† |
Target 2055 Fund† | ||
| Money Market Funds | ||||
| 100% Treasury Money Market Fund |
Heritage Money Market Fund† |
National Tax-Free Money Market Fund | ||
| California Municipal Money Market Fund |
Money Market Fund |
Prime Investment Money Market Fund | ||
| Cash Investment Money Market Fund |
Municipal Cash Management Money Market Fund |
Treasury Plus Money Market Fund | ||
| Government Money Market Fund |
Municipal Money Market Fund |
|||
| Variable Trust Funds1 | ||||
| VT Discovery Fund† |
VT Intrinsic Value Fund |
VT Small Cap Growth Fund | ||
| VT Index Asset Allocation Fund |
VT Omega Growth Fund |
VT Small Cap Value Fund | ||
| VT International Equity Fund |
VT Opportunity Fund† |
VT Total Return Bond Fund |
An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.
| 1. | The Variable Trust Funds are generally available only through insurance company variable contracts. |
| † | In this report, the Wells Fargo Advantage Discovery FundSM, Wells Fargo Advantage Endeavor Select FundSM, Wells Fargo Advantage Enterprise FundSM, Wells Fargo Advantage Opportunity FundSM, Wells Fargo Advantage Social Sustainability FundSM, Wells Fargo Advantage WealthBuilder Conservative Allocation PortfolioSM, Wells Fargo Advantage WealthBuilder Equity PortfolioSM, Wells Fargo Advantage WealthBuilder Growth Allocation PortfolioSM, Wells Fargo Advantage WealthBuilder Growth Balanced PortfolioSM, Wells Fargo Advantage WealthBuilder Moderate Balanced PortfolioSM, Wells Fargo Advantage WealthBuilder Tactical Equity PortfolioSM, Wells Fargo Advantage Dow Jones Target Today FundSM, Wells Fargo Advantage Dow Jones Target 2010 FundSM, Wells Fargo Advantage Dow Jones Target 2015 FundSM, Wells Fargo Advantage Dow Jones Target 2020 FundSM, Wells Fargo Advantage Dow Jones Target 2025 FundSM, Wells Fargo Advantage Dow Jones Target 2030 FundSM, Wells Fargo Advantage Dow Jones Target 2035 FundSM, Wells Fargo Advantage Dow Jones Target 2040 FundSM, Wells Fargo Advantage Dow Jones Target 2045 FundSM, Wells Fargo Advantage Dow Jones Target 2050 FundSM, Wells Fargo Advantage Dow Jones Target 2055 FundSM, Wells Fargo Advantage Heritage Money Market FundSM, Wells Fargo Advantage VT Discovery FundSM, and Wells Fargo Advantage VT Opportunity FundSM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, Social Sustainability Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively. |
Not part of the semi-annual report.
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| 2 | Wells Fargo Advantage Allocation Funds | Letter to Shareholders |
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| Letter to Shareholders | Wells Fargo Advantage Allocation Funds | 3 |
The Federal Reserve announced that it will target current low rates until 2013.
With inflation subdued, the Federal Open Market Committee (FOMC) held its target range for the federal funds rate—a proxy for short-term interest rates—steady at 0.00% to 0.25%. At its meeting on August 9, 2011, responding in part to the volatility and uncertainty facing the financial markets and global economies, the Federal Reserve (Fed) established a timetable for its commitment to lower rates. In that meeting, the FOMC explained that “economic conditions—including low rates of resource utilization and a subdued outlook for inflation over the medium run—are likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013.” At its September 21, 2011 meeting, the Fed introduced its version of “Operation Twist,” where it outlined its focus on buying long-term Treasury securities, specifically those with maturities of six years or longer, while selling an equivalent amount of Treasury notes within six years of maturity. The objective is to help ensure that intermediate- and long-term Treasury yields remain low, which, in turn, should provide ongoing support for further economic growth.
Heightened volatility characterized many areas of financial markets during period.
As the period began, improving fundamentals, such as strong corporate earnings, remained key drivers of returns for equities and the investment-grade and high-yield corporate bond markets. Further supporting the markets was the Fed’s second round of quantitative easing (QE2), which, after being in place for eight months, ended on June 30.
During the second half of the reporting period, both bonds and equities experienced an unusually high level of volatility, especially in August, when many traders on Wall Street and politicians in Washington, D.C., were forced to forgo vacations and other activities until a solution was reached on the debt-ceiling impasse. As the estimated debt-ceiling deadline loomed, rating agencies began to voice concerns over the possibility of the U.S. government running short on funds to pay its bills. The U.S. Congress was able to address the debt-ceiling issue in time, but Standard & Poor’s, one of the major credit rating agencies, lowered its rating of long-term U.S. debt from AAA to AA+1. While this did not diminish the role U.S. Treasuries play as the primary source of liquidity and safety in the global markets, it did briefly roil the markets.
Eurozone sovereign debt concerns returned to the forefront in the third quarter of 2011.
The markets were further rattled during the period by sovereign debt concerns within the eurozone. Greece’s financial problems returned to the forefront of investors’ minds a year after the European Union and the International Monetary Fund developed a plan to support the country, as Greece failed to make significant progress in addressing its financial condition. As a result, fear spread and market volatility spiked during the third quarter of 2011, with investors
| 1. | The ratings indicated are from Standard & Poor’s. Standard and Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. |
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| 4 | Wells Fargo Advantage Allocation Funds | Letter to Shareholders |
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| Letter to Shareholders | Wells Fargo Advantage Allocation Funds | 5 |
In typical fashion, the high-yield fixed-income market moved in the same direction as equities throughout the reporting period. As a result, high yield was among the strongest-performing bond sectors during the early stages of the reporting period, bolstered by improving corporate fundamentals and by less risk aversion from investors. However, as the debt-ceiling debate and the Greek debt crisis became the focuses of the marketplace, many investors reduced their exposure to riskier assets, including high-yield bonds. As a result, the high-yield markets significantly underperformed almost every bond sector during the reporting period. As of November 30, 2011, the high-yield index recorded a six-month total return of (3.35)%. By comparison, the Barclays Capital U.S. Treasury Index6 and the Barclays Capital U.S. Aggregate Bond Index7 returned 6.04% and 3.54%, respectively, on a six-month basis.
A long-term perspective is key.
It remains to be seen how quickly the financial markets can resume their upward trajectory. In any case, the market’s rebound over the past two years from the severe downturn of 2008 and 2009, coupled with the bouts of volatility, underscores the importance of maintaining a disciplined and balanced long-term investment strategy through changing market cycles. By staying focused on your long-term goals, you may be better positioned to both navigate falling markets and participate in rising markets.
Thank you for choosing to invest with Wells Fargo Advantage Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs. For current information about your fund investments, contact your investment professional, visit our website at www.wellsfargo.com/advantagefunds, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.
Sincerely,
Karla M. Rabusch
President
Wells Fargo Advantage Funds
| 6. | The Barclays Capital U.S. Treasury Index is an index of U.S. Treasury securities. You cannot invest directly in an index. |
| 7. | The Barclays Capital U.S. Aggregate Bond Index is composed of the Barclays Capital Government/Credit Index and the Mortgage-Backed Securities Index and includes U.S. Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities. You cannot invest directly in an index. |
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| 6 | Wells Fargo Advantage Allocation Funds | Performance Highlights (Unaudited) |
Wells Fargo Advantage Conservative Allocation Fund1
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| Performance Highlights (Unaudited) | Wells Fargo Advantage Allocation Funds | 7 |
Wells Fargo Advantage Conservative Allocation Fund (continued)
AVERAGE ANNUAL TOTAL RETURN (%) (AS OF NOVEMBER 30, 2011)
| Expense Ratios4 | ||||||||||||||||||||||||||||
| Inception Date | 6 Months* | 1 Year | 5 Year | 10 Year | Gross | Net5 | ||||||||||||||||||||||
| Administrator Class (NVCBX) |
11/11/1994 | (1.40 | ) | 4.46 | 3.51 | 3.93 | 1.27% | 0.85% | ||||||||||||||||||||
| Conservative Allocation Composite Index6 |
0.33 | 4.51 | 4.22 | 4.71 | ||||||||||||||||||||||||
| Barclays Capital U.S. Aggregate Bond Index7 |
3.54 | 5.52 | 6.14 | 5.59 | ||||||||||||||||||||||||
| S&P 500 Index8 |
(6.25 | ) | 7.83 | (0.18 | ) | 2.91 | ||||||||||||||||||||||
| * | Returns for periods of less than one year are not annualized. |
Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s Web site – www.wellsfargo.com/advantagefunds.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses or any taxes. It is not possible to invest directly in an index.
Administrator shares are sold without a front-end sales charge or contingent deferred sales charge.
Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond values fall and investors may lose principal value. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to mortgage- and asset-backed securities risk. Consult the Fund’s prospectus for additional information on these and other risks.
| 4. | Reflects the expense ratio as stated in the most recent prospectus. |
| 5. | The Adviser has committed through September 30, 2012 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amount shown above. Without this cap, the Fund’s returns would have been lower. |
| 6. | Source: Wells Fargo Funds Management, LLC. The Conservative Allocation Composite Index is weighted 55% in the Barclays Capital U.S. Aggregate Bond Index (includes Treasury issues, agency issues, corporate bond issues and mortgage-backed securities), 25% in the Barclays Capital 9-12 Month U.S. Treasury Bond Index (an unmanaged index that includes aged U.S. Treasury bills, notes, and bonds with a remaining maturity from one up to but not including 12 months), 5% in the Russell 1000® Value Index (measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values), 5% in the S&P 500 Index, 5% in the Russell 1000 Growth Index (measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values), 3% in the MSCI EAFE Index (an unmanaged group of securities generally representative of the stock markets of Europe, Australasia and the Far East), and 2% in the Russell 2000® Index (measures the performance of the 2,000 smallest companies in the Russell 3000® Index). You cannot invest directly in an index. |
| 7. | The Barclays Capital U.S. Aggregate Bond Index is composed of the Barclays Capital Government/Credit Index and the Mortgage-Backed Securities Index and includes U.S. Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities. You cannot invest directly in an index. |
| 8. | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. |
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| 8 | Wells Fargo Advantage Allocation Funds | Performance Highlights (Unaudited) |
Wells Fargo Advantage Growth Balanced Fund1
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| Performance Highlights (Unaudited) | Wells Fargo Advantage Allocation Funds | 9 |
Wells Fargo Advantage Growth Balanced Fund (continued)
AVERAGE ANNUAL TOTAL RETURN (%) (AS OF NOVEMBER 30, 2011)
| Including Sales Charge | Excluding Sales Charge | Expense Ratios4 | ||||||||||||||||||||||||||||||||||||||||||
| Inception Date | 6 Months* | 1 Year | 5 Year | 10 Year | 6 Months* | 1 Year | 5 Year | 10 Year | Gross | Net5 | ||||||||||||||||||||||||||||||||||
| Class A (WFGBX) |
10/14/1998 | (13.36 | ) | (2.17 | ) | (1.17 | ) | 2.15 | (8.08 | ) | 3.79 | 0.01 | 2.76 | 1.36% | 1.20% | |||||||||||||||||||||||||||||
| Class B (NVGRX)** |
10/01/1998 | (13.44 | ) | (1.98 | ) | (1.16 | ) | 2.22 | (8.44 | ) | 3.02 | (0.75 | ) | 2.22 | 2.11% | 1.95% | ||||||||||||||||||||||||||||
| Class C (WFGWX) |
10/01/1998 | (9.44 | ) | 2.02 | (0.74 | ) | 1.99 | (8.44 | ) | 3.02 | (0.74 | ) | 1.99 | 2.11% | 1.95% | |||||||||||||||||||||||||||||
| Administrator Class (NVGBX) |
11/11/1994 | (8.00 | ) | 4.04 | 0.26 | 3.01 | 1.20% | 0.95% | ||||||||||||||||||||||||||||||||||||
| Growth Balanced Composite Index6 |
(4.38 | ) | 5.82 | 2.23 | 4.79 | |||||||||||||||||||||||||||||||||||||||
| S&P 500 Index7 |
(6.25 | ) | 7.83 | (0.18 | ) | 2.91 | ||||||||||||||||||||||||||||||||||||||
| Barclays Capital U.S. Aggregate Bond Index8 |
3.54 | 5.52 | 6.14 | 5.59 | ||||||||||||||||||||||||||||||||||||||||
| * | Returns for periods of less than one year are not annualized. |
| ** | Class B shares are closed to investment, except in connection with the reinvestment of any distributions and permitted exchanges. |
Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s Web site – www.wellsfargo.com/advantagefunds.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including sales charge assumes the sales charge for the corresponding time period. Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.
Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond values fall and investors may lose principal value. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to foreign investment risk, mortgage- and asset-backed securities risk, and smaller company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.
| 4. | Reflects the expense ratios as stated in the most recent prospectuses. |
| 5. | The Adviser has committed through July 18, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown above. Without this cap, the Fund’s returns would have been lower. |
| 6. | Source: Wells Fargo Funds Management, LLC. The Growth Balanced Composite Index is weighted 35% in the Barclays Capital U.S. Aggregate Bond Index (includes Treasury issues, agency issues, corporate bond issues and mortgage-backed securities), 16.25% in the Russell 1000® Value Index (measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values), 16.25% in the S&P 500 Index, 16.25% in the Russell 1000® Growth Index (measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values), 9.75% in the MSCI EAFE Index (an unmanaged group of securities generally representative of the stock markets of Europe, Australasia and the Far East), and 6.50% in the Russell 2000® Index (measures the performance of the 2,000 smallest companies in the Russell 3000® Index). You cannot invest directly in an index. |
| 7. | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. |
| 8. | The Barclays Capital U.S. Aggregate Bond Index is composed of the Barclays Capital Government/Credit Index and the Mortgage-Backed Securities Index and includes U.S. Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities. You cannot invest directly in an index. |
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| 10 | Wells Fargo Advantage Allocation Funds | Performance Highlights (Unaudited) |
Wells Fargo Advantage Moderate Balanced Fund1
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| Performance Highlights (Unaudited) | Wells Fargo Advantage Allocation Funds | 11 |
Wells Fargo Advantage Moderate Balanced Fund (continued)
AVERAGE ANNUAL TOTAL RETURN4 (%) (AS OF NOVEMBER 30, 2011)
| Including Sales Charge | Excluding Sales Charge | Expense Ratios5 | ||||||||||||||||||||||||||||||||||||||||||
| Inception Date | 6 Months* | 1 Year | 5 Year | 10 Year | 6 Months* | 1 Year | 5 Year | 10 Year | Gross | Net6 | ||||||||||||||||||||||||||||||||||
| Class A (WFMAX) |
01/30/2004 | (9.97 | ) | (1.83 | ) | 0.53 | 2.67 | (4.48 | ) | 4.16 | 1.73 | 3.28 | 1.34% | 1.15% | ||||||||||||||||||||||||||||||
| Class B (WMOBX)** |
01/30/2004 | (9.85 | ) | (1.61 | ) | 0.57 | 2.74 | (4.85 | ) | 3.39 | 0.96 | 2.74 | 2.09% | 1.90% | ||||||||||||||||||||||||||||||
| Class C (WFBCX) |
01/30/2004 | (5.88 | ) | 2.35 | 0.95 | 2.50 | (4.88 | ) | 3.35 | 0.95 | 2.50 | 2.09% | 1.90% | |||||||||||||||||||||||||||||||
| Administrator Class (NVMBX) |
11/11/1994 | (4.35 | ) | 4.41 | 1.97 | 3.53 | 1.18% | 0.90% | ||||||||||||||||||||||||||||||||||||
| Moderate Balanced Composite Index7 |
(1.76 | ) | 5.12 | 3.39 | 4.78 | |||||||||||||||||||||||||||||||||||||||
| S&P 500 Index8 |
(6.25 | ) | 7.83 | (0.18 | ) | 2.91 | ||||||||||||||||||||||||||||||||||||||
| Barclays Capital U.S. Aggregate Bond Index9 |
3.54 | 5.52 | 6.14 | 5.59 | ||||||||||||||||||||||||||||||||||||||||
| * | Returns for periods of less than one year are not annualized. |
| ** | Class B shares are closed to investment, except in connection with the reinvestment of any distributions and permitted exchanges. |
Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s Web site – www.wellsfargo.com/advantagefunds.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including sales charge assumes the sales charge for the corresponding time period. Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.
Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond values fall and investors may lose principal value. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to mortgage- and asset-backed securities risk. Consult the Fund’s prospectus for additional information on these and other risks.
| 4. | Historical performance shown for Class A, Class B and Class C shares prior to their inception reflects the performance of the Administrator Class shares, adjusted to reflect the higher expenses applicable to Class A, Class B and Class C shares. |
| 5. | Reflects the expense ratios as stated in the most recent prospectuses. |
| 6. | The Adviser has committed through September 30, 2012 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown above. Without this cap, the Fund’s returns would have been lower. |
| 7. | Source: Wells Fargo Funds Management, LLC. The Moderate Balanced Composite Index is weighted 45% in the Barclays Capital U.S. Aggregate Bond Index (includes Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities), 15% in the Barclays Capital 9-12 Month U.S. Treasury Bond Index (an unmanaged index that includes aged U.S. Treasury bills, notes, and bonds with a remaining maturity from one up to but not including 12 months), 10% in the S&P 500 Index, 10% in the Russell 1000® Growth Index (measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values), 10% in the Russell 1000® Value Index (measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values), 6% in the MSCI EAFE Index (an unmanaged group of securities generally representative of the stock markets of Europe, Australasia and the Far East), and 4% in the Russell 2000® Index (measures the performance of the 2,000 smallest companies in the Russell 3000® Index). You cannot invest directly in an index. |
| 8. | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. |
| 9. | The Barclays Capital U.S. Aggregate Bond Index is composed of the Barclays Capital Government/Credit Index and the Mortgage-Backed Securities Index and includes U.S. Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities. You cannot invest directly in an index. |
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| 12 | Wells Fargo Advantage Allocation Funds | Fund Expenses (Unaudited) |
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) and/or shareholder service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2011 to November 30, 2011.
Actual Expenses
The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses Paid During Period” for your applicable class of shares to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Wells Fargo Advantage Conservative Allocation Fund | Beginning Account Value 06-01-2011 |
Ending Account Value 11-30-2011 |
Expenses Paid During the Period¹ |
Net Annual Expense Ratio |
||||||||||||
| Administrator Class |
||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 986.02 | $ | 4.22 | 0.85 | % | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,020.75 | $ | 4.29 | 0.85 | % | ||||||||
| Wells Fargo Advantage Growth Balanced Fund | ||||||||||||||||
| Class A |
||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 919.22 | $ | 5.76 | 1.20 | % | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,019.00 | $ | 6.06 | 1.20 | % | ||||||||
| Class B |
||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 915.55 | $ | 9.34 | 1.95 | % | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,015.25 | $ | 9.82 | 1.95 | % | ||||||||
| Class C |
||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 915.57 | $ | 9.34 | 1.95 | % | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,015.25 | $ | 9.82 | 1.95 | % | ||||||||
| Administrator Class |
||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 920.04 | $ | 4.56 | 0.95 | % | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,020.25 | $ | 4.80 | 0.95 | % | ||||||||
Table of Contents
| Fund Expenses (Unaudited) | Wells Fargo Advantage Allocation Funds | 13 |
| Wells Fargo Advantage Moderate Balanced Fund | Beginning Account Value 06-01-2011 |
Ending Account Value 11-30-2011 |
Expenses Paid During the Period¹ |
Net Annual Expense Ratio |
||||||||||||
| Class A |
||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 955.19 | $ | 5.62 | 1.15 | % | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,019.25 | $ | 5.81 | 1.15 | % | ||||||||
| Class B |
||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 951.48 | $ | 9.27 | 1.90 | % | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,015.50 | $ | 9.57 | 1.90 | % | ||||||||
| Class C |
||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 951.16 | $ | 9.27 | 1.90 | % | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,015.50 | $ | 9.57 | 1.90 | % | ||||||||
| Administrator Class |
||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 956.50 | $ | 4.40 | 0.90 | % | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,020.50 | $ | 4.55 | 0.90 | % | ||||||||
| 1. | Expenses paid is equal to the annualized expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half year period). |
Table of Contents
| 14 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
CONSERVATIVE ALLOCATION FUND
| Security Name | Shares | Value | ||||||||||||||
| Affiliated Master Portfolios: 99.04% |
||||||||||||||||
| Wells Fargo Advantage C&B Large Cap Value Portfolio |
N/A | $ | 644,852 | |||||||||||||
| Wells Fargo Advantage Diversified Large Cap Growth Portfolio |
N/A | 1,934,789 | ||||||||||||||
| Wells Fargo Advantage Emerging Growth Portfolio |
N/A | 196,267 | ||||||||||||||
| Wells Fargo Advantage Equity Value Portfolio |
N/A | 652,218 | ||||||||||||||
| Wells Fargo Advantage Index Portfolio |
N/A | 1,940,174 | ||||||||||||||
| Wells Fargo Advantage Inflation-Protected Bond Portfolio |
N/A | 2,040,218 | ||||||||||||||
| Wells Fargo Advantage International Equity Portfolio |
N/A | 293,039 | ||||||||||||||
| Wells Fargo Advantage International Growth Portfolio |
N/A | 294,679 | ||||||||||||||
| Wells Fargo Advantage International Index Portfolio |
N/A | 294,406 | ||||||||||||||
| Wells Fargo Advantage International Value Portfolio |
N/A | 292,017 | ||||||||||||||
| Wells Fargo Advantage Large Company Value Portfolio |
N/A | 644,809 | ||||||||||||||
| Wells Fargo Advantage Managed Fixed Income Portfolio |
N/A | 14,267,319 | ||||||||||||||
| Wells Fargo Advantage Small Cap Value Portfolio |
N/A | 195,179 | ||||||||||||||
| Wells Fargo Advantage Small Company Growth Portfolio |
N/A | 194,160 | ||||||||||||||
| Wells Fargo Advantage Small Company Value Portfolio |
N/A | 198,030 | ||||||||||||||
| Wells Fargo Advantage Stable Income Portfolio |
N/A | 9,297,837 | ||||||||||||||
| Wells Fargo Advantage Total Return Bond Portfolio |
N/A | 4,082,240 | ||||||||||||||
| Total Affiliated Master Portfolios (Cost $37,434,666) |
37,462,233 | |||||||||||||||
|
|
|
|||||||||||||||
| Principal | ||||||||||||||||
| Other: 0.06% | ||||||||||||||||
| Gryphon Funding Limited, Pass-Through Entity(a)(i) |
$ | 23,661 | 8,494 | |||||||||||||
| VFNC Corporation, Pass-Through Entity, 0.26%(a)(i)±144A |
27,034 | 13,247 | ||||||||||||||
| Total Other (Cost $15,196) |
21,741 | |||||||||||||||
|
|
|
|||||||||||||||
| Interest Rate | Maturity Date | |||||||||||||||
| Short-Term Investments: 0.43% |
||||||||||||||||
| U.S. Treasury Securities: 0.43% | ||||||||||||||||
| U.S. Treasury Bill# |
0.01 | % | 02/02/2012 | 165,000 | 164,996 | |||||||||||
|
|
|
|||||||||||||||
| Total Short-Term Investments (Cost $164,978) |
164,996 | |||||||||||||||
|
|
|
|||||||||||||||
| Total Investments in Securities | ||||||||
| (Cost $37,614,840)* | 99.53 | % | 37,648,970 | |||||
| Other Assets and Liabilities, Net |
0.47 | 177,387 | ||||||
|
|
|
|
|
|||||
| Total Net Assets | 100.00 | % | $ | 37,826,357 | ||||
|
|
|
|
|
| (a) | Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees. |
| (i) | Illiquid security. |
| ± | Variable rate investment. |
| 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 segregated as collateral for investments in derivative instruments. |
| * | Cost for federal income tax purposes is $37,743,947 and net unrealized appreciation (depreciation) consists of: |
| Gross unrealized appreciation |
$ | 34,130 | ||
| Gross unrealized depreciation |
(129,107 | ) | ||
|
|
|
|||
| Net unrealized depreciation |
$ | (94,977 | ) |
The accompanying notes are an integral part of these financial statements.
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 15 |
GROWTH BALANCED FUND
| Security Name | Shares | Value | ||||||||||||||
| Affiliated Master Portfolios: 97.96% |
||||||||||||||||
| Wells Fargo Advantage C&B Large Cap Value Portfolio |
N/A | $ | 15,941,572 | |||||||||||||
| Wells Fargo Advantage Diversified Large Cap Growth Portfolio |
N/A | 47,802,664 | ||||||||||||||
| Wells Fargo Advantage Emerging Growth Portfolio |
N/A | 4,814,253 | ||||||||||||||
| Wells Fargo Advantage Equity Value Portfolio |
N/A | 16,100,249 | ||||||||||||||
| Wells Fargo Advantage Index Portfolio |
N/A | 48,090,437 | ||||||||||||||
| Wells Fargo Advantage Inflation-Protected Bond Portfolio |
N/A | 9,884,794 | ||||||||||||||
| Wells Fargo Advantage International Equity Portfolio |
N/A | 7,215,853 | ||||||||||||||
| Wells Fargo Advantage International Growth Portfolio |
N/A | 7,228,462 | ||||||||||||||
| Wells Fargo Advantage International Index Portfolio |
N/A | 7,241,590 | ||||||||||||||
| Wells Fargo Advantage International Value Portfolio |
N/A | 7,203,709 | ||||||||||||||
| Wells Fargo Advantage Large Company Value Portfolio |
N/A | 15,961,856 | ||||||||||||||
| Wells Fargo Advantage Managed Fixed Income Portfolio |
N/A | 69,090,458 | ||||||||||||||
| Wells Fargo Advantage Small Cap Value Portfolio |
N/A | 4,823,668 | ||||||||||||||
| Wells Fargo Advantage Small Company Growth Portfolio |
N/A | 4,791,881 | ||||||||||||||
| Wells Fargo Advantage Small Company Value Portfolio |
N/A | 4,870,942 | ||||||||||||||
| Wells Fargo Advantage Total Return Bond Portfolio |
N/A | 19,768,526 | ||||||||||||||
| Total Affiliated Master Portfolios (Cost $288,977,033) |
290,830,914 | |||||||||||||||
|
|
|
|||||||||||||||
| Principal | ||||||||||||||||
| Other: 0.07% | ||||||||||||||||
| Gryphon Funding Limited, Pass-Through Entity(a)(i) |
$ | 245,197 | 88,026 | |||||||||||||
| VFNC Corporation, Pass-Through Entity, 0.26%(a)(i)±144A |
280,155 | 137,276 | ||||||||||||||
| Total Other (Cost $157,478) |
225,302 | |||||||||||||||
|
|
|
|||||||||||||||
| Yield | Maturity Date | |||||||||||||||
| Short-Term Investments: 1.46% |
||||||||||||||||
| U.S. Treasury Securities: 1.46% | ||||||||||||||||
| U.S. Treasury Bill# |
0.01 | % | 02/02/2012 | 510,000 | 509,989 | |||||||||||
| U.S. Treasury Bill# |
0.04 | 05/03/2012 | 3,815,000 | 3,814,390 | ||||||||||||
| Total Short-Term Investments (Cost $4,324,367) |
4,324,379 | |||||||||||||||
|
|
|
|||||||||||||||
| Total Investments in Securities | ||||||||
| (Cost $293,458,878)* | 99.49 | % | 295,380,595 | |||||
| Other Assets and Liabilities, Net |
0.51 | 1,500,911 | ||||||
|
|
|
|
|
|||||
| Total Net Assets | 100.00 | % | $ | 296,881,506 | ||||
|
|
|
|
|
| (a) | Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees. |
| (i) | Illiquid security. |
| ± | Variable rate investment. |
| 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 segregated as collateral for investments in derivative instruments. |
| * | Cost for federal income tax purposes is $297,086,264 and net unrealized appreciation (depreciation) consists of: |
| Gross unrealized appreciation |
$ | 1,921,756 | ||
| Gross unrealized depreciation |
(3,627,425 | ) | ||
|
|
|
|||
| Net unrealized depreciation |
$ | (1,705,669 | ) |
The accompanying notes are an integral part of these financial statements.
Table of Contents
| 16 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
MODERATE BALANCED FUND
| Security Name | Shares | Value | ||||||||||||||
| Affiliated Master Portfolios: 98.74% |
||||||||||||||||
| Wells Fargo Advantage C&B Large Cap Value Portfolio |
N/A | $ | 6,313,143 | |||||||||||||
| Wells Fargo Advantage Diversified Large Cap Growth Portfolio |
N/A | 18,951,155 | ||||||||||||||
| Wells Fargo Advantage Emerging Growth Portfolio |
N/A | 1,916,008 | ||||||||||||||
| Wells Fargo Advantage Equity Value Portfolio |
N/A | 6,380,148 | ||||||||||||||
| Wells Fargo Advantage Index Portfolio |
N/A | 19,017,214 | ||||||||||||||
| Wells Fargo Advantage Inflation-Protected Bond Portfolio |
N/A | 8,320,286 | ||||||||||||||
| Wells Fargo Advantage International Equity Portfolio |
N/A | 2,859,572 | ||||||||||||||
| Wells Fargo Advantage International Growth Portfolio |
N/A | 2,855,165 | ||||||||||||||
| Wells Fargo Advantage International Index Portfolio |
N/A | 2,868,594 | ||||||||||||||
| Wells Fargo Advantage International Value Portfolio |
N/A | 2,854,761 | ||||||||||||||
| Wells Fargo Advantage Large Company Value Portfolio |
N/A | 6,327,584 | ||||||||||||||
| Wells Fargo Advantage Managed Fixed Income Portfolio |
N/A | 58,064,423 | ||||||||||||||
| Wells Fargo Advantage Small Cap Value Portfolio |
N/A | 1,933,178 | ||||||||||||||
| Wells Fargo Advantage Small Company Growth Portfolio |
N/A | 1,899,719 | ||||||||||||||
| Wells Fargo Advantage Small Company Value Portfolio |
N/A | 1,930,937 | ||||||||||||||
| Wells Fargo Advantage Stable Income Portfolio |
N/A | 27,788,792 | ||||||||||||||
| Wells Fargo Advantage Total Return Bond Portfolio |
N/A | 16,614,891 | ||||||||||||||
| Total Affiliated Master Portfolios (Cost $184,812,585) |
186,895,570 | |||||||||||||||
|
|
|
|||||||||||||||
| Principal | ||||||||||||||||
| Other: 0.02% | ||||||||||||||||
| Gryphon Funding Limited, Pass-Through Entity(a)(i) |
$ | 44,522 | 15,983 | |||||||||||||
| VFNC Corporation, Pass-Through Entity, 0.26%(a)(i)±144A |
50,869 | 24,926 | ||||||||||||||
| Total Other (Cost $28,594) |
40,909 | |||||||||||||||
|
|
|
|||||||||||||||
| Yield | Maturity Date | |||||||||||||||
| Short-Term Investments: 0.92% |
||||||||||||||||
| U.S. Treasury Securities: 0.92% | ||||||||||||||||
| U.S. Treasury Bill# |
0.01 | % | 02/02/2012 | 1,740,000 | 1,739,964 | |||||||||||
|
|
|
|||||||||||||||
| Total Short-Term Investments (Cost $1,739,774) |
1,739,964 | |||||||||||||||
|
|
|
|||||||||||||||
| Total Investments in Securities | ||||||||
| (Cost $186,580,953)* | 99.68 | % | 188,676,443 | |||||
| Other Assets and Liabilities, Net |
0.32 | 612,166 | ||||||
|
|
|
|
|
|||||
| Total Net Assets | 100.00 | % | $ | 189,288,609 | ||||
|
|
|
|
|
| (a) | Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees. |
| (i) | Illiquid security. |
| ± | Variable rate investment. |
| 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 segregated as collateral for investments in derivative instruments. |
| * | Cost for federal income tax purposes is $187,105,920 and net unrealized appreciation (depreciation) consists of: |
| Gross unrealized appreciation |
$ | 2,095,490 | ||
| Gross unrealized depreciation |
(524,967 | ) | ||
|
|
|
|||
| Net unrealized appreciation |
$ | 1,570,523 |
The accompanying notes are an integral part of these financial statements.
Table of Contents
| Statements of Assets and Liabilities—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 17 |
| Conservative Allocation Fund |
Growth Balanced Fund |
Moderate Balanced Fund |
||||||||||
| Assets |
||||||||||||
| Investments |
||||||||||||
| In affiliated Master Portfolios, at value |
$ | 37,462,233 | $ | 290,830,914 | $ | 186,895,570 | ||||||
| In unaffiliated securities, at value |
186,737 | 4,549,681 | 1,780,873 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total investments, at value (see cost below) |
37,648,970 | 295,380,595 | 188,676,443 | |||||||||
| Receivable for Fund shares sold |
135,486 | 122,731 | 144,338 | |||||||||
| Receivable for daily variation margin on open futures contracts |
84,625 | 2,358,375 | 980,625 | |||||||||
| Receivable from adviser |
4,049 | 0 | 0 | |||||||||
| Prepaid expenses and other assets |
44,432 | 39,397 | 31,631 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total assets |
37,917,562 | 297,901,098 | 189,833,037 | |||||||||
|
|
|
|
|
|
|
|||||||
| Liabilities |
||||||||||||
| Payable for Fund shares redeemed |
20,832 | 845,006 | 419,292 | |||||||||
| Advisory fee payable |
0 | 6,822 | 6,048 | |||||||||
| Distribution fees payable |
N/A | 6,232 | 2,005 | |||||||||
| Due to related parties |
4,585 | 43,890 | 25,063 | |||||||||
| Shareholder report expenses payable |
35,946 | 51,740 | 34,698 | |||||||||
| Shareholder servicing fees payable |
6,594 | 57,820 | 38,255 | |||||||||
| Professional fees payable |
12,585 | 429 | 19,067 | |||||||||
| Accrued expenses and other liabilities |
10,663 | 7,653 | 0 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total liabilities |
91,205 | 1,019,592 | 544,428 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total net assets |
$ | 37,826,357 | $ | 296,881,506 | $ | 189,288,609 | ||||||
|
|
|
|
|
|
|
|||||||
| NET ASSETS CONSIST OF |
||||||||||||
| Paid-in capital |
$ | 63,964,870 | $ | 490,856,406 | $ | 202,832,969 | ||||||
| Undistributed net investment income |
406,050 | 7,345,501 | 5,877,073 | |||||||||
| Accumulated net realized losses on investments |
(26,710,451 | ) | (206,814,602 | ) | (23,012,212 | ) | ||||||
| Net unrealized gains on investments |
165,888 | 5,494,201 | 3,590,779 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total net assets |
$ | 37,826,357 | $ | 296,881,506 | $ | 189,288,609 | ||||||
|
|
|
|
|
|
|
|||||||
| COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1 |
||||||||||||
| Net assets – Class A |
N/A | $ | 50,920,966 | $ | 10,061,853 | |||||||
| Shares outstanding – Class A |
N/A | 1,888,091 | 536,312 | |||||||||
| Net asset value per share – Class A |
N/A | $26.97 | $18.76 | |||||||||
| Maximum offering price per share – Class A2 |
N/A | $28.62 | $19.90 | |||||||||
| Net assets – Class B |
N/A | $ | 2,739,789 | $ | 767,529 | |||||||
| Shares outstanding – Class B |
N/A | 114,335 | 41,193 | |||||||||
| Net asset value per share – Class B |
N/A | $23.96 | $18.63 | |||||||||
| Net assets – Class C |
N/A | $ | 7,425,197 | $ | 2,513,206 | |||||||
| Shares outstanding – Class C |
N/A | 312,640 | 135,814 | |||||||||
| Net asset value per share – Class C |
N/A | $23.75 | $18.50 | |||||||||
| Net assets – Administrator Class |
$ | 37,826,357 | $ | 235,795,554 | $ | 175,946,021 | ||||||
| Shares outstanding – Administrator Class |
2,233,694 | 9,709,976 | 9,306,309 | |||||||||
| Net asset value per share – Administrator Class |
$16.93 | $24.28 | $18.91 | |||||||||
| Total investments, at cost |
$ | 37,614,840 | $ | 293,458,878 | $ | 186,580,953 | ||||||
|
|
|
|
|
|
|
|||||||
| 1. | Each Fund has an unlimited number of authorized shares. |
| 2. | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
The accompanying notes are an integral part of these financial statements.
Table of Contents
| 18 | Wells Fargo Advantage Allocation Funds | Statements of Operations—Six Months Ended November 30, 2011 (Unaudited) |
| Conservative Allocation Fund |
Growth Balanced Fund |
Moderate Balanced Fund |
||||||||||
| Investment income |
||||||||||||
| Dividends allocated from affiliated Master Portfolios* |
$ | 67,335 | $ | 1,817,190 | $ | 696,477 | ||||||
| Interest allocated from affiliated Master Portfolios |
510,696 | 2,203,316 | 2,077,596 | |||||||||
| Interest |
223 | 2,734 | 1,270 | |||||||||
| Expenses allocated from affiliated Master Portfolios |
(93,511 | ) | (817,129 | ) | (498,762 | ) | ||||||
| Waivers allocated from affiliated Master Portfolios |
15,433 | 53,715 | 60,967 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total investment income |
500,176 | 3,259,826 | 2,337,548 | |||||||||
|
|
|
|
|
|
|
|||||||
| Expenses |
||||||||||||
| Advisory fee |
46,115 | 388,017 | 241,067 | |||||||||
| Administration fees |
||||||||||||
| Fund level |
9,223 | 77,603 | 48,213 | |||||||||
| Class A |
N/A | 69,574 | 13,107 | |||||||||
| Class B |
N/A | 4,285 | 1,150 | |||||||||
| Class C |
N/A | 9,971 | 3,117 | |||||||||
| Administrator Class |
18,446 | 122,965 | 89,744 | |||||||||
| Shareholder servicing fees |
||||||||||||
| Class A |
N/A | 66,898 | 12,602 | |||||||||
| Class B |
N/A | 4,121 | 1,105 | |||||||||
| Class C |
N/A | 9,587 | 2,997 | |||||||||
| Administrator Class |
46,115 | 307,159 | 224,363 | |||||||||
| Distribution fees |
||||||||||||
| Class B |
N/A | 12,362 | 3,316 | |||||||||
| Class C |
N/A | 28,762 | 8,992 | |||||||||
| Custody and accounting fees |
2,793 | 6,525 | 7,776 | |||||||||
| Professional fees |
8,500 | 5,563 | 5,245 | |||||||||
| Registration fees |
5,785 | 28,325 | 30,111 | |||||||||
| Shareholder report expenses |
6,601 | 36,521 | 12,558 | |||||||||
| Trustees’ fees and expenses |
4,053 | 6,001 | 6,172 | |||||||||
| Other fees and expenses |
751 | 2,331 | 4,529 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total expenses |
148,382 | 1,186,570 | 716,164 | |||||||||
| Less: Fee waivers and/or expense reimbursements |
(69,667 | ) | (354,054 | ) | (257,060 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Net expenses |
78,715 | 832,516 | 459,104 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net investment income |
421,461 | 2,427,310 | 1,878,444 | |||||||||
|
|
|
|
|
|
|
|||||||
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS |
||||||||||||
| Net realized gains (losses) on: |
||||||||||||
| Securities transactions allocated from affiliated Master Portfolios |
344,569 | 1,526,502 | 1,379,463 | |||||||||
| Unaffiliated securities |
3,242 | 33,599 | 6,101 | |||||||||
| Futures transactions |
(470,515 | ) | (12,794,174 | ) | (5,242,022 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Net realized losses on investments |
(122,704 | ) | (11,234,073 | ) | (3,856,458 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Net change in unrealized gains (losses) on: |
||||||||||||
| Securities transactions allocated from affiliated Master Portfolios |
(890,497 | ) | (21,530,304 | ) | (8,087,273 | ) | ||||||
| Unaffiliated securities |
(4,370 | ) | (44,864 | ) | (8,456 | ) | ||||||
| Futures transactions |
95,086 | 2,352,503 | 1,033,283 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net change in unrealized gains (losses) on investments |
(799,781 | ) | (19,222,665 | ) | (7,062,446 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Net realized and unrealized gains (losses) on investments |
(922,485 | ) | (30,456,738 | ) | (10,918,904 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Net decrease in net assets resulting from operations |
$ | (501,024 | ) | $ | (28,029,428 | ) | $ | (9,040,460 | ) | |||
|
|
|
|
|
|
|
|||||||
| * Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios of |
$1,220 | $33,173 | $12,745 | |||||||||
The accompanying notes are an integral part of these financial statements.
Table of Contents
| Statements of Changes in Net Assets | Wells Fargo Advantage Allocation Funds | 19 |
| Conservative Allocation Fund | ||||||||||||||||||||||||
| Six Months Ended November 30, 2011 (Unaudited) |
Year Ended May 31, 20111 |
Year Ended September 30, 2010 |
||||||||||||||||||||||
| Operations |
||||||||||||||||||||||||
| Net investment income |
$ | 421,461 | $ | 600,434 | $ | 4,536,562 | ||||||||||||||||||
| Net realized gains (losses) on investments |
(122,704 | ) | 2,278,283 | (3,612,403 | ) | |||||||||||||||||||
| Net change in unrealized gains (losses) on investments |
(799,781 | ) | (241,277 | ) | 13,396,314 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net increase (decrease) in net assets resulting from operations |
(501,024 | ) | 2,637,440 | 14,320,473 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Distributions to shareholders from |
||||||||||||||||||||||||
| Net investment income |
||||||||||||||||||||||||
| Administrator Class |
0 | (2,525,007 | ) | (12,043,396 | ) | |||||||||||||||||||
| Tax basis return of capital |
||||||||||||||||||||||||
| Administrator Class |
0 | (2,372,388 | ) | 0 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total distributions to shareholders |
0 | (4,897,395 | ) | (12,043,396 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Capital share transactions |
Shares | Shares | Shares | |||||||||||||||||||||
| Proceeds from shares sold |
||||||||||||||||||||||||
| Administrator Class |
240,780 | 4,069,611 | 181,411 | 3,136,513 | 2,776,375 | 55,852,362 | ||||||||||||||||||
| Reinvestment of distributions |
||||||||||||||||||||||||
| Administrator Class |
0 | 0 | 293,455 | 4,809,732 | 697,266 | 12,013,888 | ||||||||||||||||||
| Payment for shares redeemed |
||||||||||||||||||||||||
| Administrator Class |
(150,980 | ) | (2,544,837 | ) | (476,963 | ) | (8,623,991 | ) | (25,642,904 | ) | (454,791,994 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net increase (decrease) in net assets resulting |
1,524,774 | (677,746 | ) | (386,925,744 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total increase (decrease) in net assets |
1,023,750 | (2,937,701 | ) | (384,648,667 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net assets |
||||||||||||||||||||||||
| Beginning of period |
36,802,607 | 39,740,308 | 424,388,975 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| End of period |
$ | 37,826,357 | $ | 36,802,607 | $ | 39,740,308 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Undistributed (overdistributed) net investment income |
$ | 406,050 | $ | (15,411 | ) | $ | 1,935,677 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 1. | For the eight months ended May 31, 2011. The Fund changed its fiscal year end from September 30 to May 31, effective May 31, 2011. |
The accompanying notes are an integral part of these financial statements.
Table of Contents
| 20 | Wells Fargo Advantage Allocation Funds | Statements of Changes in Net Assets |
| Growth Balanced Fund | ||||||||||||||||||||||||
| Six Months Ended November 30, 2011 (Unaudited) |
Year Ended May 31, 20111 |
Year Ended September 30, 2010 |
||||||||||||||||||||||
| Operations |
||||||||||||||||||||||||
| Net investment income |
$ | 2,427,310 | $ | 3,700,777 | $ | 16,668,024 | ||||||||||||||||||
| Net realized gains (losses) on investments |
(11,234,073 | ) | 36,788,598 | 8,277,176 | ||||||||||||||||||||
| Net change in unrealized gains (losses) on investments |
(19,222,665 | ) | 15,244,096 | 11,240,793 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net increase (decrease) in net assets resulting |
(28,029,428 | ) | 55,733,471 | 36,185,993 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Distributions to shareholders from |
||||||||||||||||||||||||
| Net investment income |
||||||||||||||||||||||||
| Class A |
0 | (1,831,439 | ) | (886,051 | ) | |||||||||||||||||||
| Class B |
0 | (166,700 | ) | (74,228 | ) | |||||||||||||||||||
| Class C |
0 | (232,063 | ) | (84,420 | ) | |||||||||||||||||||
| Administrator Class |
0 | (10,370,570 | ) | (14,342,061 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total distributions to shareholders |
0 | (12,600,772 | ) | (15,386,760 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Capital share transactions |
Shares | Shares | Shares | |||||||||||||||||||||
| Proceeds from shares sold |
||||||||||||||||||||||||
| Class A |
66,335 | 1,773,754 | 179,294 | 5,038,949 | 414,475 | 10,153,770 | ||||||||||||||||||
| Class B |
1,206 | 30,437 | 9,284 | 231,449 | 6,643 | 123,523 | ||||||||||||||||||
| Class C |
16,460 | 396,228 | 27,915 | 696,561 | 15,105 | 314,028 | ||||||||||||||||||
| Administrator Class |
458,450 | 11,097,747 | 671,413 | 17,027,091 | 12,751,074 | 283,257,813 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 13,298,166 | 22,994,050 | 293,849,134 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Reinvestment of distributions |
||||||||||||||||||||||||
| Class A |
0 | 0 | 64,810 | 1,767,373 | 34,645 | 859,542 | ||||||||||||||||||
| Class B |
0 | 0 | 6,561 | 160,081 | 3,243 | 72,091 | ||||||||||||||||||
| Class C |
0 | 0 | 9,145 | 221,130 | 3,638 | 80,397 | ||||||||||||||||||
| Administrator Class |
0 | 0 | 418,516 | 10,253,635 | 639,777 | 14,299,010 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 0 | 12,402,219 | 15,311,040 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Payment for shares redeemed |
||||||||||||||||||||||||
| Class A |
(224,860 | ) | (6,045,401 | ) | (332,434 | ) | (9,314,886 | ) | (607,439 | ) | (15,152,309 | ) | ||||||||||||
| Class B |
(45,951 | ) | (1,104,155 | ) | (156,884 | ) | (3,941,068 | ) | (356,007 | ) | (7,884,918 | ) | ||||||||||||
| Class C |
(27,222 | ) | (639,396 | ) | (47,904 | ) | (1,187,126 | ) | (45,667 | ) | (1,011,839 | ) | ||||||||||||
| Administrator Class |
(1,100,474 | ) | (26,378,768 | ) | (3,013,171 | ) | (75,250,262 | ) | (44,911,710 | ) | (980,802,485 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| (34,167,720 | ) | (89,693,342 | ) | (1,004,851,551 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net asset value of shares issued in acquisition |
||||||||||||||||||||||||
| Administrator Class |
0 | 0 | 0 | 0 | 4,302,152 | 93,512,961 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net decrease in net assets resulting from capital share transactions |
(20,869,554 | ) | (54,297,073 | ) | (602,178,416 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total decrease in net assets |
(48,898,982 | ) | (11,164,374 | ) | (581,379,183 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net assets |
||||||||||||||||||||||||
| Beginning of period |
345,780,488 | 356,944,862 | 938,324,045 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| End of period |
$ | 296,881,506 | $ | 345,780,488 | $ | 356,944,862 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Undistributed net investment income |
$ | 7,345,501 | $ | 4,918,191 | $ | 13,770,707 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 1. | For the eight months ended May 31, 2011. The Fund changed its fiscal year end from September 30 to May 31, effective May 31, 2011. |
The accompanying notes are an integral part of these financial statements.
Table of Contents
| Statements of Changes in Net Assets | Wells Fargo Advantage Allocation Funds | 21 |
| Moderate Balanced Fund | ||||||||||||||||||||||||
| Six Months Ended November 30, 2011 (Unaudited) |
Year Ended May 31, 20111 |
Year Ended September 30, 2010 |
||||||||||||||||||||||
| Operations |
||||||||||||||||||||||||
| Net investment income |
$ | 1,878,444 | $ | 2,766,767 | $ | 6,677,315 | ||||||||||||||||||
| Net realized gains (losses) on investments |
(3,856,458 | ) | 14,249,216 | 6,502,076 | ||||||||||||||||||||
| Net change in unrealized gains (losses) on investments |
(7,062,446 | ) | 4,869,833 | 7,733,720 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net increase (decrease) in net assets resulting from operations |
(9,040,460 | ) | 21,885,816 | 20,913,111 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Distributions to shareholders from |
||||||||||||||||||||||||
| Net investment income |
||||||||||||||||||||||||
| Class A |
0 | (184,076 | ) | (296,526 | ) | |||||||||||||||||||
| Class B |
0 | (16,094 | ) | (36,142 | ) | |||||||||||||||||||
| Class C |
0 | (29,290 | ) | (42,451 | ) | |||||||||||||||||||
| Administrator Class |
0 | (4,333,803 | ) | (7,225,301 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total distributions to shareholders |
0 | (4,563,263 | ) | (7,600,420 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Capital share transactions |
Shares | Shares | Shares | |||||||||||||||||||||
| Proceeds from shares sold |
||||||||||||||||||||||||
| Class A |
101,520 | 1,926,428 | 183,838 | 3,456,044 | 202,034 | 3,716,472 | ||||||||||||||||||
| Class B |
4,877 | 89,849 | 6,690 | 126,159 | 3,804 | 88,531 | ||||||||||||||||||
| Class C |
23,980 | 453,557 | 36,849 | 695,341 | 31,794 | 588,499 | ||||||||||||||||||
| Administrator Class |
630,878 | 12,000,028 | 825,267 | 15,744,997 | 1,654,769 | 26,552,692 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 14,469,862 | 20,022,541 | 30,946,194 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Reinvestment of distributions |
||||||||||||||||||||||||
| Class A |
0 | 0 | 9,283 | 172,108 | 16,708 | 286,367 | ||||||||||||||||||
| Class B |
0 | 0 | 803 | 14,881 | 1,955 | 33,463 | ||||||||||||||||||
| Class C |
0 | 0 | 1,461 | 26,907 | 2,301 | 39,202 | ||||||||||||||||||
| Administrator Class |
0 | 0 | 226,734 | 4,226,315 | 417,205 | 7,188,444 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 0 | 4,440,211 | 7,547,476 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Payment for shares redeemed |
||||||||||||||||||||||||
| Class A |
(110,082 | ) | (2,094,221 | ) | (92,945 | ) | (1,760,092 | ) | (280,339 | ) | (4,869,463 | ) | ||||||||||||
| Class B |
(19,690 | ) | (366,611 | ) | (21,908 | ) | (415,122 | ) | (36,615 | ) | (632,134 | ) | ||||||||||||
| Class C |
(9,704 | ) | (181,710 | ) | (13,893 | ) | (261,052 | ) | (22,177 | ) | (383,446 | ) | ||||||||||||
| Administrator Class |
(1,051,802 | ) | (19,965,785 | ) | (1,055,717 | ) | (20,035,231 | ) | (11,510,745 | ) | (200,941,927 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| (22,608,327 | ) | (22,471,497 | ) | (206,826,970 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net increase (decrease) in net assets resulting from capital share transactions |
(8,138,465 | ) | 1,991,255 | (168,333,300 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total increase (decrease) in net assets |
(17,178,925 | ) | 19,313,808 | (155,020,609 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net assets |
||||||||||||||||||||||||
| Beginning of period |
206,467,534 | 187,153,726 | 342,174,335 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| End of period |
$ | 189,288,609 | $ | 206,467,534 | $ | 187,153,726 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Undistributed net investment income |
$ | 5,877,073 | $ | 3,998,629 | $ | 5,281,923 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 1. | For the eight months ended May 31, 2011. The Fund changed its fiscal year end from September 30 to May 31, effective May 31, 2011. |
The accompanying notes are an integral part of these financial statements.
Table of Contents
| 22 | Wells Fargo Advantage Allocation Funds | Financial Highlights |
| Beginning Net Asset Value Per Share |
Net Investment Income1 |
Net Realized and Unrealized Gains (Losses) on Investments |
Distributions Income |
Distributions from Net Realized Gains |
||||||||||||||||
| Conservative Allocation Fund |
||||||||||||||||||||
| Administrator Class |
||||||||||||||||||||
| June 1, 2011 to November 30, 2011 (Unaudited) |
$ | 17.17 | 0.19 | (0.43 | ) | 0.00 | 0.00 | |||||||||||||
| October 1, 2010 to May 31, 20115 |
$ | 18.52 | 0.29 | 4 | 0.95 | (1.48 | ) | 0.00 | ||||||||||||
| October 1, 2009 to September 30, 2010 |
$ | 17.45 | 1.15 | 0.57 | (0.65 | ) | 0.00 | |||||||||||||
| October 1, 2008 to September 30, 2009 |
$ | 17.77 | 0.58 | (0.05 | ) | (0.75 | ) | (0.10 | ) | |||||||||||
| October 1, 2007 to September 30, 2008 |
$ | 20.35 | 0.73 | (2.04 | ) | (0.72 | ) | (0.55 | ) | |||||||||||
| October 1, 2006 to September 30, 2007 |
$ | 19.74 | 0.70 | 0.84 | (0.64 | ) | (0.29 | ) | ||||||||||||
| October 1, 2005 to September 30, 2006 |
$ | 19.78 | 0.67 | 0.30 | (0.63 | ) | (0.38 | ) | ||||||||||||
| Growth Balanced Fund |
||||||||||||||||||||
| Class A |
||||||||||||||||||||
| June 1, 2011 to November 30, 2011 (Unaudited) |
$ | 29.34 | 0.17 | (2.54 | ) | 0.00 | 0.00 | |||||||||||||
| October 1, 2010 to May 31, 20115 |
$ | 25.89 | 0.23 | 4.11 | (0.89 | ) | 0.00 | |||||||||||||
| October 1, 2009 to September 30, 2010 |
$ | 24.12 | 0.40 | 4 | 1.75 | (0.38 | ) | 0.00 | ||||||||||||
| October 1, 2008 to September 30, 2009 |
$ | 25.63 | 0.41 | 4 | (1.32 | ) | (0.52 | ) | (0.08 | ) | ||||||||||
| October 1, 2007 to September 30, 2008 |
$ | 36.21 | 0.63 | 4 | (7.32 | ) | (0.63 | ) | (3.26 | ) | ||||||||||
| October 1, 2006 to September 30, 2007 |
$ | 33.51 | 0.61 | 4.40 | (0.53 | ) | (1.78 | ) | ||||||||||||
| October 1, 2005 to September 30, 2006 |
$ | 33.09 | 0.60 | 1.98 | (0.45 | ) | (1.71 | ) | ||||||||||||
| Class B |
||||||||||||||||||||
| June 1, 2011 to November 30, 2011 (Unaudited) |
$ | 26.17 | 0.08 | 4 | (2.29 | ) | 0.00 | 0.00 | ||||||||||||
| October 1, 2010 to May 31, 20115 |
$ | 23.07 | 0.12 | 4 | 3.62 | (0.64 | ) | 0.00 | ||||||||||||
| October 1, 2009 to September 30, 2010 |
$ | 21.46 | 0.22 | 4 | 1.53 | (0.14 | ) | 0.00 | ||||||||||||
| October 1, 2008 to September 30, 2009 |
$ | 22.70 | 0.22 | 4 | (1.13 | ) | (0.25 | ) | (0.08 | ) | ||||||||||
| October 1, 2007 to September 30, 2008 |
$ | 32.51 | 0.36 | 4 | (6.52 | ) | (0.39 | ) | (3.26 | ) | ||||||||||
| October 1, 2006 to September 30, 2007 |
$ | 30.29 | 0.33 | 3.95 | (0.28 | ) | (1.78 | ) | ||||||||||||
| October 1, 2005 to September 30, 2006 |
$ | 30.12 | 0.30 | 1.81 | (0.23 | ) | (1.71 | ) | ||||||||||||
| Class C |
||||||||||||||||||||
| June 1, 2011 to November 30, 2011 (Unaudited) |
$ | 25.94 | 0.05 | (2.24 | ) | 0.00 | 0.00 | |||||||||||||
| October 1, 2010 to May 31, 20115 |
$ | 22.93 | 0.12 | 4 | 3.60 | (0.71 | ) | 0.00 | ||||||||||||
| October 1, 2009 to September 30, 2010 |
$ | 21.42 | 0.19 | 4 | 1.56 | (0.24 | ) | 0.00 | ||||||||||||
| October 1, 2008 to September 30, 2009 |
$ | 22.77 | 0.23 | 4 | (1.17 | ) | (0.33 | ) | (0.08 | ) | ||||||||||
| October 1, 2007 to September 30, 2008 |
$ | 32.60 | 0.36 | 4 | (6.54 | ) | (0.39 | ) | (3.26 | ) | ||||||||||
| October 1, 2006 to September 30, 2007 |
$ | 30.37 | 0.33 | 3.97 | (0.29 | ) | (1.78 | ) | ||||||||||||
| October 1, 2005 to September 30, 2006 |
$ | 30.19 | 0.32 | 1.80 | (0.23 | ) | (1.71 | ) | ||||||||||||
| Administrator Class |
||||||||||||||||||||
| June 1, 2011 to November 30, 2011 (Unaudited) |
$ | 26.39 | 0.25 | (2.36 | ) | 0.00 | 0.00 | |||||||||||||
| October 1, 2010 to May 31, 20115 |
$ | 23.39 | 0.31 | 4 | 3.64 | (0.95 | ) | 0.00 | ||||||||||||
| October 1, 2009 to September 30, 2010 |
$ | 21.81 | 0.46 | 4 | 1.55 | (0.43 | ) | 0.00 | ||||||||||||
| October 1, 2008 to September 30, 2009 |
$ | 23.29 | 0.41 | 4 | (1.21 | ) | (0.60 | ) | (0.08 | ) | ||||||||||
| October 1, 2007 to September 30, 2008 |
$ | 33.29 | 0.64 | 4 | (6.67 | ) | (0.71 | ) | (3.26 | ) | ||||||||||
| October 1, 2006 to September 30, 2007 |
$ | 30.98 | 0.70 | 3.99 | (0.60 | ) | (1.78 | ) | ||||||||||||
| October 1, 2005 to September 30, 2006 |
$ | 30.76 | 0.62 | 1.85 | (0.54 | ) | (1.71 | ) | ||||||||||||
| Moderate Balanced Fund |
||||||||||||||||||||
| Class A |
||||||||||||||||||||
| June 1, 2011 to November 30, 2011 (Unaudited) |
$ | 19.64 | 0.16 | (1.04 | ) | 0.00 | 0.00 | |||||||||||||
| October 1, 2010 to May 31, 20115 |
$ | 17.97 | 0.28 | 1.80 | (0.41 | ) | 0.00 | |||||||||||||
| October 1, 2009 to September 30, 2010 |
$ | 17.12 | 0.38 | 4 | 1.03 | (0.56 | ) | 0.00 | ||||||||||||
| October 1, 2008 to September 30, 2009 |
$ | 17.85 | 0.38 | (0.36 | ) | (0.57 | ) | (0.18 | ) | |||||||||||
| October 1, 2007 to September 30, 2008 |
$ | 22.76 | 0.55 | (3.34 | ) | (0.61 | ) | (1.51 | ) | |||||||||||
| October 1, 2006 to September 30, 2007 |
$ | 21.97 | 0.65 | 4 | 1.73 | (0.61 | ) | (0.98 | ) | |||||||||||
| October 1, 2005 to September 30, 2006 |
$ | 22.23 | 0.60 | 0.75 | (0.51 | ) | (1.10 | ) | ||||||||||||
Please see footnotes on page 24.
The accompanying notes are an integral part of these financial statements.
Table of Contents
| Financial Highlights | Wells Fargo Advantage Allocation Funds | 23 |
| Distribution from Tax Basis Return of Capital |
Ending Net Asset Value Per Share |
Ratio to Average Net Assets (Annualized) | Total Return2 |
Portfolio Turnover Rate3 |
Net Assets at End of Period (000’s omitted) |
|||||||||||||||||||||||||
| Net
Investment Income1 |
Gross Expenses1 |
Net Expenses1 |
||||||||||||||||||||||||||||
| 0.00 | $ | 16.93 | 2.28 | % | 1.23 | % | 0.85 | % | (1.40 | )% | 67 | % | $ | 37,826 | ||||||||||||||||
| (1.11 | ) | $ | 17.17 | 2.46 | % | 1.27 | % | 0.85 | % | 7.37 | % | 72 | % | $ | 36,803 | |||||||||||||||
| 0.00 | $ | 18.52 | 1.44 | % | 1.13 | % | 0.85 | % | 10.12 | % | 112 | % | $ | 39,740 | ||||||||||||||||
| 0.00 | $ | 17.45 | 3.18 | % | 1.09 | % | 0.85 | % | 3.68 | % | 130 | % | $ | 424,389 | ||||||||||||||||
| 0.00 | $ | 17.77 | 3.80 | % | 1.06 | % | 0.85 | % | (6.85 | )% | 100 | % | $ | 479,238 | ||||||||||||||||
| 0.00 | $ | 20.35 | 3.75 | % | 1.05 | % | 0.85 | % | 8.05 | % | 91 | % | $ | 615,216 | ||||||||||||||||
| 0.00 | $ | 19.74 | 3.69 | % | 1.04 | % | 0.85 | % | 5.14 | % | 106 | % | $ | 515,658 | ||||||||||||||||
| 0.00 | $ | 26.97 | 1.39 | % | 1.36 | % | 1.20 | % | (8.08 | )% | 58 | % | $ | 50,921 | ||||||||||||||||
| 0.00 | $ | 29.34 | 1.43 | % | 1.35 | % | 1.20 | % | 17.02 | % | 70 | % | $ | 60,055 | ||||||||||||||||
| 0.00 | $ | 25.89 | 1.61 | % | 1.38 | % | 1.20 | % | 9.00 | % | 94 | % | $ | 55,284 | ||||||||||||||||
| 0.00 | $ | 24.12 | 1.95 | % | 1.32 | % | 1.20 | % | (2.95 | )% | 105 | % | $ | 55,318 | ||||||||||||||||
| 0.00 | $ | 25.63 | 2.09 | % | 1.34 | % | 1.20 | % | (20.42 | )% | 80 | % | $ | 55,626 | ||||||||||||||||
| 0.00 | $ | 36.21 | 1.89 | % | 1.32 | % | 1.20 | % | 15.55 | % | 75 | % | $ | 79,411 | ||||||||||||||||
| 0.00 | $ | 33.51 | 1.89 | % | 1.30 | % | 1.20 | % | 8.13 | % | 80 | % | $ | 64,560 | ||||||||||||||||
| 0.00 | $ | 23.96 | 0.63 | % | 2.10 | % | 1.95 | % | (8.44 | )% | 58 | % | $ | 2,740 | ||||||||||||||||
| 0.00 | $ | 26.17 | 0.62 | % | 2.09 | % | 1.95 | % | 16.43 | % | 70 | % | $ | 4,163 | ||||||||||||||||
| 0.00 | $ | 23.07 | 0.96 | % | 2.12 | % | 1.95 | % | 8.19 | % | 94 | % | $ | 6,924 | ||||||||||||||||
| 0.00 | $ | 21.46 | 1.21 | % | 2.08 | % | 1.95 | % | (3.66 | )% | 105 | % | $ | 13,869 | ||||||||||||||||
| 0.00 | $ | 22.70 | 1.31 | % | 2.09 | % | 1.95 | % | (21.02 | )% | 80 | % | $ | 31,892 | ||||||||||||||||
| 0.00 | $ | 32.51 | 1.12 | % | 2.06 | % | 1.95 | % | 14.69 | % | 75 | % | $ | 66,097 | ||||||||||||||||
| 0.00 | $ | 30.29 | 1.12 | % | 2.05 | % | 1.95 | % | 7.30 | % | 80 | % | $ | 73,602 | ||||||||||||||||
| 0.00 | $ | 23.75 | 0.64 | % | 2.11 | % | 1.95 | % | (8.44 | )% | 58 | % | $ | 7,425 | ||||||||||||||||
| 0.00 | $ | 25.94 | 0.68 | % | 2.10 | % | 1.95 | % | 16.45 | % | 70 | % | $ | 8,388 | ||||||||||||||||
| 0.00 | $ | 22.93 | 0.84 | % | 2.12 | % | 1.95 | % | 8.20 | % | 94 | % | $ | 7,665 | ||||||||||||||||
| 0.00 | $ | 21.42 | 1.21 | % | 2.06 | % | 1.95 | % | (3.69 | )% | 105 | % | $ | 7,738 | ||||||||||||||||
| 0.00 | $ | 22.77 | 1.33 | % | 2.08 | % | 1.95 | % | (21.02 | )% | 80 | % | $ | 9,588 | ||||||||||||||||
| 0.00 | $ | 32.60 | 1.12 | % | 2.06 | % | 1.95 | % | 14.72 | % | 75 | % | $ | 15,226 | ||||||||||||||||
| 0.00 | $ | 30.37 | 1.12 | % | 2.05 | % | 1.95 | % | 7.29 | % | 80 | % | $ | 16,351 | ||||||||||||||||
| 0.00 | $ | 24.28 | 1.64 | % | 1.20 | % | 0.95 | % | (8.00 | )% | 58 | % | $ | 235,796 | ||||||||||||||||
| 0.00 | $ | 26.39 | 1.66 | % | 1.19 | % | 0.95 | % | 17.19 | % | 70 | % | $ | 273,174 | ||||||||||||||||
| 0.00 | $ | 23.39 | 2.04 | % | 1.19 | % | 0.95 | % | 9.32 | % | 94 | % | $ | 287,073 | ||||||||||||||||
| 0.00 | $ | 21.81 | 2.18 | % | 1.14 | % | 0.95 | % | (2.68 | )% | 105 | % | $ | 861,399 | ||||||||||||||||
| 0.00 | $ | 23.29 | 2.32 | % | 1.16 | % | 0.95 | % | (20.25 | )% | 80 | % | $ | 1,161,210 | ||||||||||||||||
| 0.00 | $ | 33.29 | 2.12 | % | 1.14 | % | 0.95 | % | 15.84 | % | 75 | % | $ | 1,804,249 | ||||||||||||||||
| 0.00 | $ | 30.98 | 2.13 | % | 1.12 | % | 0.95 | % | 8.40 | % | 80 | % | $ | 1,919,297 | ||||||||||||||||
| 0.00 | $ | 18.76 | 1.73 | % | 1.33 | % | 1.15 | % | (4.48 | )% | 62 | % | $ | 10,062 | ||||||||||||||||
| 0.00 | $ | 19.64 | 1.89 | % | 1.34 | % | 1.15 | % | 11.72 | % | 70 | % | $ | 10,702 | ||||||||||||||||
| 0.00 | $ | 17.97 | 2.42 | % | 1.37 | % | 1.15 | % | 8.41 | % | 103 | % | $ | 7,992 | ||||||||||||||||
| 0.00 | $ | 17.12 | 2.47 | % | 1.31 | % | 1.15 | % | 0.94 | % | 116 | % | $ | 8,669 | ||||||||||||||||
| 0.00 | $ | 17.85 | 2.88 | % | 1.31 | % | 1.15 | % | (13.39 | )% | 89 | % | $ | 8,524 | ||||||||||||||||
| 0.00 | $ | 22.76 | 2.80 | % | 1.28 | % | 1.15 | % | 11.33 | % | 82 | % | $ | 9,839 | ||||||||||||||||
| 0.00 | $ | 21.97 | 2.75 | % | 1.27 | % | 1.15 | % | 6.39 | % | 93 | % | $ | 5,618 | ||||||||||||||||
Table of Contents
| 24 | Wells Fargo Advantage Allocation Funds | Financial Highlights |
| Beginning Net Asset Value Per Share |
Net Investment Income1 |
Net Realized and Unrealized Gains (Losses) on Investments |
Distributions from Net Investment Income |
Distributions from Net Realized Gains |
||||||||||||||||
| Moderate Balanced Fund (continued) |
||||||||||||||||||||
| Class B |
||||||||||||||||||||
| June 1, 2011 to November 30, 2011 (Unaudited) |
$ | 19.58 | 0.09 | 4 | (1.04 | ) | 0.00 | 0.00 | ||||||||||||
| October 1, 2010 to May 31, 20115 |
$ | 17.85 | 0.14 | 4 | 1.84 | (0.25 | ) | 0.00 | ||||||||||||
| October 1, 2009 to September 30, 2010 |
$ | 16.99 | 0.30 | 0.97 | (0.41 | ) | 0.00 | |||||||||||||
| October 1, 2008 to September 30, 2009 |
$ | 17.67 | 0.26 | 4 | (0.34 | ) | (0.42 | ) | (0.18 | ) | ||||||||||
| October 1, 2007 to September 30, 2008 |
$ | 22.53 | 0.42 | (3.34 | ) | (0.43 | ) | (1.51 | ) | |||||||||||
| October 1, 2006 to September 30, 2007 |
$ | 21.76 | 0.47 | 4 | 1.72 | (0.44 | ) | (0.98 | ) | |||||||||||
| October 1, 2005 to September 30, 2006 |
$ | 22.04 | 0.42 | 0.76 | (0.36 | ) | (1.10 | ) | ||||||||||||
| Class C |
||||||||||||||||||||
| June 1, 2011 to November 30, 2011 (Unaudited) |
$ | 19.45 | 0.09 | 4 | (1.04 | ) | 0.00 | 0.00 | ||||||||||||
| October 1, 2010 to May 31, 20115 |
$ | 17.77 | 0.14 | 4 | 1.83 | (0.29 | ) | 0.00 | ||||||||||||
| October 1, 2009 to September 30, 2010 |
$ | 16.96 | 0.28 | 4 | 0.99 | (0.46 | ) | 0.00 | ||||||||||||
| October 1, 2008 to September 30, 2009 |
$ | 17.64 | 0.26 | 4 | (0.34 | ) | (0.42 | ) | (0.18 | ) | ||||||||||
| October 1, 2007 to September 30, 2008 |
$ | 22.52 | 0.41 | (3.33 | ) | (0.45 | ) | (1.51 | ) | |||||||||||
| October 1, 2006 to September 30, 2007 |
$ | 21.77 | 0.47 | 4 | 1.72 | (0.46 | ) | (0.98 | ) | |||||||||||
| October 1, 2005 to September 30, 2006 |
$ | 22.05 | 0.43 | 0.75 | (0.36 | ) | (1.10 | ) | ||||||||||||
| Administrator Class |
||||||||||||||||||||
| June 1, 2011 to November 30, 2011 (Unaudited) |
$ | 19.77 | 0.21 | (1.07 | ) | 0.00 | 0.00 | |||||||||||||
| October 1, 2010 to May 31, 20115 |
$ | 18.11 | 0.29 | 1.83 | (0.46 | ) | 0.00 | |||||||||||||
| October 1, 2009 to September 30, 2010 |
$ | 17.23 | 0.52 | 4 | 0.95 | (0.59 | ) | 0.00 | ||||||||||||
| October 1, 2008 to September 30, 2009 |
$ | 17.98 | 0.42 | 4 | (0.37 | ) | (0.62 | ) | (0.18 | ) | ||||||||||
| October 1, 2007 to September 30, 2008 |
$ | 22.90 | 0.60 | (3.36 | ) | (0.65 | ) | (1.51 | ) | |||||||||||
| October 1, 2006 to September 30, 2007 |
$ | 22.08 | 0.67 | 4 | 1.77 | (0.64 | ) | (0.98 | ) | |||||||||||
| October 1, 2005 to September 30, 2006 |
$ | 22.32 | 0.64 | 0.78 | (0.56 | ) | (1.10 | ) | ||||||||||||
| 1. | Includes net expenses allocated from the Master Portfolios in which the Fund invests. |
| 2. | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
| 3. | Portfolio turnover rate is calculated by aggregating the results of multiplying the Fund’s investment percentage in the respective Master Portfolio by the corresponding Master Portfolio’s portfolio turnover rate. |
| 4. | Calculated based upon average shares outstanding. |
| 5. | For the eight months ended May 31, 2011. The Fund changed its fiscal year end from September 30 to May 31, effective May 31, 2011. |
The accompanying notes are an integral part of these financial statements.
Table of Contents
| Financial Highlights | Wells Fargo Advantage Allocation Funds | 25 |
| Ending |
Ratio to Average Net Assets (Annualized) | Total Return2 |
Portfolio Turnover Rate3 |
Net Assets at End of Period (000’s omitted) |
||||||||||||||||||||||
| Net
Investment Income1 |
Gross Expenses1 |
Net Expenses1 |
||||||||||||||||||||||||
| $ | 18.63 | 0.98 | % | 2.08 | % | 1.90 | % | (4.85 | )% | 62 | % | $ | 768 | |||||||||||||
| $ | 19.58 | 1.11 | % | 2.09 | % | 1.90 | % | 11.16 | % | 70 | % | $ | 1,097 | |||||||||||||
| $ | 17.85 | 1.65 | % | 2.12 | % | 1.90 | % | 7.58 | % | 103 | % | $ | 1,257 | |||||||||||||
| $ | 16.99 | 1.72 | % | 2.06 | % | 1.90 | % | 0.19 | % | 116 | % | $ | 1,720 | |||||||||||||
| $ | 17.67 | 2.13 | % | 2.06 | % | 1.90 | % | (14.06 | )% | 89 | % | $ | 2,177 | |||||||||||||
| $ | 22.53 | 2.01 | % | 2.03 | % | 1.90 | % | 10.49 | % | 82 | % | $ | 3,699 | |||||||||||||
| $ | 21.76 | 1.99 | % | 2.02 | % | 1.90 | % | 5.60 | % | 93 | % | $ | 3,283 | |||||||||||||
| $ | 18.50 | 0.98 | % | 2.08 | % | 1.90 | % | (4.88 | )% | 62 | % | $ | 2,513 | |||||||||||||
| $ | 19.45 | 1.16 | % | 2.09 | % | 1.90 | % | 11.17 | % | 70 | % | $ | 2,364 | |||||||||||||
| $ | 17.77 | 1.59 | % | 2.12 | % | 1.90 | % | 7.58 | % | 103 | % | $ | 1,726 | |||||||||||||
| $ | 16.96 | 1.72 | % | 2.05 | % | 1.90 | % | 0.21 | % | 116 | % | $ | 1,445 | |||||||||||||
| $ | 17.64 | 2.13 | % | 2.05 | % | 1.90 | % | (14.05 | )% | 89 | % | $ | 1,677 | |||||||||||||
| $ | 22.52 | 2.03 | % | 2.03 | % | 1.90 | % | 10.49 | % | 82 | % | $ | 2,034 | |||||||||||||
| $ | 21.77 | 2.00 | % | 2.02 | % | 1.90 | % | 5.58 | % | 93 | % | $ | 1,602 | |||||||||||||
| $ | 18.91 | 1.98 | % | 1.17 | % | 0.90 | % | (4.35 | )% | 62 | % | $ | 175,946 | |||||||||||||
| $ | 19.77 | 2.14 | % | 1.18 | % | 0.90 | % | 11.93 | % | 70 | % | $ | 192,305 | |||||||||||||
| $ | 18.11 | 3.06 | % | 1.18 | % | 0.90 | % | 8.65 | % | 103 | % | $ | 176,179 | |||||||||||||
| $ | 17.23 | 2.72 | % | 1.13 | % | 0.90 | % | 1.14 | % | 116 | % | $ | 330,340 | |||||||||||||
| $ | 17.98 | 3.13 | % | 1.13 | % | 0.90 | % | (13.17 | )% | 89 | % | $ | 407,829 | |||||||||||||
| $ | 22.90 | 3.00 | % | 1.10 | % | 0.90 | % | 11.59 | % | 82 | % | $ | 533,729 | |||||||||||||
| $ | 22.08 | 2.98 | % | 1.09 | % | 0.90 | % | 6.68 | % | 93 | % | $ | 558,601 | |||||||||||||
Table of Contents
| 26 | Wells Fargo Advantage Allocation Funds | Notes to Financial Statements (Unaudited) |
1. ORGANIZATION
Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on the following funds: Wells Fargo Advantage Conservative Allocation Fund (“Conservative Allocation Fund”), Wells Fargo Advantage Growth Balance Fund (“Growth Balanced Fund”) and Wells Fargo Advantage Moderate Balanced Fund (“Moderate Balanced Fund” ) (each, a “Fund”, collectively, the “Funds”). Each Fund is a diversified series of the Trust.
The Funds each seek to achieve its investment objective by investing all investable assets in one or more separate diversified portfolios (each, a “Master Portfolio”, collectively, the “Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each Master Portfolio directly acquires portfolio securities, and a Fund investing in a Master Portfolio acquires an indirect interest in those securities. Each Fund accounts for its investment in the Master Portfolios as partnership investments and records daily its share of the Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the Master Portfolios for the six months ended November 30, 2011 are included in this report and should be read in conjunction with each Fund’s financial statements. As of November 30, 2011, the Funds own the following percentages of the Master Portfolios:
| Conservative Allocation Fund |
Growth Balanced Fund |
Moderate Balanced Fund |
||||||||||
| Wells Fargo Advantage C&B Large Cap Value Portfolio |
0 | %* | 4 | % | 2 | % | ||||||
| Wells Fargo Advantage Diversified Large Cap Growth Portfolio |
1 | 28 | 11 | |||||||||
| Wells Fargo Advantage Emerging Growth Portfolio |
0 | * | 0 | * | 0 | * | ||||||
| Wells Fargo Advantage Equity Value Portfolio |
0 | * | 2 | 1 | ||||||||
| Wells Fargo Advantage Index Portfolio |
0 | * | 2 | 1 | ||||||||
| Wells Fargo Advantage Inflation-Protected Bond Portfolio |
2 | 12 | 10 | |||||||||
| Wells Fargo Advantage International Equity Portfolio |
1 | 28 | 11 | |||||||||
| Wells Fargo Advantage International Growth Portfolio |
0 | * | 7 | 3 | ||||||||
| Wells Fargo Advantage International Index Portfolio |
1 | 29 | 11 | |||||||||
| Wells Fargo Advantage International Value Portfolio |
0 | * | 2 | 1 | ||||||||
| Wells Fargo Advantage Large Company Value Portfolio |
1 | 28 | 11 | |||||||||
| Wells Fargo Advantage Managed Fixed Income Portfolio |
10 | 49 | 41 | |||||||||
| Wells Fargo Advantage Small Cap Value Portfolio |
0 | * | 10 | 4 | ||||||||
| Wells Fargo Advantage Small Company Growth Portfolio |
0 | * | 2 | 1 | ||||||||
| Wells Fargo Advantage Small Company Value Portfolio |
0 | * | 2 | 1 | ||||||||
| Wells Fargo Advantage Stable Income Portfolio |
25 | N/A | 75 | |||||||||
| Wells Fargo Advantage Total Return Bond Portfolio |
0 | * | 1 | 0 | * | |||||||
| * | The amount invested is less than 1%. |
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of each Fund, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Securities valuation
Investments in the Master Portfolios are valued daily based on each Fund’s proportionate share of each Master Portfolio’s net assets, which are also valued daily. Securities held in the Master Portfolios are valued as discussed in the Notes to Financial Statements of the Master Portfolios, which are included elsewhere in this report.
Table of Contents
| Notes to Financial Statements (Unaudited) | Wells Fargo Advantage Allocation Funds | 27 |
Certain fixed income securities with maturities exceeding 60 days are valued based on evaluated prices 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 Funds’ 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.
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 Funds may be subject to interest rate risk and equity price risk in the normal course of pursuing its investment objectives. The Funds 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 Statements of Assets and Liabilities as an asset or liability and in the Statements 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.
Security transactions and income recognition
Securities transactions are recorded on a trade date basis. Realized gains or losses in the Funds and in each Master Portfolio are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method by the Funds and in each Master Portfolio. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.
Dividend income in each Master Portfolio is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the Master Portfolio is informed of the ex-dividend date. Dividend income from foreign securities in each Master Portfolio is recorded net of foreign taxes withheld where recovery of such taxes is not assured.
Each Fund records daily its proportionate share of each Master Portfolio’s interest and dividend income and realized and unrealized gains or losses.
Distributions to shareholders
Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from generally accepted accounting principles.
Federal and other taxes
Each Fund is treated as a separate entity for federal income tax purposes. Each Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.
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| 28 | Wells Fargo Advantage Allocation Funds | Notes to Financial Statements (Unaudited) |
Each Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities.
At May 31, 2011, estimated net capital loss carryforwards, which were available to offset future net realized capital gains, were as follows:
| Expiration | ||||||||||||||||
| 2016 | 2017 | 2018 | 2019 | |||||||||||||
| Conservative Allocation Fund |
$ | 0 | $ | 15,438,774 | $ | 6,065,292 | $ | 4,084,882 | ||||||||
| Growth Balanced Fund |
18,749,350 | 88,421,673 | 83,831,434 | 0 | ||||||||||||
| Moderate Balanced Fund |
0 | 8,267,263 | 9,979,052 | 0 | ||||||||||||
Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred are required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
Class allocations
The separate classes of shares offered by each Fund differ principally in applicable sales charges, distribution, shareholder servicing and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of a Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing and administration fees.
3. 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 each 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). Each 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:
| n | Level 1 – quoted prices in active markets for identical securities |
| n | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| n | Level 3 – significant unobservable inputs (including each 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.
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| Notes to Financial Statements (Unaudited) | Wells Fargo Advantage Allocation Funds | 29 |
As of November 30, 2011, the inputs used in valuing each Fund’s assets, which are carried at fair value, were as follows:
| Investments in Securities | Quoted Prices (Level 1) |
Significant Other (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total | ||||||||||||
| Conservative Allocation Fund |
||||||||||||||||
| Equity securities |
||||||||||||||||
| Affiliated Master Portfolios |
$ | 0 | $ | 37,462,233 | $ | 0 | $ | 37,462,233 | ||||||||
| Other |
0 | 0 | 21,741 | 21,741 | ||||||||||||
| Short-term investments |
||||||||||||||||
| U.S. Treasury securities |
164,996 | 0 | 0 | 164,996 | ||||||||||||
| $ | 164,996 | $ | 37,462,233 | $ | 21,741 | $ | 37,648,970 | |||||||||
| Growth Balanced Fund |
||||||||||||||||
| Equity securities |
||||||||||||||||
| Affiliated Master Portfolios |
$ | 0 | $ | 290,830,914 | $ | 0 | $ | 290,830,914 | ||||||||
| Other |
0 | 0 | 225,302 | 225,302 | ||||||||||||
| Short-term investments |
||||||||||||||||
| U.S. Treasury securities |
4,324,379 | 0 | 0 | 4,324,379 | ||||||||||||
| $ | 4,324,379 | $ | 290,830,914 | $ | 225,302 | $ | 295,380,595 | |||||||||
| Moderate Balanced Fund |
||||||||||||||||
| Equity securities |
||||||||||||||||
| Affiliated Master Portfolios |
$ | 0 | $ | 186,895,570 | $ | 0 | $ | 186,895,570 | ||||||||
| Other |
0 | 0 | 40,909 | 40,909 | ||||||||||||
| Short-term investments |
||||||||||||||||
| U.S. Treasury securities |
1,739,964 | 0 | 0 | 1,739,964 | ||||||||||||
| $ | 1,739,964 | $ | 186,895,570 | $ | 40,909 | $ | 188,676,443 | |||||||||
Further details can be found in each Fund’s Portfolio of Investments.
As of November 30, 2011, the inputs used in valuing the Funds’ other financial instruments, which are carried at fair value, were as follows:
| Futures contracts+ | Quoted Prices (Level 1) |
Significant Other (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total | ||||||||||||
| Conservative Allocation Fund |
$ | 131,758 | $ | 0 | $ | 0 | $ | 131,758 | ||||||||
| Growth Balanced Fund |
3,572,484 | 0 | 0 | 3,572,484 | ||||||||||||
| Moderate Balanced Fund |
1,495,289 | 0 | 0 | 1,495,289 | ||||||||||||
| + | 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 six months ended November 30, 2011, the Funds did not have any significant transfers into/out of Level 1 and Level 2.
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| 30 | Wells Fargo Advantage Allocation Funds | Notes to Financial Statements (Unaudited) |
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:
| Conservative Allocation Fund |
Growth Balanced Fund |
Moderate Balanced Fund |
||||||||||
| Other |
||||||||||||
| Balance as of May 31, 2011 |
$ | 27,557 | $ | 285,577 | $ | 51,854 | ||||||
| Accrued discounts (premiums) |
0 | 0 | 0 | |||||||||
| Realized gains |
3,242 | 33,599 | 6,101 | |||||||||
| Change in unrealized gains (losses) |
(4,311 | ) | (44,674 | ) | (8,112 | ) | ||||||
| Purchases |
0 | 0 | 0 | |||||||||
| Sales |
(4,747 | ) | (49,200 | ) | (8,934 | ) | ||||||
| Transfers into Level 3 |
0 | 0 | 0 | |||||||||
| Transfer out of Level 3 |
0 | 0 | 0 | |||||||||
| Transfers in from Affiliated Master Portfolio |
0 | 0 | 0 | |||||||||
| Balance as of November 30, 2011 |
$ | 21,741 | $ | 225,302 | $ | 40,909 | ||||||
| Change in unrealized gains (losses) |
$ | (3,366 | ) | $ | (34,887 | ) | $ | (6,335 | ) | |||
4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES
Advisory fees
The Trust has entered into an advisory contract with Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the sub-adviser, who is responsible for day-to-day portfolio management of the Funds. Funds Management is entitled to receive an annual advisory fee of 0.25% of each Fund’s average daily net assets.
Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Funds. The fees related to sub-advisory services are borne directly by the adviser and do not increase the overall fees paid by the Fund to the adviser. Wells Capital Management Incorporated, an affiliate of Funds Management, is the sub-adviser to each Fund and is entitled to receive a fee from the adviser at an annual rate starting at 0.10% and declining to 0.05% as the average daily net assets of each Fund increase.
Funds Management also serves as the adviser to each Master Portfolio and is entitled to receive a fee from each Master Portfolio for those services.
Administration and transfer agent fees
The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from each Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of each Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:
| Class Level Administration Fee |
||||
| Class A, Class B, Class C |
0.26 | % | ||
| Administrator Class |
0.10 | |||
Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Funds. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses.
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| Notes to Financial Statements (Unaudited) | Wells Fargo Advantage Allocation Funds | 31 |
Distribution fees
The Trust has adopted a Distribution Plan for Class B and Class C shares of the applicable Funds pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to the Class B and Class C shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter of each Fund, at an annual rate of 0.75% of the average daily net assets of Class B and Class C shares.
For the six months ended November 30, 2011, Wells Fargo Funds Distributor, LLC received the following amounts in front-end sales charges and contingent deferred sales charges.
| Front-end Class A |
Contingent deferred sales charges | |||||||||||
| Class B | Class C | |||||||||||
| Growth Balanced Fund |
$ | 6,890 | $ | 1,306 | $ | 51 | ||||||
| Moderate Balanced Fund |
3,823 | 326 | 250 | |||||||||
Shareholder servicing fees
The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class B, Class C and Administrator Class of each applicable Fund is charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class.
A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.
5. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, excluding U.S. Government obligations (if any) and short-term securities (securities with maturities of one year or less at purchase date), for the six months ended November 30, 2011 were as follows:
| Purchases at Cost* | Sales Proceeds* | |||||||
| Conservative Allocation Fund |
$ | 27,897,512 | $ | 27,790,901 | ||||
| Growth Balanced Fund |
172,412,962 | 188,273,471 | ||||||
| Moderate Balanced Fund |
125,011,469 | 128,693,414 | ||||||
| * | The Funds seek to achieve their investment objective by investing some or all of its investable assets in one or more Master Portfolios. Purchases and sales related to these investments have been calculated by aggregating the results of multiplying such Fund’s ownership percentage of the respective Master Portfolio by the corresponding Master Portfolio’s purchases and sales. |
6. DERIVATIVE TRANSACTIONS
During the six months ended November 30, 2011, the Funds entered into futures contracts to gain market exposure to certain asset classes consistent with an active asset allocation strategy.
At November 30, 2011, the Funds had long and short futures contracts outstanding as follows:
| Expiration Date | Contracts | Type | Contract Value at November 30, 2011 |
Net Unrealized Gains (Losses) |
||||||||||||||||
| Conservative Allocation Fund |
December 2011 | 5 Long | S&P 500 Index | $ | 1,557,500 | $ | 82,500 | |||||||||||||
| March 2012 | 13 Short | 30-Year U.S. Treasury Bonds | 1,837,875 | 49,258 | ||||||||||||||||
| Growth Balanced Fund |
December 2011 | 149 Long | S&P 500 Index | 46,413,500 | 2,458,500 | |||||||||||||||
| March 2012 | 294 Short | 30-Year U.S. Treasury Bonds | 41,564,250 | 1,113,984 | ||||||||||||||||
| Moderate Balanced Fund |
December 2011 | 61 Long | S&P 500 Index | 19,001,500 | 1,006,500 | |||||||||||||||
| March 2012 | 129 Short | 30-Year U.S. Treasury Bonds | 18,237,375 | 488,789 | ||||||||||||||||
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| 32 | Wells Fargo Advantage Allocation Funds | Notes to Financial Statements (Unaudited) |
The Funds had average notional amounts in futures contracts outstanding during the six months ended November 30, 2011 as follows:
| Long Contracts | Short Contracts | |||||||
| Conservative Allocation Fund |
$ | 1,539,352 | $ | 1,879,987 | ||||
| Growth Balanced Fund |
47,589,580 | 45,952,075 | ||||||
| Moderate Balanced Fund |
18,780,100 | 19,103,915 | ||||||
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of November 30, 2011 was as follows for Conservative Allocation Fund:
| Asset Derivatives |
||||||
| Balance Sheet Location | Fair Value | |||||
| Interest rate contracts |
Net assets – Net unrealized gains on investments | $ | 49,258 | * | ||
| Equity contracts |
Net assets – Net unrealized gains on investments | 82,500 | * | |||
| $ | 131,758 | |||||
| * | Amount represents cumulative unrealized gains/losses on futures contracts. Only the variation margin as of November 30, 2011 is reported separately on the Statement of Assets and Liabilities. |
The effect of derivative instruments on the Statement of Operations for the six months ended November 30, 2011 was as follows for Conservative Allocation Fund:
| Amount of Realized Gains (Losses) on Derivatives |
Change in Unrealized Gains (Losses) on Derivatives |
|||||||
| Interest rate contracts |
$ | (328,988 | ) | $ | 62,148 | |||
| Equity contracts |
(141,527 | ) | 32,938 | |||||
| $ | (470,515 | ) | $ | 95,086 | ||||
The fair value of derivative instruments as of November 30, 2011 was as follows for Growth Balanced Fund:
| Asset Derivatives |
||||||
| Balance Sheet Location | Fair Value | |||||
| Interest rate contracts |
Net assets – Net unrealized gains on investments | $ | 1,113,984 | * | ||
| Equity contracts |
Net assets – Net unrealized gains on investments | 2,458,500 | * | |||
| $ | 3,572,484 | |||||
| * | Amount represents cumulative unrealized gains (losses) on futures contracts. Only the variation margin as of November 30, 2011 is reported separately on the Statement of Assets and Liabilities. |
The effect of derivative instruments on the Statement of Operations for the six months ended November 30, 2011 was as follows for Growth Balanced Fund:
| Amount of Realized Gains (Losses) on Derivatives |
Change in Unrealized Gains (Losses) on Derivatives |
|||||||
| Interest rate contracts |
$ | (8,570,917 | ) | $ | 1,470,091 | |||
| Equity contracts |
(4,223,257 | ) | 882,412 | |||||
| $ | (12,794,174 | ) | $ | 2,352,503 | ||||
Table of Contents
| Notes to Financial Statements (Unaudited) | Wells Fargo Advantage Allocation Funds | 33 |
The fair value of derivative instruments as of November 30, 2011 was as follows for Moderate Balanced Fund:
| Asset Derivatives |
||||||
| Balance Sheet Location | Fair Value | |||||
| Interest rate contracts |
Net assets – Net unrealized gains on investments | $ | 488,789 | * | ||
| Equity contracts |
Net assets – Net unrealized gains on investments | 1,006,500 | * | |||
| $ | 1,495,289 | |||||
| * | Amount represents cumulative unrealized gains (losses) on futures contracts. Only the variation margin as of November 30, 2011 is reported separately on the Statement of Assets and Liabilities. |
The effect of derivative instruments on the Statement of Operations for the six months ended November 30, 2011 was as follows for Moderate Balanced Fund:
| Amount of Realized Gains (Losses) on Derivatives |
Change in Unrealized Gains (Losses) on Derivatives |
|||||||
| Interest rate contracts |
$ | (3,515,382 | ) | $ | 631,445 | |||
| Equity contracts |
(1,726,640 | ) | 401,838 | |||||
| $ | (5,242,022 | ) | $ | 1,033,283 | ||||
7. ACQUISITION
After the close of business on July 16, 2010, Growth Balanced Fund acquired the net assets of Wells Fargo Advantage Aggressive Allocation Fund. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. Shareholders holding Administrator Class shares of Wells Fargo Advantage Aggressive Allocation Fund received Administrator Class shares of Growth Balanced Fund in the reorganization. The acquisition was accomplished by a tax-free exchange of all of the shares of Wells Fargo Advantage Aggressive Allocation Fund for 4,302,152 shares of Growth Balanced Fund valued at $93,512,961 at an exchange ratio of 0.47. The investment portfolio of Wells Fargo Advantage Aggressive Allocation Fund with a fair value of $93,914,260, identified cost of $90,492,734 and unrealized appreciation of $3,421,526 at July 16, 2010 were the principal assets acquired by Growth Balanced Fund. The aggregate net assets of Wells Fargo Advantage Aggressive Allocation Fund and Growth Balanced Fund immediately prior to the acquisition were $93,512,961 and $835,788,923, respectively. The aggregate net assets of Growth Balanced Fund immediately after the acquisition were $929,301,884. For financial reporting purposes, assets received and shares issued by Growth Balanced Fund were recorded at fair value; however, the cost basis of the investments received from Wells Fargo Advantage Aggressive Allocation Fund was carried forward to align ongoing reporting Growth Balanced Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
Assuming the acquisition had been completed October 1, 2009, the beginning of the annual reporting period for Growth Balanced Fund, the pro forma results of operations for the year ended September 30, 2010 would have been:
| Net investment income |
$ | 17,528,024 | ||
| Net realized and unrealized gains on investments |
$ | 18,668,607 | ||
| Net increase in net assets resulting from operations |
$ | 36,196,631 |
8. BANK BORROWINGS
Each Fund and certain funds in the Trust are party to a $25,000,000 revolving credit agreement with the Bank of New York Mellon, whereby the Funds are permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to each Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on
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| 34 | Wells Fargo Advantage Allocation Funds | Notes to Financial Statements (Unaudited) |
that day plus 1.25%. In addition, under the credit agreement, the Funds pay an annual commitment fee equal to 0.15% of the unused balance, which is allocated pro rata. For the six months ended November 30, 2011, the Funds paid the following amounts in commitment fees:
| Commitment Fee | ||||
| Conservative Allocation Fund |
$ | 50 | ||
| Growth Balanced Fund |
616 | |||
| Moderate Balanced Fund |
276 | |||
For the six months ended November 30, 2011, there were no borrowings by the Funds under the agreement.
9. INDEMNIFICATION
Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated.
10. NEW ACCOUNTING PRONOUNCEMENTS
In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011. Management expects that adoption of the ASU will result in additional disclosures in the financial statements, as applicable.
In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU No. 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011. Management has evaluated the impact of adopting the ASU and expects no significant changes.
11. SUBSEQUENT DISTRIBUTIONS
On December 19, 2011, the Funds declared distributions from net investment income to shareholders of record on December 16, 2011. The per share amounts payable on December 20, 2011 were as follows:
| Conservative Fund |
Growth Balanced Fund |
Moderate Balanced Fund |
||||||||||
| Net investment income |
||||||||||||
| Class A |
N/A | $ | 0.22485 | $ | 0.58319 | |||||||
| Class B |
N/A | 0.00000 | 0.37498 | |||||||||
| Class C |
N/A | 0.05233 | 0.46989 | |||||||||
| Administrator Class |
$ | 0.22270 | 0.30098 | 0.63250 | ||||||||
These distributions are not reflected in the accompanying financial statements.
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 35 |
C&B LARGE CAP VALUE PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Common Stocks: 97.18% |
||||||||||||
| Consumer Discretionary: 18.02% |
||||||||||||
| Containers & Packaging: 1.07% | ||||||||||||
| Rock-Tenn Company Class A |
65,100 | $ | 3,792,075 | |||||||||
|
|
|
|||||||||||
| Hotels, Restaurants & Leisure: 5.65% | ||||||||||||
| Carnival Corporation |
174,600 | 5,796,720 | ||||||||||
| Darden Restaurants Incorporated |
104,970 | 5,008,119 | ||||||||||
| McDonald’s Corporation |
97,100 | 9,274,992 | ||||||||||
| 20,079,831 | ||||||||||||
|
|
|
|||||||||||
| Household Durables: 2.75% | ||||||||||||
| NVR Incorporated†« |
14,600 | 9,779,810 | ||||||||||
|
|
|
|||||||||||
| Media: 3.32% | ||||||||||||
| Omnicom Group Incorporated« |
272,800 | 11,776,776 | ||||||||||
|
|
|
|||||||||||
| Multiline Retail: 3.11% | ||||||||||||
| Kohl’s Corporation« |
205,100 | 11,034,380 | ||||||||||
|
|
|
|||||||||||
| Specialty Retail: 2.12% | ||||||||||||
| Best Buy Company Incorporated« |
278,500 | 7,544,565 | ||||||||||
|
|
|
|||||||||||
| Consumer Staples: 13.51% |
||||||||||||
| Beverages: 4.60% | ||||||||||||
| Coca-Cola Enterprises Incorporated |
277,000 | 7,235,240 | ||||||||||
| Diageo plc ADR |
106,430 | 9,111,472 | ||||||||||
| 16,346,712 | ||||||||||||
|
|
|
|||||||||||
| Household Products: 5.93% | ||||||||||||
| Colgate-Palmolive Company |
108,000 | 9,882,000 | ||||||||||
| Henkel AG & Company KGaA ADR |
74,614 | 3,647,132 | ||||||||||
| Procter & Gamble Company |
116,500 | 7,522,405 | ||||||||||
| 21,051,537 | ||||||||||||
|
|
|
|||||||||||
| Personal Products: 1.45% | ||||||||||||
| Avon Products Incorporated« |
303,140 | 5,153,380 | ||||||||||
|
|
|
|||||||||||
| Tobacco: 1.53% | ||||||||||||
| Philip Morris International |
71,300 | 5,435,912 | ||||||||||
|
|
|
|||||||||||
| Energy: 5.72% |
||||||||||||
| Oil, Gas & Consumable Fuels: 5.72% | ||||||||||||
| Chevron Corporation |
69,520 | 7,148,046 | ||||||||||
| Exxon Mobil Corporation |
163,600 | 13,159,984 | ||||||||||
| 20,308,030 | ||||||||||||
|
|
|
|||||||||||
Table of Contents
| 36 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
C&B LARGE CAP VALUE PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Financials: 20.02% |
||||||||||||
| Capital Markets: 5.05% | ||||||||||||
| Charles Schwab Corporation |
521,500 | $ | 6,237,140 | |||||||||
| State Street Corporation |
295,400 | 11,712,610 | ||||||||||
| 17,949,750 | ||||||||||||
|
|
|
|||||||||||
| Commercial Banks: 1.69% | ||||||||||||
| PNC Financial Services Group Incorporated |
110,400 | 5,984,784 | ||||||||||
|
|
|
|||||||||||
| Consumer Finance: 5.52% | ||||||||||||
| American Express Company |
212,000 | 10,184,480 | ||||||||||
| Western Union Company« |
539,100 | 9,401,904 | ||||||||||
| 19,586,384 | ||||||||||||
|
|
|
|||||||||||
| Diversified Financial Services: 3.21% | ||||||||||||
| Bank of America Corporation |
539,100 | 2,932,704 | ||||||||||
| JPMorgan Chase & Company |
273,500 | 8,470,295 | ||||||||||
| 11,402,999 | ||||||||||||
|
|
|
|||||||||||
| Insurance: 4.55% | ||||||||||||
| Allstate Corporation |
139,200 | 3,729,168 | ||||||||||
| Axis Capital Holdings Limited |
233,500 | 7,455,655 | ||||||||||
| Willis Group Holdings |
141,200 | 4,978,712 | ||||||||||
| 16,163,535 | ||||||||||||
|
|
|
|||||||||||
| Health Care: 11.42% |
||||||||||||
| Health Care Equipment & Supplies: 3.80% | ||||||||||||
| Baxter International Incorporated |
124,400 | 6,426,504 | ||||||||||
| Becton Dickinson & Company« |
95,800 | 7,068,124 | ||||||||||
| 13,494,628 | ||||||||||||
|
|
|
|||||||||||
| Health Care Providers & Services: 4.45% | ||||||||||||
| Cardinal Health Incorporated |
151,300 | 6,424,198 | ||||||||||
| Quest Diagnostics Incorporated« |
159,650 | 9,365,069 | ||||||||||
| 15,789,267 | ||||||||||||
|
|
|
|||||||||||
| Pharmaceuticals: 3.17% | ||||||||||||
| Johnson & Johnson |
173,900 | 11,254,808 | ||||||||||
|
|
|
|||||||||||
| Industrials: 13.68% |
||||||||||||
| Aerospace & Defense: 2.31% | ||||||||||||
| Raytheon Company« |
180,000 | 8,202,600 | ||||||||||
|
|
|
|||||||||||
| Air Freight & Logistics: 1.52% | ||||||||||||
| United Parcel Service Incorporated Class B |
75,400 | 5,409,950 | ||||||||||
|
|
|
|||||||||||
| Commercial Services & Supplies: 3.77% | ||||||||||||
| Cintas Corporation« |
189,800 | 5,769,920 | ||||||||||
| Republic Services Incorporated |
276,700 | 7,595,415 | ||||||||||
| 13,365,335 | ||||||||||||
|
|
|
|||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 37 |
C&B LARGE CAP VALUE PORTFOLIO
| Security Name | Shares | Value | ||||||||||||
| Industrial Conglomerates: 3.78% | ||||||||||||||
| 3M Company |
97,200 | $ | 7,877,088 | |||||||||||
| Tyco International Limited |
115,630 | 5,545,615 | ||||||||||||
| 13,422,703 | ||||||||||||||
|
|
|
|||||||||||||
| Machinery: 2.30% | ||||||||||||||
| Illinois Tool Works Incorporated« |
179,600 | 8,161,024 | ||||||||||||
|
|
|
|||||||||||||
| Information Technology: 10.41% |
||||||||||||||
| Electronic Equipment & Instruments: 5.25% | ||||||||||||||
| Flextronics International Limited† |
1,140,800 | 6,810,576 | ||||||||||||
| Molex Incorporated Class A |
254,600 | 5,331,324 | ||||||||||||
| TE Connectivity Limited |
205,600 | 6,519,576 | ||||||||||||
| 18,661,476 | ||||||||||||||
|
|
|
|||||||||||||
| IT Services: 1.65% | ||||||||||||||
| Fiserv Incorporated† |
101,700 | 5,864,022 | ||||||||||||
|
|
|
|||||||||||||
| Semiconductors & Semiconductor Equipment: 2.60% | ||||||||||||||
| Lam Research Corporation† |
226,100 | 9,218,097 | ||||||||||||
|
|
|
|||||||||||||
| Software: 0.91% | ||||||||||||||
| Microsoft Corporation |
126,400 | 3,233,312 | ||||||||||||
|
|
|
|||||||||||||
| Telecommunication Services: 2.74% |
||||||||||||||
| Wireless Telecommunication Services: 2.74% | ||||||||||||||
| Vodafone Group plc ADR |
358,100 | 9,722,415 | ||||||||||||
|
|
|
|||||||||||||
| Utilities: 1.66% |
||||||||||||||
| Electric Utilities: 1.66% | ||||||||||||||
| Entergy Corporation |
83,900 | 5,903,204 | ||||||||||||
|
|
|
|||||||||||||
| Total Common Stocks (Cost $314,436,001) |
345,093,301 | |||||||||||||
|
|
|
|||||||||||||
| Dividend Yield | ||||||||||||||
| Preferred Stocks: 1.09% | ||||||||||||||
| Consumer Staples: 1.09% |
||||||||||||||
| Household Products: 1.09% | ||||||||||||||
| Henkel AG & Company KGaA ADR |
1.86 | % | 68,000 | 3,889,600 | ||||||||||
|
|
|
|||||||||||||
| Total Preferred Stocks (Cost $2,726,325) |
3,889,600 | |||||||||||||
|
|
|
|||||||||||||
| Principal | ||||||||||||||
| Other: 0.40% |
||||||||||||||
| Gryphon Funding Limited, Pass-Through Entity(a)(i)(v) |
$ | 1,543,229 | 554,019 | |||||||||||
| VFNC Corporation, Pass-Through Entity, 0.26%(a)(i)(v)±144A |
1,763,251 | 863,993 | ||||||||||||
| Total Other (Cost $596,051) |
1,418,012 | |||||||||||||
|
|
|
|||||||||||||
Table of Contents
| 38 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
C&B LARGE CAP VALUE PORTFOLIO
| Security Name | Yield | Shares | Value | |||||||||||
| Short-Term Investments: 16.12% |
||||||||||||||
| Investment Companies: 16.12% | ||||||||||||||
| Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class(l)(u) |
0.05 | % | 4,411,441 | $ | 4,411,441 | |||||||||
| Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)(r) |
0.17 | 52,836,424 | 52,836,424 | |||||||||||
| Total Short-Term Investments (Cost $57,247,865) |
57,247,865 | |||||||||||||
|
|
|
|||||||||||||
| Total Investments in Securities | ||||||||
| (Cost $375,006,242)* | 114.79 | % | 407,648,778 | |||||
| Other Assets and Liabilities, Net |
(14.79 | ) | (52,528,979 | ) | ||||
|
|
|
|
|
|||||
| Total Net Assets | 100.00 | % | $ | 355,119,799 | ||||
|
|
|
|
|
| † | Non-income earning security. |
| « | All or a portion of this security is on loan. |
| (a) | Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees. |
| (i) | Illiquid security. |
| (v) | Security represents investment of cash collateral received from securities on loan. |
| ± | 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. |
| (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 $388,063,710 and net unrealized appreciation (depreciation) consists of: |
| Gross unrealized appreciation |
$ | 32,976,303 | ||
| Gross unrealized depreciation |
(13,391,235 | ) | ||
|
|
|
|||
| Net unrealized appreciation |
$ | 19,585,068 |
The accompanying notes are an integral part of these financial statements.
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 39 |
DIVERSIFIED LARGE CAP GROWTH PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Common Stocks: 97.51% |
||||||||||||
| Consumer Discretionary: 19.52% |
||||||||||||
| Auto Components: 0.80% | ||||||||||||
| Gentex Corporation« |
18,160 | $ | 535,357 | |||||||||
| Johnson Controls Incorporated |
26,490 | 833,905 | ||||||||||
| 1,369,262 | ||||||||||||
|
|
|
|||||||||||
| Hotels, Restaurants & Leisure: 3.66% | ||||||||||||
| McDonald’s Corporation |
19,890 | 1,899,893 | ||||||||||
| Starbucks Corporation« |
69,081 | 3,003,642 | ||||||||||
| Wynn Resorts Limited |
11,190 | 1,349,066 | ||||||||||
| 6,252,601 | ||||||||||||
|
|
|
|||||||||||
| Household Durables: 0.14% | ||||||||||||
| Tempur-Pedic International IncorporatedǠ |
4,500 | 245,745 | ||||||||||
|
|
|
|||||||||||
| Internet & Catalog Retail: 4.77% | ||||||||||||
| Amazon.com Incorporated† |
19,068 | 3,666,586 | ||||||||||
| priceline.com Incorporated† |
9,255 | 4,496,912 | ||||||||||
| 8,163,498 | ||||||||||||
|
|
|
|||||||||||
| Media: 1.18% | ||||||||||||
| DIRECTV Group Incorporated† |
42,755 | 2,018,891 | ||||||||||
|
|
|
|||||||||||
| Multiline Retail: 1.40% | ||||||||||||
| Dollar General Corporation† |
16,190 | 656,828 | ||||||||||
| Dollar Tree Incorporated† |
21,340 | 1,738,997 | ||||||||||
| 2,395,825 | ||||||||||||
|
|
|
|||||||||||
| Specialty Retail: 4.69% | ||||||||||||
| CarMax Incorporated† |
72,770 | 2,092,865 | ||||||||||
| Dick’s Sporting Goods Incorporated« |
31,515 | 1,238,855 | ||||||||||
| O’Reilly Automotive Incorporated† |
23,880 | 1,844,491 | ||||||||||
| TJX Companies Incorporated« |
24,390 | 1,504,863 | ||||||||||
| Tractor Supply Company |
18,400 | 1,329,032 | ||||||||||
| 8,010,106 | ||||||||||||
|
|
|
|||||||||||
| Textiles, Apparel & Luxury Goods: 2.88% | ||||||||||||
| Coach Incorporated |
37,300 | 2,334,607 | ||||||||||
| Fossil Incorporated† |
6,000 | 537,540 | ||||||||||
| Lululemon Athletica Incorporated† |
14,790 | 735,063 | ||||||||||
| Nike Incorporated Class B |
8,300 | 798,294 | ||||||||||
| VF Corporation |
3,700 | 513,153 | ||||||||||
| 4,918,657 | ||||||||||||
|
|
|
|||||||||||
| Consumer Staples: 3.46% |
||||||||||||
| Beverages: 0.83% | ||||||||||||
| Green Mountain Coffee Roasters Incorporated† |
8,410 | 440,936 | ||||||||||
| The Coca-Cola Company |
14,500 | 974,835 | ||||||||||
| 1,415,771 | ||||||||||||
|
|
|
|||||||||||
Table of Contents
| 40 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
DIVERSIFIED LARGE CAP GROWTH PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Food & Staples Retailing: 2.41% | ||||||||||||
| Costco Wholesale Corporation |
13,060 | $ | 1,114,018 | |||||||||
| Whole Foods Market Incorporated |
44,100 | 3,003,210 | ||||||||||
| 4,117,228 | ||||||||||||
|
|
|
|||||||||||
| Food Products: 0.22% | ||||||||||||
| Mead Johnson & Company |
5,000 | 376,800 | ||||||||||
|
|
|
|||||||||||
| Energy : 9.58% |
||||||||||||
| Energy Equipment & Services: 3.58% | ||||||||||||
| Baker Hughes Incorporated« |
15,790 | 862,292 | ||||||||||
| Ensco International plc ADR |
17,450 | 906,877 | ||||||||||
| National Oilwell Varco Incorporated |
18,235 | 1,307,450 | ||||||||||
| Schlumberger Limited |
40,456 | 3,047,550 | ||||||||||
| 6,124,169 | ||||||||||||
|
|
|
|||||||||||
| Oil, Gas & Consumable Fuels: 6.00% | ||||||||||||
| Apache Corporation |
5,500 | 546,920 | ||||||||||
| Brigham Exploration Company† |
6,990 | 254,646 | ||||||||||
| Concho Resources IncorporatedǠ |
6,860 | 697,113 | ||||||||||
| Continental Resources IncorporatedǠ |
16,560 | 1,168,970 | ||||||||||
| Exxon Mobil Corporation |
14,120 | 1,135,813 | ||||||||||
| Oasis Petroleum Incorporated† |
7,420 | 226,087 | ||||||||||
| Occidental Petroleum Corporation |
34,276 | 3,389,896 | ||||||||||
| Pioneer Natural Resources Company |
24,120 | 2,280,305 | ||||||||||
| Southwestern Energy CompanyǠ |
12,700 | 483,235 | ||||||||||
| Whiting Petroleum Corporation† |
1,740 | 80,927 | ||||||||||
| 10,263,912 | ||||||||||||
|
|
|
|||||||||||
| Financials: 5.17% |
||||||||||||
| Capital Markets: 0.95% | ||||||||||||
| Ameriprise Financial Incorporated |
6,360 | 291,988 | ||||||||||
| LPL Investment Holdings Incorporated† |
11,070 | 332,100 | ||||||||||
| T. Rowe Price Group Incorporated |
1,300 | 73,788 | ||||||||||
| TD Ameritrade Holding Corporation |
57,280 | 933,091 | ||||||||||
| 1,630,967 | ||||||||||||
|
|
|
|||||||||||
| Consumer Finance: 3.71% | ||||||||||||
| American Express Company |
8,234 | 395,561 | ||||||||||
| MasterCard Incorporated |
11,240 | 4,209,942 | ||||||||||
| Visa Incorporated Class A |
17,990 | 1,744,490 | ||||||||||
| 6,349,993 | ||||||||||||
|
|
|
|||||||||||
| Diversified Financial Services: 0.51% | ||||||||||||
| CME Group Incorporated |
3,470 | 865,002 | ||||||||||
|
|
|
|||||||||||
| Health Care: 11.29% |
||||||||||||
| Biotechnology: 2.56% | ||||||||||||
| Alexion Pharmaceuticals Incorporated† |
55,995 | 3,844,617 | ||||||||||
| Biogen Idec IncorporatedǠ |
4,600 | 528,770 | ||||||||||
| 4,373,387 | ||||||||||||
|
|
|
|||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 41 |
DIVERSIFIED LARGE CAP GROWTH PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Health Care Equipment & Supplies: 2.22% | ||||||||||||
| Intuitive Surgical Incorporated† |
4,790 | $ | 2,079,866 | |||||||||
| St. Jude Medical Incorporated |
44,540 | 1,712,118 | ||||||||||
| 3,791,984 | ||||||||||||
|
|
|
|||||||||||
| Health Care Providers & Services: 1.65% | ||||||||||||
| AmerisourceBergen Corporation |
27,303 | 1,014,306 | ||||||||||
| UnitedHealth Group Incorporated |
36,945 | 1,801,808 | ||||||||||
| 2,816,114 | ||||||||||||
|
|
|
|||||||||||
| Health Care Technology: 0.45% | ||||||||||||
| Cerner Corporation† |
12,750 | 777,495 | ||||||||||
|
|
|
|||||||||||
| Life Sciences Tools & Services: 0.81% | ||||||||||||
| Mettler-Toledo International IncorporatedǠ |
8,680 | 1,387,064 | ||||||||||
|
|
|
|||||||||||
| Pharmaceuticals: 3.60% | ||||||||||||
| Allergan Incorporated |
36,188 | 3,029,659 | ||||||||||
| Shire plc ADR |
30,890 | 3,129,775 | ||||||||||
| 6,159,434 | ||||||||||||
|
|
|
|||||||||||
| Industrials: 10.37% |
||||||||||||
| Aerospace & Defense: 1.88% | ||||||||||||
| Precision Castparts Corporation |
9,457 | 1,558,041 | ||||||||||
| United Technologies Corporation |
21,580 | 1,653,028 | ||||||||||
| 3,211,069 | ||||||||||||
|
|
|
|||||||||||
| Air Freight & Logistics: 0.79% | ||||||||||||
| C.H. Robinson Worldwide Incorporated« |
19,860 | 1,360,609 | ||||||||||
|
|
|
|||||||||||
| Electrical Equipment: 0.32% | ||||||||||||
| Emerson Electric Company |
7,000 | 365,750 | ||||||||||
| Polypore International IncorporatedǠ |
3,830 | 187,862 | ||||||||||
| 553,612 | ||||||||||||
|
|
|
|||||||||||
| Machinery: 3.50% | ||||||||||||
| Caterpillar Incorporated |
3,500 | 342,580 | ||||||||||
| Cummins Incorporated |
12,329 | 1,187,653 | ||||||||||
| Danaher Corporation |
61,240 | 2,962,791 | ||||||||||
| Gardner Denver Incorporated |
1,100 | 94,292 | ||||||||||
| Joy Global Incorporated |
15,319 | 1,398,318 | ||||||||||
| 5,985,634 | ||||||||||||
|
|
|
|||||||||||
| Road & Rail: 3.88% | ||||||||||||
| Hertz Global Holdings IncorporatedǠ |
65,320 | 738,769 | ||||||||||
| Kansas City Southern† |
21,180 | 1,440,875 | ||||||||||
| Norfolk Southern Corporation |
17,000 | 1,284,180 | ||||||||||
| Union Pacific Corporation |
30,607 | 3,165,070 | ||||||||||
| 6,628,894 | ||||||||||||
|
|
|
|||||||||||
Table of Contents
| 42 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
DIVERSIFIED LARGE CAP GROWTH PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Information Technology: 32.51% |
||||||||||||
| Communications Equipment: 3.63% | ||||||||||||
| Cisco Systems Incorporated |
5,500 | $ | 102,520 | |||||||||
| F5 Networks Incorporated† |
11,950 | 1,350,709 | ||||||||||
| QUALCOMM Incorporated |
84,570 | 4,634,436 | ||||||||||
| Riverbed Technology Incorporated† |
4,678 | 121,628 | ||||||||||
| 6,209,293 | ||||||||||||
|
|
|
|||||||||||
| Computers & Peripherals: 9.02% | ||||||||||||
| Apple Incorporated† |
31,551 | 12,058,792 | ||||||||||
| EMC Corporation† |
144,978 | 3,335,944 | ||||||||||
| NetApp IncorporatedǠ |
600 | 22,098 | ||||||||||
| 15,416,834 | ||||||||||||
|
|
|
|||||||||||
| Internet Software & Services: 4.92% | ||||||||||||
| Baidu Incorporated ADR† |
8,731 | 1,143,674 | ||||||||||
| eBay Incorporated† |
41,980 | 1,242,188 | ||||||||||
| Google Incorporated Class A† |
8,654 | 5,187,121 | ||||||||||
| Rackspace Hosting Incorporated† |
19,240 | 834,631 | ||||||||||
| 8,407,614 | ||||||||||||
|
|
|
|||||||||||
| IT Services: 4.98% | ||||||||||||
| Accenture plc« |
39,376 | 2,281,052 | ||||||||||
| Alliance Data Systems Corporation† |
7,500 | 768,075 | ||||||||||
| Cognizant Technology Solutions Corporation Class A† |
71,100 | 4,788,585 | ||||||||||
| VeriFone Holdings Incorporated† |
15,650 | 686,253 | ||||||||||
| 8,523,965 | ||||||||||||
|
|
|
|||||||||||
| Semiconductors & Semiconductor Equipment: 3.33% | ||||||||||||
| Analog Devices Incorporated |
29,820 | 1,039,525 | ||||||||||
| ARM Holdings plc ADR |
43,021 | 1,216,204 | ||||||||||
| Avago Technologies Limited |
35,660 | 1,066,947 | ||||||||||
| Cavium Incorporated† |
6,490 | 211,834 | ||||||||||
| Maxim Integrated Products Incorporated |
7,840 | 201,096 | ||||||||||
| Microchip Technology Incorporated« |
50,640 | 1,767,842 | ||||||||||
| NetLogic Microsystems Incorporated† |
3,930 | 194,221 | ||||||||||
| 5,697,669 | ||||||||||||
|
|
|
|||||||||||
| Software: 6.63% | ||||||||||||
| Check Point Software Technologies LimitedǠ |
28,651 | 1,585,546 | ||||||||||
| Citrix Systems Incorporated† |
31,505 | 2,249,142 | ||||||||||
| Oracle Corporation |
72,828 | 2,283,158 | ||||||||||
| Red Hat Incorporated† |
35,011 | 1,753,351 | ||||||||||
| Salesforce.com IncorporatedǠ |
22,060 | 2,612,345 | ||||||||||
| VMware Incorporated† |
8,742 | 845,177 | ||||||||||
| 11,328,719 | ||||||||||||
|
|
|
|||||||||||
| Materials: 4.28% |
||||||||||||
| Chemicals: 4.28% | ||||||||||||
| Air Products & Chemicals Incorporated |
11,120 | 931,300 | ||||||||||
| Ecolab Incorporated |
5,500 | 313,610 | ||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 43 |
DIVERSIFIED LARGE CAP GROWTH PORTFOLIO
| Security Name | Shares | Value | ||||||||||||
| Chemicals (continued) | ||||||||||||||
| Monsanto Company |
31,060 | $ | 2,281,357 | |||||||||||
| Mosaic Company |
2,310 | 121,876 | ||||||||||||
| Praxair Incorporated |
35,950 | 3,666,900 | ||||||||||||
| 7,315,043 | ||||||||||||||
|
|
|
|||||||||||||
| Telecommunication Services: 1.33% |
|
|||||||||||||
| Wireless Telecommunication Services: 1.33% | ||||||||||||||
| American Tower Corporation Class A |
28,050 | 1,654,950 | ||||||||||||
| NII Holdings Incorporated† |
26,790 | 616,436 | ||||||||||||
| 2,271,386 | ||||||||||||||
|
|
|
|||||||||||||
| Total Common Stocks (Cost $153,428,334) |
|
166,734,246 | ||||||||||||
|
|
|
|||||||||||||
| Principal | ||||||||||||||
| Other: 0.82% | ||||||||||||||
| Gryphon Funding Limited, Pass-Through Entity(a)(i)(v) |
$ | 1,534,086 | 550,737 | |||||||||||
| VFNC Corporation, Pass-Through Entity, 0.26%(a)(i)(v)144A± |
1,752,805 | 858,874 | ||||||||||||
| Total Other (Cost $592,520) |
|
1,409,611 | ||||||||||||
|
|
|
|||||||||||||
| Yield | Shares | |||||||||||||
| Short-Term Investments: 12.21% | ||||||||||||||
| Investment Companies: 12.21% | ||||||||||||||
| Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class(l)(u) |
0.05 | % | 2,882,662 | 2,882,662 | ||||||||||
| Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)(r) |
0.17 | 17,993,437 | 17,993,437 | |||||||||||
| Total Short-Term Investments (Cost $20,876,099) |
|
20,876,099 | ||||||||||||
|
|
|
|||||||||||||
| Total Investments in Securities | ||||||||
| (Cost $174,896,953)* | 110.54 | % | 189,019,956 | |||||
| Other Assets and Liabilities, Net |
(10.54 | ) | (18,025,738 | ) | ||||
|
|
|
|
|
|||||
| Total Net Assets |
100.00 | % | $ | 170,994,218 | ||||
|
|
|
|
|
| « | All or a portion of this security is on loan. |
| † | Non-income earning security. |
| (a) | Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees. |
| (i) | Illiquid security. |
| (v) | Security represents investment of cash collateral received from securities 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. |
| ± | 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 $176,199,074 and net unrealized appreciation (depreciation) consists of: |
| Gross unrealized appreciation |
$ | 17,375,726 | ||
| Gross unrealized depreciation |
(4,554,844 | ) | ||
|
|
|
|||
| Net unrealized appreciation |
$ | 12,820,882 |
The accompanying notes are an integral part of these financial statements.
Table of Contents
| 44 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
EMERGING GROWTH PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Common Stocks: 96.20% |
||||||||||||
| Consumer Discretionary: 15.82% |
||||||||||||
| Hotels, Restaurants & Leisure: 5.85% | ||||||||||||
| BJ’s Restaurants Incorporated†« |
363,480 | $ | 17,476,118 | |||||||||
| Bravo Brio Restaurant Group Incorporated† |
287,312 | 4,950,386 | ||||||||||
| Life Time Fitness Incorporated†« |
537,570 | 21,895,226 | ||||||||||
| Scientific Games Corporation Class A† |
737,750 | 6,344,650 | ||||||||||
| Shuffle Master Incorporated† |
717,317 | 7,955,046 | ||||||||||
| 58,621,426 | ||||||||||||
|
|
|
|||||||||||
| Household Durables: 0.54% | ||||||||||||
| Sodastream International Limited†« |
180,100 | 5,375,985 | ||||||||||
|
|
|
|||||||||||
| Internet & Catalog Retail: 1.77% | ||||||||||||
| Homeaway Incorporated†« |
244,985 | 6,408,808 | ||||||||||
| Shutterfly Incorporated† |
418,085 | 11,321,742 | ||||||||||
| 17,730,550 | ||||||||||||
|
|
|
|||||||||||
| Media: 1.12% | ||||||||||||
| IMAX Corporation†« |
341,510 | 6,628,709 | ||||||||||
| MDC Partners Incorporated |
317,390 | 4,602,155 | ||||||||||
| 11,230,864 | ||||||||||||
|
|
|
|||||||||||
| Specialty Retail: 4.57% | ||||||||||||
| Hibbett Sports Incorporated†« |
234,250 | 10,660,718 | ||||||||||
| Mattress Firm Holding Corporation† |
118,285 | 2,612,916 | ||||||||||
| Tractor Supply Company |
126,360 | 9,126,983 | ||||||||||
| Ulta Salon Cosmetics & Fragrance Incorporated† |
211,410 | 14,720,478 | ||||||||||
| Vitamin Shoppe Incorporated† |
237,080 | 8,726,915 | ||||||||||
| 45,848,010 | ||||||||||||
|
|
|
|||||||||||
| Textiles, Apparel & Luxury Goods: 1.97% | ||||||||||||
| Vera Bradley Incorporated†« |
376,029 | 14,439,514 | ||||||||||
| Warnaco Group Incorporated†« |
104,790 | 5,311,805 | ||||||||||
| 19,751,319 | ||||||||||||
|
|
|
|||||||||||
| Consumer Staples: 1.49% |
||||||||||||
| Food & Staples Retailing: 1.49% | ||||||||||||
| Fresh Market Incorporated†« |
381,270 | 14,957,222 | ||||||||||
|
|
|
|||||||||||
| Energy: 6.32% |
||||||||||||
| Oil, Gas & Consumable Fuels: 6.32% | ||||||||||||
| Approach Resources Incorporated†« |
442,770 | 13,849,846 | ||||||||||
| Brigham Exploration Company† |
182,730 | 6,656,854 | ||||||||||
| Carrizo Oil & Gas Incorporated†« |
234,545 | 6,675,151 | ||||||||||
| Northern Oil & Gas Incorporated†« |
1,018,580 | 24,945,024 | ||||||||||
| Oasis Petroleum Incorporated†« |
368,100 | 11,216,007 | ||||||||||
| 63,342,882 | ||||||||||||
|
|
|
|||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 45 |
EMERGING GROWTH PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Financials: 2.51% |
||||||||||||
| Capital Markets: 2.51% | ||||||||||||
| Financial Engines Incorporated†« |
1,145,230 | $ | 25,160,703 | |||||||||
|
|
|
|||||||||||
| Health Care: 23.16% |
||||||||||||
| Biotechnology: 1.14% | ||||||||||||
| Cepheid Incorporated† |
210,900 | 7,233,870 | ||||||||||
| Exact Sciences Corporation†« |
495,620 | 4,207,814 | ||||||||||
| 11,441,684 | ||||||||||||
|
|
|
|||||||||||
| Health Care Equipment & Supplies: 9.68% | ||||||||||||
| DexCom Incorporated† |
959,670 | 7,696,553 | ||||||||||
| Endologix Incorporated† |
1,074,100 | 12,180,294 | ||||||||||
| Masimo Corporation« |
403,950 | 8,345,607 | ||||||||||
| NxStage Medical Incorporated†« |
1,083,360 | 21,212,189 | ||||||||||
| SonoSite Incorporated†« |
481,772 | 19,945,361 | ||||||||||
| Volcano Corporation†« |
769,030 | 18,971,970 | ||||||||||
| Zoll Medical Corporation†« |
188,190 | 8,662,386 | ||||||||||
| 97,014,360 | ||||||||||||
|
|
|
|||||||||||
| Health Care Providers & Services: 6.54% | ||||||||||||
| Catalyst Health Solutions Incorporated† |
263,555 | 13,710,131 | ||||||||||
| Centene Corporation† |
512,620 | 19,843,520 | ||||||||||
| HMS Holdings Corporation†« |
771,410 | 23,396,865 | ||||||||||
| IPA The Hospitalist Company† |
186,870 | 8,614,707 | ||||||||||
| 65,565,223 | ||||||||||||
|
|
|
|||||||||||
| Health Care Technology: 1.39% | ||||||||||||
| Merge Healthcare Incorporated† |
690,846 | 3,737,477 | ||||||||||
| SXC Health Solutions Corporation† |
172,770 | 10,162,331 | ||||||||||
| 13,899,808 | ||||||||||||
|
|
|
|||||||||||
| Life Sciences Tools & Services: 0.47% | ||||||||||||
| Luminex Corporation† |
225,649 | 4,684,473 | ||||||||||
|
|
|
|||||||||||
| Pharmaceuticals: 3.94% | ||||||||||||
| Akorn Incorporated†« |
2,723,535 | 29,305,237 | ||||||||||
| Impax Laboratories Incorporated†« |
190,740 | 3,841,504 | ||||||||||
| Jazz Pharmaceuticals Incorporated†« |
161,180 | 6,385,952 | ||||||||||
| 39,532,693 | ||||||||||||
|
|
|
|||||||||||
| Industrials: 15.68% |
||||||||||||
| Commercial Services & Supplies: 2.20% | ||||||||||||
| InnerWorkings Incorporated†« |
1,080,073 | 9,807,063 | ||||||||||
| On Assignment Incorporated† |
1,173,419 | 12,227,026 | ||||||||||
| 22,034,089 | ||||||||||||
|
|
|
|||||||||||
Table of Contents
| 46 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
EMERGING GROWTH PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Electrical Equipment: 2.66% | ||||||||||||
| Altra Holdings Incorporated†« |
276,770 | $ | 4,909,900 | |||||||||
| Polypore International Incorporated†« |
443,650 | 21,761,033 | ||||||||||
| 26,670,933 | ||||||||||||
|
|
|
|||||||||||
| Machinery: 5.99% | ||||||||||||
| Chart Industries Incorporated†« |
418,885 | 25,493,341 | ||||||||||
| Robbins & Myers Incorporated« |
351,490 | 18,699,268 | ||||||||||
| The Middleby Corporation†« |
173,550 | 15,841,644 | ||||||||||
| 60,034,253 | ||||||||||||
|
|
|
|||||||||||
| Road & Rail: 2.35% | ||||||||||||
| Genesee & Wyoming Incorporated† |
319,010 | 19,481,941 | ||||||||||
| Greenbrier Companies Incorporated†« |
184,890 | 4,104,558 | ||||||||||
| 23,586,499 | ||||||||||||
|
|
|
|||||||||||
| Trading Companies & Distributors: 2.48% | ||||||||||||
| DXP Enterprises Incorporated† |
299,216 | 9,051,284 | ||||||||||
| Titan Machinery Incorporated† |
725,472 | 15,742,742 | ||||||||||
| 24,794,026 | ||||||||||||
|
|
|
|||||||||||
| Information Technology: 30.98% |
||||||||||||
| Communications Equipment: 2.32% | ||||||||||||
| Aruba Networks Incorporated†« |
562,230 | 11,863,053 | ||||||||||
| Ixia†« |
1,033,326 | 11,366,586 | ||||||||||
| 23,229,639 | ||||||||||||
|
|
|
|||||||||||
| Electronic Equipment, Instruments & Components: 0.76% | ||||||||||||
| Maxwell Technologies Incorporated†« |
450,100 | 7,638,197 | ||||||||||
|
|
|
|||||||||||
| Internet Software & Services: 6.83% | ||||||||||||
| Envestnet Incorporated† |
998,930 | 10,428,829 | ||||||||||
| Liveperson Incorporated†« |
474,500 | 5,969,210 | ||||||||||
| LogMeIn Incorporated†« |
496,370 | 21,348,874 | ||||||||||
| Marchex Incorporated Class B |
552,270 | 3,816,181 | ||||||||||
| Mercadolibre Incorporated« |
163,930 | 14,375,022 | ||||||||||
| SciQuest Incorporated† |
859,918 | 12,554,803 | ||||||||||
| 68,492,919 | ||||||||||||
|
|
|
|||||||||||
| IT Services: 3.74% | ||||||||||||
| Gartner Incorporated† |
210,358 | 7,957,843 | ||||||||||
| ServiceSource International Incorporated† |
215,400 | 2,873,436 | ||||||||||
| Wright Express Corporation† |
508,821 | 26,702,926 | ||||||||||
| 37,534,205 | ||||||||||||
|
|
|
|||||||||||
| Semiconductors & Semiconductor Equipment: 3.00% | ||||||||||||
| Cavium Incorporated†« |
243,990 | 7,963,834 | ||||||||||
| Entegris Incorporated† |
1,410,640 | 11,891,695 | ||||||||||
| EZchip Semiconductor Limited†« |
220,188 | 7,118,678 | ||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 47 |
EMERGING GROWTH PORTFOLIO
| Security Name | Shares | Value | ||||||||||||
| Semiconductors & Semiconductor Equipment (continued) | ||||||||||||||
| NetLogic Microsystems Incorporated† |
61,940 | $ | 3,061,075 | |||||||||||
| 30,035,282 | ||||||||||||||
|
|
|
|||||||||||||
| Software: 14.33% | ||||||||||||||
| Allot Communications Limited† |
709,043 | 11,954,465 | ||||||||||||
| Broadsoft Incorporated†« |
410,673 | 14,406,409 | ||||||||||||
| Fortinet Incorporated† |
921,600 | 22,109,184 | ||||||||||||
| Imperva Incorporated† |
48,128 | 1,341,327 | ||||||||||||
| Mitek Systems Incorporated†« |
404,100 | 2,962,053 | ||||||||||||
| Opnet Technologies Incorporated |
165,100 | 5,889,117 | ||||||||||||
| PROS Holdings Incorporated† |
270,302 | 4,327,535 | ||||||||||||
| Qlik Technologies Incorporated† |
292,300 | 8,000,251 | ||||||||||||
| Realpage Incorporated†« |
265,417 | 6,643,388 | ||||||||||||
| Solarwinds Incorporated† |
169,600 | 5,561,184 | ||||||||||||
| SuccessFactors Incorporated†« |
216,750 | 5,548,800 | ||||||||||||
| Synchronoss Technologies Incorporated† |
704,201 | 21,048,568 | ||||||||||||
| Taleo Corporation Class A†« |
421,597 | 13,655,527 | ||||||||||||
| Ultimate Software Group Incorporated†« |
267,170 | 17,718,714 | ||||||||||||
| Velti plc ADR† |
327,009 | 2,419,867 | ||||||||||||
| 143,586,389 | ||||||||||||||
|
|
|
|||||||||||||
| Materials: 0.24% |
||||||||||||||
| Chemicals: 0.24% | ||||||||||||||
| LSB Industries Incorporated† |
78,200 | 2,445,314 | ||||||||||||
|
|
|
|||||||||||||
| Total Common Stocks (Cost $912,017,079) |
964,238,947 | |||||||||||||
|
|
|
|||||||||||||
| Investment Companies: 1.19% |
||||||||||||||
| iShares Russell 2000 Growth Index Fund |
141,167 | 11,956,845 | ||||||||||||
|
|
|
|||||||||||||
| Total Investment Companies (Cost $12,335,172) |
11,956,845 | |||||||||||||
|
|
|
|||||||||||||
| Principal | ||||||||||||||
| Other: 0.43% | ||||||||||||||
| Gryphon Funding Limited, Pass-Through Entity(a)(i)(v) |
$ | 4,731,181 | 1,698,494 | |||||||||||
| VFNC Corporation, Pass-Through Entity, 0.26%(a)(i)(v)144A ± |
5,405,717 | 2,648,801 | ||||||||||||
| Total Other (Cost $1,827,354) |
4,347,295 | |||||||||||||
|
|
|
|||||||||||||
| Yield | Shares | |||||||||||||
| Short-Term Investments: 30.27% |
||||||||||||||
| Investment Companies: 30.27% | ||||||||||||||
| Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class(l)(u) |
0.05 | % | 18,153,007 | 18,153,007 | ||||||||||
| Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)(r) |
0.17 | 285,197,862 | 285,197,862 | |||||||||||
|
|
|
|||||||||||||
| Total Short-Term Investments (Cost $303,350,869) |
303,350,869 | |||||||||||||
|
|
|
|||||||||||||
| Total Investments in Securities | ||||||||
| (Cost $1,229,530,474)* | 128.09 | % | 1,283,893,956 | |||||
| Other Assets and Liabilities, Net |
(28.09 | ) | (281,580,109 | ) | ||||
|
|
|
|
|
|||||
| Total Net Assets | 100.00 | % | $ | 1,002,313,847 | ||||
|
|
|
|
|
Table of Contents
| 48 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
EMERGING GROWTH PORTFOLIO
| † | Non-income earning security. |
| « | All or a portion of this security is on loan. |
| (a) | Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees. |
| (i) | Illiquid security. |
| (v) | Security represents investment of cash collateral received from securities 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. |
| ± | 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 $1,231,069,083 and net unrealized appreciation (depreciation) consists of: |
| Gross unrealized appreciation |
$ | 118,360,936 | ||
| Gross unrealized depreciation |
(65,536,063 | ) | ||
|
|
|
|||
| Net unrealized appreciation |
$ | 52,824,873 |
The accompanying notes are an integral part of these financial statements.
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 49 |
EQUITY VALUE PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Common Stocks: 98.64% |
||||||||||||
| Consumer Discretionary: 11.33% |
||||||||||||
| Auto Components: 1.47% | ||||||||||||
| Lear Corporation |
360,550 | $ | 15,117,862 | |||||||||
|
|
|
|||||||||||
| Automobiles: 0.79% | ||||||||||||
| Harley-Davidson Incorporated« |
219,800 | 8,082,046 | ||||||||||
|
|
|
|||||||||||
| Hotels, Restaurants & Leisure: 0.87% | ||||||||||||
| Wyndham Worldwide Corporation« |
253,450 | 8,984,803 | ||||||||||
|
|
|
|||||||||||
| Media: 2.32% | ||||||||||||
| CBS Corporation Class B |
589,000 | 15,337,560 | ||||||||||
| Viacom Incorporated Class B |
191,900 | 8,589,444 | ||||||||||
| 23,927,004 | ||||||||||||
|
|
|
|||||||||||
| Multiline Retail: 2.55% | ||||||||||||
| Macy’s Incorporated |
577,700 | 18,677,041 | ||||||||||
| Target Corporation |
144,500 | 7,615,150 | ||||||||||
| 26,292,191 | ||||||||||||
|
|
|
|||||||||||
| Specialty Retail: 2.56% | ||||||||||||
| Foot Locker Incorporated |
652,900 | 15,401,911 | ||||||||||
| Home Depot Incorporated |
133,700 | 5,243,714 | ||||||||||
| Signet Jewelers Limited |
129,550 | 5,736,474 | ||||||||||
| 26,382,099 | ||||||||||||
|
|
|
|||||||||||
| Textiles, Apparel & Luxury Goods: 0.77% | ||||||||||||
| PVH Corporation |
116,800 | 7,929,552 | ||||||||||
|
|
|
|||||||||||
| Consumer Staples: 4.02% |
||||||||||||
| Food & Staples Retailing: 1.45% | ||||||||||||
| CVS Caremark Corporation |
386,000 | 14,992,240 | ||||||||||
|
|
|
|||||||||||
| Food Products: 1.07% | ||||||||||||
| Smithfield Foods IncorporatedǠ |
450,500 | 11,032,745 | ||||||||||
|
|
|
|||||||||||
| Personal Products: 1.01% | ||||||||||||
| Herbalife Limited |
188,150 | 10,404,695 | ||||||||||
|
|
|
|||||||||||
| Tobacco: 0.49% | ||||||||||||
| Lorillard Incorporated |
45,125 | 5,036,853 | ||||||||||
|
|
|
|||||||||||
| Energy: 12.86% |
||||||||||||
| Energy Equipment & Services: 3.80% | ||||||||||||
| Nabors Industries Limited† |
387,000 | 6,942,780 | ||||||||||
| National Oilwell Varco Incorporated |
297,000 | 21,294,900 | ||||||||||
| Oil States International IncorporatedǠ |
144,900 | 10,903,725 | ||||||||||
| 39,141,405 | ||||||||||||
|
|
|
|||||||||||
Table of Contents
| 50 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
EQUITY VALUE PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Oil, Gas & Consumable Fuels: 9.06% | ||||||||||||
| Anadarko Petroleum Corporation |
180,250 | $ | 14,648,918 | |||||||||
| Apache Corporation |
97,125 | 9,658,110 | ||||||||||
| Chevron Corporation« |
348,875 | 35,871,328 | ||||||||||
| ConocoPhillips |
165,400 | 11,796,328 | ||||||||||
| Marathon Petroleum Corporation |
373,700 | 12,477,843 | ||||||||||
| Spectra Energy Corporation« |
143,450 | 4,220,299 | ||||||||||
| Valero Energy Corporation |
212,575 | 4,734,045 | ||||||||||
| 93,406,871 | ||||||||||||
|
|
|
|||||||||||
| Financials: 23.37% |
||||||||||||
| Capital Markets: 1.26% | ||||||||||||
| Morgan Stanley |
217,500 | 3,216,825 | ||||||||||
| State Street Corporation |
247,014 | 9,794,105 | ||||||||||
| 13,010,930 | ||||||||||||
|
|
|
|||||||||||
| Commercial Banks: 5.22% | ||||||||||||
| Fifth Third Bancorp |
1,285,000 | 15,535,650 | ||||||||||
| KeyCorp Incorporated« |
1,752,800 | 12,777,912 | ||||||||||
| PNC Financial Services Group Incorporated |
470,300 | 25,494,963 | ||||||||||
| 53,808,525 | ||||||||||||
|
|
|
|||||||||||
| Consumer Finance: 5.66% | ||||||||||||
| Capital One Financial Corporation« |
273,000 | 12,192,180 | ||||||||||
| Discover Financial Services |
1,175,000 | 27,988,500 | ||||||||||
| SLM Corporation |
1,007,300 | 12,974,024 | ||||||||||
| Visa Incorporated Class A |
53,100 | 5,149,107 | ||||||||||
| 58,303,811 | ||||||||||||
|
|
|
|||||||||||
| Diversified Financial Services: 4.67% | ||||||||||||
| Citigroup Incorporated |
727,000 | 19,977,960 | ||||||||||
| JPMorgan Chase & Company |
909,400 | 28,164,118 | ||||||||||
| 48,142,078 | ||||||||||||
|
|
|
|||||||||||
| Insurance: 6.56% | ||||||||||||
| AFLAC Incorporated |
229,700 | 9,978,168 | ||||||||||
| Lincoln National Corporation |
511,000 | 10,311,980 | ||||||||||
| MetLife Incorporated« |
624,200 | 19,649,816 | ||||||||||
| Prudential Financial Incorporated« |
325,800 | 16,498,512 | ||||||||||
| XL Group plc |
539,500 | 11,124,490 | ||||||||||
| 67,562,966 | ||||||||||||
|
|
|
|||||||||||
| Health Care: 13.33% |
||||||||||||
| Health Care Providers & Services: 5.97% | ||||||||||||
| CIGNA Corporation |
227,500 | 10,062,325 | ||||||||||
| HCA Holdings Incorporated† |
217,300 | 5,297,774 | ||||||||||
| McKesson Corporation |
190,650 | 15,501,752 | ||||||||||
| UnitedHealth Group Incorporated |
628,300 | 30,642,191 | ||||||||||
| 61,504,042 | ||||||||||||
|
|
|
|||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 51 |
EQUITY VALUE PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Pharmaceuticals: 7.36% | ||||||||||||
| Abbott Laboratories |
91,600 | $ | 4,996,780 | |||||||||
| Bristol-Myers Squibb Company« |
319,000 | 10,437,680 | ||||||||||
| Merck & Company Incorporated |
525,000 | 18,768,750 | ||||||||||
| Pfizer Incorporated |
1,565,000 | 31,409,550 | ||||||||||
| Watson Pharmaceuticals Incorporated† |
158,200 | 10,222,884 | ||||||||||
| 75,835,644 | ||||||||||||
|
|
|
|||||||||||
| Industrials: 10.78% |
||||||||||||
| Aerospace & Defense: 0.55% | ||||||||||||
| Triumph Group Incorporated« |
96,350 | 5,731,862 | ||||||||||
|
|
|
|||||||||||
| Building Products: 0.70% | ||||||||||||
| Owens Corning Incorporated† |
251,500 | 7,218,050 | ||||||||||
|
|
|
|||||||||||
| Construction & Engineering: 0.54% | ||||||||||||
| KBR Incorporated |
191,400 | 5,531,460 | ||||||||||
|
|
|
|||||||||||
| Electrical Equipment: 0.68% | ||||||||||||
| Emerson Electric Company |
133,700 | 6,985,825 | ||||||||||
|
|
|
|||||||||||
| Industrial Conglomerates: 3.05% | ||||||||||||
| General Electric Company« |
1,681,000 | 26,744,710 | ||||||||||
| Tyco International Limited |
97,100 | 4,656,916 | ||||||||||
| 31,401,626 | ||||||||||||
|
|
|
|||||||||||
| Machinery: 4.14% | ||||||||||||
| Caterpillar Incorporated« |
170,800 | 16,717,904 | ||||||||||
| Cummins Incorporated |
64,750 | 6,237,368 | ||||||||||
| Eaton Corporation |
206,250 | 9,262,688 | ||||||||||
| Timken Company |
250,000 | 10,502,500 | ||||||||||
| 42,720,460 | ||||||||||||
|
|
|
|||||||||||
| Road & Rail: 1.12% | ||||||||||||
| Hertz Global Holdings IncorporatedǠ |
1,020,000 | 11,536,200 | ||||||||||
|
|
|
|||||||||||
| Information Technology: 10.40% |
||||||||||||
| Communications Equipment: 0.50% | ||||||||||||
| Cisco Systems Incorporated |
277,500 | 5,172,600 | ||||||||||
|
|
|
|||||||||||
| Computers & Peripherals: 3.01% | ||||||||||||
| Dell Incorporated† |
564,000 | 8,888,640 | ||||||||||
| EMC CorporationǠ |
291,400 | 6,705,114 | ||||||||||
| SanDisk Corporation† |
145,800 | 7,189,398 | ||||||||||
| Seagate Technology plc |
481,550 | 8,234,505 | ||||||||||
| 31,017,657 | ||||||||||||
|
|
|
|||||||||||
| IT Services: 2.19% | ||||||||||||
| Accenture plc« |
173,200 | 10,033,476 | ||||||||||
| International Business Machines Corporation |
31,000 | 5,828,000 | ||||||||||
Table of Contents
| 52 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
EQUITY VALUE PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| IT Services (continued) | ||||||||||||
| VeriFone Holdings Incorporated† |
154,000 | $ | 6,752,900 | |||||||||
| 22,614,376 | ||||||||||||
|
|
|
|||||||||||
| Semiconductors & Semiconductor Equipment: 1.80% | ||||||||||||
| Atmel Corporation† |
789,669 | 7,004,364 | ||||||||||
| Broadcom Corporation Class A |
203,100 | 6,163,070 | ||||||||||
| Intel Corporation |
214,600 | 5,345,686 | ||||||||||
| 18,513,120 | ||||||||||||
|
|
|
|||||||||||
| Software: 2.90% | ||||||||||||
| Electronic Arts Incorporated† |
270,900 | 6,282,171 | ||||||||||
| Oracle Corporation |
160,800 | 5,041,080 | ||||||||||
| Symantec Corporation† |
1,135,000 | 18,557,250 | ||||||||||
| 29,880,501 | ||||||||||||
|
|
|
|||||||||||
| Materials: 5.24% |
||||||||||||
| Chemicals: 2.43% | ||||||||||||
| Agrium Incorporated |
166,650 | 11,663,834 | ||||||||||
| Huntsman Corporation |
648,300 | 7,085,919 | ||||||||||
| Mosaic Company |
118,100 | 6,230,956 | ||||||||||
| 24,980,709 | ||||||||||||
|
|
|
|||||||||||
| Metals & Mining: 2.07% | ||||||||||||
| Freeport-McMoRan Copper & Gold Incorporated Class B |
539,500 | 21,364,200 | ||||||||||
|
|
|
|||||||||||
| Paper & Forest Products: 0.74% | ||||||||||||
| Domtar Corporation« |
97,000 | 7,617,410 | ||||||||||
|
|
|
|||||||||||
| Telecommunication Services: 2.67% |
||||||||||||
| Diversified Telecommunication Services: 2.67% | ||||||||||||
| AT&T Incorporated |
950,000 | 27,531,000 | ||||||||||
|
|
|
|||||||||||
| Utilities: 4.64% |
||||||||||||
| Electric Utilities: 3.32% | ||||||||||||
| FirstEnergy Corporation |
593,100 | 26,375,157 | ||||||||||
| PPL Corporation« |
261,300 | 7,844,226 | ||||||||||
| 34,219,383 | ||||||||||||
|
|
|
|||||||||||
| Gas Utilities: 0.65% | ||||||||||||
| National Fuel Gas Company |
115,900 | 6,716,405 | ||||||||||
|
|
|
|||||||||||
| Multi-Utilities: 0.67% | ||||||||||||
| NiSource Incorporated« |
300,000 | 6,872,995 | ||||||||||
|
|
|
|||||||||||
| Total Common Stocks (Cost $970,795,657) |
1,016,524,201 | |||||||||||
|
|
|
|||||||||||
| Principal | ||||||||||||
| Other: 0.11% | ||||||||||||
| Gryphon Funding Limited, Pass-Through Entity(a)(i)(v) |
$ | 1,275,185 | 457,791 | |||||||||
| VFNC Corporation, Pass-Through Entity, 0.26%(a)(i)(v)144A± |
1,456,992 | 713,926 | ||||||||||
| Total Other (Cost $492,523) |
1,171,717 | |||||||||||
|
|
|
|||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 53 |
EQUITY VALUE PORTFOLIO
| Security Name | Yield | Shares | Value | |||||||||||
| Short-Term Investments: 9.22% |
||||||||||||||
| Investment Companies: 9.22% | ||||||||||||||
| Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class(l)(u) |
0.05 | % | 9,432,926 | $ | 9,432,926 | |||||||||
| Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)(r) |
0.17 | 85,549,102 | 85,549,102 | |||||||||||
| Total Short-Term Investments (Cost $94,982,028) |
94,982,028 | |||||||||||||
|
|
|
|||||||||||||
| Total Investments in Securities | ||||||||
| (Cost $1,066,270,208)* | 107.97 | % | 1,112,677,946 | |||||
| Other Assets and Liabilities, Net |
(7.97 | ) | (82,126,499 | ) | ||||
|
|
|
|
|
|||||
| Total Net Assets | 100.00 | % | $ | 1,030,551,447 | ||||
|
|
|
|
|
| « | All or a portion of this security is on loan. |
| † | Non-income earning security. |
| (a) | Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees. |
| (i) | Illiquid security. |
| (v) | Security represents investment of cash collateral received from securities 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. |
| ± | 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 $1,066,784,487 and net unrealized appreciation (depreciation) consists of: |
| Gross unrealized appreciation |
$ | 83,191,198 | ||
| Gross unrealized depreciation |
(37,297,739 | ) | ||
|
|
|
|||
| Net unrealized appreciation |
$ | 45,893,459 |
The accompanying notes are an integral part of these financial statements.
Table of Contents
| 54 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Common Stocks: 96.25% |
||||||||||||
| Consumer Discretionary: 10.29% |
||||||||||||
| Auto Components: 0.21% | ||||||||||||
| Johnson Controls Incorporated |
135,741 | $ | 4,273,127 | |||||||||
| The Goodyear Tire & Rubber Company† |
48,798 | 682,684 | ||||||||||
| 4,955,811 | ||||||||||||
|
|
|
|||||||||||
| Automobiles: 0.42% | ||||||||||||
| Ford Motor Company† |
758,812 | 8,043,407 | ||||||||||
| Harley-Davidson Incorporated |
47,211 | 1,735,948 | ||||||||||
| 9,779,355 | ||||||||||||
|
|
|
|||||||||||
| Distributors: 0.08% | ||||||||||||
| Genuine Parts Company« |
31,306 | 1,831,401 | ||||||||||
|
|
|
|||||||||||
| Diversified Consumer Services: 0.11% | ||||||||||||
| Apollo Group Incorporated Class A† |
23,208 | 1,125,124 | ||||||||||
| DeVry Incorporated |
12,297 | 424,369 | ||||||||||
| H&R Block Incorporated« |
61,060 | 960,474 | ||||||||||
| 2,509,967 | ||||||||||||
|
|
|
|||||||||||
| Hotels, Restaurants & Leisure: 1.92% | ||||||||||||
| Carnival Corporation |
92,327 | 3,065,256 | ||||||||||
| Chipotle Mexican Grill Incorporated† |
6,260 | 2,012,966 | ||||||||||
| Darden Restaurants Incorporated |
26,877 | 1,282,302 | ||||||||||
| International Game Technology |
59,609 | 1,016,930 | ||||||||||
| Marriott International Incorporated Class A |
53,539 | 1,639,364 | ||||||||||
| McDonald’s Corporation |
206,037 | 19,680,654 | ||||||||||
| Starbucks Corporation |
148,993 | 6,478,216 | ||||||||||
| Starwood Hotels & Resorts Worldwide Incorporated |
38,375 | 1,829,720 | ||||||||||
| Wyndham Worldwide Corporation |
30,477 | 1,080,410 | ||||||||||
| Wynn Resorts Limited |
15,969 | 1,925,223 | ||||||||||
| Yum! Brands Incorporated |
92,741 | 5,197,206 | ||||||||||
| 45,208,247 | ||||||||||||
|
|
|
|||||||||||
| Household Durables: 0.28% | ||||||||||||
| D.R. Horton Incorporated« |
55,534 | 661,410 | ||||||||||
| Harman International Industries Incorporated |
13,965 | 576,755 | ||||||||||
| Leggett & Platt Incorporated« |
28,274 | 632,772 | ||||||||||
| Lennar Corporation« |
32,112 | 591,182 | ||||||||||
| Newell Rubbermaid Incorporated |
58,192 | 890,338 | ||||||||||
| Pulte Homes Incorporated†« |
67,279 | 411,075 | ||||||||||
| Stanley Black & Decker Incorporated |
33,621 | 2,199,822 | ||||||||||
| Whirlpool Corporation« |
15,257 | 748,508 | ||||||||||
| 6,711,862 | ||||||||||||
|
|
|
|||||||||||
| Internet & Catalog Retail: 0.87% | ||||||||||||
| Amazon.com Incorporated† |
72,519 | 13,944,679 | ||||||||||
| Expedia Incorporated |
38,885 | 1,081,586 | ||||||||||
| Netflix Incorporated†« |
11,062 | 713,831 | ||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 55 |
INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Internet & Catalog Retail (continued) | ||||||||||||
| priceline.com Incorporated† |
9,939 | $ | 4,829,261 | |||||||||
| 20,569,357 | ||||||||||||
|
|
|
|||||||||||
| Leisure Equipment & Products: 0.12% | ||||||||||||
| Hasbro Incorporated |
24,150 | 864,812 | ||||||||||
| Mattel Incorporated |
68,474 | 1,972,736 | ||||||||||
| 2,837,548 | ||||||||||||
|
|
|
|||||||||||
| Media: 3.01% | ||||||||||||
| Cablevision Systems Corporation New York Group Class A |
44,933 | 673,995 | ||||||||||
| CBS Corporation Class B |
133,773 | 3,483,449 | ||||||||||
| Comcast Corporation Class A |
548,988 | 12,445,558 | ||||||||||
| DIRECTV Group Incorporated† |
147,433 | 6,961,786 | ||||||||||
| Discovery Communications Incorporated Class C†« |
54,659 | 2,294,585 | ||||||||||
| Gannett Company Incorporated« |
48,086 | 522,214 | ||||||||||
| Interpublic Group of Companies Incorporated |
95,559 | 896,343 | ||||||||||
| McGraw-Hill Companies Incorporated |
60,169 | 2,569,216 | ||||||||||
| News Corporation Class A |
456,385 | 7,959,354 | ||||||||||
| Omnicom Group Incorporated |
55,810 | 2,409,318 | ||||||||||
| Scripps Networks Interactive Incorporated |
19,704 | 784,613 | ||||||||||
| Time Warner Cable Incorporated |
64,938 | 3,927,450 | ||||||||||
| Time Warner Incorporated« |
208,638 | 7,264,775 | ||||||||||
| Viacom Incorporated Class B |
114,745 | 5,135,986 | ||||||||||
| Walt Disney Company« |
370,637 | 13,287,336 | ||||||||||
| Washington Post Company Class B« |
998 | 358,192 | ||||||||||
| 70,974,170 | ||||||||||||
|
|
|
|||||||||||
| Multiline Retail: 0.75% | ||||||||||||
| Big Lots Incorporated† |
13,090 | 525,040 | ||||||||||
| Family Dollar Stores Incorporated |
24,012 | 1,426,793 | ||||||||||
| JCPenney Company Incorporated« |
28,541 | 914,454 | ||||||||||
| Kohl’s Corporation |
56,132 | 3,019,902 | ||||||||||
| Macy’s Incorporated |
85,293 | 2,757,523 | ||||||||||
| Nordstrom Incorporated |
32,692 | 1,480,294 | ||||||||||
| Sears Holdings Corporation†« |
7,685 | 463,636 | ||||||||||
| Target Corporation |
134,840 | 7,106,068 | ||||||||||
| 17,693,710 | ||||||||||||
|
|
|
|||||||||||
| Specialty Retail: 1.88% | ||||||||||||
| Abercrombie & Fitch Company Class A |
17,362 | 831,813 | ||||||||||
| AutoNation Incorporated†« |
9,898 | 357,417 | ||||||||||
| AutoZone Incorporated† |
5,810 | 1,907,888 | ||||||||||
| Bed Bath & Beyond Incorporated† |
48,863 | 2,956,700 | ||||||||||
| Best Buy Company Incorporated |
60,482 | 1,638,457 | ||||||||||
| CarMax Incorporated† |
45,185 | 1,299,521 | ||||||||||
| GameStop Corporation Class A†« |
27,774 | 642,135 | ||||||||||
| Gap Incorporated« |
69,283 | 1,294,899 | ||||||||||
| Home Depot Incorporated |
312,383 | 12,251,661 | ||||||||||
| Limited Brands Incorporated |
49,447 | 2,093,092 | ||||||||||
| Lowe’s Companies Incorporated |
251,723 | 6,043,869 | ||||||||||
Table of Contents
| 56 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Specialty Retail (continued) | ||||||||||||
| O’Reilly Automotive Incorporated† |
25,591 | $ | 1,976,649 | |||||||||
| Ross Stores Incorporated |
23,085 | 2,056,643 | ||||||||||
| Staples Incorporated |
141,622 | 2,040,773 | ||||||||||
| Tiffany & Company |
25,417 | 1,703,956 | ||||||||||
| TJX Companies Incorporated |
76,080 | 4,694,136 | ||||||||||
| Urban Outfitters Incorporated† |
22,173 | 598,228 | ||||||||||
| 44,387,837 | ||||||||||||
|
|
|
|||||||||||
| Textiles, Apparel & Luxury Goods: 0.64% | ||||||||||||
| Coach Incorporated |
57,717 | 3,612,507 | ||||||||||
| Nike Incorporated Class B |
75,857 | 7,295,926 | ||||||||||
| Ralph Lauren Corporation |
12,926 | 1,833,682 | ||||||||||
| VF Corporation« |
17,308 | 2,400,447 | ||||||||||
| 15,142,562 | ||||||||||||
|
|
|
|||||||||||
| Consumer Staples: 10.95% |
||||||||||||
| Beverages: 2.52% | ||||||||||||
| Beam Incorporated |
30,847 | 1,620,084 | ||||||||||
| Brown-Forman Corporation Class B |
20,142 | 1,607,533 | ||||||||||
| Coca-Cola Enterprises Incorporated |
63,697 | 1,663,766 | ||||||||||
| Constellation Brands Incorporated Class A† |
34,767 | 676,913 | ||||||||||
| Dr Pepper Snapple Group Incorporated |
43,326 | 1,582,699 | ||||||||||
| Molson Coors Brewing Company |
32,538 | 1,320,717 | ||||||||||
| PepsiCo Incorporated |
316,040 | 20,226,560 | ||||||||||
| The Coca-Cola Company |
458,522 | 30,826,434 | ||||||||||
| 59,524,706 | ||||||||||||
|
|
|
|||||||||||
| Food & Staples Retailing: 2.32% | ||||||||||||
| Costco Wholesale Corporation |
87,430 | 7,457,779 | ||||||||||
| CVS Caremark Corporation |
268,560 | 10,430,870 | ||||||||||
| Kroger Company |
120,839 | 2,801,048 | ||||||||||
| Safeway Incorporated« |
69,894 | 1,397,880 | ||||||||||
| SUPERVALU Incorporated« |
42,377 | 311,471 | ||||||||||
| Sysco Corporation |
118,359 | 3,377,966 | ||||||||||
| Wal-Mart Stores Incorporated |
351,023 | 20,675,255 | ||||||||||
| Walgreen Company |
180,809 | 6,096,879 | ||||||||||
| Whole Foods Market Incorporated |
31,491 | 2,144,537 | ||||||||||
| 54,693,685 | ||||||||||||
|
|
|
|||||||||||
| Food Products: 1.85% | ||||||||||||
| Archer Daniels Midland Company |
134,954 | 4,064,814 | ||||||||||
| Campbell Soup Company« |
35,897 | 1,170,242 | ||||||||||
| ConAgra Foods Incorporated |
82,793 | 2,091,351 | ||||||||||
| Dean Foods Company† |
36,674 | 372,608 | ||||||||||
| General Mills Incorporated |
129,123 | 5,158,464 | ||||||||||
| H.J. Heinz Company« |
64,112 | 3,375,497 | ||||||||||
| Hormel Foods Corporation« |
27,747 | 835,462 | ||||||||||
| JM Smucker Company |
22,733 | 1,727,253 | ||||||||||
| Kellogg Company |
49,881 | 2,452,150 | ||||||||||
| Kraft Foods Incorporated Class A |
352,685 | 12,749,563 | ||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 57 |
INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Food Products (continued) | ||||||||||||
| McCormick & Company Incorporated |
26,415 | $ | 1,286,411 | |||||||||
| Mead Johnson & Company |
40,727 | 3,069,187 | ||||||||||
| Sara Lee Corporation |
117,589 | 2,229,487 | ||||||||||
| The Hershey Company |
30,884 | 1,781,389 | ||||||||||
| Tyson Foods Incorporated Class A |
59,202 | 1,192,328 | ||||||||||
| 43,556,206 | ||||||||||||
|
|
|
|||||||||||
| Household Products: 2.19% | ||||||||||||
| Clorox Company« |
26,255 | 1,705,525 | ||||||||||
| Colgate-Palmolive Company |
97,151 | 8,889,317 | ||||||||||
| Kimberly-Clark Corporation |
78,242 | 5,591,956 | ||||||||||
| Procter & Gamble Company |
548,719 | 35,430,786 | ||||||||||
| 51,617,584 | ||||||||||||
|
|
|
|||||||||||
| Personal Products: 0.18% | ||||||||||||
| Avon Products Incorporated« |
86,011 | 1,462,187 | ||||||||||
| Estee Lauder Companies Incorporated Class A |
22,582 | 2,664,224 | ||||||||||
| 4,126,411 | ||||||||||||
|
|
|
|||||||||||
| Tobacco: 1.89% | ||||||||||||
| Altria Group Incorporated |
413,618 | 11,866,700 | ||||||||||
| Lorillard Incorporated |
27,645 | 3,085,735 | ||||||||||
| Philip Morris International |
350,767 | 26,742,476 | ||||||||||
| Reynolds American Incorporated |
67,515 | 2,826,178 | ||||||||||
| 44,521,089 | ||||||||||||
|
|
|
|||||||||||
| Energy: 12.06% |
||||||||||||
| Energy Equipment & Services: 2.06% | ||||||||||||
| Baker Hughes Incorporated |
87,107 | 4,756,913 | ||||||||||
| Cameron International Corporation† |
48,940 | 2,642,271 | ||||||||||
| Diamond Offshore Drilling Incorporated« |
13,882 | 835,002 | ||||||||||
| FMC Technologies Incorporated†« |
47,962 | 2,511,290 | ||||||||||
| Halliburton Company |
183,648 | 6,758,246 | ||||||||||
| Helmerich & Payne Incorporated |
21,384 | 1,218,033 | ||||||||||
| Nabors Industries Limited† |
57,410 | 1,029,935 | ||||||||||
| National Oilwell Varco Incorporated |
84,607 | 6,066,322 | ||||||||||
| Noble Corporation |
50,402 | 1,740,381 | ||||||||||
| Rowan Companies Incorporated† |
25,447 | 862,908 | ||||||||||
| Schlumberger Limited |
269,464 | 20,298,723 | ||||||||||
| 48,720,024 | ||||||||||||
|
|
|
|||||||||||
| Oil, Gas & Consumable Fuels: 10.00% | ||||||||||||
| Alpha Natural Resources Incorporated† |
45,217 | 1,085,208 | ||||||||||
| Anadarko Petroleum Corporation |
99,411 | 8,079,132 | ||||||||||
| Apache Corporation |
76,669 | 7,623,965 | ||||||||||
| Cabot Oil & Gas Corporation |
20,866 | 1,848,519 | ||||||||||
| Chesapeake Energy Corporation« |
131,968 | 3,344,069 | ||||||||||
| Chevron Corporation |
399,988 | 41,126,766 | ||||||||||
| ConocoPhillips |
274,188 | 19,555,088 | ||||||||||
| CONSOL Energy Incorporated |
45,280 | 1,885,459 | ||||||||||
Table of Contents
| 58 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Oil, Gas & Consumable Fuels (continued) | ||||||||||||
| Denbury Resources Incorporated†« |
80,348 | $ | 1,357,881 | |||||||||
| Devon Energy Corporation |
83,174 | 5,444,570 | ||||||||||
| El Paso Corporation |
153,816 | 3,846,938 | ||||||||||
| EOG Resources Incorporated |
53,644 | 5,565,029 | ||||||||||
| EQT Corporation |
29,846 | 1,850,750 | ||||||||||
| Exxon Mobil Corporation |
970,947 | 78,102,977 | ||||||||||
| Hess Corporation |
60,407 | 3,637,710 | ||||||||||
| Marathon Oil Corporation |
142,585 | 3,986,677 | ||||||||||
| Marathon Petroleum Corporation |
71,191 | 2,377,067 | ||||||||||
| Murphy Oil Corporation |
38,644 | 2,160,972 | ||||||||||
| Newfield Exploration Company† |
26,421 | 1,210,082 | ||||||||||
| Noble Energy Incorporated« |
35,249 | 3,468,149 | ||||||||||
| Occidental Petroleum Corporation |
162,307 | 16,052,162 | ||||||||||
| Peabody Energy Corporation |
54,083 | 2,121,676 | ||||||||||
| Pioneer Natural Resources Company |
23,321 | 2,204,767 | ||||||||||
| QEP Resources Incorporated |
35,327 | 1,153,427 | ||||||||||
| Range Resources Corporation« |
32,163 | 2,306,409 | ||||||||||
| Southwestern Energy Company† |
69,493 | 2,644,209 | ||||||||||
| Spectra Energy Corporation« |
129,859 | 3,820,452 | ||||||||||
| Sunoco Incorporated |
21,567 | 837,015 | ||||||||||
| Tesoro Petroleum Corporation† |
28,733 | 686,431 | ||||||||||
| The Williams Companies Incorporated |
117,600 | 3,796,128 | ||||||||||
| Valero Energy Corporation |
114,253 | 2,544,414 | ||||||||||
| 235,724,098 | ||||||||||||
|
|
|
|||||||||||
| Financials: 13.78% |
||||||||||||
| Capital Markets: 1.78% | ||||||||||||
| Ameriprise Financial Incorporated |
47,144 | 2,164,381 | ||||||||||
| Bank of New York Mellon Corporation |
246,164 | 4,790,351 | ||||||||||
| BlackRock Incorporated |
20,029 | 3,445,789 | ||||||||||
| Charles Schwab Corporation |
215,239 | 2,574,258 | ||||||||||
| E*TRADE Financial Corporation† |
50,691 | 465,343 | ||||||||||
| Federated Investors Incorporated Class B« |
18,535 | 294,150 | ||||||||||
| Franklin Resources Incorporated |
29,067 | 2,930,535 | ||||||||||
| Goldman Sachs Group Incorporated |
101,005 | 9,682,339 | ||||||||||
| Invesco Limited |
90,038 | 1,823,270 | ||||||||||
| Legg Mason Incorporated |
24,842 | 659,058 | ||||||||||
| Morgan Stanley |
296,448 | 4,384,466 | ||||||||||
| Northern Trust Corporation |
48,125 | 1,810,944 | ||||||||||
| State Street Corporation |
100,653 | 3,990,891 | ||||||||||
| T. Rowe Price Group Incorporated |
51,196 | 2,905,885 | ||||||||||
| 41,921,660 | ||||||||||||
|
|
|
|||||||||||
| Commercial Banks: 2.44% | ||||||||||||
| Branch Banking & Trust Corporation |
139,198 | 3,225,218 | ||||||||||
| Comerica Incorporated |
40,132 | 1,012,129 | ||||||||||
| Fifth Third Bancorp |
183,684 | 2,220,740 | ||||||||||
| First Horizon National Corporation |
52,660 | 405,482 | ||||||||||
| Huntington Bancshares Incorporated |
172,402 | 905,111 | ||||||||||
| KeyCorp Incorporated |
190,282 | 1,387,156 | ||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 59 |
INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Commercial Banks (continued) | ||||||||||||
| M&T Bank Corporation« |
25,082 | $ | 1,830,484 | |||||||||
| PNC Financial Services Group Incorporated |
105,088 | 5,696,820 | ||||||||||
| Regions Financial Corporation |
251,377 | 1,033,159 | ||||||||||
| SunTrust Banks Incorporated |
107,212 | 1,943,754 | ||||||||||
| US Bancorp« |
383,602 | 9,942,964 | ||||||||||
| Wells Fargo & Company(l) |
1,054,365 | 27,265,879 | ||||||||||
| Zions Bancorporation« |
36,805 | 592,192 | ||||||||||
| 57,461,088 | ||||||||||||
|
|
|
|||||||||||
| Consumer Finance: 1.69% | ||||||||||||
| American Express Company |
207,400 | 9,963,496 | ||||||||||
| Capital One Financial Corporation |
91,735 | 4,096,885 | ||||||||||
| Discover Financial Services |
108,968 | 2,595,618 | ||||||||||
| MasterCard Incorporated |
21,314 | 7,983,159 | ||||||||||
| Paychex Incorporated |
64,359 | 1,873,490 | ||||||||||
| SLM Corporation |
102,703 | 1,322,815 | ||||||||||
| Visa Incorporated Class A |
102,151 | 9,905,582 | ||||||||||
| Western Union Company |
125,350 | 2,186,104 | ||||||||||
| 39,927,149 | ||||||||||||
|
|
|
|||||||||||
| Diversified Financial Services: 3.75% | ||||||||||||
| Bank of America Corporation |
2,023,782 | 11,009,374 | ||||||||||
| Berkshire Hathaway Incorporated Class B† |
351,189 | 27,659,646 | ||||||||||
| Citigroup Incorporated |
582,704 | 16,012,706 | ||||||||||
| CME Group Incorporated |
13,353 | 3,328,636 | ||||||||||
| InterContinental Exchange Incorporated†« |
14,670 | 1,785,632 | ||||||||||
| JPMorgan Chase & Company |
778,626 | 24,114,047 | ||||||||||
| Leucadia National Corporation« |
39,562 | 926,542 | ||||||||||
| Moody’s Corporation« |
40,190 | 1,394,995 | ||||||||||
| NASDAQ Stock Market Incorporated†« |
25,460 | 668,325 | ||||||||||
| NYSE Euronext Incorporated |
52,281 | 1,493,145 | ||||||||||
| 88,393,048 | ||||||||||||
|
|
|
|||||||||||
| Insurance: 2.33% | ||||||||||||
| ACE Limited |
67,491 | 4,692,649 | ||||||||||
| AFLAC Incorporated |
93,290 | 4,052,518 | ||||||||||
| Allstate Corporation |
103,165 | 2,763,790 | ||||||||||
| American International Group Incorporated†« |
87,229 | 2,033,308 | ||||||||||
| AON Corporation |
65,239 | 2,999,037 | ||||||||||
| Assurant Incorporated |
18,865 | 740,263 | ||||||||||
| Chubb Corporation |
57,098 | 3,850,689 | ||||||||||
| Cincinnati Financial Corporation« |
32,580 | 965,997 | ||||||||||
| Genworth Financial Incorporated† |
97,994 | 645,780 | ||||||||||
| Hartford Financial Services Group Incorporated |
88,953 | 1,579,805 | ||||||||||
| Lincoln National Corporation |
61,575 | 1,242,584 | ||||||||||
| Loews Corporation« |
62,137 | 2,387,925 | ||||||||||
| Marsh & McLennan Companies Incorporated |
108,168 | 3,265,592 | ||||||||||
| MetLife Incorporated |
211,178 | 6,647,883 | ||||||||||
| Principal Financial Group Incorporated |
62,600 | 1,510,538 | ||||||||||
| Prudential Financial Incorporated |
97,052 | 4,914,713 | ||||||||||
| The Progressive Corporation |
127,546 | 2,405,518 | ||||||||||
Table of Contents
| 60 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Insurance (continued) | ||||||||||||
| The Travelers Companies Incorporated |
83,621 | $ | 4,703,681 | |||||||||
| Torchmark Corporation |
20,985 | 893,751 | ||||||||||
| UnumProvident Corporation |
60,600 | 1,364,106 | ||||||||||
| XL Group plc |
65,563 | 1,351,909 | ||||||||||
| 55,012,036 | ||||||||||||
|
|
|
|||||||||||
| Real Estate Management & Development: 0.05% | ||||||||||||
| CBRE Group Incorporated† |
64,921 | 1,091,322 | ||||||||||
|
|
|
|||||||||||
| REIT: 1.68% | ||||||||||||
| Apartment Investment & Management Company Class A |
24,124 | 525,421 | ||||||||||
| AvalonBay Communities Incorporated |
18,780 | 2,344,683 | ||||||||||
| Boston Properties Incorporated |
29,336 | 2,798,068 | ||||||||||
| Equity Residential |
59,208 | 3,267,690 | ||||||||||
| HCP Incorporated« |
81,312 | 3,142,709 | ||||||||||
| Health Care REIT Incorporated« |
37,632 | 1,887,997 | ||||||||||
| Host Hotels & Resorts Incorporated |
141,014 | 1,995,348 | ||||||||||
| Kimco Realty Corporation« |
81,273 | 1,281,675 | ||||||||||
| Plum Creek Timber Company« |
32,348 | 1,191,700 | ||||||||||
| Prologis Incorporated |
91,661 | 2,550,009 | ||||||||||
| Public Storage Incorporated |
28,287 | 3,731,055 | ||||||||||
| Simon Property Group Incorporated |
58,630 | 7,290,054 | ||||||||||
| Ventas Incorporated« |
57,497 | 3,033,542 | ||||||||||
| Vornado Realty Trust |
36,830 | 2,741,994 | ||||||||||
| Weyerhaeuser Company |
107,570 | 1,806,100 | ||||||||||
| 39,588,045 | ||||||||||||
|
|
|
|||||||||||
| Thrifts & Mortgage Finance: 0.06% | ||||||||||||
| Hudson City Bancorp Incorporated |
105,340 | 588,851 | ||||||||||
| People’s United Financial Incorporated |
75,186 | 936,066 | ||||||||||
| 1,524,917 | ||||||||||||
|
|
|
|||||||||||
| Health Care: 11.08% |
||||||||||||
| Biotechnology: 1.17% | ||||||||||||
| Amgen Incorporated |
175,043 | 10,136,740 | ||||||||||
| Biogen Idec Incorporated† |
48,436 | 5,567,718 | ||||||||||
| Celgene Corporation† |
91,622 | 5,779,516 | ||||||||||
| Gilead Sciences Incorporated† |
154,057 | 6,139,171 | ||||||||||
| 27,623,145 | ||||||||||||
|
|
|
|||||||||||
| Health Care Equipment & Supplies: 1.72% | ||||||||||||
| Baxter International Incorporated |
113,479 | 5,862,325 | ||||||||||
| Becton Dickinson & Company« |
43,423 | 3,203,749 | ||||||||||
| Boston Scientific Corporation† |
305,669 | 1,803,447 | ||||||||||
| C.R. Bard Incorporated |
17,303 | 1,508,649 | ||||||||||
| CareFusion Corporation† |
44,654 | 1,106,526 | ||||||||||
| Covidien plc |
98,538 | 4,488,406 | ||||||||||
| DENTSPLY International Incorporated« |
28,223 | 1,019,133 | ||||||||||
| Edwards Lifesciences Corporation† |
22,956 | 1,515,785 | ||||||||||
| Intuitive Surgical Incorporated† |
7,805 | 3,389,009 | ||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 61 |
INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Health Care Equipment & Supplies (continued) | ||||||||||||
| Medtronic Incorporated |
210,876 | $ | 7,682,213 | |||||||||
| St. Jude Medical Incorporated |
65,801 | 2,529,390 | ||||||||||
| Stryker Corporation |
65,916 | 3,218,678 | ||||||||||
| Varian Medical Systems Incorporated†« |
23,401 | 1,456,244 | ||||||||||
| Zimmer Holdings Incorporated† |
35,781 | 1,808,730 | ||||||||||
| 40,592,284 | ||||||||||||
|
|
|
|||||||||||
| Health Care Providers & Services: 2.07% | ||||||||||||
| Aetna Incorporated |
74,467 | 3,114,210 | ||||||||||
| AmerisourceBergen Corporation |
53,770 | 1,997,556 | ||||||||||
| Cardinal Health Incorporated |
68,815 | 2,921,885 | ||||||||||
| CIGNA Corporation |
56,993 | 2,520,800 | ||||||||||
| Coventry Health Care Incorporated† |
29,666 | 947,532 | ||||||||||
| DaVita Incorporated† |
18,652 | 1,420,909 | ||||||||||
| Express Scripts Incorporated†« |
97,493 | 4,450,555 | ||||||||||
| Humana Incorporated |
33,315 | 2,954,374 | ||||||||||
| Laboratory Corporation of America Holdings† |
20,218 | 1,733,087 | ||||||||||
| McKesson Corporation |
49,186 | 3,999,314 | ||||||||||
| Medco Health Solutions Incorporated† |
76,991 | 4,363,080 | ||||||||||
| Patterson Companies Incorporated |
18,688 | 563,817 | ||||||||||
| Quest Diagnostics Incorporated |
31,609 | 1,854,184 | ||||||||||
| Tenet Healthcare Corporation†« |
86,738 | 403,332 | ||||||||||
| UnitedHealth Group Incorporated |
214,905 | 10,480,917 | ||||||||||
| WellPoint Incorporated |
72,022 | 5,081,152 | ||||||||||
| 48,806,704 | ||||||||||||
|
|
|
|||||||||||
| Health Care Technology: 0.08% | ||||||||||||
| Cerner Corporation† |
29,033 | 1,770,432 | ||||||||||
|
|
|
|||||||||||
| Life Sciences Tools & Services: 0.29% | ||||||||||||
| Life Technologies Corporation† |
36,037 | 1,395,713 | ||||||||||
| PerkinElmer Incorporated |
22,582 | 427,251 | ||||||||||
| Thermo Fisher Scientific Incorporated† |
76,259 | 3,603,238 | ||||||||||
| Waters Corporation† |
18,243 | 1,459,440 | ||||||||||
| 6,885,642 | ||||||||||||
|
|
|
|||||||||||
| Pharmaceuticals: 5.75% | ||||||||||||
| Abbott Laboratories |
310,843 | 16,956,486 | ||||||||||
| Allergan Incorporated |
61,409 | 5,141,161 | ||||||||||
| Bristol-Myers Squibb Company |
340,615 | 11,144,923 | ||||||||||
| Eli Lilly & Company |
203,444 | 7,700,355 | ||||||||||
| Forest Laboratories Incorporated† |
54,828 | 1,642,647 | ||||||||||
| Hospira Incorporated† |
32,924 | 928,128 | ||||||||||
| Johnson & Johnson Services Incorporated |
547,239 | 35,417,308 | ||||||||||
| Merck & Company Incorporated |
615,224 | 21,994,258 | ||||||||||
| Mylan Laboratories Incorporated† |
85,123 | 1,662,452 | ||||||||||
| Pfizer Incorporated |
1,558,056 | 31,270,184 | ||||||||||
| Watson Pharmaceuticals Incorporated† |
25,122 | 1,623,384 | ||||||||||
| 135,481,286 | ||||||||||||
|
|
|
|||||||||||
Table of Contents
| 62 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Industrials: 10.21% |
||||||||||||
| Aerospace & Defense: 2.49% | ||||||||||||
| Boeing Company |
147,993 | $ | 10,165,639 | |||||||||
| General Dynamics Corporation |
72,243 | 4,772,373 | ||||||||||
| Goodrich Corporation |
24,963 | 3,045,736 | ||||||||||
| Honeywell International Incorporated |
156,247 | 8,460,775 | ||||||||||
| L-3 Communications Holdings Incorporated |
19,942 | 1,322,155 | ||||||||||
| Lockheed Martin Corporation |
54,959 | 4,295,046 | ||||||||||
| Northrop Grumman Corporation |
52,177 | 2,977,741 | ||||||||||
| Precision Castparts Corporation |
28,761 | 4,738,375 | ||||||||||
| Raytheon Company |
70,615 | 3,217,926 | ||||||||||
| Rockwell Collins Incorporated |
30,687 | 1,684,716 | ||||||||||
| United Technologies Corporation |
181,467 | 13,900,372 | ||||||||||
| 58,580,854 | ||||||||||||
|
|
|
|||||||||||
| Air Freight & Logistics: 0.99% | ||||||||||||
| C.H. Robinson Worldwide Incorporated« |
32,932 | 2,256,171 | ||||||||||
| Expeditors International of Washington Incorporated |
42,353 | 1,842,779 | ||||||||||
| FedEx Corporation |
63,309 | 5,259,712 | ||||||||||
| United Parcel Service Incorporated Class B |
195,860 | 14,052,955 | ||||||||||
| 23,411,617 | ||||||||||||
|
|
|
|||||||||||
| Airlines: 0.06% | ||||||||||||
| Southwest Airlines Company« |
160,555 | 1,345,451 | ||||||||||
|
|
|
|||||||||||
| Building Products: 0.03% | ||||||||||||
| Masco Corporation |
71,471 | 684,692 | ||||||||||
|
|
|
|||||||||||
| Commercial Services & Supplies: 0.51% | ||||||||||||
| Avery Dennison Corporation |
21,159 | 554,577 | ||||||||||
| Cintas Corporation« |
22,271 | 677,038 | ||||||||||
| Dun & Bradstreet Corporation |
9,823 | 686,333 | ||||||||||
| Equifax Incorporated |
24,445 | 908,132 | ||||||||||
| Iron Mountain Incorporated« |
37,067 | 1,125,725 | ||||||||||
| Pitney Bowes Incorporated« |
40,367 | 752,037 | ||||||||||
| Republic Services Incorporated |
63,913 | 1,754,412 | ||||||||||
| Robert Half International Incorporated |
28,931 | 766,382 | ||||||||||
| RR Donnelley & Sons Company |
37,503 | 563,295 | ||||||||||
| Stericycle Incorporated†« |
17,197 | 1,393,301 | ||||||||||
| Waste Management Incorporated« |
94,267 | 2,950,557 | ||||||||||
| 12,131,789 | ||||||||||||
|
|
|
|||||||||||
| Construction & Engineering: 0.16% | ||||||||||||
| Fluor Corporation |
34,709 | 1,902,747 | ||||||||||
| Jacobs Engineering Group Incorporated† |
25,472 | 1,058,107 | ||||||||||
| Quanta Services Incorporated† |
42,382 | 872,645 | ||||||||||
| 3,833,499 | ||||||||||||
|
|
|
|||||||||||
| Electrical Equipment: 0.57% | ||||||||||||
| Cooper Industries plc |
32,954 | 1,829,936 | ||||||||||
| Emerson Electric Company |
148,715 | 7,770,359 | ||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 63 |
INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Electrical Equipment (continued) | ||||||||||||
| Rockwell Automation Incorporated |
28,599 | $ | 2,145,783 | |||||||||
| Roper Industries Incorporated« |
19,185 | 1,634,370 | ||||||||||
| 13,380,448 | ||||||||||||
|
|
|
|||||||||||
| Industrial Conglomerates: 2.15% | ||||||||||||
| 3M Company |
141,692 | 11,482,720 | ||||||||||
| General Electric Company |
2,116,849 | 33,679,068 | ||||||||||
| Textron Incorporated |
55,382 | 1,076,072 | ||||||||||
| Tyco International Limited |
92,732 | 4,447,427 | ||||||||||
| 50,685,287 | ||||||||||||
|
|
|
|||||||||||
| Machinery: 2.18% | ||||||||||||
| Caterpillar Incorporated |
129,017 | 12,628,184 | ||||||||||
| Cummins Incorporated |
38,881 | 3,745,407 | ||||||||||
| Danaher Corporation |
113,629 | 5,497,371 | ||||||||||
| Deere & Company |
82,659 | 6,550,726 | ||||||||||
| Dover Corporation |
37,148 | 2,042,026 | ||||||||||
| Eaton Corporation |
68,116 | 3,059,090 | ||||||||||
| Flowserve Corporation |
11,130 | 1,143,830 | ||||||||||
| Illinois Tool Works Incorporated |
98,134 | 4,459,209 | ||||||||||
| Ingersoll-Rand plc« |
62,341 | 2,064,734 | ||||||||||
| Joy Global Incorporated |
20,987 | 1,915,693 | ||||||||||
| Paccar Incorporated« |
72,992 | 2,961,285 | ||||||||||
| Pall Corporation |
23,228 | 1,265,694 | ||||||||||
| Parker Hannifin Corporation |
30,965 | 2,563,283 | ||||||||||
| Snap-On Incorporated |
11,621 | 596,157 | ||||||||||
| Xylem Incorporated |
37,004 | 884,396 | ||||||||||
| 51,377,085 | ||||||||||||
|
|
|
|||||||||||
| Road & Rail: 0.87% | ||||||||||||
| CSX Corporation |
218,724 | 4,748,498 | ||||||||||
| Norfolk Southern Corporation |
69,449 | 5,246,177 | ||||||||||
| Ryder System Incorporated |
10,211 | 533,831 | ||||||||||
| Union Pacific Corporation |
97,470 | 10,079,373 | ||||||||||
| 20,607,879 | ||||||||||||
|
|
|
|||||||||||
| Trading Companies & Distributors: 0.20% | ||||||||||||
| Fastenal Company« |
58,935 | 2,454,643 | ||||||||||
| W.W. Grainger Incorporated« |
12,143 | 2,269,527 | ||||||||||
| 4,724,170 | ||||||||||||
|
|
|
|||||||||||
| Information Technology: 17.85% |
||||||||||||
| Communications Equipment: 2.10% | ||||||||||||
| Cisco Systems Incorporated |
1,098,367 | 20,473,561 | ||||||||||
| F5 Networks Incorporated† |
16,121 | 1,822,157 | ||||||||||
| Harris Corporation« |
24,005 | 854,578 | ||||||||||
| JDS Uniphase Corporation† |
45,545 | 500,084 | ||||||||||
| Juniper Networks Incorporated† |
106,433 | 2,417,093 | ||||||||||
| Motorola Mobility Holdings Incorporated† |
52,233 | 2,037,087 | ||||||||||
Table of Contents
| 64 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Communications Equipment (continued) | ||||||||||||
| Motorola Solutions Incorporated |
57,207 | $ | 2,669,851 | |||||||||
| QUALCOMM Incorporated |
335,438 | 18,382,002 | ||||||||||
| Tellabs Incorporated |
72,866 | 289,278 | ||||||||||
| 49,445,691 | ||||||||||||
|
|
|
|||||||||||
| Computers & Peripherals: 4.39% | ||||||||||||
| Apple Incorporated† |
185,137 | 70,759,361 | ||||||||||
| Dell Incorporated† |
309,679 | 4,880,541 | ||||||||||
| EMC Corporation† |
412,362 | 9,488,450 | ||||||||||
| Hewlett-Packard Company |
414,201 | 11,576,918 | ||||||||||
| Lexmark International Incorporated |
14,338 | 479,749 | ||||||||||
| NetApp Incorporated† |
73,572 | 2,709,657 | ||||||||||
| SanDisk Corporation† |
47,773 | 2,355,687 | ||||||||||
| Western Digital Corporation† |
46,568 | 1,353,732 | ||||||||||
| 103,604,095 | ||||||||||||
|
|
|
|||||||||||
| Electronic Equipment, Instruments & Components: 0.57% | ||||||||||||
| Agilent Technologies Incorporated† |
69,337 | 2,600,138 | ||||||||||
| Amphenol Corporation Class A |
33,932 | 1,538,138 | ||||||||||
| Corning Incorporated |
313,748 | 4,163,436 | ||||||||||
| FLIR Systems Incorporated |
31,898 | 856,780 | ||||||||||
| Jabil Circuit Incorporated« |
36,390 | 737,625 | ||||||||||
| Molex Incorporated« |
27,316 | 681,261 | ||||||||||
| TE Connectivity Limited |
86,547 | 2,744,405 | ||||||||||
| 13,321,783 | ||||||||||||
|
|
|
|||||||||||
| Internet Software & Services: 1.83% | ||||||||||||
| Akamai Technologies Incorporated† |
36,819 | 1,064,437 | ||||||||||
| eBay Incorporated† |
229,051 | 6,777,619 | ||||||||||
| Google Incorporated Class A† |
50,294 | 30,145,721 | ||||||||||
| Monster Worldwide Incorporated† |
25,797 | 188,576 | ||||||||||
| VeriSign Incorporated« |
33,229 | 1,115,830 | ||||||||||
| Yahoo! Incorporated† |
252,139 | 3,961,104 | ||||||||||
| 43,253,287 | ||||||||||||
|
|
|
|||||||||||
| IT Services: 2.89% | ||||||||||||
| Accenture plc |
128,689 | 7,454,954 | ||||||||||
| Automatic Data Processing Incorporated |
97,787 | 4,995,938 | ||||||||||
| Cognizant Technology Solutions Corporation Class A† |
60,639 | 4,084,037 | ||||||||||
| Computer Sciences Corporation |
30,963 | 756,426 | ||||||||||
| Fidelity National Information Services Incorporated |
49,496 | 1,192,359 | ||||||||||
| Fiserv Incorporated† |
28,267 | 1,629,875 | ||||||||||
| International Business Machines Corporation |
238,493 | 44,836,684 | ||||||||||
| SAIC Incorporated†« |
55,157 | 664,642 | ||||||||||
| Teradata Corporation† |
33,609 | 1,822,616 | ||||||||||
| Total System Services Incorporated« |
32,703 | 655,368 | ||||||||||
| 68,092,899 | ||||||||||||
|
|
|
|||||||||||
| Office Electronics: 0.10% | ||||||||||||
| Xerox Corporation |
280,269 | 2,284,192 | ||||||||||
|
|
|
|||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 65 |
INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Semiconductors & Semiconductor Equipment: 2.35% | ||||||||||||
| Advanced Micro Devices Incorporated† |
115,967 | $ | 659,852 | |||||||||
| Altera Corporation |
64,702 | 2,437,324 | ||||||||||
| Analog Devices Incorporated |
59,797 | 2,084,523 | ||||||||||
| Applied Materials Incorporated |
263,106 | 2,836,283 | ||||||||||
| Broadcom Corporation Class A |
96,154 | 2,917,793 | ||||||||||
| First Solar Incorporated†« |
11,720 | 560,919 | ||||||||||
| Intel Corporation |
1,048,605 | 26,120,751 | ||||||||||
| KLA-Tencor Corporation« |
33,349 | 1,537,389 | ||||||||||
| Linear Technology Corporation« |
45,513 | 1,394,063 | ||||||||||
| LSI Logic Corporation† |
114,401 | 642,934 | ||||||||||
| MEMC Electronic Materials Incorporated†« |
46,017 | 191,891 | ||||||||||
| Microchip Technology Incorporated« |
38,062 | 1,328,744 | ||||||||||
| Micron Technology Incorporated†« |
200,491 | 1,200,941 | ||||||||||
| Novellus Systems Incorporated†« |
13,905 | 481,391 | ||||||||||
| NVIDIA Corporation† |
120,562 | 1,884,384 | ||||||||||
| Teradyne Incorporated†« |
37,180 | 500,443 | ||||||||||
| Texas Instruments Incorporated |
230,713 | 6,944,461 | ||||||||||
| Xilinx Incorporated« |
52,951 | 1,732,027 | ||||||||||
| 55,456,113 | ||||||||||||
|
|
|
|||||||||||
| Software: 3.62% | ||||||||||||
| Adobe Systems Incorporated† |
98,623 | 2,704,243 | ||||||||||
| Autodesk Incorporated† |
45,696 | 1,556,863 | ||||||||||
| BMC Software Incorporated† |
35,051 | 1,249,919 | ||||||||||
| CA Incorporated |
75,589 | 1,602,487 | ||||||||||
| Citrix Systems Incorporated† |
37,600 | 2,684,264 | ||||||||||
| Compuware Corporation† |
43,653 | 360,574 | ||||||||||
| Electronic Arts Incorporated† |
66,757 | 1,548,095 | ||||||||||
| Intuit Incorporated |
60,708 | 3,232,094 | ||||||||||
| Microsoft Corporation |
1,489,067 | 38,090,334 | ||||||||||
| Oracle Corporation |
789,021 | 24,735,808 | ||||||||||
| Red Hat Incorporated† |
38,546 | 1,930,384 | ||||||||||
| Salesforce.com Incorporated†« |
27,059 | 3,204,327 | ||||||||||
| Symantec Corporation† |
149,722 | 2,447,955 | ||||||||||
| 85,347,347 | ||||||||||||
|
|
|
|||||||||||
| Materials: 3.48% |
||||||||||||
| Chemicals: 2.18% | ||||||||||||
| Air Products & Chemicals Incorporated |
42,562 | 3,564,568 | ||||||||||
| Airgas Incorporated |
13,593 | 1,045,981 | ||||||||||
| CF Industries Holdings Incorporated |
13,058 | 1,825,508 | ||||||||||
| Dow Chemical Company |
235,885 | 6,536,373 | ||||||||||
| E.I. du Pont de Nemours & Company |
186,217 | 8,886,275 | ||||||||||
| Eastman Chemical Company |
28,038 | 1,110,866 | ||||||||||
| Ecolab Incorporated« |
59,910 | 3,416,068 | ||||||||||
| FMC Corporation |
14,310 | 1,200,895 | ||||||||||
| International Flavors & Fragrances Incorporated |
16,150 | 876,299 | ||||||||||
| Monsanto Company |
106,785 | 7,843,358 | ||||||||||
| Mosaic Company |
59,452 | 3,136,688 | ||||||||||
| PPG Industries Incorporated |
31,456 | 2,760,264 | ||||||||||
Table of Contents
| 66 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Chemicals (continued) | ||||||||||||
| Praxair Incorporated |
60,340 | $ | 6,154,680 | |||||||||
| Sherwin-Williams Company |
17,616 | 1,529,597 | ||||||||||
| Sigma-Aldrich Corporation« |
24,379 | 1,580,003 | ||||||||||
| 51,467,423 | ||||||||||||
|
|
|
|||||||||||
| Construction Materials: 0.04% | ||||||||||||
| Vulcan Materials Company« |
25,806 | 837,147 | ||||||||||
|
|
|
|||||||||||
| Containers & Packaging: 0.13% | ||||||||||||
| Ball Corporation |
32,661 | 1,146,728 | ||||||||||
| Bemis Company Incorporated |
20,650 | 608,969 | ||||||||||
| Owens-Illinois Incorporated† |
32,790 | 640,389 | ||||||||||
| Sealed Air Corporation |
32,196 | 567,294 | ||||||||||
| 2,963,380 | ||||||||||||
|
|
|
|||||||||||
| Metals & Mining: 0.98% | ||||||||||||
| AK Steel Holding Corporation« |
22,020 | 186,289 | ||||||||||
| Alcoa Incorporated |
212,513 | 2,129,380 | ||||||||||
| Allegheny Technologies Incorporated« |
21,236 | 1,066,472 | ||||||||||
| Cliffs Natural Resources Incorporated« |
29,159 | 1,977,272 | ||||||||||
| Freeport-McMoRan Copper & Gold Incorporated Class B |
189,288 | 7,495,805 | ||||||||||
| Newmont Mining Corporation |
98,686 | 6,797,492 | ||||||||||
| Nucor Corporation |
63,204 | 2,492,134 | ||||||||||
| Titanium Metals Corporation« |
16,694 | 260,093 | ||||||||||
| United States Steel Corporation« |
28,755 | 785,012 | ||||||||||
| 23,189,949 | ||||||||||||
|
|
|
|||||||||||
| Paper & Forest Products: 0.15% | ||||||||||||
| International Paper Company |
87,287 | 2,478,951 | ||||||||||
| MeadWestvaco Corporation |
34,086 | 1,017,467 | ||||||||||
| 3,496,418 | ||||||||||||
|
|
|
|||||||||||
| Telecommunication Services: 2.95% |
||||||||||||
| Diversified Telecommunication Services: 2.66% | ||||||||||||
| AT&T Incorporated |
1,183,401 | 34,294,961 | ||||||||||
| CenturyTel Incorporated |
123,102 | 4,618,787 | ||||||||||
| Frontier Communications Corporation« |
198,741 | 1,136,799 | ||||||||||
| Verizon Communications Incorporated |
565,257 | 21,327,147 | ||||||||||
| Windstream Corporation« |
115,214 | 1,354,917 | ||||||||||
| 62,732,611 | ||||||||||||
|
|
|
|||||||||||
| Wireless Telecommunication Services: 0.29% | ||||||||||||
| American Tower Corporation Class A |
79,031 | 4,662,829 | ||||||||||
| MetroPCS Communications Incorporated† |
58,549 | 490,641 | ||||||||||
| Sprint Nextel Corporation†« |
597,975 | 1,614,533 | ||||||||||
| 6,768,003 | ||||||||||||
|
|
|
|||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 67 |
INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Utilities: 3.60% |
||||||||||||
| Electric Utilities: 2.10% | ||||||||||||
| American Electric Power Company Incorporated |
96,308 | $ | 3,821,501 | |||||||||
| Consolidated Edison Incorporated« |
58,486 | 3,475,238 | ||||||||||
| Duke Energy Corporation« |
265,955 | 5,545,162 | ||||||||||
| Edison International |
65,063 | 2,557,627 | ||||||||||
| Entergy Corporation |
35,303 | 2,483,919 | ||||||||||
| Exelon Corporation« |
132,337 | 5,863,852 | ||||||||||
| FirstEnergy Corporation |
83,516 | 3,713,957 | ||||||||||
| Nextera Energy Incorporated |
84,340 | 4,675,810 | ||||||||||
| Northeast Utilities |
35,325 | 1,222,598 | ||||||||||
| Pepco Holdings Incorporated |
45,210 | 894,254 | ||||||||||
| Pinnacle West Capital Corporation« |
21,789 | 1,033,016 | ||||||||||
| PPL Corporation |
115,374 | 3,463,527 | ||||||||||
| Progress Energy Incorporated |
58,831 | 3,199,230 | ||||||||||
| The Southern Company |
171,270 | 7,520,466 | ||||||||||
| 49,470,157 | ||||||||||||
|
|
|
|||||||||||
| Gas Utilities: 0.09% | ||||||||||||
| Nicor Incorporated« |
9,095 | 510,411 | ||||||||||
| ONEOK Incorporated« |
20,675 | 1,719,333 | ||||||||||
| 2,229,744 | ||||||||||||
|
|
|
|||||||||||
| Independent Power Producers & Energy Traders: 0.18% | ||||||||||||
| AES Corporation† |
131,244 | 1,585,428 | ||||||||||
| Constellation Energy Group Incorporated |
40,203 | 1,614,552 | ||||||||||
| NRG Energy Incorporated† |
48,177 | 948,123 | ||||||||||
| 4,148,103 | ||||||||||||
|
|
|
|||||||||||
| Multi-Utilities: 1.23% | ||||||||||||
| Ameren Corporation |
48,260 | 1,631,671 | ||||||||||
| CenterPoint Energy Incorporated |
85,042 | 1,692,336 | ||||||||||
| CMS Energy Corporation« |
50,281 | 1,051,879 | ||||||||||
| Dominion Resources Incorporated |
113,669 | 5,867,594 | ||||||||||
| DTE Energy Company |
33,814 | 1,780,307 | ||||||||||
| Integrys Energy Group Incorporated |
15,560 | 801,184 | ||||||||||
| NiSource Incorporated« |
56,038 | 1,283,831 | ||||||||||
| PG&E Corporation |
80,327 | 3,119,901 | ||||||||||
| Public Service Enterprise Group Incorporated |
101,027 | 3,327,829 | ||||||||||
| SCANA Corporation« |
22,931 | 1,000,250 | ||||||||||
| Sempra Energy |
47,838 | 2,544,503 | ||||||||||
| TECO Energy Incorporated |
43,079 | 809,024 | ||||||||||
| Wisconsin Energy Corporation |
46,677 | 1,548,743 | ||||||||||
| Xcel Energy Incorporated |
96,764 | 2,543,926 | ||||||||||
| 29,002,978 | ||||||||||||
|
|
|
|||||||||||
| Total Common Stocks (Cost $2,005,243,938) |
2,269,038,479 | |||||||||||
|
|
|
|||||||||||
| Investment Companies: 1.11% |
||||||||||||
| SPDR S&P 500 ETF« |
209,617 | 26,225,174 | ||||||||||
|
|
|
|||||||||||
| Total Investment Companies (Cost $24,396,209) |
26,225,174 | |||||||||||
|
|
|
|||||||||||
Table of Contents
| 68 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
INDEX PORTFOLIO
| Security Name | Principal | Value | ||||||||||||||
| Other 0.18% |
||||||||||||||||
| Corporate Bonds and Notes: 0.17% | ||||||||||||||||
| Gryphon Funding Limited, Pass-Through Entity(a)(i)(v) |
$ | 4,500,930 | $ | 1,615,834 | ||||||||||||
| VFNC Corporation, Pass-Through Entity, 0.26%(a)(i)(v)144A± |
5,142,639 | 2,519,893 | ||||||||||||||
| Total Other (Cost $1,738,423) |
4,135,727 | |||||||||||||||
|
|
|
|||||||||||||||
| Yield | Shares | |||||||||||||||
| Short-Term Investments: 9.18% |
||||||||||||||||
| Investment Companies: 8.94% | ||||||||||||||||
| Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class(l)(u) |
0.05 | % | 48,382,969 | 48,382,969 | ||||||||||||
| Wells Fargo Securities Lending Cash Investments, LLC(l)(v)(u)(r) |
0.17 | 162,307,269 | 162,307,269 | |||||||||||||
| 210,690,238 | ||||||||||||||||
|
|
|
|||||||||||||||
| Maturity Date | Principal | |||||||||||||||
| U.S. Treasury Securities: 0.24% | ||||||||||||||||
| U.S. Treasury Bill# |
0.01 | 12/15/2011 | $ | 500,000 | 499,998 | |||||||||||
| U.S. Treasury Bill# |
0.01 | 12/22/2011 | 1,150,000 | 1,149,992 | ||||||||||||
| U.S. Treasury Bill# |
0.01 | 01/12/2012 | 500,000 | 499,993 | ||||||||||||
| U.S. Treasury Bill# |
0.01 | 01/26/2012 | 2,500,000 | 2,499,953 | ||||||||||||
| U.S. Treasury Bill# |
0.01 | 02/02/2012 | 500,000 | 499,990 | ||||||||||||
| U.S. Treasury Bill# |
0.01 | 02/16/2012 | 500,000 | 499,987 | ||||||||||||
| 5,649,913 | ||||||||||||||||
|
|
|
|||||||||||||||
| Total Short-Term Investments (Cost $216,340,199) |
216,340,151 | |||||||||||||||
|
|
|
|||||||||||||||
| Total Investments in Securities | ||||||||
| (Cost $2,247,718,769)* | 106.71 | % | 2,515,739,531 | |||||
| Other Assets and Liabilities, Net |
(6.71 | ) | (158,139,727 | ) | ||||
|
|
|
|
|
|||||
| Total Net Assets | 100.00 | % | $ | 2,357,599,804 | ||||
|
|
|
|
|
| † | Non-income earning security. |
| « | All or a portion of this security is on loan. |
| (l) | Investment in an affiliate. The total cost of affiliated investments is $251,867,703. |
| (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. |
| (v) | Security represents investment of cash collateral received from securities 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. |
| ± | Variable rate investment. |
| (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 $2,340,967,165 and net unrealized appreciation (depreciation) consists of: |
| Gross unrealized appreciation |
$ | 464,337,566 | ||
| Gross unrealized depreciation |
(289,565,200 | ) | ||
|
|
|
|||
| Net unrealized appreciation |
$ | 174,772,366 |
The accompanying notes are an integral part of these financial statements.
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 69 |
INTERNATIONAL EQUITY PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Common Stocks: 91.49% |
||||||||||||
| Argentina: 0.82% | ||||||||||||
| Irsa Inversiones y Representaciones SA ADR (Financials, Real Estate Management & Development) |
13,974 | $ | 139,740 | |||||||||
| YPF SA ADR (Energy, Oil, Gas & Consumable Fuels) |
1,914 | 67,009 | ||||||||||
| 206,749 | ||||||||||||
|
|
|
|||||||||||
| Australia: 2.77% | ||||||||||||
| AMP Limited (Financials, Insurance) |
22,194 | 98,289 | ||||||||||
| Commonwealth Bank of Australia (Financials, Commercial Banks) |
4,464 | 223,531 | ||||||||||
| Newcrest Mining Limited (Materials, Metals & Mining) |
6,397 | 233,370 | ||||||||||
| Westpac Banking Corporation (Financials, Commercial Banks) |
6,749 | 147,445 | ||||||||||
| 702,635 | ||||||||||||
|
|
|
|||||||||||
| Belgium: 1.07% | ||||||||||||
| Anheuser-Busch InBev NV (Consumer Staples, Beverages) |
4,536 | 271,238 | ||||||||||
|
|
|
|||||||||||
| Canada: 4.47% | ||||||||||||
| Brookfield Asset Management Incorporated (Financials, Real Estate Management & Development) |
7,363 | 204,250 | ||||||||||
| Canadian Natural Resources Limited (Energy, Oil, Gas & Consumable Fuels) |
6,103 | 229,233 | ||||||||||
| Goldcorp Incorporated (Materials, Metals & Mining) |
4,671 | 251,651 | ||||||||||
| Ivanhoe Mines Limited (Materials, Metals & Mining)† |
5,872 | 126,657 | ||||||||||
| Suncor Energy Incorporated (Energy, Oil, Gas & Consumable Fuels) |
6,329 | 190,624 | ||||||||||
| Teck Cominco Incorporated Limited (Materials, Metals & Mining) |
3,522 | 128,974 | ||||||||||
| 1,131,389 | ||||||||||||
|
|
|
|||||||||||
| China: 4.14% | ||||||||||||
| Baidu Incorporated ADR (Information Technology, Internet Software & Services)† |
1,288 | 168,715 | ||||||||||
| Shanghai Electric Group Company Limited (Industrials, Electrical Equipment) |
906,000 | 410,572 | ||||||||||
| SINA Corporation (Information Technology, Internet Software & Services)Ǡ |
3,013 | 199,099 | ||||||||||
| Tencent Holdings Limited (Information Technology, Internet Software & Services) |
5,500 | 107,498 | ||||||||||
| ZTE Corporation (Telecommunication Services, Wireless Telecommunication Services) |
53,400 | 163,032 | ||||||||||
| 1,048,916 | ||||||||||||
|
|
|
|||||||||||
| Denmark: 0.71% | ||||||||||||
| Carlsberg A/S (Consumer Staples, Beverages) |
2,453 | 180,514 | ||||||||||
|
|
|
|||||||||||
| France: 9.66% | ||||||||||||
| BNP Paribas SA (Financials, Commercial Banks) |
2,631 | 104,735 | ||||||||||
| Compagnie de Saint-Gobain (Industrials, Building Products) |
1,832 | 77,682 | ||||||||||
| France Telecom SA (Telecommunication Services, Diversified Telecommunication Services) |
12,791 | 220,779 | ||||||||||
| Groupe Danone (Consumer Staples, Food Products) |
4,807 | 317,370 | ||||||||||
| LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)« |
2,371 | 373,319 | ||||||||||
| Pernod-Ricard (Consumer Staples, Beverages) |
3,337 | 314,807 | ||||||||||
| Pinault-Printempts-Redoute SA (Consumer Discretionary, Multiline Retail) |
1,117 | 167,388 | ||||||||||
| Publicis Groupe (Consumer Discretionary, Media) |
1,416 | 67,640 | ||||||||||
| Sanofi-Aventis SA (Health Care, Pharmaceuticals) |
2,891 | 202,214 | ||||||||||
| Technip SA (Energy, Energy Equipment & Services) |
3,697 | 352,240 | ||||||||||
| Total SA (Energy, Oil, Gas & Consumable Fuels) |
4,824 | 248,882 | ||||||||||
| 2,447,056 | ||||||||||||
|
|
|
|||||||||||
Table of Contents
| 70 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
INTERNATIONAL EQUITY PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Germany: 7.94% | ||||||||||||
| Adidas-Salomon AG (Consumer Discretionary, Textiles, Apparel & Luxury Goods) |
2,192 | $ | 154,581 | |||||||||
| Allianz AG (Financials, Insurance) |
3,506 | 364,358 | ||||||||||
| Bayer AG (Health Care, Pharmaceuticals) |
4,973 | 327,229 | ||||||||||
| Daimler AG (Consumer Discretionary, Automobiles) |
1,789 | 81,387 | ||||||||||
| E.ON AG (Utilities, Electric Utilities) |
4,161 | 103,000 | ||||||||||
| Fresenius SE & Company (Health Care, Health Care Equipment & Supplies) |
4,589 | 441,957 | ||||||||||
| Hochtief AG (Industrials, Construction & Engineering) |
2,054 | 117,868 | ||||||||||
| Muenchener Rueckversicherungs-Gesellschaft AG (Financials, Insurance) |
1,128 | 142,556 | ||||||||||
| SAP AG (Information Technology, Software) |
3,486 | 208,739 | ||||||||||
| Siemens AG (Industrials, Industrial Conglomerates) |
680 | 68,815 | ||||||||||
| 2,010,490 | ||||||||||||
|
|
|
|||||||||||
| Hong Kong: 0.94% | ||||||||||||
| China Mobile Limited ADR (Telecommunication Services, Wireless Telecommunication Services)« |
4,808 | 238,813 | ||||||||||
|
|
|
|||||||||||
| Israel: 1.04% | ||||||||||||
| Check Point Software Technologies Limited (Information Technology, Software)Ǡ |
2,182 | 120,752 | ||||||||||
| Teva Pharmaceutical Industries Limited ADR (Health Care, Pharmaceuticals)« |
3,610 | 142,992 | ||||||||||
| 263,744 | ||||||||||||
|
|
|
|||||||||||
| Italy: 0.84% | ||||||||||||
| ENI SpA (Energy, Oil, Gas & Consumable Fuels) |
10,054 | 212,926 | ||||||||||
|
|
|
|||||||||||
| Japan: 10.45% | ||||||||||||
| Canon Incorporated (Information Technology, Office Electronics) |
5,000 | 224,311 | ||||||||||
| Isuzu Motors Limited (Consumer Discretionary, Automobiles) |
62,000 | 292,515 | ||||||||||
| Japan Tobacco Incorporated (Consumer Staples, Tobacco) |
18 | 86,378 | ||||||||||
| Komatsu Limited (Industrials, Machinery) |
2,500 | 63,980 | ||||||||||
| Makita Corporation (Industrials, Machinery) |
3,000 | 104,948 | ||||||||||
| Mitsubishi UFJ Financial Group Incorporated (Financials, Commercial Banks) |
49,000 | 214,621 | ||||||||||
| Nintendo Company Limited (Information Technology, Software) |
1,100 | 167,461 | ||||||||||
| NKSJ Holdings Incorporated (Financials, Insurance) |
10,300 | 203,574 | ||||||||||
| Sumitomo Heavy Industries Limited (Industrials, Machinery) |
48,000 | 293,439 | ||||||||||
| Sumitomo Mitsui Financial Group Incorporated (Financials, Commercial Banks) |
5,500 | 152,981 | ||||||||||
| Tokyo Electron Limited (Information Technology, Semiconductors & Semiconductor Equipment) |
2,400 | 131,318 | ||||||||||
| Toshiba Corporation (Information Technology, Computers & Peripherals) |
19,000 | 87,817 | ||||||||||
| Toyota Motor Corporation (Consumer Discretionary, Automobiles) |
16,100 | 530,182 | ||||||||||
| Yahoo! Japan Corporation (Information Technology, Internet Software & Services) |
292 | 92,525 | ||||||||||
| 2,646,050 | ||||||||||||
|
|
|
|||||||||||
| Luxembourg: 0.62% | ||||||||||||
| Acergy SA (Energy, Energy Equipment & Services) |
5,798 | 114,592 | ||||||||||
| ArcelorMittal (Materials, Metals & Mining) |
2,190 | 41,243 | ||||||||||
| 155,835 | ||||||||||||
|
|
|
|||||||||||
| Netherlands: 4.00% | ||||||||||||
| ASML Holding NV (Information Technology, Semiconductors & Semiconductor Equipment) |
4,659 | 183,934 | ||||||||||
| ING Groep NV (Financials, Diversified Financial Services)† |
13,383 | 104,376 | ||||||||||
| Nielsen Holdings NV (Industrials, Professional Services)† |
5,076 | 147,458 | ||||||||||
| Unilever NV (Consumer Staples, Food Products) |
11,967 | 407,594 | ||||||||||
| USG People NV (Industrials, Commercial Services & Supplies) |
23,006 | 171,082 | ||||||||||
| 1,014,444 | ||||||||||||
|
|
|
|||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 71 |
INTERNATIONAL EQUITY PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Norway: 1.60% | ||||||||||||
| Telenor ASA (Telecommunication Services, Diversified Telecommunication Services) |
23,686 | $ | 405,235 | |||||||||
|
|
|
|||||||||||
| Singapore: 0.51% | ||||||||||||
| DBS Group Holdings Limited (Financials, Commercial Banks) |
13,000 | 129,278 | ||||||||||
|
|
|
|||||||||||
| South Korea: 2.11% | ||||||||||||
| Hyundai Motor Company Limited (Consumer Discretionary, Automobiles) |
982 | 191,015 | ||||||||||
| Samsung Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment) |
376 | 342,205 | ||||||||||
| 533,220 | ||||||||||||
|
|
|
|||||||||||
| Spain: 2.65% | ||||||||||||
| Banco Santander Central Hispano SA (Financials, Commercial Banks) |
9,459 | 71,001 | ||||||||||
| Industria de Diseno Textil SA (Consumer Discretionary, Specialty Retail) |
1,771 | 150,594 | ||||||||||
| Repsol YPF SA (Energy, Oil, Gas & Consumable Fuels) |
14,856 | 448,517 | ||||||||||
| 670,112 | ||||||||||||
|
|
|
|||||||||||
| Sweden: 0.57% | ||||||||||||
| Swedbank AB (Financials, Commercial Banks) |
10,824 | 144,803 | ||||||||||
|
|
|
|||||||||||
| Switzerland: 10.51% | ||||||||||||
| ABB Limited (Industrials, Electrical Equipment) |
7,054 | 133,724 | ||||||||||
| Adecco SA (Industrials, Professional Services) |
1,332 | 57,932 | ||||||||||
| Compagnie Financiere Richemont SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods) |
6,614 | 358,913 | ||||||||||
| Credit Suisse Group AG (Financials, Capital Markets) |
3,906 | 94,273 | ||||||||||
| Nestle SA (Consumer Staples, Food Products) |
9,599 | 538,722 | ||||||||||
| Novartis AG (Health Care, Pharmaceuticals) |
7,808 | 421,665 | ||||||||||
| Roche Holdings AG (Health Care, Pharmaceuticals) |
2,753 | 437,931 | ||||||||||
| Swatch Group AG Class B (Consumer Discretionary, Textiles, Apparel & Luxury Goods) |
724 | 282,382 | ||||||||||
| UBS AG (Financials, Capital Markets) |
5,901 | 72,668 | ||||||||||
| Zurich Financial Services AG (Financials, Insurance) |
1,200 | 264,286 | ||||||||||
| 2,662,496 | ||||||||||||
|
|
|
|||||||||||
| United Kingdom: 24.07% | ||||||||||||
| Anglo American plc (Materials, Metals & Mining) |
4,594 | 175,385 | ||||||||||
| Antofagasta plc (Materials, Metals & Mining) |
8,039 | 150,122 | ||||||||||
| Ashtead Group plc (Industrials, Trading Companies & Distributors) |
58,719 | 171,057 | ||||||||||
| Barclays plc (Financials, Commercial Banks) |
51,936 | 149,613 | ||||||||||
| BG Group plc (Health Care, Health Care Providers & Services) |
13,082 | 280,594 | ||||||||||
| BHP Billiton plc (Materials, Metals & Mining) |
8,239 | 253,368 | ||||||||||
| BP plc (Energy, Oil, Gas & Consumable Fuels) |
32,144 | 232,798 | ||||||||||
| Burberry Group plc (Consumer Discretionary, Textiles, Apparel & Luxury Goods) |
10,304 | 206,426 | ||||||||||
| Diageo plc (Consumer Staples, Beverages) |
19,302 | 413,411 | ||||||||||
| Experian Group Limited (Financials, Diversified Financial Services) |
15,807 | 210,207 | ||||||||||
| GlaxoSmithKline plc (Health Care, Pharmaceuticals) |
15,552 | 344,664 | ||||||||||
| HSBC Holdings plc (Financials, Commercial Banks) |
50,037 | 390,311 | ||||||||||
| Imperial Tobacco Group plc (Consumer Staples, Tobacco) |
6,622 | 238,240 | ||||||||||
| Intertek Group plc (Industrials, Commercial Services & Supplies) |
2,833 | 85,864 | ||||||||||
| Kingfisher plc (Consumer Discretionary, Specialty Retail) |
39,241 | 158,143 | ||||||||||
| Land Securities Group plc (Financials, REIT) |
6,031 | 65,220 | ||||||||||
| New World Resources plc (Energy, Oil, Gas & Consumable Fuels) |
10,032 | 74,435 | ||||||||||
| Persimmon plc (Consumer Discretionary, Household Durables) |
28,068 | 218,278 | ||||||||||
Table of Contents
| 72 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
INTERNATIONAL EQUITY PORTFOLIO
| Security Name | Shares | Value | ||||||||||||
| United Kingdom (continued) | ||||||||||||||
| Rio Tinto plc (Materials, Metals & Mining) |
2,849 | $ | 149,987 | |||||||||||
| Royal Dutch Shell plc Class A (Energy, Oil, Gas & Consumable Fuels) |
14,244 | 498,178 | ||||||||||||
| SABMiller plc (Consumer Staples, Beverages) |
6,068 | 214,247 | ||||||||||||
| Standard Chartered plc (Financials, Commercial Banks) |
12,961 | 282,171 | ||||||||||||
| Travis Perkins plc (Industrials, Trading Companies & Distributors) |
13,752 | 180,544 | ||||||||||||
| Vodafone Group plc (Telecommunication Services, Wireless Telecommunication Services) |
191,504 | 518,422 | ||||||||||||
| WPP plc (Consumer Discretionary, Media) |
14,905 | 156,705 | ||||||||||||
| Xstrata plc (Materials, Metals & Mining) |
17,361 | 278,707 | ||||||||||||
| 6,097,097 | ||||||||||||||
|
|
|
|||||||||||||
| Total Common Stocks (Cost $23,504,034) |
23,173,040 | |||||||||||||
|
|
|
|||||||||||||
| Yield | ||||||||||||||
| Short-Term Investments: 12.65% | ||||||||||||||
| Investment Companies: 12.65% | ||||||||||||||
| Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class(l)(u) |
0.05 | % | 2,230,456 | 2,230,456 | ||||||||||
| Wells Fargo Securities Lending Cash Investments, LLC(l)(u)(v)(r) |
0.17 | 974,654 | 974,654 | |||||||||||
| Total Short-Term Investments (Cost $3,205,110) |
3,205,110 | |||||||||||||
|
|
|
|||||||||||||
| Total Investments in Securities | ||||||||
| (Cost $26,709,144)* | 104.14 | % | 26,378,150 | |||||
| Other Assets and Liabilities, Net |
(4.14 | ) | (1,048,600 | ) | ||||
|
|
|
|
|
|||||
| Total Net Assets | 100.00 | % | $ | 25,329,550 | ||||
|
|
|
|
|
| « | All or a portion of this security is on loan. |
| † | Non-income earning security. |
| (l) | Investment in an affiliate. |
| (u) | Rate shown is the 7-day annualized yield at period end. |
| (v) | Security represents investment of cash collateral received from securities on loan. |
| (r) | The investment company is exempt from registration under Section 3(c)(7) of the 1940 Act. |
| * | Cost for federal income tax purposes is $27,132,384 and net unrealized appreciation (depreciation) consists of: |
| Gross unrealized appreciation |
$ | 1,082,065 | ||
| Gross unrealized depreciation |
(1,836,299 | ) | ||
|
|
|
|||
| Net unrealized depreciation |
$ | (754,234 | ) |
The following table shows the percent of total long-term investments by sector as of November 30, 2011:
| Financials |
17.2 | % | ||
| Consumer Discretionary |
14.6 | % | ||
| Consumer Staples |
12.9 | % | ||
| Energy |
11.5 | % | ||
| Health Care |
11.2 | % | ||
| Industrials |
9.0 | % | ||
| Information Technology |
8.8 | % | ||
| Materials |
7.7 | % | ||
| Telecommunication Services |
6.7 | % | ||
| Utilities |
0.4 | % | ||
|
|
|
|||
| 100.0 | % | |||
|
|
|
The accompanying notes are an integral part of these financial statements.
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 73 |
INTERNATIONAL GROWTH PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Common Stocks: 96.45% |
||||||||||||
| Australia: 2.28% | ||||||||||||
| Coca-Cola Amatil Limited (Consumer Staples, Beverages) |
22,172 | $ | 270,541 | |||||||||
| Foster’s Group Limited (Consumer Staples, Beverages) |
322,731 | 1,785,604 | ||||||||||
| Treasury Wine Estates Limited (Consumer Staples, Beverages) |
112,710 | 464,133 | ||||||||||
| 2,520,278 | ||||||||||||
|
|
|
|||||||||||
| Belgium: 4.80% | ||||||||||||
| Anheuser-Busch InBev NV (Consumer Staples, Beverages) |
88,952 | 5,319,039 | ||||||||||
|
|
|
|||||||||||
| Brazil: 0.62% | ||||||||||||
| Petroleo Brasileiro SA ADR (Energy, Oil, Gas & Consumable Fuels) |
25,486 | 687,867 | ||||||||||
|
|
|
|||||||||||
| Canada: 3.22% | ||||||||||||
| Canadian National Railway Company (Industrials, Road & Rail) |
279 | 21,639 | ||||||||||
| Canadian Pacific Railway Limited (Industrials, Road & Rail) |
58,914 | 3,545,445 | ||||||||||
| 3,567,084 | ||||||||||||
|
|
|
|||||||||||
| China: 3.62% | ||||||||||||
| Baidu Incorporated ADR (Information Technology, Internet Software & Services)† |
26,758 | 3,505,030 | ||||||||||
| Tencent Holdings Limited (Information Technology, Internet Software & Services) |
25,700 | 502,308 | ||||||||||
| 4,007,338 | ||||||||||||
|
|
|
|||||||||||
| France: 9.42% | ||||||||||||
| Air Liquide SA (Materials, Chemicals) |
5,755 | 728,181 | ||||||||||
| Groupe Danone (Consumer Staples, Food Products) |
24,567 | 1,621,974 | ||||||||||
| LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)« |
5,178 | 815,287 | ||||||||||
| Pernod-Ricard (Consumer Staples, Beverages) |
25,816 | 2,435,438 | ||||||||||
| Schneider Electric SA (Industrials, Electrical Equipment) |
29,975 | 1,704,495 | ||||||||||
| Technip SA (Energy, Energy Equipment & Services) |
3,630 | 345,857 | ||||||||||
| Unibail-Rodamco (Financials, Real Estate Management & Development) |
11,625 | 2,167,042 | ||||||||||
| Vinci SA (Industrials, Construction & Engineering) |
13,708 | 612,828 | ||||||||||
| 10,431,102 | ||||||||||||
|
|
|
|||||||||||
| Germany: 10.46% | ||||||||||||
| Allianz AG (Financials, Insurance) |
7,370 | 765,920 | ||||||||||
| Bayer AG (Health Care, Pharmaceuticals) |
30,273 | 1,991,997 | ||||||||||
| Beiersdorf AG (Consumer Staples, Personal Products) |
23,551 | 1,349,177 | ||||||||||
| Brenntag AG (Materials, Chemicals) |
13,879 | 1,332,703 | ||||||||||
| Daimler AG (Consumer Discretionary, Automobiles) |
22,357 | 1,017,092 | ||||||||||
| Linde AG (Materials, Chemicals) |
29,051 | 4,477,072 | ||||||||||
| Muenchener Rueckversicherungs-Gesellschaft AG (Financials, Insurance) |
5,074 | 641,248 | ||||||||||
| 11,575,209 | ||||||||||||
|
|
|
|||||||||||
| Hong Kong: 17.05% | ||||||||||||
| AIA Group Limited (Financials, Insurance) |
1,071,200 | 3,366,879 | ||||||||||
| Beijing Enterprises Holdings Limited (Financials, Diversified Financial Services) |
91,651 | 505,589 | ||||||||||
| BOC Hong Kong Holdings Limited (Financials, Commercial Banks) |
225,588 | 516,478 | ||||||||||
| Cheung Kong Holdings Limited (Financials, Real Estate Management & Development) |
1,553 | 17,772 | ||||||||||
| China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services) |
100,000 | 986,112 | ||||||||||
| China Resources Land Limited (Industrials, Machinery) |
440,500 | 673,679 | ||||||||||
Table of Contents
| 74 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
INTERNATIONAL GROWTH PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Hong Kong (continued) | ||||||||||||
| Galaxy Entertainment Group Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)†« |
271,401 | $ | 538,751 | |||||||||
| Hang Seng Bank Limited (Financials, Commercial Banks) |
74,751 | 918,834 | ||||||||||
| Henderson Land Development Company Limited (Financials, Real Estate Management & Development) |
180,600 | 898,495 | ||||||||||
| Hong Kong Land Holdings Limited (Financials, Real Estate Management & Development) |
129,966 | 604,750 | ||||||||||
| MGM China Holdings Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)† |
236,700 | 339,589 | ||||||||||
| NWS Holdings Limited (Industrials, Industrial Conglomerates) |
403,791 | 577,997 | ||||||||||
| Sands China Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) |
1,442,138 | 4,295,730 | ||||||||||
| Sino Land Company (Financials, Real Estate Management & Development) |
1,000,252 | 1,261,622 | ||||||||||
| Sun Hung Kai Properties Limited (Financials, Real Estate Management & Development) |
91,742 | 1,140,066 | ||||||||||
| Wynn Macau Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) |
757,922 | 2,226,706 | ||||||||||
| 18,869,049 | ||||||||||||
|
|
|
|||||||||||
| India: 0.14% | ||||||||||||
| Coal India Limited (Energy, Oil, Gas & Consumable Fuels) |
23,552 | 150,023 | ||||||||||
|
|
|
|||||||||||
| Ireland: 0.77% | ||||||||||||
| Accenture plc (Information Technology, IT Services)« |
14,757 | 854,873 | ||||||||||
|
|
|
|||||||||||
| Italy: 1.17% | ||||||||||||
| Fiat Industrial SpA (Consumer Discretionary, Auto Components)† |
143,997 | 1,290,888 | ||||||||||
|
|
|
|||||||||||
| Japan: 10.62% | ||||||||||||
| Honda Motor Company Limited (Consumer Discretionary, Automobiles) |
90,100 | 2,859,264 | ||||||||||
| Japan Tobacco Incorporated (Consumer Staples, Tobacco) |
810 | 3,886,998 | ||||||||||
| Kao Corporation (Consumer Staples, Personal Products) |
83,800 | 2,217,725 | ||||||||||
| Softbank Corporation (Telecommunication Services, Wireless Telecommunication Services) |
82,700 | 2,793,144 | ||||||||||
| 11,757,131 | ||||||||||||
|
|
|
|||||||||||
| Netherlands: 5.51% | ||||||||||||
| Akzo Nobel NV (Materials, Chemicals) |
28,235 | 1,428,781 | ||||||||||
| Koninklijke Vopak NV (Industrials, Transportation Infrastructure) |
13,905 | 764,629 | ||||||||||
| Unilever NV (Consumer Staples, Food Products)« |
114,547 | 3,901,449 | ||||||||||
| 6,094,859 | ||||||||||||
|
|
|
|||||||||||
| Netherlands Antilles: 1.36% | ||||||||||||
| Schlumberger Limited (Energy, Energy Equipment & Services) |
20,021 | 1,508,182 | ||||||||||
|
|
|
|||||||||||
| Nigeria: 0.00% | ||||||||||||
| Nigerian Breweries plc (Consumer Staples, Beverages)† |
2,100 | 1,179 | ||||||||||
|
|
|
|||||||||||
| Russia: 1.22% | ||||||||||||
| Gazprom ADR (Energy, Oil, Gas & Consumable Fuels) |
117,195 | 1,347,743 | ||||||||||
|
|
|
|||||||||||
| Singapore: 0.33% | ||||||||||||
| City Developments Limited (Financials, Real Estate Management & Development) |
47,427 | 367,167 | ||||||||||
|
|
|
|||||||||||
| South Korea: 1.02% | ||||||||||||
| NHN Corporation (Information Technology, Internet Software & Services)† |
5,091 | 1,129,459 | ||||||||||
|
|
|
|||||||||||
| Spain: 0.10% | ||||||||||||
| Grifols SA (Health Care, Biotechnology) |
6,785 | 109,706 | ||||||||||
|
|
|
|||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 75 |
INTERNATIONAL GROWTH PORTFOLIO
| Security Name | Shares | Value | ||||||||||||
| Sweden: 0.48% | ||||||||||||||
| Sandvik AB (Industrials, Machinery) |
41,728 | $ | 534,865 | |||||||||||
|
|
|
|||||||||||||
| Switzerland: 9.07% | ||||||||||||||
| Adecco SA (Industrials, Professional Services) |
27,671 | 1,203,483 | ||||||||||||
| Compagnie Financiere Richemont SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods) |
22,521 | 1,222,118 | ||||||||||||
| Givaudan SA (Materials, Chemicals) |
1,121 | 1,041,889 | ||||||||||||
| Nestle SA (Consumer Staples, Food Products) |
71,415 | 4,008,005 | ||||||||||||
| Swatch Group AG Class B (Consumer Discretionary, Textiles, Apparel & Luxury Goods) |
6,568 | 2,561,720 | ||||||||||||
| 10,037,215 | ||||||||||||||
|
|
|
|||||||||||||
| United Kingdom: 13.19% | ||||||||||||||
| BG Group plc (Health Care, Health Care Providers & Services) |
52,763 | 1,131,705 | ||||||||||||
| Genting International plc (Consumer Staples, Hotels, Restaurants & Leisure)† |
680,323 | 826,979 | ||||||||||||
| GlaxoSmithKline plc (Health Care, Pharmaceuticals) |
38,060 | 843,487 | ||||||||||||
| HSBC Holdings plc (Financials, Commercial Banks) |
205,250 | 1,601,042 | ||||||||||||
| Imperial Tobacco Group plc (Consumer Staples, Tobacco) |
72,601 | 2,611,966 | ||||||||||||
| Johnson Matthey plc (Materials, Chemicals) |
19,940 | 601,099 | ||||||||||||
| Land Securities Group plc (Financials, REIT) |
80,133 | 866,571 | ||||||||||||
| Prudential plc (Financials, Insurance) |
33,506 | 329,787 | ||||||||||||
| Reckitt Benckiser Group (Consumer Staples, Household Products) |
1,494 | 75,795 | ||||||||||||
| Royal Dutch Shell plc Class A (Energy, Oil, Gas & Consumable Fuels) |
30,044 | 1,049,390 | ||||||||||||
| SABMiller plc (Consumer Staples, Beverages) |
38,341 | 1,353,729 | ||||||||||||
| Standard Chartered plc (Financials, Commercial Banks) |
39,616 | 862,472 | ||||||||||||
| Tate & Lyle plc (Consumer Staples, Food Products) |
62,761 | 664,711 | ||||||||||||
| WPP plc (Consumer Discretionary, Media) |
170,015 | 1,787,469 | ||||||||||||
| 14,606,202 | ||||||||||||||
|
|
|
|||||||||||||
| Total Common Stocks (Cost $104,373,152) |
106,766,458 | |||||||||||||
|
|
|
|||||||||||||
| Short-Term Investments: 5.83% |
||||||||||||||
| Yield | ||||||||||||||
| Investment Companies: 5.83% | ||||||||||||||
| Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class(l)(u) |
0.05 | % | 4,796,723 | 4,796,723 | ||||||||||
| Wells Fargo Securities Lending Cash Investments, LLC(l)(u)(v)(r) |
0.17 | 1,658,460 | 1,658,460 | |||||||||||
| Total Short-Term Investments (Cost $6,455,183) |
6,455,183 | |||||||||||||
|
|
|
|||||||||||||
| Total Investments in Securities | ||||||||
| (Cost $110,828,335)* | 102.28 | % | 113,221,641 | |||||
| Other Assets and Liabilities, Net |
(2.28 | ) | (2,528,063 | ) | ||||
|
|
|
|
|
|||||
| Total Net Assets | 100.00 | % | $ | 110,693,578 | ||||
|
|
|
|
|
Table of Contents
| 76 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
INTERNATIONAL GROWTH PORTFOLIO
| « | All or a portion of this security is on loan. |
| † | Non-income earning security. |
| (l) | Investment in an affiliate. |
| (u) | Rate shown is the 7-day annualized yield at period end. |
| (v) | Security represents investment of cash collateral received from securities on loan. |
| (r) | The investment company is exempt from registration under Section 3(c)(7) of the 1940 Act. |
| * | Cost for federal income tax purposes is $111,871,251 and net unrealized appreciation (depreciation) consists of: |
| Gross unrealized appreciation |
$ | 8,082,954 | ||
| Gross unrealized depreciation |
(6,732,564 | ) | ||
|
|
|
|||
| Net unrealized appreciation |
$ | 1,350,390 |
The following table shows the percent of total long-term investments by sector as of November 30, 2011:
| Consumer Staples |
30.7 | % | ||
| Consumer Discretionary |
17.8 | % | ||
| Financials |
15.8 | % | ||
| Industrials |
9.0 | % | ||
| Materials |
9.0 | % | ||
| Information Technology |
5.6 | % | ||
| Energy |
4.8 | % | ||
| Health Care |
3.8 | % | ||
| Telecommunication Services |
3.5 | % | ||
|
|
|
|||
| 100.0 | % | |||
|
|
|
The accompanying notes are an integral part of these financial statements.
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 77 |
INTERNATIONAL INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Common Stocks: 98.14% |
||||||||||||
| Australia: 8.90% | ||||||||||||
| AGL Energy Limited (Utilities, Multi-Utilities) |
1,265 | $ | 18,869 | |||||||||
| Alumina Limited (Materials, Metals & Mining) |
6,177 | 9,010 | ||||||||||
| Amcor Limited (Materials, Containers & Packaging) |
3,313 | 25,334 | ||||||||||
| AMP Limited (Financials, Insurance) |
7,368 | 32,630 | ||||||||||
| Asciano Group (Industrials, Road & Rail) |
7,708 | 12,535 | ||||||||||
| ASX Limited (Financials, Diversified Financial Services) |
450 | 14,281 | ||||||||||
| Australia & New Zealand Banking Group Limited (Financials, Commercial Banks) |
6,769 | 143,816 | ||||||||||
| Bendigo Bank Limited (Financials, Commercial Banks) |
1,027 | 9,718 | ||||||||||
| BHP Billiton Limited (Materials, Metals & Mining) |
8,231 | 308,388 | ||||||||||
| BlueScope Steel Limited, Placement Shares (Materials, Metals & Mining) |
3,843 | 1,581 | ||||||||||
| BlueScope Steel Limited (Materials, Metals & Mining) |
8,646 | 3,526 | ||||||||||
| Boral Limited (Materials, Construction Materials) |
1,953 | 7,264 | ||||||||||
| Brambles Limited (Industrials, Commercial Services & Supplies) |
3,746 | 28,020 | ||||||||||
| Caltex Australia Limited (Energy, Oil, Gas & Consumable Fuels) |
400 | 5,452 | ||||||||||
| Campbell Brothers Limited (Industrials, Commercial Services & Supplies) |
174 | 8,681 | ||||||||||
| CFS Retail Property Trust (Financials, REIT) |
4,680 | 9,044 | ||||||||||
| Coca-Cola Amatil Limited (Consumer Staples, Beverages) |
1,362 | 16,619 | ||||||||||
| Cochlear Limited (Health Care, Health Care Equipment & Supplies) |
149 | 8,799 | ||||||||||
| Commonwealth Bank of Australia (Financials, Commercial Banks) |
4,013 | 200,948 | ||||||||||
| Computershare Limited (Information Technology, IT Services) |
1,171 | 9,868 | ||||||||||
| Crown Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) |
1,188 | 10,267 | ||||||||||
| CSL Limited (Health Care, Biotechnology) |
1,385 | 45,160 | ||||||||||
| DB Rreef Trust (Financials, REIT) |
12,665 | 11,457 | ||||||||||
| Duluxgroup Limited (Materials, Chemicals) |
19 | 55 | ||||||||||
| Echo Entertainment Group Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)† |
1,878 | 7,257 | ||||||||||
| Fairfax Media Limited (Consumer Discretionary, Media) |
6,273 | 5,538 | ||||||||||
| Fortescue Metals Group Limited (Materials, Metals & Mining) |
3,207 | 15,976 | ||||||||||
| Foster’s Group Limited (Consumer Staples, Beverages) |
5,085 | 28,134 | ||||||||||
| GPT Group (Financials, REIT) |
4,457 | 14,627 | ||||||||||
| Harvey Norman Holdings Limited (Consumer Discretionary, Multiline Retail)† |
1,574 | 3,505 | ||||||||||
| Iluka Resources Limited (Materials, Metals & Mining) |
1,068 | 17,234 | ||||||||||
| Incitec Pivot Limited (Materials, Chemicals) |
4,213 | 14,570 | ||||||||||
| Insurance Australia Group Limited (Financials, Insurance) |
5,605 | 16,988 | ||||||||||
| Leighton Holdings Limited (Industrials, Construction & Engineering) |
396 | 8,521 | ||||||||||
| Lend Lease Corporation Limited (Financials, Real Estate Management & Development) |
1,473 | 11,345 | ||||||||||
| Lynas Corporation Limited (Materials, Metals & Mining)† |
4,312 | 5,813 | ||||||||||
| Macquaire Office Trust (Financials, REIT) |
2 | 7 | ||||||||||
| Macquarie Airports Group (Industrials, Transportation Infrastructure) |
1,087 | 3,899 | ||||||||||
| Macquarie Goodman Group (Financials, REIT) |
15,581 | 9,816 | ||||||||||
| Macquarie Group Limited (Financials, Capital Markets) |
898 | 22,493 | ||||||||||
| Metcash Limited (Consumer Staples, Food & Staples Retailing) |
1,825 | 7,649 | ||||||||||
| Mirvac Group (Financials, REIT) |
8,853 | 11,832 | ||||||||||
| National Australia Bank Limited (Financials, Commercial Banks) |
5,667 | 141,899 | ||||||||||
| Newcrest Mining Limited (Materials, Metals & Mining) |
1,970 | 71,868 | ||||||||||
| OneSteel Limited (Materials, Metals & Mining) |
3,706 | 3,323 | ||||||||||
| Orica Limited (Materials, Chemicals) |
962 | 25,739 | ||||||||||
| Origin Energy Limited (Energy, Oil, Gas & Consumable Fuels) |
2,759 | 41,619 | ||||||||||
| OZ Minerals Limited (Materials, Metals & Mining) |
790 | 8,934 | ||||||||||
| Qantas Airways Limited (Industrials, Airlines)† |
3,289 | 5,277 | ||||||||||
| QBE Insurance Group Limited (Financials, Insurance) |
2,813 | 40,292 | ||||||||||
Table of Contents
| 78 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
INTERNATIONAL INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Australia (continued) | ||||||||||||
| QR National Limited (Industrials, Road & Rail) |
4,487 | $ | 16,037 | |||||||||
| Ramsay Health Care Limited (Health Care, Health Care Providers & Services) |
343 | 6,663 | ||||||||||
| Rio Tinto Limited (Materials, Metals & Mining) |
1,123 | 76,471 | ||||||||||
| Santos Limited (Energy, Oil, Gas & Consumable Fuels) |
2,428 | 33,953 | ||||||||||
| Sims Group Limited (Materials, Metals & Mining) |
397 | 5,385 | ||||||||||
| Sonic Healthcare Limited (Health Care, Health Care Providers & Services) |
969 | 11,727 | ||||||||||
| SP AusNet (Utilities, Electric Utilities) |
4,319 | 4,256 | ||||||||||
| Stockland (Financials, REIT) |
6,260 | 22,439 | ||||||||||
| SunCorp-Metway Limited (Financials, Insurance) |
3,307 | 28,816 | ||||||||||
| Tabcorp Holdings Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) |
2,012 | 5,971 | ||||||||||
| Tattersall’s Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) |
3,724 | 8,959 | ||||||||||
| Telstra Corporation Limited (Telecommunication Services, Diversified Telecommunication Services) |
10,780 | 35,420 | ||||||||||
| Toll Holdings Limited (Industrials, Air Freight & Logistics) |
1,761 | 8,810 | ||||||||||
| Transurban Group (Industrials, Transportation Infrastructure) |
3,329 | 19,550 | ||||||||||
| Wesfarmers Limited (Consumer Staples, Food & Staples Retailing) |
2,620 | 84,124 | ||||||||||
| Westfield Group (Financials, REIT) |
5,542 | 47,866 | ||||||||||
| Westfield Retail Trust (Financials, REIT) |
7,498 | 20,031 | ||||||||||
| Westpac Banking Corporation (Financials, Commercial Banks) |
7,802 | 170,450 | ||||||||||
| Woodside Petroleum Limited (Energy, Oil, Gas & Consumable Fuels) |
1,628 | 56,749 | ||||||||||
| Woolworths Limited (Consumer Staples, Food & Staples Retailing) |
3,177 | 81,785 | ||||||||||
| WorleyParsons Limited (Energy, Energy Equipment & Services) |
505 | 13,870 | ||||||||||
| 2,244,809 | ||||||||||||
|
|
|
|||||||||||
| Austria: 0.24% | ||||||||||||
| Erste Bank Der Oesterreichischen Sparkassen AG (Financials, Commercial Banks) |
497 | 8,622 | ||||||||||
| IMMOEAST AG (Financials, REIT)(a) |
2,181 | 0 | ||||||||||
| IMMOFINANZ Immobilien Anlagen AG (Financials, REIT) |
2,606 | 8,063 | ||||||||||
| OMV AG (Energy, Oil, Gas & Consumable Fuels) |
389 | 12,918 | ||||||||||
| Raiffeisen International Bank Holdings AG (Financials, Commercial Banks) |
128 | 3,043 | ||||||||||
| Telekom Austria AG (Telecommunication Services, Diversified Telecommunication Services) |
843 | 9,766 | ||||||||||
| Verbund – Oesterreichische Elektrizitaetswirtschafts AG (Utilities, Electric Utilities) |
178 | 4,753 | ||||||||||
| Voestalpine AG (Materials, Metals & Mining) |
289 | 8,404 | ||||||||||
| Wiener Staedtische Allgemeine Versicherung AG (Financials, Insurance) |
114 | 4,085 | ||||||||||
| 59,654 | ||||||||||||
|
|
|
|||||||||||
| Belgium: 0.94% | ||||||||||||
| Anheuser-Busch InBev NV (Consumer Staples, Beverages) |
2,067 | 123,600 | ||||||||||
| Anheuser-Busch InBev NV VVPR Strip (Consumer Staples, Beverages)† |
2,600 | 3 | ||||||||||
| Bekaert SA (Industrials, Electrical Equipment) |
102 | 4,053 | ||||||||||
| Belgacom SA (Telecommunication Services, Diversified Telecommunication Services) |
395 | 12,544 | ||||||||||
| Colruyt SA (Consumer Staples, Food & Staples Retailing) |
199 | 7,536 | ||||||||||
| Delhaize Group (Consumer Staples, Food & Staples Retailing) |
272 | 16,041 | ||||||||||
| Fortis (Financials, Insurance) |
6,006 | 10,592 | ||||||||||
| Fortis VVPR Strip (Financials, Insurance)† |
9,100 | 12 | ||||||||||
| Groupe Bruxelles Lambert SA (Financials, Diversified Financial Services) |
217 | 15,463 | ||||||||||
| KBC Groep NV (Financials, Commercial Banks) |
435 | 4,873 | ||||||||||
| Mobistar SA (Telecommunication Services, Wireless Telecommunication Services)† |
80 | 4,375 | ||||||||||
| Solvay SA (Materials, Chemicals) |
159 | 14,925 | ||||||||||
| UCB SA (Health Care, Pharmaceuticals) |
265 | 11,086 | ||||||||||
| Umicore (Materials, Chemicals) |
295 | 12,701 | ||||||||||
| 237,804 | ||||||||||||
|
|
|
|||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 79 |
INTERNATIONAL INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Bermuda: 0.23% | ||||||||||||
| Independent Tankers Corporation Limited (Energy, Oil, Gas & Consumable Fuels)† |
50 | $ | 5 | |||||||||
| Li & Fung Limited (Consumer Discretionary, Distributors) |
14,400 | 29,919 | ||||||||||
| Seadrill Limited (Energy, Energy Equipment & Services) |
828 | 28,919 | ||||||||||
| 58,843 | ||||||||||||
|
|
|
|||||||||||
| Denmark: 1.04% | ||||||||||||
| A.P. Moller-Maersk A/S Class A (Industrials, Marine) |
1 | 6,516 | ||||||||||
| A.P. Moller-Maersk A/S Class B (Industrials, Marine) |
4 | 27,415 | ||||||||||
| Carlsberg A/S (Consumer Staples, Beverages) |
271 | 19,943 | ||||||||||
| Coloplast A/S (Health Care, Health Care Equipment & Supplies) |
54 | 8,278 | ||||||||||
| Danske Bank A/S (Financials, Commercial Banks) |
1,679 | 23,444 | ||||||||||
| DSV A/S (Industrials, Road & Rail) |
550 | 10,712 | ||||||||||
| Novo Nordisk A/S Class B (Health Care, Pharmaceuticals) |
1,093 | 124,078 | ||||||||||
| Novozymes A/S Class B2 (Materials, Chemicals) |
530 | 16,998 | ||||||||||
| TDC A/S (Telecommunication Services, Diversified Telecommunication Services) |
900 | 7,441 | ||||||||||
| Trygvesta A/S (Financials, Insurance) |
75 | 4,331 | ||||||||||
| Vestas Wind Systems A/S (Industrials, Electrical Equipment)† |
548 | 7,393 | ||||||||||
| William Demant Holding A/S (Health Care, Health Care Equipment & Supplies)† |
59 | 4,891 | ||||||||||
| 261,440 | ||||||||||||
|
|
|
|||||||||||
| Finland: 0.89% | ||||||||||||
| Elisa Oyj (Telecommunication Services, Diversified Telecommunication Services) |
357 | 7,763 | ||||||||||
| Fortum Oyj (Energy, Oil, Gas & Consumable Fuels) |
1,155 | 26,571 | ||||||||||
| Kesko Oyj (Consumer Staples, Food & Staples Retailing) |
138 | 4,856 | ||||||||||
| Kone Oyj (Industrials, Machinery) |
388 | 21,853 | ||||||||||
| Metso Oyj (Industrials, Machinery) |
319 | 12,773 | ||||||||||
| Neste Oil Oyj Limited (Energy, Oil, Gas & Consumable Fuels) |
380 | 4,753 | ||||||||||
| Nokia Oyj (Telecommunication Services, Diversified Telecommunication Services) |
9,624 | 55,623 | ||||||||||
| Nokian Renkaat Oyj (Consumer Discretionary, Auto Components) |
280 | 9,275 | ||||||||||
| Orion Oyj (Health Care, Pharmaceuticals) |
267 | 5,431 | ||||||||||
| Pohjola Bank plc (Financials, Diversified Financial Services) |
368 | 3,676 | ||||||||||
| Sampo Oyj (Financials, Insurance) |
1,107 | 28,918 | ||||||||||
| SanomaWSOY Oyj (Consumer Discretionary, Media)† |
240 | 2,900 | ||||||||||
| Stora Enso Oyj (Materials, Paper & Forest Products) |
1,560 | 9,768 | ||||||||||
| UPM-Kymmene Oyj (Materials, Paper & Forest Products) |
1,318 | 15,429 | ||||||||||
| Wartsila Oyj (Industrials, Machinery) |
432 | 14,198 | ||||||||||
| 223,787 | ||||||||||||
|
|
|
|||||||||||
| France: 8.65% | ||||||||||||
| Accor SA (Consumer Discretionary, Hotels, Restaurants & Leisure) |
378 | 10,577 | ||||||||||
| Aeroports de Paris (Industrials, Transportation Infrastructure)† |
88 | 6,436 | ||||||||||
| Air Liquide SA (Materials, Chemicals) |
730 | 92,367 | ||||||||||
| Alcatel SA (Information Technology, Communications Equipment)† |
5,904 | 9,881 | ||||||||||
| Alstom SA (Industrials, Machinery) |
541 | 18,733 | ||||||||||
| ANF Immobilier (Financials, REIT) |
2 | 76 | ||||||||||
| Arkema SA (Industrials, Professional Services) |
141 | 10,271 | ||||||||||
| Atos Origin SA (Information Technology, IT Services) |
134 | 6,547 | ||||||||||
| AXA SA (Financials, Insurance) |
4,418 | 63,971 | ||||||||||
| BNP Paribas SA (Financials, Commercial Banks) |
2,467 | 98,206 | ||||||||||
| Bouygues SA (Industrials, Construction & Engineering) |
486 | 15,841 | ||||||||||
| Bureau Veritas SA (Industrials, Commercial Services & Supplies) |
129 | 9,558 | ||||||||||
Table of Contents
| 80 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
INTERNATIONAL INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| France (continued) | ||||||||||||
| Cap Gemini SA (Information Technology, IT Services) |
397 | $ | 15,078 | |||||||||
| Carrefour SA (Consumer Staples, Food & Staples Retailing) |
1,464 | 38,980 | ||||||||||
| Casino Guichard Perrachon SA (Consumer Discretionary, Hotels, Restaurants & Leisure) |
142 | 12,637 | ||||||||||
| Christian Dior SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods) |
138 | 17,872 | ||||||||||
| CNP Assurances (Financials, Insurance) |
355 | 4,778 | ||||||||||
| Compagnie de Saint-Gobain (Industrials, Building Products) |
1,023 | 43,378 | ||||||||||
| Compagnie Generale de Geophysique – Veritas (Energy, Energy Equipment & Services)† |
378 | 8,746 | ||||||||||
| Compagnie Generale Des Establissements Michelin (Consumer Discretionary, Auto Components) |
460 | 29,324 | ||||||||||
| Credit Agricole SA (Financials, Commercial Banks) |
2,460 | 15,813 | ||||||||||
| Dassault Systemes SA (Information Technology, Software) |
156 | 12,773 | ||||||||||
| Edenred (Consumer Staples, Commercial Services & Supplies) |
434 | 11,553 | ||||||||||
| Eiffage SA (Industrials, Construction & Engineering)† |
120 | 2,996 | ||||||||||
| Electricite de France SA (Utilities, Electric Utilities) |
609 | 16,611 | ||||||||||
| Essilor International SA Cie Generale d’Optique (Health Care, Health Care Equipment & Supplies) |
509 | 36,386 | ||||||||||
| Eurazeo (Financials, Diversified Financial Services) |
90 | 3,768 | ||||||||||
| Eutelsat Communications SA (Consumer Discretionary, Media) |
260 | 10,103 | ||||||||||
| Fonciere des Regions (Financials, REIT) |
72 | 4,796 | ||||||||||
| France Telecom SA (Telecommunication Services, Diversified Telecommunication Services) |
4,690 | 80,952 | ||||||||||
| GDF Suez (Utilities, Multi-Utilities) |
3,131 | 87,780 | ||||||||||
| GDF Suez VVPR Strip (Utilities, Electric Utilities) |
1,701 | 2 | ||||||||||
| Gecina SA (Financials, REIT) |
56 | 4,837 | ||||||||||
| Groupe Danone (Consumer Staples, Food Products) |
1,504 | 99,298 | ||||||||||
| Groupe Eurotunnel SA (Industrials, Transportation Infrastructure) |
1,205 | 9,161 | ||||||||||
| ICADE (Financials, REIT) |
69 | 5,516 | ||||||||||
| ILIAD SA (Telecommunication Services, Diversified Telecommunication Services) |
48 | 5,865 | ||||||||||
| Imerys SA (Materials, Construction Materials) |
87 | 4,414 | ||||||||||
| JC Decaux SA (Consumer Discretionary, Media) |
197 | 5,121 | ||||||||||
| Klepierre (Financials, REIT) |
270 | 7,839 | ||||||||||
| L’Oreal SA (Consumer Staples, Personal Products) |
611 | 66,131 | ||||||||||
| Lafarge SA (Materials, Construction Materials) |
528 | 19,300 | ||||||||||
| Lagardere SCA (Consumer Discretionary, Media) |
299 | 7,282 | ||||||||||
| Legrand SA (Industrials, Electrical Equipment) |
576 | 18,645 | ||||||||||
| LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods) |
654 | 102,974 | ||||||||||
| Natixis (Financials, Commercial Banks) |
2,371 | 6,887 | ||||||||||
| Neopost SA (Information Technology, Office Electronics) |
94 | 6,660 | ||||||||||
| Pernod-Ricard SA (Consumer Staples, Beverages) |
503 | 47,452 | ||||||||||
| Peugeot SA (Consumer Discretionary, Automobiles) |
393 | 7,358 | ||||||||||
| Pinault-Printempts-Redoute SA (Consumer Discretionary, Multiline Retail) |
197 | 29,521 | ||||||||||
| Publicis Groupe SA (Consumer Discretionary, Media) |
370 | 17,674 | ||||||||||
| Renault SA (Consumer Discretionary, Automobiles) |
506 | 18,960 | ||||||||||
| Safran SA (Industrials, Aerospace & Defense) |
424 | 12,581 | ||||||||||
| Sanofi-Aventis SA (Health Care, Pharmaceuticals) |
2,951 | 206,410 | ||||||||||
| Schneider Electric SA (Industrials, Electrical Equipment) |
1,236 | 70,284 | ||||||||||
| SCOR SE (Financials, Insurance) |
444 | 10,606 | ||||||||||
| Societe BIC SA (Industrials, Commercial Services & Supplies) |
79 | 7,014 | ||||||||||
| Societe Generale (Financials, Commercial Banks) |
1,698 | 41,486 | ||||||||||
| Societe Television Francaise 1 (Consumer Discretionary, Media) |
348 | 3,611 | ||||||||||
| Sodexho Alliance SA (Consumer Discretionary, Hotels, Restaurants & Leisure) |
245 | 17,819 | ||||||||||
| Suez Environnement SA (Utilities, Water Utilities) |
717 | 9,106 | ||||||||||
| Technip SA (Energy, Energy Equipment & Services) |
249 | 23,724 | ||||||||||
| Thales SA (Industrials, Aerospace & Defense) |
220 | 6,955 | ||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 81 |
INTERNATIONAL INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| France (continued) | ||||||||||||
| Total SA (Energy, Oil, Gas & Consumable Fuels) |
5,442 | $ | 280,766 | |||||||||
| Unibail-Rodamco SE (Financials, Real Estate Management & Development) |
233 | 43,434 | ||||||||||
| Vallourec SA (Industrials, Machinery) |
291 | 19,978 | ||||||||||
| Veolia Environnement SA (Utilities, Multi-Utilities) |
937 | 11,987 | ||||||||||
| Vinci SA (Industrials, Construction & Engineering) |
1,126 | 50,339 | ||||||||||
| Vivendi SA (Consumer Discretionary, Media) |
3,179 | 73,327 | ||||||||||
| Wendel SA (Industrials, Industrial Conglomerates) |
84 | 6,052 | ||||||||||
| 2,183,164 | ||||||||||||
|
|
|
|||||||||||
| Germany: 7.57% | ||||||||||||
| Adidas-Salomon AG (Consumer Discretionary, Textiles, Apparel & Luxury Goods) |
545 | 38,434 | ||||||||||
| Allianz AG (Financials, Insurance) |
1,170 | 121,591 | ||||||||||
| Axel Springer AG (Consumer Discretionary, Media) |
117 | 5,260 | ||||||||||
| BASF SE (Materials, Chemicals) |
2,358 | 172,260 | ||||||||||
| Bayer AG (Health Care, Pharmaceuticals) |
2,129 | 140,091 | ||||||||||
| Bayerische Motoren Werke AG (Consumer Discretionary, Automobiles) |
854 | 64,739 | ||||||||||
| Beiersdorf AG (Consumer Staples, Personal Products) |
260 | 14,895 | ||||||||||
| Brenntag AG (Materials, Chemicals) |
74 | 7,106 | ||||||||||
| Celesio AG (Health Care, Health Care Providers & Services) |
224 | 3,582 | ||||||||||
| Commerzbank AG (Financials, Commercial Banks)« |
8,437 | 15,858 | ||||||||||
| Continental AG (Consumer Discretionary, Auto Components) |
213 | 15,123 | ||||||||||
| Daimler AG (Consumer Discretionary, Automobiles) |
2,297 | 104,498 | ||||||||||
| Deutsche Bank AG (Financials, Capital Markets) |
2,393 | 93,502 | ||||||||||
| Deutsche Boerse AG (Financials, Capital Markets) |
491 | 30,126 | ||||||||||
| Deutsche Lufthansa AG (Industrials, Airlines) |
580 | 7,520 | ||||||||||
| Deutsche Post AG (Industrials, Air Freight & Logistics) |
2,145 | 32,423 | ||||||||||
| Deutsche Telekom AG (Telecommunication Services, Diversified Telecommunication Services) |
7,123 | 92,489 | ||||||||||
| E.ON AG (Utilities, Electric Utilities) |
4,586 | 113,520 | ||||||||||
| Fraport AG (Industrials, Transportation Infrastructure) |
109 | 6,208 | ||||||||||
| Fresenius Medical Care AG & Company KGaA (Health Care, Health Care Providers & Services) |
541 | 37,089 | ||||||||||
| Fresenius SE & Company KGaA (Health Care, Health Care Equipment & Supplies) |
293 | 28,218 | ||||||||||
| GEA Group AG (Industrials, Machinery) |
436 | 12,906 | ||||||||||
| Hannover Rueckversicherung AG (Financials, Insurance) |
145 | 7,570 | ||||||||||
| Heidelbergcement AG (Materials, Construction Materials) |
353 | 14,893 | ||||||||||
| Henkel KGaA (Consumer Staples, Household Products) |
338 | 16,501 | ||||||||||
| Hochtief AG (Industrials, Construction & Engineering) |
120 | 6,886 | ||||||||||
| Infineon Technologies AG (Information Technology, Semiconductors & Semiconductor Equipment) |
2,863 | 23,800 | ||||||||||
| K+S AG (Materials, Chemicals) |
439 | 23,905 | ||||||||||
| Kabel Deutschland Holding AG (Consumer Discretionary, Media)† |
236 | 13,119 | ||||||||||
| LANXESS AG (Materials, Chemicals) |
219 | 12,285 | ||||||||||
| Linde AG (Materials, Chemicals) |
436 | 67,192 | ||||||||||
| MAN AG (Industrials, Machinery) |
161 | 13,953 | ||||||||||
| Merck KGaA (Health Care, Pharmaceuticals) |
167 | 16,623 | ||||||||||
| Metro AG (Consumer Staples, Food & Staples Retailing) |
341 | 16,827 | ||||||||||
| Muenchener Rueckversicherungs-Gesellschaft AG (Financials, Insurance) |
481 | 60,788 | ||||||||||
| RWE AG (Utilities, Multi-Utilities) |
1,072 | 44,439 | ||||||||||
| Salzgitter AG (Materials, Metals & Mining) |
100 | 5,192 | ||||||||||
| SAP AG (Information Technology, Software) |
2,369 | 141,854 | ||||||||||
| Siemens AG (Industrials, Industrial Conglomerates) |
2,110 | 213,530 | ||||||||||
| Suedzucker AG (Consumer Staples, Food Products) |
194 | 6,180 | ||||||||||
| Thyssenkrupp AG (Materials, Metals & Mining) |
960 | 24,797 | ||||||||||
Table of Contents
| 82 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
INTERNATIONAL INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Germany (continued) | ||||||||||||
| United Internet AG (Information Technology, Internet Software & Services) |
356 | $ | 6,888 | |||||||||
| Volkswagen AG (Consumer Discretionary, Automobiles) |
78 | 11,880 | ||||||||||
| Wacker Chemie AG (Materials, Chemicals) |
38 | 3,638 | ||||||||||
| 1,910,178 | ||||||||||||
|
|
|
|||||||||||
| Greece: 0.08% | ||||||||||||
| Coca-Cola Hellenic Bottling Company SA (Consumer Staples, Beverages) |
465 | 7,116 | ||||||||||
| Hellenic Telecommunications Organization SA (Telecommunication Services, Diversified |
730 | 3,049 | ||||||||||
| National Bank of Greece SA (Financials, Commercial Banks) |
2,157 | 5,716 | ||||||||||
| Opap SA (Consumer Discretionary, Hotels, Restaurants & Leisure) |
590 | 5,230 | ||||||||||
| 21,111 | ||||||||||||
|
|
|
|||||||||||
| Hong Kong: 2.69% | ||||||||||||
| AIA Group Limited (Financials, Insurance) |
21,400 | 67,262 | ||||||||||
| ASM Pacific Technology (Information Technology, Semiconductors & Semiconductor Equipment) |
500 | 5,561 | ||||||||||
| Bank of East Asia Limited (Financials, Commercial Banks) |
3,914 | 13,536 | ||||||||||
| BOC Hong Kong Holdings Limited (Financials, Commercial Banks) |
9,500 | 21,750 | ||||||||||
| Cathay Pacific Airways Limited (Industrials, Airlines) |
3,000 | 5,420 | ||||||||||
| Cheung Kong Holdings Limited (Financials, Real Estate Management & Development) |
4,000 | 45,775 | ||||||||||
| Cheung Kong Infrastructure Holdings Limited (Financials, Diversified Financial Services) |
1,000 | 5,607 | ||||||||||
| CLP Holdings Limited (Utilities, Electric Utilities) |
5,000 | 44,430 | ||||||||||
| First Pacific Company Limited (Financials, Diversified Financial Services) |
6,000 | 6,513 | ||||||||||
| Foxconn International Holdings Limited (Information Technology, Electronic Equipment, |
6,000 | 3,833 | ||||||||||
| Galaxy Entertainment Group Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)† |
4,000 | 7,940 | ||||||||||
| Hang Lung Group Limited (Financials, Real Estate Management & Development) |
2,000 | 10,713 | ||||||||||
| Hang Lung Properties Limited (Financials, Real Estate Management & Development) |
6,000 | 18,203 | ||||||||||
| Hang Seng Bank Limited (Financials, Commercial Banks) |
2,000 | 24,584 | ||||||||||
| Henderson Land Development Company Limited (Financials, Real Estate Management & Development) |
2,163 | 10,761 | ||||||||||
| Hong Kong & China Gas Company Limited (Utilities, Gas Utilities) |
12,476 | 28,988 | ||||||||||
| Hong Kong Electric Holdings Limited (Utilities, Electric Utilities) |
3,500 | 26,225 | ||||||||||
| Hong Kong Exchanges & Clearing Limited (Financials, Diversified Financial Services) |
2,664 | 43,985 | ||||||||||
| Hopewell Holdings (Financials, Real Estate Management & Development) |
1,000 | 2,610 | ||||||||||
| Hutchison Whampoa Limited (Industrials, Industrial Conglomerates) |
5,000 | 43,847 | ||||||||||
| Hysan Development Company Limited (Financials, Real Estate Management & Development) |
1,847 | 5,958 | ||||||||||
| Kerry Properties Limited (Financials, Real Estate Management & Development) |
1,976 | 6,881 | ||||||||||
| Lifestyle International Holdings Limited (Consumer Discretionary, Multiline Retail) |
1,500 | 3,532 | ||||||||||
| MTR Corporation Limited (Industrials, Road & Rail) |
3,641 | 12,012 | ||||||||||
| New World Development Limited (Financials, Real Estate Management & Development) |
9,991 | 8,543 | ||||||||||
| Noble Group Limited (Industrials, Trading Companies & Distributors) |
10,104 | 9,395 | ||||||||||
| NWS Holdings Limited (Industrials, Industrial Conglomerates) |
4,218 | 6,038 | ||||||||||
| Orient Overseas International Limited (Industrials, Marine) |
700 | 3,234 | ||||||||||
| PCCW Limited (Telecommunication Services, Diversified Telecommunication Services) |
11,977 | 4,423 | ||||||||||
| Sands China Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) |
5,962 | 17,759 | ||||||||||
| Shangri-La Asia Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) |
4,333 | 8,054 | ||||||||||
| Sino Land Company (Financials, Real Estate Management & Development) |
6,846 | 8,635 | ||||||||||
| SJM Holdings Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) |
4,000 | 6,881 | ||||||||||
| Sun Hung Kai Properties Limited (Financials, Real Estate Management & Development) |
4,057 | 50,416 | ||||||||||
| Swire Pacific Limited (Financials, Real Estate Management & Development) |
2,000 | 24,389 | ||||||||||
| The Link REIT (Financials, REIT) |
5,679 | 20,457 | ||||||||||
| Wharf Holdings Limited (Financials, Real Estate Management & Development) |
3,625 | 17,742 | ||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 83 |
INTERNATIONAL INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Hong Kong (continued) | ||||||||||||
| Wheelock & Company (Financials, Real Estate Management & Development) |
2,000 | $ | 5,341 | |||||||||
| Wing Hang Bank Limited (Financials, Commercial Banks) |
509 | 4,205 | ||||||||||
| Wynn Macau Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) |
3,812 | 11,199 | ||||||||||
| Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) |
2,000 | 5,829 | ||||||||||
| 678,466 | ||||||||||||
|
|
|
|||||||||||
| Ireland: 0.29% | ||||||||||||
| CRH plc (Materials, Construction Materials) |
1,826 | 34,860 | ||||||||||
| Elan Corporation plc (Health Care, Pharmaceuticals)† |
1,206 | 13,135 | ||||||||||
| James Hardie Industries NV (Materials, Construction Materials) |
1,288 | 9,253 | ||||||||||
| Kerry Group plc (Consumer Staples, Food Products) |
369 | 13,781 | ||||||||||
| Ryanair Holdings plc ADR (Industrials, Airlines)† |
81 | 2,437 | ||||||||||
| 73,466 | ||||||||||||
|
|
|
|||||||||||
| Israel: 0.64% | ||||||||||||
| Bank Hapoalim Limited (Financials, Commercial Banks) |
2,612 | 8,982 | ||||||||||
| Bank Leumi Le-Israel (Financials, Commercial Banks) |
3,047 | 8,919 | ||||||||||
| Bezeq Israeli Telecommunication Corporation Limited (Telecommunication Services, Diversified Telecommunication Services) |
4,581 | 8,658 | ||||||||||
| Cellcom Israel Limited (Telecommunication Services, Wireless Telecommunication Services) |
147 | 2,555 | ||||||||||
| Delek Group Limited (Industrials, Industrial Conglomerates) |
12 | 2,229 | ||||||||||
| Elbit Systems Limited (Industrials, Aerospace & Defense) |
69 | 2,862 | ||||||||||
| Israel Chemicals Limited (Materials, Chemicals) |
1,191 | 12,826 | ||||||||||
| Israel Discount Bank Limited (Financials, Commercial Banks)† |
1,639 | 2,422 | ||||||||||
| Nice Systems Limited (Information Technology, Software)† |
183 | 6,137 | ||||||||||
| Partner Communications Company Limited (Telecommunication Services, Wireless Telecommunication Services)† |
252 | 2,425 | ||||||||||
| Teva Pharmaceutical Industries Limited (Health Care, Pharmaceuticals) |
2,421 | 95,977 | ||||||||||
| The Israel Corporation Limited (Materials, Chemicals) |
5 | 3,314 | ||||||||||
| United Mizrahi Bank Limited (Financials, Commercial Banks) |
359 | 2,972 | ||||||||||
| 160,278 | ||||||||||||
|
|
|
|||||||||||
| Italy: 2.21% | ||||||||||||
| AEM SpA (Utilities, Multi-Utilities) |
3,249 | 3,404 | ||||||||||
| Assicurazioni Generali SpA (Financials, Insurance) |
2,959 | 49,139 | ||||||||||
| Atlantia SpA (Industrials, Transportation Infrastructure) |
811 | 12,498 | ||||||||||
| Autogrill SpA (Consumer Discretionary, Hotels, Restaurants & Leisure) |
334 | 3,484 | ||||||||||
| Banca Carige SpA (Financials, Commercial Banks) |
1,676 | 3,336 | ||||||||||
| Banca Monte Dei Paschi di Siena SpA (Financials, Commercial Banks) |
11,841 | 3,979 | ||||||||||
| Banco Popolare SpA (Financials, Commercial Banks)« |
3,821 | 4,592 | ||||||||||
| Beni Stabili SpA (Financials, Real Estate Management & Development) |
720 | 281 | ||||||||||
| Enel Green Power SpA (Utilities, Multi-Utilities) |
3,940 | 8,839 | ||||||||||
| Enel SpA (Utilities, Multi-Utilities)« |
16,742 | 71,336 | ||||||||||
| ENI SpA (Energy, Oil, Gas & Consumable Fuels) |
6,188 | 131,051 | ||||||||||
| Exor SpA (Financials, Diversified Financial Services) |
190 | 4,042 | ||||||||||
| Fiat Industrial SpA (Consumer Discretionary, Auto Components)† |
1,989 | 17,831 | ||||||||||
| Fiat SpA (Consumer Discretionary, Automobiles)« |
1,989 | 10,298 | ||||||||||
| Finmeccanica SpA (Industrials, Aerospace & Defense) |
1,029 | 4,464 | ||||||||||
| Intesa Sanpaolo SpA (Financials, Commercial Banks) |
25,550 | 42,438 | ||||||||||
| Intesa Sanpaolo di Risparmio (Financials, Commercial Banks) |
2,763 | 3,562 | ||||||||||
| Luxottica Group SpA (Consumer Discretionary, Textiles, Apparel & Luxury Goods) |
280 | 7,987 | ||||||||||
| Mediaset SpA (Consumer Discretionary, Media) |
1,799 | 5,318 | ||||||||||
Table of Contents
| 84 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
INTERNATIONAL INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Italy (continued) | ||||||||||||
| Mediobanca SpA (Financials, Capital Markets) |
1,197 | $ | 7,735 | |||||||||
| Pirelli & Company SpA (Consumer Discretionary, Auto Components) |
705 | 6,670 | ||||||||||
| Prelios SpA (Financials, Real Estate Management & Development)† |
705 | 82 | ||||||||||
| Prysmian SpA (Industrials, Electrical Equipment) |
537 | 7,340 | ||||||||||
| Saipem SpA (Energy, Energy Equipment & Services) |
655 | 29,308 | ||||||||||
| Snam Rete Gas SpA (Utilities, Gas Utilities) |
3,851 | 17,878 | ||||||||||
| Telecom Italia Rsp (Telecommunication Services, Diversified Telecommunication Services) |
16,221 | 15,850 | ||||||||||
| Telecom Italia SpA (Telecommunication Services, Diversified Telecommunication Services) |
24,797 | 28,073 | ||||||||||
| Terna SpA (Utilities, Electric Utilities)« |
3,371 | 12,096 | ||||||||||
| UniCredito Italiano SpA (Financials, Commercial Banks) |
33,615 | 35,107 | ||||||||||
| Unione di Banche SpA (Financials, Commercial Banks) |
2,163 | 8,821 | ||||||||||
| 556,839 | ||||||||||||
|
|
|
|||||||||||
| Japan: 21.19% | ||||||||||||
| ABC-Mart Incorporated (Consumer Discretionary, Specialty Retail) |
100 | 3,718 | ||||||||||
| Advantest Corporation (Information Technology, Semiconductors & Semiconductor Equipment) |
400 | 4,502 | ||||||||||
| Aeon Company Limited (Consumer Staples, Food & Staples Retailing) |
1,600 | 21,863 | ||||||||||
| Aeon Credit Service Company Limited (Financials, Consumer Finance) |
200 | 3,069 | ||||||||||
| Aeon Mall Company Limited (Financials, Real Estate Management & Development) |
200 | 4,675 | ||||||||||
| Aisin Seiki Company Limited (Consumer Discretionary, Auto Components) |
500 | 15,108 | ||||||||||
| Ajinomoto Company Incorporated (Consumer Staples, Food Products) |
2,000 | 23,957 | ||||||||||
| Alfresa Holdings Corporation (Health Care, Health Care Providers & Services) |
100 | 3,689 | ||||||||||
| All Nippon Airways Company Limited (Industrials, Airlines) |
2,000 | 6,029 | ||||||||||
| Amada Company Limited (Industrials, Machinery) |
1,000 | 6,234 | ||||||||||
| Aozora Bank Limited (Financials, Commercial Banks) |
1,000 | 2,679 | ||||||||||
| Asahi Breweries Limited (Consumer Staples, Beverages) |
1,000 | 22,196 | ||||||||||
| Asahi Glass Company Limited (Industrials, Building Products) |
3,000 | 25,681 | ||||||||||
| Asahi Kasei Corporation (Materials, Chemicals) |
3,000 | 18,198 | ||||||||||
| ASICS Corporation (Consumer Discretionary, Textiles, Apparel & Luxury Goods) |
400 | 4,799 | ||||||||||
| Astellas Pharma Incorporated (Health Care, Pharmaceuticals) |
1,100 | 42,401 | ||||||||||
| Bank of Kyoto Limited (Financials, Commercial Banks) |
1,000 | 8,698 | ||||||||||
| Bank of Yokohama Limited (Financials, Commercial Banks) |
3,000 | 14,313 | ||||||||||
| Benesse Corporation (Consumer Discretionary, Diversified Consumer Services) |
200 | 9,050 | ||||||||||
| Bridgestone Corporation (Consumer Discretionary, Auto Components) |
1,700 | 39,392 | ||||||||||
| Brother Industries Limited (Information Technology, Office Electronics) |
600 | 8,113 | ||||||||||
| Canon Incorporated (Information Technology, Office Electronics) |
2,900 | 130,100 | ||||||||||
| Casio Computer Company Limited (Consumer Discretionary, Household Durables) |
700 | 4,365 | ||||||||||
| Central Japan Railway Company (Industrials, Road & Rail) |
4 | 32,050 | ||||||||||
| Chiba Bank Limited (Financials, Commercial Banks) |
2,000 | 13,045 | ||||||||||
| Chubu Electric Power Company Incorporated (Utilities, Electric Utilities) |
1,700 | 32,363 | ||||||||||
| Chugai Pharmaceutical Company Limited (Health Care, Pharmaceuticals) |
600 | 9,166 | ||||||||||
| Citizen Holdings Company Limited (Information Technology, Electronic Equipment, Instruments & Components) |
600 | 3,520 | ||||||||||
| Coca-Cola West Japan Company Limited (Consumer Staples, Beverages) |
200 | 3,390 | ||||||||||
| Cosmo Oil Company Limited (Energy, Oil, Gas & Consumable Fuels) |
1,000 | 2,765 | ||||||||||
| Credit Saison Company Limited (Financials, Consumer Finance) |
400 | 7,325 | ||||||||||
| Dai Ichi Mutual Life Insurance (Financials, Insurance) |
23 | 25,658 | ||||||||||
| Dai Nippon Printing Company Limited (Industrials, Commercial Services & Supplies) |
1,000 | 9,815 | ||||||||||
| Daicel Chemical Industries Limited (Materials, Chemicals) |
1,000 | 5,604 | ||||||||||
| Daido Steel Company Limited (Materials, Metals & Mining) |
1,000 | 6,552 | ||||||||||
| Daiichi Sankyo Company Limited (Health Care, Pharmaceuticals) |
1,700 | 30,654 | ||||||||||
| Daikin Industries Limited (Industrials, Building Products) |
600 | 17,669 | ||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 85 |
INTERNATIONAL INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Japan (continued) | ||||||||||||
| Dainippon Sumitomo Pharma Company Limited (Health Care, Pharmaceuticals) |
500 | $ | 5,157 | |||||||||
| Daito Trust Construction Company Limited (Financials, Real Estate Management & Development) |
200 | 17,838 | ||||||||||
| Daiwa House Industry Company Limited (Financials, Real Estate Management & Development) |
1,000 | 12,103 | ||||||||||
| Daiwa Securities Group Incorporated (Financials, Capital Markets) |
4,000 | 13,441 | ||||||||||
| Dena Company Limited (Consumer Discretionary, Internet & Catalog Retail) |
300 | 9,313 | ||||||||||
| Denki Kagaku Kogyo Kabushiki Kaisha (Materials, Chemicals) |
1,000 | 3,936 | ||||||||||
| Denso Corporation (Consumer Discretionary, Auto Components) |
1,200 | 34,372 | ||||||||||
| Dentsu Incorporated (Consumer Discretionary, Media) |
500 | 14,544 | ||||||||||
| East Japan Railway Company (Industrials, Road & Rail) |
900 | 55,126 | ||||||||||
| Eisai Company Limited (Health Care, Pharmaceuticals) |
600 | 23,164 | ||||||||||
| Electric Power Development Company (Utilities, Independent Power Producers & Energy Traders) |
280 | 7,065 | ||||||||||
| Elpida Memory Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)† |
500 | 2,492 | ||||||||||
| FamilyMart Company Limited (Consumer Staples, Food & Staples Retailing) |
200 | 7,978 | ||||||||||
| FANUC Limited (Industrials, Machinery) |
500 | 82,149 | ||||||||||
| Fast Retailing Company Limited (Consumer Discretionary, Specialty Retail) |
100 | 16,228 | ||||||||||
| Fuji Electric Holdings Company Limited (Industrials, Electrical Equipment) |
1,000 | 2,958 | ||||||||||
| Fuji Heavy Industries Limited (Consumer Discretionary, Automobiles) |
2,000 | 11,560 | ||||||||||
| Fujifilm Holdings Corporation (Information Technology, Electronic Equipment, Instruments & Components) |
1,200 | 29,125 | ||||||||||
| Fujitsu Limited (Information Technology, Computers & Peripherals) |
5,000 | 26,608 | ||||||||||
| Fukuoka Financial Group Incorporated (Financials, Commercial Banks) |
2,000 | 8,244 | ||||||||||
| Furukawa Electric Company Limited (Industrials, Electrical Equipment) |
1,000 | 2,287 | ||||||||||
| Gree Incorporated (Information Technology, Internet Software & Services) |
200 | 6,715 | ||||||||||
| GS Yuasa Corporation (Industrials, Electrical Equipment) |
1,000 | 5,758 | ||||||||||
| Gunma Bank Limited (Financials, Commercial Banks) |
1,000 | 5,648 | ||||||||||
| Hakuhodo DY Holdings Incorporated (Consumer Discretionary, Media) |
70 | 3,840 | ||||||||||
| Hamamatsu Photonics (Information Technology, Electronic Equipment, Instruments & Components) |
200 | 7,368 | ||||||||||
| Hino Motors Limited (Industrials, Machinery) |
1,000 | 6,150 | ||||||||||
| Hirose Electric Company Limited (Information Technology, Electronic Equipment, Instruments & Components) |
100 | 9,253 | ||||||||||
| Hisamitsu Pharmaceutical Company Incorporated (Health Care, Pharmaceuticals) |
200 | 7,980 | ||||||||||
| Hitachi Chemical Company Limited (Materials, Chemicals) |
300 | 5,792 | ||||||||||
| Hitachi Construction Machinery Company Limited (Industrials, Machinery)† |
300 | 5,327 | ||||||||||
| Hitachi High-Technologies Corporation (Information Technology, Electronic Equipment, |
200 | 4,416 | ||||||||||
| Hitachi Limited (Information Technology, Electronic Equipment, Instruments & Components) |
12,000 | 66,587 | ||||||||||
| Hokkaido Electric Power Company Incorporated (Utilities, Electric Utilities) |
500 | 6,745 | ||||||||||
| Hokuhoku Financial Group Incorporated (Financials, Commercial Banks) |
3,000 | 5,859 | ||||||||||
| Hokuriku Electric Power Company (Utilities, Electric Utilities) |
500 | 8,998 | ||||||||||
| Honda Motor Company Limited (Consumer Discretionary, Automobiles) |
4,200 | 133,284 | ||||||||||
| Hoya Corporation (Information Technology, Electronic Equipment, Instruments & Components) |
1,100 | 23,429 | ||||||||||
| Ibiden Company Limited (Information Technology, Electronic Equipment, Instruments & Components) |
300 | 7,108 | ||||||||||
| Idemitsu Kosan Company Limited (Energy, Oil, Gas & Consumable Fuels) |
100 | 10,694 | ||||||||||
| Inpex Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels) |
6 | 40,505 | ||||||||||
| Isetan Mitsukoshi Holdings Limited (Consumer Discretionary, Multiline Retail) |
960 | 9,397 | ||||||||||
| Ishikawajima-Harima Heavy Industries Company Limited (Industrials, Machinery) |
3,000 | 7,046 | ||||||||||
| Isuzu Motors Limited (Consumer Discretionary, Automobiles) |
3,000 | 14,154 | ||||||||||
| Itochu Corporation (Industrials, Trading Companies & Distributors) |
3,900 | 39,633 | ||||||||||
| Itochu Techno-Science Corporation (Information Technology, IT Services) |
100 | 4,320 | ||||||||||
| J Front Retailing Company Limited (Consumer Discretionary, Multiline Retail) |
800 | 3,543 | ||||||||||
| Japan Petroleum Exploration Company (Energy, Oil, Gas & Consumable Fuels) |
100 | 4,106 | ||||||||||
| Japan Real Estate Investment Corporation (Financials, REIT) |
1 | 8,293 | ||||||||||
| Japan Prime Realty Investment Corporation (Financials, REIT) |
2 | 4,869 | ||||||||||
| Japan Retail Fund Investment Corporation (Financials, REIT) |
4 | 6,117 | ||||||||||
Table of Contents
| 86 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
INTERNATIONAL INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Japan (continued) | ||||||||||||
| Japan Steel Works (Industrials, Machinery) |
1,000 | $ | 6,686 | |||||||||
| Japan Tobacco Incorporated (Consumer Staples, Tobacco) |
12 | 57,585 | ||||||||||
| JFE Holdings Incorporated (Materials, Metals & Mining) |
1,200 | 22,088 | ||||||||||
| JGC Corporation (Industrials, Construction & Engineering) |
1,000 | 25,203 | ||||||||||
| Joyo Bank Limited (Financials, Commercial Banks) |
2,000 | 8,695 | ||||||||||
| JS Group Corporation (Industrials, Building Products) |
700 | 13,276 | ||||||||||
| JSR Corporation (Materials, Chemicals) |
500 | 9,749 | ||||||||||
| JTEKT Corporation (Industrials, Machinery) |
600 | 5,918 | ||||||||||
| Jupiter Telecommunications Company Limited (Consumer Discretionary, Media) |
4 | 3,888 | ||||||||||
| JX Holdings Incorporated (Energy, Energy Equipment & Services)† |
5,700 | 36,250 | ||||||||||
| Kajima Corporation (Industrials, Construction & Engineering) |
2,000 | 6,023 | ||||||||||
| Kamigumi Company Limited (Industrials, Transportation Infrastructure) |
1,000 | 8,195 | ||||||||||
| Kaneka Corporation (Industrials, Professional Services) |
1,000 | 5,380 | ||||||||||
| Kansai Electric Power Company Incorporated (Utilities, Electric Utilities) |
1,900 | 28,461 | ||||||||||
| Kansai Paint Company Limited (Materials, Chemicals) |
1,000 | 9,520 | ||||||||||
| Kao Corporation (Consumer Staples, Personal Products) |
1,400 | 37,050 | ||||||||||
| Kawasaki Heavy Industries Limited (Industrials, Machinery) |
4,000 | 10,409 | ||||||||||
| Kawasaki Kisen Kaisha Limited (Industrials, Marine) |
2,000 | 3,477 | ||||||||||
| KDDI Corporation (Telecommunication Services, Wireless Telecommunication Services) |
8 | 53,006 | ||||||||||
| Keihin Electric Express Railway Company Limited (Industrials, Road & Rail) |
1,000 | 8,781 | ||||||||||
| Keio Corporation (Industrials, Road & Rail) |
1,000 | 6,786 | ||||||||||
| Keisei Electric Railway Company Limited (Industrials, Road & Rail) |
1,000 | 6,995 | ||||||||||
| Keyence Corporation (Information Technology, Electronic Equipment, Instruments & Components) |
100 | 25,587 | ||||||||||
| Kintetsu Corporation (Industrials, Road & Rail) |
4,000 | 14,843 | ||||||||||
| Kirin Brewery Company Limited (Consumer Staples, Beverages) |
2,000 | 24,419 | ||||||||||
| Kobe Steel Limited (Materials, Metals & Mining) |
6,000 | 9,581 | ||||||||||
| Komatsu Limited (Industrials, Machinery) |
2,400 | 61,420 | ||||||||||
| Konami Corporation (Information Technology, Software) |
200 | 6,015 | ||||||||||
| Konica Minolta Holdings Incorporated (Information Technology, Office Electronics) |
1,000 | 7,562 | ||||||||||
| Kubota Corporation (Industrials, Machinery) |
3,000 | 27,133 | ||||||||||
| Kuraray Company Limited (Materials, Chemicals) |
900 | 12,916 | ||||||||||
| Kurita Water Industries Limited (Industrials, Machinery) |
300 | 8,035 | ||||||||||
| Kyocera Corporation (Information Technology, Electronic Equipment, Instruments & Components) |
400 | 35,904 | ||||||||||
| Kyowa Hakko Kogyo Company Limited (Health Care, Pharmaceuticals) |
1,000 | 11,839 | ||||||||||
| Kyushu Electric Power Company Incorporated (Utilities, Electric Utilities) |
1,000 | 13,878 | ||||||||||
| Lawson Incorporated (Consumer Staples, Food & Staples Retailing) |
200 | 11,845 | ||||||||||
| Mabuchi Motor Company Limited (Industrials, Electrical Equipment) |
100 | 4,425 | ||||||||||
| Makita Corporation (Industrials, Machinery) |
300 | 10,495 | ||||||||||
| Marubeni Corporation (Industrials, Trading Companies & Distributors) |
4,000 | 24,711 | ||||||||||
| Marui Company Limited (Consumer Discretionary, Multiline Retail) |
700 | 5,125 | ||||||||||
| Maruichi Steel Tube Limited (Materials, Metals & Mining) |
100 | 2,204 | ||||||||||
| Matsushita Electric Industrial Company Limited (Consumer Discretionary, Household Durables) |
5,600 | 53,719 | ||||||||||
| Mazda Motor Corporation (Consumer Discretionary, Automobiles) |
4,000 | 7,295 | ||||||||||
| McDonald’s Holdings Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) |
200 | 5,366 | ||||||||||
| Mediceo Paltac Holdings Company Limited (Health Care, Health Care Providers & Services) |
400 | 3,931 | ||||||||||
| Meiji Holdings Company Limited (Consumer Staples, Food Products) |
200 | 8,689 | ||||||||||
| Millea Holdings Incorporated (Financials, Insurance) |
1,900 | 46,182 | ||||||||||
| Miraca Holdings Incorporated (Health Care, Health Care Providers & Services) |
100 | 3,840 | ||||||||||
| Mitsubishi Chemical Holdings Corporation (Materials, Chemicals) |
3,500 | 20,333 | ||||||||||
| Mitsubishi Corporation (Industrials, Trading Companies & Distributors) |
3,600 | 74,424 | ||||||||||
| Mitsubishi Electric Corporation (Industrials, Electrical Equipment) |
5,000 | 47,332 | ||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 87 |
INTERNATIONAL INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Japan (continued) | ||||||||||||
| Mitsubishi Estate Company Limited (Financials, Real Estate Management & Development) |
3,000 | $ | 50,080 | |||||||||
| Mitsubishi Gas Chemical Company Incorporated (Materials, Chemicals) |
1,000 | 5,955 | ||||||||||
| Mitsubishi Heavy Industries Limited (Industrials, Machinery) |
8,000 | 33,591 | ||||||||||
| Mitsubishi Materials Corporation (Materials, Metals & Mining) |
3,000 | 8,443 | ||||||||||
| Mitsubishi Motors Corporation (Consumer Discretionary, Automobiles)† |
10,000 | 12,078 | ||||||||||
| Mitsubishi UFJ Financial Group Incorporated (Financials, Commercial Banks) |
32,670 | 143,095 | ||||||||||
| Mitsubishi UFJ Securities Company Limited (Financials, Diversified Financial Services) |
170 | 6,508 | ||||||||||
| Mitsui & Company Limited (Industrials, Trading Companies & Distributors) |
4,400 | 69,423 | ||||||||||
| Mitsui Chemicals Incorporated (Materials, Chemicals) |
2,000 | 6,503 | ||||||||||
| Mitsui Fudosan Company Limited (Financials, Real Estate Management & Development) |
2,000 | 32,437 | ||||||||||
| Mitsui OSK Lines Limited (Industrials, Marine) |
3,000 | 9,537 | ||||||||||
| Mitsui Sumitomo Insurance Group Holdings Incorporated (Financials, Insurance) |
1,400 | 27,484 | ||||||||||
| Mizuho Financial Group Incorporated (Financials, Commercial Banks) |
57,700 | 75,958 | ||||||||||
| Murata Manufacturing Company Limited (Information Technology, Electronic Equipment, |
500 | 29,630 | ||||||||||
| Nabtesco Corporation (Industrials, Machinery) |
200 | 4,404 | ||||||||||
| Namco Bandai Holdings Incorporated (Consumer Discretionary, Leisure Equipment & Products) |
500 | 7,209 | ||||||||||
| NEC Corporation (Information Technology, Computers & Peripherals) |
7,000 | 15,060 | ||||||||||
| NGK Insulators Limited (Industrials, Machinery) |
1,000 | 10,979 | ||||||||||
| NHK Spring Company Limited (Transportation Equipment, Auto Components) |
400 | 3,531 | ||||||||||
| Nidec Corporation (Industrials, Electrical Equipment) |
300 | 27,399 | ||||||||||
| Nikon Corporation (Consumer Discretionary, Leisure Equipment & Products) |
900 | 21,073 | ||||||||||
| Nintendo Company Limited (Information Technology, Software) |
300 | 45,671 | ||||||||||
| Nippon Building Fund Incorporated (Financials, REIT) |
1 | 9,167 | ||||||||||
| Nippon Electric Glass Company Limited (Information Technology, Electronic Equipment, |
1,000 | 10,333 | ||||||||||
| Nippon Express Company Limited (Industrials, Road & Rail) |
2,000 | 7,580 | ||||||||||
| Nippon Paper Group Incorporated (Materials, Paper & Forest Products) |
300 | 6,431 | ||||||||||
| Nippon Sheet Glass Company Limited (Industrials, Building Products) |
2,000 | 3,846 | ||||||||||
| Nippon Steel Corporation (Materials, Metals & Mining) |
13,000 | 31,558 | ||||||||||
| Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified |
1,200 | 59,182 | ||||||||||
| Nippon Yusen Kabushiki Kaisha (Industrials, Marine) |
4,000 | 8,911 | ||||||||||
| Nishi-Nippon City Bank Limited (Financials, Commercial Banks) |
2,000 | 5,907 | ||||||||||
| Nissan Motor Company Limited (Consumer Discretionary, Automobiles) |
6,300 | 57,855 | ||||||||||
| Nisshin Seifun Group Incorporated (Consumer Staples, Food Products) |
500 | 6,003 | ||||||||||
| Nisshin Steel Company Limited (Materials, Metals & Mining) |
2,000 | 2,868 | ||||||||||
| Nissin Food Products Company Limited (Consumer Staples, Food Products) |
200 | 7,688 | ||||||||||
| Nitori Company Limited (Consumer Discretionary, Specialty Retail) |
100 | 9,347 | ||||||||||
| Nitto Denko Corporation (Materials, Chemicals) |
400 | 16,627 | ||||||||||
| NKSJ Holdings Incorporated (Financials, Insurance) |
1,000 | 19,764 | ||||||||||
| NOK Corporation (Consumer Discretionary, Auto Components) |
300 | 5,261 | ||||||||||
| Nomura Holdings Incorporated (Financials, Capital Markets) |
9,200 | 30,559 | ||||||||||
| Nomura Real Estate Holding Incorporated (Financials, Real Estate Management & Development) |
300 | 4,674 | ||||||||||
| Nomura Real Estate Office Fund (Financials, REIT) |
1 | 5,127 | ||||||||||
| Nomura Research Institute Limited (Information Technology, IT Services) |
300 | 6,620 | ||||||||||
| NSK Limited (Industrials, Machinery) |
1,000 | 6,618 | ||||||||||
| NTN Corporation (Industrials, Machinery) |
1,000 | 3,973 | ||||||||||
| NTT Data Corporation (Information Technology, IT Services) |
3 | 9,326 | ||||||||||
| NTT DoCoMo Incorporated (Telecommunication Services, Wireless Telecommunication Services) |
39 | 68,934 | ||||||||||
| NTT Urban Development Corporation (Financials, Real Estate Management & Development) |
3 | 2,038 | ||||||||||
| Obayashi Corporation (Industrials, Construction & Engineering) |
2,000 | 8,407 | ||||||||||
| Odakyu Electric Railway Company Limited (Industrials, Road & Rail) |
2,000 | 18,929 | ||||||||||
Table of Contents
| 88 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
INTERNATIONAL INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Japan (continued) | ||||||||||||
| OJI Paper Company Limited (Materials, Paper & Forest Products) |
2,000 | $ | 9,970 | |||||||||
| Olympus Corporation (Health Care, Health Care Equipment & Supplies) |
600 | 8,105 | ||||||||||
| Omron Corporation (Information Technology, Electronic Equipment, Instruments & Components) |
500 | 10,706 | ||||||||||
| Ono Pharmaceutical Company Limited (Health Care, Pharmaceuticals) |
200 | 10,420 | ||||||||||
| Oracle Corporation Japan (Information Technology, Software) |
100 | 3,355 | ||||||||||
| Oriental Land Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) |
100 | 10,411 | ||||||||||
| ORIX Corporation (Financials, Consumer Finance) |
270 | 22,781 | ||||||||||
| Osaka Gas Company Limited (Utilities, Gas Utilities) |
5,000 | 19,075 | ||||||||||
| Otsuka Holdings Company Limited (Health Care, Health Care Providers & Services) |
600 | 16,466 | ||||||||||
| Rakuten Incorporated (Consumer Discretionary, Internet & Catalog Retail) |
19 | 20,385 | ||||||||||
| Resona Holdings Incorporated (Financials, Commercial Banks) |
4,800 | 21,499 | ||||||||||
| Ricoh Company Limited (Information Technology, Office Electronics) |
2,000 | 18,023 | ||||||||||
| Rinnai Corporation (Consumer Discretionary, Household Durables) |
100 | 7,607 | ||||||||||
| Rohm Company Limited (Information Technology, Semiconductors & Semiconductor Equipment) |
200 | 9,581 | ||||||||||
| Sankyo Company Limited (Consumer Discretionary, Leisure Equipment & Products) |
100 | 4,999 | ||||||||||
| Sanrio Company Limited (Consumer Discretionary, Specialty Retail) |
100 | 5,130 | ||||||||||
| Santen Pharmaceutical Company Limited (Health Care, Pharmaceuticals) |
200 | 7,544 | ||||||||||
| SBI Holdings Incorporated (Financials, Capital Markets) |
59 | 4,822 | ||||||||||
| Secom Company Limited (Industrials, Commercial Services & Supplies) |
500 | 22,551 | ||||||||||
| Sega Sammy Holdings Incorporated (Consumer Discretionary, Leisure Equipment & Products) |
500 | 10,225 | ||||||||||
| Seiko Epson Corporation (Information Technology, Computers & Peripherals) |
400 | 5,600 | ||||||||||
| Sekisui Chemical Company Limited (Materials, Chemicals) |
1,000 | 7,514 | ||||||||||
| Sekisui House Limited (Consumer Discretionary, Household Durables) |
1,000 | 8,788 | ||||||||||
| Seven & I Holdings Company Limited (Consumer Staples, Food & Staples Retailing) |
1,920 | 53,607 | ||||||||||
| Seven Bank Limited (Financials, Commercial Banks) |
2,000 | 3,953 | ||||||||||
| Sharp Corporation (Consumer Discretionary, Household Durables) |
2,200 | 22,452 | ||||||||||
| Shikoku Electric Power Company Incorporated (Utilities, Electric Utilities) |
500 | 13,996 | ||||||||||
| Shimadzu Corporation (Information Technology, Electronic Equipment, Instruments & Components) |
1,000 | 8,189 | ||||||||||
| Shimano Incorporated (Consumer Discretionary, Leisure Equipment & Products) |
200 | 9,848 | ||||||||||
| Shimanura Company Limited (Consumer Discretionary, Specialty Retail) |
100 | 9,505 | ||||||||||
| Shimizu Corporation (Industrials, Construction & Engineering) |
2,000 | 8,246 | ||||||||||
| Shin-Etsu Chemical Company Limited (Materials, Chemicals) |
1,100 | 55,302 | ||||||||||
| Shinsei Bank Limited (Financials, Commercial Banks) |
4,000 | 4,053 | ||||||||||
| Shionogi & Company Limited (Health Care, Pharmaceuticals) |
800 | 9,411 | ||||||||||
| Shiseido Company Limited (Consumer Staples, Personal Products) |
900 | 16,726 | ||||||||||
| Shizuoka Bank Limited (Financials, Commercial Banks) |
1,000 | 10,367 | ||||||||||
| Showa Denko KK (Materials, Chemicals) |
4,000 | 8,165 | ||||||||||
| Showa Shell Sekiyu KK (Energy, Oil, Gas & Consumable Fuels) |
600 | 4,017 | ||||||||||
| SMC Corporation (Industrials, Machinery) |
100 | 16,609 | ||||||||||
| Softbank Corporation (Telecommunication Services, Wireless Telecommunication Services) |
2,300 | 77,681 | ||||||||||
| Sojitz Corporation (Industrials, Trading Companies & Distributors)« |
3,700 | 5,806 | ||||||||||
| Sony Corporation (Consumer Discretionary, Household Durables) |
2,600 | 47,910 | ||||||||||
| Sony Financial Holdings Incorporated (Financials, Insurance) |
400 | 6,616 | ||||||||||
| Square Enix Company Limited (Information Technology, Software) |
200 | 4,096 | ||||||||||
| Stanley Electric Company Limited (Consumer Discretionary, Auto Components) |
400 | 5,901 | ||||||||||
| Sumco Corporation (Information Technology, Semiconductors & Semiconductor Equipment) |
300 | 2,543 | ||||||||||
| Sumitomo Chemical Company Limited (Materials, Chemicals) |
4,000 | 15,280 | ||||||||||
| Sumitomo Corporation (Industrials, Trading Companies & Distributors) |
2,900 | 38,709 | ||||||||||
| Sumitomo Electric Industries Limited (Consumer Discretionary, Auto Components) |
2,000 | 21,718 | ||||||||||
| Sumitomo Heavy Industries Limited (Industrials, Machinery) |
1,000 | 6,113 | ||||||||||
| Sumitomo Metal Industries Limited (Materials, Metals & Mining) |
9,000 | 15,871 | ||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 89 |
INTERNATIONAL INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Japan (continued) | ||||||||||||
| Sumitomo Metal Mining Company Limited (Materials, Metals & Mining) |
1,000 | $ | 13,493 | |||||||||
| Sumitomo Mitsui Financial Group Incorporated (Financials, Commercial Banks) |
3,500 | 97,351 | ||||||||||
| Sumitomo Mitsui Trust Holdings Incorporated (Financials, Commercial Banks) |
8,000 | 24,513 | ||||||||||
| Sumitomo Realty & Development Company Limited (Financials, Real Estate Management & Development) |
1,000 | 19,835 | ||||||||||
| Sumitomo Rubber Industries (Consumer Discretionary, Auto Components) |
500 | 5,997 | ||||||||||
| Suzuken Company Limited (Health Care, Health Care Providers & Services) |
200 | 5,160 | ||||||||||
| Suzuki Motor Corporation (Consumer Discretionary, Automobiles) |
900 | 19,164 | ||||||||||
| T&D Holdings Incorporated (Financials, Insurance) |
1,400 | 13,643 | ||||||||||
| Taisei Corporation (Industrials, Construction & Engineering) |
3,000 | 7,775 | ||||||||||
| Taisho Pharmaceutical Holdin Common Stock (Health Care, Pharmaceuticals) |
100 | 6,689 | ||||||||||
| Taiyo Nippon Sanso Corporation (Materials, Chemicals) |
1,000 | 7,305 | ||||||||||
| Takashimaya Company Limited (Consumer Discretionary, Multiline Retail) |
1,000 | 7,126 | ||||||||||
| Takeda Pharmaceutical Company Limited (Health Care, Pharmaceuticals) |
2,000 | 82,148 | ||||||||||
| Tanabe Seiyaku Company Limited (Health Care, Pharmaceuticals) |
600 | 9,322 | ||||||||||
| TDK Corporation (Information Technology, Electronic Equipment, Instruments & Components) |
300 | 15,329 | ||||||||||
| Teijin Limited (Materials, Chemicals) |
2,000 | 6,120 | ||||||||||
| Terumo Corporation (Health Care, Health Care Equipment & Supplies) |
400 | 19,485 | ||||||||||
| The Chugoku Electric Power Company Incorporated (Utilities, Electric Utilities) |
800 | 13,710 | ||||||||||
| The Hachijuni Bank Limited (Financials, Commercial Banks) |
1,000 | 5,907 | ||||||||||
| The Hiroshima Bank Limited (Financials, Commercial Banks) |
1,000 | 4,788 | ||||||||||
| The Iyo Bank Limited (Financials, Commercial Banks) |
1,000 | 9,904 | ||||||||||
| THK Company Limited (Industrials, Machinery) |
300 | 6,046 | ||||||||||
| TOA Medical Electronics Company (Health Care, Health Care Equipment & Supplies) |
200 | 6,885 | ||||||||||
| Tobu Railway Company Limited (Industrials, Road & Rail) |
3,000 | 15,197 | ||||||||||
| Toho Company Limited Tokyo (Consumer Discretionary, Media) |
300 | 5,147 | ||||||||||
| Toho Gas Company Limited (Utilities, Gas Utilities) |
1,000 | 5,940 | ||||||||||
| Tohoku Electric Power Company Incorporated (Utilities, Electric Utilities) |
1,100 | 11,458 | ||||||||||
| Tokyo Electric Power Company Incorporated (Utilities, Electric Utilities) |
3,700 | 14,043 | ||||||||||
| Tokyo Electron Limited (Information Technology, Semiconductors & Semiconductor Equipment) |
400 | 21,886 | ||||||||||
| Tokyo Gas Company Limited (Utilities, Gas Utilities) |
6,000 | 25,737 | ||||||||||
| Tokyu Corporation (Industrials, Road & Rail) |
3,000 | 14,464 | ||||||||||
| Tokyu Land Corporation (Financials, Real Estate Management & Development) |
1,000 | 3,917 | ||||||||||
| Tonengeneral Sekiyu KK (Energy, Oil, Gas & Consumable Fuels) |
1,000 | 11,405 | ||||||||||
| Toppan Printing Company Limited (Industrials, Commercial Services & Supplies) |
1,000 | 7,373 | ||||||||||
| Toray Industries Incorporated (Materials, Chemicals) |
4,000 | 29,988 | ||||||||||
| Toshiba Corporation (Information Technology, Computers & Peripherals) |
10,000 | 46,220 | ||||||||||
| Tosoh Corporation (Materials, Chemicals) |
1,000 | 2,926 | ||||||||||
| TOTO Limited (Industrials, Building Products) |
1,000 | 8,114 | ||||||||||
| Toyo Seikan Kaisha Limited (Materials, Containers & Packaging) |
400 | 5,574 | ||||||||||
| Toyoda Gosei Company Limited (Consumer Discretionary, Auto Components) |
200 | 3,481 | ||||||||||
| Toyota Boshoku Corporation (Consumer Discretionary, Auto Components) |
200 | 2,250 | ||||||||||
| Toyota Industries Corporation (Consumer Discretionary, Auto Components) |
500 | 13,960 | ||||||||||
| Toyota Motor Corporation (Consumer Discretionary, Automobiles) |
7,100 | 233,807 | ||||||||||
| Toyota Tsusho Corporation (Industrials, Trading Companies & Distributors) |
600 | 10,096 | ||||||||||
| Trend Micro Incorporated (Information Technology, Software) |
300 | 9,209 | ||||||||||
| Tsumura & Company (Health Care, Pharmaceuticals) |
200 | 5,548 | ||||||||||
| UBE Industries Limited Japan (Materials, Chemicals) |
3,000 | 8,487 | ||||||||||
| Uni-Charm Corporation (Consumer Discretionary, Household Products) |
300 | 14,230 | ||||||||||
| Ushio Incorporated (Industrials, Electrical Equipment) |
300 | 4,536 | ||||||||||
| USS Company Limited (Consumer Discretionary, Specialty Retail) |
70 | 6,087 | ||||||||||
| West Japan Railway Company (Industrials, Road & Rail) |
400 | 16,512 | ||||||||||
Table of Contents
| 90 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
INTERNATIONAL INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Japan (continued) | ||||||||||||
| Yahoo! Japan Corporation (Information Technology, Internet Software & Services) |
37 | $ | 11,724 | |||||||||
| Yakult Honsha Company Limited (Consumer Staples, Food Products) |
200 | 6,137 | ||||||||||
| Yamada Denki Company Limited (Consumer Discretionary, Specialty Retail) |
220 | 15,913 | ||||||||||
| Yamaguchi Financial Group (Financials, Commercial Banks) |
1,000 | 9,574 | ||||||||||
| Yamaha Corporation (Consumer Discretionary, Leisure Equipment & Products) |
500 | 4,856 | ||||||||||
| Yamaha Motor Company Limited (Consumer Discretionary, Automobiles) |
700 | 9,768 | ||||||||||
| Yamato Holdings Company Limited (Industrials, Air Freight & Logistics) |
1,000 | 16,058 | ||||||||||
| Yamato Kogyo Company Limited (Materials, Metals & Mining) |
100 | 2,770 | ||||||||||
| Yaskawa Electric Corporation (Information Technology, Electronic Equipment, Instruments & Components) |
1,000 | 8,592 | ||||||||||
| Yokogawa Electric Corporation (Information Technology, Electronic Equipment, Instruments & Components) |
600 | 5,683 | ||||||||||
| 5,347,686 | ||||||||||||
|
|
|
|||||||||||
| Luxembourg: 0.47% | ||||||||||||
| Acergy SA (Energy, Energy Equipment & Services) |
738 | 14,586 | ||||||||||
| ArcelorMittal (Materials, Metals & Mining) |
2,200 | 41,431 | ||||||||||
| Millicom International Cellular SA (Telecommunication Services, Wireless Telecommunication Services) |
187 | 20,319 | ||||||||||
| SES SA (Consumer Discretionary, Media) |
808 | 19,913 | ||||||||||
| Tenaris SA (Energy, Energy Equipment & Services) |
1,240 | 23,267 | ||||||||||
| 119,516 | ||||||||||||
|
|
|
|||||||||||
| Mauritius: 0.04% | ||||||||||||
| Golden Agri-Resources Limited (Consumer Staples, Food Products) |
17,672 | 9,982 | ||||||||||
|
|
|
|||||||||||
| Netherlands: 2.61% | ||||||||||||
| Aegon NV (Financials, Insurance) |
4,107 | 17,929 | ||||||||||
| Akzo Nobel NV (Materials, Chemicals) |
593 | 30,008 | ||||||||||
| ASML Holding NV (Information Technology, Semiconductors & Semiconductor Equipment) |
1,124 | 44,375 | ||||||||||
| Boskalis Westminster NV (Industrials, Construction & Engineering) |
212 | 7,132 | ||||||||||
| Corio NV (Financials, REIT) |
163 | 7,269 | ||||||||||
| Delta Lloyd NV (Financials, Insurance) |
249 | 4,381 | ||||||||||
| European Aeronautic Defence & Space Company NV (Industrials, Aerospace & Defense) |
1,011 | 30,332 | ||||||||||
| Fugro NV (Energy, Energy Equipment & Services) |
173 | 9,683 | ||||||||||
| Heineken NV (Consumer Staples, Beverages) |
653 | 30,583 | ||||||||||
| Heineken Holding NV (Consumer Staples, Beverages) |
286 | 11,476 | ||||||||||
| ING Groep NV (Financials, Diversified Financial Services)† |
9,869 | 76,970 | ||||||||||
| Koninklijke Ahold NV (Consumer Staples, Food & Staples Retailing) |
3,020 | 38,445 | ||||||||||
| Koninklijke DSM NV (Consumer Staples, Food & Staples Retailing) |
394 | 19,187 | ||||||||||
| Koninklijke Philips Electronics NV (Materials, Chemicals) |
2,598 | 52,849 | ||||||||||
| Koninklijke Vopak NV (Industrials, Transportation Infrastructure) |
185 | 10,173 | ||||||||||
| QIAGEN NV (Health Care, Life Sciences Tools & Services)† |
611 | 9,055 | ||||||||||
| Randstad Holdings NV (Industrials, Commercial Services & Supplies) |
308 | 9,632 | ||||||||||
| Reed Elsevier NV (Consumer Discretionary, Media) |
1,750 | 20,629 | ||||||||||
| Royal KPN NV (Telecommunication Services, Diversified Telecommunication Services) |
3,804 | 46,557 | ||||||||||
| SBM Offshore NV (Energy, Energy Equipment & Services) |
422 | 9,088 | ||||||||||
| STMicroelectronics NV (Information Technology, Semiconductors & Semiconductor Equipment) |
1,622 | 10,280 | ||||||||||
| TNT Express NV (Industrials, Air Freight & Logistics) |
953 | 6,868 | ||||||||||
| Unilever NV (Consumer Staples, Food Products) |
4,194 | 142,847 | ||||||||||
| Wolters Kluwer NV (Consumer Discretionary, Media) |
810 | 14,091 | ||||||||||
| 659,839 | ||||||||||||
|
|
|
|||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 91 |
INTERNATIONAL INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| New Zealand: 0.12% | ||||||||||||
| Auckland International Airport Limited (Industrials, Transportation Infrastructure) |
2,874 | $ | 5,334 | |||||||||
| Contact Energy Limited (Utilities, Electric Utilities)† |
960 | 4,033 | ||||||||||
| Fletcher Building Limited (Materials, Construction Materials) |
1,647 | 7,795 | ||||||||||
| Sky City Entertainment Group Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) |
1,772 | 4,752 | ||||||||||
| Telecom Corporation of New Zealand Limited (Telecommunication Services, Diversified |
5,046 | 7,999 | ||||||||||
| 29,913 | ||||||||||||
|
|
|
|||||||||||
| Norway: 0.74% | ||||||||||||
| Aker Solutions ASA (Industrials, Construction & Engineering) |
397 | 4,648 | ||||||||||
| DnB Nor ASA (Financials, Commercial Banks) |
2,461 | 25,167 | ||||||||||
| Gjensidige Forsikring ASA (Financials, Insurance) |
504 | 5,839 | ||||||||||
| Norsk Hydro ASA (Materials, Metals & Mining) |
2,303 | 11,095 | ||||||||||
| Orkla ASA (Industrials, Industrial Conglomerates) |
2,081 | 15,869 | ||||||||||
| Statoil ASA (Energy, Oil, Gas & Consumable Fuels) |
2,831 | 73,209 | ||||||||||
| Telenor ASA (Telecommunication Services, Diversified Telecommunication Services) |
1,892 | 32,370 | ||||||||||
| Yara International ASA (Materials, Chemicals) |
484 | 19,702 | ||||||||||
| 187,899 | ||||||||||||
|
|
|
|||||||||||
| Portugal: 0.20% | ||||||||||||
| Banco Espirito Santo SA (Financials, Commercial Banks)« |
1,557 | 2,396 | ||||||||||
| Cimpor Cimentos de Portugal SA (Materials, Construction Materials) |
489 | 3,420 | ||||||||||
| Energias de Portugal SA (Utilities, Electric Utilities) |
4,543 | 14,561 | ||||||||||
| Galp Energia SGPS SA (Energy, Oil, Gas & Consumable Fuels) |
584 | 9,769 | ||||||||||
| Jeronimo Martins SA (Consumer Staples, Food & Staples Retailing) |
579 | 10,564 | ||||||||||
| Portugal Telecom SGPS SA (Telecommunication Services, Diversified Telecommunication Services) |
1,531 | 9,461 | ||||||||||
| 50,171 | ||||||||||||
|
|
|
|||||||||||
| Singapore: 1.50% | ||||||||||||
| Ascendas REIT (Financials, REIT) |
4,000 | 6,443 | ||||||||||
| CapitaLand Limited (Financials, Real Estate Management & Development) |
7,000 | 14,189 | ||||||||||
| CapitaMall Trust (Financials, REIT) |
5,670 | 7,849 | ||||||||||
| CapitaMalls Asia Limited (Financials, Real Estate Management & Development) |
4,000 | 4,072 | ||||||||||
| City Developments Limited (Financials, Real Estate Management & Development) |
1,000 | 7,742 | ||||||||||
| ComfortDelGro Corporation Limited (Industrials, Road & Rail) |
5,000 | 5,560 | ||||||||||
| Cosco Corporation Singapore Limited (Industrials, Machinery) |
2,000 | 1,440 | ||||||||||
| DBS Group Holdings Limited (Financials, Commercial Banks) |
4,943 | 49,155 | ||||||||||
| Fraser & Neave Limited (Industrials, Industrial Conglomerates) |
2,000 | 10,163 | ||||||||||
| Global Logistic Properties Limited (Financials, Real Estate Management & Development)† |
4,000 | 5,816 | ||||||||||
| Hutchison Port Holdings Trust (Industrials, Transportation Infrastructure) |
13,600 | 8,294 | ||||||||||
| Jardine Cycle & Carriage Limited (Consumer Discretionary, Distributors) |
122 | 4,468 | ||||||||||
| K-REIT Asia (Financials, REIT) |
40 | 28 | ||||||||||
| Keppel Corporation Limited (Industrials, Industrial Conglomerates) |
3,300 | 24,514 | ||||||||||
| Keppel Land Limited (Financials, Real Estate Management & Development) |
2,088 | 4,045 | ||||||||||
| Neptune Orient Lines Limited (Industrials, Marine) |
3,000 | 2,526 | ||||||||||
| Olam International Limited (Consumer Staples, Food & Staples Retailing) |
3,753 | 7,017 | ||||||||||
| Oversea-Chinese Banking Corporation Limited (Financials, Commercial Banks) |
6,757 | 43,043 | ||||||||||
| SembCorp Industries Limited (Industrials, Industrial Conglomerates) |
2,980 | 10,024 | ||||||||||
| SembCorp Marine Limited (Industrials, Marine) |
2,000 | 6,014 | ||||||||||
| Singapore Airlines Limited (Industrials, Airlines) |
1,600 | 13,110 | ||||||||||
| Singapore Exchange Limited (Financials, Diversified Financial Services) |
2,000 | 9,826 | ||||||||||
Table of Contents
| 92 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
INTERNATIONAL INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Singapore (continued) | ||||||||||||
| Singapore Press Holdings Limited (Consumer Discretionary, Media) |
4,000 | $ | 12,348 | |||||||||
| Singapore Telecommunications Limited (Telecommunication Services, Diversified Telecommunication Services) |
20,000 | 48,749 | ||||||||||
| StarHub Limited (Telecommunication Services, Wireless Telecommunication Services) |
2,000 | 4,468 | ||||||||||
| United Overseas Bank Limited (Financials, Commercial Banks) |
3,310 | 40,133 | ||||||||||
| United Overseas Land Limited (Financials, Real Estate Management & Development) |
1,000 | 3,360 | ||||||||||
| Wilmar International Limited (Consumer Staples, Food Products) |
5,000 | 20,286 | ||||||||||
| Yangzijiang Shipbuilding Holdings Limited (Industrials, Machinery) |
4,000 | 2,881 | ||||||||||
| 377,563 | ||||||||||||
|
|
|
|||||||||||
| South Africa: 0.09% | ||||||||||||
| Randgold Resources Limited (Materials, Metals & Mining) |
225 | 23,937 | ||||||||||
|
|
|
|||||||||||
| Spain: 3.26% | ||||||||||||
| Abertis Infraestructuras SA (Industrials, Transportation Infrastructure) |
1,016 | 16,227 | ||||||||||
| Acciona SA (Utilities, Electric Utilities) |
75 | 6,976 | ||||||||||
| Acerinox SA (Materials, Metals & Mining) |
291 | 3,934 | ||||||||||
| Actividades de Construccion y Servicios SA (Industrials, Construction & Engineering)« |
381 | 12,357 | ||||||||||
| Amadeus IT Holding SA (Information Technology, IT Services) |
759 | 12,834 | ||||||||||
| Banco Bilbao Vizcaya Argentaria SA (Financials, Commercial Banks) |
11,801 | 99,408 | ||||||||||
| Banco de Sabade SA (Financials, Commercial Banks)« |
2,845 | 9,519 | ||||||||||
| Banco de Valencia SA (Financials, Commercial Banks)† |
12 | 7 | ||||||||||
| Banco Popular Espanol SA (Financials, Commercial Banks)« |
2,267 | 9,681 | ||||||||||
| Banco Santander Central Hispano SA (Financials, Commercial Banks) |
21,802 | 163,651 | ||||||||||
| Bankia SA (Financials, Commercial Banks) |
2,155 | 10,772 | ||||||||||
| Bankinter SA (Financials, Commercial Banks) |
547 | 3,075 | ||||||||||
| Cintra Concesiones de Infraestructuras de Transporte SA (Industrials, Construction & Engineering) |
930 | 11,533 | ||||||||||
| Criteria CaixaCorp SA (Financials, Diversified Financial Services) |
2,184 | 11,192 | ||||||||||
| Distribuidora Internacional SA (Consumer Staples, Food & Staples Retailing)† |
1,534 | 6,926 | ||||||||||
| EDP Renovaveis SA (Utilities, Independent Power Producers & Energy Traders)† |
637 | 3,681 | ||||||||||
| Enagas SA (Utilities, Gas Utilities) |
470 | 8,819 | ||||||||||
| Fomento de Construcciones y Contratas SA (Industrials, Construction & Engineering) |
112 | 2,899 | ||||||||||
| Gas Natural SDG SA (Utilities, Gas Utilities) |
894 | 15,563 | ||||||||||
| Grifols SA (Health Care, Biotechnology) |
405 | 6,548 | ||||||||||
| Iberdrola SA (Utilities, Electric Utilities) |
9,845 | 65,606 | ||||||||||
| Indra Sistemas SA (Information Technology, IT Services) |
268 | 3,778 | ||||||||||
| Industria de Diseno Textil SA (Consumer Discretionary, Specialty Retail) |
556 | 47,278 | ||||||||||
| International Consolidated Airlines Group SA (Industrials, Airlines)† |
2,367 | 5,509 | ||||||||||
| Mapfre SA (Financials, Insurance) |
2,292 | 7,672 | ||||||||||
| Red Electrica de Espana SA (Utilities, Electric Utilities) |
279 | 12,265 | ||||||||||
| Repsol YPF SA (Energy, Oil, Gas & Consumable Fuels) |
2,007 | 60,593 | ||||||||||
| Telefonica SA (Telecommunication Services, Diversified Telecommunication Services) |
10,535 | 197,830 | ||||||||||
| Zardoya-Otis SA (Industrials, Machinery) |
434 | 6,115 | ||||||||||
| 822,248 | ||||||||||||
|
|
|
|||||||||||
| Sweden: 2.91% | ||||||||||||
| Alfa Laval AB (Industrials, Machinery) |
868 | 16,740 | ||||||||||
| Assa Abloy AB Class B (Industrials, Building Products) |
787 | 19,357 | ||||||||||
| Atlas Copco AB Class A (Industrials, Machinery) |
1,750 | 37,550 | ||||||||||
| Atlas Copco AB Class B (Industrials, Machinery) |
974 | 18,590 | ||||||||||
| Boliden AB (Materials, Metals & Mining) |
704 | 10,207 | ||||||||||
| Electrolux AB Class B (Consumer Discretionary, Household Durables) |
623 | 10,849 | ||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 93 |
INTERNATIONAL INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Sweden (continued) | ||||||||||||
| Getinge AB (Health Care, Health Care Equipment & Supplies) |
506 | $ | 13,043 | |||||||||
| Hennes & Mauritz AB Class B (Consumer Discretionary, Specialty Retail) |
2,597 | 82,507 | ||||||||||
| Hexagon AB (Industrials, Machinery) |
666 | 10,159 | ||||||||||
| Holmen AB Class B (Materials, Paper & Forest Products) |
131 | 3,627 | ||||||||||
| Husqvarna AB A Shares (Consumer Discretionary, Household Durables) |
1 | 5 | ||||||||||
| Husqvarna AB B Shares (Consumer Discretionary, Household Durables) |
1,207 | 5,969 | ||||||||||
| Industrivarden AB Class C (Financials, Diversified Financial Services)† |
303 | 3,695 | ||||||||||
| Investor AB (Financials, Diversified Financial Services) |
1,200 | 22,382 | ||||||||||
| Kinnevik Investment AB (Financials, Diversified Financial Services) |
550 | 11,197 | ||||||||||
| Lundin Petroleum AB (Energy, Oil, Gas & Consumable Fuels)† |
573 | 14,674 | ||||||||||
| Modern Times Group AB (Consumer Discretionary, Media)† |
133 | 6,464 | ||||||||||
| Nordea Bank AB (Financials, Commercial Banks) |
6,663 | 53,050 | ||||||||||
| Ratos AB B Shares (Financials, Capital Markets) |
494 | 5,755 | ||||||||||
| Sandvik AB (Industrials, Machinery) |
2,563 | 32,852 | ||||||||||
| Scania AB Class B (Industrials, Machinery) |
800 | 12,250 | ||||||||||
| Securitas AB (Industrials, Commercial Services & Supplies) |
751 | 6,629 | ||||||||||
| Skandinaviska Enskilda Banken AB Class A (Financials, Commercial Banks) |
3,586 | 20,899 | ||||||||||
| Skanska AB (Industrials, Construction & Engineering) |
1,011 | 15,741 | ||||||||||
| SKF AB Class B (Industrials, Machinery) |
977 | 20,897 | ||||||||||
| SSAB Svenskt Stal AB Class A (Materials, Metals & Mining) |
392 | 3,565 | ||||||||||
| Svenska Cellulosa AB Class B (Materials, Paper & Forest Products) |
1,442 | 21,457 | ||||||||||
| Svenska Handelsbanken AB (Financials, Commercial Banks) |
1,249 | 32,976 | ||||||||||
| Swedbank AB (Financials, Commercial Banks) |
2,065 | 27,625 | ||||||||||
| Swedish Match AB (Consumer Staples, Tobacco) |
556 | 18,237 | ||||||||||
| Tele2 AB (Telecommunication Services, Diversified Telecommunication Services) |
821 | 16,374 | ||||||||||
| Telefonaktiebolaget LM Ericsson B Shares (Information Technology, Communications Equipment) |
7,617 | 81,260 | ||||||||||
| Teliasonera AB (Telecommunication Services, Diversified Telecommunication Services) |
5,371 | 36,638 | ||||||||||
| Volvo AB Class B (Industrials, Machinery) |
3,492 | 40,154 | ||||||||||
| 733,374 | ||||||||||||
|
|
|
|||||||||||
| Switzerland: 8.03% | ||||||||||||
| ABB Limited (Industrials, Electrical Equipment) |
5,644 | 106,994 | ||||||||||
| Actelion Limited (Health Care, Biotechnology) |
259 | 9,057 | ||||||||||
| Adecco SA (Industrials, Professional Services) |
330 | 14,353 | ||||||||||
| Aryzta AG (Consumer Staples, Food Products) |
205 | 9,897 | ||||||||||
| Baloise Holding AG (Financials, Insurance) |
132 | 9,363 | ||||||||||
| Barry Callebaut AG (Consumer Staples, Food Products) |
5 | 4,553 | ||||||||||
| Compagnie Financiere Richemont SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods) |
1,332 | 72,282 | ||||||||||
| Credit Suisse Group AG (Financials, Capital Markets) |
2,938 | 70,910 | ||||||||||
| Geberit AG (Industrials, Building Products) |
97 | 18,615 | ||||||||||
| Givaudan SA (Materials, Chemicals) |
22 | 20,447 | ||||||||||
| Holcim Limited (Materials, Construction Materials) |
624 | 34,954 | ||||||||||
| Julius Baer Group Limited (Financials, Capital Markets) |
520 | 18,621 | ||||||||||
| Julius Baer Holding AG (Financials, Capital Markets) |
503 | 5,883 | ||||||||||
| Kuehne & Nagel International AG (Industrials, Marine) |
145 | 17,703 | ||||||||||
| Lindt & Spruengli AG (Participation Certificate) (Consumer Staples, Food Products) |
2 | 6,115 | ||||||||||
| Lonza Group AG (Health Care, Life Sciences Tools & Services) |
135 | 8,279 | ||||||||||
| Nestle SA (Consumer Staples, Food Products) |
8,497 | 476,875 | ||||||||||
| Novartis AG (Health Care, Pharmaceuticals) |
6,009 | 324,511 | ||||||||||
| Pargesa Holding SA (Financials, Diversified Financial Services) |
80 | 5,764 | ||||||||||
| Partners Group Holding AG (Financials, Diversified Financial Services) |
34 | 6,271 | ||||||||||
Table of Contents
| 94 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
INTERNATIONAL INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Switzerland (continued) | ||||||||||||
| Phonak Holding AG (Health Care, Health Care Equipment & Supplies) |
119 | $ | 12,478 | |||||||||
| Roche Holdings AG (Health Care, Pharmaceuticals) |
1,801 | 286,493 | ||||||||||
| Schindler Holding AG (Industrials, Machinery) |
126 | 15,149 | ||||||||||
| Schindler Holding AG (Participation Certificate) (Industrials, Machinery) |
64 | 7,810 | ||||||||||
| SGS Societe Generale de Surveillance Holding SA (Industrials, Commercial Services & Supplies) |
14 | 23,689 | ||||||||||
| Sika AG (Materials, Chemicals) |
5 | 9,378 | ||||||||||
| Straumann Holding AG (Health Care, Health Care Equipment & Supplies) |
23 | 4,044 | ||||||||||
| Sulzer AG (Industrials, Machinery) |
61 | 6,810 | ||||||||||
| Swatch Group AG (Consumer Discretionary, Textiles, Apparel & Luxury Goods) |
114 | 8,051 | ||||||||||
| Swatch Group AG Class B (Consumer Discretionary, Textiles, Apparel & Luxury Goods) |
79 | 30,812 | ||||||||||
| Swiss Life Holding (Financials, Insurance) |
80 | 8,379 | ||||||||||
| Swiss Re Limited (Financials, Insurance)† |
900 | 47,611 | ||||||||||
| Swisscom AG (Telecommunication Services, Diversified Telecommunication Services) |
61 | 23,036 | ||||||||||
| Syngenta AG (Materials, Chemicals) |
240 | 70,626 | ||||||||||
| Transocean Limited (Energy, Energy Equipment & Services) |
812 | 35,378 | ||||||||||
| UBS AG (Financials, Capital Markets) |
9,370 | 115,386 | ||||||||||
| Zurich Financial Services AG (Financials, Insurance) |
368 | 81,048 | ||||||||||
| 2,027,625 | ||||||||||||
|
|
|
|||||||||||
| United Kingdom: 22.50% | ||||||||||||
| 3I Group plc (Financials, Capital Markets) |
2,452 | 7,346 | ||||||||||
| Admiral Group plc (Financials, Insurance) |
527 | 7,627 | ||||||||||
| Aggreko plc (Industrials, Commercial Services & Supplies) |
656 | 19,556 | ||||||||||
| AMEC plc (Energy, Energy Equipment & Services) |
854 | 11,687 | ||||||||||
| Anglo American plc (Materials, Metals & Mining) |
3,370 | 128,656 | ||||||||||
| Antofagasta plc (Materials, Metals & Mining) |
1,039 | 19,403 | ||||||||||
| ARM Holdings plc (Information Technology, Semiconductors & Semiconductor Equipment) |
3,379 | 31,752 | ||||||||||
| Associated British Foods plc (Consumer Staples, Food Products) |
924 | 16,127 | ||||||||||
| AstraZeneca plc (Health Care, Pharmaceuticals) |
3,460 | 159,360 | ||||||||||
| Aviva plc (Financials, Insurance) |
7,167 | 35,178 | ||||||||||
| Babcock International Group plc (Industrials, Commercial Services & Supplies) |
965 | 11,019 | ||||||||||
| BAE Systems plc (Industrials, Aerospace & Defense) |
8,644 | 37,319 | ||||||||||
| Balfour Beatty plc (Industrials, Construction & Engineering) |
1,651 | 6,536 | ||||||||||
| Barclays plc (Financials, Commercial Banks) |
29,817 | 85,895 | ||||||||||
| BG Group plc (Health Care, Health Care Providers & Services) |
8,698 | 186,562 | ||||||||||
| BHP Billiton plc (Materials, Metals & Mining) |
5,473 | 168,307 | ||||||||||
| BP plc (Energy, Oil, Gas & Consumable Fuels) |
48,773 | 353,231 | ||||||||||
| British American Tobacco plc (Consumer Staples, Tobacco) |
5,097 | 236,537 | ||||||||||
| British Land Company plc (Financials, REIT) |
2,154 | 16,813 | ||||||||||
| British Sky Broadcasting plc (Consumer Discretionary, Media) |
2,964 | 35,690 | ||||||||||
| BT Group plc (Telecommunication Services, Diversified Telecommunication Services) |
19,886 | 59,507 | ||||||||||
| Bunzl plc (Industrials, Trading Companies & Distributors) |
890 | 11,628 | ||||||||||
| Burberry Group plc (Consumer Discretionary, Textiles, Apparel & Luxury Goods) |
1,138 | 22,798 | ||||||||||
| Cairn Energy plc (Energy, Oil, Gas & Consumable Fuels)† |
3,676 | 15,803 | ||||||||||
| Capita Group plc (Industrials, Commercial Services & Supplies) |
1,540 | 15,272 | ||||||||||
| Carnival plc (Consumer Discretionary, Hotels, Restaurants & Leisure) |
445 | 15,326 | ||||||||||
| Centrica plc (Utilities, Multi-Utilities) |
13,315 | 63,292 | ||||||||||
| Cobham plc (Industrials, Aerospace & Defense) |
3,032 | 8,435 | ||||||||||
| Compass Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure) |
4,816 | 44,664 | ||||||||||
| Diageo plc (Consumer Staples, Beverages) |
6,447 | 138,082 | ||||||||||
| Essar Energy plc (Energy, Oil, Gas & Consumable Fuels) |
856 | 3,140 | ||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 95 |
INTERNATIONAL INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| United Kingdom (continued) | ||||||||||||
| Eurasian Natural Resources Corporation (Materials, Metals & Mining) |
677 | $ | 7,111 | |||||||||
| Experian Group Limited (Financials, Diversified Financial Services) |
2,586 | 34,390 | ||||||||||
| Fresnillo plc (Materials, Metals & Mining) |
472 | 12,764 | ||||||||||
| G4S plc (Industrials, Commercial Services & Supplies) |
3,697 | 14,893 | ||||||||||
| Genting International plc (Consumer Staples, Hotels, Restaurants & Leisure)† |
16,000 | 19,449 | ||||||||||
| GKN plc (Consumer Discretionary, Auto Components) |
3,863 | 11,866 | ||||||||||
| GlaxoSmithKline plc (Health Care, Pharmaceuticals) |
13,065 | 289,547 | ||||||||||
| Glencore International plc (Materials, Metals & Mining)† |
2,119 | 13,283 | ||||||||||
| Hammerson plc (Financials, REIT) |
1,929 | 11,894 | ||||||||||
| HSBC Holdings plc (Financials, Commercial Banks) |
46,112 | 359,694 | ||||||||||
| ICAP plc (Financials, Capital Markets) |
1,464 | 8,189 | ||||||||||
| Imperial Tobacco Group plc (Consumer Staples, Tobacco) |
2,576 | 92,677 | ||||||||||
| Inmarsat plc (Telecommunication Services, Diversified Telecommunication Services) |
1,153 | 7,938 | ||||||||||
| Intercontinental Hotels Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure) |
768 | 13,353 | ||||||||||
| International Power plc (Utilities, Independent Power Producers & Energy Traders) |
4,003 | 21,154 | ||||||||||
| Intertek Group plc (Industrials, Commercial Services & Supplies) |
409 | 12,396 | ||||||||||
| Invensys plc (Industrials, Machinery) |
2,127 | 6,812 | ||||||||||
| Investec plc (Financials, Capital Markets) |
1,364 | 7,766 | ||||||||||
| ITV plc (Consumer Discretionary, Media) |
9,733 | 9,954 | ||||||||||
| J Sainsbury plc (Consumer Staples, Food & Staples Retailing) |
3,228 | 15,460 | ||||||||||
| Johnson Matthey plc (Materials, Chemicals) |
558 | 16,821 | ||||||||||
| Kazakhmys plc (Materials, Metals & Mining) |
540 | 7,877 | ||||||||||
| Kingfisher plc (Consumer Discretionary, Specialty Retail) |
6,383 | 25,724 | ||||||||||
| Land Securities Group plc (Financials, REIT) |
1,987 | 21,488 | ||||||||||
| Legal & General Group plc (Financials, Insurance) |
15,410 | 25,742 | ||||||||||
| Liberty International plc (Financials, REIT) |
1,382 | 6,992 | ||||||||||
| Lloyds TSB Group plc (Financials, Commercial Banks)† |
104,296 | 40,814 | ||||||||||
| London Stock Exchange Group plc (Financials, Diversified Financial Services) |
442 | 6,008 | ||||||||||
| Lonmin plc (Materials, Metals & Mining) |
458 | 7,727 | ||||||||||
| Man Group plc (Financials, Capital Markets) |
4,465 | 10,007 | ||||||||||
| Marks & Spencer Group plc (Consumer Discretionary, Multiline Retail) |
4,158 | 21,635 | ||||||||||
| Meggitt plc (Industrials, Aerospace & Defense) |
2,001 | 12,007 | ||||||||||
| National Grid plc (Utilities, Multi-Utilities) |
9,164 | 90,057 | ||||||||||
| Next plc (Consumer Discretionary, Multiline Retail) |
452 | 19,105 | ||||||||||
| Old Mutual plc (Financials, Insurance) |
14,620 | 26,125 | ||||||||||
| Pearson plc (Consumer Discretionary, Media) |
2,045 | 37,149 | ||||||||||
| Petrofac Limited (Energy, Energy Equipment & Services) |
672 | 15,364 | ||||||||||
| Prudential plc (Financials, Insurance) |
6,444 | 63,426 | ||||||||||
| Reckitt Benckiser Group (Consumer Staples, Household Products) |
1,591 | 80,716 | ||||||||||
| Reed Elsevier plc (Consumer Discretionary, Media) |
3,197 | 26,587 | ||||||||||
| Resolution Limited (Financials, Insurance) |
4,020 | 14,921 | ||||||||||
| Rexam plc (Materials, Containers & Packaging) |
2,310 | 12,526 | ||||||||||
| Rio Tinto plc (Materials, Metals & Mining) |
3,602 | 189,630 | ||||||||||
| Rolls Royce Holding plc Entitlement C Shares (Industrials, Aerospace & Defense)(a) |
326,163 | 512 | ||||||||||
| Rolls Royce Holdings plc (Industrials, Aerospace & Defense) |
4,727 | 54,334 | ||||||||||
| Royal Bank of Scotland Group plc (Financials, Commercial Banks)† |
45,689 | 15,208 | ||||||||||
| Royal Dutch Shell plc Class A (Energy, Oil, Gas & Consumable Fuels) |
9,275 | 324,389 | ||||||||||
| Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels) |
6,913 | 249,107 | ||||||||||
| SABMiller plc (Consumer Staples, Beverages) |
2,454 | 86,645 | ||||||||||
| Sage Group plc (Information Technology, Software) |
3,406 | 15,566 | ||||||||||
| Schroders plc (Financials, Capital Markets) |
278 | 5,880 | ||||||||||
Table of Contents
| 96 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
INTERNATIONAL INDEX PORTFOLIO
| Security Name | Shares | Value | ||||||||||||||
| United Kingdom (continued) | ||||||||||||||||
| Scottish & Southern Energy plc (Utilities, Electric Utilities) |
2,478 | $ | 51,311 | |||||||||||||
| Segro plc (Financials, REIT) |
1,793 | 6,361 | ||||||||||||||
| Serco Group plc (Industrials, Commercial Services & Supplies) |
1,298 | 10,026 | ||||||||||||||
| Severn Trent plc (Utilities, Water Utilities) |
602 | 14,629 | ||||||||||||||
| Shire Limited plc (Health Care, Pharmaceuticals) |
1,417 | 47,651 | ||||||||||||||
| Smith & Nephew plc (Health Care, Health Care Equipment & Supplies) |
2,242 | 20,484 | ||||||||||||||
| Smiths Group plc (Industrials, Industrial Conglomerates) |
1,055 | 15,763 | ||||||||||||||
| Standard Chartered plc (Financials, Commercial Banks) |
6,169 | 134,304 | ||||||||||||||
| Standard Life plc (Financials, Insurance) |
6,334 | 20,174 | ||||||||||||||
| Tate & Lyle plc (Consumer Staples, Food Products) |
1,203 | 12,749 | ||||||||||||||
| Tesco plc (Consumer Staples, Food & Staples Retailing) |
20,432 | 130,450 | ||||||||||||||
| TUI Travel plc (Consumer Discretionary, Hotels, Restaurants & Leisure) |
1,657 | 4,497 | ||||||||||||||
| Tullow Oil plc (Energy, Oil, Gas & Consumable Fuels) |
2,267 | 49,561 | ||||||||||||||
| Unilever plc (Consumer Staples, Food Products) |
3,287 | 110,417 | ||||||||||||||
| United Utilities Group plc (Utilities, Multi-Utilities) |
1,772 | 17,542 | ||||||||||||||
| Vedanta Resources plc (Materials, Metals & Mining) |
299 | 5,015 | ||||||||||||||
| Vodafone Group plc (Telecommunication Services, Wireless Telecommunication Services) |
|
130,875 | 354,293 | |||||||||||||
| Weir Group plc (Industrials, Machinery) |
554 | 18,007 | ||||||||||||||
| Whitbread plc (Consumer Discretionary, Hotels, Restaurants & Leisure) |
457 | 11,839 | ||||||||||||||
| William Morrison Supermarkets plc (Consumer Staples, Food & Staples Retailing) |
5,798 | 29,395 | ||||||||||||||
| Wolseley plc (Industrials, Trading Companies & Distributors) |
710 | 21,287 | ||||||||||||||
| WPP plc (Consumer Discretionary, Media) |
3,240 | 34,064 | ||||||||||||||
| Xstrata plc (Materials, Metals & Mining) |
5,346 | 85,823 | ||||||||||||||
| 5,678,869 | ||||||||||||||||
|
|
|
|||||||||||||||
| United States: 0.11% | ||||||||||||||||
| NYSE Euronext (Financials, Diversified Financial Services) |
1 | 29 | ||||||||||||||
| Synthes Incorporated (Health Care, Health Care Equipment & Supplies)† |
165 | 27,305 | ||||||||||||||
| 27,334 | ||||||||||||||||
|
|
|
|||||||||||||||
| Total Common Stocks (Cost $25,149,043) |
|
24,765,795 | ||||||||||||||
|
|
|
|||||||||||||||
| Dividend Yield | ||||||||||||||||
| Preferred Stocks: 0.52% | ||||||||||||||||
| Germany: 0.52% | ||||||||||||||||
| Bayerische Motoren Werke AG (Consumer Discretionary, Automobiles) |
3.43 | % | 124 | 6,533 | ||||||||||||
| Henkel KGaA (Consumer Staples, Household Products) |
1.63 | 469 | 27,952 | |||||||||||||
| Porsche AG (Consumer Discretionary, Automobiles) |
1.12 | 404 | 24,757 | |||||||||||||
| ProSiebenSat.1 (Consumer Discretionary, Media) |
7.87 | 200 | 3,957 | |||||||||||||
| RWE AG (Utilities, Electric Utilities) |
12.68 | 116 | 4,316 | |||||||||||||
| Volkswagen AG (Consumer Discretionary, Automobiles) |
1.78 | 369 | 63,762 | |||||||||||||
|
|
|
|||||||||||||||
| Total Preferred Stocks (Cost $105,050) |
|
131,277 | ||||||||||||||
|
|
|
|||||||||||||||
| Expiration Date | ||||||||||||||||
| Rights: 0.00% | ||||||||||||||||
| Australia: 0.00% | ||||||||||||||||
| Bluescope Steel Limited (Materials, Metals & Mining)† |
12/14/2011 | 3,842 | 43 | |||||||||||||
|
|
|
|||||||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 97 |
INTERNATIONAL INDEX PORTFOLIO
| Security Name | Expiration Date | Shares | Value | |||||||||||||
| Singapore: 0.00% | ||||||||||||||||
| K-REIT Asia (Financials, REIT)†(a) |
12/05/2011 | 34 | $ | 0 | ||||||||||||
|
|
|
|||||||||||||||
| Total Rights (Cost $0) |
|
43 | ||||||||||||||
|
|
|
|||||||||||||||
| Warrants: 0.00% |
|
|||||||||||||||
| Golden Agri-Resources Limited (Consumer Staples, Food Products)† |
07/23/2012 | 2,828 | 346 | |||||||||||||
|
|
|
|||||||||||||||
| Total Warrants (Cost $0) |
|
346 | ||||||||||||||
|
|
|
|||||||||||||||
| Short-Term Investments: 2.13% |
|
|||||||||||||||
| Yield | ||||||||||||||||
| Investment Companies: 2.13% | ||||||||||||||||
| Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class(l)(u) |
0.05 | % | 395,186 | 395,186 | ||||||||||||
| Wells Fargo Securities Lending Cash Investment, LLC(v)(l)(u)(r) |
0.17 | 141,007 | 141,007 | |||||||||||||
| Total Short-Term Investments (Cost $536,193) |
|
536,193 | ||||||||||||||
|
|
|
|||||||||||||||
| Total Investments in Securities | ||||||||
| (Cost $25,790,286)* | 100.79 | % | 25,433,654 | |||||
| Other Assets and Liabilities, Net |
(0.79 | ) | (198,914 | ) | ||||
|
|
|
|
|
|||||
| Total Net Assets | 100.00 | % | $ | 25,234,740 | ||||
|
|
|
|
|
| † | Non-income earning security. |
| (a) | Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees. |
| « | All or a portion of this security is on loan. |
| (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. |
| * | Cost for federal income tax purposes is $27,187,555 and net unrealized appreciation (depreciation) consists of: |
| Gross unrealized appreciation |
$ | 2,144,760 | ||
| Gross unrealized depreciation |
(3,898,661 | ) | ||
|
|
|
|||
| Net unrealized depreciation |
$ | (1,753,901 | ) |
The following table shows the percent of total long-term investments by sector as of November 30, 2011:
| Financials |
21.9 | % | ||
| Industrials |
11.8 | % | ||
| Consumer Staples |
11.4 | % | ||
| Consumer Discretionary |
10.7 | % | ||
| Materials |
10.5 | % | ||
| Health Care |
10.2 | % | ||
| Energy |
8.4 | % | ||
| Telecommunication Services |
6.0 | % | ||
| Information Technology |
4.6 | % | ||
| Utilities |
4.5 | % | ||
|
|
|
|||
| 100.0 | % | |||
|
|
|
The accompanying notes are an integral part of these financial statements.
Table of Contents
| 98 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
INTERNATIONAL VALUE PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Common Stocks: 94.72% |
||||||||||||
| Australia: 4.97% | ||||||||||||
| Bendigo Bank Limited (Financials, Commercial Banks) |
272,500 | $ | 2,578,517 | |||||||||
| BlueScope Steel Limited (Materials, Metals & Mining) |
404,900 | 165,124 | ||||||||||
| Challenger Financial Services Group Limited (Financials, Diversified Financial Services) |
475,400 | 2,122,517 | ||||||||||
| Downer EDI Limited (Industrials, Commercial Services & Supplies) |
425,500 | 1,393,916 | ||||||||||
| Goodman Fielder Limited (Consumer Staples, Food Products) |
2,434,683 | 1,334,040 | ||||||||||
| Grain Corporation Limited (Consumer Staples, Food Products) |
114,000 | 906,433 | ||||||||||
| Metcash Limited (Consumer Staples, Food & Staples Retailing) |
446,500 | 1,871,348 | ||||||||||
| Mincor Resources NL (Materials, Metals & Mining) |
570,994 | 456,964 | ||||||||||
| OneSteel Limited (Materials, Metals & Mining) |
934,300 | 837,743 | ||||||||||
| Sally Malay Mining Limited (Materials, Metals & Mining) |
368,800 | 550,749 | ||||||||||
| Telstra Corporation Limited (Telecommunication Services, Diversified Telecommunication Services) |
818,100 | 2,688,009 | ||||||||||
| 14,905,360 | ||||||||||||
|
|
|
|||||||||||
| Austria: 0.87% | ||||||||||||
| Erste Bank Der Oesterreichischen Sparkassen AG (Financials, Commercial Banks) |
22,100 | 383,389 | ||||||||||
| OMV AG (Energy, Oil, Gas & Consumable Fuels) |
41,100 | 1,364,862 | ||||||||||
| Voestalpine AG (Materials, Metals & Mining) |
29,200 | 849,148 | ||||||||||
| 2,597,399 | ||||||||||||
|
|
|
|||||||||||
| Belgium: 1.32% | ||||||||||||
| Delhaize Group (Consumer Staples, Food & Staples Retailing) |
39,400 | 2,323,638 | ||||||||||
| KBC Groep NV (Financials, Commercial Banks) |
53,400 | 598,186 | ||||||||||
| Tessenderlo Chemie NV (Materials, Chemicals) |
37,000 | 1,027,759 | ||||||||||
| 3,949,583 | ||||||||||||
|
|
|
|||||||||||
| Brazil: 1.73% | ||||||||||||
| Banco do Brasil SA (Financials, Commercial Banks) |
130,500 | 1,746,399 | ||||||||||
| Cia Saneamento Basico de Sau Paulo (Utilities, Water Utilities) |
84,400 | 2,333,152 | ||||||||||
| Cia Saneamento Minas Gerais (Utilities, Water Utilities) |
63,200 | 1,127,804 | ||||||||||
| 5,207,355 | ||||||||||||
|
|
|
|||||||||||
| Canada: 2.07% | ||||||||||||
| Magna International Incorporated Class A (Consumer Discretionary, Auto Components)« |
54,400 | 1,940,895 | ||||||||||
| Metro Incorporated (Consumer Staples, Food & Staples Retailing)« |
58,500 | 2,956,689 | ||||||||||
| Westjet Airlines Limited (Industrials, Airlines) |
117,800 | 1,301,638 | ||||||||||
| 6,199,222 | ||||||||||||
|
|
|
|||||||||||
| China: 2.16% | ||||||||||||
| China Communications (Telecommunication Services, Diversified Telecommunication Services) |
2,054,000 | 991,694 | ||||||||||
| China Petroleum & Chemical Corporation (Energy, Oil, Gas & Consumable Fuels) |
4,269,000 | 4,520,174 | ||||||||||
| China Railway Construction Corporation (Industrials, Construction & Engineering) |
1,747,500 | 985,303 | ||||||||||
| 6,497,171 | ||||||||||||
|
|
|
|||||||||||
| Denmark: 0.81% | ||||||||||||
| Danske Bank A/S (Financials, Commercial Banks) |
45,600 | 636,723 | ||||||||||
| H. Lundbeck A/S (Health Care, Pharmaceuticals) |
93,000 | 1,802,414 | ||||||||||
| 2,439,137 | ||||||||||||
|
|
|
|||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 99 |
INTERNATIONAL VALUE PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Finland: 0.78% | ||||||||||||
| Nokia Oyj (Telecommunication Services, Diversified Telecommunication Services) |
183,900 | $ | 1,062,866 | |||||||||
| TietoEnator Oyj (Information Technology, IT Services) |
82,700 | 1,277,099 | ||||||||||
| 2,339,965 | ||||||||||||
|
|
|
|||||||||||
| France: 7.41% | ||||||||||||
| AXA SA (Financials, Insurance) |
54,000 | 781,899 | ||||||||||
| BNP Paribas SA (Financials, Commercial Banks) |
30,200 | 1,202,202 | ||||||||||
| Credit Agricole SA (Financials, Commercial Banks) |
219,328 | 1,409,870 | ||||||||||
| France Telecom SA (Telecommunication Services, Diversified Telecommunication Services) |
86,100 | 1,486,132 | ||||||||||
| Rallye SA (Consumer Staples, Food & Staples Retailing) |
22,900 | 695,362 | ||||||||||
| Sanofi-Aventis SA (Health Care, Pharmaceuticals) |
88,338 | 6,178,883 | ||||||||||
| SCOR SE (Financials, Insurance) |
109,700 | 2,620,471 | ||||||||||
| Societe Generale (Financials, Commercial Banks) |
18,428 | 450,238 | ||||||||||
| Total SA (Energy, Oil, Gas & Consumable Fuels) |
85,500 | 4,411,160 | ||||||||||
| Vivendi SA (Consumer Discretionary, Media) |
130,400 | 3,007,811 | ||||||||||
| 22,244,028 | ||||||||||||
|
|
|
|||||||||||
| Germany: 7.08% | ||||||||||||
| Allianz AG (Financials, Insurance) |
33,100 | 3,439,886 | ||||||||||
| BASF SE (Materials, Chemicals) |
46,500 | 3,396,980 | ||||||||||
| Deutsche Bank AG (Financials, Capital Markets) |
41,200 | 1,609,809 | ||||||||||
| E.ON AG (Utilities, Electric Utilities) |
52,800 | 1,306,993 | ||||||||||
| Hannover Rueckversicherung AG (Financials, Insurance) |
31,000 | 1,618,366 | ||||||||||
| Metro AG (Consumer Staples, Food & Staples Retailing) |
49,800 | 2,457,440 | ||||||||||
| Muenchener Rueckversicherungs-Gesellschaft AG (Financials, Insurance) |
19,700 | 2,489,668 | ||||||||||
| Norddeutsche Affinerie AG (Materials, Metals & Mining) |
25,900 | 1,477,937 | ||||||||||
| RWE AG (Utilities, Multi-Utilities) |
40,900 | 1,695,480 | ||||||||||
| Thyssenkrupp AG (Materials, Metals & Mining) |
68,300 | 1,764,183 | ||||||||||
| 21,256,742 | ||||||||||||
|
|
|
|||||||||||
| Hong Kong: 1.84% | ||||||||||||
| Cathay Pacific Airways Limited (Industrials, Airlines) |
543,000 | 981,043 | ||||||||||
| Chaoda Modern Agriculture Limited (Consumer Staples, Food Products)(a) |
2,260,000 | 240,000 | ||||||||||
| Johnson Electric Holdings Limited (Industrials, Electrical Equipment) |
1,133,500 | 628,245 | ||||||||||
| Kingboard Laminates Holdings Limited (Information Technology, Electronic Equipment, Instruments & Components) |
2,204,000 | 1,049,329 | ||||||||||
| Lonking Holdings Limited (Industrials, Machinery)« |
3,973,000 | 1,376,206 | ||||||||||
| Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) |
429,500 | 1,251,726 | ||||||||||
| 5,526,549 | ||||||||||||
|
|
|
|||||||||||
| India: 0.62% | ||||||||||||
| Tata Steel Limited GDR (Industrials, Machinery) |
245,900 | 1,854,675 | ||||||||||
|
|
|
|||||||||||
| Indonesia: 0.11% | ||||||||||||
| Pt Japfa Comfeed Indones (Consumer Staples, Food Products) |
676,500 | 344,880 | ||||||||||
|
|
|
|||||||||||
| Ireland: 0.01% | ||||||||||||
| Allied Irish Banks plc (Financials, Commercial Banks) |
79,300 | 6,926 | ||||||||||
| Bank of Ireland plc (Financials, Commercial Banks) |
225,000 | 28,144 | ||||||||||
| Irish Life & Permanent Group Holdings plc (Financials, Insurance) |
111,500 | 4,794 | ||||||||||
| 39,864 | ||||||||||||
|
|
|
|||||||||||
Table of Contents
| 100 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
INTERNATIONAL VALUE PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Israel: 1.07% | ||||||||||||
| Bank Hapoalim Limited (Financials, Commercial Banks) |
451,300 | $ | 1,551,858 | |||||||||
| Teva Pharmaceutical Industries Limited (Health Care, Pharmaceuticals) |
42,153 | 1,671,091 | ||||||||||
| 3,222,949 | ||||||||||||
|
|
|
|||||||||||
| Italy: 2.16% | ||||||||||||
| Benetton Group SpA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)« |
141,055 | 692,850 | ||||||||||
| Enel SpA (Utilities, Multi-Utilities)« |
688,400 | 2,933,201 | ||||||||||
| ENI SpA (Energy, Oil, Gas & Consumable Fuels) |
135,200 | 2,863,301 | ||||||||||
| 6,489,352 | ||||||||||||
|
|
|
|||||||||||
| Japan: 19.29% | ||||||||||||
| Adeka Corporation (Materials, Chemicals) |
203,200 | 1,957,263 | ||||||||||
| Chiba Bank Limited (Financials, Commercial Banks) |
208,000 | 1,356,718 | ||||||||||
| Comsys Holdings Corporation (Industrials, Construction & Engineering) |
169,600 | 1,731,790 | ||||||||||
| Edion Corporation (Consumer Discretionary, Specialty Retail) |
73,600 | 576,405 | ||||||||||
| Eizo Nanao Corporation (Information Technology, Computers & Peripherals) |
63,300 | 1,241,718 | ||||||||||
| Fuji Heavy Industries Limited (Consumer Discretionary, Automobiles) |
262,000 | 1,514,304 | ||||||||||
| Fukuoka Financial Group Incorporated (Financials, Commercial Banks) |
378,000 | 1,558,036 | ||||||||||
| Hitachi Capital Corporation (Financials, Consumer Finance) |
57,700 | 806,401 | ||||||||||
| Itochu Corporation (Industrials, Trading Companies & Distributors) |
168,000 | 1,707,282 | ||||||||||
| JX Holdings Incorporated (Energy, Energy Equipment & Services) |
408,000 | 2,594,724 | ||||||||||
| Kaneka Corporation (Industrials, Professional Services) |
52,000 | 279,761 | ||||||||||
| KDDI Corporation (Telecommunication Services, Wireless Telecommunication Services) |
500 | 3,312,897 | ||||||||||
| Kyorin Company Limited (Health Care, Pharmaceuticals) |
99,000 | 1,669,144 | ||||||||||
| Maeda Road Construction Company Limited (Industrials, Construction & Engineering) |
148,000 | 1,466,982 | ||||||||||
| Marubeni Corporation (Industrials, Trading Companies & Distributors) |
516,000 | 3,187,707 | ||||||||||
| Miraca Holdings Incorporated (Health Care, Health Care Providers & Services) |
39,100 | 1,501,468 | ||||||||||
| Mitsubishi Corporation (Industrials, Trading Companies & Distributors) |
35,500 | 733,906 | ||||||||||
| Mitsui & Company Limited (Industrials, Trading Companies & Distributors) |
54,300 | 856,739 | ||||||||||
| Mitsui Mining & Smelting Company Limited (Materials, Metals & Mining) |
498,000 | 1,290,397 | ||||||||||
| Mizuho Financial Group Incorporated (Financials, Commercial Banks) |
1,831,300 | 2,410,776 | ||||||||||
| Nihon Kohden Corporation (Health Care, Health Care Equipment & Supplies) |
73,100 | 1,690,729 | ||||||||||
| Nippon Electric Glass Company Limited (Information Technology, Electronic Equipment, Instruments & Components) |
107,000 | 1,105,581 | ||||||||||
| Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services) |
74,600 | 3,679,157 | ||||||||||
| Nissan Shatai Company Limited (Consumer Discretionary, Auto Components) |
170,000 | 1,664,953 | ||||||||||
| NTT DoCoMo Incorporated (Telecommunication Services, Wireless Telecommunication Services) |
1,400 | 2,474,562 | ||||||||||
| Rengo Company Limited (Materials, Containers & Packaging) |
208,000 | 1,480,097 | ||||||||||
| Ryosan Company Limited (Information Technology, Electronic Equipment, Instruments & Components) |
19,700 | 443,982 | ||||||||||
| Sankyu Incorporated (Industrials, Road & Rail) |
313,000 | 1,185,739 | ||||||||||
| Sega Sammy Holdings Incorporated (Consumer Discretionary, Leisure Equipment & Products) |
80,800 | 1,652,370 | ||||||||||
| Sojitz Corporation (Industrials, Trading Companies & Distributors)« |
678,000 | 1,063,903 | ||||||||||
| Sumitomo Corporation (Industrials, Trading Companies & Distributors) |
285,000 | 3,804,193 | ||||||||||
| Sumitomo Mitsui Financial Group Incorporated (Financials, Commercial Banks) |
69,900 | 1,944,246 | ||||||||||
| Sumitomo Mitsui Trust Holdings Incorporated (Financials, Commercial Banks) |
396,000 | 1,213,411 | ||||||||||
| The Keiyo Bank Limited (Financials, Commercial Banks) |
62,000 | 314,348 | ||||||||||
| Toshiba TEC Corporation (Information Technology, Office Electronics) |
234,000 | 883,518 | ||||||||||
| Tsuruha Holdings Incorporated (Consumer Staples, Food & Staples Retailing) |
29,400 | 1,531,457 | ||||||||||
| 57,886,664 | ||||||||||||
|
|
|
|||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 101 |
INTERNATIONAL VALUE PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Liechtenstein: 0.24% | ||||||||||||
| Verwaltungs-Und Privat-Bank AG (Financials, Capital Markets) |
7,800 | $ | 724,847 | |||||||||
|
|
|
|||||||||||
| Netherlands: 2.55% | ||||||||||||
| Aegon NV (Financials, Insurance) |
151,800 | 662,669 | ||||||||||
| ING Groep NV (Financials, Diversified Financial Services) |
237,100 | 1,849,183 | ||||||||||
| Koninklijke Ahold NV (Consumer Staples, Food & Staples Retailing) |
192,800 | 2,454,386 | ||||||||||
| Koninklijke DSM NV (Consumer Staples, Food & Staples Retailing) |
52,700 | 2,566,372 | ||||||||||
| Nutreco Holding NV (Consumer Staples, Food Products) |
1,740 | 114,102 | ||||||||||
| 7,646,712 | ||||||||||||
|
|
|
|||||||||||
| Norway: 1.39% | ||||||||||||
| Atea ASA (Information Technology, IT Services) |
158,200 | 1,554,629 | ||||||||||
| DnB Nor ASA (Financials, Commercial Banks) |
98,900 | 1,011,393 | ||||||||||
| Statoil ASA (Energy, Oil, Gas & Consumable Fuels) |
61,700 | 1,595,551 | ||||||||||
| 4,161,573 | ||||||||||||
|
|
|
|||||||||||
| Philippines: 0.64% | ||||||||||||
| Universal Robina Corporation (Consumer Staples, Food Products) |
1,657,400 | 1,916,655 | ||||||||||
|
|
|
|||||||||||
| Portugal: 0.12% | ||||||||||||
| Banco BPI SA (Financials, Commercial Banks)« |
245,688 | 156,897 | ||||||||||
| Banco Espirito Santo SA (Financials, Commercial Banks)« |
131,400 | 202,238 | ||||||||||
| 359,135 | ||||||||||||
|
|
|
|||||||||||
| Russia: 2.28% | ||||||||||||
| Gazprom Neft Sponsored ADR (Energy, Oil, Gas & Consumable Fuels) |
150,900 | 3,456,961 | ||||||||||
| Lukoil ADR (Energy, Oil, Gas & Consumable Fuels) |
60,400 | 3,395,084 | ||||||||||
| 6,852,045 | ||||||||||||
|
|
|
|||||||||||
| Singapore: 0.46% | ||||||||||||
| United Overseas Bank Limited (Financials, Commercial Banks) |
113,000 | 1,370,086 | ||||||||||
|
|
|
|||||||||||
| South Africa: 0.68% | ||||||||||||
| Exxaro Resources Limited (Materials, Metals & Mining) |
91,400 | 2,039,874 | ||||||||||
|
|
|
|||||||||||
| South Korea: 2.13% | ||||||||||||
| Industrial Bank of Korea (Financials, Commercial Banks) |
192,500 | 2,559,101 | ||||||||||
| POSCO (Materials, Metals & Mining) |
5,700 | 1,921,052 | ||||||||||
| Woori Finance Holdings Company Limited (Financials, Commercial Banks) |
212,200 | 1,901,154 | ||||||||||
| 6,381,307 | ||||||||||||
|
|
|
|||||||||||
| Spain: 3.40% | ||||||||||||
| Banco Bilbao Vizcaya Argentaria SA (Financials, Commercial Banks) |
185,200 | 1,560,073 | ||||||||||
| Banco Espanol de Credito SA (Financials, Commercial Banks)« |
146,100 | 704,278 | ||||||||||
| Banco Santander Central Hispano SA (Financials, Commercial Banks) |
430,300 | 3,229,926 | ||||||||||
| Repsol YPF SA (Energy, Oil, Gas & Consumable Fuels) |
123,800 | 3,737,639 | ||||||||||
| Telefonica SA (Telecommunication Services, Diversified Telecommunication Services) |
52,400 | 983,985 | ||||||||||
| 10,215,901 | ||||||||||||
|
|
|
|||||||||||
Table of Contents
| 102 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
INTERNATIONAL VALUE PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Sweden: 2.00% | ||||||||||||
| Boliden AB (Materials, Metals & Mining) |
169,300 | $ | 2,454,583 | |||||||||
| Saab AB (Industrials, Aerospace & Defense) |
113,500 | 2,032,503 | ||||||||||
| Svenska Cellulosa AB Class B (Materials, Paper & Forest Products) |
101,800 | 1,514,785 | ||||||||||
| 6,001,871 | ||||||||||||
|
|
|
|||||||||||
| Switzerland: 6.52% | ||||||||||||
| Baloise Holding AG (Financials, Insurance) |
28,800 | 2,042,922 | ||||||||||
| Clariant AG (Materials, Chemicals) |
101,215 | 995,118 | ||||||||||
| Credit Suisse Group AG (Financials, Capital Markets) |
76,500 | 1,846,369 | ||||||||||
| Georg Fischer AG (Industrials, Machinery) |
1,800 | 666,584 | ||||||||||
| Novartis AG (Health Care, Pharmaceuticals) |
82,500 | 4,455,347 | ||||||||||
| Roche Holdings AG (Health Care, Pharmaceuticals) |
29,500 | 4,692,688 | ||||||||||
| Swiss Re Limited (Financials, Insurance) |
28,900 | 1,528,854 | ||||||||||
| Zurich Financial Services AG (Financials, Insurance) |
15,200 | 3,347,623 | ||||||||||
| 19,575,505 | ||||||||||||
|
|
|
|||||||||||
| United Kingdom: 18.01% | ||||||||||||
| Amlin plc (Financials, Insurance) |
190,400 | 1,005,534 | ||||||||||
| AstraZeneca plc (Health Care, Pharmaceuticals) |
109,800 | 5,057,139 | ||||||||||
| Aviva plc (Financials, Insurance) |
220,500 | 1,082,290 | ||||||||||
| BAE Systems plc (Industrials, Aerospace & Defense) |
684,100 | 2,953,461 | ||||||||||
| Barclays plc (Financials, Commercial Banks) |
242,900 | 699,728 | ||||||||||
| BP plc (Energy, Oil, Gas & Consumable Fuels) |
459,300 | 3,326,414 | ||||||||||
| BT Group plc (Telecommunication Services, Diversified Telecommunication Services) |
1,421,700 | 4,254,322 | ||||||||||
| Charter International plc (Industrials, Machinery)« |
87,468 | 1,283,877 | ||||||||||
| DS Smith plc (Industrials, Professional Services) |
337,400 | 1,065,869 | ||||||||||
| Firstgroup plc (Industrials, Road & Rail) |
254,700 | 1,309,286 | ||||||||||
| GlaxoSmithKline plc (Health Care, Pharmaceuticals) |
182,500 | 4,044,570 | ||||||||||
| Greene King plc (Consumer Discretionary, Hotels, Restaurants & Leisure) |
184,200 | 1,400,087 | ||||||||||
| Home Retail Group (Consumer Discretionary, Internet & Catalog Retail) |
442,800 | 625,920 | ||||||||||
| Kesa Electricals plc (Consumer Discretionary, Specialty Retail) |
679,100 | 949,820 | ||||||||||
| LogicaCMG plc (Industrials, Professional Services) |
949,700 | 1,204,906 | ||||||||||
| Marston’s plc (Consumer Discretionary, Hotels, Restaurants & Leisure) |
632,790 | 953,803 | ||||||||||
| Next plc (Consumer Discretionary, Multiline Retail) |
42,900 | 1,813,264 | ||||||||||
| Old Mutual plc (Financials, Insurance) |
1,123,200 | 2,007,112 | ||||||||||
| Pace plc (Consumer Discretionary, Household Durables) |
374,800 | 302,919 | ||||||||||
| Premier Foods plc (Consumer Staples, Food Products) |
315,100 | 29,143 | ||||||||||
| Royal & Sun Alliance Insurance Group plc (Financials, Insurance) |
443,900 | 756,215 | ||||||||||
| Royal Dutch Shell plc Class A (Energy, Oil, Gas & Consumable Fuels) |
14,300 | 499,477 | ||||||||||
| Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels) |
264,000 | 9,513,125 | ||||||||||
| Thomas Cook Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure) |
389,400 | 112,156 | ||||||||||
| Tullett Prebon plc (Financials, Capital Markets) |
279,500 | 1,345,473 | ||||||||||
| Vodafone Group plc (Telecommunication Services, Wireless Telecommunication Services) |
1,698,900 | 4,599,103 | ||||||||||
| WH Smith Public Limited Corporation (Consumer Discretionary, Specialty Retail) |
223,600 | 1,847,473 | ||||||||||
| 54,042,486 | ||||||||||||
|
|
|
|||||||||||
| Total Common Stocks (Cost $355,111,567) |
284,288,892 | |||||||||||
|
|
|
|||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 103 |
INTERNATIONAL VALUE PORTFOLIO
| Security Name | Dividend Yield | Shares | Value | |||||||||||||||||
| Preferred Stocks: 0.67% |
||||||||||||||||||||
| Brazil: 0.67% | ||||||||||||||||||||
| Cia Energetica de Minas Gerais (Energy, Oil, Gas & Consumable Fuels) |
11.08 | % | 117,200 | $ | 2,010,421 | |||||||||||||||
|
|
|
|||||||||||||||||||
| Total Preferred Stocks (Cost $1,881,958) |
2,010,421 | |||||||||||||||||||
|
|
|
|||||||||||||||||||
| Expiration Date | ||||||||||||||||||||
| Rights: 0.00% | ||||||||||||||||||||
| Australia: 0.00% | ||||||||||||||||||||
| Bluescope Steel Limited (Materials, Metals & Mining)†(i) |
12/14/2011 | 323,920 | 3,664 | |||||||||||||||||
|
|
|
|||||||||||||||||||
| Total Rights (Cost $0) |
3,664 | |||||||||||||||||||
|
|
|
|||||||||||||||||||
| Yield | ||||||||||||||||||||
| Short-Term Investments: 4.84% | ||||||||||||||||||||
| Investment Companies: 4.84% | ||||||||||||||||||||
| Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class(l)(u) |
0.05 | 4,700,685 | 4,700,685 | |||||||||||||||||
| Wells Fargo Securities Lending Cash Investments, LLC(r)(l)(u)(v) |
0.17 | 9,825,883 | 9,825,883 | |||||||||||||||||
| Total Short-Term Investments (Cost $14,526,568) |
14,526,568 | |||||||||||||||||||
|
|
|
|||||||||||||||||||
| Total Investments in Securities | ||||||||||||||||||||
| (Cost $371,520,093)* | 100.23 | % | 300,829,545 | |||||||||||||||||
| Other Assets and Liabilities, Net |
(0.23 | ) | (691,996 | ) | ||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| Total Net Assets | 100.00 | % | $ | 300,137,549 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| « | All or a portion of this security is on loan. |
| (a) | Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees. |
| (i) | Illiquid security. |
| † | Non-income earning security. |
| (l) | Investment in an affiliate. |
| (u) | Rate shown is the 7-day annualized yield at period end. |
| (v) | Security represents investment of cash collateral received from securities on loan. |
| (r) | The investment company is exempt from registration under Section 3(c)(7) of the 1940 Act. |
| * | Cost for federal income tax purposes is $372,411,097 and net unrealized appreciation (depreciation) consists of: |
| Gross unrealized appreciation |
$ | 16,956,940 | ||
| Gross unrealized depreciation |
(88,538,492 | ) | ||
|
|
|
|||
| Net unrealized depreciation |
$ | (71,581,552 | ) |
The following table shows the percent of total long-term investments by sector as of November 30, 2011:
| Financials |
23.2 | % | ||
| Energy |
15.1 | % | ||
| Industrials |
12.2 | % | ||
| Health Care |
11.5 | % | ||
| Telecommunication Services |
8.9 | % | ||
| Materials |
8.5 | % | ||
| Consumer Staples |
7.6 | % | ||
| Consumer Discretionary |
7.1 | % | ||
| Utilities |
3.3 | % | ||
| Information Technology |
2.6 | % | ||
|
|
|
|||
| 100.0 | % | |||
|
|
|
The accompanying notes are an integral part of these financial statements.
Table of Contents
| 104 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
LARGE COMPANY VALUE PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Common Stocks: 97.28% |
||||||||||||
| Consumer Discretionary: 10.07% |
||||||||||||
| Hotels, Restaurants & Leisure: 2.22% | ||||||||||||
| Carnival Corporation |
20,824 | $ | 691,357 | |||||||||
| Starwood Hotels & Resorts Worldwide Incorporated« |
12,107 | 577,262 | ||||||||||
| 1,268,619 | ||||||||||||
|
|
|
|||||||||||
| Household Durables: 1.24% | ||||||||||||
| Newell Rubbermaid Incorporated |
46,130 | 705,789 | ||||||||||
|
|
|
|||||||||||
| Media: 2.11% | ||||||||||||
| DIRECTV Group IncorporatedǠ |
14,141 | 667,738 | ||||||||||
| Walt Disney Company |
15,013 | 538,216 | ||||||||||
| 1,205,954 | ||||||||||||
|
|
|
|||||||||||
| Multiline Retail: 1.48% | ||||||||||||
| Target Corporation |
15,998 | 843,095 | ||||||||||
|
|
|
|||||||||||
| Specialty Retail: 1.94% | ||||||||||||
| Home Depot Incorporated |
28,282 | 1,109,220 | ||||||||||
|
|
|
|||||||||||
| Textiles, Apparel & Luxury Goods: 1.08% | ||||||||||||
| VF Corporation |
4,470 | 619,944 | ||||||||||
|
|
|
|||||||||||
| Consumer Staples: 6.40% |
||||||||||||
| Beverages: 0.99% | ||||||||||||
| PepsiCo Incorporated |
8,855 | 566,720 | ||||||||||
|
|
|
|||||||||||
| Food & Staples Retailing: 2.05% | ||||||||||||
| CVS Caremark Corporation |
30,122 | 1,169,938 | ||||||||||
|
|
|
|||||||||||
| Food Products: 1.89% | ||||||||||||
| Archer Daniels Midland Company |
14,432 | 434,692 | ||||||||||
| Sara Lee Corporation |
33,996 | 644,564 | ||||||||||
| 1,079,256 | ||||||||||||
|
|
|
|||||||||||
| Household Products: 1.47% | ||||||||||||
| Procter & Gamble Company |
12,979 | 838,054 | ||||||||||
|
|
|
|||||||||||
| Energy: 11.20% |
||||||||||||
| Energy Equipment & Services: 2.86% | ||||||||||||
| Nabors Industries Limited† |
45,785 | 821,383 | ||||||||||
| Noble Corporation |
23,475 | 810,592 | ||||||||||
| 1,631,975 | ||||||||||||
|
|
|
|||||||||||
| Oil, Gas & Consumable Fuels: 8.34% | ||||||||||||
| Apache Corporation |
6,401 | 636,515 | ||||||||||
| Chevron Corporation |
17,178 | 1,766,242 | ||||||||||
| ConocoPhillips |
15,497 | 1,105,246 | ||||||||||
| Devon Energy Corporation |
9,879 | 646,679 | ||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 105 |
LARGE COMPANY VALUE PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Oil, Gas & Consumable Fuels (continued) | ||||||||||||
| Pioneer Natural Resources Company |
6,489 | $ | 613,470 | |||||||||
| 4,768,152 | ||||||||||||
|
|
|
|||||||||||
| Financials: 24.57% |
||||||||||||
| Capital Markets: 1.96% | ||||||||||||
| Goldman Sachs Group Incorporated |
5,327 | 510,646 | ||||||||||
| State Street Corporation |
15,400 | 610,610 | ||||||||||
| 1,121,256 | ||||||||||||
|
|
|
|||||||||||
| Commercial Banks: 4.83% | ||||||||||||
| Comerica Incorporated |
28,097 | 708,606 | ||||||||||
| First Republic Bank Corporation† |
37,977 | 1,077,788 | ||||||||||
| KeyCorp |
133,273 | 971,560 | ||||||||||
| 2,757,954 | ||||||||||||
|
|
|
|||||||||||
| Consumer Finance: 1.48% | ||||||||||||
| Capital One Financial Corporation« |
18,887 | 843,493 | ||||||||||
|
|
|
|||||||||||
| Diversified Financial Services: 7.14% | ||||||||||||
| Bank of America Corporation |
108,425 | 589,832 | ||||||||||
| Berkshire Hathaway Incorporated Class B† |
14,819 | 1,167,144 | ||||||||||
| Citigroup Incorporated |
35,837 | 984,801 | ||||||||||
| JPMorgan Chase & Company |
43,198 | 1,337,842 | ||||||||||
| 4,079,619 | ||||||||||||
|
|
|
|||||||||||
| Insurance: 5.32% | ||||||||||||
| ACE Limited |
16,101 | 1,119,503 | ||||||||||
| Chubb Corporation |
15,384 | 1,037,497 | ||||||||||
| MetLife Incorporated« |
27,991 | 881,157 | ||||||||||
| 3,038,157 | ||||||||||||
|
|
|
|||||||||||
| REIT: 3.84% | ||||||||||||
| Alexandria Real Estate Equities Incorporated« |
11,235 | 736,567 | ||||||||||
| Simon Property Group Incorporated |
11,720 | 1,457,265 | ||||||||||
| 2,193,832 | ||||||||||||
|
|
|
|||||||||||
| Health Care: 12.79% |
||||||||||||
| Health Care Equipment & Supplies: 2.01% | ||||||||||||
| Baxter International Incorporated |
11,913 | 615,426 | ||||||||||
| Stryker Corporation |
10,945 | 534,444 | ||||||||||
| 1,149,870 | ||||||||||||
|
|
|
|||||||||||
| Health Care Providers & Services: 2.07% | ||||||||||||
| CIGNA Corporation |
26,732 | 1,182,356 | ||||||||||
|
|
|
|||||||||||
| Pharmaceuticals: 8.71% | ||||||||||||
| Abbott Laboratories |
10,170 | 554,774 | ||||||||||
| Hospira IncorporatedǠ |
19,101 | 538,457 | ||||||||||
| Johnson & Johnson Services Incorporated |
16,562 | 1,071,893 | ||||||||||
Table of Contents
| 106 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
LARGE COMPANY VALUE PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Pharmaceuticals (continued) | ||||||||||||
| Merck & Company Incorporated |
25,764 | $ | 921,063 | |||||||||
| Pfizer Incorporated |
67,508 | 1,354,886 | ||||||||||
| Teva Pharmaceutical Industries Limited ADR |
13,463 | 533,269 | ||||||||||
| 4,974,342 | ||||||||||||
|
|
|
|||||||||||
| Industrials: 8.49% |
||||||||||||
| Airlines: 0.95% | ||||||||||||
| Southwest Airlines Company« |
64,700 | 542,186 | ||||||||||
|
|
|
|||||||||||
| Construction & Engineering: 0.85% | ||||||||||||
| URS CorporationǠ |
13,366 | 483,047 | ||||||||||
|
|
|
|||||||||||
| Industrial Conglomerates: 3.13% | ||||||||||||
| General Electric Company |
112,546 | 1,790,607 | ||||||||||
|
|
|
|||||||||||
| Machinery: 1.99% | ||||||||||||
| Dover Corporation |
9,395 | 516,443 | ||||||||||
| Eaton Corporation |
13,754 | 617,692 | ||||||||||
| 1,134,135 | ||||||||||||
|
|
|
|||||||||||
| Road & Rail: 1.57% | ||||||||||||
| Norfolk Southern Corporation« |
11,913 | 899,908 | ||||||||||
|
|
|
|||||||||||
| Information Technology: 9.65% |
||||||||||||
| Communications Equipment: 1.97% | ||||||||||||
| Cisco Systems Incorporated |
60,535 | 1,128,372 | ||||||||||
|
|
|
|||||||||||
| Computers & Peripherals: 1.45% | ||||||||||||
| EMC CorporationǠ |
36,030 | 829,050 | ||||||||||
|
|
|
|||||||||||
| Internet Software & Services: 1.02% | ||||||||||||
| Google Incorporated Class A† |
969 | 580,809 | ||||||||||
|
|
|
|||||||||||
| IT Services: 1.91% | ||||||||||||
| Accenture plc« |
18,790 | 1,088,505 | ||||||||||
|
|
|
|||||||||||
| Semiconductors & Semiconductor Equipment: 1.28% | ||||||||||||
| Maxim Integrated Products Incorporated |
28,476 | 730,409 | ||||||||||
|
|
|
|||||||||||
| Software: 2.02% | ||||||||||||
| Compuware CorporationǠ |
75,935 | 627,224 | ||||||||||
| Microsoft Corporation |
20,630 | 527,715 | ||||||||||
| 1,154,939 | ||||||||||||
|
|
|
|||||||||||
| Materials: 2.21% |
||||||||||||
| Chemicals: 1.59% | ||||||||||||
| Ashland Incorporated« |
10,073 | 560,260 | ||||||||||
| Huntsman Corporation |
31,962 | 349,345 | ||||||||||
| 909,605 | ||||||||||||
|
|
|
|||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 107 |
LARGE COMPANY VALUE PORTFOLIO
| Security Name | Shares | Value | ||||||||||||
| Metals & Mining: 0.62% | ||||||||||||||
| Alcoa Incorporated« |
35,449 | $ | 355,199 | |||||||||||
|
|
|
|||||||||||||
| Telecommunication Services: 4.35% |
||||||||||||||
| Diversified Telecommunication Services: 3.57% | ||||||||||||||
| AT&T Incorporated |
39,517 | 1,145,203 | ||||||||||||
| Verizon Communications Incorporated« |
23,633 | 891,673 | ||||||||||||
| 2,036,876 | ||||||||||||||
|
|
|
|||||||||||||
| Wireless Telecommunication Services: 0.78% | ||||||||||||||
| NII Holdings Incorporated† |
19,500 | 448,695 | ||||||||||||
|
|
|
|||||||||||||
| Utilities: 7.55% |
||||||||||||||
| Electric Utilities: 3.46% | ||||||||||||||
| Duke Energy Corporation« |
49,300 | 1,027,905 | ||||||||||||
| Entergy Corporation |
13,463 | 947,257 | ||||||||||||
| 1,975,162 | ||||||||||||||
|
|
|
|||||||||||||
| Multi-Utilities: 3.03% | ||||||||||||||
| Dominion Resources Incorporated |
16,562 | 854,930 | ||||||||||||
| NiSource Incorporated« |
38,258 | 876,491 | ||||||||||||
| 1,731,421 | ||||||||||||||
|
|
|
|||||||||||||
| Water Utilities: 1.06% | ||||||||||||||
| American Water Works Company Incorporated |
19,468 | 604,871 | ||||||||||||
|
|
|
|||||||||||||
| Total Common Stocks (Cost $52,546,694) |
55,571,391 | |||||||||||||
|
|
|
|||||||||||||
| Principal | ||||||||||||||
| Other: 0.16% | ||||||||||||||
| Gryphon Funding Limited, Pass-Through Entity(a)(i)(v) |
$ | 99,097 | 35,576 | |||||||||||
| VFNC Corporation, Pass-Through Entity 0.26% 144A(a)(i)(v)± |
113,226 | 55,481 | ||||||||||||
| Total Other (Cost $38,275) |
91,057 | |||||||||||||
|
|
|
|||||||||||||
| Yield | ||||||||||||||
| Short-Term Investments: 18.67% | ||||||||||||||
| Investment Companies: 18.67% | ||||||||||||||
| Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class(l)(u) |
0.05 | % | 1,359,447 | 1,359,447 | ||||||||||
| Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)(r) |
0.17 | 9,306,725 | 9,306,725 | |||||||||||
| Total Short-Term Investments (Cost $10,666,172) |
10,666,172 | |||||||||||||
|
|
|
|||||||||||||
| Total Investments in Securities | ||||||||
| (Cost $63,251,141)* | 116.11 | % | 66,328,620 | |||||
| Other Assets and Liabilities, Net |
(16.11 | ) | (9,203,876 | ) | ||||
|
|
|
|
|
|||||
| Total Net Assets | 100.00 | % | $ | 57,124,744 | ||||
|
|
|
|
|
Table of Contents
| 108 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
LARGE COMPANY VALUE PORTFOLIO
| « | All or a portion of this security is on loan. |
| † | Non-income earning security. |
| (a) | Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees. |
| (i) | Illiquid security. |
| (v) | Security represents investment of cash collateral received from securities 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. |
| ± | 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 $63,875,915 and net unrealized appreciation (depreciation) consists of: |
| Gross unrealized appreciation |
$ | 4,906,120 | ||
| Gross unrealized depreciation |
(2,453,415 | ) | ||
|
|
|
|||
| Net unrealized appreciation |
$ | 2,452,705 |
The accompanying notes are an integral part of these financial statements.
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 109 |
SMALL CAP VALUE PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Common Stocks: 93.41% |
||||||||||||
| Consumer Discretionary: 7.13% |
||||||||||||
| Auto Components: 0.90% | ||||||||||||
| Gentex Corporation |
14,340 | $ | 422,743 | |||||||||
|
|
|
|||||||||||
| Automobiles: 0.05% | ||||||||||||
| Winnebago Industries Incorporated† |
3,995 | 25,728 | ||||||||||
|
|
|
|||||||||||
| Diversified Consumer Services: 0.85% | ||||||||||||
| Cambium Learning Group Incorporated† |
36,813 | 117,802 | ||||||||||
| Corinthian Colleges Incorporated† |
108,590 | 285,592 | ||||||||||
| Voyager Expanded Learning Corporation(a)(i) |
58,950 | 0 | ||||||||||
| 403,394 | ||||||||||||
|
|
|
|||||||||||
| Hotels, Restaurants & Leisure: 0.94% | ||||||||||||
| Century Casinos Incorporated† |
158,885 | 373,380 | ||||||||||
| Empire Resorts Incorporated† |
117,911 | 71,938 | ||||||||||
| 445,318 | ||||||||||||
|
|
|
|||||||||||
| Household Durables: 1.97% | ||||||||||||
| Cavco Industries Incorporated† |
13,835 | 562,946 | ||||||||||
| KB Home Incorporated |
9,480 | 69,678 | ||||||||||
| Nobility Homes Incorporated† |
27,635 | 169,126 | ||||||||||
| Skyline Corporation |
21,862 | 126,144 | ||||||||||
| 927,894 | ||||||||||||
|
|
|
|||||||||||
| Media: 0.82% | ||||||||||||
| Outdoor Channel Holdings Incorporated |
55,532 | 388,169 | ||||||||||
|
|
|
|||||||||||
| Specialty Retail: 1.60% | ||||||||||||
| Collective Brands Incorporated† |
26,565 | 370,582 | ||||||||||
| Monro Muffler Brake Incorporated |
2,090 | 83,914 | ||||||||||
| rue21 Incorporated† |
4,000 | 96,160 | ||||||||||
| Talbots Incorporated† |
35,325 | 70,297 | ||||||||||
| Vitamin Shoppe Incorporated† |
3,580 | 131,780 | ||||||||||
| 752,733 | ||||||||||||
|
|
|
|||||||||||
| Consumer Staples: 0.71% |
||||||||||||
| Household Products: 0.10% | ||||||||||||
| WD-40 Company |
1,160 | 48,036 | ||||||||||
|
|
|
|||||||||||
| Personal Products: 0.61% | ||||||||||||
| Prestige Brands Holdings Incorporated† |
29,157 | 288,071 | ||||||||||
|
|
|
|||||||||||
| Energy: 21.53% |
||||||||||||
| Energy Equipment & Services: 8.59% | ||||||||||||
| Helix Energy Solutions Group Incorporated† |
25,930 | 459,998 | ||||||||||
| Helmerich & Payne Incorporated |
5,140 | 292,774 | ||||||||||
| ION Geophysical Corporation† |
89,060 | 517,439 | ||||||||||
| Key Energy Services Incorporated† |
26,895 | 406,115 | ||||||||||
Table of Contents
| 110 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
SMALL CAP VALUE PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Energy Equipment & Services (continued) | ||||||||||||
| Matrix Service Company† |
48,718 | $ | 456,000 | |||||||||
| Newpark Resources Incorporated† |
95,555 | 856,173 | ||||||||||
| Oceaneering International Incorporated |
11,740 | 558,354 | ||||||||||
| PHI Incorporated (non-voting)† |
10,545 | 252,236 | ||||||||||
| PHI Incorporated (voting)† |
4,092 | 90,024 | ||||||||||
| Willbros Group Incorporated† |
42,014 | 162,594 | ||||||||||
| 4,051,707 | ||||||||||||
|
|
|
|||||||||||
| Oil, Gas & Consumable Fuels: 12.94% | ||||||||||||
| Endeavour International Corporation† |
38,048 | 262,912 | ||||||||||
| Energy XXI Bermuda Limited† |
7,420 | 233,285 | ||||||||||
| Forest Oil Corporation† |
12,390 | 198,736 | ||||||||||
| InterOil Corporation† |
44,674 | 2,442,774 | ||||||||||
| Lone Pine Resources Incorporated |
6,238 | 46,723 | ||||||||||
| McMoRan Exploration Company† |
87,759 | 1,402,389 | ||||||||||
| PetroQuest Energy Incorporated† |
10,190 | 70,005 | ||||||||||
| Range Resources Corporation |
17,640 | 1,264,964 | ||||||||||
| Triangle Petroleum Corporation† |
32,403 | 186,317 | ||||||||||
| 6,108,105 | ||||||||||||
|
|
|
|||||||||||
| Financials: 17.07% |
||||||||||||
| Capital Markets: 0.48% | ||||||||||||
| Artio Global Investos Incorporated |
38,950 | 228,247 | ||||||||||
|
|
|
|||||||||||
| Commercial Banks: 4.45% | ||||||||||||
| 1st United Bancorp Incorporated† |
40,110 | 221,006 | ||||||||||
| Bancorp Incorporated† |
14,135 | 113,080 | ||||||||||
| Center Financial Corporation† |
19,511 | 143,796 | ||||||||||
| City National Corporation |
5,305 | 225,038 | ||||||||||
| First Horizon National Corporation |
14,555 | 112,074 | ||||||||||
| Hancock Holding Company |
10,502 | 320,679 | ||||||||||
| Iberiabank Corporation |
5,545 | 276,252 | ||||||||||
| Pacific Premier Bancorp Incorporated† |
34,956 | 230,360 | ||||||||||
| Park Sterling Corporation† |
12,480 | 48,547 | ||||||||||
| Sterling Bancorp |
15,950 | 139,244 | ||||||||||
| Univest Corporation of Pennsylvania |
7,486 | 113,188 | ||||||||||
| Washington Banking Company |
11,930 | 134,451 | ||||||||||
| Western Liberty Bancorp† |
8,420 | 21,387 | ||||||||||
| 2,099,102 | ||||||||||||
|
|
|
|||||||||||
| Insurance: 2.67% | ||||||||||||
| Argo Group International Holdings Limited |
23,135 | 677,856 | ||||||||||
| Hilltop Holdings Incorporated† |
37,167 | 314,804 | ||||||||||
| Mercury General Corporation |
5,955 | 267,856 | ||||||||||
| 1,260,516 | ||||||||||||
|
|
|
|||||||||||
| REIT: 9.10% | ||||||||||||
| Anworth Mortgage Asset Corporation |
47,910 | 303,270 | ||||||||||
| Capstead Mortgage Corporation |
48,485 | 605,093 | ||||||||||
| Chimera Investment Corporation |
494,150 | 1,319,381 | ||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 111 |
SMALL CAP VALUE PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| REIT (continued) | ||||||||||||
| Crexus Investment Corporation |
23,900 | $ | 233,264 | |||||||||
| Hatteras Financial Corporation |
13,840 | 370,912 | ||||||||||
| MFA Mortgage Investments Incorporated |
73,645 | 506,678 | ||||||||||
| Origen Financial Incorporated |
163,405 | 207,524 | ||||||||||
| Redwood Trust Incorporated |
24,336 | 251,391 | ||||||||||
| UMH Properties Incorporated |
53,722 | 494,780 | ||||||||||
| 4,292,293 | ||||||||||||
|
|
|
|||||||||||
| Thrifts & Mortgage Finance: 0.37% | ||||||||||||
| First Niagara Financial Group Incorporated |
13,815 | 121,572 | ||||||||||
| Northwest Bancshares Incorporated |
4,400 | 54,648 | ||||||||||
| 176,220 | ||||||||||||
|
|
|
|||||||||||
| Health Care: 6.88% |
||||||||||||
| Biotechnology: 1.29% | ||||||||||||
| Infinity Pharmaceuticals Incorporated† |
66,585 | 607,921 | ||||||||||
|
|
|
|||||||||||
| Health Care Equipment & Supplies: 2.85% | ||||||||||||
| Allied Healthcare Products Incorporated† |
77,815 | 280,912 | ||||||||||
| EnteroMedics Incorporated† |
81,880 | 158,847 | ||||||||||
| Orasure Technologies Incorporated† |
95,404 | 906,338 | ||||||||||
| 1,346,097 | ||||||||||||
|
|
|
|||||||||||
| Health Care Providers & Services: 1.22% | ||||||||||||
| Cross Country Healthcare Incorporated† |
36,072 | 186,492 | ||||||||||
| Ensign Group Incorporated |
9,350 | 221,689 | ||||||||||
| Gentiva Health Services Incorporated† |
28,535 | 166,074 | ||||||||||
| 574,255 | ||||||||||||
|
|
|
|||||||||||
| Health Care Technology: 0.62% | ||||||||||||
| Omnicell Incorporated† |
18,030 | 291,365 | ||||||||||
|
|
|
|||||||||||
| Life Sciences Tools & Services: 0.90% | ||||||||||||
| Accelrys Incorporated† |
36,075 | 257,215 | ||||||||||
| Nordion Incorporated |
18,395 | 167,762 | ||||||||||
| 424,977 | ||||||||||||
|
|
|
|||||||||||
| Industrials: 15.05% |
||||||||||||
| Air Freight & Logistics: 0.43% | ||||||||||||
| Pacer International Incorporated† |
48,024 | 205,543 | ||||||||||
|
|
|
|||||||||||
| Airlines: 0.56% | ||||||||||||
| JetBlue Airways Corporation† |
64,560 | 265,987 | ||||||||||
|
|
|
|||||||||||
| Building Products: 0.38% | ||||||||||||
| Patrick Industries Incorporated† |
65,554 | 177,651 | ||||||||||
|
|
|
|||||||||||
| Commercial Services & Supplies: 4.48% | ||||||||||||
| ABM Industries Incorporated |
25,413 | 552,224 | ||||||||||
| ACCO Brands Corporation† |
49,570 | 467,445 | ||||||||||
| GEO Group Incorporated† |
39,264 | 694,973 | ||||||||||
| Healthcare Services Group |
13,429 | 242,528 | ||||||||||
Table of Contents
| 112 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
SMALL CAP VALUE PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Commercial Services & Supplies (continued) | ||||||||||||
| Newalta Incorporated |
12,290 | $ | 155,223 | |||||||||
| 2,112,393 | ||||||||||||
|
|
|
|||||||||||
| Construction & Engineering: 4.81% | ||||||||||||
| Chicago Bridge & Iron Company NV |
14,495 | 599,368 | ||||||||||
| Integrated Electrical Services Incorporated† |
41,015 | 103,768 | ||||||||||
| MYR Group Incorporated† |
17,500 | 306,950 | ||||||||||
| Primoris Services Corporation |
71,981 | 1,023,570 | ||||||||||
| Sterling Construction Company Incorporated† |
18,528 | 235,491 | ||||||||||
| 2,269,147 | ||||||||||||
|
|
|
|||||||||||
| Electrical Equipment: 0.70% | ||||||||||||
| GrafTech International Limited† |
22,745 | 328,438 | ||||||||||
|
|
|
|||||||||||
| Machinery: 1.56% | ||||||||||||
| Actuant Corporation Class A |
16,665 | 381,962 | ||||||||||
| Hardinge Incorporated |
40,250 | 355,005 | ||||||||||
| 736,967 | ||||||||||||
|
|
|
|||||||||||
| Professional Services: 2.13% | ||||||||||||
| Hill International Incorporated† |
183,069 | 1,006,880 | ||||||||||
|
|
|
|||||||||||
| Information Technology: 9.92% |
||||||||||||
| Communications Equipment: 2.86% | ||||||||||||
| Brocade Communications Systems Incorporated† |
52,070 | 280,137 | ||||||||||
| China GrenTech Corporation Limited ADR† |
89,974 | 243,830 | ||||||||||
| MRV Communications Incorporated |
127,790 | 106,705 | ||||||||||
| Sandvine Corporation† |
404,745 | 721,660 | ||||||||||
| 1,352,332 | ||||||||||||
|
|
|
|||||||||||
| Computers & Peripherals: 1.87% | ||||||||||||
| Cray Incorporated† |
64,801 | 400,470 | ||||||||||
| Intermec Incorporated† |
65,525 | 480,954 | ||||||||||
| 881,424 | ||||||||||||
|
|
|
|||||||||||
| Electronic Equipment, Instruments & Components: 2.79% | ||||||||||||
| Coherent Incorporated† |
12,440 | 631,952 | ||||||||||
| OSI Systems Incorporated† |
10,050 | 480,491 | ||||||||||
| Power One Incorporated† |
47,960 | 204,310 | ||||||||||
| 1,316,753 | ||||||||||||
|
|
|
|||||||||||
| IT Services: 1.90% | ||||||||||||
| Convergys Corporation† |
28,760 | 371,579 | ||||||||||
| Tier Technologies Incorporated Class B† |
151,167 | 524,549 | ||||||||||
| 896,128 | ||||||||||||
|
|
|
|||||||||||
| Semiconductors & Semiconductor Equipment: 0.50% | ||||||||||||
| MEMC Electronic Materials Incorporated† |
41,385 | 172,575 | ||||||||||
| Trident Microsystems Incorporated† |
246,417 | 62,836 | ||||||||||
| 235,411 | ||||||||||||
|
|
|
|||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 113 |
SMALL CAP VALUE PORTFOLIO
| Security Name | Shares | Value | ||||||||||||
| Materials: 14.31% |
||||||||||||||
| Chemicals: 0.54% | ||||||||||||||
| International Flavors & Fragrances Incorporated |
4,655 | $ | 252,580 | |||||||||||
|
|
|
|||||||||||||
| Containers & Packaging: 0.83% | ||||||||||||||
| Intertape Polymer Group Incorporated† |
121,519 | 392,567 | ||||||||||||
|
|
|
|||||||||||||
| Metals & Mining: 12.59% | ||||||||||||||
| Eldorado Gold Corporation |
16,025 | 289,412 | ||||||||||||
| Goldcorp Incorporated |
8,500 | 456,365 | ||||||||||||
| Great Basin Gold Limited† |
185,598 | 172,625 | ||||||||||||
| Jaguar Mining Incorporated† |
12,700 | 90,805 | ||||||||||||
| Petaquilla Minerals Limited† |
108,080 | 75,332 | ||||||||||||
| Randgold Resources Limited ADR |
27,935 | 2,986,525 | ||||||||||||
| Royal Gold Incorporated |
9,720 | 791,694 | ||||||||||||
| San Gold Corporation† |
88,375 | 167,029 | ||||||||||||
| Sandstorm Gold Limited† |
521,070 | 689,685 | ||||||||||||
| Sandstorm Metals & Energy Limited† |
73,099 | 28,668 | ||||||||||||
| Silver Standard Resources Incorporated† |
13,069 | 192,245 | ||||||||||||
| 5,940,385 | ||||||||||||||
|
|
|
|||||||||||||
| Paper & Forest Products: 0.35% | ||||||||||||||
| Wausau Paper Corporation |
21,660 | 167,215 | ||||||||||||
|
|
|
|||||||||||||
| Telecommunication Services: 0.81% |
||||||||||||||
| Diversified Telecommunication Services: 0.81% | ||||||||||||||
| Cincinnati Bell Incorporated† |
129,995 | 382,185 | ||||||||||||
|
|
|
|||||||||||||
| Total Common Stocks (Cost $39,798,691) |
44,082,877 | |||||||||||||
|
|
|
|||||||||||||
| Investment Companies: 1.40% |
||||||||||||||
| Market Vectors Junior Gold Miners ETF |
16,123 | 484,335 | ||||||||||||
| SPDR KBW Regional Banking ETF |
7,476 | 176,434 | ||||||||||||
| Total Investment Companies (Cost $668,774) |
660,769 | |||||||||||||
|
|
|
|||||||||||||
| Expiration Date | ||||||||||||||
| Warrants: 0.07% | ||||||||||||||
| Health Care: 0.07% |
||||||||||||||
| Health Care Equipment & Supplies: 0.07% | ||||||||||||||
| EnteroMedics Incorporated(a)(i)† |
05/14/2016 | 9,104 | 11,471 | |||||||||||
| EnteroMedics Incorporated(a)(i)† |
09/28/2016 | 16,376 | 22,271 | |||||||||||
| Total Warrants (Cost $0) |
33,742 | |||||||||||||
|
|
|
|||||||||||||
Table of Contents
| 114 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
SMALL CAP VALUE PORTFOLIO
| Security Name | Yield | Shares | Value | |||||||||||
| Short-Term Investments: 5.14% |
||||||||||||||
| Investment Companies: 5.14% | ||||||||||||||
| Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class(l)(u) |
0.05 | % | 2,424,833 | $ | 2,424,833 | |||||||||
|
|
|
|||||||||||||
| Total Short-Term Investments (Cost $2,424,833) |
2,424,833 | |||||||||||||
|
|
|
|||||||||||||
| Total Investments in Securities | ||||||||
| (Cost $42,892,298)* | 100.02 | % | 47,202,221 | |||||
| Other Assets and Liabilities, Net |
(0.02 | ) | (7,241 | ) | ||||
|
|
|
|
|
|||||
| Total Net Assets | 100.00 | % | $ | 47,194,980 | ||||
|
|
|
|
|
| † | Non-income earning security. |
| (a) | Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees. |
| (i) | Illiquid security. |
| (l) | Investment in an affiliate. |
| (u) | Rate shown is the 7-day annualized yield at period end. |
| * | Cost for federal income tax purposes is $45,078,569 and net unrealized appreciation (depreciation) consists of: |
| Gross unrealized appreciation |
$ | 7,865,124 | ||
| Gross unrealized depreciation |
(5,741,472 | ) | ||
|
|
|
|||
| Net unrealized appreciation |
$ | 2,123,652 |
The accompanying notes are an integral part of these financial statements.
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 115 |
SMALL COMPANY GROWTH PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Common Stocks: 84.77% |
||||||||||||
| Consumer Discretionary: 12.32% |
||||||||||||
| Auto Components: 2.17% | ||||||||||||
| Gentex Corporation« |
152,470 | $ | 4,494,811 | |||||||||
| Modine Manufacturing Company† |
140,460 | 1,359,653 | ||||||||||
| 5,854,464 | ||||||||||||
|
|
|
|||||||||||
| Hotels, Restaurants & Leisure: 0.40% | ||||||||||||
| Caribou Coffee Comapany Incorporated† |
79,650 | 1,076,072 | ||||||||||
|
|
|
|||||||||||
| Media: 2.01% | ||||||||||||
| Arbitron Incorporated |
61,540 | 2,314,519 | ||||||||||
| Lions Gate Entertainment Corporation† |
353,730 | 3,109,287 | ||||||||||
| 5,423,806 | ||||||||||||
|
|
|
|||||||||||
| Multiline Retail: 0.49% | ||||||||||||
| 99 Cents Only StoresǠ |
59,840 | 1,307,504 | ||||||||||
|
|
|
|||||||||||
| Specialty Retail: 5.50% | ||||||||||||
| Chico’s FAS Incorporated |
121,270 | 1,261,208 | ||||||||||
| Dick’s Sporting Goods Incorporated |
63,670 | 2,502,868 | ||||||||||
| Express Incorporated |
102,490 | 2,325,498 | ||||||||||
| Finish Line Incorporated Class A« |
110,270 | 2,324,492 | ||||||||||
| GNC Holdings Incorporated Class A† |
92,300 | 2,517,021 | ||||||||||
| Mattress Firm Holding Corporation† |
5,650 | 124,809 | ||||||||||
| rue21 IncorporatedǠ |
41,280 | 992,371 | ||||||||||
| Sonic Automotive Incorporated« |
187,790 | 2,773,658 | ||||||||||
| 14,821,925 | ||||||||||||
|
|
|
|||||||||||
| Textiles, Apparel & Luxury Goods: 1.75% | ||||||||||||
| Columbia Sportswear Company |
48,390 | 2,458,212 | ||||||||||
| Hanesbrands IncorporatedǠ |
91,950 | 2,264,729 | ||||||||||
| 4,722,941 | ||||||||||||
|
|
|
|||||||||||
| Consumer Staples: 1.05% |
||||||||||||
| Food Products: 0.41% | ||||||||||||
| Darling International IncorporatedǠ |
77,140 | 1,108,502 | ||||||||||
|
|
|
|||||||||||
| Personal Products: 0.64% | ||||||||||||
| Elizabeth Arden Incorporated† |
45,550 | 1,721,790 | ||||||||||
|
|
|
|||||||||||
| Energy: 6.46% |
||||||||||||
| Energy Equipment & Services: 2.60% | ||||||||||||
| C&J Energy Services IncorporatedǠ |
102,780 | 2,018,599 | ||||||||||
| Pioneer Drilling Company† |
204,605 | 2,246,563 | ||||||||||
| Superior Energy Services IncorporatedǠ |
92,230 | 2,740,153 | ||||||||||
| 7,005,315 | ||||||||||||
|
|
|
|||||||||||
Table of Contents
| 116 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
SMALL COMPANY GROWTH PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Oil, Gas & Consumable Fuels: 3.86% | ||||||||||||
| Energy XXI Bermuda Limited† |
93,460 | $ | 2,938,382 | |||||||||
| Gevo IncorporatedǠ |
86,940 | 534,681 | ||||||||||
| Goodrich Petroleum CorporationǠ |
117,140 | 1,707,901 | ||||||||||
| Gulfport Energy Corporation† |
76,400 | 2,425,700 | ||||||||||
| Rosetta Resources IncorporatedǠ |
51,550 | 2,801,227 | ||||||||||
| 10,407,891 | ||||||||||||
|
|
|
|||||||||||
| Financials: 9.93% |
||||||||||||
| Capital Markets: 3.19% | ||||||||||||
| Evercore Partners Incorporated Class A |
118,300 | 3,275,727 | ||||||||||
| LPL Investment Holdings IncorporatedǠ |
72,910 | 2,187,300 | ||||||||||
| Medley Capital Corporation |
58,970 | 564,933 | ||||||||||
| Stifel Financial CorporationǠ |
80,580 | 2,554,386 | ||||||||||
| 8,582,346 | ||||||||||||
|
|
|
|||||||||||
| Commercial Banks: 2.13% | ||||||||||||
| CapitalSource Incorporated |
298,220 | 1,923,519 | ||||||||||
| Signature BankǠ |
28,410 | 1,659,996 | ||||||||||
| SVB Financial GroupǠ |
45,970 | 2,162,429 | ||||||||||
| 5,745,944 | ||||||||||||
|
|
|
|||||||||||
| Consumer Finance: 0.66% | ||||||||||||
| DFC Global Corporation† |
97,390 | 1,767,629 | ||||||||||
|
|
|
|||||||||||
| Diversified Financial Services: 1.84% | ||||||||||||
| Encore Capital Group IncorporatedǠ |
86,315 | 1,881,667 | ||||||||||
| New Mountain Finance Corporation |
127,965 | 1,689,138 | ||||||||||
| Walter Investment Management |
62,530 | 1,398,171 | ||||||||||
| 4,968,976 | ||||||||||||
|
|
|
|||||||||||
| Insurance: 0.93% | ||||||||||||
| Argo Group International Holdings Limited |
85,530 | 2,506,029 | ||||||||||
|
|
|
|||||||||||
| Real Estate Management & Development: 0.92% | ||||||||||||
| Altisource Portfolio Solutions SA† |
29,720 | 1,414,969 | ||||||||||
| Ryland Group Incorporated« |
70,680 | 1,063,027 | ||||||||||
| 2,477,996 | ||||||||||||
|
|
|
|||||||||||
| REIT: 0.26% | ||||||||||||
| Chatham Lodging Trust |
66,550 | 712,751 | ||||||||||
|
|
|
|||||||||||
| Health Care: 14.35% |
||||||||||||
| Biotechnology: 1.75% | ||||||||||||
| Complete Genomics IncorporatedǠ |
97,210 | 359,677 | ||||||||||
| Gen-Probe Incorporated† |
17,460 | 1,099,805 | ||||||||||
| InterMune Incorporated† |
45,580 | 827,733 | ||||||||||
| Seattle Genetics IncorporatedǠ |
93,070 | 1,547,754 | ||||||||||
| Solazyme IncorporatedǠ |
76,835 | 896,664 | ||||||||||
| 4,731,633 | ||||||||||||
|
|
|
|||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 117 |
SMALL COMPANY GROWTH PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Health Care Equipment & Supplies: 6.97% | ||||||||||||
| Alere Incorporated† |
47,090 | $ | 1,101,435 | |||||||||
| DexCom Incorporated† |
141,610 | 1,135,712 | ||||||||||
| Endologix Incorporated† |
239,791 | 2,719,230 | ||||||||||
| HeartWare International IncorporatedǠ |
17,700 | 1,221,300 | ||||||||||
| NxStage Medical IncorporatedǠ |
120,660 | 2,362,523 | ||||||||||
| SonoSite IncorporatedǠ |
58,285 | 2,412,999 | ||||||||||
| Spectranetics Corporation† |
181,460 | 1,295,624 | ||||||||||
| STAAR Surgical CompanyǠ |
137,720 | 1,353,788 | ||||||||||
| Tornier NVǠ |
55,570 | 998,593 | ||||||||||
| Unilife CorporationǠ |
156,160 | 641,818 | ||||||||||
| Zeltiq Aesthetics IncorporatedǠ |
87,680 | 1,253,824 | ||||||||||
| Zoll Medical Corporation† |
49,490 | 2,278,025 | ||||||||||
| 18,774,871 | ||||||||||||
|
|
|
|||||||||||
| Health Care Providers & Services: 1.34% | ||||||||||||
| Accretive Health IncorporatedǠ |
79,530 | 1,835,552 | ||||||||||
| Catalyst Health Solutions Incorporated† |
34,260 | 1,782,205 | ||||||||||
| 3,617,757 | ||||||||||||
|
|
|
|||||||||||
| Health Care Technology: 2.05% | ||||||||||||
| Medidata Solutions Incorporated† |
112,440 | 2,269,039 | ||||||||||
| Omnicell Incorporated† |
200,760 | 3,244,282 | ||||||||||
| 5,513,321 | ||||||||||||
|
|
|
|||||||||||
| Life Sciences Tools & Services: 1.35% | ||||||||||||
| Covance Incorporated† |
42,690 | 1,959,898 | ||||||||||
| ICON plc ADR† |
98,150 | 1,669,532 | ||||||||||
| 3,629,430 | ||||||||||||
|
|
|
|||||||||||
| Pharmaceuticals: 0.89% | ||||||||||||
| Salix Pharmaceuticals Limited† |
54,450 | 2,403,423 | ||||||||||
|
|
|
|||||||||||
| Industrials: 13.97% |
||||||||||||
| Aerospace & Defense: 1.07% | ||||||||||||
| Esterline Technologies Corporation† |
37,570 | 2,023,896 | ||||||||||
| Kratos Defense & Security Solutions Incorporated† |
171,770 | 858,850 | ||||||||||
| 2,882,746 | ||||||||||||
|
|
|
|||||||||||
| Air Freight & Logistics: 1.24% | ||||||||||||
| Atlas Air Worldwide Holdings Incorporated† |
24,030 | 1,015,268 | ||||||||||
| Hub Group Incorporated Class AǠ |
78,280 | 2,331,178 | ||||||||||
| 3,346,446 | ||||||||||||
|
|
|
|||||||||||
| Airlines: 0.81% | ||||||||||||
| Spirit Airlines Incorporated† |
135,000 | 2,177,550 | ||||||||||
|
|
|
|||||||||||
| Commercial Services & Supplies: 0.96% | ||||||||||||
| Copart Incorporated† |
32,661 | 1,467,459 | ||||||||||
| Higher OneǠ |
62,430 | 1,119,370 | ||||||||||
| 2,586,829 | ||||||||||||
|
|
|
|||||||||||
Table of Contents
| 118 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
SMALL COMPANY GROWTH PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Electrical Equipment: 1.62% | ||||||||||||
| General Cable CorporationǠ |
55,080 | $ | 1,459,620 | |||||||||
| Sensata Technologies Holdings NVǠ |
93,070 | 2,908,438 | ||||||||||
| 4,368,058 | ||||||||||||
|
|
|
|||||||||||
| Machinery: 1.03% | ||||||||||||
| Actuant Corporation Class A |
81,990 | 1,879,211 | ||||||||||
| Columbus McKinnon Corporation† |
72,370 | 908,967 | ||||||||||
| 2,788,178 | ||||||||||||
|
|
|
|||||||||||
| Marine: 0.44% | ||||||||||||
| Box Ships Incorporated« |
116,510 | 1,190,732 | ||||||||||
|
|
|
|||||||||||
| Professional Services: 1.16% | ||||||||||||
| Insperity Incorporated |
86,530 | 2,145,079 | ||||||||||
| RPX Corporation† |
68,930 | 973,292 | ||||||||||
| 3,118,371 | ||||||||||||
|
|
|
|||||||||||
| Road & Rail: 2.60% | ||||||||||||
| Genesee & Wyoming IncorporatedǠ |
30,470 | 1,860,803 | ||||||||||
| Hertz Global Holdings Incorporated† |
139,900 | 1,582,269 | ||||||||||
| Swift Transportation Company† |
173,820 | 1,480,946 | ||||||||||
| Werner Enterprises Incorporated« |
44,510 | 1,043,314 | ||||||||||
| Zipcar IncorporatedǠ |
64,960 | 1,036,762 | ||||||||||
| 7,004,094 | ||||||||||||
|
|
|
|||||||||||
| Trading Companies & Distributors: 2.35% | ||||||||||||
| Beacon Roofing Supply IncorporatedǠ |
100,980 | 1,972,139 | ||||||||||
| Kaman Corporation Class A |
81,920 | 2,541,978 | ||||||||||
| MSC Industrial Direct Company |
25,960 | 1,804,999 | ||||||||||
| 6,319,116 | ||||||||||||
|
|
|
|||||||||||
| Transportation Infrastructure: 0.69% | ||||||||||||
| Wesco Aircraft Holdings Incorporated† |
141,110 | 1,871,119 | ||||||||||
|
|
|
|||||||||||
| Information Technology: 23.54% |
||||||||||||
| Communications Equipment: 1.39% | ||||||||||||
| Aruba Networks IncorporatedǠ |
62,630 | 1,321,493 | ||||||||||
| Riverbed Technology Incorporated† |
93,050 | 2,419,300 | ||||||||||
| 3,740,793 | ||||||||||||
|
|
|
|||||||||||
| Computers & Peripherals: 0.59% | ||||||||||||
| Fusion-io IncoporatedǠ |
47,610 | 1,594,459 | ||||||||||
|
|
|
|||||||||||
| Electronic Equipment, Instruments & Components: 2.23% | ||||||||||||
| Methode Electronics Incorporated |
141,020 | 1,252,258 | ||||||||||
| OSI Systems Incorporated† |
69,610 | 3,328,054 | ||||||||||
| Rofin-Sinar Technologies Incorporated† |
59,090 | 1,421,705 | ||||||||||
| 6,002,017 | ||||||||||||
|
|
|
|||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 119 |
SMALL COMPANY GROWTH PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Internet Software & Services: 1.98% | ||||||||||||
| Bankrate Incorporated† |
79,170 | $ | 1,435,352 | |||||||||
| ValueClick Incorporated† |
79,560 | 1,229,998 | ||||||||||
| Vocus Incorporated† |
125,070 | 2,653,985 | ||||||||||
| 5,319,335 | ||||||||||||
|
|
|
|||||||||||
| IT Services: 1.95% | ||||||||||||
| Fleetcor Technologies Incorporated† |
59,530 | 1,690,652 | ||||||||||
| Interxion Holding NVǠ |
199,410 | 2,632,212 | ||||||||||
| ServiceSource International Incorporated† |
69,830 | 931,532 | ||||||||||
| 5,254,396 | ||||||||||||
|
|
|
|||||||||||
| Semiconductors & Semiconductor Equipment: 5.47% | ||||||||||||
| Cirrus Logic IncorporatedǠ |
162,520 | 2,647,451 | ||||||||||
| Entropic Communications IncorporatedǠ |
255,230 | 1,271,045 | ||||||||||
| Intermolecular Incorporated† |
117,160 | 1,034,523 | ||||||||||
| Invensense Incorporated |
70,600 | 794,956 | ||||||||||
| Microsemi CorporationǠ |
126,080 | 2,239,181 | ||||||||||
| NetLogic Microsystems Incorporated† |
42,690 | 2,109,740 | ||||||||||
| PMC-Sierra Incorporated† |
279,880 | 1,564,529 | ||||||||||
| Silicon Laboratories IncorporatedǠ |
41,530 | 1,794,927 | ||||||||||
| Silicon Motion Technology Corporation† |
66,000 | 1,287,000 | ||||||||||
| 14,743,352 | ||||||||||||
|
|
|
|||||||||||
| Software: 9.93% | ||||||||||||
| Bottomline Technologies IncorporatedǠ |
94,330 | 2,122,425 | ||||||||||
| Broadsoft IncorporatedǠ |
34,640 | 1,215,171 | ||||||||||
| Cadence Design Systems IncorporatedǠ |
252,390 | 2,761,147 | ||||||||||
| Concur Technologies IncorporatedǠ |
31,742 | 1,499,175 | ||||||||||
| Parametric Technology Corporation† |
151,610 | 3,158,036 | ||||||||||
| Realpage IncorporatedǠ |
91,150 | 2,281,485 | ||||||||||
| Sourcefire IncorporatedǠ |
59,470 | 1,969,646 | ||||||||||
| SS&C Technologies Holdings† |
182,250 | 2,925,113 | ||||||||||
| SuccessFactors IncorporatedǠ |
91,020 | 2,330,112 | ||||||||||
| Synchronoss Technologies IncorporatedǠ |
94,180 | 2,815,040 | ||||||||||
| Tangoe Incorporated† |
144,640 | 1,964,211 | ||||||||||
| Ultimate Software Group Incorporated† |
26,050 | 1,727,636 | ||||||||||
| 26,769,197 | ||||||||||||
|
|
|
|||||||||||
| Materials: 3.15% |
||||||||||||
| Chemicals: 2.15% | ||||||||||||
| Calgon Carbon Corporation† |
140,230 | 2,086,622 | ||||||||||
| Methanex Corporation |
68,510 | 1,675,070 | ||||||||||
| Olin Corporation |
106,770 | 2,028,630 | ||||||||||
| 5,790,322 | ||||||||||||
|
|
|
|||||||||||
| Metals & Mining: 1.00% | ||||||||||||
| Minefinders Corporation LimitedǠ |
95,430 | 1,144,206 | ||||||||||
| Steel Dynamics Incorporated |
117,080 | 1,543,114 | ||||||||||
| 2,687,320 | ||||||||||||
|
|
|
|||||||||||
| Total Common Stocks (Cost $208,727,319) |
228,436,746 | |||||||||||
|
|
|
|||||||||||
Table of Contents
| 120 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
SMALL COMPANY GROWTH PORTFOLIO
| Security Name | Principal | Value | ||||||||||||
| Other: 0.63% |
||||||||||||||
| Gryphon Funding Limited, Pass-Through Entity(a)(i)(v) |
$ | 1,844,637 | $ | 662,225 | ||||||||||
| VFNC Corporation, Pass-Through Entity, 0.26%(a)(i)(v)144A± |
2,107,631 | 1,032,739 | ||||||||||||
| Total Other (Cost $712,466) |
1,694,964 | |||||||||||||
|
|
|
|||||||||||||
| Yield | Shares | |||||||||||||
| Short-Term Investments: 23.44% | ||||||||||||||
| Investment Companies: 23.44% | ||||||||||||||
| Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class(l)(u) |
0.05 | % | 11,046,944 | 11,046,944 | ||||||||||
| Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)(r) |
0.17 | 52,114,935 | 52,114,935 | |||||||||||
| Total Short-Term Investments (Cost $63,161,879) |
63,161,879 | |||||||||||||
|
|
|
|||||||||||||
| Total Investments in Securities | ||||||||
| (Cost $272,601,664)* | 108.84 | % | 293,293,589 | |||||
| Other Assets and Liabilities, Net |
(8.84 | ) | (23,809,983 | ) | ||||
|
|
|
|
|
|||||
| Total Net Assets | 100.00 | % | $ | 269,483,606 | ||||
|
|
|
|
|
| « | All or a portion of this security is on loan. |
| † | Non-income earning security. |
| (a) | Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees. |
| (i) | Illiquid security. |
| (v) | Security represents investment of cash collateral received from securities 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. |
| ± | 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 $273,977,631 and net unrealized appreciation (depreciation) consists of: |
| Gross unrealized appreciation |
$ | 36,941,579 | ||
| Gross unrealized depreciation |
(17,625,621 | ) | ||
|
|
|
|||
| Net unrealized appreciation |
$ | 19,315,958 |
The accompanying notes are an integral part of these financial statements.
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 121 |
SMALL COMPANY VALUE PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Common Stocks: 97.58% |
||||||||||||
| Consumer Discretionary: 16.86% |
||||||||||||
| Auto Components: 0.97% | ||||||||||||
| Dana Holding Corporation† |
155,300 | $ | 1,935,038 | |||||||||
|
|
|
|||||||||||
| Automobiles: 1.23% | ||||||||||||
| Thor Industries Incorporated« |
101,700 | 2,461,140 | ||||||||||
|
|
|
|||||||||||
| Distributors: 0.84% | ||||||||||||
| Core Mark Holding Company Incorporated« |
43,780 | 1,688,157 | ||||||||||
|
|
|
|||||||||||
| Hotels, Restaurants & Leisure: 1.99% | ||||||||||||
| Ameristar Casinos Incorporated |
91,290 | 1,597,575 | ||||||||||
| Ruby Tuesday Incorporated†« |
325,460 | 2,385,622 | ||||||||||
| 3,983,197 | ||||||||||||
|
|
|
|||||||||||
| Household Durables: 1.04% | ||||||||||||
| American Greetings Corporation Class A« |
122,220 | 2,076,518 | ||||||||||
|
|
|
|||||||||||
| Leisure Equipment & Products: 0.67% | ||||||||||||
| Arctic Cat Incorporated† |
67,870 | 1,349,256 | ||||||||||
|
|
|
|||||||||||
| Media: 2.24% | ||||||||||||
| Cinemark Holdings Incorporated |
91,030 | 1,783,278 | ||||||||||
| DreamWorks Animation SKG Incorporated†« |
146,000 | 2,711,220 | ||||||||||
| 4,494,498 | ||||||||||||
|
|
|
|||||||||||
| Specialty Retail: 7.00% | ||||||||||||
| Aeropostale Incorporated†« |
181,800 | 2,819,718 | ||||||||||
| Asbury Automotive Group Incorporated† |
113,460 | 2,237,431 | ||||||||||
| Bebe Stores Incorporated |
255,100 | 1,877,536 | ||||||||||
| Children’s Place Retail Stores Incorporated†« |
32,340 | 1,742,156 | ||||||||||
| Collective Brands Incorporated†« |
103,120 | 1,438,524 | ||||||||||
| Genesco Incorporated†« |
24,710 | 1,459,126 | ||||||||||
| Rent-A-Center Incorporated« |
67,720 | 2,434,534 | ||||||||||
| 14,009,025 | ||||||||||||
|
|
|
|||||||||||
| Textiles, Apparel & Luxury Goods: 0.88% | ||||||||||||
| Hanesbrands Incorporated† |
71,530 | 1,761,784 | ||||||||||
|
|
|
|||||||||||
| Consumer Staples: 1.22% |
||||||||||||
| Food & Staples Retailing: 1.22% | ||||||||||||
| SUPERVALU Incorporated« |
211,670 | 1,555,775 | ||||||||||
| The Pantry Incorporated†« |
71,030 | 878,641 | ||||||||||
| 2,434,416 | ||||||||||||
|
|
|
|||||||||||
| Energy: 5.97% |
||||||||||||
| Energy Equipment & Services: 3.45% | ||||||||||||
| Helix Energy Solutions Group Incorporated†« |
111,350 | 1,975,349 | ||||||||||
| Hornbeck Offshore† |
64,740 | 2,184,328 | ||||||||||
Table of Contents
| 122 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
SMALL COMPANY VALUE PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Energy Equipment & Services (continued) | ||||||||||||
| Key Energy Services Incorporated† |
182,400 | $ | 2,754,240 | |||||||||
| 6,913,917 | ||||||||||||
|
|
|
|||||||||||
| Oil, Gas & Consumable Fuels: 2.52% | ||||||||||||
| Berry Petroleum Company Class A« |
58,660 | 2,574,001 | ||||||||||
| Magnum Hunter Resources Corporation†« |
513,300 | 2,468,973 | ||||||||||
| 5,042,974 | ||||||||||||
|
|
|
|||||||||||
| Financials: 31.30% |
||||||||||||
| Capital Markets: 1.90% | ||||||||||||
| Apollo Investment Corporation |
206,300 | 1,487,423 | ||||||||||
| Stifel Financial Corporation†« |
72,770 | 2,306,809 | ||||||||||
| 3,794,232 | ||||||||||||
|
|
|
|||||||||||
| Commercial Banks: 10.04% | ||||||||||||
| Associated Banc-Corporation |
175,010 | 1,820,104 | ||||||||||
| City National Corporation« |
44,400 | 1,883,448 | ||||||||||
| FirstMerit Corporation« |
144,800 | 2,115,528 | ||||||||||
| Home Bancshares Incorporated« |
88,560 | 2,201,602 | ||||||||||
| MB Financial Incorporated« |
103,330 | 1,754,543 | ||||||||||
| Pacwest Bancorp« |
103,460 | 1,932,633 | ||||||||||
| SVB Financial Group†« |
47,430 | 2,231,107 | ||||||||||
| Umpqua Holdings Corporation« |
178,610 | 2,232,625 | ||||||||||
| Webster Financial Corporation |
112,100 | 2,208,370 | ||||||||||
| Wintrust Financial Corporation« |
61,960 | 1,721,868 | ||||||||||
| 20,101,828 | ||||||||||||
|
|
|
|||||||||||
| Diversified Financial Services: 0.91% | ||||||||||||
| Greenhill & Company Incorporated« |
47,100 | 1,816,176 | ||||||||||
|
|
|
|||||||||||
| Insurance: 6.04% | ||||||||||||
| Amtrust Financial Services Incorporated« |
70,570 | 1,870,811 | ||||||||||
| Argo Group International Holdings Limited |
48,441 | 1,419,321 | ||||||||||
| Employers Holdings Incorporated |
173,120 | 3,007,094 | ||||||||||
| Selective Insurance Group Incorporated |
121,830 | 2,007,758 | ||||||||||
| The Navigators Group Incorporated† |
36,220 | 1,691,112 | ||||||||||
| United Fire & Casualty Company |
106,660 | 2,089,469 | ||||||||||
| 12,085,565 | ||||||||||||
|
|
|
|||||||||||
| REIT: 9.60% | ||||||||||||
| Campus Crest Communities Incorporated« |
207,050 | 2,087,064 | ||||||||||
| Corporate Office Properties Trust« |
75,210 | 1,568,129 | ||||||||||
| Cousins Properties Incorporated |
287,649 | 1,711,512 | ||||||||||
| DuPont Fabros Technology Incorporated« |
85,590 | 1,928,343 | ||||||||||
| First Potomac Realty Trust« |
145,250 | 1,849,033 | ||||||||||
| LaSalle Hotel Properties« |
108,020 | 2,528,748 | ||||||||||
| Pebblebrook Hotel Trust |
130,120 | 2,409,822 | ||||||||||
| Redwood Trust Incorporated« |
122,370 | 1,264,082 | ||||||||||
| Sabra Health Care REIT Incorporated |
134,823 | 1,429,124 | ||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 123 |
SMALL COMPANY VALUE PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| REIT (continued) | ||||||||||||
| Sunstone Hotel Investors Incorporated†« |
321,500 | $ | 2,449,830 | |||||||||
| 19,225,687 | ||||||||||||
|
|
|
|||||||||||
| Thrifts & Mortgage Finance: 2.81% | ||||||||||||
| BankUnited Incorporated |
90,300 | 1,958,607 | ||||||||||
| Northwest Bancshares Incorporated |
169,090 | 2,100,098 | ||||||||||
| Washington Federal Incorporated |
120,510 | 1,567,835 | ||||||||||
| 5,626,540 | ||||||||||||
|
|
|
|||||||||||
| Health Care: 5.93% |
||||||||||||
| Health Care Equipment & Supplies: 1.02% | ||||||||||||
| Alere Incorporated† |
87,230 | 2,040,310 | ||||||||||
|
|
|
|||||||||||
| Health Care Providers & Services: 4.91% | ||||||||||||
| Ensign Group Incorporated |
83,040 | 1,968,878 | ||||||||||
| Healthways Incorporated†« |
153,930 | 1,002,084 | ||||||||||
| Medquist Holdings Incorporated† |
171,140 | 1,598,448 | ||||||||||
| Select Medical Holdings Corporation† |
304,640 | 2,641,229 | ||||||||||
| WellCare Health Plans Incorporated† |
44,950 | 2,627,328 | ||||||||||
| 9,837,967 | ||||||||||||
|
|
|
|||||||||||
| Industrials: 12.10% |
||||||||||||
| Aerospace & Defense: 1.88% | ||||||||||||
| Alliant Techsystems Incorporated |
29,810 | 1,754,020 | ||||||||||
| Teledyne Technologies Incorporated† |
35,470 | 2,010,440 | ||||||||||
| 3,764,460 | ||||||||||||
|
|
|
|||||||||||
| Air Freight & Logistics: 1.28% | ||||||||||||
| Air Transport Services Group† |
203,440 | 984,650 | ||||||||||
| Atlas Air Worldwide Holdings Incorporated† |
37,360 | 1,578,460 | ||||||||||
| 2,563,110 | ||||||||||||
|
|
|
|||||||||||
| Commercial Services & Supplies: 0.63% | ||||||||||||
| Ennis Incorporated |
84,910 | 1,260,914 | ||||||||||
|
|
|
|||||||||||
| Construction & Engineering: 1.78% | ||||||||||||
| Great Lakes Dredge & Dock Company |
334,390 | 2,023,060 | ||||||||||
| Tutor Prini Corporation |
93,350 | 1,539,342 | ||||||||||
| 3,562,402 | ||||||||||||
|
|
|
|||||||||||
| Electrical Equipment: 0.96% | ||||||||||||
| GrafTech International Limited† |
133,740 | 1,931,206 | ||||||||||
|
|
|
|||||||||||
| Machinery: 2.08% | ||||||||||||
| Douglas Dynamics Incorporated |
124,650 | 1,932,075 | ||||||||||
| Titan International Incorporated« |
103,790 | 2,235,637 | ||||||||||
| 4,167,712 | ||||||||||||
|
|
|
|||||||||||
| Trading Companies & Distributors: 2.71% | ||||||||||||
| RSC Holdings Incorporated†« |
216,700 | 2,635,072 | ||||||||||
Table of Contents
| 124 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
SMALL COMPANY VALUE PORTFOLIO
| Security Name | Shares | Value | ||||||||||
| Trading Companies & Distributors (continued) | ||||||||||||
| United Rentals Incorporated†« |
99,300 | $ | 2,794,302 | |||||||||
| 5,429,374 | ||||||||||||
|
|
|
|||||||||||
| Transportation Infrastructure: 0.78% | ||||||||||||
| Alexander & Baldwin Incorporated |
41,020 | 1,554,248 | ||||||||||
|
|
|
|||||||||||
| Information Technology: 15.82% |
||||||||||||
| Communications Equipment: 2.13% | ||||||||||||
| Black Box Corporation« |
59,220 | 1,689,547 | ||||||||||
| NETGEAR Incorporated†« |
67,520 | 2,565,085 | ||||||||||
| 4,254,632 | ||||||||||||
|
|
|
|||||||||||
| Computers & Peripherals: 1.02% | ||||||||||||
| Lexmark International Incorporated« |
61,280 | 2,050,429 | ||||||||||
|
|
|
|||||||||||
| Electronic Equipment, Instruments & Components: 4.40% | ||||||||||||
| Aeroflex Holding Corporation† |
183,600 | 1,769,904 | ||||||||||
| Benchmark Electronics Incorporated†« |
135,730 | 1,874,431 | ||||||||||
| Power One Incorporated†« |
311,860 | 1,328,524 | ||||||||||
| Synnex Corporation†« |
70,890 | 2,080,622 | ||||||||||
| TTM Technologies Incorporated† |
158,610 | 1,746,296 | ||||||||||
| 8,799,777 | ||||||||||||
|
|
|
|||||||||||
| Internet Software & Services: 1.00% | ||||||||||||
| EarthLink Incorporated |
317,460 | 1,999,998 | ||||||||||
|
|
|
|||||||||||
| IT Services: 3.56% | ||||||||||||
| CACI International Incorporated Class A† |
29,390 | 1,657,008 | ||||||||||
| CSG Systems International Incorporated† |
118,150 | 1,792,336 | ||||||||||
| ManTech International Corporation Class A« |
56,770 | 1,918,826 | ||||||||||
| TNS Incorporated† |
90,340 | 1,764,340 | ||||||||||
| 7,132,510 | ||||||||||||
|
|
|
|||||||||||
| Semiconductors & Semiconductor Equipment: 3.71% | ||||||||||||
| Fairchild Semiconductor International Incorporated† |
183,470 | 2,375,937 | ||||||||||
| Integrated Silicon Solution Incorporated†« |
190,890 | 1,781,004 | ||||||||||
| Kulicke & Soffa Industries Incorporated†« |
257,440 | 2,342,704 | ||||||||||
| Omnivision Technologies Incorporated† |
86,170 | 929,774 | ||||||||||
| 7,429,419 | ||||||||||||
|
|
|
|||||||||||
| Materials: 5.08% |
||||||||||||
| Chemicals: 2.87% | ||||||||||||
| Cytec Industries Incorporated |
47,030 | 2,217,935 | ||||||||||
| Ferro Corporation† |
241,240 | 1,401,604 | ||||||||||
| Kraton Performance Polymers Incorporated† |
101,340 | 2,130,167 | ||||||||||
| 5,749,706 | ||||||||||||
|
|
|
|||||||||||
| Metals & Mining: 2.21% | ||||||||||||
| A.M. Castle & Company†« |
89,890 | 1,222,504 | ||||||||||
| Horsehead Holding Corporation† |
206,100 | 1,914,669 | ||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 125 |
SMALL COMPANY VALUE PORTFOLIO
| Security Name | Shares | Value | ||||||||||||
| Metals & Mining (continued) | ||||||||||||||
| RTI International Metals Incorporated†« |
46,940 | $ | 1,281,462 | |||||||||||
| 4,418,635 | ||||||||||||||
|
|
|
|||||||||||||
| Telecommunication Services: 0.88% |
||||||||||||||
| Diversified Telecommunication Services: 0.88% | ||||||||||||||
| Iridium Communications Incorporated†« |
247,440 | 1,759,298 | ||||||||||||
|
|
|
|||||||||||||
| Utilities: 2.42% |
||||||||||||||
| Electric Utilities: 1.65% | ||||||||||||||
| Great Plains Energy Incorporated |
80,030 | 1,683,831 | ||||||||||||
| Portland General Electric Company« |
64,690 | 1,620,485 | ||||||||||||
| 3,304,316 | ||||||||||||||
|
|
|
|||||||||||||
| Independent Power Producers & Energy Traders: 0.77% | ||||||||||||||
| Genon Energy Incorporated† |
566,753 | 1,541,561 | ||||||||||||
|
|
|
|||||||||||||
| Total Common Stocks (Cost $190,758,650) |
195,351,932 | |||||||||||||
|
|
|
|||||||||||||
| Principal | ||||||||||||||
| Other: 0.59% | ||||||||||||||
| Gryphon Funding Limited, Pass-Through Entity(a)(i)(v) |
$ | 1,291,442 | 463,628 | |||||||||||
| VFNC Corporation, Pass-Through Entity, 0.26%(a)(i)(v)144A± |
1,475,567 | 723,028 | ||||||||||||
| Total Other (Cost $498,802) |
1,186,656 | |||||||||||||
|
|
|
|||||||||||||
| Yield | Shares | |||||||||||||
| Short-Term Investments: 31.56% | ||||||||||||||
| Investment Companies: 31.56% | ||||||||||||||
| Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class(l)(u) |
0.05 | % | 3,203,509 | 3,203,509 | ||||||||||
| Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)(r) |
0.17 | 59,966,849 | 59,966,849 | |||||||||||
| Total Short-Term Investments (Cost $63,170,358) |
63,170,358 | |||||||||||||
|
|
|
|||||||||||||
| Total Investments in Securities | ||||||||
| (Cost $254,427,810)* | 129.73 | % | 259,708,946 | |||||
| Other Assets and Liabilities, Net |
(29.73 | ) | (59,524,692 | ) | ||||
|
|
|
|
|
|||||
| Total Net Assets | 100.00 | % | $ | 200,184,254 | ||||
|
|
|
|
|
| † | Non-income earning security. |
| « | All or a portion of this security is on loan. |
| (a) | Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees. |
| (i) | Illiquid security. |
| (v) | Security represents investment of cash collateral received from securities 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. |
| ± | 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 $262,728,398 and net unrealized appreciation (depreciation) consists of: |
| Gross unrealized appreciation |
$ | 16,035,337 | ||
| Gross unrealized depreciation |
(19,054,789 | ) | ||
|
|
|
|||
| Net unrealized depreciation |
$ | (3,019,452 | ) |
The accompanying notes are an integral part of these financial statements.
Table of Contents
| 126 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
INFLATION-PROTECTED BOND PORTFOLIO
| Security Name | Interest Rate | Maturity Date | Principal | Value | ||||||||||||
| U.S. Treasury Securities: 97.60% | ||||||||||||||||
| TIPS |
1.13 | % | 01/15/2021 | $ | 4,117,446 | $ | 4,555,567 | |||||||||
| TIPS |
1.75 | 01/15/2028 | 2,025,154 | 2,417,370 | ||||||||||||
| TIPS |
2.00 | 01/15/2026 | 2,657,684 | 3,244,450 | ||||||||||||
| TIPS |
2.13 | 02/15/2040 | 1,647,998 | 2,192,481 | ||||||||||||
| TIPS |
2.13 | 02/15/2041 | 2,242,962 | 3,001,538 | ||||||||||||
| TIPS |
2.38 | 01/15/2025 | 3,153,458 | 3,980,008 | ||||||||||||
| TIPS |
2.38 | 01/15/2027 | 2,182,539 | 2,799,276 | ||||||||||||
| TIPS |
2.50 | 01/15/2029 | 1,151,825 | 1,523,558 | ||||||||||||
| TIPS |
3.38 | 04/15/2032 | 996,980 | 1,522,031 | ||||||||||||
| TIPS |
3.63 | 04/15/2028 | 1,627,167 | 2,403,376 | ||||||||||||
| TIPS |
3.88 | 04/15/2029 | 2,946,492 | 4,559,697 | ||||||||||||
| TIPS |
0.13 | 04/15/2016 | 2,415,448 | 2,524,143 | ||||||||||||
| TIPS |
0.50 | 04/15/2015 | 3,355,347 | 3,523,637 | ||||||||||||
| TIPS |
0.63 | 04/15/2013 | 794,309 | 807,651 | ||||||||||||
| TIPS |
0.63 | 07/15/2021 | 2,642,404 | 2,799,709 | ||||||||||||
| TIPS |
1.25 | 04/15/2014 | 1,843,892 | 1,940,696 | ||||||||||||
| TIPS |
1.25 | 07/15/2020 | 3,739,950 | 4,197,219 | ||||||||||||
| TIPS |
1.38 | 07/15/2018 | 1,925,361 | 2,173,402 | ||||||||||||
| TIPS« |
1.38 | 01/15/2020 | 2,386,839 | 2,700,670 | ||||||||||||
| TIPS |
1.63 | 01/15/2015 | 2,079,315 | 2,254,106 | ||||||||||||
| TIPS |
1.63 | 01/15/2018 | 1,169,608 | 1,329,880 | ||||||||||||
| TIPS |
1.88 | 07/15/2013 | 2,760,851 | 2,888,325 | ||||||||||||
| TIPS |
1.88 | 07/15/2015 | 1,807,936 | 2,002,430 | ||||||||||||
| TIPS |
1.88 | 07/15/2019 | 1,678,861 | 1,968,988 | ||||||||||||
| TIPS |
2.00 | 01/15/2014 | 2,805,660 | 2,984,521 | ||||||||||||
| TIPS |
2.00 | 07/15/2014 | 2,990,971 | 3,236,556 | ||||||||||||
| TIPS |
2.00 | 01/15/2016 | 2,034,700 | 2,283,155 | ||||||||||||
| TIPS |
2.13 | 01/15/2019 | 1,643,200 | 1,945,394 | ||||||||||||
| TIPS |
2.38 | 01/15/2017 | 2,250,040 | 2,619,364 | ||||||||||||
| TIPS |
2.50 | 07/15/2016 | 3,162,455 | 3,671,415 | ||||||||||||
| TIPS |
2.63 | 07/15/2017 | 2,227,653 | 2,658,912 | ||||||||||||
| Total U.S. Treasury Securities (Cost $73,627,374) |
82,709,525 | |||||||||||||||
|
|
|
|||||||||||||||
| Other: 1.18% |
||||||||||||||||
| Gryphon Funding Limited, Pass-Through Entity(a)(i)(v) |
594,921 | 213,576 | ||||||||||||||
| VFNC Corporation, Pass-Through Entity, 0.26%(a)(i)(v)††± |
1,604,296 | 786,105 | ||||||||||||||
| Total Other (Cost $404,263) |
999,681 | |||||||||||||||
|
|
|
|||||||||||||||
| Yield | Shares | |||||||||||||||
| Short-Term Investments: 3.05% | ||||||||||||||||
| Investment Companies: 3.05% | ||||||||||||||||
| Wells Fargo Advantage Government Money Market Fund, |
0.01 | 1,044,017 | 1,044,017 | |||||||||||||
| Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)(r) |
0.17 | 1,537,024 | 1,537,024 | |||||||||||||
| Total Short-Term Investments (Cost $2,581,041) |
2,581,041 | |||||||||||||||
|
|
|
|||||||||||||||
| Total Investments in Securities | ||||||||
| (Cost $76,612,678)* | 101.83 | % | 86,290,247 | |||||
| Other Assets and Liabilities, Net |
(1.83 | ) | (1,551,405 | ) | ||||
|
|
|
|
|
|||||
| Total Net Assets | 100.00 | % | $ | 84,738,842 | ||||
|
|
|
|
|
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 127 |
INFLATION-PROTECTED BOND PORTFOLIO
| « | All or a portion of this security is on loan. |
| (a) | Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees. |
| (i) | Illiquid security. |
| (v) | Security represents investment of cash collateral received from securities on loan. |
| †† | 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. |
| ± | 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 $76,614,690 and net unrealized appreciation (depreciation) consists of: |
| Gross unrealized appreciation |
$ | 9,675,557 | ||
| Gross unrealized depreciation |
0 | |||
|
|
|
|||
| Net unrealized appreciation |
$ | 9,675,557 |
The accompanying notes are an integral part of these financial statements.
Table of Contents
| 128 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
MANAGED FIXED INCOME PORTFOLIO
| Security Name | Interest Rate | Maturity Date | Principal | Value | ||||||||||||
| Agency Securities: 29.01% | ||||||||||||||||
| FHLMC Multifamily Structured Pass-Through Securities Series K701 |
3.88 | % | 11/25/2017 | $ | 1,200,000 | $ | 1,291,636 | |||||||||
| FHLMC Series 2416 Class PE |
6.00 | 10/15/2021 | 580,558 | 592,480 | ||||||||||||
| FHLMC Structured Pass-Through Securities Series T-20 Class A6 |
6.95 | 09/25/2029 | 361,397 | 384,551 | ||||||||||||
| FHLMC Structured Pass-Through Securities Series T-58 Class 4A |
7.50 | 09/25/2043 | 1,707,454 | 2,010,598 | ||||||||||||
| FNMA%% |
3.00 | 10/25/2026 | 1,425,000 | 1,454,613 | ||||||||||||
| FNMA |
5.00 | 09/01/2033 | 1,283,558 | 1,381,257 | ||||||||||||
| FNMA |
5.50 | 02/01/2036 | 3,284,873 | 3,525,080 | ||||||||||||
| FNMA%% |
5.50 | 07/25/2038 | 1,500,000 | 1,627,969 | ||||||||||||
| FNMA Grantor Trust Series 2002-T4 Class A2 |
7.00 | 12/25/2041 | 373,037 | 417,557 | ||||||||||||
| FNMA Grantor Trust Series 2004-T2 Class 1A1 |
6.00 | 11/25/2043 | 1,667,379 | 1,880,486 | ||||||||||||
| FNMA Grantor Trust Series 2004-T3 Class A1 |
6.00 | 02/25/2044 | 2,291,015 | 2,566,377 | ||||||||||||
| FNMA Series 1988-5 Class Z |
9.20 | 03/25/2018 | 1,951 | 1,982 | ||||||||||||
| FNMA Series 2002-90 Class A2 |
6.50 | 11/25/2042 | 741,027 | 847,087 | ||||||||||||
| FNMA Series 2003-86 Class PT |
4.50 | 09/25/2018 | 1,147,509 | 1,238,891 | ||||||||||||
| FNMA Series 2003-97 Class CA |
5.00 | 10/25/2018 | 2,047,652 | 2,210,306 | ||||||||||||
| FNMA Series 2003-W4 Class 3A |
6.85 | 10/25/2042 | 665,194 | 775,173 | ||||||||||||
| FNMA Series 2004-W1 Class 2A2 |
7.00 | 12/25/2033 | 351,019 | 404,846 | ||||||||||||
| FNMA Series 2006-M2 Class A2F |
5.26 | 05/25/2020 | 3,225,000 | 3,629,078 | ||||||||||||
| FNMA Whole Loan Series 2002-W4 Class A4 |
6.25 | 05/25/2042 | 3,280,031 | 3,723,740 | ||||||||||||
| FNMA Whole Loan Series 2004-W11 Class 1A3 |
7.00 | 05/25/2044 | 1,978,319 | 2,235,841 | ||||||||||||
| FNMA Whole Loan Series 2004-W8 Class 3A |
7.50 | 06/25/2044 | 925,585 | 1,090,189 | ||||||||||||
| GNMA |
5.15 | 07/15/2051 | 1,087,140 | 1,204,501 | ||||||||||||
| GNMA |
6.50 | 10/15/2023 | 86,231 | 98,137 | ||||||||||||
| GNMA |
6.50 | 11/15/2023 | 38,979 | 44,361 | ||||||||||||
| GNMA |
6.50 | 11/15/2023 | 42,681 | 48,574 | ||||||||||||
| GNMA |
6.50 | 12/15/2023 | 48,728 | 55,456 | ||||||||||||
| GNMA |
6.50 | 01/15/2024 | 99,291 | 113,253 | ||||||||||||
| GNMA |
7.00 | 08/15/2027 | 216,664 | 249,206 | ||||||||||||
| Housing & Urban Development Series 04-A |
5.08 | 08/01/2013 | 1,300,000 | 1,399,707 | ||||||||||||
| SBA Participation Certificates Series 2003-P10A Class 1 |
4.52 | 02/10/2013 | 97,367 | 100,491 | ||||||||||||
| SBA Participation Certificates Series 2006-20B Class 1 |
5.35 | 02/01/2026 | 1,658,652 | 1,822,510 | ||||||||||||
| SBA Participation Certificates Series 2006-20H Class 1 |
5.70 | 08/01/2026 | 836,904 | 936,924 | ||||||||||||
| SBA Participation Certificates Series 2007-20J Class 1 |
5.57 | 10/01/2027 | 1,493,330 | 1,667,049 | ||||||||||||
| Total Agency Securities (Cost $37,953,114) |
41,029,906 | |||||||||||||||
|
|
|
|||||||||||||||
| Asset-Backed Securities: 4.19% | ||||||||||||||||
| Countrywide Asset Backed Certificates Series 2007-S2 Class A6 |
5.78 | 05/25/2037 | 979,317 | 772,271 | ||||||||||||
| GMAC Mortgage Corporation Loan Trust Series 2005-HE1 Class A1VN± |
0.48 | 08/25/2035 | 268,827 | 168,474 | ||||||||||||
| Green Tree Financial Corporation Series 1997-7 Class A8 |
6.86 | 07/15/2029 | 465,068 | 487,341 | ||||||||||||
| GSAMP Trust Series 2005-SEA1 Class A±144A |
0.60 | 01/25/2035 | 221,217 | 210,939 | ||||||||||||
| HFC Home Equity Loan Asset Backed Certificates Series 2005-2 Class A1± |
0.52 | 01/20/2035 | 1,715,895 | 1,522,834 | ||||||||||||
| KeyCorp Student Loan Trust Series 1999-B Class CTFS±(i) |
1.23 | 11/25/2036 | 1,800,000 | 896,178 | ||||||||||||
| RAAC Series 2007-RP4 Class A±144A |
0.61 | 11/25/2046 | 1,788,418 | 853,680 | ||||||||||||
| Wachovia Asset Securitization Incorporated Series 2007-HE2A Class A±144A |
0.39 | 07/25/2037 | 1,379,641 | 1,008,242 | ||||||||||||
| Total Asset-Backed Securities (Cost $8,597,294) |
5,919,959 | |||||||||||||||
|
|
|
|||||||||||||||
| Non-Agency Mortgage Backed Securities: 14.55% | ||||||||||||||||
| Countrywide Alternative Loan Trust Series 2005-27 Class 3A1± |
1.61 | 08/25/2035 | 1,161,323 | 675,538 | ||||||||||||
| Countrywide Home Loans Series 2005-R3 Class AF±144A |
0.66 | 09/25/2035 | 1,713,613 | 1,406,636 | ||||||||||||
| Countrywide Home Loans Series 2006-OA5 Class 1A1± |
0.46 | 04/25/2046 | 1,621,567 | 831,694 | ||||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 129 |
MANAGED FIXED INCOME PORTFOLIO
| Security Name | Interest Rate | Maturity Date | Principal | Value | ||||||||||||
| Non-Agency Mortgage Backed Securities (continued) | ||||||||||||||||
| Credit Suisse First Boston Mortgage Securities Corporation Series 2004-AR5 Class 10A1 |
2.67 | % | 06/25/2034 | $ | 1,085,947 | $ | 954,484 | |||||||||
| Credit Suisse Mortgage Capital Certification Series 2007-C1 Class AAB |
5.34 | 02/15/2040 | 2,000,000 | 2,069,962 | ||||||||||||
| Harborview Mortgage Loan Trust Series 2004-11 Class 3A2A± |
0.59 | 01/19/2035 | 43,570 | 25,256 | ||||||||||||
| JPMorgan Chase Commercial Mortgage Securities Corporation Series 2006-LDP7 Class ASB |
6.07 | 04/15/2045 | 2,250,128 | 2,389,553 | ||||||||||||
| LF Rothschild Mortgage Trust Series 2 Class Z |
9.95 | 08/01/2017 | 19,043 | 19,931 | ||||||||||||
| Merrill Lynch Mortgage Trust Series 2006-C2 Class A2 |
5.76 | 08/12/2043 | 1,767,198 | 1,847,781 | ||||||||||||
| Nomura Asset Acceptance Corporation Series 2004-R2 Class A1 144A |
6.50 | 10/25/2034 | 1,660,604 | 1,671,889 | ||||||||||||
| Sequoia Mortgage Trust Series 10 Class 1A± |
1.05 | 10/20/2027 | 733,757 | 646,685 | ||||||||||||
| Structured Asset Securities Corporation Series 2007-RM1 Class A1±144A(i)(a) |
0.54 | 05/25/2047 | 2,797,003 | 1,354,029 | ||||||||||||
| Wachovia Bank Commercial Mortgage Trust Series 2005-C16 Class A4 |
4.85 | 10/15/2041 | 1,475,000 | 1,602,498 | ||||||||||||
| Washington Mutual Commercial Mortgage Securities Trust Series 2007-SL3 Class A1 144A |
6.11 | 03/23/2045 | 2,456,569 | 2,630,666 | ||||||||||||
| Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR6 Class 2A1A± |
0.49 | 04/25/2045 | 850,728 | 636,090 | ||||||||||||
| Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR3 Class A1A± |
1.22 | 02/25/2046 | 1,928,284 | 1,268,915 | ||||||||||||
| Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR4 Class DA± |
1.19 | 06/25/2046 | 1,456,776 | 551,004 | ||||||||||||
| Total Non-Agency Mortgage Backed Securities (Cost $25,058,301) |
20,582,611 | |||||||||||||||
|
|
|
|||||||||||||||
| Corporate Bonds and Notes: 29.06% |
||||||||||||||||
| Consumer Discretionary: 2.61% |
||||||||||||||||
| Diversified Consumer Services: 1.58% | ||||||||||||||||
| Dartmouth College |
4.75 | 06/01/2019 | 600,000 | 690,792 | ||||||||||||
| Massachusetts Institute of Technology |
7.25 | 11/02/2096 | 500,000 | 765,995 | ||||||||||||
| Pepperdine University |
5.45 | 08/01/2019 | 600,000 | 721,686 | ||||||||||||
| Stewart Enterprises Incorporated |
6.50 | 04/15/2019 | 60,000 | 58,350 | ||||||||||||
| 2,236,823 | ||||||||||||||||
|
|
|
|||||||||||||||
| Media: 1.03% | ||||||||||||||||
| Lamar Media Corporation |
6.63 | 08/15/2015 | 545,000 | 545,000 | ||||||||||||
| Pearson Dollar Finance Two plc 144A |
6.25 | 05/06/2018 | 325,000 | 373,359 | ||||||||||||
| Time Warner Cable Incorporated |
6.20 | 07/01/2013 | 500,000 | 537,935 | ||||||||||||
| 1,456,294 | ||||||||||||||||
|
|
|
|||||||||||||||
| Consumer Staples: 2.02% |
||||||||||||||||
| Food & Staples Retailing: 0.43% | ||||||||||||||||
| Wal-Mart Stores Incorporated |
5.80 | 02/15/2018 | 500,000 | 604,652 | ||||||||||||
|
|
|
|||||||||||||||
| Food Products: 1.27% | ||||||||||||||||
| Cargill Incorporated 144A |
4.31 | 05/14/2021 | 853,000 | 909,339 | ||||||||||||
| McCormick & Company Incorporated |
5.75 | 12/15/2017 | 750,000 | 897,153 | ||||||||||||
| 1,806,492 | ||||||||||||||||
|
|
|
|||||||||||||||
| Household Products: 0.32% | ||||||||||||||||
| Procter & Gamble Company |
1.45 | 08/15/2016 | 450,000 | 449,672 | ||||||||||||
|
|
|
|||||||||||||||
Table of Contents
| 130 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
MANAGED FIXED INCOME PORTFOLIO
| Security Name | Interest Rate | Maturity Date | Principal | Value | ||||||||||||
| Energy: 1.46% |
||||||||||||||||
| Oil, Gas & Consumable Fuels: 1.46% | ||||||||||||||||
| ConocoPhillips |
4.60 | % | 01/15/2015 | $ | 500,000 | $ | 553,115 | |||||||||
| EQT Corporation |
8.13 | 06/01/2019 | 650,000 | 739,478 | ||||||||||||
| NGPL PipeCo LLC 144A |
6.51 | 12/15/2012 | 750,000 | 768,683 | ||||||||||||
| 2,061,276 | ||||||||||||||||
|
|
|
|||||||||||||||
| Financials: 16.22% |
||||||||||||||||
| Capital Markets: 0.75% | ||||||||||||||||
| Charles Schwab Corporation |
6.38 | 09/01/2017 | 500,000 | 599,234 | ||||||||||||
| Morgan Stanley |
4.10 | 01/26/2015 | 500,000 | 461,869 | ||||||||||||
| 1,061,103 | ||||||||||||||||
|
|
|
|||||||||||||||
| Commercial Banks: 7.62% | ||||||||||||||||
| BankAmerica Capital III± |
0.97 | 01/15/2027 | 1,000,000 | 702,824 | ||||||||||||
| Branch Banking & Trust Capital Trust IV |
6.82 | 06/12/2057 | 500,000 | 498,750 | ||||||||||||
| Chase Capital VI± |
1.05 | 08/01/2028 | 2,000,000 | 1,455,966 | ||||||||||||
| Colonial Bank NA(s) |
6.38 | 12/01/2015 | 1,978,000 | 198 | ||||||||||||
| CoreStates Capital Trust II±144A |
1.05 | 01/15/2027 | 750,000 | 551,586 | ||||||||||||
| HSBC Capital Funding LP 144A |
4.61 | 12/29/2049 | 600,000 | 547,173 | ||||||||||||
| Manufacturers & Traders Trust Company |
5.59 | 12/28/2020 | 1,508,000 | 1,462,535 | ||||||||||||
| National Capital Commerce Incorporated± |
1.35 | 04/01/2027 | 2,900,000 | 2,136,282 | ||||||||||||
| National City Bank± |
0.70 | 06/07/2017 | 500,000 | 458,227 | ||||||||||||
| NTC Capital Trust Series A± |
0.92 | 01/15/2027 | 450,000 | 343,193 | ||||||||||||
| Regions Financial Corporation |
5.75 | 06/15/2015 | 760,000 | 726,750 | ||||||||||||
| TCF National Bank± |
1.98 | 06/15/2014 | 1,375,000 | 1,334,561 | ||||||||||||
| UBS Preferred Funding Trust V Series 1 |
6.24 | 05/29/2049 | 700,000 | 561,750 | ||||||||||||
| 10,779,795 | ||||||||||||||||
|
|
|
|||||||||||||||
| Diversified Financial Services: 3.65% | ||||||||||||||||
| ABB Treasury Center USA Incorporated 144A |
4.00 | 06/15/2021 | 510,000 | 512,809 | ||||||||||||
| Citigroup Incorporated |
6.13 | 11/21/2017 | 1,185,000 | 1,233,399 | ||||||||||||
| Deutsche Bank Capital Funding Trust VII 144A |
5.63 | 01/29/2049 | 500,000 | 325,000 | ||||||||||||
| General Electric Capital Corporation± |
0.82 | 05/05/2026 | 1,450,000 | 1,042,386 | ||||||||||||
| Goldman Sachs Capital II |
5.79 | 06/01/2043 | 115,000 | 73,888 | ||||||||||||
| Toll Road Investment Partnership II LP 144A(z) |
7.50 | 02/15/2015 | 2,500,000 | 1,975,458 | ||||||||||||
| 5,162,940 | ||||||||||||||||
|
|
|
|||||||||||||||
| Insurance: 2.30% | ||||||||||||||||
| Aegon NV |
4.75 | 06/01/2013 | 520,000 | 532,913 | ||||||||||||
| Metropolitan Life Global Funding I 144A |
5.13 | 06/10/2014 | 475,000 | 509,932 | ||||||||||||
| Minnesota Life Insurance Company 144A |
8.25 | 09/15/2025 | 950,000 | 1,100,327 | ||||||||||||
| New York Life Global Funding 144A |
5.38 | 09/15/2013 | 500,000 | 534,876 | ||||||||||||
| NLV Financial Corporation 144A |
7.50 | 08/15/2033 | 565,000 | 571,393 | ||||||||||||
| 3,249,441 | ||||||||||||||||
|
|
|
|||||||||||||||
| REIT: 1.90% | ||||||||||||||||
| Boston Properties LP |
3.70 | 11/15/2018 | 180,000 | 179,886 | ||||||||||||
| Duke Realty LP |
6.75 | 03/15/2020 | 750,000 | 798,256 | ||||||||||||
| Liberty Property LP |
6.63 | 10/01/2017 | 400,000 | 450,138 | ||||||||||||
| Potlatch Corporation |
7.50 | 11/01/2019 | 160,000 | 159,600 | ||||||||||||
| Realty Income Corporation |
5.50 | 11/15/2015 | 500,000 | 539,095 | ||||||||||||
| Simon Property Group LP |
6.75 | 05/15/2014 | 500,000 | 551,289 | ||||||||||||
| 2,678,264 | ||||||||||||||||
|
|
|
|||||||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 131 |
MANAGED FIXED INCOME PORTFOLIO
| Security Name | Interest Rate | Maturity Date | Principal | Value | ||||||||||||
| Health Care: 0.86% |
||||||||||||||||
| Health Care Providers & Services: 0.43% | ||||||||||||||||
| Roche Holdings Incorporated 144A |
6.00 | % | 03/01/2019 | $ | 500,000 | $ | 604,885 | |||||||||
|
|
|
|||||||||||||||
| Pharmaceuticals: 0.43% | ||||||||||||||||
| Schering-Plough Corporation |
6.00 | 09/15/2017 | 500,000 | 611,166 | ||||||||||||
|
|
|
|||||||||||||||
| Industrials: 2.11% |
||||||||||||||||
| Aerospace & Defense: 0.70% | ||||||||||||||||
| BAE Systems plc 144A |
4.75 | 10/11/2021 | 470,000 | 470,706 | ||||||||||||
| Lockheed Martin Corporation |
4.25 | 11/15/2019 | 500,000 | 521,220 | ||||||||||||
| 991,926 | ||||||||||||||||
|
|
|
|||||||||||||||
| Commercial Services & Supplies: 1.00% | ||||||||||||||||
| Ace Hardware Corporation 144A |
9.13 | 06/01/2016 | 350,000 | 370,125 | ||||||||||||
| Black & Decker« |
5.75 | 11/15/2016 | 825,000 | 959,138 | ||||||||||||
| Iron Mountain Incorporated |
8.75 | 07/15/2018 | 85,000 | 87,550 | ||||||||||||
| 1,416,813 | ||||||||||||||||
|
|
|
|||||||||||||||
| Road & Rail: 0.41% | ||||||||||||||||
| Ryder System Incorporated Series MTN |
3.15 | 03/02/2015 | 565,000 | 578,732 | ||||||||||||
|
|
|
|||||||||||||||
| Information Technology: 0.85% |
||||||||||||||||
| Electronic Equipment, Instruments & Components: 0.20% | ||||||||||||||||
| Jabil Circuit Incorporated |
8.25 | 03/15/2018 | 250,000 | 283,750 | ||||||||||||
|
|
|
|||||||||||||||
| IT Services: 0.47% | ||||||||||||||||
| Fiserv Incorporated |
3.13 | 10/01/2015 | 500,000 | 510,103 | ||||||||||||
| SunGard Data Systems Incorporated |
4.88 | 01/15/2014 | 150,000 | 149,250 | ||||||||||||
| 659,353 | ||||||||||||||||
|
|
|
|||||||||||||||
| Semiconductors & Semiconductor Equipment: 0.18% | ||||||||||||||||
| Intel Corporation |
1.95 | 10/01/2016 | 260,000 | 262,801 | ||||||||||||
|
|
|
|||||||||||||||
| Materials: 1.17% |
||||||||||||||||
| Chemicals: 0.57% | ||||||||||||||||
| Valspar Corporation |
5.10 | 08/01/2015 | 750,000 | 810,437 | ||||||||||||
|
|
|
|||||||||||||||
| Metals & Mining: 0.60% | ||||||||||||||||
| Century Aluminum Company |
8.00 | 05/15/2014 | 176,750 | 177,634 | ||||||||||||
| International Steel Group |
6.50 | 04/15/2014 | 100,000 | 107,305 | ||||||||||||
| Rio Tinto Finance USA Limited |
3.75 | 09/20/2021 | 370,000 | 374,225 | ||||||||||||
| Steel Dynamics Incorporated |
6.75 | 04/01/2015 | 185,000 | 186,850 | ||||||||||||
| 846,014 | ||||||||||||||||
|
|
|
|||||||||||||||
| Utilities: 1.76% |
||||||||||||||||
| Electric Utilities: 1.76% | ||||||||||||||||
| Connecticut Light & Power |
5.38 | 03/01/2017 | 1,000,000 | 1,136,836 | ||||||||||||
| Great River Energy 144A |
5.83 | 07/01/2017 | 821,537 | 921,805 | ||||||||||||
| Otter Tail Corporation |
9.00 | 12/15/2016 | 350,000 | 376,250 | ||||||||||||
| Wisconsin Electric Power Company |
2.95 | 09/15/2021 | 50,000 | 50,083 | ||||||||||||
| 2,484,974 | ||||||||||||||||
|
|
|
|||||||||||||||
| Total Corporate Bonds and Notes (Cost $42,910,476) |
41,097,603 | |||||||||||||||
|
|
|
|||||||||||||||
Table of Contents
| 132 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
MANAGED FIXED INCOME PORTFOLIO
| Security Name | Interest Rate | Maturity Date | Principal | Value | ||||||||||||
| Municipal Bonds and Notes: 12.02% |
||||||||||||||||
| Arizona: 0.67% | ||||||||||||||||
| Maricopa County AZ Elementary School District #28-Kyrene Elementary (Tax Revenue) |
5.38 | % | 07/01/2019 | $ | 800,000 | $ | 940,488 | |||||||||
|
|
|
|||||||||||||||
| California: 0.69% | ||||||||||||||||
| California State Build America Bonds (Miscellaneous Revenue) |
7.55 | 04/01/2039 | 825,000 | 980,570 | ||||||||||||
|
|
|
|||||||||||||||
| Georgia: 1.18% | ||||||||||||||||
| Cherokee County GA School System Build America Bonds (Tax Revenue, State Aid Withholding Insured) |
5.87 | 08/01/2028 | 1,500,000 | 1,665,195 | ||||||||||||
|
|
|
|||||||||||||||
| Illinois: 1.46% | ||||||||||||||||
| City of Chicago IL Taxable Series D (Tax Revenue, NATL-RE Insured) |
5.44 | 01/01/2024 | 1,000,000 | 1,019,610 | ||||||||||||
| Loyola University Illinois Series C (Education Revenue) |
4.80 | 07/01/2013 | 1,000,000 | 1,042,680 | ||||||||||||
| 2,062,290 | ||||||||||||||||
|
|
|
|||||||||||||||
| Indiana: 0.52% | ||||||||||||||||
| Indiana State Housing & Community Development Authority Series A-2 (Housing Revenue, GNMA/FNMA Insured) |
5.51 | 01/01/2039 | 705,000 | 733,764 | ||||||||||||
|
|
|
|||||||||||||||
| Kansas: 0.80% | ||||||||||||||||
| Sedgwick County KS Unified School District # 259 (Tax Revenue) |
5.10 | 10/01/2022 | 1,000,000 | 1,131,210 | ||||||||||||
|
|
|
|||||||||||||||
| Kentucky: 0.49% | ||||||||||||||||
| Kentucky Housing Corporation Series D (Housing Revenue) |
5.75 | 07/01/2037 | 490,000 | 503,583 | ||||||||||||
| Kentucky Housing Corporation Series J (Housing Revenue) |
5.92 | 07/01/2034 | 190,000 | 191,509 | ||||||||||||
| 695,092 | ||||||||||||||||
|
|
|
|||||||||||||||
| Minnesota: 0.46% | ||||||||||||||||
| Minnesota State Housing Finance Agency Series H (Housing Revenue) |
5.85 | 07/01/2036 | 655,000 | 655,976 | ||||||||||||
|
|
|
|||||||||||||||
| New Hampshire: 0.60% | ||||||||||||||||
| New Hampshire HFA SFMR Series D (Housing Revenue) |
5.53 | 07/01/2037 | 825,000 | 842,614 | ||||||||||||
|
|
|
|||||||||||||||
| New Jersey: 1.68% | ||||||||||||||||
| Hudson County NJ Improvement Authority Facilities (Lease Revenue, FSA Insured) |
7.40 | 12/01/2025 | 2,030,000 | 2,371,060 | ||||||||||||
|
|
|
|||||||||||||||
| North Carolina: 0.89% | ||||||||||||||||
| Duke University North Carolina Taxable Series A (Education Revenue, GO of University Insured) |
5.85 | 04/01/2037 | 1,000,000 | 1,261,210 | ||||||||||||
|
|
|
|||||||||||||||
| Ohio: 0.76% | ||||||||||||||||
| Ohio State HFAR Mortgage Revenue Series O (Housing Revenue, GNMA/FNMA Insured) |
5.47 | 09/01/2025 | 1,055,000 | 1,077,218 | ||||||||||||
|
|
|
|||||||||||||||
| Texas: 0.39% | ||||||||||||||||
| Dallas County TX Hospital District Series C (Tax Revenue) |
4.45 | 08/15/2019 | 500,000 | 555,220 | ||||||||||||
|
|
|
|||||||||||||||
| West Virginia: 0.69% | ||||||||||||||||
| Ohio County WV Special District Excise Tax Series A (Tax Revenue) |
8.25 | 03/01/2035 | 1,000,000 | 978,420 | ||||||||||||
|
|
|
|||||||||||||||
| Wisconsin: 0.74% | ||||||||||||||||
| Wisconsin Housing & Economic Development Authority Home Ownership Series F (Housing Revenue, GO of Authority Insured) |
5.73 | 09/01/2037 | 1,035,000 | 1,041,272 | ||||||||||||
|
|
|
|||||||||||||||
| Total Municipal Bonds and Notes (Cost $15,613,225) |
16,991,599 | |||||||||||||||
|
|
|
|||||||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 133 |
MANAGED FIXED INCOME PORTFOLIO
| Security Name | Interest Rate | Maturity Date | Principal | Value | ||||||||||||
| Term Loans: 0.24% | ||||||||||||||||
| RMK Acquisition Corporation (Aramark) 1st Lien |
0.09 | % | 01/27/2014 | $ | 26,337 | $ | 25,716 | |||||||||
| RMK Acquisition Corporation (Aramark) 1st Lien |
2.24 | 01/27/2014 | 326,927 | 319,221 | ||||||||||||
| Total Term Loans (Cost $353,264) |
344,937 | |||||||||||||||
|
|
|
|||||||||||||||
| U.S. Treasury Securities: 7.40% | ||||||||||||||||
| TIPS |
1.13 | 01/15/2021 | 440,785 | 487,687 | ||||||||||||
| U.S. Treasury Bond |
3.75 | 08/15/2041 | 3,500,000 | 3,981,250 | ||||||||||||
| U.S. Treasury Bond |
3.88 | 08/15/2040 | 1,375,000 | 1,595,215 | ||||||||||||
| U.S. Treasury Bond |
4.25 | 11/15/2040 | 2,105,000 | 2,599,018 | ||||||||||||
| U.S. Treasury Bond |
4.38 | 05/15/2041 | 725,000 | 914,519 | ||||||||||||
| U.S. Treasury Bond |
4.75 | 02/15/2041 | 550,000 | 734,422 | ||||||||||||
| U.S. Treasury Note |
2.13 | 08/15/2021 | 150,000 | 150,891 | ||||||||||||
| Total U.S. Treasury Securities (Cost $9,077,772) |
10,463,002 | |||||||||||||||
|
|
|
|||||||||||||||
| Yankee Corporate Bonds and Notes: 2.12% |
||||||||||||||||
| Energy: 0.56% |
||||||||||||||||
| Oil, Gas & Consumable Fuels: 0.56% | ||||||||||||||||
| BP Capital Markets plc |
3.63 | 05/08/2014 | 750,000 | 786,965 | ||||||||||||
|
|
|
|||||||||||||||
| Financials: 1.56% |
||||||||||||||||
| Commercial Banks: 1.15% | ||||||||||||||||
| Barclays Bank plc 144A |
5.93 | 09/29/2049 | 750,000 | 528,740 | ||||||||||||
| Rabobank Nederland NV 144A |
4.20 | 05/13/2014 | 500,000 | 528,553 | ||||||||||||
| Rabobank Nederland NV 144A |
11.00 | 06/29/2049 | 500,000 | 578,750 | ||||||||||||
| 1,636,043 | ||||||||||||||||
|
|
|
|||||||||||||||
| Diversified Financial Services: 0.41% | ||||||||||||||||
| Siemens Financieringsmaatschappij NV 144A |
5.75 | 10/17/2016 | 500,000 | 575,900 | ||||||||||||
|
|
|
|||||||||||||||
| Total Yankee Corporate Bonds and Notes (Cost $3,162,003) |
2,998,908 | |||||||||||||||
|
|
|
|||||||||||||||
| Other: 0.35% |
||||||||||||||||
| Gryphon Funding Limited, Pass-Through Entity(a)(i)(v) |
289,653 | 103,985 | ||||||||||||||
| VFNC Corporation, Pass-Through Entity, 0.26% ±144A(a)(i)(v) |
781,095 | 382,737 | ||||||||||||||
| Total Other (Cost $196,827) |
486,722 | |||||||||||||||
|
|
|
|||||||||||||||
| Yield | Shares | |||||||||||||||
| Short-Term Investments: 2.94% | ||||||||||||||||
| Investment Companies: 2.94% | ||||||||||||||||
| Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class(l)(u)## |
0.05 | 3,760,401 | 3,760,401 | |||||||||||||
| Wells Fargo Securities Lending Cash Investments, LLC(l)(v)(u)(r) |
0.17 | 399,423 | 399,423 | |||||||||||||
| Total Short-Term Investments (Cost $4,159,824) |
4,159,824 | |||||||||||||||
|
|
|
|||||||||||||||
| Total Investments in Securities | ||||||||
| (Cost $147,082,100)* | 101.88 | % | 144,075,071 | |||||
| Other Assets and Liabilities, Net |
(1.88 | ) | (2,652,871 | ) | ||||
|
|
|
|
|
|||||
| Total Net Assets | 100.00 | % | $ | 141,422,200 | ||||
|
|
|
|
|
Table of Contents
| 134 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
MANAGED FIXED INCOME PORTFOLIO
| %% | 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. |
| (a) | Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees. |
| (l) | Investment in an affiliate. |
| (s) | Security is currently in default with regards to scheduled interest and/or principal payments. The Fund has stopped accruing interest on this security. |
| (z) | Zero coupon security. Rate represents yield to maturity. |
| « | All or a portion of this security is on loan. |
| (v) | Security represents investment of cash collateral received from securities on loan. |
| (u) | Rate shown is the 7-day annualized yield at period end. |
| ## | All or a portion of this security has been segregated for when-issued securities or unfunded loans. |
| (r) | The investment company is exempt from registration under Section 3(c)(7) of the 1940 Act. |
| * | Cost for federal income tax purposes is $147,082,100 and net unrealized appreciation (depreciation) consists of: |
| Gross unrealized appreciation |
$ | 9,312,011 | ||
| Gross unrealized depreciation |
(12,319,040 | ) | ||
|
|
|
|||
| Net unrealized depreciation |
$ | (3,007,029 | ) |
The accompanying notes are an integral part of these financial statements.
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 135 |
STABLE INCOME PORTFOLIO
| Security Name | Interest Rate | Maturity Date | Principal | Value | ||||||||||||
| Agency Securities: 39.93% | ||||||||||||||||
| FHLMC |
6.00 | % | 07/01/2017 | $ | 139,056 | $ | 149,614 | |||||||||
| FHLMC |
7.50 | 07/17/2017 | 147,700 | 153,537 | ||||||||||||
| FHLMC Structured Pass-Through Securities Series T-54 Class 3A |
7.00 | 02/25/2043 | 610,414 | 714,170 | ||||||||||||
| FHLMC Structured Pass-Through Securities Series T-54 Class 4A± |
3.41 | 02/25/2043 | 700,281 | 693,825 | ||||||||||||
| FHLMC Structured Pass-Through Securities Series T-55 Class 1A2 |
7.00 | 03/25/2043 | 1,026,602 | 1,160,042 | ||||||||||||
| FHLMC Structured Pass-Through Securities Series T-57 Class 1A2 |
7.00 | 07/25/2043 | 838,841 | 970,659 | ||||||||||||
| FHLMC Structured Pass-Through Securities Series T-58 Class 4A |
7.50 | 09/25/2043 | 1,003,129 | 1,181,226 | ||||||||||||
| FHLMC Structured Pass-Through Securities Series T-63 Class 1A1± |
1.43 | 02/25/2045 | 627,012 | 593,285 | ||||||||||||
| FNMA |
5.50 | 02/01/2017 | 282,999 | 306,628 | ||||||||||||
| FNMA± |
1.43 | 10/01/2034 | 405,378 | 407,691 | ||||||||||||
| FNMA± |
1.43 | 04/01/2044 | 305,367 | 307,059 | ||||||||||||
| FNMA± |
1.43 | 10/01/2044 | 398,435 | 400,806 | ||||||||||||
| FNMA± |
1.75 | 09/01/2033 | 241,186 | 245,371 | ||||||||||||
| FNMA |
1.75 | 08/10/2012 | 400,000 | 404,273 | ||||||||||||
| FNMA± |
1.78 | 10/01/2033 | 628,313 | 639,737 | ||||||||||||
| FNMA± |
1.95 | 06/01/2033 | 493,386 | 514,529 | ||||||||||||
| FNMA± |
2.12 | 12/01/2033 | 395,245 | 408,076 | ||||||||||||
| FNMA± |
2.15 | 01/01/2036 | 373,107 | 389,041 | ||||||||||||
| FNMA± |
2.16 | 06/01/2033 | 325,248 | 340,595 | ||||||||||||
| FNMA± |
2.20 | 08/01/2035 | 497,998 | 517,553 | ||||||||||||
| FNMA± |
2.26 | 07/01/2035 | 372,460 | 391,465 | ||||||||||||
| FNMA± |
2.60 | 04/01/2034 | 600,395 | 620,131 | ||||||||||||
| FNMA± |
3.18 | 07/01/2017 | 56,639 | 57,191 | ||||||||||||
| FNMA |
5.00 | 04/01/2014 | 199,593 | 210,705 | ||||||||||||
| FNMA± |
5.51 | 04/01/2037 | 349,779 | 368,869 | ||||||||||||
| FNMA |
6.50 | 12/01/2015 | 120,916 | 126,967 | ||||||||||||
| FNMA Grantor Trust Series 2002-T12 Class A3 |
7.50 | 05/25/2042 | 211,298 | 248,137 | ||||||||||||
| FNMA Series 2002-90 Class A2 |
6.50 | 11/25/2042 | 226,525 | 258,947 | ||||||||||||
| FNMA Series 2003-W4 Class 3A± |
6.85 | 10/25/2042 | 555,806 | 647,700 | ||||||||||||
| FNMA Series 2004-W2 Class 2A2 |
7.00 | 02/25/2044 | 452,104 | 534,390 | ||||||||||||
| FNMA Series 2007-88 Class HC± |
3.46 | 09/25/2037 | 565,433 | 575,010 | ||||||||||||
| FNMA Whole Loan Series 2002-W10 Class A6 |
7.50 | 08/25/2042 | 233,193 | 273,351 | ||||||||||||
| Total Agency Securities (Cost $14,106,106) |
14,810,580 | |||||||||||||||
|
|
|
|||||||||||||||
| Asset-Backed Securities: 16.80% | ||||||||||||||||
| Ally Auto Receivables Trust Series 2011-2 Class A3 |
1.18 | 04/15/2015 | 200,000 | 201,088 | ||||||||||||
| Ally Auto Receivables Trust Series 2011-4 Class A2 |
0.65 | 03/17/2014 | 75,000 | 74,928 | ||||||||||||
| Ally Auto Receivables Trust Series 2011-5 Class A3 |
0.99 | 11/15/2015 | 125,000 | 124,870 | ||||||||||||
| Americredit Automobile Receivables Trust Series 2011-3 Class A2 |
0.84 | 11/10/2014 | 150,000 | 149,798 | ||||||||||||
| Americredit Automobile Receivables Trust Series 2011-4 Class A2 |
0.92 | 03/09/2015 | 100,000 | 99,903 | ||||||||||||
| Americredit Automobile Receivables Trust Series 2011-5 Class A2 |
1.19 | 08/08/2015 | 125,000 | 124,996 | ||||||||||||
| BMW Vehicle Owner Trust Series 2011-A Class A2 |
0.63 | 02/25/2014 | 100,000 | 100,004 | ||||||||||||
| Carmax Auto Owner Trust Series 2011-2 Class A2 |
0.68 | 09/15/2014 | 200,000 | 200,717 | ||||||||||||
| CNH Equipment Trust Series2011-B Class A2 |
0.71 | 12/15/2014 | 175,000 | 174,856 | ||||||||||||
| Ford Credit Auto Lease Trust Series 2011-B Class A2 |
0.82 | 01/15/2014 | 200,000 | 199,980 | ||||||||||||
| Ford Credit Auto Owner Trust Series 2011-B Class A3 |
0.84 | 06/15/2015 | 100,000 | 100,178 | ||||||||||||
| GE Equipment Mid-Ticket LLC Series 2011-1 Class A2 |
0.72 | 05/22/2014 | 175,000 | 174,848 | ||||||||||||
| GE Equipment Small Ticket LLC Series 2011-2A Class A2 144A |
1.14 | 06/23/2014 | 100,000 | 99,996 | ||||||||||||
| GSAMP Trust Series 2005-SEA2 Class A1± |
0.61 | 01/25/2045 | 610,605 | 538,000 | ||||||||||||
| GSMPS Mortgage Loan Trust Series 2005-RP2 Class 1AF±144A |
0.61 | 03/25/2035 | 407,897 | 329,319 | ||||||||||||
| GSMPS Mortgage Loan Trust Series 2005-RP3 Class 1AF±144A |
0.61 | 09/25/2035 | 417,960 | 327,991 | ||||||||||||
Table of Contents
| 136 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
STABLE INCOME PORTFOLIO
| Security Name | Interest Rate | Maturity Date | Principal | Value | ||||||||||||
| Asset-Backed Securities (continued) | ||||||||||||||||
| HFC Home Equity Loan Asset Backed Certificates Series 2005-2 Class A1± |
0.52 | % | 01/20/2035 | $ | 604,853 | $ | 536,799 | |||||||||
| Honda Auto Receivables Owner Trust Series 2011-3 Class A2 |
0.67 | 04/21/2014 | 150,000 | 150,026 | ||||||||||||
| Household Home Equity Loan Trust Series 2006-1 Class A1± |
0.41 | 01/20/2036 | 838,584 | 781,534 | ||||||||||||
| Huntington Auto Trust Series 2011-1A Class A3 144A |
1.01 | 01/15/2016 | 175,000 | 174,102 | ||||||||||||
| Mercedes Benz Auto Lease Trust Series 2011-B Class A2 144A |
0.90 | 01/15/2014 | 150,000 | 150,011 | ||||||||||||
| Mercedes Benz Auto Receivables Series 2011-1 Class A3 |
0.85 | 03/16/2015 | 125,000 | 125,085 | ||||||||||||
| Morgan Stanley Dean Witter & Company Corporation Heloc Trust Series 2003-2 Class A± |
0.78 | 04/25/2016 | 59,937 | 55,101 | ||||||||||||
| Santander Drive Auto Receivables Trust Series 2011-2 Class A2 |
1.04 | 04/15/2014 | 175,000 | 174,834 | ||||||||||||
| Santander Drive Auto Receivables Trust Series 2011-3 Class A2 |
1.11 | 08/15/2014 | 100,000 | 99,923 | ||||||||||||
| Santander Drive Auto Receivables Trust Series 2011-4 Class A2 |
1.37 | 03/16/2015 | 200,000 | 199,981 | ||||||||||||
| SBI Heloc Trust Series 2005-HE1 Class 1A±144A |
0.45 | 11/25/2035 | 489,551 | 442,046 | ||||||||||||
| US Education Loan Trust LLC Series 2007-1A Class A2±144A |
0.68 | 09/01/2019 | 125,860 | 125,659 | ||||||||||||
| Volkswagen Auto Lease Trust Series 2011-A Class A2 |
1.00 | 02/20/2014 | 100,000 | 99,999 | ||||||||||||
| World Omni Auto Receivables Trust Series 2007-B Class A4 |
5.39 | 05/15/2013 | 95,423 | 95,611 | ||||||||||||
| Total Asset-Backed Securities (Cost $6,649,822) |
6,232,183 | |||||||||||||||
|
|
|
|||||||||||||||
| Corporate Bonds and Notes: 17.77% |
||||||||||||||||
| Consumer Discretionary: 0.81% |
||||||||||||||||
| Automobiles: 0.40% | ||||||||||||||||
| Daimler Finance NA LLC 144A |
1.88 | 09/15/2014 | 150,000 | 147,672 | ||||||||||||
|
|
|
|||||||||||||||
| Media: 0.41% | ||||||||||||||||
| Time Warner Cable Incorporated |
5.40 | 07/02/2012 | 100,000 | 102,452 | ||||||||||||
| Time Warner Cable Incorporated |
6.20 | 07/01/2013 | 45,000 | 48,414 | ||||||||||||
| 150,866 | ||||||||||||||||
|
|
|
|||||||||||||||
| Consumer Staples: 1.97% |
||||||||||||||||
| Beverages: 0.56% | ||||||||||||||||
| Anheuser-Busch Companies Incorporated |
4.38 | 01/15/2013 | 200,000 | 206,781 | ||||||||||||
|
|
|
|||||||||||||||
| Food & Staples Retailing: 0.56% | ||||||||||||||||
| Sysco Corporation |
4.20 | 02/12/2013 | 200,000 | 207,995 | ||||||||||||
|
|
|
|||||||||||||||
| Food Products: 0.85% | ||||||||||||||||
| Campbell Soup Company |
5.00 | 12/03/2012 | 200,000 | 208,311 | ||||||||||||
| General Mills Incorporated |
5.65 | 09/10/2012 | 105,000 | 108,709 | ||||||||||||
| 317,020 | ||||||||||||||||
|
|
|
|||||||||||||||
| Energy: 1.53% |
||||||||||||||||
| Oil, Gas & Consumable Fuels: 1.53% | ||||||||||||||||
| Chevron Corporation |
3.95 | 03/03/2014 | 125,000 | 133,897 | ||||||||||||
| Conocophillips Australia Guaranteed |
5.50 | 04/15/2013 | 125,000 | 132,834 | ||||||||||||
| Devon Energy Corporation |
5.63 | 01/15/2014 | 35,000 | 38,251 | ||||||||||||
| Northern National Gas Company 144A |
5.38 | 10/31/2012 | 250,000 | 260,526 | ||||||||||||
| 565,508 | ||||||||||||||||
|
|
|
|||||||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 137 |
STABLE INCOME PORTFOLIO
| Security Name | Interest Rate | Maturity Date | Principal | Value | ||||||||||||
| Financials: 6.54% |
||||||||||||||||
| Commercial Banks: 2.94% | ||||||||||||||||
| AMEX Centurion Bank |
1.00 | % | 09/23/2013 | $ | 245,000 | $ | 244,474 | |||||||||
| Bank of Montreal± |
0.90 | 04/29/2014 | 125,000 | 124,627 | ||||||||||||
| Bank of Nova Scotia 144A« |
1.45 | 07/26/2013 | 125,000 | 125,760 | ||||||||||||
| Branch Banking & Trust Corporation |
3.85 | 07/27/2012 | 585,000 | 596,387 | ||||||||||||
| 1,091,248 | ||||||||||||||||
|
|
|
|||||||||||||||
| Consumer Finance: 2.68% | ||||||||||||||||
| American Honda Finance Corporation 144A |
5.10 | 03/27/2012 | 150,000 | 151,672 | ||||||||||||
| BMW Bank of North America |
1.00 | 09/23/2013 | 245,000 | 244,474 | ||||||||||||
| Caterpillar Financial Services Corporation |
2.00 | 04/05/2013 | 150,000 | 152,748 | ||||||||||||
| National Credit Union± |
0.27 | 06/12/2013 | 275,000 | 274,662 | ||||||||||||
| Unilever Capital Corporation |
3.65 | 02/15/2014 | 160,000 | 169,732 | ||||||||||||
| 993,288 | ||||||||||||||||
|
|
|
|||||||||||||||
| Insurance: 0.92% | ||||||||||||||||
| Metropolitan Life Global Funding Incorporated±144A |
0.60 | 03/15/2012 | 340,000 | 339,978 | ||||||||||||
|
|
|
|||||||||||||||
| Health Care: 1.47% |
||||||||||||||||
| Pharmaceuticals: 1.47% | ||||||||||||||||
| Pfizer Incorporated |
4.45 | 03/15/2012 | 470,000 | 474,966 | ||||||||||||
| Sanofi-Aventis US LLC |
1.20 | 09/30/2014 | 70,000 | 70,337 | ||||||||||||
| 545,303 | ||||||||||||||||
|
|
|
|||||||||||||||
| Industrials: 1.42% |
||||||||||||||||
| Aerospace & Defense: 0.54% | ||||||||||||||||
| BAE Systems Holdings Incorporated 144A |
6.40 | 12/15/2011 | 200,000 | 200,281 | ||||||||||||
|
|
|
|||||||||||||||
| Industrial Conglomerates: 0.44% | ||||||||||||||||
| General Electric Company |
5.00 | 02/01/2013 | 155,000 | 161,814 | ||||||||||||
|
|
|
|||||||||||||||
| Road & Rail: 0.44% | ||||||||||||||||
| Union Pacific Corporation |
5.38 | 05/01/2014 | 150,000 | 163,278 | ||||||||||||
|
|
|
|||||||||||||||
| Information Technology: 0.64% |
||||||||||||||||
| Computers & Peripherals: 0.64% | ||||||||||||||||
| Hewlett-Packard Company |
2.95 | 08/15/2012 | 235,000 | 238,217 | ||||||||||||
|
|
|
|||||||||||||||
| Materials: 0.76% |
||||||||||||||||
| Chemicals: 0.34% | ||||||||||||||||
| Valspar Corporation |
5.63 | 05/01/2012 | 125,000 | 127,102 | ||||||||||||
|
|
|
|||||||||||||||
| Metals & Mining: 0.42% | ||||||||||||||||
| Nucor Corporation |
5.00 | 12/01/2012 | 150,000 | 155,992 | ||||||||||||
|
|
|
|||||||||||||||
| Telecommunication Services: 0.57% |
||||||||||||||||
| Diversified Telecommunication Services: 0.57% | ||||||||||||||||
| Verizon Communications Incorporated |
5.25 | 04/15/2013 | 200,000 | 211,438 | ||||||||||||
|
|
|
|||||||||||||||
Table of Contents
| 138 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
STABLE INCOME PORTFOLIO
| Security Name | Interest Rate | Maturity Date | Principal | Value | ||||||||||||
| Utilities: 2.06% |
||||||||||||||||
| Electric Utilities: 1.03% | ||||||||||||||||
| CenterPoint Energy Houston Electric LLC Series U |
7.00 | % | 03/01/2014 | $ | 150,000 | $ | 169,173 | |||||||||
| Public Service Electric & Gas Company |
5.38 | 09/01/2013 | 200,000 | 215,376 | ||||||||||||
| 384,549 | ||||||||||||||||
|
|
|
|||||||||||||||
| Gas Utilities: 1.03% | ||||||||||||||||
| Duke Energy Corporation |
5.63 | 11/30/2012 | 165,000 | 172,540 | ||||||||||||
| Public Service Company of Colorado |
7.88 | 10/01/2012 | 75,000 | 79,398 | ||||||||||||
| Southern California Gas Company |
4.80 | 10/01/2012 | 125,000 | 128,922 | ||||||||||||
| 380,860 | ||||||||||||||||
|
|
|
|||||||||||||||
| Total Corporate Bonds and Notes (Cost $6,575,746) |
6,589,190 | |||||||||||||||
|
|
|
|||||||||||||||
| Loan Participation: 1.27% |
||||||||||||||||
| United States Department of Agriculture Loan(a) |
0.98 | 06/25/2016 | 334,653 | 336,025 | ||||||||||||
| United States Department of Agriculture Loan(a) |
5.37 | 09/08/2019 | 134,995 | 133,915 | ||||||||||||
| Total Loan Participation (Cost $467,719) |
469,940 | |||||||||||||||
|
|
|
|||||||||||||||
| Municipal Bonds and Notes: 2.62% |
||||||||||||||||
| California: 0.14% | ||||||||||||||||
| University of California Revenues (Education Revenue) |
0.89 | 07/01/2013 | 50,000 | 50,217 | ||||||||||||
|
|
|
|||||||||||||||
| Minnesota: 0.54% | ||||||||||||||||
| Metropolitan Council MN Minneapolis-St. Paul Metropolitian Area (GO - State) |
1.00 | 02/01/2012 | 200,000 | 200,240 | ||||||||||||
|
|
|
|||||||||||||||
| Oregon: 0.32% | ||||||||||||||||
| Oregon State University System Project Series F (Education Revenue) |
0.58 | 08/01/2012 | 120,000 | 120,194 | ||||||||||||
|
|
|
|||||||||||||||
| Texas: 0.99% | ||||||||||||||||
| Brazos TX Higher Education Authority Incorporated Series 2011-2 Class A1 (Education Revenue)± |
0.97 | 01/27/2020 | 104,673 | 104,391 | ||||||||||||
| Brazos TX Higher Education Authority Incorporated Series 2005-1 |
0.44 | 12/26/2018 | 267,030 | 264,672 | ||||||||||||
| 369,063 | ||||||||||||||||
|
|
|
|||||||||||||||
| Wisconsin: 0.63% | ||||||||||||||||
| Outagamie County WI (GO - State) |
2.50 | 04/01/2013 | 125,000 | 127,936 | ||||||||||||
| Western Wisconsin Technical College (Education Revenue) |
1.75 | 04/01/2012 | 105,000 | 105,478 | ||||||||||||
| 233,414 | ||||||||||||||||
|
|
|
|||||||||||||||
| Total Municipal Bonds and Notes (Cost $972,490) |
973,128 | |||||||||||||||
|
|
|
|||||||||||||||
| Non-Agency Mortgage Backed Securities: 13.08% | ||||||||||||||||
| Bank of America Commercial Mortgage Incorporated Series 2005-1 Class A3 |
4.88 | 11/10/2042 | 278,438 | 278,339 | ||||||||||||
| Bear Stearns Commercial Mortgage Securities Series 2005-PWR9 Class A2 |
4.74 | 09/11/2042 | 499,151 | 507,052 | ||||||||||||
| Countrywide Home Loans Series 2004-R1 Class 1AF±144A |
0.66 | 11/25/2034 | 352,743 | 290,457 | ||||||||||||
| FDIC Structured Sale Guaranteed Notes Series 2010-L1 Class A2 144A(z) |
1.63 | 10/25/2012 | 940,000 | 931,822 | ||||||||||||
| GE Capital Commercial Mortgage Corporation Series 2005-C2 Class A2 |
4.71 | 05/10/2043 | 76,868 | 76,841 | ||||||||||||
| GE Capital Commercial Mortgage Corporation Series 2005-C3 Class A4 |
5.05 | 07/10/2045 | 518,693 | 519,828 | ||||||||||||
| GSMPS Mortgage Loan Trust Series 2004-4 Class 1AF±144A |
0.66 | 06/25/2034 | 351,801 | 286,965 | ||||||||||||
| JPMorgan Chase Commercial Mortgage Series 2010 C2 Class A1 144A |
2.75 | 11/15/2043 | 164,459 | 166,187 | ||||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 139 |
STABLE INCOME PORTFOLIO
| Security Name | Interest Rate | Maturity Date | Principal | Value | ||||||||||||
| Non-Agency Mortgage Backed Securities (continued) | ||||||||||||||||
| JPMorgan Chase Commercial Mortgage Series 2011-C5 Class A1 |
1.60 | % | 08/15/2046 | $ | 121,583 | $ | 121,732 | |||||||||
| Morgan Stanley Dean Witter Credit Corporation Heloc Trust Series 2003-1 Class A± |
0.80 | 11/25/2015 | 163,857 | 155,326 | ||||||||||||
| Structured Asset Securities Corporation Series 2004-NP2 Class A±144A |
0.61 | 06/25/2034 | 383,359 | 326,094 | ||||||||||||
| Structured Asset Securities Corporation Series 2005-GEL4 Class A± |
0.61 | 08/25/2035 | 64,693 | 64,020 | ||||||||||||
| Structured Asset Securities Corporation Series 2006-RF3 Class 1A1 144A |
6.00 | 10/25/2036 | 286,002 | 283,652 | ||||||||||||
| Structured Asset Securities Corporation Series 2006-RM1 Class A1±144A (a)(i) |
0.51 | 08/25/2046 | 359,254 | 179,627 | ||||||||||||
| Structured Asset Securities Corporation Series 2007-RM1 Class A1±144A (i) |
0.54 | 05/25/2047 | 938,994 | 454,567 | ||||||||||||
| Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR6 Class 2A1A± |
0.49 | 04/25/2045 | 279,890 | 209,273 | ||||||||||||
|
|
|
|||||||||||||||
| Total Non-Agency Mortgage Backed Securities (Cost $5,766,186) |
4,851,782 | |||||||||||||||
|
|
|
|||||||||||||||
| U.S. Treasury Securities: 0.20% |
||||||||||||||||
| U.S. Treasury Bond |
0.75 | 03/31/2013 | 75,000 | 75,554 | ||||||||||||
|
|
|
|||||||||||||||
| Total U.S. Treasury Securities (Cost $74,243) |
75,554 | |||||||||||||||
|
|
|
|||||||||||||||
| Yankee Corporate Bonds and Notes: 1.61% |
||||||||||||||||
| Financials: 1.61% |
||||||||||||||||
| Diversified Financial Services: 1.61% | ||||||||||||||||
| Covidien International Finance SA |
1.88 | 06/15/2013 | 250,000 | 253,049 | ||||||||||||
| Diageo Capital plc |
5.20 | 01/30/2013 | 150,000 | 157,489 | ||||||||||||
| Shell International Finance BV |
4.00 | 03/21/2014 | 175,000 | 187,845 | ||||||||||||
| Total Yankee Corporate Bonds and Notes (Cost $598,369) |
598,383 | |||||||||||||||
|
|
|
|||||||||||||||
| Other: 0.59% |
||||||||||||||||
| Gryphon Funding Limited, Pass-Through Entity(a)(i)(v) |
129,428 | 46,464 | ||||||||||||||
| VFNC Corporation, Pass-Through Entity, 0.26%±144A(a)(i)(v) |
349,022 | 171,021 | ||||||||||||||
| Total Other (Cost $87,949) |
217,485 | |||||||||||||||
|
|
|
|||||||||||||||
| Yield | Shares | |||||||||||||||
| Short-Term Investments: 8.05% | ||||||||||||||||
| Investment Companies: 4.81% | ||||||||||||||||
| Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class(l)(u) |
0.05 | 1,037,354 | 1,037,354 | |||||||||||||
| Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)(r) |
0.17 | 748,679 | 748,679 | |||||||||||||
| 1,786,033 | ||||||||||||||||
|
|
|
|||||||||||||||
| U.S. Treasury Securities: 3.24% | ||||||||||||||||
| U.S. Treasury Bill« |
0.17 | 05/31/2012 | 775,000 | 774,785 | ||||||||||||
| U.S. Treasury Bill |
0.20 | 04/05/2012 | 425,000 | 424,963 | ||||||||||||
| 1,199,748 | ||||||||||||||||
|
|
|
|||||||||||||||
| Total Short-Term Investments (Cost $2,985,781) |
2,985,781 | |||||||||||||||
|
|
|
|||||||||||||||
| Total Investments in Securities | ||||||||
| (Cost $38,284,411)* | 101.93 | % | 37,804,006 | |||||
| Other Assets and Liabilities, Net |
(1.93 | ) | (717,376 | ) | ||||
|
|
|
|
|
|||||
| Total Net Assets | 100.00 | % | $ | 37,086,630 | ||||
|
|
|
|
|
Table of Contents
| 140 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
STABLE INCOME PORTFOLIO
| ± | 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. |
| « | All or a portion of this security is on loan. |
| (z) | Zero coupon security. Rate represents yield to 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. |
| (i) | Illiquid security. |
| (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. |
| * | Cost for federal income tax purposes is $38,285,992 and net unrealized appreciation (depreciation) consists of: |
| Gross unrealized appreciation |
$ | 944,150 | ||
| Gross unrealized depreciation |
(1,426,136 | ) | ||
|
|
|
|||
| Net unrealized depreciation |
$ | (481,986 | ) |
The accompanying notes are an integral part of these financial statements.
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 141 |
TOTAL RETURN BOND PORTFOLIO
| Security Name | Interest Rate | Maturity Date | Principal | Value | ||||||||||||
| Agency Securities: 55.57% | ||||||||||||||||
| FHLMC(a) |
2.40 | % | 12/15/2041 | $ | 9,912,000 | $ | 10,130,519 | |||||||||
| FHLMC%% |
3.00 | 12/15/2025 | 27,600,000 | 28,007,531 | ||||||||||||
| FHLMC%% |
3.50 | 06/15/2025 | 18,600,000 | 19,268,438 | ||||||||||||
| FHLMC%% |
3.50 | 07/15/2025 | 54,400,000 | 56,270,000 | ||||||||||||
| FHLMC |
3.50 | 10/01/2031 | 1,929,240 | 1,987,979 | ||||||||||||
| FHLMC |
4.00 | 12/01/2034 | 3,852,750 | 4,033,347 | ||||||||||||
| FHLMC |
4.00 | 12/01/2035 | 4,484,984 | 4,691,013 | ||||||||||||
| FHLMC |
4.00 | 12/15/2036 | 5,741,269 | 6,063,597 | ||||||||||||
| FHLMC |
4.00 | 02/15/2039 | 1,794,147 | 1,887,857 | ||||||||||||
| FHLMC |
4.00 | 02/15/2040 | 8,337,383 | 8,851,615 | ||||||||||||
| FHLMC%% |
4.00 | 03/15/2040 | 26,600,000 | 27,589,188 | ||||||||||||
| FHLMC |
4.50 | 11/15/2038 | 3,404,865 | 3,591,263 | ||||||||||||
| FHLMC |
4.50 | 08/01/2041 | 4,671,473 | 4,964,142 | ||||||||||||
| FHLMC |
4.50 | 08/01/2041 | 4,880,496 | 5,192,099 | ||||||||||||
| FHLMC |
4.50 | 08/01/2041 | 7,486,248 | 7,955,227 | ||||||||||||
| FHLMC |
4.50 | 08/01/2041 | 6,746,932 | 7,177,694 | ||||||||||||
| FHLMC |
4.50 | 09/01/2041 | 6,060,721 | 6,381,547 | ||||||||||||
| FHLMC |
4.50 | 10/01/2041 | 9,727,410 | 10,242,333 | ||||||||||||
| FHLMC |
5.00 | 07/15/2029 | 210,909 | 212,540 | ||||||||||||
| FHLMC |
5.00 | 06/15/2038 | 8,022 | 8,809 | ||||||||||||
| FHLMC |
5.00 | 03/01/2041 | 1,159,173 | 1,258,285 | ||||||||||||
| FHLMC |
5.00 | 03/01/2041 | 803,807 | 872,793 | ||||||||||||
| FHLMC |
5.00 | 03/01/2041 | 1,086,186 | 1,179,139 | ||||||||||||
| FHLMC |
5.00 | 03/01/2041 | 1,763,453 | 1,914,789 | ||||||||||||
| FHLMC |
5.00 | 04/01/2041 | 6,522,545 | 7,081,568 | ||||||||||||
| FHLMC |
5.00 | 04/01/2041 | 3,561,980 | 3,867,749 | ||||||||||||
| FHLMC |
5.00 | 04/01/2041 | 2,131,397 | 2,313,643 | ||||||||||||
| FHLMC |
5.00 | 04/01/2041 | 889,299 | 965,370 | ||||||||||||
| FHLMC |
5.00 | 05/01/2041 | 5,601,560 | 6,082,751 | ||||||||||||
| FHLMC |
5.00 | 05/01/2041 | 1,256,383 | 1,363,856 | ||||||||||||
| FHLMC |
5.00 | 05/01/2041 | 3,422,446 | 3,714,655 | ||||||||||||
| FHLMC |
5.00 | 06/01/2041 | 3,931,562 | 4,267,975 | ||||||||||||
| FHLMC |
5.00 | 06/01/2041 | 4,216,877 | 4,578,987 | ||||||||||||
| FHLMC |
5.00 | 07/01/2041 | 2,908,861 | 3,158,658 | ||||||||||||
| FHLMC |
5.00 | 07/01/2041 | 1,899,412 | 2,059,795 | ||||||||||||
| FHLMC |
5.00 | 07/01/2041 | 2,170,056 | 2,355,632 | ||||||||||||
| FHLMC |
5.00 | 07/01/2041 | 8,662,597 | 9,395,255 | ||||||||||||
| FHLMC |
5.00 | 08/01/2041 | 3,712,749 | 4,031,621 | ||||||||||||
| FHLMC%% |
5.50 | 07/25/2035 | 18,300,000 | 19,721,109 | ||||||||||||
| FHLMC |
5.50 | 10/01/2039 | 2,319,317 | 2,549,902 | ||||||||||||
| FHLMC± |
5.59 | 10/01/2038 | 940,173 | 1,018,157 | ||||||||||||
| FHLMC± |
5.60 | 08/01/2039 | 5,230,795 | 5,646,503 | ||||||||||||
| FHLMC± |
5.68 | 03/01/2036 | 992,411 | 1,073,316 | ||||||||||||
| FHLMC± |
5.69 | 03/01/2036 | 1,074,259 | 1,161,352 | ||||||||||||
| FHLMC± |
5.77 | 11/01/2037 | 58,766 | 63,328 | ||||||||||||
| FHLMC± |
5.77 | 07/01/2038 | 2,726,083 | 2,948,950 | ||||||||||||
| FHLMC± |
5.79 | 11/01/2038 | 1,453,788 | 1,574,028 | ||||||||||||
| FHLMC± |
5.81 | 11/01/2036 | 3,550,242 | 3,842,196 | ||||||||||||
| FHLMC± |
5.84 | 01/01/2037 | 276,892 | 300,308 | ||||||||||||
| FHLMC± |
5.84 | 07/01/2037 | 14,958 | 16,187 | ||||||||||||
| FHLMC± |
5.88 | 03/01/2037 | 255,171 | 276,017 | ||||||||||||
Table of Contents
| 142 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
TOTAL RETURN BOND PORTFOLIO
| Security Name | Interest Rate | Maturity Date | Principal | Value | ||||||||||||
| Agency Securities (continued) | ||||||||||||||||
| FHLMC± |
5.89 | % | 05/01/2037 | $ | 4,449 | $ | 4,815 | |||||||||
| FHLMC± |
5.93 | 06/01/2036 | 2,313,550 | 2,504,481 | ||||||||||||
| FHLMC± |
5.94 | 07/01/2037 | 2,199,053 | 2,382,281 | ||||||||||||
| FHLMC± |
5.97 | 01/01/2037 | 848,569 | 916,521 | ||||||||||||
| FHLMC± |
5.98 | 06/01/2038 | 4,074,483 | 4,401,410 | ||||||||||||
| FHLMC |
6.00 | 08/01/2017 | 102,849 | 112,144 | ||||||||||||
| FHLMC |
6.00 | 10/01/2017 | 219,363 | 239,189 | ||||||||||||
| FHLMC |
6.00 | 02/01/2023 | 121,758 | 133,445 | ||||||||||||
| FHLMC |
6.00 | 03/01/2034 | 833,730 | 923,915 | ||||||||||||
| FHLMC |
6.00 | 02/01/2035 | 1,393,892 | 1,544,669 | ||||||||||||
| FHLMC |
6.00 | 12/01/2035 | 16,000,349 | 17,731,101 | ||||||||||||
| FHLMC |
6.00 | 03/01/2036 | 7,879,851 | 8,732,211 | ||||||||||||
| FHLMC |
6.00 | 08/01/2037 | 2,166,299 | 2,413,489 | ||||||||||||
| FHLMC |
6.00 | 08/01/2038 | 1,977,633 | 2,203,295 | ||||||||||||
| FHLMC |
6.00 | 10/01/2038 | 3,035,594 | 3,381,977 | ||||||||||||
| FHLMC± |
6.01 | 10/01/2037 | 4,830,065 | 5,236,591 | ||||||||||||
| FHLMC± |
6.11 | 06/01/2037 | 3,592,635 | 3,901,743 | ||||||||||||
| FHLMC |
6.50 | 04/01/2021 | 66,893 | 71,123 | ||||||||||||
| FHLMC Series 1590 Class IA± |
1.30 | 10/15/2023 | 102,146 | 103,109 | ||||||||||||
| FHLMC Series 1897 Class K |
7.00 | 09/15/2026 | 2,889 | 3,325 | ||||||||||||
| FHLMC Series 1935 Class FL± |
0.95 | 02/15/2027 | 6,844 | 6,930 | ||||||||||||
| FHLMC Series 2423 Class MC |
7.00 | 03/15/2032 | 43,538 | 48,241 | ||||||||||||
| FHLMC Series 2980 Class QA |
6.00 | 05/15/2035 | 210,253 | 235,931 | ||||||||||||
| FHLMC Series 3529 Class AG |
6.50 | 04/15/2039 | 15,703,291 | 17,702,218 | ||||||||||||
| FHLMC Series 3622 Class WA Series 3622 |
5.50 | 09/15/2039 | 11,331,577 | 12,435,060 | ||||||||||||
| FHLMC Series K003 Class AAVB |
4.77 | 05/25/2018 | 3,752,000 | 4,170,363 | ||||||||||||
| FHLMC Series K005 Class A2 |
4.32 | 11/25/2019 | 4,925,000 | 5,428,119 | ||||||||||||
| FHLMC Series T-48 Class 1A3 Preassign 00764± |
6.47 | 07/25/2033 | 113,865 | 128,492 | ||||||||||||
| FHLMC Series T-57 Class 1A3 Preassign 00073 |
7.50 | 07/25/2043 | 1,293,685 | 1,509,518 | ||||||||||||
| FHLMC Series T-59 Class 1A3 Preassign 00329 |
7.50 | 10/25/2043 | 1,709,164 | 1,981,997 | ||||||||||||
| FHLMC Series T-60 Class 1A3 Preassign 00462 |
7.50 | 03/25/2044 | 1,792,849 | 2,043,387 | ||||||||||||
| FHLMC Structured Pass-Through Securities Series T-57 Class 1A2 |
7.00 | 07/25/2043 | 1,743,951 | 2,018,003 | ||||||||||||
| FNMA%% |
2.50 | 04/25/2026 | 10,000,000 | 10,006,250 | ||||||||||||
| FNMA± |
2.56 | 06/01/2017 | 2,574 | 2,584 | ||||||||||||
| FNMA%% |
3.00 | 10/15/2025 | 15,500,000 | 15,848,750 | ||||||||||||
| FNMA%% |
3.00 | 07/25/2026 | 50,800,000 | 51,855,690 | ||||||||||||
| FNMA%% |
3.00 | 08/25/2026 | 46,500,000 | 47,306,484 | ||||||||||||
| FNMA |
3.50 | 11/01/2031 | 36,715,747 | 37,822,137 | ||||||||||||
| FNMA |
3.50 | 12/01/2031 | 59,187,340 | 60,970,887 | ||||||||||||
| FNMA(a) |
3.50 | 12/25/2031 | 20,773,000 | 21,421,694 | ||||||||||||
| FNMA%% |
3.50 | 12/25/2040 | 4,900,000 | 4,991,875 | ||||||||||||
| FNMA%% |
3.50 | 01/25/2041 | 32,900,000 | 33,434,625 | ||||||||||||
| FNMA |
4.00 | 10/01/2033 | 1,115,548 | 1,170,106 | ||||||||||||
| FNMA |
4.00 | 10/01/2033 | 11,462,393 | 12,022,976 | ||||||||||||
| FNMA |
4.00 | 01/01/2035 | 2,043,179 | 2,143,103 | ||||||||||||
| FNMA |
4.00 | 05/01/2037 | 11,692,745 | 12,253,632 | ||||||||||||
| FNMA |
4.50 | 07/01/2041 | 5,475,662 | 5,793,202 | ||||||||||||
| FNMA |
4.50 | 08/01/2041 | 1,619,650 | 1,725,152 | ||||||||||||
| FNMA |
4.50 | 08/01/2041 | 1,719,998 | 1,829,291 | ||||||||||||
| FNMA |
4.50 | 08/01/2041 | 1,236,383 | 1,316,892 | ||||||||||||
| FNMA |
4.50 | 08/01/2041 | 8,526,933 | 9,112,494 | ||||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 143 |
TOTAL RETURN BOND PORTFOLIO
| Security Name | Interest Rate | Maturity Date | Principal | Value | ||||||||||||
| Agency Securities (continued) | ||||||||||||||||
| FNMA |
4.50 | % | 08/01/2041 | $ | 7,501,287 | $ | 8,016,398 | |||||||||
| FNMA |
4.50 | 08/01/2041 | 4,715,874 | 4,989,353 | ||||||||||||
| FNMA |
4.50 | 10/01/2041 | 1,750,013 | 1,851,498 | ||||||||||||
| FNMA%% |
4.50 | 12/01/2041 | 300,000 | 317,063 | ||||||||||||
| FNMA%% |
5.00 | 11/25/2036 | 52,800,000 | 56,661,000 | ||||||||||||
| FNMA%% |
5.00 | 12/25/2036 | 14,700,000 | 15,742,781 | ||||||||||||
| FNMA |
5.00 | 03/01/2041 | 692,751 | 756,292 | ||||||||||||
| FNMA |
5.00 | 05/01/2041 | 1,626,051 | 1,775,192 | ||||||||||||
| FNMA |
5.00 | 05/01/2041 | 4,484,040 | 4,889,750 | ||||||||||||
| FNMA |
5.00 | 05/01/2041 | 4,351,961 | 4,750,816 | ||||||||||||
| FNMA |
5.00 | 06/01/2041 | 2,049,282 | 2,237,305 | ||||||||||||
| FNMA |
5.00 | 06/01/2041 | 5,529,149 | 6,029,411 | ||||||||||||
| FNMA |
5.00 | 06/01/2041 | 3,607,374 | 3,937,182 | ||||||||||||
| FNMA |
5.00 | 06/01/2041 | 2,715,642 | 2,963,915 | ||||||||||||
| FNMA |
5.00 | 07/01/2041 | 3,379,723 | 3,685,545 | ||||||||||||
| FNMA |
5.00 | 07/01/2041 | 5,740,725 | 6,265,689 | ||||||||||||
| FNMA |
5.00 | 07/01/2041 | 46,190,802 | 50,731,522 | ||||||||||||
| FNMA |
5.00 | 08/01/2041 | 2,519,496 | 2,767,172 | ||||||||||||
| FNMA |
5.00 | 08/01/2041 | 2,377,816 | 2,596,071 | ||||||||||||
| FNMA |
5.00 | 08/01/2041 | 2,724,152 | 2,970,435 | ||||||||||||
| FNMA |
5.00 | 08/01/2041 | 2,704,486 | 2,951,775 | ||||||||||||
| FNMA |
5.00 | 08/01/2041 | 7,341,490 | 8,015,004 | ||||||||||||
| FNMA |
5.00 | 09/01/2041 | 7,399,421 | 8,068,988 | ||||||||||||
| FNMA |
5.00 | 09/01/2041 | 6,286,929 | 6,861,791 | ||||||||||||
| FNMA |
5.00 | 09/01/2041 | 2,242,206 | 2,416,377 | ||||||||||||
| FNMA |
5.37 | 04/01/2017 | 2,460,000 | 2,742,280 | ||||||||||||
| FNMA |
5.40 | 05/01/2017 | 3,290,162 | 3,665,171 | ||||||||||||
| FNMA± |
5.47 | 02/01/2039 | 2,588,225 | 2,792,800 | ||||||||||||
| FNMA |
5.50 | 09/01/2034 | 2,568,558 | 2,792,902 | ||||||||||||
| FNMA |
5.50 | 12/01/2035 | 5,259,755 | 5,816,960 | ||||||||||||
| FNMA |
5.50 | 01/01/2038 | 9,566,867 | 10,439,844 | ||||||||||||
| FNMA |
5.50 | 07/01/2039 | 2,219,721 | 2,463,197 | ||||||||||||
| FNMA |
5.50 | 12/15/2039 | 25,879,895 | 28,501,580 | ||||||||||||
| FNMA |
5.50 | 05/25/2040 | 17,244,121 | 19,408,290 | ||||||||||||
| FNMA |
5.50 | 08/01/2040 | 4,551,216 | 4,946,603 | ||||||||||||
| FNMA± |
5.74 | 10/01/2037 | 906,922 | 982,493 | ||||||||||||
| FNMA± |
5.75 | 10/01/2037 | 1,240,257 | 1,342,742 | ||||||||||||
| FNMA± |
5.85 | 06/01/2037 | 215,908 | 233,782 | ||||||||||||
| FNMA± |
5.87 | 02/01/2037 | 731,773 | 791,832 | ||||||||||||
| FNMA± |
5.88 | 01/01/2037 | 719,032 | 777,387 | ||||||||||||
| FNMA± |
5.91 | 07/01/2037 | 1,774,952 | 1,920,710 | ||||||||||||
| FNMA± |
5.92 | 04/01/2037 | 1,005,513 | 1,087,684 | ||||||||||||
| FNMA± |
5.93 | 01/01/2037 | 1,323,241 | 1,430,137 | ||||||||||||
| FNMA± |
5.93 | 03/01/2037 | 1,056,369 | 1,141,661 | ||||||||||||
| FNMA± |
5.96 | 09/01/2037 | 696,656 | 762,013 | ||||||||||||
| FNMA |
6.00 | 05/01/2017 | 122,534 | 132,765 | ||||||||||||
| FNMA |
6.00 | 11/01/2017 | 29,748 | 32,232 | ||||||||||||
| FNMA |
6.00 | 04/01/2022 | 56,982 | 62,503 | ||||||||||||
| FNMA |
6.00 | 02/01/2029 | 51,908 | 57,636 | ||||||||||||
| FNMA |
6.00 | 03/01/2033 | 270,849 | 300,506 | ||||||||||||
| FNMA |
6.00 | 11/01/2033 | 106,131 | 117,841 | ||||||||||||
Table of Contents
| 144 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
TOTAL RETURN BOND PORTFOLIO
| Security Name | Interest Rate | Maturity Date | Principal | Value | ||||||||||||
| Agency Securities (continued) | ||||||||||||||||
| FNMA |
6.00 | % | 03/01/2034 | $ | 67,579,798 | $ | 75,038,435 | |||||||||
| FNMA |
6.00 | 03/01/2034 | 56,932,440 | 63,204,500 | ||||||||||||
| FNMA |
6.00 | 08/01/2034 | 1,985,636 | 2,202,859 | ||||||||||||
| FNMA |
6.00 | 08/01/2034 | 5,144,364 | 5,692,676 | ||||||||||||
| FNMA |
6.00 | 12/01/2034 | 12,979,810 | 14,399,767 | ||||||||||||
| FNMA |
6.00 | 04/01/2035 | 12,684,867 | 14,072,559 | ||||||||||||
| FNMA |
6.00 | 04/01/2035 | 915,716 | 1,016,751 | ||||||||||||
| FNMA%% |
6.00 | 08/25/2035 | 32,000,000 | 35,075,002 | ||||||||||||
| FNMA%% |
6.00 | 09/25/2035 | 94,700,000 | 103,637,317 | ||||||||||||
| FNMA |
6.00 | 12/01/2035 | 6,834,351 | 7,582,011 | ||||||||||||
| FNMA |
6.00 | 10/01/2036 | 10,132,633 | 11,136,624 | ||||||||||||
| FNMA |
6.00 | 07/01/2037 | 16,562,639 | 18,389,569 | ||||||||||||
| FNMA |
6.00 | 09/01/2037 | 2,797,838 | 3,070,690 | ||||||||||||
| FNMA |
6.00 | 08/01/2038 | 1,898,776 | 2,127,265 | ||||||||||||
| FNMA |
6.00 | 10/01/2038 | 10,208,225 | 11,203,755 | ||||||||||||
| FNMA |
6.00 | 12/01/2038 | 29,016,662 | 31,846,436 | ||||||||||||
| FNMA |
6.00 | 10/01/2039 | 28,618,990 | 31,454,699 | ||||||||||||
| FNMA |
6.00 | 10/01/2039 | 14,310,428 | 15,849,119 | ||||||||||||
| FNMA |
6.00 | 12/01/2040 | 2,854,422 | 3,166,688 | ||||||||||||
| FNMA± |
6.01 | 12/01/2036 | 628,761 | 679,860 | ||||||||||||
| FNMA± |
6.03 | 09/01/2037 | 579,721 | 628,459 | ||||||||||||
| FNMA± |
6.04 | 07/01/2037 | 952,873 | 1,033,449 | ||||||||||||
| FNMA± |
6.05 | 10/01/2037 | 1,432,696 | 1,554,174 | ||||||||||||
| FNMA |
6.06 | 09/01/2016 | 1,382,576 | 1,524,036 | ||||||||||||
| FNMA± |
6.09 | 11/01/2037 | 1,155,558 | 1,255,584 | ||||||||||||
| FNMA± |
6.27 | 09/01/2037 | 4,154,077 | 4,559,842 | ||||||||||||
| FNMA |
6.32 | 08/01/2012 | 5,244,396 | 5,239,893 | ||||||||||||
| FNMA± |
6.32 | 10/01/2036 | 527,921 | 573,655 | ||||||||||||
| FNMA± |
6.33 | 07/01/2037 | 3,213,159 | 3,511,545 | ||||||||||||
| FNMA |
6.50 | 06/01/2017 | 131,453 | 144,050 | ||||||||||||
| FNMA |
6.50 | 07/01/2017 | 140,578 | 154,532 | ||||||||||||
| FNMA |
6.50 | 10/01/2036 | 5,646,664 | 6,322,919 | ||||||||||||
| FNMA |
7.50 | 02/01/2012 | 893 | 901 | ||||||||||||
| FNMA Series 1998-38 Class Pl |
6.00 | 11/25/2028 | 1,612,088 | 1,814,436 | ||||||||||||
| FNMA Series 1999-54 Class LH |
6.50 | 11/25/2029 | 57,075 | 65,437 | ||||||||||||
| FNMA Series 2002-14 Class A2 |
7.00 | 01/25/2042 | 670,972 | 760,648 | ||||||||||||
| FNMA Series 2002-33 Class A2 |
7.50 | 06/25/2032 | 1,316,135 | 1,498,916 | ||||||||||||
| FNMA Series 2003-W17 Class 1A7 |
5.75 | 08/25/2033 | 2,097,000 | 2,370,686 | ||||||||||||
| FNMA Series 2004-45 Class VB |
4.50 | 10/25/2028 | 100,000 | 106,421 | ||||||||||||
| FNMA Series 2005-31 Class PB |
5.50 | 04/25/2035 | 75,000 | 89,748 | ||||||||||||
| FNMA Series 2005-5 Class PA |
5.00 | 01/25/2035 | 2,675,666 | 2,958,677 | ||||||||||||
| FNMA Series 2006-56 Class CA |
6.00 | 07/25/2036 | 1,331,794 | 1,490,182 | ||||||||||||
| FNMA Series 2009-105 Class CB |
6.00 | 12/25/2039 | 10,847,236 | 12,098,614 | ||||||||||||
| FNMA Series 2009-11 Class LC |
4.50 | 03/25/2049 | 6,682,707 | 7,130,614 | ||||||||||||
| FNMA Series 2009-30 Class AD |
6.50 | 04/25/2039 | 8,989,543 | 9,869,417 | ||||||||||||
| FNMA Series 2009-30 Class AG |
6.50 | 05/25/2039 | 17,229,189 | 19,412,711 | ||||||||||||
| FNMA Series 2009-66 Class KE |
4.00 | 09/25/2039 | 10,668,839 | 11,268,331 | ||||||||||||
| FNMA Series 2009-78 Class J |
5.00 | 09/25/2019 | 7,050,353 | 7,632,007 | ||||||||||||
| FNMA Series 2009-93 Class PD |
4.50 | 09/25/2039 | 3,634,567 | 3,885,909 | ||||||||||||
| FNMA Series 2009-M01 Class A2 |
4.29 | 07/25/2019 | 7,116,000 | 7,916,211 | ||||||||||||
| FNMA Series 2009-M02 Class A3 |
4.00 | 01/25/2019 | 6,433,000 | 6,954,945 | ||||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 145 |
TOTAL RETURN BOND PORTFOLIO
| Security Name | Interest Rate | Maturity Date | Principal | Value | ||||||||||||
| Agency Securities (continued) | ||||||||||||||||
| FNMA Series 2010-054 Class EA |
4.50 | % | 06/25/2040 | $ | 12,045,572 | $ | 12,884,707 | |||||||||
| FNMA Series 2010-135 Class LM |
4.00 | 12/25/2040 | 573,220 | 605,843 | ||||||||||||
| FNMA Series 2010-M01 Class A2 |
4.45 | 09/25/2019 | 2,860,000 | 3,209,782 | ||||||||||||
| FNMA Series 2010-M03 Class A3± |
4.33 | 03/25/2020 | 20,018,000 | 22,370,427 | ||||||||||||
| FNMA Series 2011 Class 53 |
4.50 | 06/25/2041 | 9,225,789 | 9,761,809 | ||||||||||||
| FNMA Series 2011-53 |
4.00 | 06/25/2041 | 24,175,448 | 25,342,064 | ||||||||||||
| FNMA Series 2011-78 Class D |
4.00 | 08/25/2041 | 2,267,063 | 2,414,714 | ||||||||||||
| GNMA%% |
3.50 | 06/23/2041 | 89,321,000 | 91,916,887 | ||||||||||||
| GNMA |
3.50 | 12/20/2040 | 227,664 | 235,581 | ||||||||||||
| GNMA |
3.50 | 02/20/2041 | 2,273,999 | 2,353,081 | ||||||||||||
| GNMA |
3.50 | 02/20/2041 | 1,118,895 | 1,157,806 | ||||||||||||
| GNMA |
3.50 | 02/20/2041 | 267,834 | 277,148 | ||||||||||||
| GNMA |
3.50 | 02/20/2041 | 1,680,954 | 1,739,413 | ||||||||||||
| GNMA |
3.50 | 03/20/2041 | 2,537,545 | 2,625,793 | ||||||||||||
| GNMA± |
3.50 | 05/20/2041 | 6,008,851 | 6,328,881 | ||||||||||||
| GNMA± |
3.50 | 05/20/2041 | 2,666,163 | 2,820,035 | ||||||||||||
| GNMA± |
3.50 | 06/20/2041 | 8,723,018 | 9,183,243 | ||||||||||||
| GNMA± |
3.50 | 10/20/2041 | 2,921,820 | 3,078,030 | ||||||||||||
| GNMA |
5.00 | 07/16/2033 | 22,795,915 | 24,747,722 | ||||||||||||
| GNMA## |
6.00 | 01/15/2040 | 20,790,702 | 23,436,722 | ||||||||||||
| GNMA |
7.00 | 11/15/2029 | 108,880 | 125,809 | ||||||||||||
| GNMA |
7.75 | 09/20/2020 | 59,212 | 67,663 | ||||||||||||
| GNMA |
7.75 | 03/20/2021 | 114,999 | 132,367 | ||||||||||||
| GNMA |
7.75 | 07/20/2021 | 38,343 | 44,134 | ||||||||||||
| GNMA |
7.75 | 08/15/2021 | 33,593 | 38,811 | ||||||||||||
| GNMA |
8.05 | 07/15/2019 | 50,204 | 57,664 | ||||||||||||
| GNMA |
8.05 | 07/15/2019 | 17,598 | 17,905 | ||||||||||||
| GNMA |
8.05 | 08/15/2019 | 20,949 | 23,062 | ||||||||||||
| GNMA |
8.05 | 09/15/2019 | 4,778 | 4,823 | ||||||||||||
| GNMA |
8.05 | 09/15/2019 | 16,907 | 17,170 | ||||||||||||
| GNMA |
8.05 | 10/15/2019 | 15,556 | 15,783 | ||||||||||||
| GNMA |
8.05 | 10/15/2019 | 9,700 | 9,806 | ||||||||||||
| GNMA |
8.05 | 11/15/2019 | 4,681 | 4,726 | ||||||||||||
| GNMA |
8.05 | 11/15/2019 | 27,502 | 31,588 | ||||||||||||
| GNMA |
8.05 | 02/15/2020 | 20,702 | 24,021 | ||||||||||||
| GNMA |
8.05 | 10/15/2020 | 14,000 | 16,244 | ||||||||||||
| GNMA |
11.50 | 05/15/2013 | 1,428 | 1,438 | ||||||||||||
| GNMA |
11.50 | 06/15/2013 | 226 | 227 | ||||||||||||
| GNMA II± |
3.00 | 07/20/2041 | 5,936,865 | 6,263,543 | ||||||||||||
| GNMA II± |
3.00 | 07/20/2041 | 2,238,402 | 2,362,690 | ||||||||||||
| GNMA II± |
3.00 | 08/20/2041 | 2,938,446 | 3,076,628 | ||||||||||||
| GNMA II± |
3.00 | 08/20/2041 | 3,779,615 | 3,978,141 | ||||||||||||
| GNMA II± |
3.00 | 10/20/2041 | 2,623,631 | 2,727,331 | ||||||||||||
| GNMA II± |
3.00 | 11/20/2041 | 5,844,528 | 6,072,613 | ||||||||||||
| GNMA II± |
3.50 | 07/20/2041 | 2,683,837 | 2,825,646 | ||||||||||||
| GNMA II± |
3.50 | 07/20/2041 | 6,870,276 | 7,274,079 | ||||||||||||
| GNMA II± |
3.50 | 08/20/2041 | 2,677,658 | 2,849,765 | ||||||||||||
| GNMA Series 2002-95 Class DB |
6.00 | 01/25/2033 | 5,357,000 | 6,118,903 | ||||||||||||
| GNMA Series 2003-79 Class PV |
5.50 | 10/20/2023 | 2,274,943 | 2,573,879 | ||||||||||||
| Total Agency Securities (Cost $1,902,819,184) |
1,925,749,083 | |||||||||||||||
|
|
|
|||||||||||||||
Table of Contents
| 146 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
TOTAL RETURN BOND PORTFOLIO
| Security Name | Interest Rate | Maturity Date | Principal | Value | ||||||||||||
| Asset-Backed Securities: 9.04% | ||||||||||||||||
| Ally Auto Receivables Trust Series 2011-4 Class A4 |
1.14 | % | 06/15/2016 | $ | 4,083,000 | $ | 4,067,005 | |||||||||
| Ally Master Owner Trust Series 2011-4 Class A2 |
1.54 | 09/15/2016 | 4,521,000 | 4,507,554 | ||||||||||||
| Capital One Multi-Asset Execution Trust Series 2004-A4 Class A4± |
0.47 | 03/15/2017 | 1,915,000 | 1,908,970 | ||||||||||||
| Capital One Multi-Asset Execution Trust Series 2005-A10 Class A± |
0.33 | 09/15/2015 | 3,648,000 | 3,642,043 | ||||||||||||
| Capital One Multi-Asset Execution Trust Series 2006-A5 Class A5± |
0.31 | 01/15/2016 | 734,000 | 732,474 | ||||||||||||
| Chase Issuance Trust Series 2005-A11 Class A± |
0.32 | 12/15/2014 | 11,343,000 | 11,339,757 | ||||||||||||
| Chase Issuance Trust Series 2005-A6 Class A6± |
0.32 | 07/15/2014 | 2,724,000 | 2,723,436 | ||||||||||||
| Citibank Omni Master Trust Series 2009-A14 Class A14±144A |
3.00 | 08/15/2018 | 23,665,000 | 24,847,744 | ||||||||||||
| Citibank Omni Master Trust Series 2009-A8 Class A8±144A |
2.35 | 05/16/2016 | 12,776,000 | 12,873,984 | ||||||||||||
| Developers Diversified Realty Corporation Trust Series 2009-DDR1 Class A144A |
3.81 | 10/14/2022 | 11,022,439 | 11,497,737 | ||||||||||||
| Discover Card Master Trust Series 2009-A1 Class A1± |
1.55 | 12/15/2014 | 3,562,000 | 3,586,801 | ||||||||||||
| Ford Credit Auto Owner Trust Series 2009-D Class A3 |
2.17 | 10/15/2013 | 3,740,635 | 3,762,377 | ||||||||||||
| GE Capital Credit Card Master Note Trust Series 2009-2 Class A |
3.69 | 07/15/2015 | 14,424,000 | 14,696,188 | ||||||||||||
| Goal Capital Funding Trust Series 2006-1 Class A3± |
0.63 | 11/25/2026 | 13,416,000 | 12,685,464 | ||||||||||||
| Harley Davidson Motorcycle Trust Series 2011-2 Class A4 |
1.47 | 08/15/2017 | 5,294,000 | 5,277,425 | ||||||||||||
| Honda Auto Receivables Owner Trust Series 2010-3 Class A2 |
0.53 | 01/21/2013 | 8,252,731 | 8,252,091 | ||||||||||||
| Hyundai Auto Receivables Trust Series 2011-C Class A4 |
1.30 | 02/15/2018 | 3,676,000 | 3,668,999 | ||||||||||||
| MBNA Credit Card Master Trust Series 1997-B Class A± |
0.41 | 08/15/2014 | 16,336,000 | 16,337,238 | ||||||||||||
| MMCA Automobile Trust Series 2011-A Class A4 144A |
2.02 | 10/17/2016 | 3,092,000 | 3,134,330 | ||||||||||||
| Morgan Stanley Home Equity Loans Series 2007-1 Class A1± |
0.31 | 12/25/2036 | 10,910 | 10,822 | ||||||||||||
| Nelnet Student Loan Trust Series 2005-2 Class A5± |
0.46 | 03/23/2037 | 3,308,000 | 3,004,486 | ||||||||||||
| Nelnet Student Loan Trust Series 2006-1 Class A4± |
0.59 | 11/23/2022 | 5,498,000 | 5,421,310 | ||||||||||||
| Nelnet Student Loan Trust Series 2006-2 Class A4± |
0.50 | 10/26/2026 | 11,800,000 | 11,700,589 | ||||||||||||
| Nelnet Student Loan Trust Series 2007-1 Class A3± |
0.58 | 05/27/2025 | 9,962,000 | 9,135,315 | ||||||||||||
| Nelnet Student Loan Trust Series 2008-3 Class A4± |
2.16 | 11/25/2024 | 11,604,150 | 11,911,495 | ||||||||||||
| SLM Student Loan Trust Series 2008-9 Class A± |
1.92 | 04/25/2023 | 6,519,547 | 6,670,178 | ||||||||||||
| SLM Student Loan Trust Series 2000-A Class A2± |
0.61 | 10/28/2028 | 4,678,223 | 4,660,472 | ||||||||||||
| SLM Student Loan Trust Series 2001-1 Class A3± |
0.63 | 04/25/2023 | 14,905,000 | 14,390,979 | ||||||||||||
| SLM Student Loan Trust Series 2003-14 Class A5± |
0.65 | 01/25/2023 | 13,036,000 | 12,682,419 | ||||||||||||
| SLM Student Loan Trust Series 2004-3 Class A5± |
0.59 | 07/25/2023 | 3,609,000 | 3,500,384 | ||||||||||||
| SLM Student Loan Trust Series 2005-6 Class A± |
0.53 | 07/27/2026 | 17,392,000 | 16,765,107 | ||||||||||||
| SLM Student Loan Trust Series 2005-8 Class A3± |
0.53 | 10/25/2024 | 8,370,000 | 8,159,499 | ||||||||||||
| SLM Student Loan Trust Series 2006-10 Class A4± |
0.49 | 07/25/2023 | 7,099,000 | 6,985,636 | ||||||||||||
| SLM Student Loan Trust Series 2006-4 Class A5± |
0.52 | 10/25/2025 | 1,911,000 | 1,862,303 | ||||||||||||
| SLM Student Loan Trust Series 2008-4 Class A2± |
1.47 | 07/25/2016 | 4,637,603 | 4,681,486 | ||||||||||||
| SLM Student Loan Trust Series 2008-6 Class A2± |
0.97 | 10/25/2017 | 2,306,618 | 2,301,160 | ||||||||||||
| SLM Student Loan Trust Series 2011-C Class A1(a)±144A |
1.66 | 12/15/2023 | 15,938,000 | 15,938,000 | ||||||||||||
| USAA Auto Owner Trust Series 2008-3 Class A4 |
4.71 | 02/18/2014 | 7,395,167 | 7,459,818 | ||||||||||||
| Volkswagen Auto Loan Enhanced Trust Series 2008-1 Class A4± |
1.95 | 10/20/2014 | 7,112,367 | 7,126,850 | ||||||||||||
| World Financial Network Credit Card Master Trust Series 2011-A Class A |
1.68 | 08/15/2018 | 4,903,000 | 4,889,316 | ||||||||||||
| World Omni Auto Receivables Trust Series 2008-A Class A4 |
4.74 | 10/15/2013 | 4,272,758 | 4,335,625 | ||||||||||||
| Total Asset-Backed Securities (Cost $313,055,987) |
313,134,866 | |||||||||||||||
|
|
|
|||||||||||||||
| Corporate Bonds and Notes: 12.59% |
||||||||||||||||
| Consumer Discretionary: 1.20% |
||||||||||||||||
| Automobiles: 0.31% | ||||||||||||||||
| Daimler Finance NA LLC 144A |
1.88 | 09/15/2014 | 9,565,000 | 9,416,523 | ||||||||||||
| Daimler Finance NA LLC 144A |
3.88 | 09/15/2021 | 1,410,000 | 1,375,700 | ||||||||||||
| 10,792,223 | ||||||||||||||||
|
|
|
|||||||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 147 |
TOTAL RETURN BOND PORTFOLIO
| Security Name | Interest Rate | Maturity Date | Principal | Value | ||||||||||||
| Media: 0.68% | ||||||||||||||||
| Comcast Corporation |
8.38 | % | 03/15/2013 | $ | 6,261,000 | $ | 6,841,589 | |||||||||
| NBC Universal Incorporated |
2.88 | 04/01/2016 | 5,817,000 | 5,913,859 | ||||||||||||
| NBC Universal Incorporated |
4.38 | 04/01/2021 | 3,024,000 | 3,092,448 | ||||||||||||
| News America Incorporated |
6.15 | 03/01/2037 | 2,268,000 | 2,374,449 | ||||||||||||
| News America Incorporated |
6.15 | 02/15/2041 | 774,000 | 828,603 | ||||||||||||
| Time Warner Cable Incorporated |
5.50 | 09/01/2041 | 4,610,000 | 4,580,939 | ||||||||||||
| 23,631,887 | ||||||||||||||||
|
|
|
|||||||||||||||
| Specialty Retail: 0.21% | ||||||||||||||||
| Gap Incorporated |
5.95 | 04/12/2021 | 7,538,000 | 7,124,006 | ||||||||||||
|
|
|
|||||||||||||||
| Consumer Staples: 0.67% |
||||||||||||||||
| Beverages: 0.35% | ||||||||||||||||
| Pepsico Incorporated |
2.50 | 05/10/2016 | 5,425,000 | 5,598,633 | ||||||||||||
| The Coca-Cola Company144A |
1.80 | 09/01/2016 | 6,619,000 | 6,668,219 | ||||||||||||
| 12,266,852 | ||||||||||||||||
|
|
|
|||||||||||||||
| Food & Staples Retailing: 0.10% | ||||||||||||||||
| Wal-Mart Stores Incorporated |
5.63 | 04/15/2041 | 2,760,000 | 3,297,143 | ||||||||||||
|
|
|
|||||||||||||||
| Food Products: 0.09% | ||||||||||||||||
| Kraft Foods Incorporated Class A |
6.50 | 02/09/2040 | 2,660,000 | 3,153,547 | ||||||||||||
|
|
|
|||||||||||||||
| Tobacco: 0.13% | ||||||||||||||||
| Altria Group Incorporated |
4.75 | 05/05/2021 | 1,685,000 | 1,759,078 | ||||||||||||
| Altria Group Incorporated |
10.20 | 02/06/2039 | 2,034,000 | 2,921,217 | ||||||||||||
| 4,680,295 | ||||||||||||||||
|
|
|
|||||||||||||||
| Energy: 1.40% |
||||||||||||||||
| Oil, Gas & Consumable Fuels: 1.40% | ||||||||||||||||
| Devon Energy Corporation |
2.40 | 07/15/2016 | 2,163,000 | 2,199,704 | ||||||||||||
| Devon Energy Corporation |
5.60 | 07/15/2041 | 925,000 | 1,046,203 | ||||||||||||
| El Paso Pipeline Partners Operating LLC |
5.00 | 10/01/2021 | 2,070,000 | 2,057,118 | ||||||||||||
| El Paso Pipeline Partners Operating LLC |
7.50 | 11/15/2040 | 2,145,000 | 2,487,833 | ||||||||||||
| Energen Corporation |
4.63 | 09/01/2021 | 6,190,000 | 6,115,330 | ||||||||||||
| Energy Transfer Partners LP |
9.00 | 04/15/2019 | 2,957,000 | 3,511,213 | ||||||||||||
| Kerr-McGee Corporation |
6.95 | 07/01/2024 | 7,545,000 | 8,921,155 | ||||||||||||
| Marathon Petroleum Corporation |
6.50 | 03/01/2041 | 1,874,000 | 2,044,238 | ||||||||||||
| MidAmerican Energy Holdings Company |
6.50 | 09/15/2037 | 2,660,000 | 3,327,673 | ||||||||||||
| Pride International Incorporated |
6.88 | 08/15/2020 | 2,390,000 | 2,751,770 | ||||||||||||
| The Williams Companies Incorporated |
7.88 | 09/01/2021 | 1,955,000 | 2,465,157 | ||||||||||||
| The Williams Companies Incorporated Series A |
7.50 | 01/15/2031 | 2,930,000 | 3,600,358 | ||||||||||||
| Western Gas Partners LP |
5.38 | 06/01/2021 | 7,950,000 | 7,982,198 | ||||||||||||
| 48,509,950 | ||||||||||||||||
|
|
|
|||||||||||||||
| Financials: 4.99% |
||||||||||||||||
| Capital Markets: 0.99% | ||||||||||||||||
| Goldman Sachs Group Incorporated |
3.63 | 02/07/2016 | 3,030,000 | 2,851,166 | ||||||||||||
| Goldman Sachs Group Incorporated |
5.25 | 07/27/2021 | 1,290,000 | 1,190,462 | ||||||||||||
Table of Contents
| 148 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
TOTAL RETURN BOND PORTFOLIO
| Security Name | Interest Rate | Maturity Date | Principal | Value | ||||||||||||
| Capital Markets (continued) | ||||||||||||||||
| Goldman Sachs Group Incorporated |
6.00 | % | 06/15/2020 | $ | 4,480,000 | $ | 4,369,241 | |||||||||
| Goldman Sachs Group Incorporated |
6.25 | 02/01/2041 | 2,389,000 | 2,155,485 | ||||||||||||
| Lazard Group LLC |
6.85 | 06/15/2017 | 8,305,000 | 8,705,808 | ||||||||||||
| Lazard Group LLC |
7.13 | 05/15/2015 | 5,987,000 | 6,432,080 | ||||||||||||
| Morgan Stanley |
3.80 | 04/29/2016 | 6,270,000 | 5,517,518 | ||||||||||||
| Morgan Stanley |
5.50 | 07/28/2021 | 3,730,000 | 3,251,676 | ||||||||||||
| 34,473,436 | ||||||||||||||||
|
|
|
|||||||||||||||
| Consumer Finance: 0.56% | ||||||||||||||||
| American Express Credit Corporation |
2.80 | 09/19/2016 | 9,275,000 | 9,173,800 | ||||||||||||
| Capital One Financial Corporation |
4.75 | 07/15/2021 | 2,180,000 | 2,225,466 | ||||||||||||
| Ford Motor Credit Company LLC |
3.88 | 01/15/2015 | 8,055,000 | 7,895,422 | ||||||||||||
| 19,294,688 | ||||||||||||||||
|
|
|
|||||||||||||||
| Diversified Financial Services: 1.96% | ||||||||||||||||
| ABB Treasury Center USA Incorporated144A |
2.50 | 06/15/2016 | 3,785,000 | 3,799,629 | ||||||||||||
| Bank of America Corporation |
3.75 | 07/12/2016 | 7,435,000 | 6,466,799 | ||||||||||||
| Bank of America Corporation |
5.00 | 05/13/2021 | 5,280,000 | 4,468,126 | ||||||||||||
| Bank of America Corporation |
6.00 | 09/01/2017 | 4,830,000 | 4,436,104 | ||||||||||||
| Citigroup Incorporated |
1.88 | 10/22/2012 | 9,195,000 | 9,339,821 | ||||||||||||
| Citigroup Incorporated |
3.95 | 06/15/2016 | 6,456,000 | 6,329,275 | ||||||||||||
| Citigroup Incorporated |
4.50 | 01/14/2022 | 5,010,000 | 4,635,382 | ||||||||||||
| Citigroup Incorporated |
5.38 | 08/09/2020 | 1,855,000 | 1,860,589 | ||||||||||||
| Credit Suisse New York |
4.38 | 08/05/2020 | 1,640,000 | 1,581,939 | ||||||||||||
| General Electric Capital Corporation |
4.65 | 10/17/2021 | 7,480,000 | 7,503,121 | ||||||||||||
| General Electric Capital Corporation |
6.88 | 01/10/2039 | 5,944,000 | 6,607,380 | ||||||||||||
| JPMorgan Chase & Company |
4.35 | 08/15/2021 | 8,355,000 | 8,147,905 | ||||||||||||
| JPMorgan Chase & Company |
5.60 | 07/15/2041 | 2,654,000 | 2,787,292 | ||||||||||||
| 67,963,362 | ||||||||||||||||
|
|
|
|||||||||||||||
| Insurance: 0.75% | ||||||||||||||||
| American International Group Incorporated |
4.88 | 09/15/2016 | 2,050,000 | 1,917,552 | ||||||||||||
| American International Group Incorporated Series MTN |
5.85 | 01/16/2018 | 2,500,000 | 2,415,215 | ||||||||||||
| Berkshire Hathaway Incorporated |
3.75 | 08/15/2021 | 6,630,000 | 6,759,544 | ||||||||||||
| CNA Financial Corporation |
5.75 | 08/15/2021 | 3,590,000 | 3,568,607 | ||||||||||||
| CNA Financial Corporation |
6.50 | 08/15/2016 | 2,090,000 | 2,239,746 | ||||||||||||
| MetLife Incorporated |
5.70 | 06/15/2035 | 1,845,000 | 1,932,586 | ||||||||||||
| Protective Life Corporation |
8.45 | 10/15/2039 | 1,787,000 | 2,020,002 | ||||||||||||
| Prudential Financial Incorporated |
5.63 | 05/12/2041 | 1,297,000 | 1,194,459 | ||||||||||||
| Prudential Financial Incorporated Series MTN |
4.50 | 11/16/2021 | 2,840,000 | 2,755,678 | ||||||||||||
| WR Berkley Corporation |
5.38 | 09/15/2020 | 1,085,000 | 1,073,331 | ||||||||||||
| 25,876,720 | ||||||||||||||||
|
|
|
|||||||||||||||
| REIT: 0.73% | ||||||||||||||||
| Boston Properties LP |
3.70 | 11/15/2018 | 6,955,000 | 6,950,604 | ||||||||||||
| HCP Incorporated |
6.75 | 02/01/2041 | 1,020,000 | 1,125,698 | ||||||||||||
| Health Care Property Investors Incorporated |
5.65 | 12/15/2013 | 5,780,000 | 6,049,111 | ||||||||||||
| Health Care REIT Incorporated |
6.50 | 03/15/2041 | 1,116,000 | 1,059,629 | ||||||||||||
| Kilroy Realty LP |
4.80 | 07/15/2018 | 4,320,000 | 4,228,826 | ||||||||||||
| Kilroy Realty LP |
5.00 | 11/03/2015 | 1,615,000 | 1,654,303 | ||||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 149 |
TOTAL RETURN BOND PORTFOLIO
| Security Name | Interest Rate | Maturity Date | Principal | Value | ||||||||||||
| REIT (continued) | ||||||||||||||||
| Kilroy Realty LP |
6.63 | % | 06/01/2020 | $ | 1,145,000 | $ | 1,213,119 | |||||||||
| SL Green Realty Corporation |
5.00 | 08/15/2018 | 1,085,000 | 1,029,452 | ||||||||||||
| WEA Finance LLC144A |
4.63 | 05/10/2021 | 2,170,000 | 2,080,963 | ||||||||||||
| 25,391,705 | ||||||||||||||||
|
|
|
|||||||||||||||
| Health Care: 0.91% |
||||||||||||||||
| Biotechnology: 0.31% | ||||||||||||||||
| Amgen Incorporated |
3.88 | 11/15/2021 | 4,615,000 | 4,545,581 | ||||||||||||
| Gilead Sciences Incorporated |
4.50 | 04/01/2021 | 5,965,000 | 6,064,681 | ||||||||||||
| 10,610,262 | ||||||||||||||||
|
|
|
|||||||||||||||
| Health Care Equipment & Supplies: 0.21% | ||||||||||||||||
| Becton, Dickinson and Company |
3.13 | 11/08/2021 | 2,015,000 | 2,005,598 | ||||||||||||
| Boston Scientific Corporation |
6.40 | 06/15/2016 | 4,610,000 | 5,145,627 | ||||||||||||
| 7,151,225 | ||||||||||||||||
|
|
|
|||||||||||||||
| Health Care Providers & Services: 0.22% | ||||||||||||||||
| Coventry Health Care Incorporated |
5.95 | 03/15/2017 | 6,838,000 | 7,632,952 | ||||||||||||
|
|
|
|||||||||||||||
| Life Sciences Tools & Services: 0.17% | ||||||||||||||||
| Life Technologies Corporation |
5.00 | 01/15/2021 | 5,886,000 | 6,094,806 | ||||||||||||
|
|
|
|||||||||||||||
| Industrials: 0.14% |
||||||||||||||||
| Professional Services: 0.08% | ||||||||||||||||
| Verisk Analytics Incorporated |
5.80 | 05/01/2021 | 2,605,000 | 2,908,829 | ||||||||||||
|
|
|
|||||||||||||||
| Road & Rail: 0.06% | ||||||||||||||||
| BSNF Railway Company |
5.75 | 05/01/2040 | 1,831,000 | 2,070,365 | ||||||||||||
|
|
|
|||||||||||||||
| Information Technology: 0.23% |
||||||||||||||||
| Computers & Peripherals: 0.12% | ||||||||||||||||
| Hewlett Packard Company |
3.00 | 09/15/2016 | 2,180,000 | 2,233,111 | ||||||||||||
| Hewlett Packard Company |
4.38 | 09/15/2021 | 1,830,000 | 1,870,115 | ||||||||||||
| 4,103,226 | ||||||||||||||||
|
|
|
|||||||||||||||
| Software: 0.11% | ||||||||||||||||
| Adobe Systems Incorporated |
4.75 | 02/01/2020 | 3,682,000 | 3,903,944 | ||||||||||||
|
|
|
|||||||||||||||
| Materials: 0.30% |
||||||||||||||||
| Chemicals: 0.22% | ||||||||||||||||
| Braskem America Finance Company 144A |
7.13 | 07/22/2041 | 3,525,000 | 3,392,813 | ||||||||||||
| Dow Chemical Company |
5.25 | 11/15/2041 | 2,745,000 | 2,674,967 | ||||||||||||
| Dow Chemical Company |
8.55 | 05/15/2019 | 1,163,000 | 1,463,995 | ||||||||||||
| 7,531,775 | ||||||||||||||||
|
|
|
|||||||||||||||
| Paper & Forest Products: 0.08% | ||||||||||||||||
| International Paper Company |
4.75 | 02/15/2022 | 2,775,000 | 2,812,579 | ||||||||||||
|
|
|
|||||||||||||||
Table of Contents
| 150 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
TOTAL RETURN BOND PORTFOLIO
| Security Name | Interest Rate | Maturity Date | Principal | Value | ||||||||||||
| Telecommunication Services: 1.11% |
||||||||||||||||
| Diversified Telecommunication Services: 0.78% | ||||||||||||||||
| AT&T Incorporated |
5.55 | % | 08/15/2041 | $ | 2,320,000 | $ | 2,514,998 | |||||||||
| AT&T Incorporated |
6.40 | 05/15/2038 | 1,845,000 | 2,166,189 | ||||||||||||
| CenturyLink Incorporated |
6.45 | 06/15/2021 | 2,935,000 | 2,827,969 | ||||||||||||
| Citizens Communications Company |
9.00 | 08/15/2031 | 1,310,000 | 1,152,800 | ||||||||||||
| Frontier Communications Corporation |
8.25 | 04/15/2017 | 5,395,000 | 5,253,381 | ||||||||||||
| Verizon Communications |
2.00 | 11/01/2016 | 9,795,000 | 9,674,600 | ||||||||||||
| Verizon Communications |
3.50 | 11/01/2021 | 3,315,000 | 3,295,713 | ||||||||||||
| 26,885,650 | ||||||||||||||||
|
|
|
|||||||||||||||
| Wireless Telecommunication Services: 0.33% | ||||||||||||||||
| American Tower Corporation |
4.50 | 01/15/2018 | 5,775,000 | 5,811,562 | ||||||||||||
| American Tower Corporation |
5.05 | 09/01/2020 | 1,589,000 | 1,591,101 | ||||||||||||
| Verizon Wireless Capital LLC |
8.50 | 11/15/2018 | 3,155,000 | 4,193,405 | ||||||||||||
| 11,596,068 | ||||||||||||||||
|
|
|
|||||||||||||||
| Utilities: 1.64% |
||||||||||||||||
| Electric Utilities: 0.71% | ||||||||||||||||
| Ameren Corporation |
8.88 | 05/15/2014 | 4,165,000 | 4,706,304 | ||||||||||||
| Cleveland Electric Illuminating Company |
8.88 | 11/15/2018 | 4,250,000 | 5,700,245 | ||||||||||||
| Great Plains Energy Incorporated |
4.85 | 06/01/2021 | 865,000 | 896,284 | ||||||||||||
| LG&E & KU Energy LLC144A |
4.38 | 10/01/2021 | 3,245,000 | 3,334,896 | ||||||||||||
| Onor Electric Delivery144A |
4.55 | 12/01/2041 | 2,975,000 | 2,906,819 | ||||||||||||
| PPL Electric Utilities |
3.00 | 09/15/2021 | 3,095,000 | 3,087,061 | ||||||||||||
| Progress Energy Incorporated |
6.85 | 04/15/2012 | 3,070,000 | 3,136,815 | ||||||||||||
| Public Service Company of Colorado |
4.75 | 08/15/2041 | 725,000 | 814,465 | ||||||||||||
| 24,582,889 | ||||||||||||||||
|
|
|
|||||||||||||||
| Multi-Utilities: 0.93% | ||||||||||||||||
| CMS Energy Corporation |
2.75 | 05/15/2014 | 2,535,000 | 2,477,149 | ||||||||||||
| CMS Energy Corporation |
5.05 | 02/15/2018 | 4,155,000 | 4,179,714 | ||||||||||||
| Dominion Resources Incorporated |
4.90 | 08/01/2041 | 1,450,000 | 1,521,629 | ||||||||||||
| Dominion Resources Incorporated |
8.88 | 01/15/2019 | 9,280,000 | 12,102,289 | ||||||||||||
| MidAmerican Energy Holdings |
6.13 | 04/01/2036 | 1,275,000 | 1,517,255 | ||||||||||||
| NiSource Finance Corporation |
5.80 | 02/01/2042 | 2,775,000 | 2,837,573 | ||||||||||||
| Puget Energy Incorporated 144A |
6.00 | 09/01/2021 | 1,395,000 | 1,392,810 | ||||||||||||
| Puget Sound Power & Light Company |
4.43 | 11/15/2041 | 2,780,000 | 2,753,084 | ||||||||||||
| Sempra Energy |
2.00 | 03/15/2014 | 3,315,000 | 3,352,247 | ||||||||||||
| 32,133,750 | ||||||||||||||||
|
|
|
|||||||||||||||
| Total Corporate Bonds and Notes (Cost $435,464,549) |
436,474,134 | |||||||||||||||
|
|
|
|||||||||||||||
| Municipal Bonds and Notes: 1.02% |
||||||||||||||||
| California: 0.36% | ||||||||||||||||
| California Build America Bonds (Tax Revenue) |
7.60 | 11/01/2040 | 4,120,000 | 4,941,734 | ||||||||||||
| Los Angeles CA Community College District Build America Bonds (Tax Revenue) |
6.75 | 08/01/2049 | 3,650,000 | 4,731,386 | ||||||||||||
| Los Angeles CA DW&P Build America Bonds (Utilities Revenue) |
6.57 | 07/01/2045 | 2,150,000 | 2,798,268 | ||||||||||||
| 12,471,388 | ||||||||||||||||
|
|
|
|||||||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 151 |
TOTAL RETURN BOND PORTFOLIO
| Security Name | Interest Rate | Maturity Date | Principal | Value | ||||||||||||
| Illinois: 0.18% | ||||||||||||||||
| Illinois (GO - State) |
5.37 | % | 03/01/2017 | $ | 2,120,000 | $ | 2,222,269 | |||||||||
| Illinois (GO - State) |
5.67 | 03/01/2018 | 1,935,000 | 2,029,757 | ||||||||||||
| Illinois (GO - State) |
5.88 | 03/01/2019 | 1,860,000 | 1,968,475 | ||||||||||||
| 6,220,501 | ||||||||||||||||
|
|
|
|||||||||||||||
| Nevada: 0.13% | ||||||||||||||||
| Clark County NV Airport Authority (Airport Revenue) |
6.82 | 07/01/2045 | 3,610,000 | 4,473,079 | ||||||||||||
|
|
|
|||||||||||||||
| New Jersey: 0.17% | ||||||||||||||||
| New Jersey State Turnpike Authority (Transportation Revenue) |
7.10 | 01/01/2041 | 4,425,000 | 5,940,253 | ||||||||||||
|
|
|
|||||||||||||||
| Ohio: 0.04% | ||||||||||||||||
| Ohio State University Series A (Education Revenue) |
4.80 | 06/01/2111 | 1,360,000 | 1,374,185 | ||||||||||||
|
|
|
|||||||||||||||
| Texas: 0.14% | ||||||||||||||||
| North Texas Tollway Authority (Transportation Revenue) |
6.72 | 01/01/2049 | 4,154,000 | 5,019,361 | ||||||||||||
|
|
|
|||||||||||||||
| Total Municipal Bonds and Notes (Cost $30,130,885) |
|
35,498,767 | ||||||||||||||
|
|
|
|||||||||||||||
| Non-Agency Mortgage Backed Securities: 7.84% | ||||||||||||||||
| Americold LLC Trust Series 2010-ART Class A1 144A |
3.85 | 01/14/2029 | 6,717,230 | 6,927,957 | ||||||||||||
| Bank of America Commercial Mortgage Incorporated Series 2002-2 Class B |
5.27 | 07/11/2043 | 1,368,000 | 1,382,435 | ||||||||||||
| Bank of America Commercial Mortgage Incorporated Series 2002-PB2 Class B |
6.31 | 06/11/2035 | 1,345,000 | 1,342,758 | ||||||||||||
| Bank of America Commercial Mortgage Incorporated Series 2004-6 Class A3 |
4.51 | 12/10/2042 | 1,743,437 | 1,757,822 | ||||||||||||
| Bank of America Commercial Mortgage Incorporated Series 2006-2 Class A4 |
5.92 | 05/10/2045 | 9,120,999 | 10,125,029 | ||||||||||||
| Bank of America Commercial Mortgage Incorporated Series 2006-5 Class A4 |
5.41 | 09/10/2047 | 3,717,832 | 3,947,226 | ||||||||||||
| Bank of America Commercial Mortgage Incorporated Series 2006-6 Class A4 |
5.36 | 10/10/2045 | 7,541,000 | 7,972,157 | ||||||||||||
| Bank of America Commercial Mortgage Incorporated Series 2007-1 Class A2 |
5.38 | 01/15/2049 | 1,516,252 | 1,516,470 | ||||||||||||
| Bear Stearns Commercial Mortgage Securities Incorporated Series 2003-T12 Class A3 |
4.24 | 08/13/2039 | 342,632 | 345,042 | ||||||||||||
| Bear Stearns Commercial Mortgage Securities Incorporated Series 2004-T14 Class A4 |
5.20 | 01/12/2041 | 8,605,000 | 9,139,069 | ||||||||||||
| Bear Stearns Commercial Mortgage Securities Incorporated Series 2005-PWR7 Class A |
4.95 | 02/11/2041 | 2,532,485 | 2,533,538 | ||||||||||||
| Citigroup Mortgage Loan Trust Incorporated Series 2007-AHL1 Class A2A± |
0.30 | 12/25/2036 | 246,758 | 239,365 | ||||||||||||
| Citigroup/Deutsche Bank Commercial Mortgage Series 2005-CD1 Class AM |
5.40 | 07/15/2044 | 3,869,000 | 4,056,832 | ||||||||||||
| Commercial Mortgage Pass-Through Certificate Series 2001-J2 Class B144A |
6.30 | 07/16/2034 | 5,070,000 | 5,084,389 | ||||||||||||
| Commercial Mortgage Pass-Through Certificate Series 2004-B4 Class A5 |
4.84 | 10/15/2037 | 6,583,000 | 6,900,873 | ||||||||||||
| Commercial Mortgage Pass-Through Certificate Series 2007-C9 Class A4 |
6.01 | 12/10/2049 | 9,588,000 | 10,479,962 | ||||||||||||
| Commercial Mortgage Pass-Through Certificates Series 2005-LP5 Class A4 |
4.98 | 05/10/2043 | 3,905,000 | 4,245,051 | ||||||||||||
| Credit Suisse First Boston Mortgage Securities Corporation Series 2002-CP3 Class A3 |
5.60 | 07/15/2035 | 1,235,249 | 1,244,647 | ||||||||||||
| Credit Suisse First Boston Mortgage Securities Corporation Series 2003-C4 Class B |
5.25 | 08/15/2036 | 2,825,000 | 2,936,678 | ||||||||||||
| Credit Suisse First Boston Mortgage Securities Corporation Series 2005-C1 Class A3 |
4.81 | 02/15/2038 | 3,962,246 | 4,044,939 | ||||||||||||
| Credit Suisse First Boston Mortgage Securities Corporation Series 2005-C2 Class A4 |
4.83 | 04/15/2037 | 5,779,000 | 6,057,750 | ||||||||||||
| Credit Suisse First Boston Mortgage Securities Corporation Series 2005-C3 Class A |
4.73 | 07/15/2037 | 2,629,000 | 2,717,702 | ||||||||||||
Table of Contents
| 152 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
TOTAL RETURN BOND PORTFOLIO
| Security Name | Interest Rate | Maturity Date | Principal | Value | ||||||||||||
| Non-Agency Mortgage Backed Securities (continued) | ||||||||||||||||
| Credit Suisse First Boston Mortgage Securities Corporation Series 2006-C4 Class A3 |
5.47 | % | 09/15/2039 | $ | 7,471,000 | $ | 7,793,321 | |||||||||
| ESA Trust Series 2010-ESHA Class A144A |
2.95 | 11/05/2027 | 14,146,849 | 14,178,764 | ||||||||||||
| First Union National Bank Commercial Mortgage Series 2001-C4 Class B |
6.42 | 12/12/2033 | 438,885 | 439,373 | ||||||||||||
| GE Capital Commercial Mortgage Securities Incorporated Series 2004-C2 Class A4 |
4.89 | 03/10/2040 | 1,953,000 | 2,062,796 | ||||||||||||
| GMAC Commercial Mortgage Securities Incorporated Series 2001-C2 Class A2 |
6.70 | 04/15/2034 | 139,902 | 140,113 | ||||||||||||
| GMAC Commercial Mortgage Securities Incorporated Series 2001-C2 Class B |
6.79 | 04/15/2034 | 977,000 | 977,185 | ||||||||||||
| GMAC Commercial Mortgage Securities Incorporated Series 2003-C1 Class A2 |
4.08 | 05/10/2036 | 2,770,000 | 2,837,768 | ||||||||||||
| GMAC Commercial Mortgage Securities Incorporated Series 2006-C1 Class AM |
5.29 | 11/10/2045 | 5,228,000 | 5,092,004 | ||||||||||||
| Greenwich Capital Commercial Funding Corporation Series 2005-GG5 Class A5 |
5.22 | 04/10/2037 | 9,472,000 | 10,058,847 | ||||||||||||
| Greenwich Capital Commercial Funding Corporation Series 2007-GG9 Class A4 |
5.44 | 03/10/2039 | 1,934,000 | 2,040,302 | ||||||||||||
| GS Mortgage Securities Corporation II Series 2005-GG4 Class A4 |
4.76 | 07/10/2039 | 1,769,000 | 1,863,909 | ||||||||||||
| Impact Funding LLC Series 2010-1 Class A1 144A |
5.31 | 01/25/2051 | 9,453,940 | 9,908,958 | ||||||||||||
| JPMorgan Chase Commercial Mortgage Securities Corporation |
6.47 | 11/15/2035 | 212,162 | 212,021 | ||||||||||||
| JPMorgan Chase Commercial Mortgage Securities Corporation |
6.85 | 04/15/2035 | 1,766,000 | 1,762,493 | ||||||||||||
| JPMorgan Chase Commercial Mortgage Securities Corporation |
5.21 | 12/12/2034 | 1,007,000 | 1,015,146 | ||||||||||||
| JPMorgan Chase Commercial Mortgage Securities Corporation |
5.05 | 12/12/2034 | 2,280,584 | 2,341,907 | ||||||||||||
| JPMorgan Chase Commercial Mortgage Securities Corporation |
4.28 | 01/12/2037 | 1,108,112 | 1,115,597 | ||||||||||||
| JPMorgan Chase Commercial Mortgage Securities Corporation |
4.39 | 07/12/2037 | 626,353 | 634,152 | ||||||||||||
| JPMorgan Chase Commercial Mortgage Securities Corporation |
5.33 | 08/12/2040 | 6,400,000 | 6,742,733 | ||||||||||||
| JPMorgan Chase Commercial Mortgage Securities Corporation |
5.12 | 07/15/2041 | 7,377,000 | 7,819,886 | ||||||||||||
| JPMorgan Chase Commercial Mortgage Securities Corporation |
5.28 | 05/15/2047 | 88,501 | 88,448 | ||||||||||||
| JPMorgan Chase Commercial Mortgage Securities Corporation |
5.13 | 05/15/2047 | 1,503,707 | 1,546,182 | ||||||||||||
| JPMorgan Chase Commercial Mortgage Securities Corporation |
5.34 | 05/15/2047 | 13,648,000 | 14,171,633 | ||||||||||||
| JPMorgan Chase Commercial Mortgage Securities Corporation |
5.42 | 01/15/2049 | 2,845,000 | 3,002,235 | ||||||||||||
| JPMorgan Chase Commercial Mortgage Securities Corporation |
5.63 | 12/05/2027 | 2,001,000 | 2,247,487 | ||||||||||||
| JPMorgan Chase Commercial Mortgage Securities Corporation |
4.31 | 08/05/2032 | 8,309,000 | 8,507,893 | ||||||||||||
| JPMorgan Chase Commercial Mortgage Securities Corporation |
3.85 | 06/15/2043 | 12,407,774 | 12,966,683 | ||||||||||||
| JPMorgan Chase Commercial Mortgage Securities Corporation |
3.30 | 08/05/2032 | 2,168,131 | 2,188,494 | ||||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 153 |
TOTAL RETURN BOND PORTFOLIO
| Security Name | Interest Rate | Maturity Date | Principal | Value | ||||||||||||
| Non-Agency Mortgage Backed Securities (continued) | ||||||||||||||||
| JPMorgan Chase Commercial Mortgage Securities Corporation |
4.17 | % | 08/15/2046 | $ | 2,374,000 | $ | 2,483,634 | |||||||||
| Lehman Brothers UBS Commercial Mortgage Trust Series 2002-C2 Class A4 |
5.59 | 06/15/2031 | 1,120,770 | 1,131,801 | ||||||||||||
| Lehman Brothers UBS Commercial Mortgage Trust Series 2002-C4 Class A4 |
4.56 | 09/15/2026 | 434,817 | 437,847 | ||||||||||||
| Lehman Brothers UBS Commercial Mortgage Trust Series 2004-C7 Class A5 |
4.63 | 10/15/2029 | 1,233,000 | 1,276,921 | ||||||||||||
| Lehman Brothers UBS Commercial Mortgage Trust Series 2005-C2 Class A4 |
5.00 | 04/15/2030 | 5,349,000 | 5,617,873 | ||||||||||||
| Lehman Brothers UBS Commercial Mortgage Trust Series 2007-C1 Class A4 |
5.42 | 02/15/2040 | 2,922,000 | 3,138,342 | ||||||||||||
| Lehman Brothers UBS Commercial Mortgage Trust Series 2007-C1 Class AAB |
5.40 | 02/15/2040 | 873,000 | 918,585 | ||||||||||||
| Lehman Brothers UBS Commercial Mortgage Trust Series 2007-C3 Class A3 |
6.13 | 07/15/2044 | 1,751,000 | 1,863,635 | ||||||||||||
| Lehman Brothers UBS Commercial Mortgage Trust Series 2007-C6 Class A3 |
5.93 | 07/15/2040 | 6,831,000 | 7,210,674 | ||||||||||||
| Merrill Lynch Mortgage Trust Series 2005-CIP1 Class A3A |
4.95 | 07/12/2038 | 2,169,000 | 2,251,138 | ||||||||||||
| Morgan Stanley Capital I Series 2002-HQ Class B |
6.64 | 04/15/2034 | 1,367,000 | 1,372,730 | ||||||||||||
| Morgan Stanley Capital I Series 2004-TP13 Class A 3 |
4.39 | 09/13/2045 | 1,078,792 | 1,102,872 | ||||||||||||
| Morgan Stanley Capital I Series 2006-HQ8 Class AM |
5.65 | 03/12/2044 | 1,836,000 | 1,865,121 | ||||||||||||
| Morgan Stanley Capital I Series 2007-HE2 Class A2A± |
0.30 | 01/25/2037 | 109,668 | 107,403 | ||||||||||||
| Morgan Stanley Capital I Series 2007-HQ13 Class A1 |
5.36 | 12/15/2044 | 1,568,233 | 1,574,729 | ||||||||||||
| Morgan Stanley Capital I Series 2011-C3 Class A2 |
3.22 | 07/15/2049 | 3,587,000 | 3,676,610 | ||||||||||||
| Morgan Stanley Capital I Series 2011-C3 Class A4 |
4.12 | 07/15/2049 | 1,797,000 | 1,884,491 | ||||||||||||
| Morgan Stanley Dean Witter Capital I Series 2001-TOP3 Class A4 |
6.39 | 07/15/2033 | 259,620 | 259,412 | ||||||||||||
| Morgan Stanley Dean Witter Capital I Series 2003-HQ2 Class B |
5.04 | 03/12/2035 | 1,456,000 | 1,490,376 | ||||||||||||
| Morgan Stanley Mortgage Loan Trust Series 2007-6XS Class 2A1S± |
0.37 | 02/25/2047 | 246,327 | 196,608 | ||||||||||||
| Nomura Asset Securities Corporation Series 1998-D6 Class A2 |
7.32 | 03/15/2030 | 5,409,589 | 5,691,023 | ||||||||||||
| Sequoia Mortgage Trust Series 2010-H1 Class A1± |
3.75 | 02/25/2040 | 1,040,775 | 1,033,589 | ||||||||||||
| Sequoia Mortgage Trust Series 2011-1 Class A1 |
4.13 | 02/25/2041 | 1,516,841 | 1,508,716 | ||||||||||||
| Structured Asset Securities Corporation Series 1982 Class B |
4.47 | 03/01/2020 | 143,306 | 131,190 | ||||||||||||
| Structured Asset Securities Corporation Series 1998-2 Class A± |
0.78 | 02/25/2028 | 96,988 | 85,528 | ||||||||||||
| US Bank NA Series 2007-1 Class A |
5.92 | 05/25/2012 | 2,762,609 | 2,832,752 | ||||||||||||
| Wachovia Bank Commercial Mortgage Trust Series 2003-C7 Class A1 144A |
4.24 | 10/15/2035 | 224,766 | 225,831 | ||||||||||||
| Wachovia Bank Commercial Mortgage Trust Series 2003-C8 Class A3 |
4.45 | 11/15/2035 | 1,414,498 | 1,418,895 | ||||||||||||
| Total Non-Agency Mortgage Backed Securities (Cost $269,882,077) |
271,542,347 | |||||||||||||||
|
|
|
|||||||||||||||
| U.S. Treasury Securities: 20.83% | ||||||||||||||||
| U.S. Treasury Bond |
0.88 | 11/30/2016 | 74,436,000 | 74,104,536 | ||||||||||||
| U.S. Treasury Bond |
1.75 | 10/31/2018 | 7,399,000 | 7,512,293 | ||||||||||||
| U.S. Treasury Bond |
4.25 | 11/15/2040 | 18,979,000 | 23,433,144 | ||||||||||||
| U.S. Treasury Bond |
4.75 | 02/15/2041 | 8,050,000 | 10,749,262 | ||||||||||||
| U.S. Treasury Bond |
3.13 | 11/15/2041 | 17,363,000 | 17,569,186 | ||||||||||||
| U.S. Treasury Bond## |
4.50 | 02/15/2036 | 22,507,000 | 28,622,580 | ||||||||||||
| U.S. Treasury Bond## |
4.38 | 05/15/2041 | 26,689,000 | 33,665,665 | ||||||||||||
| U.S. Treasury Bond## |
3.75 | 08/15/2041 | 22,479,000 | 25,569,863 | ||||||||||||
| U.S. Treasury Note |
0.25 | 10/31/2013 | 26,210,000 | 26,207,956 | ||||||||||||
| U.S. Treasury Note |
0.25 | 11/30/2013 | 10,528,000 | 10,527,213 | ||||||||||||
| U.S. Treasury Note |
0.50 | 10/15/2014 | 5,300,000 | 5,316,149 | ||||||||||||
Table of Contents
| 154 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
TOTAL RETURN BOND PORTFOLIO
| Security Name | Interest Rate | Maturity Date | Principal | Value | ||||||||||||
| U.S. Treasury Securities (continued) | ||||||||||||||||
| U.S. Treasury Note |
0.38 | % | 11/15/2014 | $ | 4,075,000 | $ | 4,072,453 | |||||||||
| U.S. Treasury Note |
1.00 | 09/30/2016 | 24,559,000 | 24,651,096 | ||||||||||||
| U.S. Treasury Note |
1.38 | 09/30/2018 | 3,461,000 | 3,432,070 | ||||||||||||
| U.S. Treasury Note## |
1.50 | 06/30/2016 | 44,440,000 | 45,721,116 | ||||||||||||
| U.S. Treasury Note## |
1.00 | 08/31/2016 | 116,828,000 | 117,375,690 | ||||||||||||
| U.S. Treasury Note## |
2.13 | 08/15/2021 | 56,356,000 | 56,690,642 | ||||||||||||
| U.S. Treasury Note« |
1.00 | 10/31/2016 | 135,653,000 | 136,034,456 | ||||||||||||
| U.S. Treasury Note« |
2.00 | 11/15/2021 | 70,978,000 | 70,467,810 | ||||||||||||
| Total U.S. Treasury Securities (Cost $709,323,255) |
721,723,180 | |||||||||||||||
|
|
|
|||||||||||||||
| Yankee Corporate Bonds and Notes: 5.37% |
||||||||||||||||
| Consumer Discretionary: 0.09% |
||||||||||||||||
| Media: 0.09% | ||||||||||||||||
| Thomson Reuters Corporation |
5.95 | 07/15/2013 | 2,855,000 | 3,058,427 | ||||||||||||
|
|
|
|||||||||||||||
| Consumer Staples: 0.43% |
||||||||||||||||
| Beverages: 0.36% | ||||||||||||||||
| Pernod-Ricard SA 144A |
4.45 | 01/15/2022 | 6,935,000 | 6,946,332 | ||||||||||||
| Pernod-Ricard SA 144A |
5.75 | 04/07/2021 | 5,131,000 | 5,615,310 | ||||||||||||
| 12,561,642 | ||||||||||||||||
|
|
|
|||||||||||||||
| Food & Staples Retailing: 0.07% | ||||||||||||||||
| Cencosud SA 144A |
5.50 | 01/20/2021 | 2,180,000 | 2,214,230 | ||||||||||||
|
|
|
|||||||||||||||
| Energy: 0.97% |
||||||||||||||||
| Oil, Gas & Consumable Fuels: 0.97% | ||||||||||||||||
| BG Energy Capital plc 144A |
4.00 | 10/15/2021 | 5,475,000 | 5,510,303 | ||||||||||||
| BP Capital Markets plc |
2.25 | 11/01/2016 | 7,355,000 | 7,328,478 | ||||||||||||
| Husky Energy Incorporated |
7.25 | 12/15/2019 | 3,074,000 | 3,693,343 | ||||||||||||
| International Petroleum Investment Company GMTN Limited 144A« |
5.50 | 03/01/2022 | 4,420,000 | 4,320,550 | ||||||||||||
| Petroleos Mexicanos144A |
6.50 | 06/02/2041 | 1,685,000 | 1,819,800 | ||||||||||||
| Talisman Energy Incorporated |
7.75 | 06/01/2019 | 3,816,000 | 4,634,959 | ||||||||||||
| Transocean Incorporated |
5.05 | 12/15/2016 | 2,980,000 | 2,977,199 | ||||||||||||
| Transocean Incorporated |
6.38 | 12/15/2021 | 2,385,000 | 2,383,712 | ||||||||||||
| Transocean Incorporated |
7.35 | 12/15/2041 | 1,000,000 | 999,960 | ||||||||||||
| 33,668,304 | ||||||||||||||||
|
|
|
|||||||||||||||
| Financials: 2.64% |
||||||||||||||||
| Commercial Banks: 1.99% | ||||||||||||||||
| Bank of Montreal 144A |
1.30 | 10/31/2014 | 11,025,000 | 10,998,077 | ||||||||||||
| Bank of Nova Scotia 144A |
2.15 | 08/03/2016 | 5,695,000 | 5,708,520 | ||||||||||||
| HSBC Holdings plc |
5.10 | 04/05/2021 | 3,090,000 | 3,189,393 | ||||||||||||
| HSBC Holdings plc |
6.10 | 01/14/2042 | 1,980,000 | 2,080,281 | ||||||||||||
| HSBC Holdings plc |
6.80 | 06/01/2038 | 2,846,000 | 2,807,132 | ||||||||||||
| Inter-American Development Bank Series EMTN |
3.88 | 10/28/2041 | 5,525,000 | 5,740,619 | ||||||||||||
| Itau Unibanco Holding SA 144A |
6.20 | 04/15/2020 | 1,030,000 | 1,050,072 | ||||||||||||
| Korea Development Bank |
3.25 | 03/09/2016 | 4,032,000 | 3,935,123 | ||||||||||||
| Korea Development Bank |
3.88 | 05/04/2017 | 5,530,000 | 5,400,167 | ||||||||||||
| Lloyds TSB Bank plc |
4.88 | 01/21/2016 | 3,645,000 | 3,560,870 | ||||||||||||
Table of Contents
| Portfolio of Investments—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 155 |
TOTAL RETURN BOND PORTFOLIO
| Security Name | Interest Rate | Maturity Date | Principal | Value | ||||||||||||
| Commercial Banks (continued) | ||||||||||||||||
| Nordea Bank AB 144A |
4.88 | % | 05/13/2021 | $ | 3,115,000 | $ | 2,632,502 | |||||||||
| Rabobank Nederland NV |
5.25 | 05/24/2041 | 4,817,000 | 4,821,937 | ||||||||||||
| Standard Chartered plc 144A |
3.20 | 05/12/2016 | 7,626,000 | 7,469,789 | ||||||||||||
| Swedish Export Credit Corporation |
3.25 | 09/16/2014 | 9,125,000 | 9,457,935 | ||||||||||||
| 68,852,417 | ||||||||||||||||
|
|
|
|||||||||||||||
| Diversified Financial Services: 0.19% | ||||||||||||||||
| Caisse Centrale Desjardins du Quebec 144A |
2.55 | 03/24/2016 | 3,395,000 | 3,498,867 | ||||||||||||
| Credit Suisse New York |
6.00 | 02/15/2018 | 3,325,000 | 3,219,598 | ||||||||||||
| 6,718,465 | ||||||||||||||||
|
|
|
|||||||||||||||
| Thrifts & Mortgage Finance: 0.46% | ||||||||||||||||
| Achmea Hypotheekbank NV 144A |
3.20 | 11/03/2014 | 15,115,000 | 15,863,555 | ||||||||||||
|
|
|
|||||||||||||||
| Materials: 0.35% |
||||||||||||||||
| Metals & Mining: 0.35% | ||||||||||||||||
| Codelco Incorporated 144A |
3.88 | 11/03/2021 | 4,125,000 | 4,099,714 | ||||||||||||
| Teck Resources Limited |
6.25 | 07/15/2041 | 2,110,000 | 2,293,099 | ||||||||||||
| Xstrata Canada Financial Corporation 144A |
4.95 | 11/15/2021 | 3,940,000 | 3,840,220 | ||||||||||||
| Xstrata Canada Financial Corporation 144A |
6.00 | 11/15/2041 | 2,015,000 | 1,935,718 | ||||||||||||
| 12,168,751 | ||||||||||||||||
|
|
|
|||||||||||||||
| Telecommunication Services: 0.47% |
||||||||||||||||
| Diversified Telecommunication Services: 0.30% | ||||||||||||||||
| Hutchison Whampoa International Limited 144A |
5.75 | 09/11/2019 | 5,060,000 | 5,546,732 | ||||||||||||
| Telemar Norte Leste SAU 144A |
5.50 | 10/23/2020 | 5,157,000 | 5,053,860 | ||||||||||||
| 10,600,592 | ||||||||||||||||
|
|
|
|||||||||||||||
| Wireless Telecommunication Services: 0.17% | ||||||||||||||||
| America Movil SAB SA |
2.38 | 09/08/2016 | 2,935,000 | 2,864,865 | ||||||||||||
| Telefonica Moviles Chile 144A |
2.88 | 11/09/2015 | 3,003,000 | 2,940,466 | ||||||||||||
| 5,805,331 | ||||||||||||||||
|
|
|
|||||||||||||||
| Utilities: 0.42% |
||||||||||||||||
| Electric Utilities: 0.36% | ||||||||||||||||
| Hydro Quebec |
2.00 | 06/30/2016 | 8,020,000 | 8,144,438 | ||||||||||||
| PPL WEM Holdings plc 144A |
3.90 | 05/01/2016 | 4,460,000 | 4,538,344 | ||||||||||||
| 12,682,782 | ||||||||||||||||
|
|
|
|||||||||||||||
| Multi-Utilities: 0.06% | ||||||||||||||||
| National Grid plc |
6.30 | 08/01/2016 | 1,784,000 | 2,045,793 | ||||||||||||
|
|
|
|||||||||||||||
| Total Yankee Corporate Bonds and Notes (Cost $185,910,989) |
186,240,289 | |||||||||||||||
|
|
|
|||||||||||||||
| Yankee Government Bonds: 1.01% | ||||||||||||||||
| Province of Quebec |
2.75 | 08/25/2021 | 5,580,000 | 5,528,089 | ||||||||||||
| Republic of Chile |
3.25 | 09/14/2021 | 4,670,000 | 4,681,675 | ||||||||||||
| Republic of Poland |
5.00 | 03/23/2022 | 6,575,000 | 6,377,750 | ||||||||||||
| State of Qatar 144A |
3.13 | 01/20/2017 | 11,800,000 | 11,755,750 | ||||||||||||
Table of Contents
| 156 | Wells Fargo Advantage Allocation Funds | Portfolio of Investments—November 30, 2011 (Unaudited) |
TOTAL RETURN BOND PORTFOLIO
| Security Name | Interest Rate | Maturity Date | Principal | Value | ||||||||||||
| Yankee Government Bonds (continued) | ||||||||||||||||
| State of Qatar 144A |
5.75 | % | 01/20/2042 | $ | 3,185,000 | $ | 3,185,000 | |||||||||
| United Mexican States |
5.75 | 10/12/2110 | 3,298,000 | 3,372,205 | ||||||||||||
| Total Yankee Government Bonds (Cost $34,849,511) |
34,900,469 | |||||||||||||||
|
|
|
|||||||||||||||
| Other: 0.18% |
||||||||||||||||
| Gryphon Funding Limited, Pass-Through Entity(a)(i)(v) |
3,729,992 | 1,339,067 | ||||||||||||||
| VFNC Corporation, Pass-Through Entity, 0.26%(a)±144A(i)(v) |
10,058,509 | 4,928,669 | ||||||||||||||
| Total Other (Cost $2,534,621) |
6,267,736 | |||||||||||||||
|
|
|
|||||||||||||||
| Yield | Shares | |||||||||||||||
| Short-Term Investments: 10.19% | ||||||||||||||||
| Investment Companies: 10.19% | ||||||||||||||||
| Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class##(l)(u) |
0.05 | 287,190,921 | 287,190,921 | |||||||||||||
| Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)(r) |
0.17 | 66,033,879 | 66,033,879 | |||||||||||||
| Total Short-Term Investments (Cost $353,224,800) |
353,224,800 | |||||||||||||||
|
|
|
|||||||||||||||
| Total Investments in Securities | ||||||||
| (Cost $4,237,195,858)* | 123.64 | % | 4,284,755,671 | |||||
| Other Assets and Liabilities, Net |
(23.64 | ) | (819,204,537 | ) | ||||
|
|
|
|
|
|||||
| Total Net Assets | 100.00 | % | $ | 3,465,551,134 | ||||
|
|
|
|
|
| Interest Rate | Principal | |||||||||||||||
| Schedule of TBA Sale Commitments: (7.61%) | ||||||||||||||||
| FNMA%% |
3.00 | 07/25/2026 | $ | (93,000,000 | ) | (94,852,653 | ) | |||||||||
| FNMA%% |
3.50 | 01/25/2041 | (37,000,000 | ) | (38,007,750 | ) | ||||||||||
| FNMA%% |
4.00 | 03/25/2040 | (16,800,000 | ) | (17,453,626 | ) | ||||||||||
| FNMA%% |
5.00 | 11/25/2036 | (53,000,000 | ) | (56,875,625 | ) | ||||||||||
| FNMA%% |
5.00 | 12/25/2036 | (52,800,000 | ) | (56,545,500 | ) | ||||||||||
| Total Schedule of TBA Sale Commitments (Proceeds Received $(263,578,609)) |
$ | (263,735,154 | ) | |||||||||||||
|
|
|
|||||||||||||||
| (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. |
| ## | All or a portion of this security has been segregated for when-issued securities or unfunded loans. |
| 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. |
| (i) | Illiquid security. |
| (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. |
| * | Cost for federal income tax purposes is $4,245,882,520 and net unrealized appreciation (depreciation) consists of: |
| Gross unrealized appreciation |
$ | 52,788,371 | ||
| Gross unrealized depreciation |
(13,915,220 | ) | ||
|
|
|
|||
| Net unrealized appreciation |
$ | 38,873,151 |
The accompanying notes are an integral part of these financial statements.
Table of Contents
This page is intentionally left blank.
Table of Contents
| 158 | Wells Fargo Advantage Allocation Funds | Statements of Assets and Liabilities—November 30, 2011 (Unaudited) |
| C&B Large Cap Value Portfolio |
Diversified Large Cap Growth Portfolio |
|||||||
| Assets |
||||||||
| Investments |
||||||||
| In unaffiliated securities (including securities on loan), at value |
$ | 350,400,913 | $ | 168,143,857 | ||||
| In affiliated securities, at value |
57,247,865 | 20,876,099 | ||||||
|
|
|
|
|
|||||
| Total investments, at value (see cost below) |
407,648,778 | 189,019,956 | ||||||
| Segregated cash |
0 | 0 | ||||||
| Foreign currency, at value (see cost below) |
0 | 0 | ||||||
| Receivable for investments sold |
0 | 969,975 | ||||||
| Receivable for dividends and interest |
1,270,808 | 217,124 | ||||||
| Receivable for daily variation margin on open futures contracts |
0 | 0 | ||||||
| Receivable for securities lending income |
6,878 | 2,618 | ||||||
| Unrealized gains on forward foreign currency contracts |
0 | 0 | ||||||
| Prepaid expenses and other assets |
1,191 | 0 | ||||||
|
|
|
|
|
|||||
| Total assets |
408,927,655 | 190,209,673 | ||||||
|
|
|
|
|
|||||
| Liabilities |
||||||||
| Payable for investments purchased |
187,656 | 598,511 | ||||||
| Unrealized losses on forward foreign currency exchange contracts |
0 | 0 | ||||||
| Payable upon receipt of securities loaned |
53,432,475 | 18,585,957 | ||||||
| Advisory fee payable |
177,244 | 17,394 | ||||||
| Custodian and accounting fees payable |
0 | 0 | ||||||
| Accrued expenses and other liabilities |
10,481 | 13,593 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
53,807,856 | 19,215,455 | ||||||
|
|
|
|
|
|||||
| Total net assets |
$ | 355,119,799 | $ | 170,994,218 | ||||
|
|
|
|
|
|||||
| Total investments, at cost |
$ | 375,006,242 | $ | 174,896,953 | ||||
|
|
|
|
|
|||||
| Securities on loan, at value |
$ | 52,245,390 | $ | 18,173,304 | ||||
|
|
|
|
|
|||||
| Foreign currency, at cost |
$ | 0 | $ | 0 | ||||
|
|
|
|
|
|||||
The accompanying notes are an integral part of these financial statements.
Table of Contents
| Statements of Assets and Liabilities—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 159 |
| Emerging Growth Portfolio |
Equity Value Portfolio |
Index Portfolio | International Equity Portfolio |
International Growth Portfolio |
International Index Portfolio |
|||||||||||||||||
| $ | 980,543,087 | $ | 1,017,695,918 | $ | 2,277,783,414 | $ | 23,173,040 | $ | 106,766,458 | $ | 24,897,461 | |||||||||||
| 303,350,869 | 94,982,028 | 237,956,117 | 3,205,110 | 6,455,183 | 536,193 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| 1,283,893,956 | 1,112,677,946 | 2,515,739,531 | 26,378,150 | 113,221,641 | 25,433,654 | |||||||||||||||||
| 0 | 0 | 0 | 0 | 0 | 147,707 | |||||||||||||||||
| 0 | 0 | 0 | 8,399 | 37,500 | 124,880 | |||||||||||||||||
| 7,662,230 | 15,477,350 | 40,307 | 0 | 940,544 | 197,165 | |||||||||||||||||
| 141,931 | 2,869,081 | 6,259,880 | 86,871 | 303,890 | 116,725 | |||||||||||||||||
| 0 | 0 | 2,441,445 | 0 | 0 | 25,857 | |||||||||||||||||
| 70,728 | 6,357 | 27,507 | 1,132 | 7,288 | 917 | |||||||||||||||||
| 0 | 0 | 0 | 6,878 | 0 | 0 | |||||||||||||||||
| 7,949 | 36,491 | 17,378 | 0 | 0 | 17,458 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| 1,291,776,794 | 1,131,067,225 | 2,524,526,048 | 26,481,430 | 114,510,863 | 26,064,363 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| 1,738,348 | 13,665,556 | 2,711,268 | 94,976 | 1,480,765 | 255,313 | |||||||||||||||||
| 0 | 0 | 0 | 38,116 | 0 | 0 | |||||||||||||||||
| 287,025,216 | 86,041,625 | 164,045,692 | 974,654 | 1,658,460 | 141,007 | |||||||||||||||||
| 635,016 | 536,710 | 129,654 | 15,378 | 73,940 | 5,927 | |||||||||||||||||
| 23,668 | 5,103 | 19,545 | 23,595 | 586,425 | 427,376 | |||||||||||||||||
| 40,699 | 266,784 | 20,085 | 5,161 | 17,695 | 0 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| 289,462,947 | 100,515,778 | 166,926,244 | 1,151,880 | 3,817,285 | 829,623 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| $ | 1,002,313,847 | $ | 1,030,551,447 | $ | 2,357,599,804 | $ | 25,329,550 | $ | 110,693,578 | $ | 25,234,740 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| $ | 1,229,530,474 | $ | 1,066,270,208 | $ | 2,247,718,769 | $ | 26,709,144 | $ | 110,828,335 | $ | 25,790,286 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| $ | 280,006,334 | $ | 83,968,915 | $ | 160,098,810 | $ | 943,160 | $ | 1,601,639 | $ | 133,557 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| $ | 0 | $ | 0 | $ | 0 | $ | 8,362 | $ | 37,254 | $ | 132,617 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Table of Contents
| 160 | Wells Fargo Advantage Allocation Funds | Statements of Assets and Liabilities—November 30, 2011 (Unaudited) |
| International Value Portfolio |
Large Company Value Portfolio |
|||||||
| Assets |
||||||||
| Investments |
||||||||
| In unaffiliated securities (including securities on loan), at value |
$ | 286,302,977 | $ | 55,662,448 | ||||
| In affiliated securities, at value |
14,526,568 | 10,666,172 | ||||||
|
|
|
|
|
|||||
| Total investments, at value (see cost below) |
300,829,545 | 66,328,620 | ||||||
| Foreign currency, at value (see cost below) |
8,782,418 | 0 | ||||||
| Receivable for investments sold |
626 | 0 | ||||||
| Receivable for dividends and interest |
1,246,544 | 176,504 | ||||||
| Receivable for securities lending income |
22,089 | 1,376 | ||||||
| Prepaid expenses and other assets |
25,069 | 14,560 | ||||||
|
|
|
|
|
|||||
| Total assets |
310,906,291 | 66,521,060 | ||||||
|
|
|
|
|
|||||
| Liabilities |
||||||||
| Payable for investments purchased |
83,174 | 0 | ||||||
| Payable upon receipt of securities loaned |
9,825,883 | 9,345,000 | ||||||
| Advisory fee payable |
205,695 | 15,884 | ||||||
| Custodian and accounting fees payable |
640,120 | 0 | ||||||
| Professional fees payable |
13,870 | 35,432 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
10,768,742 | 9,396,316 | ||||||
|
|
|
|
|
|||||
| Total net assets |
$ | 300,137,549 | $ | 57,124,744 | ||||
|
|
|
|
|
|||||
| Total investments, at cost |
$ | 371,520,093 | $ | 63,251,141 | ||||
|
|
|
|
|
|||||
| Securities on loan, at value |
$ | 9,293,352 | $ | 9,122,238 | ||||
|
|
|
|
|
|||||
| Foreign currency, at cost |
$ | 8,923,308 | $ | 0 | ||||
|
|
|
|
|
|||||
The accompanying notes are an integral part of these financial statements.
Table of Contents
| Statements of Assets and Liabilities—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 161 |
| Small Cap Value Portfolio |
Small Company Growth Portfolio |
Small Company Value Portfolio |
||||||||
| $ | 44,777,388 | $ | 230,131,710 | $ | 196,538,588 | |||||
| 2,424,833 | 63,161,879 | 63,170,358 | ||||||||
|
|
|
|
|
|
|
|||||
| 47,202,221 | 293,293,589 | 259,708,946 | ||||||||
| 0 | 0 | 0 | ||||||||
| 67,648 | 30,839,908 | 1,036,232 | ||||||||
| 15,855 | 110,455 | 203,851 | ||||||||
| 0 | 79,818 | 9,267 | ||||||||
| 8,789 | 22,214 | 10,544 | ||||||||
|
|
|
|
|
|
|
|||||
| 47,294,513 | 324,345,984 | 260,968,840 | ||||||||
|
|
|
|
|
|
|
|||||
| 46,259 | 1,840,479 | 170,986 | ||||||||
| 0 | 52,827,401 | 60,465,651 | ||||||||
| 29,872 | 161,108 | 121,774 | ||||||||
| 0 | 0 | 7,872 | ||||||||
| 23,402 | 33,390 | 18,303 | ||||||||
|
|
|
|
|
|
|
|||||
| 99,533 | 54,862,378 | 60,784,586 | ||||||||
|
|
|
|
|
|
|
|||||
| $ | 47,194,980 | $ | 269,483,606 | $ | 200,184,254 | |||||
|
|
|
|
|
|
|
|||||
| $ | 42,892,298 | $ | 272,601,664 | $ | 254,427,810 | |||||
|
|
|
|
|
|
|
|||||
| $ | 0 | $ | 51,374,026 | $ | 58,753,820 | |||||
|
|
|
|
|
|
|
|||||
| $ | 0 | $ | 0 | $ | 0 | |||||
|
|
|
|
|
|
|
|||||
Table of Contents
| 162 | Wells Fargo Advantage Allocation Funds | Statements of Assets and Liabilities—November 30, 2011 (Unaudited) |
| Inflation-Protected Bond Portfolio |
Managed Fixed Income Portfolio |
|||||||
| Assets |
||||||||
| Investments |
||||||||
| In unaffiliated securities (including securities on loan), at value |
$ | 83,709,206 | $ | 139,915,247 | ||||
| In affiliated securities, at value |
2,581,041 | 4,159,824 | ||||||
|
|
|
|
|
|||||
| Total investments, at value (see cost below) |
86,290,247 | 144,075,071 | ||||||
| Segregated cash |
0 | 0 | ||||||
| Receivable for investments sold |
0 | 27,664,000 | ||||||
| Principal paydown receivable |
0 | 0 | ||||||
| Receivable for interest |
421,637 | 1,224,571 | ||||||
| Receivable for daily variation margin on open futures contracts |
0 | 0 | ||||||
| Receivable for securities lending income |
8 | 0 | ||||||
| Premiums paid on credit default swap transactions |
0 | 0 | ||||||
| Unrealized gains on credit default swap transactions |
0 | 0 | ||||||
| Prepaid expenses and other assets |
295 | 1,628 | ||||||
|
|
|
|
|
|||||
| Total assets |
86,712,187 | 172,965,270 | ||||||
|
|
|
|
|
|||||
| Liabilities |
||||||||
| Payable for investments purchased |
0 | 30,878,102 | ||||||
| Unrealized losses on credit default swap transactions |
0 | 0 | ||||||
| Premiums received on credit default swap transactions |
0 | 0 | ||||||
| Payable upon receipt of securities loaned |
1,941,287 | 596,250 | ||||||
| TBA sale commitments, at value (see proceeds received below) |
0 | 0 | ||||||
| Advisory fee payable |
23,839 | 38,411 | ||||||
| Accrued expenses and other liabilities |
8,219 | 30,307 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
1,973,345 | 31,543,070 | ||||||
|
|
|
|
|
|||||
| Total net assets |
$ | 84,738,842 | $ | 141,422,200 | ||||
|
|
|
|
|
|||||
| Total investments, at cost |
$ | 76,612,678 | $ | 147,082,100 | ||||
|
|
|
|
|
|||||
| Securities on loan, at value |
$ | 1,900,610 | $ | 583,567 | ||||
|
|
|
|
|
|||||
| Proceeds received on TBA sale commitments |
$ | 0 | $ | 0 | ||||
|
|
|
|
|
|||||
The accompanying notes are an integral part of these financial statements.
Table of Contents
| Statements of Assets and Liabilities—November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 163 |
| Stable Income Portfolio |
Total Return Bond Portfolio |
|||||
| $ | 36,017,973 | $ | 3,931,530,871 | |||
| 1,786,033 | 353,224,800 | |||||
|
|
|
|
|
|||
| 37,804,006 | 4,284,755,671 | |||||
| 13,500 | 0 | |||||
| 0 | 1,887,687,841 | |||||
| 0 | 706,265 | |||||
| 133,360 | 16,597,253 | |||||
| 1,406 | 0 | |||||
| 48 | 3,710 | |||||
| 0 | 550,275 | |||||
| 0 | 34,488 | |||||
| 595 | 96,765 | |||||
|
|
|
|
|
|||
| 37,952,915 | 6,190,432,268 | |||||
|
|
|
|
|
|||
| 0 | 2,390,926,867 | |||||
| 0 | 123,638 | |||||
| 0 | 459,693 | |||||
| 836,628 | 68,568,500 | |||||
| 0 | 263,735,154 | |||||
| 6,442 | 943,183 | |||||
| 23,215 | 124,099 | |||||
|
|
|
|
|
|||
| 866,285 | 2,724,881,134 | |||||
|
|
|
|
|
|||
| $37,086,630 | $ | 3,465,551,134 | ||||
|
|
|
|
|
|||
| $ | 38,284,411 | $ | 4,237,195,858 | |||
|
|
|
|
|
|||
| $ | 819,804 | $ | 67,204,911 | |||
|
|
|
|
|
|||
| $ | 0 | $ | 263,578,609 | |||
|
|
|
|
|
|||
Table of Contents
| 164 | Wells Fargo Advantage Allocation Funds | Statements of Operations—Six Months Ended November 30, 2011 (Unaudited) |
| C&B Large Cap Value Portfolio |
Diversified Large Cap Growth Portfolio |
|||||||
| Investment income |
||||||||
| Dividends* |
$ | 4,978,447 | $ | 771,505 | ||||
| Interest |
0 | 0 | ||||||
| Income from affiliated securities |
3,239 | 1,539 | ||||||
| Securities lending income, net |
48,616 | 31,740 | ||||||
|
|
|
|
|
|||||
| Total investment income |
5,030,302 | 804,784 | ||||||
|
|
|
|
|
|||||
| Expenses |
||||||||
| Advisory fee |
1,194,402 | 578,015 | ||||||
| Custody and accounting fees |
12,101 | 16,335 | ||||||
| Professional fees |
18,628 | 15,950 | ||||||
| Shareholder report expenses |
2,256 | 3,450 | ||||||
| Trustees’ fees and expenses |
5,303 | 5,303 | ||||||
| Other fees and expenses |
3,155 | 1,505 | ||||||
|
|
|
|
|
|||||
| Total expenses |
1,235,845 | 620,558 | ||||||
| Less: Fee waivers and/or expense reimbursements |
0 | (67,353 | ) | |||||
|
|
|
|
|
|||||
| Net expenses |
1,235,845 | 553,205 | ||||||
|
|
|
|
|
|||||
| Net investment income (loss) |
3,794,457 | 251,579 | ||||||
|
|
|
|
|
|||||
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS |
||||||||
| Net realized gains (losses) on: |
||||||||
| Unaffiliated securities |
7,138,425 | (4,304,720 | ) | |||||
| Affiliated securities |
0 | 0 | ||||||
| Futures transactions |
0 | 0 | ||||||
| Forward foreign currency contract transactions |
0 | 0 | ||||||
|
|
|
|
|
|||||
| Net realized gains (losses) on investments |
7,138,425 | (4,304,720 | ) | |||||
|
|
|
|
|
|||||
| Net change in unrealized gains (losses) on: |
||||||||
| Unaffiliated securities |
(43,463,450 | ) | (6,870,572 | ) | ||||
| Affiliated securities |
0 | 0 | ||||||
| Futures transactions |
0 | 0 | ||||||
| Forward foreign currency contract transactions |
0 | 0 | ||||||
|
|
|
|
|
|||||
| Net change in unrealized gains (losses) on investments |
(43,463,450 | ) | (6,870,572 | ) | ||||
|
|
|
|
|
|||||
| Net realized and unrealized gains (losses) on investments |
(36,325,025 | ) | (11,175,292 | ) | ||||
|
|
|
|
|
|||||
| Net increase (decrease) in net assets resulting from operations |
$ | (32,530,568 | ) | $ | (10,923,713 | ) | ||
|
|
|
|
|
|||||
| * Net of foreign dividend withholding taxes of |
$0 | $604 | ||||||
The accompanying notes are an integral part of these financial statements.
Table of Contents
| Statements of Operations—Six Months Ended November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 165 |
| Emerging Growth Portfolio |
Equity Value Portfolio |
Index Portfolio | International Equity Portfolio |
International Growth Portfolio |
International Index Portfolio |
|||||||||||||||||
| $ | 242,637 | $ | 8,032,898 | $ | 25,379,763 | $ | 286,671 | $ | 960,211 | $ | 342,814 | |||||||||||
| 0 | 0 | 532 | 0 | 0 | 0 | |||||||||||||||||
| 5,432 | 5,470 | 280,690 | 927 | 2,994 | 149 | |||||||||||||||||
| 340,990 | 43,878 | 217,153 | 11,751 | 26,456 | 6,918 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| 589,059 | 8,082,246 | 25,878,138 | 299,349 | 989,661 | 349,881 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| 2,097,321 | 2,262,859 | 1,004,807 | 111,411 | 482,268 | 45,869 | |||||||||||||||||
| 25,932 | 24,559 | 85,990 | 18,491 | 35,530 | 17,593 | |||||||||||||||||
| 15,092 | 6,213 | 28,374 | 4,500 | 17,031 | 17,031 | |||||||||||||||||
| 2,820 | 2,006 | 6,017 | 501 | 550 | 275 | |||||||||||||||||
| 6,001 | 5,303 | 5,303 | 5,303 | 7,557 | 7,557 | |||||||||||||||||
| 1,270 | 1,905 | 12,569 | 13,061 | 6,209 | 11,075 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| 2,148,436 | 2,302,845 | 1,143,060 | 153,267 | 549,145 | 99,400 | |||||||||||||||||
| 0 | 0 | 0 | 0 | (39,922 | ) | (48,003 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| 2,148,436 | 2,302,845 | 1,143,060 | 153,267 | 509,223 | 51,397 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (1,559,377 | ) | 5,779,401 | 24,735,078 | 146,082 | 480,438 | 298,484 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| 610,220 | (10,757,679 | ) | 21,285,532 | (580,102 | ) | 1,432,464 | (125,932 | ) | ||||||||||||||
| 0 | 0 | (5,550 | ) | 0 | 0 | 0 | ||||||||||||||||
| 0 | 0 | (5,770,275 | ) | 0 | 0 | (90,482 | ) | |||||||||||||||
| 0 | 0 | 0 | 46,578 | 0 | 0 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| 610,220 | (10,757,679 | ) | 15,509,707 | (533,524 | ) | 1,432,464 | (216,414 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| 109,517,090 | (22,728,354 | ) | (201,170,982 | ) | (4,373,299 | ) | (16,940,882 | ) | (4,786,749 | ) | ||||||||||||
| 0 | 0 | (2,687,183 | ) | 0 | 0 | 0 | ||||||||||||||||
| 0 | 0 | 4,471,582 | 0 | 0 | 1,232 | |||||||||||||||||
| 0 | 0 | 0 | (55,956 | ) | 0 | 0 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| 109,517,090 | (22,728,354 | ) | (199,386,583 | ) | (4,429,255 | ) | (16,940,882 | ) | (4,785,517 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| 110,127,310 | (33,486,033 | ) | (183,876,876 | ) | (4,962,779 | ) | (15,508,418 | ) | (5,001,931 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| $ | 108,567,933 | $ | (27,706,632 | ) | $ | (159,141,798 | ) | $ | (4,816,697 | ) | $ | (15,027,980 | ) | $ | (4,703,447 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| $6,982 | $341 | $2,337 | $34,832 | $111,049 | $27,443 | |||||||||||||||||
Table of Contents
| 166 | Wells Fargo Advantage Allocation Funds | Statements of Operations—Six Months Ended November 30, 2011 (Unaudited) |
| International Value Portfolio |
Large Company Value Portfolio |
|||||||
| Investment income |
||||||||
| Dividends* |
$ | 4,439,490 | $ | 775,375 | ||||
| Interest |
4,759 | 27 | ||||||
| Income from affiliated securities |
2,335 | 455 | ||||||
| Securities lending income, net |
218,805 | 8,523 | ||||||
|
|
|
|
|
|||||
| Total investment income |
4,665,389 | 784,380 | ||||||
|
|
|
|
|
|||||
| Expenses |
||||||||
| Advisory fee |
1,325,631 | 191,865 | ||||||
| Custody and accounting fees |
50,801 | 12,648 | ||||||
| Professional fees |
17,031 | 13,064 | ||||||
| Shareholder report expenses |
2,750 | 1,254 | ||||||
| Trustees’ fees and expenses |
7,557 | 5,303 | ||||||
| Other fees and expenses |
13,948 | 1,354 | ||||||
|
|
|
|
|
|||||
| Total expenses |
1,417,718 | 225,488 | ||||||
| Less: Fee waivers and/or expense reimbursements |
(92,087 | ) | (8,057 | ) | ||||
|
|
|
|
|
|||||
| Net expenses |
1,325,631 | 217,431 | ||||||
|
|
|
|
|
|||||
| Net investment income (loss) |
3,339,758 | 566,949 | ||||||
|
|
|
|
|
|||||
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS |
||||||||
| Net realized gains (losses) on: |
||||||||
| Unaffiliated securities |
1,745,196 | 532,449 | ||||||
| Futures transactions |
0 | (155,676 | ) | |||||
|
|
|
|
|
|||||
| Net realized gains (losses) on investments |
1,745,196 | 376,773 | ||||||
|
|
|
|
|
|||||
| Net change in unrealized gains (losses) on: |
||||||||
| Unaffiliated securities |
(63,335,529 | ) | (7,575,098 | ) | ||||
| Future transactions |
0 | (29,544 | ) | |||||
|
|
|
|
|
|||||
| Net change in unrealized gains (losses) on investments |
(63,335,529 | ) | (7,604,642 | ) | ||||
|
|
|
|
|
|||||
| Net realized and unrealized gains (losses) on investments |
(61,590,333 | ) | (7,227,869 | ) | ||||
|
|
|
|
|
|||||
| Net decrease in net assets resulting from operations |
$ | (58,250,575 | ) | $ | (6,660,920 | ) | ||
|
|
|
|
|
|||||
| * Net of foreign dividend withholding taxes of |
$343,831 | $597 | ||||||
The accompanying notes are an integral part of these financial statements.
Table of Contents
| Statements of Operations—Six Months Ended November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 167 |
| Small Cap Value Portfolio |
Small Company Growth Portfolio |
Small Company Value Portfolio |
||||||||
| $ | 499,670 | $ | 620,573 | $ | 1,500,188 | |||||
| 0 | 0 | 0 | ||||||||
| 1,057 | 4,115 | 2,402 | ||||||||
| 0 | 261,709 | 88,386 | ||||||||
|
|
|
|
|
|
|
|||||
| 500,727 | 886,397 | 1,590,976 | ||||||||
|
|
|
|
|
|
|
|||||
| 191,807 | 1,120,973 | 811,786 | ||||||||
| 11,213 | 12,847 | 14,745 | ||||||||
| 12,455 | 13,950 | 13,950 | ||||||||
| 1,003 | 1,504 | 1,254 | ||||||||
| 6,001 | 5,303 | 6,001 | ||||||||
| 2,828 | 1,606 | 1,204 | ||||||||
|
|
|
|
|
|
|
|||||
| 225,307 | 1,156,183 | 848,940 | ||||||||
| (6,448 | ) | 0 | 0 | |||||||
|
|
|
|
|
|
|
|||||
| 218,859 | 1,156,183 | 848,940 | ||||||||
|
|
|
|
|
|
|
|||||
| 281,868 | (269,786 | ) | 742,036 | |||||||
|
|
|
|
|
|
|
|||||
| (928,471 | ) | 16,356,275 | 8,317,350 | |||||||
| 0 | 0 | 0 | ||||||||
|
|
|
|
|
|
|
|||||
| (928,471 | ) | 16,356,275 | 8,317,350 | |||||||
|
|
|
|
|
|
|
|||||
| (3,418,235 | ) | (64,478,727 | ) | (37,448,905 | ) | |||||
| 0 | 0 | 0 | ||||||||
|
|
|
|
|
|
|
|||||
| (3,418,235 | ) | (64,478,727 | ) | (37,448,905 | ) | |||||
|
|
|
|
|
|
|
|||||
| (4,346,706 | ) | (48,122,452 | ) | (29,131,555 | ) | |||||
|
|
|
|
|
|
|
|||||
| $ | (4,064,838 | ) | $ | (48,392,238 | ) | $ | (28,389,519 | ) | ||
|
|
|
|
|
|
|
|||||
| $1,493 | $4,770 | $0 | ||||||||
Table of Contents
| 168 | Wells Fargo Advantage Allocation Funds | Statements of Operations—Six Months Ended November 30, 2011 (Unaudited) |
| Inflation-Protected Bond Portfolio |
Managed Fixed Income Portfolio |
|||||||
| Investment income |
||||||||
| Interest |
$ | 1,891,356 | $ | 3,245,107 | ||||
| Income from affiliated securities |
28 | 2,185 | ||||||
| Securities lending income, net |
1,955 | 0 | ||||||
|
|
|
|
|
|||||
| Total investment income |
1,893,339 | 3,247,292 | ||||||
|
|
|
|
|
|||||
| Expenses |
||||||||
| Advisory fee |
187,579 | 298,662 | ||||||
| Custody and accounting fees |
5,210 | 9,701 | ||||||
| Professional fees |
16,072 | 25,636 | ||||||
| Shareholder report expenses |
1,573 | 1,512 | ||||||
| Trustees’ fees and expenses |
5,464 | 5,303 | ||||||
| Other fees and expenses |
5,600 | 4,153 | ||||||
|
|
|
|
|
|||||
| Total expenses |
221,498 | 344,967 | ||||||
| Less: Fee waivers and/or expense reimbursements |
(15,818 | ) | (54,667 | ) | ||||
|
|
|
|
|
|||||
| Net expenses |
205,680 | 290,300 | ||||||
|
|
|
|
|
|||||
| Net investment income |
1,687,659 | 2,956,992 | ||||||
|
|
|
|
|
|||||
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS |
||||||||
| Net realized gains (losses) on: |
||||||||
| Unaffiliated securities |
4,160,674 | 1,801,318 | ||||||
| Credit default swap transactions |
0 | 0 | ||||||
| Futures transactions |
(57,032 | ) | 0 | |||||
| TBA sale commitments |
0 | 0 | ||||||
|
|
|
|
|
|||||
| Net realized gain (losses) on investments |
4,103,642 | 1,801,318 | ||||||
|
|
|
|
|
|||||
| Net change in unrealized gains (losses) on: |
||||||||
| Unaffiliated securities |
1,962,781 | (1,929,730 | ) | |||||
| Credit default swap transactions |
0 | 0 | ||||||
| Futures transactions |
15,780 | 0 | ||||||
| TBA sale commitments |
0 | 0 | ||||||
|
|
|
|
|
|||||
| Net change in unrealized gains (losses) on investments |
1,978,561 | (1,929,730 | ) | |||||
|
|
|
|
|
|||||
| Net realized and unrealized gains (losses) on investments |
6,082,203 | (128,412 | ) | |||||
|
|
|
|
|
|||||
| Net increase in net assets resulting from operations |
$ | 7,769,862 | $ | 2,828,580 | ||||
|
|
|
|
|
|||||
The accompanying notes are an integral part of these financial statements.
Table of Contents
| Statements of Operations—Six Months Ended November 30, 2011 (Unaudited) | Wells Fargo Advantage Allocation Funds | 169 |
| Stable Income Portfolio |
Total Return Bond Portfolio |
|||||
| $ | 421,542 | $ | 49,059,169 | |||
| 2,053 | 128,021 | |||||
| 771 | 56,761 | |||||
|
|
|
|
|
|||
| 424,366 | 49,243,951 | |||||
|
|
|
|
|
|||
| 75,767 | 5,985,276 | |||||
| 6,111 | 177,431 | |||||
| 18,851 | 52,280 | |||||
| 2,600 | 2,507 | |||||
| 5,303 | 5,303 | |||||
| 3,597 | 28,005 | |||||
|
|
|
|
|
|||
| 112,229 | 6,250,802 | |||||
| (35,420 | ) | (424,237 | ) | |||
|
|
|
|
|
|||
| 76,809 | 5,826,565 | |||||
|
|
|
|
|
|||
| 347,557 | 43,417,386 | |||||
|
|
|
|
|
|||
| 6,263 | 94,054,281 | |||||
| 0 | (252,806 | ) | ||||
| (58,498 | ) | 0 | ||||
| 0 | (553,669 | ) | ||||
|
|
|
|
|
|||
| (52,235 | ) | 93,247,806 | ||||
|
|
|
|
|
|||
| (144,858 | ) | (17,465,480 | ) | |||
| 0 | (25,945 | ) | ||||
| 10,654 | 0 | |||||
| 0 | 1,092,801 | |||||
|
|
|
|
|
|||
| (134,204 | ) | (16,398,624 | ) | |||
|
|
|
|
|
|||
| (186,439 | ) | 76,849,182 | ||||
|
|
|
|
|
|||
| $ | 161,118 | $ | 120,266,568 | |||
|
|
|
|
|
|||
Table of Contents
| 170 | Wells Fargo Advantage Allocation Funds | Statements of Changes in Net Assets |
| C&B Large Cap Value Portfolio | Diversified Large Cap Growth Portfolio | |||||||||||||||||||||||||
| Six Months Ended November 30, 2011 (Unaudited) |
Year Ended May 31, 20111 |
Year Ended September 30, 2010 |
Six Months Ended November 30, 2011 (Unaudited) |
Year Ended May 31, 20111 |
Year Ended September 30, 2010 |
|||||||||||||||||||||
| Operations |
||||||||||||||||||||||||||
| Net investment income (loss) |
$ | 3,794,457 | $ | 3,526,892 | $ | 7,791,963 | $ | 251,579 | $ | 442,876 | $ | 3,538,982 | ||||||||||||||
| Net realized gains (losses) on investments |
7,138,425 | 15,568,309 | (54,309,479 | ) | (4,304,720 | ) | 33,049,524 | 42,584,508 | ||||||||||||||||||
| Net change in unrealized gains (losses) on investments |
(43,463,450 | ) | 49,820,814 | 82,445,650 | (6,870,572 | ) | (488,219 | ) | (43,061,314 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net increase (decrease) in net assets resulting from operations |
(32,530,568 | ) | 68,916,015 | 35,928,134 | (10,923,713 | ) | 33,004,181 | 3,062,176 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Capital share transactions |
||||||||||||||||||||||||||
| Transactions in investors’ beneficial interests |
||||||||||||||||||||||||||
| Contributions |
8,996,205 | 13,870,060 | 48,638,019 | 4,777,271 | 61,860,010 | 2 | 44,712,558 | |||||||||||||||||||
| Withdrawals |
(44,846,745 | ) | (64,639,578 | ) | (315,082,983 | ) | (24,116,453 | ) | (28,971,534 | ) | (897,265,962 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net increase (decrease) in net assets resulting from capital share transactions |
(35,850,540 | ) | (50,769,518 | ) | (266,444,964 | ) | (19,339,182 | ) | 32,888,476 | (852,553,404 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total increase (decrease) in net assets |
(68,381,108 | ) | 18,146,497 | (230,516,830 | ) | (30,262,895 | ) | 65,892,657 | (849,491,228 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net assets |
||||||||||||||||||||||||||
| Beginning of period |
423,500,907 | 405,354,410 | 635,871,240 | 201,257,113 | 135,364,456 | 984,855,684 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| End of period |
$ | 355,119,799 | $ | 423,500,907 | $ | 405,354,410 | $ | 170,994,218 | $ | 201,257,113 | $ | 135,364,456 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| 1. | For the eight months ended May 31, 2011. The Portfolio changed its fiscal year end from September 30 to May 31, effective May 31, 2011. |
| 2. | Amount includes $58,317,244 related to acquisitions during the period. See Notes to Financial Statements for a discussion of the acquisitions. |
The accompanying notes are an integral part of these financial statements.
Table of Contents
| Statements of Changes in Net Assets | Wells Fargo Advantage Allocation Funds | 171 |
| Emerging Growth Portfolio | Equity Value Portfolio | |||||||||||||||||||||||
| Six Months Ended November 30, 2011 (Unaudited) |
Year
Ended May 31, 20111 |
Year Ended September 30, 2010 |
Six Months Ended November 30, 2011 (Unaudited) |
Year Ended May 31, 20111 |
Year Ended September 30, 2010 |
|||||||||||||||||||
| $ | (1,559,377 | ) | $ | (240,989 | ) | $ | (249,199 | ) | $ | 5,779,401 | $ | 2,139,043 | $ | 4,167,415 | ||||||||||
| |
610,220 |
|
5,343,217 | 14,580,826 | (10,757,679 | ) | 59,910,151 | 44,332,711 | ||||||||||||||||
| |
109,517,090 |
|
7,276,726 | (8,153,079 | ) | (22,728,354 | ) | 14,203,004 | (6,108,053 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| |
108,567,933 |
|
12,378,954 | 6,178,548 | (27,706,632 | ) | 76,252,198 | 42,392,073 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 1,071,742,456 | 54,084,624 | 4,351,133 | 678,326,112 | 22,184,989 | 86,681,017 | |||||||||||||||||||
| (262,549,683 | ) | (8,889,440 | ) | (72,176,151 | ) | (41,682,703 | ) | (91,919,795 | ) | (227,091,516 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| |
809,192,773 |
|
45,195,184 | (67,825,018 | ) | 636,643,409 | (69,734,806 | ) | (140,410,499 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| |
917,760,706 |
|
57,574,138 | (61,646,470 | ) | 608,936,777 | 6,517,392 | (98,018,426 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 84,553,141 | 26,979,003 | 88,625,473 | 421,614,670 | 415,097,278 | 513,115,704 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| $ | 1,002,313,847 | $ | 84,553,141 | $ | 26,979,003 | $ | 1,030,551,447 | $ | 421,614,670 | $ | 415,097,278 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Table of Contents
| 172 | Wells Fargo Advantage Allocation Funds | Statements of Changes in Net Assets |
| Index Portfolio | ||||||||||||
| Six Months Ended November 30, 2011 (Unaudited) |
Year Ended May 31, 20111 |
Year Ended September 30, 2010 |
||||||||||
| Operations |
||||||||||||
| Net investment income |
$ | 24,735,078 | $ | 31,160,171 | $ | 40,858,898 | ||||||
| Net realized gains (losses) on investments |
15,509,707 | 48,900,679 | 106,935,226 | |||||||||
| Net change in unrealized gains (losses) on investments |
(199,386,583 | ) | 340,744,319 | 222,232,396 | ||||||||
|
|
|
|
|
|
|
|||||||
| Net increase (decrease) in net assets resulting from operations |
(159,141,798 | ) | 420,805,169 | 370,026,520 | ||||||||
|
|
|
|
|
|
|
|||||||
| Capital share transactions |
||||||||||||
| Transactions in investors’ beneficial interests |
||||||||||||
| Contributions |
104,001,895 | 119,293,747 | 431,513,946 | |||||||||
| Withdrawals |
(118,818,262 | ) | (228,236,678 | ) | (548,429,110 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Net increase (decrease) in net assets resulting |
(14,816,367 | ) | (108,942,931 | ) | (116,915,164 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Total increase (decrease) in net assets |
(173,958,165 | ) | 311,862,238 | 253,111,356 | ||||||||
|
|
|
|
|
|
|
|||||||
| Net assets |
||||||||||||
| Beginning of period |
2,531,557,969 | 2,219,695,731 | 1,966,584,375 | |||||||||
|
|
|
|
|
|
|
|||||||
| End of period |
$ | 2,357,599,804 | $ | 2,531,557,969 | $ | 2,219,695,731 | ||||||
|
|
|
|
|
|
|
|||||||
| 1. | For the eight months ended May 31, 2011. The Portfolio changed its fiscal year end from September 30 to May 31, effective May 31, 2011. |
The accompanying notes are an integral part of these financial statements.
Table of Contents
| Statements of Changes in Net Assets | Wells Fargo Advantage Allocation Funds | 173 |
| International Equity Portfolio | International Growth Portfolio | |||||||||||||||||||||||
| Six Months Ended November 30, 2011 (Unaudited) |
Year Ended May 31, 20111 |
Year Ended September 30, 2010 |
Six Months Ended November 30, 2011 (Unaudited) |
Year Ended May 31, 20111 |
Year Ended September 30, 2010 |
|||||||||||||||||||
| $ | 146,082 | $ | 262,435 | $ | 312,324 | $ | 480,438 | $ | 1,290,842 | $ | 1,280,938 | |||||||||||||
| (533,524 | ) | 2,340,475 | 9,000,290 | 1,432,464 | 7,636,602 | 9,606,785 | ||||||||||||||||||
| (4,429,255 | ) | 1,470,472 | (8,318,791 | ) | (16,940,882 | ) | 7,406,466 | (7,813,621 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| (4,816,697 | ) | 4,073,382 | 993,823 | (15,027,980 | ) | 16,333,910 | 3,074,102 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 2,079,594 | 1,379,902 | 10,746,475 | 12,300,350 | 16,047,542 | 44,525,988 | |||||||||||||||||||
| (1,906,904 | ) | (4,567,405 | ) | (55,194,605 | ) | (14,724,115 | ) | (34,218,536 | ) | (73,245,020 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| |
172,690 |
|
(3,187,503 | ) | (44,448,130 | ) | (2,423,765 | ) | (18,170,994 | ) | (28,719,032 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| (4,644,007 | ) | 885,879 | (43,454,307 | ) | (17,451,745 | ) | (1,837,084 | ) | (25,644,930 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 29,973,557 | 29,087,678 | 72,541,985 | 128,145,323 | 129,982,407 | 155,627,337 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| $ | 25,329,550 | $ | 29,973,557 | $ | 29,087,678 | $ | 110,693,578 | $ | 128,145,323 | $ | 129,982,407 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Table of Contents
| 174 | Wells Fargo Advantage Allocation Funds | Statements of Changes in Net Assets |
| International Index Portfolio | ||||||||||||
| Six Months Ended November 30, 2011 (Unaudited) |
Year Ended May 31, 20111 |
Year Ended September 30, 2010 |
||||||||||
| Operations |
||||||||||||
| Net investment income |
$ | 298,484 | $ | 602,278 | $ | 1,114,490 | ||||||
| Net realized gains (losses) on investments |
(216,414 | ) | 106,689 | (801,132 | ) | |||||||
| Net change in unrealized gains (losses) on investments |
(4,785,517 | ) | 3,099,986 | (991,719 | ) | |||||||
|
|
|
|
|
|
|
|||||||
| Net increase (decrease) in net assets resulting from operations |
(4,703,447 | ) | 3,808,953 | (678,361 | ) | |||||||
|
|
|
|
|
|
|
|||||||
| Capital share transactions |
||||||||||||
| Transactions in investors’ beneficial interests |
||||||||||||
| Contributions |
2,118,790 | 1,716,859 | 11,233,320 | |||||||||
| Withdrawals |
(2,182,156 | ) | (4,449,501 | ) | (54,306,160 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Net increase (decrease) in net assets resulting |
(63,366 | ) | (2,732,642 | ) | (43,072,840 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Total increase (decrease) in net assets |
(4,766,813 | ) | 1,076,311 | (43,751,201 | ) | |||||||
|
|
|
|
|
|
|
|||||||
| Net assets |
||||||||||||
| Beginning of period |
30,001,553 | 28,925,242 | 72,676,443 | |||||||||
|
|
|
|
|
|
|
|||||||
| End of period |
$ | 25,234,740 | $ | 30,001,553 | $ | 28,925,242 | ||||||
|
|
|
|
|
|
|
|||||||
| 1. | For the eight months ended May 31, 2011. The Portfolio changed its fiscal year end from September 30 to May 31, effective May 31, 2011. |
The accompanying notes are an integral part of these financial statements.
Table of Contents
| Statements of Changes in Net Assets | Wells Fargo Advantage Allocation Funds | 175 |
| International Value Portfolio | Large Company Value Portfolio | |||||||||||||||||||||||
| Six Months Ended November 30, 2011 (Unaudited) |
Year Ended May 31, 2011¹ |
Year Ended September 30, 2010 |
Six Months Ended November 30, 2011 (Unaudited) |
Year Ended May 31, 2011¹ |
Year Ended September 30, 2010 |
|||||||||||||||||||
| $ | 3,339,758 | $ | 6,878,514 | $ | 7,152,453 | $ | 566,949 | $ | 692,029 | $ | 3,322,328 | |||||||||||||
| 1,745,196 | 7,199,580 | (14,924,156 | ) | 376,773 | 4,424,055 | (5,588,885 | ) | |||||||||||||||||
| (63,335,529 | ) | 28,009,577 | 10,068,193 | (7,604,642 | ) | 7,577,198 | 5,925,992 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| (58,250,575 | ) | 42,087,671 | 2,296,490 | (6,660,920 | ) | 12,693,282 | 3,659,435 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 13,478,683 | 19,826,166 | 39,614,812 | 1,312,400 | 1,115,573 | 20,692,280 | |||||||||||||||||||
| (7,055,230 | ) | (7,742,732 | ) | (59,159,900 | ) | (4,362,832 | ) | (10,958,496 | ) | (223,668,350 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| |
6,423,453 |
|
12,083,434 | (19,545,088 | ) | (3,050,432 | ) | (9,842,923 | ) | (202,976,070 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| (51,827,122 | ) | 54,171,105 | (17,248,598 | ) | (9,711,352 | ) | 2,850,359 | (199,316,635 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 351,964,671 | 297,793,566 | 315,042,164 | 66,836,096 | 63,985,737 | 263,302,372 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| $300,137,549 | $ | 351,964,671 | $ | 297,793,566 | $ | 57,124,744 | $ | 66,836,096 | $ | 63,985,737 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Table of Contents
| 176 | Wells Fargo Advantage Allocation Funds | Statements of Changes in Net Assets |
| Small Cap Value Portfolio | ||||||||||||
| Six Months Ended November 30, 2011 (Unaudited) |
Year Ended May 31, 20111 |
Year Ended September 30, 2010 |
||||||||||
| Operations |
||||||||||||
| Net investment income (loss) |
$ | 281,868 | $ | 187,125 | $ | 579,980 | ||||||
| Net realized gains (losses) on investments |
(928,471 | ) | 8,346,315 | (12,558,165 | ) | |||||||
| Net change in unrealized gains (losses) on investments |
(3,418,235 | ) | (460,314 | ) | 17,092,947 | |||||||
|
|
|
|
|
|
|
|||||||
| Net increase (decrease) in net assets resulting from operations |
(4,064,838 | ) | 8,073,126 | 5,114,762 | ||||||||
|
|
|
|
|
|
|
|||||||
| Capital share transactions |
||||||||||||
| Transactions in investors’ beneficial interests |
||||||||||||
| Contributions |
2,581,835 | 4,558,725 | 10,637,680 | |||||||||
| Withdrawals |
(6,636,241 | ) | (16,326,782 | ) | (175,872,745 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Net increase (decrease) in net assets resulting |
(4,054,406 | ) | (11,768,057 | ) | (165,235,065 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Total increase (decrease) in net assets |
(8,119,244 | ) | (3,694,931 | ) | (160,120,303 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Net assets |
||||||||||||
| Beginning of period |
55,314,224 | 59,009,155 | 219,129,458 | |||||||||
|
|
|
|
|
|
|
|||||||
| End of period |
$ | 47,194,980 | $ | 55,314,224 | $ | 59,009,155 | ||||||
|
|
|
|
|
|
|
|||||||
| 1. | For the eight months ended May 31, 2011. The Portfolio changed its fiscal year end from September 30 to May 31, effective May 31, 2011. |
The accompanying notes are an integral part of these financial statements.
Table of Contents
| Statements of Changes in Net Assets | Wells Fargo Advantage Allocation Funds | 177 |
| Small Company Growth Portfolio | Small Company Value Portfolio | |||||||||||||||||||||||
| Six Months Ended November 30, 2011 (Unaudited) |
Year
Ended May 31, 20111 |
Year Ended September 30, 2010 |
Six Months Ended November 30, 2011 (Unaudited) |
Year Ended May 31, 20111 |
Year Ended September 30, 2010 |
|||||||||||||||||||
| $ | (269,786 | ) | $ | (919,427 | ) | $ | (1,593,006 | ) | $ | 742,036 | $ | 2,097,315 | $ | 516,369 | ||||||||||
| 16,356,275 | 73,545,208 | 58,656,563 | 8,317,350 | 32,199,624 | 33,420,687 | |||||||||||||||||||
| (64,478,727 | ) | 35,382,796 | (11,673,458 | ) | (37,448,905 | ) | 7,313,504 | (12,991,739 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| (48,392,238 | ) | 108,008,577 | 45,390,099 | (28,389,519 | ) | 41,610,443 | 20,945,317 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 7,864,923 | 29,588,632 | 46,698,694 | 16,197,191 | 65,987,106 | 28,466,433 | |||||||||||||||||||
| (24,728,965 | ) | (106,224,216 | ) | (180,510,140 | ) | (24,380,259 | ) | (31,403,251 | ) | (128,081,070 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| (16,864,042 | ) | (76,635,584 | ) | (133,811,446 | ) | (8,183,068 | ) | |
34,583,855 |
|
(99,614,637 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| (65,256,280 | ) | 31,372,993 | (88,421,347 | ) | (36,572,587 | ) | 76,194,298 | (78,669,320 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 334,739,886 | 303,366,893 | 391,788,240 | 236,756,841 | 160,562,543 | 239,231,863 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| $269,483,606 | $ | 334,739,886 | $ | 303,366,893 | $ | 200,184,254 | $ | 236,756,841 | $ | 160,562,543 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Table of Contents
| 178 | Wells Fargo Advantage Allocation Funds | Statements of Changes in Net Assets |
| Inflation-Protected Bond Portfolio | Managed Fixed Income Portfolio | |||||||||||||||||
| Six Months Ended November 30, 2011 (Unaudited) |
Year Ended May 31, 2011 |
Six Months Ended November 30, 2011 (Unaudited) |
Year Ended May 31, 2011 |
|||||||||||||||
| Operations |
||||||||||||||||||
| Net investment income |
$ | 1,687,659 | $ | 3,533,444 | $ | 2,956,992 | $ | 9,025,803 | ||||||||||
| Net realized gains (losses) on investments |
4,103,642 | 4,201,441 | 1,801,318 | 5,581,644 | ||||||||||||||
| Net change in unrealized gains (losses) on investments |
1,978,561 | 1,401,307 | (1,929,730 | ) | 10,202,819 | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Net increase in net assets resulting |
7,769,862 | 9,136,192 | 2,828,580 | 24,810,266 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Capital share transactions |
||||||||||||||||||
| Transactions in investors’ beneficial interests |
||||||||||||||||||
| Contributions |
14,560,272 | 27,645,889 | 32,579,966 | 101,289,295 | ||||||||||||||
| Withdrawals |
(42,472,321 | ) | (69,607,205 | ) | (54,336,192 | ) | (413,896,797 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Net increase (decrease) in net assets resulting |
(27,912,049 | ) | (41,961,316 | ) | (21,756,226 | ) | (312,607,502 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total increase (decrease) in net assets |
(20,142,187 | ) | (32,825,124 | ) | (18,927,646 | ) | (287,797,236 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Net assets |
||||||||||||||||||
| Beginning of period |
104,881,029 | 137,706,153 | 160,349,846 | 448,147,082 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| End of period |
$ | 84,738,842 | $ | 104,881,029 | $ | 141,422,200 | $ | 160,349,846 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
The accompanying notes are an integral part of these financial statements.
Table of Contents
| Statements of Changes in Net Assets | Wells Fargo Advantage Allocation Funds | 179 |
| Stable Income Portfolio | Total Return Bond Portfolio | |||||||||||||||
| Six Months Ended November 30, 2011 (Unaudited) |
Year Ended May 31, 2011 |
Six Months Ended November 30, 2011 (Unaudited) |
Year Ended May 31, 2011 |
|||||||||||||
| $ | 347,557 | $ | 1,313,674 | $ | 43,417,386 | $ | 91,111,710 | |||||||||
| (52,235 | ) | (17,369,071 | ) | 93,247,806 | 113,940,270 | |||||||||||
| |
(134,204) |
|
17,005,642 | (16,398,624 | ) | 1,830,827 | ||||||||||
|
|
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|
|||||||||
| |
161,118 |
|
950,245 | 120,266,568 | 206,882,807 | |||||||||||
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|
|||||||||
| 3,577,959 | 12,152,717 | 306,061,195 | 535,940,278 | |||||||||||||
| (6,177,719 | ) | (220,746,414 | ) | (255,810,576 | ) | (68,694,724 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (2,599,760 | ) | (208,593,697 | ) | |
50,250,619 |
|
467,245,554 | |||||||||
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|
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|
|
|
|
|
|
|||||||||
| (2,438,642 | ) | (207,643,452 | ) | 170,517,187 | 674,128,361 | |||||||||||
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|
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|
|
|
|||||||||
| 39,525,272 | 247,168,724 | 3,295,033,947 | 2,620,905,586 | |||||||||||||
|
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|
|
|
|
|
|
|||||||||
| $37,086,630 | $ | 39,525,272 | $ | 3,465,551,134 | $ | 3,295,033,947 | ||||||||||
|
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|
|
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Table of Contents
| 180 | Wells Fargo Advantage Allocation Funds | Financial Highlights |
| Ratio to Average Net Assets (Annualized) | Total |
Portfolio Turnover |
||||||||||||||||||
| Net Investment Income (Loss) |
Gross Expenses |
Net Expenses |
||||||||||||||||||
| C&B Large Cap Value Portfolio |
||||||||||||||||||||
| June 1, 2011 to November 30, 2011 (Unaudited) |
2.06 | % | 0.67 | % | 0.67 | % | (7.93 | )% | 14 | % | ||||||||||
| October 1, 2010 to May 31, 20112 |
1.27 | % | 0.67 | % | 0.67 | % | 18.08 | % | 17 | % | ||||||||||
| October 1, 2009 to September 30, 2010 |
1.40 | % | 0.70 | % | 0.68 | % | 7.49 | % | 13 | % | ||||||||||
| October 1, 2008 to September 30, 2009 |
2.19 | % | 0.73 | % | 0.64 | % | (5.53 | )% | 28 | % | ||||||||||
| October 1, 2007 to September 30, 2008 |
1.71 | % | 0.73 | % | 0.68 | % | (20.18 | )% | 21 | % | ||||||||||
| October 1, 2006 to September 30, 2007 |
1.48 | % | 0.74 | % | 0.68 | % | 11.88 | % | 24 | % | ||||||||||
| October 1, 2005 to September 30, 2006 |
1.77 | % | 0.76 | % | 0.66 | % | 15.30 | % | 29 | % | ||||||||||
| Diversified Large Cap Growth Portfolio |
||||||||||||||||||||
| June 1, 2011 to November 30, 2011 (Unaudited) |
0.28 | % | 0.70 | % | 0.62 | % | (5.55 | )% | 48 | % | ||||||||||
| October 1, 2010 to May 31, 20112, 3 |
0.40 | % | 0.69 | % | 0.62 | % | 22.78 | % | 101 | % | ||||||||||
| October 1, 2009 to Septmeber 30, 20103 |
0.66 | % | 0.70 | % | 0.62 | % | 7.51 | % | 11 | % | ||||||||||
| October 1, 2008 to Septmeber 30, 20093 |
0.97 | % | 0.70 | % | 0.62 | % | 3.31 | % | 13 | % | ||||||||||
| October 1, 2007 to Septmeber 30, 20083 |
0.48 | % | 0.68 | % | 0.67 | % | (22.59 | )% | 7 | % | ||||||||||
| October 1, 2006 to Septmeber 30, 20073 |
0.46 | % | 0.70 | % | 0.68 | % | 17.80 | % | 10 | % | ||||||||||
| October 1, 2005 to September 30, 20063 |
0.14 | % | 0.70 | % | 0.61 | % | 1.41 | % | 6 | % | ||||||||||
| Emerging Growth Portfolio |
||||||||||||||||||||
| June 1, 2011 to November 30, 2011 (Unaudited) |
(0.59 | )% | 0.81 | % | 0.81 | % | (8.40 | )% | 31 | % | ||||||||||
| October 1, 2010 to May 31, 20112 |
(0.77 | )% | 0.94 | % | 0.91 | % | 37.91 | % | 59 | % | ||||||||||
| October 1, 2009 to September 30, 2010 |
(0.66 | )% | 1.02 | % | 0.94 | % | 20.49 | % | 97 | % | ||||||||||
| October 1, 2008 to September 30, 2009 |
(0.53 | )% | 0.94 | % | 0.91 | % | (5.70 | )% | 147 | % | ||||||||||
| October 1, 2007 to September 30, 2008 |
(0.49 | )% | 0.93 | % | 0.92 | % | (30.95 | )% | 191 | % | ||||||||||
| January 31, 20074 to September 30, 2007 |
(0.54 | )% | 1.01 | % | 0.99 | % | 24.40 | % | 125 | % | ||||||||||
| Equity Value Portfolio |
||||||||||||||||||||
| June 1, 2011 to November 30, 2011 (Unaudited) |
1.64 | % | 0.65 | % | 0.65 | % | (13.81 | )% | 49 | % | ||||||||||
| October 1, 2010 to May 31, 20112 |
0.79 | % | 0.68 | % | 0.68 | % | 20.88 | % | 90 | % | ||||||||||
| October 1, 2009 to September 30, 2010 |
0.87 | % | 0.71 | % | 0.69 | % | 9.75 | % | 122 | % | ||||||||||
| October 1, 2008 to September 30, 2009 |
1.89 | % | 0.73 | % | 0.69 | % | (7.21 | )% | 142 | % | ||||||||||
| October 1, 2007 to September 30, 2008 |
1.68 | % | 0.74 | % | 0.70 | % | (27.44 | )% | 152 | % | ||||||||||
| October 1, 2006 to September 30, 2007 |
1.29 | % | 0.77 | % | 0.69 | % | 20.21 | % | 108 | % | ||||||||||
| October 1, 2005 to September 30, 2006 |
1.18 | % | 0.78 | % | 0.77 | % | 10.73 | % | 107 | % | ||||||||||
| Index Portfolio |
||||||||||||||||||||
| June 1, 2011 to November 30, 2011 (Unaudited) |
2.11 | % | 0.10 | % | 0.10 | % | (6.30 | )% | 7 | % | ||||||||||
| October 1, 2010 to May 31, 20112 |
1.93 | % | 0.10 | % | 0.10 | % | 19.39 | % | 3 | % | ||||||||||
| October 1, 2009 to September 30, 2010 |
2.01 | % | 0.10 | % | 0.10 | % | 9.97 | % | 22 | % | ||||||||||
| October 1, 2008 to September 30, 2009 |
2.61 | % | 0.12 | % | 0.10 | % | (7.00 | )% | 10 | % | ||||||||||
| October 1, 2007 to September 30, 2008 |
2.07 | % | 0.11 | % | 0.11 | % | (22.28 | )% | 5 | % | ||||||||||
| October 1, 2006 to September 30, 2007 |
1.86 | % | 0.11 | % | 0.10 | % | 16.35 | % | 8 | % | ||||||||||
| October 1, 2005 to September 30, 2006 |
1.86 | % | 0.11 | % | 0.11 | % | 10.70 | % | 9 | % | ||||||||||
| International Equity Portfolio |
||||||||||||||||||||
| June 1, 2011 to November 30, 2011 (Unaudited) |
1.11 | % | 1.17 | % | 1.17 | % | (16.47 | )% | 32 | % | ||||||||||
| October 1, 2010 to May 31, 20112 |
1.34 | % | 1.18 | % | 1.18 | % | 14.83 | % | 35 | % | ||||||||||
| October 1, 2009 to September 30, 2010 |
0.61 | % | 1.31 | % | 1.28 | % | 6.57 | % | 105 | % | ||||||||||
| October 1, 2008 to September 30, 2009 |
1.77 | % | 1.23 | % | 1.15 | % | (10.14 | )% | 212 | % | ||||||||||
| October 1, 2007 to September 30, 2008 |
1.60 | % | 1.14 | % | 1.12 | % | (31.42 | )% | 55 | % | ||||||||||
| October 1, 2006 to September 30, 2007 |
1.27 | % | 1.09 | % | 1.08 | % | 23.70 | % | 66 | % | ||||||||||
| October 1, 2005 to September 30, 2006 |
1.99 | % | 1.09 | % | 1.03 | % | 14.58 | % | 39 | % | ||||||||||
| International Growth Portfolio |
||||||||||||||||||||
| June 1, 2011 to November 30, 2011 (Unaudited) |
0.85 | % | 0.97 | % | 0.90 | % | (12.50 | )% | 39 | % | ||||||||||
| October 1, 2010 to May 31, 20112 |
1.62 | % | 1.10 | % | 1.10 | % | 15.00 | % | 53 | % | ||||||||||
| October 1, 2009 to September 30, 2010 |
0.89 | % | 1.42 | % | 1.20 | % | 3.25 | % | 89 | % | ||||||||||
| October 1, 2008 to September 30, 2009 |
1.71 | % | 1.14 | % | 1.11 | % | 6.23 | % | 95 | % | ||||||||||
| October 1, 2007 to September 30, 2008 |
1.17 | % | 1.08 | % | 1.05 | % | (28.68 | )% | 57 | % | ||||||||||
| October 1, 2006 to September 30, 2007 |
1.09 | % | 1.06 | % | 1.03 | % | 27.40 | % | 73 | % | ||||||||||
| October 1, 2005 to September 30, 2006 |
0.87 | % | 1.07 | % | 0.98 | % | 19.95 | % | 62 | % | ||||||||||
The accompanying notes are an integral part of these financial statements.
Table of Contents
| Financial Highlights | Wells Fargo Advantage Allocation Funds | 181 |
| Ratio to Average Net Assets (Annualized) | Total |
Portfolio Turnover |
||||||||||||||||||
| Net Investment Income (Loss) |
Gross Expenses |
Net Expenses |
||||||||||||||||||
| International Index Portfolio |
||||||||||||||||||||
| June 1, 2011 to November 30, 2011 (Unaudited) |
2.28 | % | 0.76 | % | 0.39 | % | (16.21 | )% | 3 | % | ||||||||||
| October 1, 2010 to May 31, 20112 |
3.09 | % | 0.48 | % | 0.48 | % | 13.78 | % | 3 | % | ||||||||||
| October 1, 2009 to September 30, 2010 |
2.17 | % | 0.77 | % | 0.65 | % | 2.47 | % | 20 | % | ||||||||||
| October 1, 2008 to September 30, 2009 |
2.86 | % | 0.55 | % | 0.46 | % | 1.65 | % | 13 | % | ||||||||||
| October 1, 2007 to September 30, 2008 |
2.84 | % | 0.51 | % | 0.50 | % | (29.67 | )% | 14 | % | ||||||||||
| October 1, 2006 to September 30, 2007 |
2.15 | % | 0.49 | % | 0.49 | % | 24.52 | % | 3 | % | ||||||||||
| October 1, 2005 to September 30, 2006 |
2.59 | % | 0.49 | % | 0.37 | % | 19.44 | % | 7 | % | ||||||||||
| International Value Portfolio |
||||||||||||||||||||
| June 1, 2011 to November 30, 2011 (Unaudited) |
2.14 | % | 0.91 | % | 0.85 | % | (16.62 | )% | 3 | % | ||||||||||
| October 1, 2010 to May 31, 20112 |
3.14 | % | 0.94 | % | 0.94 | % | 14.00 | % | 16 | % | ||||||||||
| October 1, 2009 to September 30, 2010 |
2.41 | % | 1.20 | % | 1.06 | % | 0.92 | % | 27 | % | ||||||||||
| October 1, 2008 to September 30, 2009 |
2.72 | % | 1.08 | % | 1.03 | % | 5.26 | % | 41 | % | ||||||||||
| October 1, 2007 to September 30, 2008 |
3.68 | % | 1.07 | % | 1.01 | % | (34.21 | )% | 23 | % | ||||||||||
| October 1, 2006 to September 30, 2007 |
2.47 | % | 1.07 | % | 1.03 | % | 21.91 | % | 19 | % | ||||||||||
| October 1, 2005 to September 30, 2006 |
2.34 | % | 1.09 | % | 1.09 | % | 19.32 | % | 31 | % | ||||||||||
| Large Company Value Portfolio |
||||||||||||||||||||
| June 1, 2011 to November 30, 2011 (Unaudited) |
1.92 | % | 0.76 | % | 0.74 | % | (9.94 | )% | 85 | % | ||||||||||
| October 1, 2010 to May 31, 20112 |
1.58 | % | 0.78 | % | 0.74 | % | 21.46 | % | 38 | % | ||||||||||
| October 1, 2009 to September 30, 2010 |
1.73 | % | 0.73 | % | 0.72 | % | 7.02 | % | 46 | % | ||||||||||
| October 1, 2008 to September 30, 2009 |
2.69 | % | 0.75 | % | 0.69 | % | (9.66 | )% | 11 | % | ||||||||||
| October 1, 2007 to September 30, 2008 |
2.16 | % | 0.75 | % | 0.57 | % | (23.18 | )% | 8 | % | ||||||||||
| October 1, 2006 to September 30, 2007 |
1.91 | % | 0.76 | % | 0.57 | % | 15.91 | % | 16 | % | ||||||||||
| October 1, 2005 to September 30, 2006 |
1.84 | % | 0.75 | % | 0.70 | % | 11.21 | % | 7 | % | ||||||||||
| Small Cap Value Portfolio |
||||||||||||||||||||
| June 1, 2011 to November 30, 2011 (Unaudited) |
1.18 | % | 0.94 | % | 0.91 | % | (7.74 | )% | 15 | % | ||||||||||
| October 1, 2010 to May 31, 20112 |
0.47 | % | 0.95 | % | 0.91 | % | 13.14 | % | 57 | % | ||||||||||
| October 1, 2009 to September 30, 2010 |
0.66 | % | 0.94 | % | 0.91 | % | 9.60 | % | 38 | % | ||||||||||
| October 1, 2008 to September 30, 2009 |
1.31 | % | 0.91 | % | 0.74 | % | (8.76 | )% | 50 | % | ||||||||||
| October 1, 2007 to September 30, 2008 |
0.80 | % | 0.91 | % | 0.83 | % | (16.47 | )% | 46 | % | ||||||||||
| October 1, 2006 to September 30, 2007 |
0.30 | % | 0.93 | % | 0.92 | % | 8.65 | % | 64 | % | ||||||||||
| January 31, 20064 to September 30, 2006 |
0.75 | % | 0.94 | % | 0.75 | % | 0.60 | % | 37 | % | ||||||||||
| Small Company Growth Portfolio |
||||||||||||||||||||
| June 1, 2011 to November 30, 2011 (Unaudited) |
(0.19 | )% | 0.83 | % | 0.83 | % | (14.79 | )% | 38 | % | ||||||||||
| October 1, 2010 to May 31, 20112 |
(0.42 | )% | 0.83 | % | 0.83 | % | 39.64 | % | 70 | % | ||||||||||
| October 1, 2009 to September 30, 2010 |
(0.48 | )% | 0.87 | % | 0.86 | % | 15.25 | % | 129 | % | ||||||||||
| October 1, 2008 to September 30, 2009 |
(0.53 | )% | 0.89 | % | 0.87 | % | 1.75 | % | 169 | % | ||||||||||
| October 1, 2007 to September 30, 2008 |
(0.53 | )% | 0.89 | % | 0.89 | % | (27.50 | )% | 150 | % | ||||||||||
| October 1, 2006 to September 30, 2007 |
(0.46 | )% | 0.90 | % | 0.90 | % | 17.74 | % | 138 | % | ||||||||||
| October 1, 2005 to September 30, 2006 |
(0.33 | )% | 0.91 | % | 0.90 | % | 7.02 | % | 125 | % | ||||||||||
| Small Company Value Portfolio |
||||||||||||||||||||
| June 1, 2011 to November 30, 2011 (Unaudited) |
0.73 | % | 0.84 | % | 0.84 | % | (12.34 | )% | 32 | % | ||||||||||
| October 1, 2010 to May 31, 20112 |
1.60 | % | 0.84 | % | 0.84 | % | 26.72 | % | 47 | % | ||||||||||
| October 1, 2009 to September 30, 2010 |
0.31 | % | 0.89 | % | 0.89 | % | 16.38 | % | 60 | % | ||||||||||
| October 1, 2008 to September 30, 2009 |
1.16 | % | 0.90 | % | 0.88 | % | (6.28 | )% | 99 | % | ||||||||||
| October 1, 2007 to September 30, 2008 |
1.02 | % | 0.90 | % | 0.89 | % | (22.01 | )% | 82 | % | ||||||||||
| October 1, 2006 to September 30, 2007 |
0.53 | % | 0.93 | % | 0.92 | % | 6.53 | % | 69 | % | ||||||||||
| October 1, 2005 to September 30, 2006 |
0.64 | % | 0.92 | % | 0.79 | % | 6.70 | % | 114 | % | ||||||||||
| 1. | Returns for periods of less than one year are not annualized. |
| 2. | For the eight months ended May 31, 2011. The Portfolio changed its fiscal year end from September 30 to May 31, effective May 31, 2011. |
| 3. | After the close of business on January 28, 2011, Diversified Large Cap Growth Portfolio acquired the net assets of Wells Fargo Advantage Disciplined Growth Portfolio, Wells Fargo Advantage Large Cap Appreciation Portfolio and Wells Fargo Advantage Large Company Growth Portfolio. Wells Fargo Advantage Large Company Growth Portfolio became the accounting and performance survivor in the transaction. The information for the periods prior to January 31, 2011 is that of Wells Fargo Advantage Large Company Growth Portfolio. |
| 4. | Commencement of operations. |
Table of Contents
| 182 | Wells Fargo Advantage Allocation Funds | Financial Highlights |
| Ratio to Average Net Assets (Annualized) | Total |
Portfolio Turnover |
||||||||||||||||||
| Net Investment Income |
Gross Expenses |
Net Expenses |
||||||||||||||||||
| Inflation-Protected Bond Portfolio |
||||||||||||||||||||
| June 1, 2011 to November 30, 2011 (Unaudited) |
3.60 | % | 0.47 | % | 0.44 | % | 7.79 | % | 16 | % | ||||||||||
| June 1, 2010 to May 31, 2011 |
3.25 | % | 0.44 | % | 0.43 | % | 8.19 | % | 19 | % | ||||||||||
| June 1, 2009 to May 31, 2010 |
3.53 | % | 0.45 | % | 0.44 | % | 8.28 | % | 31 | % | ||||||||||
| June 1, 2008 to May 31, 2009 |
1.70 | % | 0.45 | % | 0.37 | % | (1.33 | )% | 53 | % | ||||||||||
| June 1, 2007 to May 31, 2008 |
5.78 | % | 0.48 | % | 0.40 | % | 12.78 | % | 40 | % | ||||||||||
| June 1, 2006 to May 31, 2007 |
4.39 | % | 0.49 | % | 0.34 | % | 4.31 | % | 37 | % | ||||||||||
| Managed Fixed Income Portfolio |
||||||||||||||||||||
| June 1, 2011 to November 30, 2011 (Unaudited) |
3.96 | % | 0.46 | % | 0.39 | % | 1.66 | % | 18 | % | ||||||||||
| June 1, 2010 to May 31, 2011 |
3.97 | % | 0.45 | % | 0.39 | % | 8.84 | % | 104 | % | ||||||||||
| June 1, 2009 to May 31, 2010 |
3.64 | % | 0.42 | % | 0.38 | % | 14.58 | % | 59 | % | ||||||||||
| June 1, 2008 to May 31, 2009 |
5.09 | % | 0.43 | % | 0.34 | % | (1.72 | )% | 132 | % | ||||||||||
| June 1, 2007 to May 31, 2008 |
5.23 | % | 0.46 | % | 0.30 | % | 4.24 | % | 32 | % | ||||||||||
| June 1, 2006 to May 31, 2007 |
5.23 | % | 0.45 | % | 0.27 | % | 6.72 | % | 30 | % | ||||||||||
| Stable Income Portfolio |
||||||||||||||||||||
| June 1, 2011 to November 30, 2011 (Unaudited) |
1.83 | % | 0.59 | % | 0.41 | % | 0.47 | % | 4 | % | ||||||||||
| June 1, 2010 to May 31, 2011 |
2.02 | % | 0.54 | % | 0.40 | % | 2.97 | % | 14 | % | ||||||||||
| June 1, 2009 to May 31, 2010 |
1.90 | % | 0.43 | % | 0.40 | % | 9.94 | % | 10 | % | ||||||||||
| June 1, 2008 to May 31, 2009 |
3.74 | % | 0.43 | % | 0.42 | % | (2.73 | )% | 7 | % | ||||||||||
| June 1, 2007 to May 31, 2008 |
4.67 | % | 0.47 | % | 0.33 | % | 0.78 | % | 22 | % | ||||||||||
| June 1, 2006 to May 31, 2007 |
4.67 | % | 0.47 | % | 0.37 | % | 5.30 | % | 21 | % | ||||||||||
| Total Return Bond Portfolio |
||||||||||||||||||||
| June 1, 2011 to November 30, 2011 (Unaudited) |
2.60 | % | 0.37 | % | 0.35 | % | 3.68 | % | 471 | % | ||||||||||
| June 1, 2010 to May 31, 2011 |
2.99 | % | 0.37 | % | 0.35 | % | 7.02 | % | 761 | % | ||||||||||
| June 1, 2009 to May 31, 2010 |
3.78 | % | 0.38 | % | 0.34 | % | 10.87 | % | 638 | % | ||||||||||
| June 1, 2008 to May 31, 2009 |
4.92 | % | 0.40 | % | 0.39 | % | 6.58 | % | 633 | % | ||||||||||
| June 1, 2007 to May 31, 2008 |
5.05 | % | 0.42 | % | 0.40 | % | 6.72 | % | 572 | % | ||||||||||
| June 1, 2006 to May 31, 2007 |
5.02 | % | 0.42 | % | 0.39 | % | 6.76 | % | 665 | % | ||||||||||
| 1. | Returns for periods of less than one year are not annualized. |
The accompanying notes are an integral part of these financial statements.
Table of Contents
| Notes to Financial Statements (Unaudited) | Wells Fargo Advantage Allocation Funds | 183 |
1. ORGANIZATION
Wells Fargo Master Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on the following funds: Wells Fargo Advantage C&B Large Cap Value Portfolio (“C&B Large Cap Value Portfolio”), Wells Fargo Advantage Diversified Large Cap Growth Portfolio (“Diversified Large Cap Growth Portfolio”), Wells Fargo Advantage Emerging Growth Portfolio (“Emerging Growth Portfolio”), Wells Fargo Advantage Equity Value Portfolio (“Equity Value Portfolio”), Wells Fargo Advantage Index Portfolio (“Index Portfolio”), Wells Fargo Advantage International Equity Portfolio (“International Equity Portfolio”), Wells Fargo Advantage International Growth Portfolio (“International Growth Portfolio”), Wells Fargo Advantage International Index Portfolio (“International Index Portfolio”), Wells Fargo Advantage International Value Portfolio (“International Value Portfolio”), Wells Fargo Advantage Large Company Value Portfolio (“Large Company Value Portfolio”) (formerly, Wells Fargo Advantage Disciplined Value Portfolio), Wells Fargo Advantage Small Cap Value Portfolio (“Small Cap Value Portfolio”), Wells Fargo Advantage Small Company Growth Portfolio (“Small Company Growth Portfolio”), Wells Fargo Advantage Small Company Value Portfolio (“Small Company Value Portfolio”), Wells Fargo Advantage Inflation-Protected Bond Portfolio (“Inflation-Protected Bond Portfolio”), Wells Fargo Advantage Managed Fixed Income Portfolio (“Managed Fixed Income Portfolio”), Wells Fargo Advantage Stable Income Portfolio (“Stable Income Portfolio” ) and Wells Fargo Advantage Total Return Bond Portfolio (“Total Return Bond Portfolio” ) (each, a “Portfolio”, collectively, the “Portfolios”). Each Portfolio is a diversified series of the Trust.
The Portfolios, which are master portfolios in a master/feeder structure, offer their securities to multiple feeder funds and other master portfolios rather than directly to the public.
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of each Portfolio, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
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 Portfolios’ Fair Value Procedures.
Securities denominated in foreign currencies are translated into U.S. dollars using the closing rates of exchange in effect on the day of valuation.
Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign investments are traded but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of the investments, then those investments are fair valued following procedures approved by the Board of Trustees. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in NAVs that are higher or lower than NAVs based on the closing price or latest quoted bid price.
Certain fixed income securities with maturities exceeding 60 days are valued based on evaluated prices 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
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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 Portfolios’ 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 Portfolios 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.
Forward foreign currency contracts
Certain Portfolios may be subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Portfolio enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Portfolio from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contract transactions. The Portfolio could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Portfolio’s maximum risk of loss from counterparty credit risk is the unrealized gains or losses on the contracts. This risk is mitigated by having a master netting arrangement between the Portfolio and the counterparty.
Security loans
The Portfolios may lend their 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. A Portfolio continues to receive interest or dividends on the securities loaned. A Portfolio 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 Portfolio on the next business day. In the event of default or bankruptcy by the borrower, a Portfolio 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 Portfolio has the right under the lending agreement to recover the securities from the borrower on demand.
The Portfolios lend their securities through an unaffiliated securities lending agent. Cash collateral received in connection with their 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 advisory fee starting at 0.05%
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| Notes to Financial Statements (Unaudited) | Wells Fargo Advantage Allocation Funds | 185 |
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. Income earned from investment in the Cash Collateral Fund is included in securities lending income on the Statements of Operations.
In a securities lending transaction, the net asset value of a Portfolio 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 a Portfolio fluctuates from time to time. After the occurrence of a default or impairment of structured investment vehicles purchased in a joint account by the Portfolios’ former securities lending agent, as the various participating Portfolios’ 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 Portfolios 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
Each Portfolio may purchase securities on a forward commitment or ‘when-issued’ basis. A Portfolio 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 Portfolio 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
Each Portfolio may invest in term loans. The loans are marked-to-market daily and the Portfolio 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 Portfolio assumes the credit risk of the borrower and there could be potential loss to the Portfolio in the event of default by the borrower.
Futures contracts
Certain Portfolios may be subject to interest rate risk and equity price risk in the normal course of pursuing its investment objectives. The Portfolios may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and interest rates. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Portfolio and the prices of futures contracts, and the possibility of an illiquid market.
Futures contracts are valued based upon their quoted daily settlement prices when available. The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statements of Assets and Liabilities as an asset or liability and in the Statements of Operations as unrealized gains or losses until the contracts are closed, at which point they are recorded as net realized gains or losses on futures contracts. With futures contracts, there is minimal counterparty risk to the Portfolio since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.
TBA sale commitments
A Portfolio may enter into To Be Announced (“TBA”) sale commitments to hedge its portfolio positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities, or an offsetting TBA purchase commitment deliverable on or before the sale commitment date, are
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held as “cover” for the transaction. Unsettled TBA sale commitments are valued at the current market value of the underlying securities, generally according to the procedures described under “Securities valuation”. The contract is marked-to-market daily and the change in market value is recorded by the Portfolio as an unrealized gain or loss. If the TBA sale commitment is closed through the acquisition of an offsetting purchase commitment, the Portfolio realizes a gain or loss. If the Portfolio delivers securities under the commitment, the Portfolio realizes a gain or a loss from the sale of the securities based upon the unit price established at the date the commitment was entered into.
Inflation-indexed bonds and TIPS
Certain Portfolios may invest in inflation-indexed bonds, including Treasury Inflation-Protected Securities (TIPS). Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds (other than municipal inflation indexed bonds and certain corporate inflation-indexed bonds) will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Inflation-indexed bonds, including TIPS, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than other fixed income securities with similar durations.
Credit default swaps
Certain Portfolios may be subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swap contracts for hedging or speculative purposes to provide or receive a measure of protection against default on a referenced entity, obligation or index or for investment gains. Credit default swaps involve an exchange of a stream of payments for protection against the loss in value of an underlying security or index. Under the terms of the swap, one party acts as a guarantor (referred to as the seller of protection) and receives a periodic stream of payments, provided that there is no credit event, from another party (referred to as the buyer of protection) that is a fixed percentage applied to a notional principal amount over the term of the swap. An index credit default swap references all the names in the index, and if a credit event is triggered, the credit event is settled based on that name’s weight in the index. A credit event includes bankruptcy, failure to pay, obligation default, obligation acceleration, repudiation/moratorium, and restructuring. The Portfolio may enter into credit default swaps as either the seller of protection or the buyer of protection. As the seller of protection, the Portfolio is subject to investment exposure on the notional amount of the swap and has assumed the risk of default of the underlying security or index. As the buyer of protection, the Portfolio could be exposed to risks if the seller of the protection defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates. The maximum potential amount of future payments (undiscounted) that the Portfolio as the seller of protection could be required to make under the credit default swap contract would be an amount equal to the notional amount of the swap contract. The Portfolio’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. This risk is mitigated by having a master netting arrangement between the Portfolio and the counterparty and by having the counterparty post collateral to cover the Portfolio’s exposure to the counterparty.
If the Portfolio is the seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of protection the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is the buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will receive from the seller of protection the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index.
Any premiums paid or received on the transactions are recorded as an asset or liability on the Statements of Assets and Liabilities and amortized. The value of the swap contract is marked-to-market daily based on quotations from an independent pricing service or market makers and any change in value is recorded as an unrealized gain or loss. Periodic
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| Notes to Financial Statements (Unaudited) | Wells Fargo Advantage Allocation Funds | 187 |
payments made or received are recorded as realized gains or losses. In addition, payments received or made as a result of a credit event or termination of the contract are recognized as realized gains or losses.
Certain credit default swap contracts entered into by the Portfolio provide for conditions that result in events of default or termination that enable the counterparty to the agreement to cause an early termination of the transactions under those agreements. Any election by the counterparty to terminate early may impact the amounts reported on the financial statements.
Mortgage dollar roll transactions
The Portfolios 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, a Portfolio 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, a Portfolio foregoes principal and interest paid on the securities. A Portfolio 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 Portfolios account for the dollar roll transactions as purchases and sales.
Security transactions and income recognition
Securities transactions are recorded on a trade date basis. Realized gains or losses are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.
Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.
Federal and other taxes
Each Portfolio is treated as a separate entity for federal income tax purposes. The Portfolios are not required to pay federal income taxes on their net investment income and net capital gain as they are treated as partnerships for federal income tax purposes. All interest, dividends, gains and losses of a Portfolio are deemed to have been “passed through” to the interest holders in proportion to their holdings of the Portfolio regardless of whether such interest, dividends and gains have been distributed by the Portfolio.
Each Portfolio’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities.
3. 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 each Portfolio’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Each Portfolio’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:
| n | Level 1 – quoted prices in active markets for identical securities |
| n | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
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| 188 | Wells Fargo Advantage Allocation Funds | Notes to Financial Statements (Unaudited) |
| n | Level 3 – significant unobservable inputs (including each Portfolio’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 each Portfolio’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 | ||||||||||||
| C&B Large Cap Value Portfolio |
||||||||||||||||
| Equity securities |
||||||||||||||||
| Common stocks |
$ | 345,093,301 | $ | 0 | $ | 0 | $ | 345,093,301 | ||||||||
| Preferred stocks |
3,889,600 | 0 | 0 | 3,889,600 | ||||||||||||
| Other |
0 | 0 | 1,418,012 | 1,418,012 | ||||||||||||
| Short-term investments |
||||||||||||||||
| Investment companies |
4,411,441 | 52,836,424 | 0 | 57,247,865 | ||||||||||||
| Total |
$ | 353,394,342 | $ | 52,836,424 | $ | 1,418,012 | $ | 407,648,778 | ||||||||
| Diversified Large Cap Growth Portfolio |
||||||||||||||||
| Equity securities |
||||||||||||||||
| Common stocks |
$ | 166,734,246 | $ | 0 | $ | 0 | $ | 166,734,246 | ||||||||
| Other |
0 | 0 | 1,409,611 | 1,409,611 | ||||||||||||
| Short-term investments |
||||||||||||||||
| Investment companies |
2,882,662 | 17,993,437 | 0 | 20,876,099 | ||||||||||||
| Total |
$ | 169,616,908 | $ | 17,993,437 | $ | 1,409,611 | $ | 189,019,956 | ||||||||
| Emerging Growth Portfolio |
||||||||||||||||
| Equity securities |
||||||||||||||||
| Common stocks |
$ | 964,238,947 | $ | 0 | $ | 0 | $ | 964,238,947 | ||||||||
| Investment companies |
11,956,845 | 0 | 0 | 11,956,845 | ||||||||||||
| Other |
0 | 0 | 4,347,295 | 4,347,295 | ||||||||||||
| Short-term investments |
||||||||||||||||
| Investment companies |
18,153,007 | 285,197,862 | 0 | 303,350,869 | ||||||||||||
| Total |
$ | 994,348,799 | $ | 285,197,862 | $ | 4,347,295 | $ | 1,283,893,956 | ||||||||
| Equity Value Portfolio |
||||||||||||||||
| Equity securities |
||||||||||||||||
| Common stocks |
$ | 1,016,524,201 | $ | 0 | $ | 0 | $ | 1,016,524,201 | ||||||||
| Other |
0 | 0 | 1,171,717 | 1,171,717 | ||||||||||||
| Short-term investments |
||||||||||||||||
| Investment companies |
9,432,926 | 85,549,102 | 0 | 94,982,028 | ||||||||||||
| Total |
$ | 1,025,957,127 | $ | 85,549,102 | $ | 1,171,717 | $ | 1,112,677,946 | ||||||||
| Index Portfolio |
||||||||||||||||
| Equity securities |
||||||||||||||||
| Common stocks |
$ | 2,269,038,479 | $ | 0 | $ | 0 | $ | 2,269,038,479 | ||||||||
| Investment companies |
26,225,174 | 0 | 0 | 26,225,174 | ||||||||||||
| Other |
0 | 0 | 4,135,727 | 4,135,727 | ||||||||||||
| Short-term investments |
||||||||||||||||
| Investment companies |
48,382,969 | 162,307,269 | 0 | 210,690,238 | ||||||||||||
| U.S. Treasury securities |
5,649,913 | 0 | 0 | 5,649,913 | ||||||||||||
| Total |
$ | 2,349,296,535 | $ | 162,307,269 | $ | 4,135,727 | $ | 2,515,739,531 | ||||||||
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| Notes to Financial Statements (Unaudited) | Wells Fargo Advantage Allocation Funds | 189 |
| Investments in Securities | Quoted Prices (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total | ||||||||||||
| International Equity Portfolio |
||||||||||||||||
| Equity securities |
||||||||||||||||
| Common stocks |
$ | 2,355,967 | * | $ | 20,817,073 | * | $ | 0 | $ | 23,173,040 | ||||||
| Short-term investments |
||||||||||||||||
| Investment companies |
2,230,456 | 974,654 | 0 | 3,205,110 | ||||||||||||
| Total |
$ | 4,586,423 | $ | 21,791,727 | $ | 0 | $ | 26,378,150 | ||||||||
| International Growth Portfolio |
||||||||||||||||
| Equity securities |
||||||||||||||||
| Common stocks |
$ | 13,706,857 | * | $ | 93,059,601 | * | $ | 0 | $ | 106,766,458 | ||||||
| Short-term investments |
||||||||||||||||
| Investment companies |
4,796,723 | 1,658,460 | 0 | 6,455,183 | ||||||||||||
| Total |
$ | 18,503,580 | $ | 94,718,061 | $ | 0 | $ | 113,221,641 | ||||||||
| International Index Portfolio |
||||||||||||||||
| Equity securities |
||||||||||||||||
| Common stocks |
$ | 191,292 | * | $ | 24,574,503 | * | $ | 0 | $ | 24,765,795 | ||||||
| Preferred stocks |
0 | * | 131,277 | * | 0 | 131,277 | ||||||||||
| Rights |
0 | 43 | 0 | 43 | ||||||||||||
| Warrants |
0 | 346 | 0 | 346 | ||||||||||||
| Short-term investments |
||||||||||||||||
| Investment companies |
395,186 | 141,007 | 0 | 536,193 | ||||||||||||
| Total |
$ | 586,478 | $ | 24,847,176 | $ | 0 | $ | 25,433,654 | ||||||||
| International Value Portfolio |
||||||||||||||||
| Equity securities |
||||||||||||||||
| Common stocks |
$ | 17,469,583 | * | $ | 266,819,309 | * | $ | 0 | $ | 284,288,892 | ||||||
| Preferred stocks |
2,010,421 | 0 | 0 | 2,010,421 | ||||||||||||
| Rights |
0 | 3,664 | 0 | 3,664 | ||||||||||||
| Short-term investments |
||||||||||||||||
| Investment companies |
4,700,685 | 9,825,883 | 0 | 14,526,568 | ||||||||||||
| Total |
$ | 24,180,689 | $ | 276,648,856 | $ | 0 | $ | 300,829,545 | ||||||||
| Large Company Value Portfolio |
||||||||||||||||
| Equity securities |
||||||||||||||||
| Common stocks |
$ | 55,571,391 | $ | 0 | $ | 0 | $ | 55,571,391 | ||||||||
| Other |
0 | 0 | 91,057 | 91,057 | ||||||||||||
| Short-term investments |
||||||||||||||||
| Investment companies |
1,359,447 | 9,306,725 | 0 | 10,666,172 | ||||||||||||
| Total |
$ | 56,930,838 | $ | 9,306,725 | $ | 91,057 | $ | 66,328,620 | ||||||||
| * | Transfers in and transfers out are recognized at the end of the reporting period. At the end of the period, foreign securities held by International Equity Portfolio, International Growth Portfolio, International Index Portfolio and International Value Portfolio which were valued in the amount of $19,704,621, $75,845,470, $24,333,334 and $259,194,704, respectively, in common stocks and $131,277 in preferred stocks for International Index Portfolio were transferred out of Level 1 and into Level 2 since adjustments to prices of foreign securities were necessary at November 30, 2011 due to movements against a specified benchmark. |
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| 190 | Wells Fargo Advantage Allocation Funds | Notes to Financial Statements (Unaudited) |
| Investments in Securities | Quoted Prices (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total | ||||||||||||
| Small Cap Value Portfolio |
||||||||||||||||
| Equity securities |
||||||||||||||||
| Common stocks |
$ | 44,082,877 | $ | 0 | $ | 0 | $ | 44,082,877 | ||||||||
| Investment companies |
660,769 | 0 | 0 | 660,769 | ||||||||||||
| Warrants |
0 | 33,742 | 0 | 33,742 | ||||||||||||
| Short-term investments |
||||||||||||||||
| Investment companies |
2,424,833 | 0 | 0 | 2,424,833 | ||||||||||||
| Total |
$ | 47,168,479 | $ | 33,742 | $ | 0 | $ | 47,202,221 | ||||||||
| Small Company Growth Portfolio |
||||||||||||||||
| Equity securities |
||||||||||||||||
| Common stocks |
$ | 228,436,746 | $ | 0 | $ | 0 | $ | 228,436,746 | ||||||||
| Other |
0 | 0 | 1,694,964 | 1,694,964 | ||||||||||||
| Short-term investments |
||||||||||||||||
| Investment companies |
11,046,944 | 52,114,935 | 0 | 63,161,879 | ||||||||||||
| Total |
$ | 239,483,690 | $ | 52,114,935 | $ | 1,694,964 | $ | 293,293,589 | ||||||||
| Small Company Value Portfolio |
||||||||||||||||
| Equity securities |
||||||||||||||||
| Common stocks |
$ | 195,351,932 | $ | 0 | $ | 0 | $ | 195,351,932 | ||||||||
| Other |
0 | 0 | 1,186,656 | 1,186,656 | ||||||||||||
| Short-term investments |
||||||||||||||||
| Investment companies |
3,203,509 | 59,966,849 | 0 | 63,170,358 | ||||||||||||
| Total |
$ | 198,555,441 | $ | 59,966,849 | $ | 1,186,656 | $ | 259,708,946 | ||||||||
| Inflation-Protected Bond Portfolio |
||||||||||||||||
| U.S. Treasury securities |
$ | 82,709,525 | $ | 0 | $ | 0 | $ | 82,709,525 | ||||||||
| Other |
0 | 0 | 999,681 | 999,681 | ||||||||||||
| Short-term investments |
||||||||||||||||
| Investment companies |
1,044,017 | 1,537,024 | 0 | 2,581,041 | ||||||||||||
| Total |
$ | 83,753,542 | $ | 1,537,024 | $ | 999,681 | $ | 86,290,247 | ||||||||
| Managed Fixed Income Portfolio |
||||||||||||||||
| Agency securities |
$ | 0 | $ | 41,029,906 | $ | 0 | $ | 41,029,906 | ||||||||
| Asset-backed securities |
0 | 5,023,781 | 896,178 | 5,919,959 | ||||||||||||
| Non-agency mortgage backed securities |
0 | 19,228,582 | 1,354,029 | 20,582,611 | ||||||||||||
| Corporate bonds and notes |
0 | 41,097,603 | 0 | 41,097,603 | ||||||||||||
| Municipal bonds and notes |
0 | 16,991,599 | 0 | 16,991,599 | ||||||||||||
| Term loans |
0 | 344,937 | 0 | 344,937 | ||||||||||||
| U.S. Treasury securities |
10,463,002 | 0 | 0 | 10,463,002 | ||||||||||||
| Yankee corporate bonds and notes |
0 | 2,998,908 | 0 | 2,998,908 | ||||||||||||
| Other |
0 | 0 | 486,722 | 486,722 | ||||||||||||
| Short-term investments |
||||||||||||||||
| Investment companies |
3,760,401 | 399,423 | 0 | 4,159,824 | ||||||||||||
| Total |
$ | 14,223,403 | $ | 127,114,739 | $ | 2,736,929 | $ | 144,075,071 | ||||||||
Table of Contents
| Notes to Financial Statements (Unaudited) | Wells Fargo Advantage Allocation Funds | 191 |
| Investments in Securities | Quoted Prices (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total | ||||||||||||
| Stable Income Portfolio |
||||||||||||||||
| Agency securities |
$ | 0 | $ | 14,810,580 | $ | 0 | $ | 14,810,580 | ||||||||
| Asset-backed securities |
0 | 6,232,183 | 0 | 6,232,183 | ||||||||||||
| Corporate bonds and notes |
0 | 6,589,190 | 0 | 6,589,190 | ||||||||||||
| Loan participation |
0 | 0 | 469,940 | 469,940 | ||||||||||||
| Municipal bonds and notes |
0 | 973,128 | 0 | 973,128 | ||||||||||||
| Non-agency mortgage backed securities |
0 | 4,217,588 | 634,194 | 4,851,782 | ||||||||||||
| U.S. Treasury securities |
75,554 | 0 | 0 | 75,554 | ||||||||||||
| Yankee corporate bonds and notes |
0 | 598,383 | 0 | 598,383 | ||||||||||||
| Other |
0 | 0 | 217,485 | 217,485 | ||||||||||||
| Short-term investments |
||||||||||||||||
| Investment companies |
1,037,354 | 748,679 | 0 | 1,786,033 | ||||||||||||
| U.S. Treasury securities |
1,199,748 | 0 | 0 | 1,199,748 | ||||||||||||
| Total |
$ | 2,312,656 | $ | 34,169,731 | $ | 1,321,619 | $ | 37,804,006 | ||||||||
| Total Return Bond Portfolio |
||||||||||||||||
| Agency securities |
$ | 0 | $ | 1,925,749,083 | $ | 0 | $ | 1,925,749,083 | ||||||||
| Asset-backed securities |
0 | 313,134,866 | 0 | 313,134,866 | ||||||||||||
| Corporate bonds and notes |
0 | 436,474,134 | 0 | 436,474,134 | ||||||||||||
| Municipal bonds and notes |
0 | 35,498,767 | 0 | 35,498,767 | ||||||||||||
| Non-agency mortgage backed securities |
0 | 271,542,347 | 0 | 271,542,347 | ||||||||||||
| U.S. Treasury securities |
721,723,180 | 0 | 0 | 721,723,180 | ||||||||||||
| Yankee corporate bonds and notes |
0 | 186,240,289 | 0 | 186,240,289 | ||||||||||||
| Yankee government bonds |
0 | 34,900,469 | 0 | 34,900,469 | ||||||||||||
| Other |
0 | 0 | 6,267,736 | 6,267,736 | ||||||||||||
| Short-term investments |
||||||||||||||||
| Investment companies |
287,190,921 | 66,033,879 | 0 | 353,224,800 | ||||||||||||
| Total |
$ | 1,008,914,101 | $ | 3,269,573,834 | $ | 6,267,736 | $ | 4,284,755,671 | ||||||||
For the six months ended November 30, 2011, except for International Equity Portfolio, International Growth Portfolio, International Index Portfolio and International Value Portfolio, all other Portfolios did not have any significant transfers into/out of Level 1 and Level 2.
Further details on the major security types listed above can be found in each Portfolio of Investments.
As of November 30, 2011, the inputs used in valuing TBA sale commitments, which are carried at their value, were as follows:
| Quoted Prices (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total | |||||||||||||
| TBA sale commitments |
||||||||||||||||
| Total Return Bond Portfolio |
$ | 0 | $ | (263,735,154 | ) | $ | 0 | $ | (263,735,154 | ) | ||||||
Table of Contents
| 192 | Wells Fargo Advantage Allocation Funds | Notes to Financial Statements (Unaudited) |
As of November 30, 2011, the inputs used in valuing each Portfolio’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 | ||||||||||||
| Future contracts+ |
||||||||||||||||
| Index Portfolio |
$ | 5,342,140 | $ | 0 | $ | 0 | $ | 5,342,140 | ||||||||
| International Index Portfolio |
25,857 | 0 | 0 | 25,857 | ||||||||||||
| Stable Income Portfolio |
2,431 | 0 | 0 | 2,431 | ||||||||||||
| Forward foreign currency contracts+ |
||||||||||||||||
| International Equity Portfolio |
0 | (31,238 | ) | 0 | (31,238 | ) | ||||||||||
| Credit default swaps* |
||||||||||||||||
| Total Return Bond Portfolio |
0 | 1,432 | 0 | 1,432 | ||||||||||||
| + | Futures contracts and forward foreign currency contracts are presented at the unrealized gains or losses on the instruments. |
| * | The value of swap contracts consists of unrealized gains or losses and premiums paid/received on swap contracts as reflected on the Statements of Assets and Liabilities. |
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:
| C&B Large Cap Value Portfolio |
Diversified Large Cap Growth Portfolio |
Emerging Growth Portfolio |
||||||||||
| Other | Other | Other | ||||||||||
| Balance as of May 31, 2011 |
$ | 1,797,378 | $ | 1,786,730 | $ | 775,992 | ||||||
| Accrued discounts (premiums) |
0 | 0 | 0 | |||||||||
| Realized gains (losses) |
0 | 0 | 0 | |||||||||
| Change in unrealized gains (losses) |
(69,706 | ) | (69,294 | ) | (213,703 | ) | ||||||
| Purchases |
0 | 0 | 0 | |||||||||
| Sales |
(309,660 | ) | (307,825 | ) | (380,816 | ) | ||||||
| Transfers into Level 3 |
0 | 0 | 4,165,822 | * | ||||||||
| Transfers out of Level 3 |
0 | 0 | 0 | |||||||||
| Balance as of November 30, 2011 |
$ | 1,418,012 | $ | 1,409,611 | $ | 4,347,295 | ||||||
| Change in unrealized gains (losses) |
$ | (219,571 | ) | $ | (218,270 | ) | $ | (673,153 | ) | |||
| * | Amount represents securities received from the reorganization of Wells Fargo Advantage Small Cap Growth Fund into Wells Fargo Advantage Emerging Growth Fund on August 26, 2011. |
| Equity Value Portfolio |
Index Portfolio |
Large Company Value Portfolio |
||||||||||
| Other | Other | Other | ||||||||||
| Balance as of May 31, 2011 |
$ | 1,250,495 | $ | 5,242,173 | $ | 115,417 | ||||||
| Accrued discounts (premiums) |
0 | 0 | 0 | |||||||||
| Realized gains (losses) |
0 | 0 | 0 | |||||||||
| Change in unrealized gains (losses) |
(57,599 | ) | (203,303 | ) | (4,476 | ) | ||||||
| Purchases |
0 | 0 | 0 | |||||||||
| Sales |
(227,694 | ) | (903,143 | ) | (19,884 | ) | ||||||
| Transfers into Level 3 |
206,515 | ** | 0 | 0 | ||||||||
| Transfers out of Level 3 |
0 | 0 | 0 | |||||||||
| Balance as of November 30, 2011 |
$ | 1,171,717 | $ | 4,135,727 | $ | 91,057 | ||||||
| Change in unrealized gains (losses) |
$ | (181,433 | ) | $ | (640,393 | ) | $ | (14,100 | ) | |||
| ** | Amount represents securities received from the reorganization of Wells Fargo Advantage Classic Value Fund into Wells Fargo Advantage Equity Value Fund on August 26, 2011. |
Table of Contents
| Notes to Financial Statements (Unaudited) | Wells Fargo Advantage Allocation Funds | 193 |
| Small Cap Value Portfolio |
Small Company Growth Portfolio |
Small Company Value Portfolio |
||||||||||
| Warrants | Other | Other | ||||||||||
| Balance as of May 31, 2011 |
$ | 18,117 | $ | 2,148,424 | $ | 1,504,126 | ||||||
| Accrued discounts (premiums) |
0 | 0 | 0 | |||||||||
| Realized gains (losses) |
0 | 0 | 0 | |||||||||
| Change in unrealized gains (losses) |
(6,646 | ) | (83,320 | ) | (58,333 | ) | ||||||
| Purchases |
0 | 0 | 0 | |||||||||
| Sales |
0 | (370,140 | ) | (259,137 | ) | |||||||
| Transfers into Level 3 |
0 | 0 | 0 | |||||||||
| Transfers out of Level 3 |
(11,471 | ) | 0 | 0 | ||||||||
| Balance as of November 30, 2011 |
$ | 0 | $ | 1,694,964 | $ | 1,186,656 | ||||||
| Change in unrealized gains (losses) |
$ | 0 | $ | (262,455 | ) | $ | (183,747 | ) | ||||
| Inflation-Protected Bond Portfolio |
Total Return Bond Portfolio |
|||||||
| Other | Other | |||||||
| Balance as of May 31, 2011 |
$ | 1,272,752 | $ | 7,979,816 | ||||
| Accrued discounts (premiums) |
0 | 0 | ||||||
| Realized gains (losses) |
0 | 0 | ||||||
| Change in unrealized gains (losses) |
(42,795 | ) | (268,310 | ) | ||||
| Purchases |
0 | 0 | ||||||
| Sales |
(230,276 | ) | (1,443,770 | ) | ||||
| Transfers into Level 3 |
0 | 0 | ||||||
| Transfers out of Level 3 |
0 | 0 | ||||||
| Balance as of November 30, 2011 |
$ | 999,681 | $ | 6,267,736 | ||||
| Change in unrealized gains (losses) |
$ | (149,364 | ) | $ | (936,474 | ) | ||
| Managed Fixed Income Portfolio | ||||||||||||||||
| Asset-backed securities |
Non-agency mortgage backed securities |
Other | Total | |||||||||||||
| Balance as of May 31, 2011 |
$ | 975,060 | $ | 1,705,810 | $ | 619,674 | $ | 3,300,544 | ||||||||
| Accrued discounts (premiums) |
(1,617 | ) | 0 | 0 | (1,617 | ) | ||||||||||
| Realized gains (losses) |
0 | 0 | 0 | 0 | ||||||||||||
| Change in unrealized gains (losses) |
(77,265 | ) | (180,593 | ) | (20,836 | ) | (278,694 | ) | ||||||||
| Purchases |
0 | 0 | 0 | 0 | ||||||||||||
| Sales |
0 | (171,188 | ) | (112,116 | ) | (283,304 | ) | |||||||||
| Transfers into Level 3 |
0 | 0 | 0 | 0 | ||||||||||||
| Transfers out of Level 3 |
0 | 0 | 0 | 0 | ||||||||||||
| Balance as of November 30, 2011 |
$ | 896,178 | $ | 1,354,029 | $ | 486,722 | $ | 2,736,929 | ||||||||
| Change in unrealized gains (losses) |
$ | (98,882 | ) | $ | (193,832 | ) | $ | (72,722 | ) | $ | (345,436 | ) | ||||
Table of Contents
| 194 | Wells Fargo Advantage Allocation Funds | Notes to Financial Statements (Unaudited) |
| Stable Income Portfolio | ||||||||||||||||
| Loan participation |
Non-agency mortgage backed securities |
Other | Total | |||||||||||||
| Balance as of May 31, 2011 |
$ | 536,872 | $ | 723,775 | $ | 276,893 | $ | 1,537,540 | ||||||||
| Accrued discounts (premiums) |
36 | 0 | 0 | 36 | ||||||||||||
| Realized gains (losses) |
(14 | ) | 0 | 0 | (14 | ) | ||||||||||
| Change in unrealized gains (losses) |
4,612 | (79,116 | ) | (9,310 | ) | (83,814 | ) | |||||||||
| Purchases |
0 | 0 | 0 | 0 | ||||||||||||
| Sales |
(71,566 | ) | (10,465 | ) | (50,098 | ) | (132,129 | ) | ||||||||
| Transfers into Level 3 |
0 | 0 | 0 | 0 | ||||||||||||
| Transfers out of Level 3 |
0 | 0 | 0 | 0 | ||||||||||||
| Balance as of November 30, 2011 |
$ | 469,940 | $ | 634,194 | $ | 217,485 | $ | 1,321,619 | ||||||||
| Change in unrealized gains (losses) |
$ | 4,254 | $ | (83,789 | ) | $ | (32,495 | ) | $ | (112,030 | ) | |||||
4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES
Advisory fees
The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the sub-advisers, who are responsible for day-to-day portfolio management of the Portfolios.
Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Portfolios. Funds Management has engaged Wells Capital Management (an affiliate of Funds Management), Peregrine Capital Management, Inc. (an affiliate of Funds Management), Artisan Partners Limited Partnership, Cooke & Bieler, L.P., Galliard Capital Management, Inc. (an affiliate of Funds Management), LSV Asset Management, SSgA Funds Management, Inc., Systematic Financial Management, L.P., Golden Capital Management, LLC (an affiliate of Funds Management) and Phocas Financial Corporation as sub-advisers.
The fees related to sub-advisory services are borne directly by the adviser and do not increase the overall fees paid by a Portfolio to the adviser. The adviser and sub-advisers are each entitled to receive an annual fee which is calculated based on the average daily net assets of each Portfolio as follows:
| Advisory Fee |
Effective rate for November 30, 2011 |
Sub-adviser |
Sub-advisory Fee | |||||||||||||||||||
| starting at | declining to | starting at | declining to | |||||||||||||||||||
| C&B Large Cap Value Portfolio |
0.65 | % | 0.55 | % | 0.65 | % | Cooke & Bieler, L.P. |
0.45 | % | 0.30 | % | |||||||||||
| Diversified Large Cap Growth Portfolio |
0.65 | 0.55 | 0.65 | Wells Capital Management |
0.35 | 0.15 | ||||||||||||||||
| Emerging Growth Portfolio |
0.80 | 0.70 | 0.79 | Wells Capital Management |
0.55 | 0.40 | ||||||||||||||||
| Equity Value Portfolio |
0.65 | 0.55 | 0.64 | Systematic Financial Management, L.P. |
0.30 | 0.10 | ||||||||||||||||
| Index Portfolio |
0.10 | 0.05 | 0.09 | Golden Capital Management, LLC* |
0.05 | * | 0.02 | * | ||||||||||||||
| International Equity Portfolio |
0.85 | 0.70 | 0.85 | Wells Capital Management |
0.45 | 0.40 | ||||||||||||||||
| International Growth Portfolio |
0.85 | 0.70 | 0.85 | Artisan Partners Limited Partnership |
0.80 | 0.50 | ||||||||||||||||
| International Index Portfolio |
0.35 | 0.30 | 0.35 | SSgA Funds Management, Inc. |
0.08 | 0.06 | ||||||||||||||||
| International Value Portfolio |
0.85 | 0.70 | 0.85 | LSV Asset Management |
0.35 | 0.30 | ||||||||||||||||
Table of Contents
| Notes to Financial Statements (Unaudited) | Wells Fargo Advantage Allocation Funds | 195 |
| Advisory Fee |
Effective rate for November 30, 2011 |
Sub-adviser |
Sub-advisory Fee | |||||||||||||||||||
| starting at | declining to | starting at | declining to | |||||||||||||||||||
| Large Company Value Portfolio |
0.65 | % | 0.55 | % | 0.65 | % | Phocas Financial Corporation** |
0.29 | %** | 0.20 | %** | |||||||||||
| Small Cap Value Portfolio |
0.80 | 0.70 | 0.80 | Wells Capital Management |
0.55 | 0.40 | ||||||||||||||||
| Small Company Growth Portfolio |
0.80 | 0.70 | 0.80 | Peregrine Capital Management, Inc. |
0.90 | 0.55 | ||||||||||||||||
| Small Company Value Portfolio |
0.80 | 0.70 | 0.80 | Peregrine Capital Management, Inc. |
*** | *** | ||||||||||||||||
| Inflation-Protected Bond Portfolio |
0.40 | 0.30 | 0.40 | Wells Capital Management |
0.20 | 0.10 | ||||||||||||||||
| Managed Fixed Income Portfolio |
0.40 | 0.30 | 0.40 | Galliard Capital Management, Inc. |
0.20 | 0.10 | ||||||||||||||||
| Stable Income Portfolio |
0.40 | 0.30 | 0.40 | Galliard Capital Management, Inc. |
0.15 | 0.05 | ||||||||||||||||
| Total Return Bond Portfolio |
0.40 | 0.30 | 0.36 | Wells Capital Management |
0.20 | 0.10 | ||||||||||||||||
| * | Prior to October 1, 2011, the Portfolio paid Wells Capital Management a sub-advisory fee which started at 0.05% and declined to 0.02% as average daily net assets increased. |
| ** | Prior to August 29, 2011, the Portfolio paid Wells Capital Management a sub-advisory fee which started at 0.35% and declined to 0.15% as average daily net assets increased. |
| *** | For Small Company Value Portfolio, the sub-advisory fee starts at 0.50% and increases to 0.75% as its average net assets increase. |
Funds Management has contractually waived and/or reimbursed advisory fees to the extent necessary to maintain certain net operating expense ratios for the Portfolios.
5. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, excluding short-term securities (securities with maturities of one year or less at purchase date), for the six months ended November 30, 2011 were as follows:
| Purchases at Cost | Sales Proceeds | |||||||||||||||
| U.S. Government |
Non-U.S. Government |
U.S. Government |
Non-U.S. Government |
|||||||||||||
| C&B Large Cap Value Portfolio |
$ | 0 | $ | 52,421,040 | $ | 0 | $ | 80,827,652 | ||||||||
| Diversified Large Cap Growth Portfolio |
0 | 85,123,254 | 0 | 103,260,351 | ||||||||||||
| Emerging Growth Portfolio |
0 | 180,891,820 | 0 | 370,435,198 | ||||||||||||
| Equity Value Portfolio |
0 | 365,798,974 | 0 | 366,071,997 | ||||||||||||
| Index Portfolio |
0 | 153,055,498 | 0 | 171,683,168 | ||||||||||||
| International Equity Portfolio |
0 | 8,543,152 | 0 | 8,295,598 | ||||||||||||
| International Growth Portfolio |
0 | 44,301,554 | 0 | 44,769,574 | ||||||||||||
| International Index Portfolio |
0 | 914,294 | 0 | 944,368 | ||||||||||||
| International Value Portfolio |
0 | 17,269,568 | 0 | 9,485,535 | ||||||||||||
| Large Company Value Portfolio |
0 | 50,538,512 | 0 | 53,008,605 | ||||||||||||
| Small Cap Value Portfolio |
0 | 7,146,615 | 0 | 11,038,181 | ||||||||||||
| Small Company Growth Portfolio |
0 | 104,788,256 | 0 | 153,205,938 | ||||||||||||
| Small Company Value Portfolio |
0 | 65,662,710 | 0 | 72,378,506 | ||||||||||||
| Inflation-Protected Bond Portfolio |
14,566,102 | 0 | 42,172,665 | 0 | ||||||||||||
| Managed Fixed Income Portfolio |
23,814,821 | 2,872,467 | 30,819,320 | 6,721,285 | ||||||||||||
| Stable Income Portfolio |
405,916 | 8,703,640 | 705,343 | 659,533 | ||||||||||||
| Total Return Bond Portfolio |
15,649,934,000 | 1,443,088,664 | 15,391,016,282 | 1,467,890,852 | ||||||||||||
Table of Contents
| 196 | Wells Fargo Advantage Allocation Funds | Notes to Financial Statements (Unaudited) |
6. DERIVATIVE TRANSACTIONS
During the six months ended November 30, 2011, Index Portfolio, International Index Portfolio and Large Company Value Portfolio used uninvested cash to enter into futures contracts to gain market exposure. During the six months ended November 30, 2011, Inflation-Protected Bond Portfolio and Stable Income Portfolio entered into futures contracts to speculate on interest rates.
At November 30, 2011, the Portfolios had long and short futures contracts outstanding as follows:
| Expiration Date | Contracts | Type | Contract Value at November 30, 2011 |
Net Unrealized Gains (Losses) |
||||||||||||||||
| Index Portfolio |
December 2011 | 192 Long | S&P 500 Index | $ | 59,808,000 | $ | 5,342,140 | |||||||||||||
| International Index Portfolio |
December 2011 | 9 Long | MSCI EAFE Index | 652,635 | 25,857 | |||||||||||||||
| Stable Income Portfolio |
March 2012 | 15 Short |
|
5-Year U.S. Treasury Notes |
|
1,839,609 | 2,431 | |||||||||||||
The receivable for daily variation margin on open futures contracts reflected in the Statements of Assets and Liabilities only represents the current day’s variation margin.
As of November 30, 2011, International Index Portfolio and Stable Income Portfolio had segregated $147,707 and $13,500, respectively, as cash collateral for open futures contracts.
The Portfolios had average notional amounts in futures contracts outstanding during the six months ended November 30, 2011 as follows:
| Long Contracts | Short Contracts | |||||||
| Index Portfolio |
$ | 40,849,179 | $ | 0 | ||||
| International Index Portfolio |
611,640 | 0 | ||||||
| Large Company Value Portfolio |
463,181 | 0 | ||||||
| Inflation-Protected Bond Portfolio |
0 | 10,634 | ||||||
| Stable Income Portfolio |
0 | 1,297,900 | ||||||
During the six months ended November 30, 2011, International Equity Portfolio entered into forward foreign currency contracts for economic hedging purposes.
At November 30, 2011, International Equity Portfolio had forward foreign currency contracts outstanding as follows:
Forward Foreign Currency Contracts to Buy:
| Exchange Date | Counterparty | Contracts to Receive |
U.S. Value at November 30, 2011 |
In Exchange for U.S. $ |
Net Unrealized Gains (Losses) |
|||||||||||||
| 12/21/2011 | Brown Brothers Harriman | 235,950 | EUR | $ | 317,106 | $ | 332,859 | $ | (15,753 | ) | ||||||||
| 12/21/2011 | Brown Brothers Harriman | 235,950 | EUR | 317,106 | 326,713 | (9,607 | ) | |||||||||||
| 01/05/2012 | Barclays | 460,000 | GBP | 721,470 | 726,050 | (4,580 | ) | |||||||||||
Forward Foreign Currency Contracts to Sell:
| Exchange Date | Counterparty | Contracts to Deliver |
U.S. Value at November 30, 2011 |
In Exchange for U.S. $ |
Net Unrealized Gains (Losses) |
|||||||||||||
| 12/21/2011 | Brown Brothers Harriman | 471,900 | EUR | $ | 634,212 | $ | 641,090 | $ | 6,878 | |||||||||
| 01/05/2012 | Barclays | 460,000 | GBP | 721,470 | 713,294 | (8,176 | ) | |||||||||||
The International Equity Portfolio had average contract amounts of $495,617 and $766,923 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended November 30, 2011.
Table of Contents
| Notes to Financial Statements (Unaudited) | Wells Fargo Advantage Allocation Funds | 197 |
Total Return Bond Portfolio enters into credit default swap contracts as a substitute for taking a position in the underlying security or basket of securities or to potentially enhance the Portfolio’s total return. At November 30, 2011, Total Return Bond Portfolio had the following credit default swap contracts outstanding:
Credit default swaps on debt obligations – Buy protection
| Expiration Date | Counterparty | Reference Debt Obligation |
Rating of Reference Debt Obligation* |
Notional Amount |
Fixed Payments Made |
Market Value |
Upfront Premiums Paid/ (Received) |
Net Unrealized Gains (Losses) |
||||||||||||||||||||
| 12/20/2016 | Citibank | Prudential Financial Incorporated, 4.50%, 7/15/2013 | A | $ | 5,000,000 | 1.00 | % | $ | 392,018 | $ | 357,530 | $ | 34,488 | |||||||||||||||
Credit default swaps on debt obligations – Sell protection
| Expiration Date | Counterparty | Reference Debt Obligation |
Rating of Reference Debt Obligation* |
Notional Amount |
Fixed Payments Received |
Market Value |
Upfront Premiums Paid/ (Received) |
Net Unrealized Gains (Losses) |
||||||||||||||||||||
| 12/20/2016 | Citibank | MetLife Incorporated, 5.00%, 6/15/2015 | A- | $ | 5,000,000 | 1.00 | % | $ | (529,096 | ) | $ | (459,693 | ) | $ | (69,403 | ) | ||||||||||||
Credit default swaps on an index – Buy protection
| Expiration Date | Counterparty | Reference Index | Notional Amount |
Fixed Payments Made |
Market Value |
Upfront Premiums Paid/ (Received) |
Net Unrealized Gains (Losses) |
|||||||||||||||||
| 12/20/2016 | Barclays | Markit CDX North America Investment Grade 17 Index | $ | 5,000,000 | 1.00 | % | $ | 69,255 | $ | 98,666 | $ | (29,411 | ) | |||||||||||
| 12/20/2016 | Citibank | Markit CDX North America Investment Grade 17 Index | 5,000,000 | 1.00 | % | 69,255 | 94,079 | (24,824 | ) | |||||||||||||||
| * | Reflects the ratings of a nationally recognized ratings agency at period end. The credit rating serves as indicator of the current status of the payment/performance risk of the credit derivative. A rating of D would most likely indicate a trigger event of default has occurred although circumstances including bankruptcy, failure to pay, obligation default, obligation acceleration, repudiation/moratorium and restructuring may also cause a credit event to take place. |
Total Return Bond Portfolio had an average notional balance on credit default swaps of $17,377,049 during the six months ended November 30, 2011.
Total Return Bond Portfolio’s credit default swap transactions may contain provisions for early termination in the event the net assets declines below specific levels identified by the counterparty. If these levels are triggered, the counterparty may terminate the transaction and seek payment or request full collateralization of the derivative transaction in net liability positions. On November 30, 2011, the aggregate fair value of all derivative instruments with net asset contingent features that were in a liability position amounted to $529,096.
The fair value, realized gains or losses and change in unrealized gains or losses on derivative instruments are reflected in the appropriate financial statements.
7. ACQUISITIONS
After the close of business on January 28, 2011, Diversified Large Cap Growth Portfolio acquired the net assets of Wells Fargo Advantage Disciplined Growth Portfolio, Wells Fargo Advantage Large Cap Appreciation Portfolio and Wells Fargo Advantage Large Company Growth Portfolio. The purpose of the transactions was to combine four funds with similar investment objectives and strategies. Diversified Large Cap Growth Portfolio was newly created to receive the assets of Wells Fargo Advantage Disciplined Growth Portfolio, Wells Fargo Advantage Large Cap Appreciation Portfolio and Wells Fargo Advantage Large Company Growth Portfolio. Wells Fargo Advantage Large Company Growth Portfolio became the accounting and performance survivor in the reorganization. The investment portfolio of Wells Fargo Advantage Disciplined Growth Portfolio, Wells Fargo Advantage Large Cap Appreciation Portfolio and Wells Fargo Advantage Large Company Growth Portfolio with fair values of $39,103,183, $19,707,063 and $128,195,321, respectively, and identified
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| 198 | Wells Fargo Advantage Allocation Funds | Notes to Financial Statements (Unaudited) |
costs of $38,164,693, $19,599,174 and $118,513,716, respectively, at January 28, 2011, were the principal assets acquired by Diversified Large Cap Growth Portfolio. For financial reporting purposes, assets received by Diversified Large Cap Growth Portfolio were recorded at fair value; however, the cost basis of the investments received from Wells Fargo Advantage Disciplined Growth Portfolio, Wells Fargo Advantage Large Cap Appreciation Portfolio and Wells Fargo Advantage Large Company Growth Portfolio were carried forward to align ongoing reporting of Diversified Large Cap Growth Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The value of net assets acquired and unrealized gains (losses) acquired were as follows:
| Acquired Fund | Value of Net Assets Acquired |
Unrealized Gains |
||||||
| Wells Fargo Advantage Disciplined Growth Portfolio |
$ | 38,752,540 | $ | 938,490 | ||||
| Wells Fargo Advantage Large Cap Appreciation Portfolio |
19,564,704 | 107,889 | ||||||
| Wells Fargo Advantage Large Company Growth Portfolio |
135,797,112 | 9,681,605 | ||||||
The aggregate net assets of Diversified Large Cap Growth Portfolio immediately before and after the acquisitions were $135,797,112 and $194,114,356, respectively.
Assuming the acquisitions had been completed October 1, 2010, the beginning of the annual reporting period for Diversified Large Cap Growth Portfolio, the pro forma results of operations for the eight months ended May 31, 2011 would have been:
| Net investment income |
$ | 597,721 | ||
| Net realized and unrealized gains on investments |
$ | 39,879,016 | ||
| Net increase in net assets resulting from operations |
$ | 40,476,737 |
8. INDEMNIFICATION
Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolios and, therefore, cannot be estimated.
9. NEW ACCOUNTING PRONOUNCEMENTS
In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011. Management expects that adoption of the ASU will result in additional disclosures in the financial statements as applicable.
In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU No. 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011. Management has evaluated the impact of adopting the ASU and expects no significant changes.
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| Other Information (Unaudited) | Wells Fargo Advantage Allocation Funds | 199 |
PROXY VOTING INFORMATION
A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our Web site at www.wellsfargo.com/advantagefunds, or visiting the SEC Web site at www.sec.gov. Information regarding how the proxies relating to portfolio securities were voted during the most recent 12-month period ended June 30 is available without charge on the Web site at www.wellsfargo.com/advantagefunds or by visiting the SEC Web site at www.sec.gov.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings for the Funds are publicly available on the Web site (www.wellsfargo.com/advantagefunds) on a monthly, 30-day or more delayed basis. In addition, top ten holdings information is publicly available on the Web site on a monthly, seven-day or more delayed basis. Each Fund and Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC Web site at www.sec.gov. In addition, each Fund and Portfolio’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.
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| 200 | Wells Fargo Advantage Allocation Funds | Other Information (Unaudited) |
BOARD OF TRUSTEES
The following table provides basic information about the Board of Trustees (the “Trustees”) of the Trusts and Officers of the Trusts. This table should be read in conjunction with the Prospectus and the Statement of Additional Information1 of each Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 138 funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.
Independent Trustees
| Name and Year of Birth |
Position Held and Length of Service |
Principal Occupations During Past Five Years | Other Directorships During | |||
| Peter G. Gordon (Born 1942) |
Trustee, since 1998; Chairman, since 2005 (Lead Trustee since 2001) | Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College | Asset Allocation Trust | |||
| Isaiah Harris, Jr. (Born 1952) |
Trustee, since 2009 | Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant. | CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust | |||
| Judith M. Johnson (Born 1949) |
Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | Asset Allocation Trust | |||
| Leroy Keith, Jr. (Born 1939) |
Trustee, since 2010 | Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services. | Trustee, Virtus Fund Complex (consisting of 40 portfolios as of 12/31/11); Asset Allocation Trust | |||
| David F. Larcker (Born 1950) |
Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of Corporate Governance Research Program and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | Asset Allocation Trust | |||
| Olivia S. Mitchell (Born 1953) |
Trustee, since 2006 | International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993. | Asset Allocation Trust |
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| Other Information (Unaudited) | Wells Fargo Advantage Allocation Funds | 201 |
| Name and Year of Birth |
Position Held and Length of Service |
Principal Occupations During Past Five Years | Other Directorships During | |||
| Timothy J. Penny (Born 1951) |
Trustee, since 1996 | President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | Asset Allocation Trust | |||
| Michael S. Scofield (Born 1943) |
Trustee, since 2010 | Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield and former Director and Chairman, Branded Media Corporation (multi-media branding company). |
Asset Allocation Trust | |||
| Donald C. Willeke (Born 1940) |
Trustee, since 1996 | Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Free Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation). | Asset Allocation Trust |
Officers
| Name and Year of Birth |
Position Held and Length of Service |
Principal Occupations During Past Five Years | ||||
| Karla M. Rabusch (Born 1959) |
President, since 2003 | Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003. | ||||
| C. David Messman (Born 1960) |
Secretary, since 2000; Chief Legal Counsel, since 2003 | Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Senior Counsel of Wells Fargo Bank, N.A. since 1996. | ||||
| Kasey Phillips (Born 1970) |
Treasurer, since 2009 | Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010. | ||||
| David Berardi (Born 1975) |
Assistant Treasurer, since 2009 | Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010. | ||||
| Jeremy DePalma (Born 1974) |
Assistant Treasurer, since 2009 | Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. | ||||
| Debra Ann Early (Born 1964) |
Chief Compliance Officer, since 2007 | Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004. |
| 1. | The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the Web site at www.wellsfargo.com/advantagefunds. |
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| 202 | Wells Fargo Advantage Allocation Funds | List of Abbreviations |
The following is a list of common abbreviations for terms and entities which may have appeared in this report.
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FOR MORE INFORMATION
More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, e-mail, visit the Funds’ Web site, or call:
Wells Fargo Advantage Funds
P.O. Box 8266
Boston, MA 02266-8266
E-mail: wfaf@wellsfargo.com
Web site: www.wellsfargo.com/advantagefunds
Individual investors: 1-800-222-8222
Retail investment professionals: 1-888-877-9275
Institutional investment professionals: 1-866-765-0778
This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Funds’ Web site at www.wellsfargo.com/advantagefunds. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. Read the prospectus carefully before you invest or send money.
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.
NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE
© 2011 Wells Fargo Funds Management, LLC. All rights reserved.
|
206768 01-12 SAAFNLD/SAR109 11-11 |
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| ITEM 2. | CODE OF ETHICS |
Not required in this filing
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
Not required in this filing.
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
Not required in this filing.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS |
Not required in this filing.
| ITEM 6. | SCHEDULE OF INVESTMENTS |
The Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
| ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
| ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
| ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASES |
Not applicable.
| ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
The Governance Committee (the “Committee”) of the Board of Trustees of the registrant (the “Trust”) has adopted procedures by which a shareholder of any series of the Trust may submit properly a nominee recommendation for the Committee’s consideration.
The shareholder must submit any such recommendation (a “Shareholder Recommendation”) in writing to the Trust, to the attention of the Trust’s Secretary, at the address of the principal executive offices of the Trust.
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The Shareholder Recommendation must be delivered to, or mailed and received at, the principal executive offices of the Trust not less than forty-five (45) calendar days nor more than seventy-five (75) calendar days prior to the date of the Committee meeting at which the nominee would be considered.
The Shareholder Recommendation must include: (i) a statement in writing setting forth (A) the name, age, date of birth, business address, residence address and nationality of the person recommended by the shareholder (the “candidate”); (B) the series (and, if applicable, class) and number of all shares of the Trust owned of record or beneficially by the candidate, as reported to such shareholder by the candidate; (C) any other information regarding the candidate called for with respect to director nominees by paragraphs (a), (d), (e) and (f) of Item 401 of Regulation S-K or paragraph (b) of Item 22 of Rule 14a-101 (Schedule 14A) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), adopted by the Securities and Exchange Commission (or the corresponding provisions of any regulation or rule subsequently adopted by the Securities and Exchange Commission or any successor agency applicable to the Trust); (D) any other information regarding the candidate that would be required to be disclosed if the candidate were a nominee in a proxy statement or other filing required to be made in connection with solicitation of proxies for election of directors pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder; and (E) whether the recommending shareholder believes that the candidate is or will be an “interested person” of the Trust (as defined in the Investment Company Act of 1940, as amended) and, if not an “interested person,” information regarding the candidate that will be sufficient for the Trust to make such determination; (ii) the written and signed consent of the candidate to be named as a nominee and to serve as a Trustee if elected; (iii) the recommending shareholder’s name as it appears on the Trust’s books; (iv) the series (and, if applicable, class) and number of all shares of the Trust owned beneficially and of record by the recommending shareholder; and (v) a description of all arrangements or understandings between the recommending shareholder and the candidate and any other person or persons (including their names) pursuant to which the recommendation is being made by the recommending shareholder. In addition, the Committee may require the candidate to interview in person and furnish such other information as it may reasonably require or deem necessary to determine the eligibility of such candidate to serve as a Trustee of the Trust.
| ITEM 11. | CONTROLS AND PROCEDURES |
(a) The President and Treasurer have concluded that the Wells Fargo Master Trust (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.
(b) There were no significant changes in the Trust’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second quarter of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
| ITEM 12. | EXHIBITS |
(a)(1) Not required in this filing.
(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)(3) Not applicable.
(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.
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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 Master 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 date indicated.
| 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 | |