N-CSRS

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, 2012

Date of reporting period: November 30, 2012

ITEM 1. REPORT TO SHAREHOLDERS

Wells Fargo Advantage Allocation Funds

Semi-Annual Report

November 30, 2012

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 wellsfargo.com/advantagedelivery

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	10
Portfolio of investments
Wells Fargo Advantage Conservative Allocation Fund	11
Wells Fargo Advantage Growth Balanced Fund	12
Wells Fargo Advantage Moderate Balanced Fund	13
Financial statements
Statements of assets and liabilities	14
Statements of operations	15
Statements of changes in net assets	16
Financial highlights	20
Notes to financial statements	24
Master portfolios
Portfolio of investments
Wells Fargo Advantage C&B Large Cap Value Portfolio	32
Wells Fargo Advantage Diversified Large Cap Growth Portfolio	36
Wells Fargo Advantage Emerging Growth Portfolio	42
Wells Fargo Advantage Equity Value Portfolio	47
Wells Fargo Advantage Index Portfolio (Summary portfolio of investments)	52
Wells Fargo Advantage International Equity Portfolio	59
Wells Fargo Advantage International Growth Portfolio	63

Wells Fargo Advantage International Index Portfolio (Summary portfolio of investments)	67
Wells Fargo Advantage International Value Portfolio	71
Wells Fargo Advantage Large Company Value Portfolio	78
Wells Fargo Advantage Small Cap Value Portfolio	82
Wells Fargo Advantage Small Company Growth Portfolio	87
Wells Fargo Advantage Small Company Value Portfolio	93
Wells Fargo Advantage Core Bond Portfolio (formerly, Wells Fargo Advantage Total Return Bond Portfolio) (Summary portfolio of investments)	98
Wells Fargo Advantage Inflation-Protected Bond Portfolio	105
Wells Fargo Advantage Managed Fixed Income Portfolio	107
Wells Fargo Advantage Stable Income Portfolio	114
Financial statements
Statements of assets and liabilities	120
Statements of operations	126
Statements of changes in net assets	132
Financial highlights	149
Notes to financial statements	152
Other information	166
List of abbreviations	169

The views expressed and any forward-looking statements are as of November 30, 2012, 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

Wells Fargo investment history

1932	Keystone creates one of the first mutual fund families.
1971	Wells Fargo & Company introduces one of the first institutional index funds.
1978	Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first tactical asset allocation models in institutional separately managed accounts.
1984	Wells Fargo Stagecoach Funds launches its first asset allocation fund.
1989	The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.
1994	Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo Advantage Dow Jones Target Date FundsSM).
1996	Evergreen Investments and Keystone Funds merge.
1997	Wells Fargo launches the Wells Fargo Advantage WealthBuilder PortfoliosSM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.
1999	Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.
2002	Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.
2005	The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo Advantage Funds, resulting in one of the top 20 mutual fund companies in the United States.
2006	Wells Fargo Advantage Funds relaunches the target date product line as Wells Fargo Advantage Dow Jones Target Date Funds.
2010	The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of Wells Fargo Advantage Funds.

Wells Fargo Advantage Funds^®

Wells Fargo Advantage Funds skillfully guides institutions, financial advisors, and individuals through the investment terrain to help them reach their financial objectives. Everything we do on behalf of investors is backed by our unique combination of qualifications.

Strength

Our organization is built on the standards of integrity and service established by our parent company—Wells Fargo & Company—more than 150 years ago. And, because we’re part of a highly diversified financial enterprise, we offer the depth of resources to help investors succeed.

Expertise

Our multi-boutique model offers investors access to the independent thinking of premier investment managers that have been chosen for their time-tested strategies. While each team specializes in a specific investment strategy, collectively they provide investors a wide choice of distinct investment styles. Our dedication to investment excellence doesn’t end with our expertise in manager selection—risk management, analysis, and rigorous ongoing review seek to ensure each manager’s investment process remains consistent.

Partnership

Our collaborative approach is built around understanding the needs and goals of our clients. By adhering to core principles of sound judgment and steady guidance, we support you through every stage of the investment decision process.

Carefully consider the investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, for Wells Fargo Advantage Funds, containing this and other information, visit wellsfargoadvantagefunds.com. Read it carefully before investing.

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.

“Dow Jones^®” and “Dow Jones Target Date Indexes^SM” are service marks of Dow Jones Trademark Holdings LLC (“Dow Jones”); have been licensed to CME Group Index Services LLC (“CME Indexes”); and have been sublicensed for use for certain purposes by Global Index Advisors, Inc., and Wells Fargo Funds Management, LLC. The Wells Fargo Advantage Dow Jones Target Date Funds^SM, based on the Dow Jones Target Date Indexes, are not sponsored, endorsed, sold, or promoted by Dow Jones, CME Indexes, or their respective affiliates, and none of them makes any representation regarding the advisability of investing in such product(s).

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡  MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 110 mutual funds across a wide range of asset classes, representing over $214 billion in assets under management, as of November 30, 2012.

Equity funds
Asia Pacific Fund	Enterprise Fund†	Opportunity Fund†
C&B Large Cap Value Fund	Equity Value Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Global Opportunities Fund	Premier Large Company Growth Fund
Capital Growth Fund	Growth Fund	Small Cap Opportunities Fund
Common Stock Fund	Index Fund	Small Cap Value Fund
Disciplined U.S. Core Fund	International Equity Fund	Small Company Growth Fund
Discovery Fund†	International Value Fund	Small Company Value Fund
Diversified Equity Fund	Intrinsic Small Cap Value Fund	Small/Mid Cap Core Fund
Diversified International Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified Small Cap Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Emerging Growth Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Markets Equity Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Income Fund	Large Company Value Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Utility and Telecommunications Fund
Bond funds
Adjustable Rate Government Fund	Income Plus Fund	Short Duration Government Bond Fund
California Limited-Term Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
Colorado Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Core Bond Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Emerging Markets Local Bond Fund	Municipal Bond Fund	Ultra Short-Term Income Fund
Government Securities Fund	North Carolina Tax-Free Fund	Ultra Short-Term Municipal Income Fund
High Income Fund	Pennsylvania Tax-Free Fund	Wisconsin Tax-Free Fund
High Yield Bond Fund
Asset allocation funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Conservative Allocation Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Capital Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Diversified Income Builder Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Growth Balanced Fund	Target Today Fund†	Target 2045 Fund†
Index Asset Allocation Fund	Target 2010 Fund†	Target 2050 Fund†
Moderate Balanced Fund	Target 2015 Fund†	Target 2055 Fund†
WealthBuilder Conservative Allocation Portfolio†
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 Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity 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.

2 Wells Fargo Advantage Allocation Funds Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Much of the period was marked by increased confidence that the U.S. economy was staging a fragile recovery, characterized by improvements in the U.S. housing sector and employment situation.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Allocation Funds for the six-month period that ended November 30, 2012. Much of the period was marked by increased confidence that the U.S. economy was staging a fragile recovery, characterized by improvements in the U.S. housing sector and employment situation. Some of this momentum was offset by continued concerns about the ongoing European sovereign debt crisis and the potential effects that U.S. fiscal and monetary policy decisions would have on the pace of economic growth. As measured by various Russell indexes, U.S. stocks across the market capitalization spectrum posted strong single-digit gains for the period. Major international indexes, by comparison, ended the period with double-digit returns in U.S. dollar terms. Across the fixed-income markets, total returns were positive over the six-month period, with investment-grade and high-yield bonds outperforming U.S. Treasury securities as investors continued to seek yield in the current low and steady interest-rate environment.

Macroeconomic optimism improved, but caution remains.

Early in the reporting period, economic numbers supported the case for a gradual recovery. Real gross domestic product (GDP) growth for the U.S. was positive in the first quarter of 2012, with GDP increasing by 2.0% on an annualized basis. However, the rate of GDP growth slowed in the second quarter, with data showing a 1.7% annualized growth rate. Just prior to the end of the six-month reporting period, the third-quarter preliminary GDP data was released, showing that U.S. economic growth accelerated to a 2.7% annualized rate, lending evidence that the U.S. economy may finally have reached a sustainable growth pattern. Further bolstering the U.S. economic picture, the U.S. unemployment rate continued to trend downward throughout the period, due in part to a decline in the number of people actively participating in the labor force. The U.S. housing sector also strengthened over the six-month period, with new housing activity and existing home sales trending higher.

While the U.S. economy, in particular, continued to show signs of life, there remained uncertainty during the period ahead of the U.S. presidential election and the possibility of a fiscal cliff, which included a series of automatic federal budget cuts and the expiration of several tax cut programs. The U.S. election was decided without incident and Washington was able to strike a compromise to avoid the full impact of the U.S. fiscal cliff, which provided some stability to the markets. Looking ahead, however, several other fiscal policy decisions will be made during the first few months of 2013 that potentially could impact market sentiment and the pace of U.S. economic growth.

Beyond the uncertainties facing the U.S. , the health of the eurozone continued to evolve during the period. By mid-June 2012, analysts were openly discussing the possibility of a crisis within the European banking system, a worry that remained near the forefront throughout most of the summer. In September and October 2012, however, the European Central Bank (ECB) and several key members of the eurozone, including France and Germany, announced their commitment to maintaining the integrity of the single currency. Despite the progress made across Europe in further addressing its ongoing debt issues, there remains a prolonged uncertainty about the eurozone and global economic growth.

Central banks continued to provide stimulus.

Throughout the reporting period, the Federal Reserve (Fed) kept its key interest rates effectively at zero in an effort to support the economy and financial system. In September 2012, the Fed responded to the stagnant U.S. labor market by announcing its third round of quantitative easing. However, the Fed surprised

Letter to shareholders (unaudited) Wells Fargo Advantage Allocation Funds 3

some investors by including an open-ended program to purchase mortgage-backed securities until employment growth materially improves. Additionally, the Fed restated its intention to keep interest rates low through 2015. Through additional bond purchases and an exceptionally low federal funds rate, the Fed is aiming to support the U.S. economic expansion and provide a catalyst for stronger job growth.

At the beginning of the period, the ECB had a key rate of 1.00%, which it had lowered from its previous level of 1.25% in response to weakness in the southern European economies. In July 2012, the ECB again cut its main interest rate to a historic low of 0.75% in hopes of offering relief to the eurozone’s sluggish economy amid signs that inflationary pressures were fading.

We remain committed to our investment strategies, even as many variables are at work in the market.

The full effect of the credit crisis remains unknown. Elevated unemployment and debt defaults continue to pressure consumers and businesses alike. In our experience, strict adherence to time-tested investment strategies has its rewards. As a whole, Wells Fargo Advantage Funds represents investments across a range of asset classes and investment styles, giving you an opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, we believe it helps manage risk.

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 wellsfargoadvantagefunds.com, 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

The Fed restated its intention to keep interest rates low through 2015. Through additional bond purchases and an exceptionally low federal funds rate, the Fed is aiming to support the U.S. economic expansion and provide a catalyst for stronger job growth.

Notice to shareholders

At its November 6-7, 2012 meeting, the Board of Trustees unanimously approved the following modifications to certain Class A sales load waiver privileges, with each change becoming effective on July 1, 2013:

n Annuity payments received under an annuity option or from death proceeds will no longer qualify for net asset value (NAV) repurchase privileges.

n The ability to reinvest redemption proceeds at NAV will be reduced from 120 days to 90 days.

n NAV purchase privileges for certain types of “grandfathered” shareholders will be modified to remove the ability to purchase Class A shares at NAV, unless those shares are held directly with the Fund.

Please contact your investment professional or call us directly at 1-800-222-8222 if you have any questions on this Notice to Shareholders.

4 Wells Fargo Advantage Allocation Funds Performance highlights (unaudited)

Wells Fargo Advantage Conservative Allocation Fund¹

The Fund is closed to new investors².

Investment objective

The Fund seeks total return, consisting primarily of current income.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Subadvisers for master portfolios

Artisan Partners Limited Partnership

Cooke & Bieler, L.P.

Galliard Capital Management, Inc.

Golden Capital Management, LLC

LSV Asset Management

Peregrine Capital Management, Inc.

Phocas Financial Corporation

SSgA Funds Management

Systematic Financial Management, L.P.

Wells Capital Management Incorporated

Portfolio managers

Doug Beath

Thomas C. Biwer, CFA

Petros Bocray, CFA, FRM

Christian L. Chan, CFA

Jeffrey P. Mellas, CAIA

Andrew Owen, CFA

Average annual total returns (%) as of November 30, 2012

								Expense ratios3 (%)
	Inception date	1 year		5 year		10 year		Gross		Net4
Administrator Class (NVCBX)	11-11-94		8.40		3.88		4.80		1.27		0.85
Conservative Allocation Composite Index5	–		6.17		4.14		5.15		–		–
Barclays U.S. Aggregate Bond Index6	–		5.51		6.04		5.41		–		–
S&P 500 Index7	–		16.13		1.34		6.36		–		–

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 website, wellsfargoadvantagefunds.com.

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 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). The Fund is exposed to mortgage- and asset-backed securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Allocation Funds 5

Wells Fargo Advantage Conservative Allocation Fund (continued)

Ten largest long-term holdings8 (%) as of November 30, 2012
FHLMC, 7.50% , 9-25-43	1.37
FNMA, 6.25%, 5-25-42	1.05
FNMA, 5.25%, 5-25-20	1.04
FNMA, 3.50%, 9-1-32	0.97
U.S. Treasury Bond, 0.75%, 2-15-42	0.96
U.S. Treasury Bond, 4.25%, 11-15-40	0.86
Structured Asset Securities Corporation Series 2007-RM1 Class A1, 0.48%, 5-25-47	0.82
Household Home Equity Loan Trust 2005-2A1, 0.47%, 1-20-35	0.81
FNMA, 5.50%, 2-1-36	0.74
FHLMC, 7.00% , 3-25-43	0.73

Neutral target allocation⁹ as of November 30, 2012

Current target allocation⁹ as of November 30, 2012

1. The Fund is a gateway blended fund that invests all of its assets in two or more master portfolios of the Wells Fargo Master Trust (the “Master Trust”) in varying proportions. References to the investment activities of the Fund are intended to refer to the investment activities of the master portfolios in which it invests. See Notes to Financial Statements for a discussion of the Master Trust.

2. Please see the Fund’s current Statement of Additional Information for further details.

3. Reflects the expense ratios as stated in the most recent prospectus.

4. The Adviser has committed through September 30, 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. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Fees from the underlying master portfolio(s) are included in the cap. Without this cap, the Fund’s returns would have been lower.

5. Source: Wells Fargo Funds Management, LLC. The Conservative Allocation Composite Index is weighted 55% in the Barclays U.S. Aggregate Bond Index (includes Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities), 25% in the Barclays 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, Australia 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.

6. The Barclays U.S. Aggregate Bond Index is composed of the Barclays U.S. Government/Credit Index and the Barclays U.S. 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.

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 ten largest long-term holdings are calculated based on the value of the securities of the master portfolios allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

9. Portfolio allocations are subject to change. Cash and cash equivalents are not reflected in the calculations of portfolio allocations. Neutral target allocation is the target allocation of the Fund as stated in the Fund’s prospectus. Current target allocation is the current allocation of the Fund based on the Tactical Asset Allocation (TAA) Model as of the date specified and is subject to change.

6 Wells Fargo Advantage Allocation Funds Performance highlights (unaudited)

Wells Fargo Advantage Growth Balanced Fund¹

Investment objective

The Fund seeks total return, consisting of capital appreciation and current income.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Subadvisers for master portfolios

Artisan Partners Limited Partnership

Cooke & Bieler, L.P.

Galliard Capital Management, Inc.

Golden Capital Management, LLC

LSV Asset Management

Peregrine Capital Management, Inc.

Phocas Financial Corporation

SSgA Funds Management

Systematic Financial Management, L.P.

Wells Capital Management Incorporated

Portfolio managers

Doug Beath

Thomas C. Biwer, CFA

Petros Bocray, CFA, FRM

Christian L. Chan, CFA

Jeffrey P. Mellas, CAIA

Andrew Owen, CFA

Average annual total returns (%) as of November 30, 2012

		Including sales charge							Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year			10 year		1 year		5 year		10 year		Gross		Net3
Class A (WFGBX)	10-14-98		6.10		(0.42	)		4.52		12.58		0.76		5.14		1.36		1.20
Class B (NVGRX)*	10-1-98		6.73		(0.40	)		4.59		11.73		0.00		4.59		2.11		1.95
Class C (WFGWX)	10-1-98		10.71		0.00			4.36		11.71		0.00		4.36		2.11		1.95
Administrator Class (NVGBX)	11-11-94		–		–			–		12.86		1.01		5.40		1.20		0.95
Growth Balanced Composite Index4	–		–		–			–		12.02		3.05		6.79		–		–
S&P 500 Index5	–		–		–			–		16.13		1.34		6.36		–		–
Barclays U.S. Aggregate Bond Index6	–		–		–			–		5.51		6.04		5.41		–		–

* 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 website, wellsfargoadvantagefunds.com.

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). The 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.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Advantage Allocation Funds 7

Wells Fargo Advantage Growth Balanced Fund (continued)

Ten largest long-term holdings7 (%) as of November 30, 2012
Apple Incorporated	2.01
Exxon Mobil Corporation	1.02
Google Incorporated Class A	0.83
eBay Incorporated	0.67
General Electric Company	0.67
Chevron Corporation	0.66
FNMA, 6.25%, 5-25-42	0.65
JP Morgan Chase & Company	0.65
FNMA, 5.25%, 5-25-20	0.64
FNMA, 3.50%, 9-1-32	0.60

Neutral target allocation⁸ as of November 30, 2012

Current target allocation⁸ as of November 30, 2012

1. The Fund is a gateway blended fund that invests all of its assets in two or more master portfolios of the Wells Fargo Master Trust (the “Master Trust”) in varying proportions. References to the investment activities of the Fund are intended to refer to the investment activities of the master portfolios in which it invests. See Notes to Financial Statements for a discussion of the Master Trust.

2. Reflects the expense ratios as stated in the most recent prospectuses.

3. The Adviser has committed through September 30, 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. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Fees from the underlying master portfolio(s) are included in the cap. Without this cap, the Fund’s returns would have been lower.

4. Source: Wells Fargo Funds Management, LLC. The Growth Balanced Composite Index is weighted 35% in the Barclays 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.

5. 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.

6. The Barclays U.S. Aggregate Bond Index is composed of the Barclays U.S. Government/Credit Index and the Barclays U.S. 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.

7. The ten largest long-term holdings are calculated based on the value of the securities of the master portfolios allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

8. Portfolio allocations are subject to change. Cash and cash equivalents are not reflected in the calculations of portfolio allocations. Neutral target allocation is the target allocation of the Fund as stated in the Fund’s prospectus. Current target allocation is the current allocation of the Fund based on the Tactical Asset Allocation (TAA) Model as of the date specified and is subject to change.

8 Wells Fargo Advantage Allocation Funds Performance highlights (unaudited)

Wells Fargo Advantage Moderate Balanced Fund¹

Investment objective

The Fund seeks total return, consisting of current income and capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Subadvisers for master portfolios

Artisan Partners Limited Partnership

Cooke & Bieler, L.P.

Galliard Capital Management, Inc.

Golden Capital Management, LLC

LSV Asset Management

Peregrine Capital Management, Inc.

Phocas Financial Corporation

SSgA Funds Management

Systematic Financial Management, L.P.

Wells Capital Management Incorporated

Portfolio managers

Doug Beath

Thomas C. Biwer, CFA

Petros Bocray, CFA, FRM

Christian L. Chan, CFA

Jeffrey P. Mellas, CAIA

Andrew Owen, CFA

Average annual total returns² (%) as of November 30, 2012

		Including sales charge						Excluding sales charge						Expense ratios3 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net4
Class A (WFMAX)	1-30-04		3.93		1.08		4.20		10.27		2.29		4.82		1.33		1.15
Class B (WMOBX)*	1-30-04		4.44		1.13		4.27		9.44		1.51		4.27		2.08		1.90
Class C (WFBCX)	1-30-04		8.43		1.51		4.03		9.43		1.51		4.03		2.08		1.90
Administrator Class (NVMBX)	11-11-94		–		–		–		10.49		2.52		5.07		1.17		0.90
Moderate Balanced Composite Index5	–		–		–		–		8.71		3.71		5.91		–		–
S&P 500 Index6	–		–		–		–		16.13		1.34		6.36		–		–
Barclays U.S. Aggregate Bond Index7	–		–		–		–		5.51		6.04		5.41		–		–

* 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 website, wellsfargoadvantagefunds.com.

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). The Fund is exposed to mortgage- and asset-backed securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 9.

Performance highlights (unaudited) Wells Fargo Advantage Allocation Funds 9

Wells Fargo Advantage Moderate Balanced Fund (continued)

Ten largest long-term holdings8 (%) as of November 30, 2012
Apple Incorporated	1.24
FHLMC, 7.50%, 9-25-43	0.93
FNMA, 6.25%, 5-25-42	0.84
FNMA, 5.25%, 5-25-20	0.83
FNMA, 3.50%, 9-1-32	0.78
TIPS, 0.75%, 02-15-42	0.77
U.S. Treasury Bond, 4.25%, 11-15-40	0.69
Exxon Mobil Corporation	0.63
FNMA, 5.50%, 2-1-36	0.60
FNMA, 6.00%, 2-25-44	0.59

Neutral target allocation⁹ as of November 30, 2012

Current target allocation⁹ as of November 30, 2012

1. The Fund is a gateway blended fund that invests all of its assets in two or more master portfolios of the Wells Fargo Master Trust (the “Master Trust”) in varying proportions. References to the investment activities of the Fund are intended to refer to the investment activities of the master portfolios in which it invests. See Notes to Financial Statements for a discussion of the Master Trust.

2. 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.

3. Reflects the expense ratios as stated in the most recent prospectuses.

4. The Adviser has committed through September 30, 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. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Fees from the underlying master portfolio(s) are included in the cap. Without this cap, the Fund’s returns would have been lower.

5. Source: Wells Fargo Funds Management, LLC. The Moderate Balanced Composite Index is weighted 45% in the Barclays U.S. Aggregate Bond Index (includes Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities), 15% in the Barclays 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.

6. 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.

7. The Barclays U.S. Aggregate Bond Index is composed of the Barclays U.S. Government/Credit Index and the Barclays U.S. 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 ten largest long-term holdings are calculated based on the value of the securities of the master portfolios allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

9. Portfolio allocations are subject to change. Cash and cash equivalents are not reflected in the calculations of portfolio allocations. Neutral target allocation is the target allocation of the Fund as stated in the Fund’s prospectus. Current target allocation is the current allocation of the Fund based on the Tactical Asset Allocation (TAA) Model as of the date specified and is subject to change.

10 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, 2012, to November 30, 2012.

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 6-1-12		Ending account value 11-30-12		Expenses paid during the period¹		Net annual expense ratio
Administrator Class
Actual	$	1,000.00	$	1,046.22	$	4.36		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.31		0.85	%
Wells Fargo Advantage Growth Balanced Fund
Class A
Actual	$	1,000.00	$	1,083.90	$	6.27		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Class B
Actual	$	1,000.00	$	1,079.44	$	10.17		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.29	$	9.85		1.95	%
Class C
Actual	$	1,000.00	$	1,079.53	$	10.17		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.29	$	9.85		1.95	%
Administrator Class
Actual	$	1,000.00	$	1,085.04	$	4.97		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Wells Fargo Advantage Moderate Balanced Fund
Class A
Actual	$	1,000.00	$	1,063.16	$	5.95		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.30	$	5.82		1.15	%
Class B
Actual	$	1,000.00	$	1,058.86	$	9.81		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.54	$	9.60		1.90	%
Class C
Actual	$	1,000.00	$	1,058.51	$	9.80		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.54	$	9.60		1.90	%
Administrator Class
Actual	$	1,000.00	$	1,063.78	$	4.66		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.56		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).

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 11

CONSERVATIVE ALLOCATION FUND

Security name								Value
Investment Companies: 99.62%
Affiliated Master Portfolios: 99.62%
Wells Fargo Advantage C&B Large Cap Value Portfolio								$	683,435
Wells Fargo Advantage Core Bond Portfolio									4,494,250
Wells Fargo Advantage Diversified Large Cap Growth Portfolio									2,083,455
Wells Fargo Advantage Emerging Growth Portfolio									207,540
Wells Fargo Advantage Equity Value Portfolio									688,494
Wells Fargo Advantage Index Portfolio									2,067,050
Wells Fargo Advantage Inflation-Protected Bond Portfolio									2,259,424
Wells Fargo Advantage International Equity Portfolio									312,744
Wells Fargo Advantage International Growth Portfolio									312,345
Wells Fargo Advantage International Index Portfolio									312,379
Wells Fargo Advantage International Value Portfolio									312,090
Wells Fargo Advantage Large Company Value Portfolio									684,325
Wells Fargo Advantage Managed Fixed Income Portfolio									15,731,789
Wells Fargo Advantage Small Cap Value Portfolio									204,223
Wells Fargo Advantage Small Company Growth Portfolio									208,135
Wells Fargo Advantage Small Company Value Portfolio									208,091
Wells Fargo Advantage Stable Income Portfolio									10,214,761
Total Investment Companies (Cost $40,018,822)									40,984,530
						Principal
Other: 0.02%
Gryphon Funding Limited, Pass-Through Entity (a)(i)						$	21,810		7,197
Total Other (Cost $5,191)									7,197
	Yield			Maturity date
Short-Term Investments: 0.40%
U.S. Treasury Securities: 0.40%
U.S. Treasury Bill #(z)		0.10	%		12-27-12		165,000		164,988
Total Short-Term Investments (Cost $164,982)									164,988

Total investments in securities
(Cost $40,188,995) *	100.04	%		41,156,715
Other assets and liabilities, net	(0.04	)		(15,544	)
Total net assets	100.00	%	$	41,141,171

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

(i) Illiquid security.

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

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

* Cost for federal income tax purposes is $41,592,501 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	967,720
Gross unrealized depreciation		(1,403,506	)
Net unrealized depreciation	$	(435,786	)

The accompanying notes are an integral part of these financial statements.

12 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

GROWTH BALANCED FUND

Security name								Value
Investment Companies: 98.19%
Affiliated Master Portfolios: 98.19%
Wells Fargo Advantage C&B Large Cap Value Portfolio								$	11,984,973
Wells Fargo Advantage Core Bond Portfolio									15,446,877
Wells Fargo Advantage Diversified Large Cap Growth Portfolio									36,894,450
Wells Fargo Advantage Emerging Growth Portfolio									3,608,972
Wells Fargo Advantage Equity Value Portfolio									12,139,301
Wells Fargo Advantage Index Portfolio									36,493,309
Wells Fargo Advantage Inflation-Protected Bond Portfolio									7,762,010
Wells Fargo Advantage International Equity Portfolio									5,519,013
Wells Fargo Advantage International Growth Portfolio									5,537,933
Wells Fargo Advantage International Index Portfolio									5,535,868
Wells Fargo Advantage International Value Portfolio									5,501,509
Wells Fargo Advantage Large Company Value Portfolio									12,028,372
Wells Fargo Advantage Managed Fixed Income Portfolio									54,065,776
Wells Fargo Advantage Small Cap Value Portfolio									3,570,270
Wells Fargo Advantage Small Company Growth Portfolio									3,656,417
Wells Fargo Advantage Small Company Value Portfolio									3,673,609
Total Investment Companies (Cost $205,299,853)									223,418,659
						Principal
Other: 0.03%
Gryphon Funding Limited, Pass-Through Entity (a)(i)						$	226,020		74,587
Total Other (Cost $53,798)									74,587
	Yield			Maturity date
Short-Term Investments: 1.90%
U.S. Treasury Securities: 1.90%
U.S. Treasury Bill #(z)		0.10	%		12-27-12		510,000		509,963
U.S. Treasury Bill #(z)		0.13			12-20-12		3,815,000		3,814,721
Total Short-Term Investments (Cost $4,324,665)									4,324,684

Total investments in securities
(Cost $209,678,316) *	100.12	%		227,817,930
Other assets and liabilities, net	(0.12	)		(265,315	)
Total net assets	100.00	%	$	227,552,615

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

(i) Illiquid security

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

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

* Cost for federal income tax purposes is $219,987,288 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	17,701,836
Gross unrealized depreciation		(9,871,194	)
Net unrealized appreciation	$	7,830,642

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 13

MODERATE BALANCED FUND

Security name								Value
Investment Companies: 99.28%
Affiliated Master Portfolios: 99.28%
Wells Fargo Advantage C&B Large Cap Value Portfolio								$	5,472,135
Wells Fargo Advantage Core Bond Portfolio									14,746,374
Wells Fargo Advantage Diversified Large Cap Growth Portfolio									16,669,689
Wells Fargo Advantage Emerging Growth Portfolio									1,661,614
Wells Fargo Advantage Equity Value Portfolio									5,507,309
Wells Fargo Advantage Index Portfolio									16,525,077
Wells Fargo Advantage Inflation-Protected Bond Portfolio									7,409,317
Wells Fargo Advantage International Equity Portfolio									2,503,831
Wells Fargo Advantage International Growth Portfolio									2,516,234
Wells Fargo Advantage International Index Portfolio									2,508,057
Wells Fargo Advantage International Value Portfolio									2,498,496
Wells Fargo Advantage Large Company Value Portfolio									5,485,329
Wells Fargo Advantage Managed Fixed Income Portfolio									51,613,850
Wells Fargo Advantage Small Cap Value Portfolio									1,642,215
Wells Fargo Advantage Small Company Growth Portfolio									1,665,094
Wells Fargo Advantage Small Company Value Portfolio									1,663,839
Wells Fargo Advantage Stable Income Portfolio									24,581,171
Total Investment Companies (Cost $155,797,718)									164,669,631
						Principal
Other: 0.01%
Gryphon Funding Limited, Pass-Through Entity (a)(i)						$	41,040		13,543
Total Other (Cost $9,768)									13,543
	Yield			Maturity date
Short-Term Investments: 1.05%
U.S. Treasury Securities: 1.05%
U.S. Treasury Bill #(z)		0.10	%		12-27-12		1,740,000		1,739,873
Total Short-Term Investments (Cost $1,739,809)									1,739,873

Total investments in securities
(Cost $157,547,295) *	100.34	%		166,423,047
Other assets and liabilities, net	(0.34	)		(569,061	)
Total net assets	100.00	%	$	165,853,986

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

(i) Illiquid security

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

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

* Cost for federal income tax purposes is $160,197,210 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	6,527,408
Gross unrealized depreciation		(301,571	)
Net unrealized appreciation	$	6,225,837

The accompanying notes are an integral part of these financial statements.

14 Wells Fargo Advantage Allocation Funds Statements of assets and liabilities—November 30, 2012 (unaudited)

	Conservative Allocation Fund			Growth Balanced Fund			Moderate Balanced Fund
Assets
Investments
In affiliated Master Portfolios, at value (see cost below)	$	40,984,530		$	223,418,659		$	164,669,631
In unaffiliated securities, at value (see cost below)		172,185			4,399,271			1,753,416
Total investments, at value (see cost below)		41,156,715			227,817,930			166,423,047
Cash		39			666			324
Receivable for Fund shares sold		8,887			119,503			130,971
Receivable from adviser		9,714			1,886			0
Prepaid expenses and other assets		20,296			35,457			17,495
Total assets		41,195,651			227,975,442			166,571,837
Liabilities
Payable for Fund shares redeemed		10,122			219,950			599,969
Payable for daily variation margin on open futures contracts		3,981			66,797			32,534
Advisory fee payable		0			0			3,368
Distribution fees payable		N/A			6,028			2,135
Due to related parties		5,376			38,514			23,484
Shareholder report expenses payable		26,768			35,784			20,347
Shareholder servicing fees payable		7,912			49,335			36,014
Accrued expenses and other liabilities		321			6,419			0
Total liabilities		54,480			422,827			717,851
Total net assets	$	41,141,171		$	227,552,615		$	165,853,986
NET ASSETS CONSIST OF
Paid-in capital	$	64,644,620		$	398,300,327		$	168,422,889
Undistributed net investment income		703,912			3,293,323			2,792,507
Accumulated net realized losses on investments		(25,160,399	)		(191,624,004	)		(13,967,153	)
Net unrealized gains on investments		953,038			17,582,969			8,605,743
Total net assets	$	41,141,171		$	227,552,615		$	165,853,986
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A		N/A		$	54,395,467		$	10,281,355
Shares outstanding – Class A		N/A			1,807,406			513,363
Net asset value per share – Class A		N/A			$30.10			$20.03
Maximum offering price per share – Class A2		N/A			$31.94			$21.25
Net assets – Class B		N/A		$	1,359,678		$	729,407
Shares outstanding – Class B		N/A			50,799			36,529
Net asset value per share – Class B		N/A			$26.77			$19.97
Net assets – Class C		N/A		$	8,152,481		$	2,641,236
Shares outstanding – Class C		N/A			307,945			133,919
Net asset value per share – Class C		N/A			$26.47			$19.72
Net assets – Administrator Class	$	41,141,171		$	163,644,989		$	152,201,988
Shares outstanding – Administrator Class		2,271,365			6,049,292			7,541,473
Net asset value per share – Administrator Class		$18.11			$27.05			$20.18
Investments in affiliated Master Portfolios, at cost	$	40,018,822		$	205,299,853		$	155,797,718
Investments in unaffiliated securities, at cost	$	170,173		$	4,378,463		$	1,749,577
Total investments, at cost	$	40,188,995		$	209,678,316		$	157,547,295

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.

Statements of operations—six months ended November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 15

	Conservative Allocation Fund			Growth Balanced Fund			Moderate Balanced Fund
Investment income
Interest allocated from affiliated Master Portfolios*	$	473,958		$	1,391,714		$	1,531,267
Dividends allocated from affiliated Master Portfolios**		75,858			1,456,212			629,420
Securities lending income allocated from affiliated Master Portfolios		2,128			28,748			13,919
Interest		262			3,734			995
Expenses allocated from affiliated Master Portfolios		(102,719	)		(651,973	)		(442,033	)
Waivers allocated from affiliated Master Portfolios		16,632			47,569			54,416
Total investment income		466,119			2,276,004			1,787,984
Expenses
Advisory fee		50,435			302,573			210,841
Administration fees
Fund level		10,087			60,514			42,168
Class A		N/A			69,607			13,188
Class B		N/A			2,035			1,016
Class C		N/A			10,392			3,176
Administrator Class		20,174			89,478			77,652
Shareholder servicing fees
Class A		N/A			66,930			12,680
Class B		N/A			1,837			977
Class C		N/A			9,993			3,054
Administrator Class		50,224			223,149			194,130
Distribution fees
Class B		N/A			5,870			2,932
Class C		N/A			29,978			9,162
Custody and accounting fees		1,582			5,051			3,697
Professional fees		11,316			8,136			9,206
Registration fees		16,231			29,772			29,321
Shareholder report expenses		15,367			32,847			16,765
Trustees’ fees and expenses		6,011			5,600			5,704
Other fees and expenses		3,381			6,058			5,615
Total expenses		184,808			959,820			641,284
Less: Fee waivers and/or expense reimbursements		(99,416	)		(299,731	)		(241,068	)
Net expenses		85,392			660,089			400,216
Net investment income		380,727			1,615,915			1,387,768
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		2,886			31,107			5,430
Futures transactions		82,686			1,394,582			724,368
Securities transactions allocated from affiliated Master Portfolios		753,496			5,719,150			3,484,793
Net realized gains on investments		839,068			7,144,839			4,214,591
Net change in unrealized gains (losses) on:
Unaffiliated securities		(356	)		(3,597	)		(686	)
Futures transactions		69,165			1,444,588			611,338
Securities transactions allocated from affiliated Master Portfolios		484,348			8,615,478			3,876,080
Net change in unrealized gains (losses) on investments		553,157			10,056,469			4,486,732
Net realized and unrealized gains (losses) on investments		1,392,225			17,201,308			8,701,323
Net increase in net assets resulting from operations	$	1,772,952		$	18,817,223		$	10,089,091
* Net of foreign interest withholding taxes allocated from affiliated Master Portfolios in the amount of		$45			$174			$156
** Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of		$1,122			$22,339			$9,559

The accompanying notes are an integral part of these financial statements.

16 Wells Fargo Advantage Allocation Funds Statements of changes in net assets

	Conservative Allocation Fund
	Six months ended November 30, 2012 (unaudited)						Year ended May 31, 2012
Operations
Net investment income				$	380,727					$	822,932
Net realized gains on investments					839,068						595,598
Net change in unrealized gains (losses) on investments					553,157						(565,788	)
Net increase in net assets resulting from operations					1,772,952						852,742
Distributions to shareholders from
Net investment income
Administrator Class					0						(493,074	)
Total distributions to shareholders					0						(493,074	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Administrator Class		284,048			5,074,178			436,655			7,434,591
Reinvestment of distributions
Administrator Class		0			0			29,056			482,333
Payment for shares redeemed
Administrator Class		(254,146	)		(4,503,872	)		(368,142	)		(6,281,286	)
Net increase in net assets resulting from capital share transactions					570,306						1,635,638
Total increase in net assets					2,343,258						1,995,306
Net assets
Beginning of period					38,797,913						36,802,607
End of period				$	41,141,171					$	38,797,913
Undistributed net investment income				$	703,912					$	323,185

The accompanying notes are an integral part of these financial statements.

Statements of changes in net assets Wells Fargo Advantage Allocation Funds 17

	Growth Balanced Fund
	Six months ended November 30, 2012 (unaudited)						Year ended May 31, 2012
Operations
Net investment income				$	1,615,915					$	4,792,504
Net realized gains (losses) on investments					7,144,839						(3,024,099	)
Net change in unrealized gains (losses) on investments					10,056,469						(17,190,366	)
Net increase (decrease) in net assets resulting from operations					18,817,223						(15,421,961	)
Distributions to shareholders from
Net investment income
Class A					0						(422,013	)
Class C					0						(16,422	)
Administrator Class					0						(2,900,868	)
Total distributions to shareholders					0						(3,339,303	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		175,806			5,254,404			145,577			4,030,845
Class B		669			18,048			1,736			35,305
Class C		20,684			539,930			44,762			1,077,045
Administrator Class		310,772			8,214,464			1,126,437			28,122,102
					14,026,846						33,265,297
Reinvestment of distributions
Class A		0			0			15,849			409,066
Class C		0			0			672			15,373
Administrator Class		0			0			123,784			2,864,372
					0						3,288,811
Payment for shares redeemed
Class A		(147,142	)		(4,340,290	)		(429,300	)		(11,917,248	)
Class B		(18,604	)		(489,177	)		(92,082	)		(2,277,834	)
Class C		(24,910	)		(647,869	)		(56,665	)		(1,367,347	)
Administrator Class		(3,085,872	)		(78,598,137	)		(2,777,829	)		(69,226,884	)
					(84,075,473	)					(84,789,313	)
Net decrease in net assets resulting from capital share transactions					(70,048,627	)					(48,235,205	)
Total decrease in net assets					(51,231,404	)					(66,996,469	)
Net assets
Beginning of period					278,784,019						345,780,488
End of period				$	227,552,615					$	278,784,019
Undistributed net investment income				$	3,293,323					$	1,677,408

The accompanying notes are an integral part of these financial statements.

18 Wells Fargo Advantage Allocation Funds Statements of changes in net assets

	Moderate Balanced Fund
	Six months ended November 30, 2012 (unaudited)						Year ended May 31, 2012
Operations
Net investment income				$	1,387,768					$	3,625,486
Net realized gains on investments					4,214,591						1,000,535
Net change in unrealized gains (losses) on investments					4,486,732						(6,534,214	)
Net increase (decrease) in net assets resulting from operations					10,089,091						(1,908,193	)
Distributions to shareholders from
Net investment income
Class A					0						(298,350	)
Class B					0						(14,409	)
Class C					0						(65,722	)
Administrator Class					0						(5,867,825	)
Total distributions to shareholders					0						(6,246,306	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		54,334			1,069,982			148,156			2,821,610
Class B		3,037			59,617			15,027			286,476
Class C		17,173			334,859			48,303			904,849
Administrator Class		292,127			5,809,968			1,023,557			19,512,929
					7,274,426						23,525,864
Reinvestment of distributions
Class A		0			0			16,021			285,166
Class B		0			0			756			13,518
Class C		0			0			3,054			53,931
Administrator Class		0			0			317,421			5,681,842
					0						6,034,457
Payment for shares redeemed
Class A		(68,214	)		(1,330,692	)		(181,808	)		(3,450,859	)
Class B		(9,316	)		(184,389	)		(28,981	)		(542,623	)
Class C		(7,731	)		(150,991	)		(48,418	)		(909,830	)
Administrator Class		(1,851,042	)		(35,491,083	)		(1,967,823	)		(37,322,420	)
					(37,157,155	)					(42,225,732	)
Net decrease in net assets resulting from capital share transactions					(29,882,729	)					(12,665,411	)
Total decrease in net assets					(19,793,638	)					(20,819,910	)
Net assets
Beginning of period					185,647,624						206,467,534
End of period				$	165,853,986					$	185,647,624
Undistributed net investment income				$	2,792,507					$	1,404,739

The accompanying notes are an integral part of these financial statements.

This page is intentionally left blank.

20 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
Conservative Allocation Fund
Administrator Class
June 1, 2012 to November 30, 2012 (unaudited)	$	17.31		0.17			0.63			0.00
June 1, 2011 to May 31, 2012	$	17.17		0.37			(0.01	)		(0.22	)
October 1, 2010 to May 31, 20114	$	18.52		0.29	5		0.95			(1.48	)
October 1, 2009 to September 30, 2010	$	17.45		1.15			0.57			(0.65	)
October 1, 2008 to September 30, 2009	$	17.77		0.58			(0.05	)		(0.75	)
October 1, 2007 to September 30, 2008	$	20.35		0.73			(2.04	)		(0.72	)
October 1, 2006 to September 30, 2007	$	19.74		0.70			0.84			(0.64	)
Growth Balanced Fund
Class A
June 1, 2012 to November 30, 2012 (unaudited)	$	27.77		0.19			2.14			0.00
June 1, 2011 to May 31, 2012	$	29.34		0.39	5		(1.73	)		(0.23	)
October 1, 2010 to May 31, 20114	$	25.89		0.23			4.11			(0.89	)
October 1, 2009 to September 30, 2010	$	24.12		0.40	5		1.75			(0.38	)
October 1, 2008 to September 30, 2009	$	25.63		0.41	5		(1.32	)		(0.52	)
October 1, 2007 to September 30, 2008	$	36.21		0.63	5		(7.32	)		(0.63	)
October 1, 2006 to September 30, 2007	$	33.51		0.61			4.40			(0.53	)
Class B
June 1, 2012 to November 30, 2012 (unaudited)	$	24.80		0.06	5		1.91			0.00
June 1, 2011 to May 31, 2012	$	26.17		0.15	5		(1.52	)		0.00
October 1, 2010 to May 31, 20114	$	23.07		0.12	5		3.62			(0.64	)
October 1, 2009 to September 30, 2010	$	21.46		0.22	5		1.53			(0.14	)
October 1, 2008 to September 30, 2009	$	22.70		0.22	5		(1.13	)		(0.25	)
October 1, 2007 to September 30, 2008	$	32.51		0.36	5		(6.52	)		(0.39	)
October 1, 2006 to September 30, 2007	$	30.29		0.33			3.95			(0.28	)
Class C
June 1, 2012 to November 30, 2012 (unaudited)	$	24.52		0.06	5		1.89			0.00
June 1, 2011 to May 31, 2012	$	25.94		0.16	5		(1.53	)		(0.05	)
October 1, 2010 to May 31, 20114	$	22.93		0.12	5		3.60			(0.71	)
October 1, 2009 to September 30, 2010	$	21.42		0.19	5		1.56			(0.24	)
October 1, 2008 to September 30, 2009	$	22.77		0.23	5		(1.17	)		(0.33	)
October 1, 2007 to September 30, 2008	$	32.60		0.36	5		(6.54	)		(0.39	)
October 1, 2006 to September 30, 2007	$	30.37		0.33			3.97			(0.29	)
Administrator Class
June 1, 2012 to November 30, 2012 (unaudited)	$	24.93		0.41			1.71			0.00
June 1, 2011 to May 31, 2012	$	26.39		0.41	5		(1.57	)		(0.30	)
October 1, 2010 to May 31, 20114	$	23.39		0.31	5		3.64			(0.95	)
October 1, 2009 to September 30, 2010	$	21.81		0.46	5		1.55			(0.43	)
October 1, 2008 to September 30, 2009	$	23.29		0.41	5		(1.21	)		(0.60	)
October 1, 2007 to September 30, 2008	$	33.29		0.64	5		(6.67	)		(0.71	)
October 1, 2006 to September 30, 2007	$	30.98		0.70			3.99			(0.60	)

Please see footnotes on page 22.

The accompanying notes are an integral part of these financial statements.

Financial highlights Wells Fargo Advantage Allocation Funds 21

Distributions from net realized gains			Distributions 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 (000s omitted)
								Net investment income1			Gross expenses1			Net expenses1
	0.00			0.00		$	18.11		1.90	%		1.34	%		0.85	%		4.62	%		47	%	$	41,141
	0.00			0.00		$	17.31		2.18	%		1.28	%		0.85	%		2.17	%		124	%	$	38,798
	0.00			(1.11	)	$	17.17		2.46	%		1.27	%		0.85	%		7.37	%		72	%	$	36,803
	0.00			0.00		$	18.52		1.44	%		1.13	%		0.85	%		10.12	%		112	%	$	39,740
	(0.10	)		0.00		$	17.45		3.18	%		1.09	%		0.85	%		3.68	%		130	%	$	424,389
	(0.55	)		0.00		$	17.77		3.80	%		1.06	%		0.85	%		(6.85	)%		100	%	$	479,238
	(0.29	)		0.00		$	20.35		3.75	%		1.05	%		0.85	%		8.05	%		91	%	$	615,216
	0.00			0.00		$	30.10		1.19	%		1.38	%		1.20	%		8.39	%		38	%	$	54,395
	0.00			0.00		$	27.77		1.40	%		1.36	%		1.20	%		(4.53	)%		107	%	$	49,403
	0.00			0.00		$	29.34		1.43	%		1.35	%		1.20	%		17.02	%		70	%	$	60,055
	0.00			0.00		$	25.89		1.61	%		1.38	%		1.20	%		9.00	%		94	%	$	55,284
	(0.08	)		0.00		$	24.12		1.95	%		1.32	%		1.20	%		(2.95	)%		105	%	$	55,318
	(3.26	)		0.00		$	25.63		2.09	%		1.34	%		1.20	%		(20.42	)%		80	%	$	55,626
	(1.78	)		0.00		$	36.21		1.89	%		1.32	%		1.20	%		15.55	%		75	%	$	79,411
	0.00			0.00		$	26.77		0.42	%		2.11	%		1.95	%		7.94	%		38	%	$	1,360
	0.00			0.00		$	24.80		0.61	%		2.10	%		1.95	%		(5.23	)%		107	%	$	1,704
	0.00			0.00		$	26.17		0.62	%		2.09	%		1.95	%		16.43	%		70	%	$	4,163
	0.00			0.00		$	23.07		0.96	%		2.12	%		1.95	%		8.19	%		94	%	$	6,924
	(0.08	)		0.00		$	21.46		1.21	%		2.08	%		1.95	%		(3.66	)%		105	%	$	13,869
	(3.26	)		0.00		$	22.70		1.31	%		2.09	%		1.95	%		(21.02	)%		80	%	$	31,892
	(1.78	)		0.00		$	32.51		1.12	%		2.06	%		1.95	%		14.69	%		75	%	$	66,097
	0.00			0.00		$	26.47		0.44	%		2.13	%		1.95	%		7.95	%		38	%	$	8,152
	0.00			0.00		$	24.52		0.65	%		2.11	%		1.95	%		(5.26	)%		107	%	$	7,656
	0.00			0.00		$	25.94		0.68	%		2.10	%		1.95	%		16.45	%		70	%	$	8,388
	0.00			0.00		$	22.93		0.84	%		2.12	%		1.95	%		8.20	%		94	%	$	7,665
	(0.08	)		0.00		$	21.42		1.21	%		2.06	%		1.95	%		(3.69	)%		105	%	$	7,738
	(3.26	)		0.00		$	22.77		1.33	%		2.08	%		1.95	%		(21.02	)%		80	%	$	9,588
	(1.78	)		0.00		$	32.60		1.12	%		2.06	%		1.95	%		14.72	%		75	%	$	15,226
	0.00			0.00		$	27.05		1.43	%		1.22	%		0.95	%		8.50	%		38	%	$	163,645
	0.00			0.00		$	24.93		1.64	%		1.20	%		0.95	%		(4.30	)%		107	%	$	220,021
	0.00			0.00		$	26.39		1.66	%		1.19	%		0.95	%		17.19	%		70	%	$	273,174
	0.00			0.00		$	23.39		2.04	%		1.19	%		0.95	%		9.32	%		94	%	$	287,073
	(0.08	)		0.00		$	21.81		2.18	%		1.14	%		0.95	%		(2.68	)%		105	%	$	861,399
	(3.26	)		0.00		$	23.29		2.32	%		1.16	%		0.95	%		(20.25	)%		80	%	$	1,161,210
	(1.78	)		0.00		$	33.29		2.12	%		1.14	%		0.95	%		15.84	%		75	%	$	1,804,249

Please see footnotes on page 22.

The accompanying notes are an integral part of these financial statements.

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 from net investment income
Moderate Balanced Fund
Class A
June 1, 2012 to November 30, 2012 (unaudited)	$	18.84		0.12			1.07			0.00
June 1, 2011 to May 31, 2012	$	19.64		0.32			(0.54	)		(0.58	)
October 1, 2010 to May 31, 20114	$	17.97		0.28			1.80			(0.41	)
October 1, 2009 to September 30, 2010	$	17.12		0.38	5		1.03			(0.56	)
October 1, 2008 to September 30, 2009	$	17.85		0.38			(0.36	)		(0.57	)
October 1, 2007 to September 30, 2008	$	22.76		0.55			(3.34	)		(0.61	)
October 1, 2006 to September 30, 2007	$	21.97		0.65	5		1.73			(0.61	)
Class B
June 1, 2012 to November 30, 2012 (unaudited)	$	18.86		0.07	5		1.04			0.00
June 1, 2011 to May 31, 2012	$	19.58		0.18	5		(0.53	)		(0.37	)
October 1, 2010 to May 31, 20114	$	17.85		0.14	5		1.84			(0.25	)
October 1, 2009 to September 30, 2010	$	16.99		0.30			0.97			(0.41	)
October 1, 2008 to September 30, 2009	$	17.67		0.26	5		(0.34	)		(0.42	)
October 1, 2007 to September 30, 2008	$	22.53		0.42			(3.34	)		(0.43	)
October 1, 2006 to September 30, 2007	$	21.76		0.47	5		1.72			(0.44	)
Class C
June 1, 2012 to November 30, 2012 (unaudited)	$	18.63		0.07			1.02			0.00
June 1, 2011 to May 31, 2012	$	19.45		0.18	5		(0.53	)		(0.47	)
October 1, 2010 to May 31, 20114	$	17.77		0.14	5		1.83			(0.29	)
October 1, 2009 to September 30, 2010	$	16.96		0.28	5		0.99			(0.46	)
October 1, 2008 to September 30, 2009	$	17.64		0.26	5		(0.34	)		(0.42	)
October 1, 2007 to September 30, 2008	$	22.52		0.41			(3.33	)		(0.45	)
October 1, 2006 to September 30, 2007	$	21.77		0.47	5		1.72			(0.46	)
Administrator Class
June 1, 2012 to November 30, 2012 (unaudited)	$	18.96		0.22			1.00			0.00
June 1, 2011 to May 31, 2012	$	19.77		0.40			(0.58	)		(0.63	)
October 1, 2010 to May 31, 20114	$	18.11		0.29			1.83			(0.46	)
October 1, 2009 to September 30, 2010	$	17.23		0.52	5		0.95			(0.59	)
October 1, 2008 to September 30, 2009	$	17.98		0.42	5		(0.37	)		(0.62	)
October 1, 2007 to September 30, 2008	$	22.90		0.60			(3.36	)		(0.65	)
October 1, 2006 to September 30, 2007	$	22.08		0.67	5		1.77			(0.64	)

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. 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.

5. Calculated based upon average shares outstanding

The accompanying notes are an integral part of these financial statements.

Financial highlights Wells Fargo Advantage Allocation Funds 23

Distributions from net realized gains			Ending net asset value per share		Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
					Net investment income1			Gross expenses1			Net expenses1
	0.00		$	20.03		1.43	%		1.35	%		1.15	%		6.32	%		42	%	$	10,281
	0.00		$	18.84		1.68	%		1.33	%		1.15	%		(0.93	)%		115	%	$	9,935
	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
	(0.18	)	$	17.12		2.47	%		1.31	%		1.15	%		0.94	%		116	%	$	8,669
	(1.51	)	$	17.85		2.88	%		1.31	%		1.15	%		(13.39	)%		89	%	$	8,524
	(0.98	)	$	22.76		2.80	%		1.28	%		1.15	%		11.33	%		82	%	$	9,839
	0.00		$	19.97		0.67	%		2.10	%		1.90	%		5.89	%		42	%	$	729
	0.00		$	18.86		0.94	%		2.08	%		1.90	%		(1.66	)%		115	%	$	807
	0.00		$	19.58		1.11	%		2.09	%		1.90	%		11.16	%		70	%	$	1,097
	0.00		$	17.85		1.65	%		2.12	%		1.90	%		7.58	%		103	%	$	1,257
	(0.18	)	$	16.99		1.72	%		2.06	%		1.90	%		0.19	%		116	%	$	1,720
	(1.51	)	$	17.67		2.13	%		2.06	%		1.90	%		(14.06	)%		89	%	$	2,177
	(0.98	)	$	22.53		2.01	%		2.03	%		1.90	%		10.49	%		82	%	$	3,699
	0.00		$	19.72		0.69	%		2.10	%		1.90	%		5.85	%		42	%	$	2,641
	0.00		$	18.63		0.92	%		2.08	%		1.90	%		(1.67	)%		115	%	$	2,319
	0.00		$	19.45		1.16	%		2.09	%		1.90	%		11.17	%		70	%	$	2,364
	0.00		$	17.77		1.59	%		2.12	%		1.90	%		7.58	%		103	%	$	1,726
	(0.18	)	$	16.96		1.72	%		2.05	%		1.90	%		0.21	%		116	%	$	1,445
	(1.51	)	$	17.64		2.13	%		2.05	%		1.90	%		(14.05	)%		89	%	$	1,677
	(0.98	)	$	22.52		2.03	%		2.03	%		1.90	%		10.49	%		82	%	$	2,034
	0.00		$	20.18		1.68	%		1.19	%		0.90	%		6.38	%		42	%	$	152,202
	0.00		$	18.96		1.92	%		1.17	%		0.90	%		(0.66	)%		115	%	$	172,587
	0.00		$	19.77		2.14	%		1.18	%		0.90	%		11.93	%		70	%	$	192,305
	0.00		$	18.11		3.06	%		1.18	%		0.90	%		8.65	%		103	%	$	176,179
	(0.18	)	$	17.23		2.72	%		1.13	%		0.90	%		1.14	%		116	%	$	330,340
	(1.51	)	$	17.98		3.13	%		1.13	%		0.90	%		(13.17	)%		89	%	$	407,829
	(0.98	)	$	22.90		3.00	%		1.10	%		0.90	%		11.59	%		82	%	$	533,729

The accompanying notes are an integral part of these financial statements.

24 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 Balanced 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 their 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, 2012 are included in this report and should be read in conjunction with each Fund’s financial statements. As of November 30, 2012, 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 Core Bond Portfolio		0	*		0	*		0	*
Wells Fargo Advantage Diversified Large Cap Growth Portfolio		1			25			11
Wells Fargo Advantage Emerging Growth Portfolio		0	*		0	*		0	*
Wells Fargo Advantage Equity Value Portfolio		0	*		1			1
Wells Fargo Advantage Index Portfolio		0	*		1			1
Wells Fargo Advantage Inflation-Protected Bond Portfolio		3			10			9
Wells Fargo Advantage International Equity Portfolio		1			25			11
Wells Fargo Advantage International Growth Portfolio		0	*		5			2
Wells Fargo Advantage International Index Portfolio		1			25			11
Wells Fargo Advantage International Value Portfolio		0	*		2			1
Wells Fargo Advantage Large Company Value Portfolio		1			25			11
Wells Fargo Advantage Managed Fixed Income Portfolio		13			45			43
Wells Fargo Advantage Small Cap Value Portfolio		1			22			10
Wells Fargo Advantage Small Company Growth Portfolio		0	*		3			1
Wells Fargo Advantage Small Company Value Portfolio		0	*		2			1
Wells Fargo Advantage Stable Income Portfolio		29			N/A			71

* 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

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

Investments in the Master Portfolios are valued daily based on 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.

Notes to financial statements (unaudited) Wells Fargo Advantage Allocation Funds 25

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

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

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

Futures contracts

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

Futures contracts are valued based upon their quoted daily settlement prices when available. The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the 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 by the Fund and each Master Portfolio. Realized gains or losses are recorded on the basis of identified cost by the Fund and each Master Portfolio.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method by the Fund and 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 and interest income from foreign securities in each Master Portfolio is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

26 Wells Fargo Advantage Allocation Funds Notes to financial statements (unaudited)

Each Fund records on a daily basis its proportionate share of each Master Portfolio’s interest and dividend income, in addition to expenses, waivers, 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 federal income tax regulations, which may differ in amount or character from net investment income and realized gains recognized for purposes of U.S. 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 income 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.

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. Management has analyzed each Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

At May 31, 2012, net capital loss carryforwards, which are available to offset future net realized capital gains, were as follows:

	Pre-enactment capital loss expiration*								Post-enactment capital losses**
	2016		2017		2018		2019		Short-term		Long-term
Conservative Allocation Fund	$	0	$	14,978,984	$	6,065,292	$	3,688,341	$	0	$	0
Growth Balanced Fund		18,749,350		88,381,433		82,578,227		0		5,465,588		1,656,889
Moderate Balanced Fund		0		8,053,054		9,979,052		0		355,374		0

* Losses incured in taxable years beginning before December 22, 2010.

** Losses incured in taxable years which began after December 22, 2010 are carried forwad for an unlimited period.

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 significant 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 the Fund’s own assumptions in determining the fair value of investments)

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

Notes to financial statements (unaudited) Wells Fargo Advantage Allocation Funds 27

As of May 31, 2012, the inputs used in valuing investments in securities, 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
Conservative Allocation Fund
Equity securities
Investment companies	$	0	$	40,984,530	$	0	$	40,984,530
Other		0		0		7,197		7,197
Short-term investments
U.S. Treasury securities		164,988		0		0		164,988
	$	164,988	$	40,984,530	$	7,197	$	41,156,715
Growth Balanced Fund
Equity securities
Investment companies	$	0	$	223,418,659	$	0	$	223,418,659
Other		0		0		74,587		74,587
Short-term investments
U.S. Treasury securities		4,324,684		0		0		4,324,684
	$	4,324,684	$	223,418,659	$	74,587	$	227,817,930
Moderate Balanced Fund
Equity securities
Investment companies	$	0	$	164,669,631	$	0	$	164,669,631
Other		0		0		13,543		13,543
Short-term investments
U.S. Treasury securities		1,739,873		0		0		1,739,873
	$	1,739,873	$	164,669,631	$	13,543	$	166,423,047

Further details on the major security types listed above can be found in each Fund’s Portfolio of Investments.

As of November 30, 2012, the inputs used in valuing the Fund’s other financial instruments, which are carried at fair value, were as follows:

Futures contracts+	Quoted prices (Level 1)			Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Conservative Allocation Fund	$	(14,682	)	$	0	$	0	$	(14,682	)
Growth Balanced Fund	$	(556,645	)	$	0	$	0	$	(556,645	)
Moderate Balanced Fund	$	(270,009	)	$	0	$	0	$	(270,009	)

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

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended November 30, 2012, the Funds did not have any transfers into/out of Level 1 or Level 2.

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 subadvisor who is responsible for day-to-day portfolio management of the Funds.

Funds Management is entitled to receive an annual advisory fee starting at 0.25% and declining to 0.19% as the average daily net assets of each Fund increases. Prior to October 1, 2012, Funds Management received an annual advisory fee of 0.25% of each Fund’s average daily net assets. For the six months ended November 30, 2012, the advisory fee was equivalent to an annual rate of 0.25% of each Fund’s average daily net assets.

28 Wells Fargo Advantage Allocation Funds Notes to financial statements (unaudited)

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Funds. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management, is the subadviser to each Fund and is entitled to receive a fee from Funds Management 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. Funds Management has committed to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses as follows:

	Expiration date	Class A			Class B			Class C			Administrator Class
Conservative Allocation Fund	September 30, 2013		N/A			N/A			N/A			0.85	%
Growth Balanced Fund	September 30, 2013		1.20	%		1.95	%		1.95	%		0.95	%
Moderate Balanced Fund	September 30, 2013		1.15	%		1.90	%		1.90	%		0.90	%

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, 2012, Wells Fargo Funds Distributor, LLC received the following amounts in front-end sales charges and contingent deferred sales charges.

	Front-end sales charges Class A		Contingent deferred sales charges
			Class B		Class C
Growth Balanced Fund	$	1,806	$	79	$	64
Moderate Balanced Fund		3,344		162		0

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.

Notes to financial statements (unaudited) Wells Fargo Advantage Allocation Funds 29

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. Government obligations (if any) and short-term securities, for the six months ended November 30, 2012 were as follows:

	Purchases at cost*		Sales proceeds*
Conservative Allocation Fund	$	20,572,344	$	24,428,636
Growth Balanced Fund		91,671,744		120,453,707
Moderate Balanced Fund		74,800,822		92,726,030

* The Funds seek to achieve their investment objective by investing some or all of their investable assets in one or more Master Portfolios. Purchases and sales related to these investments have been calculated by aggregating the results of multiplying each Fund’s ownership percentage of the respective Master Portfolio by the corresponding Master Portfolio’s purchases and sales. Purchases and sales of unaffiliated securities in which the Funds invest are actual purchases and sale of those securities.

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2012, the Funds entered into futures contracts to gain market exposure to certain asset classes consistent with an active asset allocation strategy.

At November 30, 2012, the Funds had long and short futures contracts outstanding as follows:

	Expiration date	Contracts	Type	Contract value at November 30, 2012		Unrealized losses
Conservative Allocation Fund	12-20-12	6 Long	S&P 500 Index	$	2,121,600	$	(8,041	)
	3-19-13	13 Short	30-Year U.S. Treasury Bonds		1,950,813		(6,641	)
Growth Balanced Fund	12-20-12	97 Long	S&P 500 Index		34,299,200		(442,604	)
	3-19-13	227 Short	30-Year U.S. Treasury Bonds		34,064,188		(114,041	)
Moderate Balanced Fund	12-20-12	47 Long	S&P 500 Index		16,619,200		(214,457	)
	3-19-13	111 Short	30-Year U.S. Treasury Bonds		16,656,938		(55,552	)

The Funds had average notional amounts in futures contracts outstanding during the six months ended November 30, 2012 as follows:

	Long contracts		Short contracts
Conservative Allocation Fund	$	1,741,417	$	1,940,946
Growth Balanced Fund		36,086,585		35,672,456
Moderate Balanced Fund		16,795,756		16,548,348

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, 2012 was as follows for Conservative Allocation Fund:

	Liability derivatives
	Balance sheet location	Fair value
Interest rate contracts	Net assets – Net unrealized gains on investments	$	6,641	*
Equity contracts	Net assets – Net unrealized gains on investments		8,041	*
		$	14,682

* Amount represents cumulative unrealized gains/losses on futures contracts. Only the variation margin as of November 30, 2012 is reported separately on the Statements of Assets and Liabilities.

30 Wells Fargo Advantage Allocation Funds Notes to financial statements (unaudited)

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2012 was as follows for Conservative Allocation Fund:

	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Interest rate contracts	$	(41,183	)	$	29,956
Equity contracts		123,869			39,209
	$	82,686		$	69,165

The fair value of derivative instruments as of November 30, 2012 was as follows for Growth Balanced Fund:

	Liability derivatives
	Balance sheet location	Fair value
Interest rate contracts	Net assets – Net unrealized gains on investments	$	114,041	*
Equity contracts	Net assets – Net unrealized gains on investments		442,604	*
		$	556,645

* Amount represents cumulative unrealized gains/losses on futures contracts. Only the variation margin as of November 30, 2012 is reported separately on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2012 was as follows for Growth Balanced Fund:

	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Interest rate contracts	$	(968,106	)	$	677,016
Equity contracts		2,362,688			767,572
	$	1,394,582		$	1,444,588

The fair value of derivative instruments as of November 30, 2012 was as follows for Moderate Balanced Fund:

	Liability Derivatives
	Balance sheet location	Fair value
Interest rate contracts	Net assets – Net unrealized gains on investments	$	55,552	*
Equity contracts	Net assets – Net unrealized gains on investments		214,457	*
		$	270,009

* Amount represents cumulative unrealized gains/losses on futures contracts. Only the variation margin as of November 30, 2012 is reported separately on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2012 was as follows for Moderate Balanced Fund:

	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Interest rate contracts	$	(428,315	)	$	296,342
Equity contracts		1,152,683			314,996
	$	724,368		$	611,338

Notes to financial statements (unaudited) Wells Fargo Advantage Allocation Funds 31

8. BANK BORROWINGS

Each Fund and certain other 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 that day plus 1.25%. In addition, an annual commitment fee equal to 0.15% of the unused balance is allocated to each participating fund. For the six months ended November 30, 2012, the Funds paid the following amounts in commitment fees:

	Commitment Fee
Conservative Allocation Fund	$	48
Growth Balanced Fund		439
Moderate Balanced Fund		218

For the six months ended November 30, 2012, 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 PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2011-11, which amends FASB ASC Topic 210, Balance Sheet, creates new disclosure requirements which require entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently assessing the potential impact, in addition to expanded financial statement disclosure, that may result from adopting this ASU.

11. FUND LIQUIDATION

At its November 6-7, 2012 meeting, the Board of Trustees unanimously approved the liquidation of Conservative Allocation Fund. The liquidation is expected to occur after the close of business on or around May 24, 2013. On the date of the liquidation, shareholders of Conservative Allocation Fund will receive a distribution of their account proceeds, including any accrued dividends, in complete redemption of their shares.

12. SUBSEQUENT DISTRIBUTIONS

On December 17, 2012, the Fund’s declared distributions from net investment income to shareholders of record on December 14, 2012. The per share amounts payable on December 18, 2012 were as follows:

	Conservative Allocation Fund		Growth Balanced Fund		Moderate Balanced Fund
Net investment income
Class A		N/A	$	0.43926	$	0.34144
Class B		N/A		0.13070		0.17202
Class C		N/A		0.25480		0.20048
Administrator Class	$	0.34782		0.51115		0.39070

These distributions are not reflected in the accompanying financial statements.

32 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

C&B LARGE CAP VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 97.17%
Consumer Discretionary: 16.12%
Hotels, Restaurants & Leisure: 5.87%
Carnival Corporation «		145,100	$	5,609,566
Darden Restaurants Incorporated «		107,300		5,674,024
McDonald’s Corporation		85,400		7,433,216
				18,716,806
Household Durables: 3.33%
NVR Incorporated †		11,800		10,618,112
Media: 3.44%
Omnicom Group Incorporated «		220,700		10,977,618
Multiline Retail: 2.39%
Kohl’s Corporation		170,500		7,612,825
Specialty Retail: 1.09%
Best Buy Company Incorporated «		265,000		3,474,150
Consumer Staples: 11.69%
Beverages: 3.19%
Coca-Cola Enterprises Incorporated		168,900		5,266,302
Diageo plc ADR «		40,960		4,897,587
				10,163,889
Household Products: 5.52%
Colgate-Palmolive Company		57,300		6,217,050
Henkel AG & Company KGaA ADR		68,000		4,607,741
Procter & Gamble Company		96,900		6,766,527
				17,591,318
Personal Products: 1.03%
Avon Products Incorporated		235,500		3,285,225
Tobacco: 1.95%
Philip Morris International		69,400		6,237,672
Energy: 6.28%
Oil, Gas & Consumable Fuels: 6.28%
Chevron Corporation		57,800		6,108,882
Devon Energy Corporation		92,900		4,800,143
Exxon Mobil Corporation		103,500		9,122,490
				20,031,515
Financials: 20.40%
Capital Markets: 5.06%
Charles Schwab Corporation		421,900		5,526,890
State Street Corporation		238,900		10,616,716
				16,143,606

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 33

C&B LARGE CAP VALUE PORTFOLIO

Security name	Shares		Value
Commercial Banks: 1.58%
PNC Financial Services Group Incorporated		89,800	$	5,041,372
Consumer Finance: 2.70%
American Express Company		153,800		8,597,420
Diversified Financial Services: 6.48%
Bank of America Corporation		431,200		4,251,632
Berkshire Hathaway Incorporated Class B †		72,700		6,403,416
JPMorgan Chase & Company		243,300		9,994,764
				20,649,812
Insurance: 4.58%
Axis Capital Holdings Limited		155,300		5,586,141
The Progressive Corporation «		235,000		4,993,750
Willis Group Holdings plc «		114,600		4,020,168
				14,600,059
Health Care: 11.44%
Health Care Equipment & Supplies: 4.06%
Baxter International Incorporated		103,400		6,852,318
Becton Dickinson & Company «		79,700		6,110,599
				12,962,917
Health Care Providers & Services: 4.30%
Cardinal Health Incorporated		151,600		6,132,220
Quest Diagnostics Incorporated «		131,200		7,580,736
				13,712,956
Pharmaceuticals: 3.08%
Johnson & Johnson Services Incorporated «		140,700		9,811,011
Industrials: 11.23%
Aerospace & Defense: 2.58%
Raytheon Company		143,900		8,221,007
Air Freight & Logistics: 1.44%
United Parcel Service Incorporated Class B		62,700		4,583,997
Commercial Services & Supplies: 2.05%
Cintas Corporation «		158,200		6,555,808
Industrial Conglomerates: 2.67%
3M Company		93,500		8,503,825
Machinery: 2.49%
Illinois Tool Works Incorporated «		128,800		7,930,216

The accompanying notes are an integral part of these financial statements.

34 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

C&B LARGE CAP VALUE PORTFOLIO

Security name				Shares		Value
Information Technology: 12.18%
Electronic Equipment, Instruments & Components: 4.96%
Flextronics International Limited †					948,400	$	5,491,236
Molex Incorporated Class A					206,000		4,472,260
TE Connectivity Limited					166,700		5,866,173
							15,829,669
IT Services: 3.98%
Fiserv Incorporated †					84,600		6,513,354
Western Union Company					489,600		6,173,856
							12,687,210
Semiconductors & Semiconductor Equipment: 2.33%
Lam Research Corporation †					211,900		7,441,928
Software: 0.91%
Microsoft Corporation					108,400		2,885,608
Materials: 3.84%
Containers & Packaging: 3.84%
Ball Corporation «					161,000		7,195,090
Rock-Tenn Company Class A					77,700		5,053,609
							12,248,699
Telecommunication Services: 2.38%
Wireless Telecommunication Services: 2.38%
Vodafone Group plc ADR					294,200		7,590,360
Utilities: 1.61%
Electric Utilities: 1.61%
Entergy Corporation					80,600		5,121,324
Total Common Stocks (Cost $265,963,259)							309,827,934
	Dividend Yield
Preferred Stocks: 1.24%
Consumer Staples: 1.24%
Household Products: 1.24%
Henkel AG & Company KGaA ADR		1.25	%		47,200		3,944,178
Total Preferred Stocks (Cost $1,744,375)							3,944,178
				Principal
Other: 0.15%
Gryphon Funding Limited, Pass-Through Entity (a)(i)(v)				$	1,421,993		469,258
Total Other (Cost $134,731)							469,258

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 35

C&B LARGE CAP VALUE PORTFOLIO

Security name	Yield			Shares		Value
Short-Term Investments: 17.65%
Investment Companies: 17.65%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.16	%		1,807,073	$	1,807,073
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(v)(r)		0.21			54,471,494		54,471,494
Total Short-Term Investments (Cost $56,278,567)							56,278,567

Total investments in securities
(Cost $324,120,932) *	116.21	%		370,519,937
Other assets and liabilities, net	(16.21	)		(51,673,599	)
Total net assets	100.00	%	$	318,846,338

« 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.

(l) Investment in an affiliate

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

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

* Cost for federal income tax purposes is $335,714,171 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	48,127,854
Gross unrealized depreciation		(13,322,088	)
Net unrealized appreciation	$	34,805,766

The accompanying notes are an integral part of these financial statements.

36 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 98.79%
Consumer Discretionary: 21.27%
Auto Components: 0.10%
BorgWarner Incorporated †		2,200	$	145,860
Distributors: 0.16%
LKQ Corporation †		11,100		243,312
Hotels, Restaurants & Leisure: 4.08%
Chipotle Mexican Grill Incorporated Ǡ		4,350		1,147,443
Marriott International Incorporated Class A «		18,400		667,736
McDonald’s Corporation		12,690		1,104,538
Starbucks Corporation		54,751		2,839,934
Wynn Resorts Limited		2,800		314,720
				6,074,371
Internet & Catalog Retail: 3.31%
Amazon.com Incorporated Ǡ		10,760		2,712,058
priceline.com Incorporated †		3,345		2,218,270
				4,930,328
Media: 1.33%
CBS Corporation Class B		24,330		875,393
Liberty Media Corporation Ǡ		10,106		1,111,559
				1,986,952
Multiline Retail: 3.95%
Dollar General Corporation †		49,121		2,456,050
Dollar Tree Incorporated †		57,180		2,386,693
Nordstrom Incorporated		19,300		1,043,937
				5,886,680
Specialty Retail: 6.08%
CarMax Incorporated Ǡ		36,170		1,311,524
Dick’s Sporting Goods Incorporated «		21,715		1,140,255
GNC Holdings Incorporated Class A		20,500		720,165
Home Depot Incorporated		13,810		898,617
Limited Brands Incorporated		30,150		1,572,323
O’Reilly Automotive Incorporated †		4,600		432,768
Ross Stores Incorporated		8,900		506,588
TJX Companies Incorporated		29,250		1,296,945
Tractor Supply Company «		9,700		869,314
Ulta Salon Cosmetics & Fragrance Incorporated		3,000		300,840
				9,049,339
Textiles, Apparel & Luxury Goods: 2.26%
lululemon athletica incorporated Ǡ		23,330		1,674,627
Michael Kors Holdings Limited †		10,305		547,711
Nike Incorporated Class B		6,900		672,612

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 37

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Under Armour Incorporated Class A «†		1,900	$	98,477
VF Corporation «		2,300		369,173
				3,362,600
Consumer Staples: 6.57%
Beverages: 1.83%
Anheuser-Busch Companies Incorporated ADR		12,450		1,095,227
Monster Beverage Corporation †		12,000		624,600
The Coca-Cola Company		26,500		1,004,880
				2,724,707
Food & Staples Retailing: 3.64%
Costco Wholesale Corporation		12,900		1,341,471
Walgreen Company «		13,100		444,221
Whole Foods Market Incorporated		38,930		3,634,505
				5,420,197
Food Products: 0.79%
Mead Johnson Nutrition Company		4,400		300,036
The Hershey Company		12,000		879,240
				1,179,276
Personal Products: 0.31%
Estee Lauder Companies Incorporated Class A		7,900		460,175
Energy: 5.36%
Energy Equipment & Services: 1.46%
National Oilwell Varco Incorporated		13,735		938,101
Schlumberger Limited		17,376		1,244,469
				2,182,570
Oil, Gas & Consumable Fuels: 3.90%
Concho Resources Incorporated †		17,760		1,425,418
Continental Resources Incorporated Ǡ		5,060		347,622
Energy XXI (Bermuda) Limited «		9,800		310,464
Pioneer Natural Resources Company		27,320		2,923,240
The Williams Companies Incorporated		24,290		797,684
				5,804,428
Financials: 3.10%
Capital Markets: 1.51%
Ameriprise Financial Incorporated		22,630		1,372,962
TD Ameritrade Holding Corporation		54,480		882,576
				2,255,538
Consumer Finance: 1.59%
American Express Company		26,634		1,488,841
Capital One Financial Corporation		12,620		726,912
Discover Financial Services		3,700		153,957
				2,369,710

The accompanying notes are an integral part of these financial statements.

38 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Health Care: 13.66%
Biotechnology: 5.20%
Alexion Pharmaceuticals Incorporated †		36,905	$	3,543,618
Biogen Idec Incorporated †		6,000		894,540
BioMarin Pharmaceutical Incorporated †		2,700		131,220
Celgene Corporation †		10,700		840,913
Gilead Sciences Incorporated Ǡ		28,180		2,113,500
Onyx Pharmaceuticals Incorporated Ǡ		2,900		218,863
				7,742,654
Health Care Equipment & Supplies: 2.17%
Covidien plc		12,900		749,619
Intuitive Surgical Incorporated Ǡ		4,690		2,481,010
				3,230,629
Health Care Providers & Services: 1.92%
AmerisourceBergen Corporation «		21,403		903,635
Catamaran Corporation †		19,400		944,586
Express Scripts Holding Corporation †		3,200		172,320
UnitedHealth Group Incorporated		15,600		848,484
				2,869,025
Health Care Technology: 1.22%
Cerner Corporation Ǡ		23,500		1,814,670
Life Sciences Tools & Services: 0.44%
Mettler-Toledo International Incorporated Ǡ		3,480		651,073
Pharmaceuticals: 2.71%
Abbott Laboratories		17,500		1,137,500
Allergan Incorporated		17,140		1,589,735
Shire plc ADR		13,570		1,175,569
Watson Pharmaceuticals Incorporated †		1,500		132,015
				4,034,819
Industrials: 9.85%
Aerospace & Defense: 2.44%
Precision Castparts Corporation		13,037		2,390,855
United Technologies Corporation		15,480		1,240,103
				3,630,958
Air Freight & Logistics: 0.19%
United Parcel Service Incorporated Class B		3,900		285,129
Industrial Conglomerates: 1.54%
Danaher Corporation		42,630		2,300,741

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 39

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Machinery: 1.09%
Cummins Incorporated «		9,249	$	907,882
Flowserve Corporation		1,600		221,680
Joy Global Incorporated «		8,719		496,896
				1,626,458
Road & Rail: 3.99%
Hertz Global Holdings Incorporated Ǡ		64,660		1,011,282
Kansas City Southern Railway Company «		17,880		1,397,322
Norfolk Southern Corporation		5,300		320,014
Union Pacific Corporation		26,149		3,210,574
				5,939,192
Trading Companies & Distributors: 0.60%
W.W. Grainger Incorporated		4,600		892,492
Information Technology: 33.96%
Communications Equipment: 2.79%
Cisco Systems Incorporated		25,700		485,987
Palo Alto Networks Incorporated Ǡ		2,433		132,404
QUALCOMM Incorporated		55,700		3,543,634
				4,162,025
Computers & Peripherals: 8.92%
Apple Incorporated		20,291		11,875,916
EMC Corporation †		56,632		1,405,606
				13,281,522
Internet Software & Services: 9.42%
Akamai Technologies Incorporated †		1,400		51,268
Baidu.com Incorporated ADR Ǡ		4,171		401,709
eBay Incorporated †		104,480		5,518,634
Facebook Incorporated †		2,600		72,800
Google Incorporated Class A †		7,594		5,303,422
LinkedIn Corporation †		6,730		727,782
Mercadolibre Incorporated «		5,300		381,335
Rackspace Hosting Incorporated Ǡ		22,840		1,578,701
				14,035,651
IT Services: 6.62%
Accenture plc «		8,600		584,112
Alliance Data Systems Corporation Ǡ		5,600		797,944
Cognizant Technology Solutions Corporation Class A †		42,750		2,874,083
MasterCard Incorporated Class A		4,510		2,203,947
Teradata Corporation †		7,400		440,152
Visa Incorporated Class A «		19,770		2,959,767
				9,860,005

The accompanying notes are an integral part of these financial statements.

40 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name				Shares		Value
Semiconductors & Semiconductor Equipment: 2.25%
Avago Technologies Limited					11,500	$	403,650
Broadcom Corporation Class A					24,796		802,894
Linear Technology Corporation					5,600		185,864
Maxim Integrated Products Incorporated					20,740		605,401
Microchip Technology Incorporated «					44,440		1,351,865
							3,349,674
Software: 3.96%
Citrix Systems Incorporated †					15,010		918,012
Fortinet Incorporated †					28,100		561,438
Red Hat Incorporated †					21,311		1,052,763
Salesforce.com Incorporated Ǡ					11,281		1,778,675
VMware Incorporated Ǡ					17,500		1,591,625
							5,902,513
Materials: 3.99%
Chemicals: 3.99%
Airgas Incorporated					3,200		283,424
Ecolab Incorporated					10,600		764,048
Monsanto Company					32,310		2,959,270
Praxair Incorporated					18,050		1,935,141
							5,941,883
Telecommunication Services: 1.03%
Wireless Telecommunication Services: 1.03%
Crown Castle International Corporation †					22,660		1,530,003
Total Common Stocks (Cost $125,151,792)							147,157,159
				Principal
Other: 0.31%
Gryphon Funding Limited, Pass-Through Entity (a)(i)(v)				$	1,413,568		466,478
Total Other (Cost $133,933)							466,478
	Yield			Shares
Short-Term Investments: 21.55%
Investment Companies: 21.55%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (u)(l)		0.16	%		1,362,764		1,362,764
Wells Fargo Securities Lending Cash Investments, LLC (v)(l)(u)(r)		0.21			30,742,017		30,742,017
Total Short-Term Investments (Cost $32,104,781)							32,104,781

Total investments in securities
(Cost $157,390,506) *	120.65	%		179,728,418
Other assets and liabilities, net	(20.65	)		(30,765,249	)
Total net assets	100.00	%	$	148,963,169

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 41

DIVERSIFIED LARGE CAP 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.

(l) Investment in an affiliate

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

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

* Cost for federal income tax purposes is $159,804,843 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	22,172,146
Gross unrealized depreciation		(2,248,571	)
Net unrealized appreciation	$	19,923,575

The accompanying notes are an integral part of these financial statements.

42 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

EMERGING GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 98.15%
Consumer Discretionary: 14.75%
Hotels, Restaurants & Leisure: 4.12%
Ignite Restaurant Group Incorporated †		335,164	$	4,256,583
Life Time Fitness Incorporated Ǡ		531,670		25,020,390
SHFL entertainment Incorporated Ǡ		645,017		8,875,434
				38,152,407
Household Durables: 0.58%
SodaStream International Limited Ǡ		133,900		5,339,932
Internet & Catalog Retail : 2.94%
HomeAway Incorporated Ǡ		571,345		11,701,146
Shutterfly Incorporated Ǡ		574,685		15,487,761
				27,188,907
Media: 1.72%
IMAX Corporation Ǡ		736,710		15,949,772
Specialty Retail: 5.39%
Asbury Automotive Group Incorporated †		324,700		9,802,693
DSW Incorporated Class A «		267,800		18,218,434
Hibbett Sports Incorporated Ǡ		70,050		3,764,487
Vitamin Shoppe Incorporated Ǡ		304,280		18,031,633
				49,817,247
Consumer Staples: 2.36%
Food & Staples Retailing: 2.36%
The Fresh Market Incorporated Ǡ		316,970		16,428,555
United Natural Foods Incorporated †		104,100		5,389,257
				21,817,812
Energy: 6.17%
Energy Equipment & Services: 0.63%
Forum Energy Technologies Incorporated Ǡ		229,727		5,798,309
Oil, Gas & Consumable Fuels: 5.54%
Approach Resources Incorporated †		689,070		16,186,254
Carrizo Oil & Gas Incorporated «†		163,445		3,391,484
Diamondback Energy Incorporated†		233,357		4,200,426
Kodiak Oil & Gas Corporation «†		806,700		6,921,486
Laredo Petroleum Holdings Incorporated Ǡ		498,531		9,482,060
Oasis Petroleum Incorporated Ǡ		368,100		11,123,982
				51,305,692
Financials: 3.25%
Capital Markets: 2.79%
Financial Engines Incorporated Ǡ		985,130		25,830,109

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 43

EMERGING GROWTH PORTFOLIO

Security name	Shares		Value
Insurance: 0.46%
eHealth Incorporated †		166,000	$	4,282,800
Health Care: 19.99%
Biotechnology: 1.46%
Cepheid Incorporated Ǡ		154,100		4,995,922
Exact Sciences Corporation †		265,420		2,603,770
Genomic Health Incorporated Ǡ		100,800		2,788,128
Infinity Pharmaceuticals Incorporated Ǡ		99,200		2,514,720
Raptor Pharmaceutical Corporation†		105,200		556,508
				13,459,048
Health Care Equipment & Supplies: 11.66%
Abiomed Incorporated Ǡ		230,600		3,078,510
Align Technology Incorporated Ǡ		666,200		18,247,218
Cynosure Incorporated Class A †		351,178		7,908,529
DexCom Incorporated Ǡ		516,770		6,759,352
Endologix Incorporated †		1,883,094		27,606,158
HeartWare International Incorporated Ǡ		74,700		6,148,557
Masimo Corporation «		423,450		8,773,884
Novadaq Technologies Incorporated †		531,900		4,701,996
NxStage Medical Incorporated †		1,145,560		13,769,631
Volcano Corporation Ǡ		399,530		10,891,188
				107,885,023
Health Care Providers & Services: 1.00%
MWI Veterinary Supply Incorporated †		82,800		9,243,792
Health Care Technology: 0.55%
Healthstream Incorporated †		215,400		5,109,288
Pharmaceuticals: 5.32%
Akorn Incorporated Ǡ		1,903,535		25,678,687
Impax Laboratories Incorporated †		359,240		7,306,942
Jazz Pharmaceuticals plc Ǡ		301,480		16,243,742
				49,229,371
Industrials: 16.37%
Commercial Services & Supplies: 1.61%
InnerWorkings Incorporated Ǡ		1,141,673		14,853,166
Electrical Equipment: 0.85%
Thermon Group Holdings Incorporated †		319,147		7,892,505
Machinery: 3.12%
Chart Industries Incorporated Ǡ		176,185		10,655,669
Proto Labs Incorporated †		134,155		4,893,974
The Middleby Corporation Ǡ		104,850		13,356,842
				28,906,485

The accompanying notes are an integral part of these financial statements.

44 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

EMERGING GROWTH PORTFOLIO

Security name	Shares		Value
Professional Services: 5.27%
Advisory Board Company Ǡ		316,900	$	14,339,725
Corporate Executive Board Company		191,000		8,174,800
Mistras Group Incorporated †		349,498		7,580,612
On Assignment Incorporated Ǡ		934,013		18,614,879
				48,710,016
Road & Rail: 2.95%
Genesee & Wyoming Incorporated «†		374,110		27,291,325
Trading Companies & Distributors: 2.57%
DXP Enterprises Incorporated †		359,016		17,336,883
Titan Machinery Incorporated Ǡ		292,772		6,481,972
				23,818,855
Information Technology: 35.25%
Communications Equipment: 2.90%
Aruba Networks Incorporated Ǡ		115,530		2,250,524
Ixia †		1,087,441		16,333,364
Procera Networks Incorporated Ǡ		399,301		8,245,566
				26,829,454
Computers & Peripherals: 0.47%
Stratasys Incorporated Ǡ		58,500		4,384,575
Electronic Equipment, Instruments & Components: 1.70%
OSI Systems Incorporated †		256,000		15,687,680
Internet Software & Services: 9.12%
Brightcove Incorporated †		1,067,315		10,374,302
Envestnet Incorporated †		1,018,430		14,156,177
Liquidity Services Incorporated Ǡ		314,500		12,913,370
LivePerson Incorporated †		201,604		2,659,157
Mercadolibre Incorporated «		163,930		11,794,764
OpenTable Incorporated Ǡ		178,000		7,990,420
SciQuest Incorporated †		923,018		15,035,963
SPS Commerce Incorporated †		257,100		9,476,706
				84,400,859
IT Services: 4.61%
Gartner Incorporated †		154,758		7,409,813
MarketAxess Holdings Incorporated «		396,051		12,222,134
Maximus Incorporated		110,200		6,941,494
ServiceSource International Incorporated Ǡ		262,900		1,348,677
Wex Incorporated Ǡ		205,221		14,767,703
				42,689,821

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 45

EMERGING GROWTH PORTFOLIO

Security name				Shares		Value
Semiconductors & Semiconductor Equipment: 1.62%
Cavium Incorporated Ǡ					160,790	$	5,664,632
Entegris Incorporated †					1,043,540		9,350,118
							15,014,750
Software: 14.83%
Allot Communications Limited Ǡ					450,043		9,828,939
Aspen Technology Incorporated †					142,500		3,703,575
Broadsoft Incorporated Ǡ					556,673		17,607,567
Fleetmatics Group plc « †					382,540		8,331,721
Fortinet Incorporated †					592,200		11,832,156
Guidewire Software Incorporated †					252,200		7,540,780
Imperva Incorporated Ǡ					275,791		8,483,331
Infoblox Incorporated †					186,100		3,528,456
PROS Holdings Incorporated †					425,522		7,544,505
Solarwinds Incorporated †					371,964		20,841,143
Sourcefire Incorporated Ǡ					307,700		15,148,071
Synchronoss Technologies Incorporated Ǡ					603,601		11,021,754
Ultimate Software Group Incorporated †					124,670		11,782,562
							137,194,560
Materials: 0.01%
Chemicals: 0.01%
Landec Corporation †					6,189		61,959
Total Common Stocks (Cost $839,109,014)							908,145,519
Investment Companies: 0.35%
iShares Russell 2000 Growth Index Fund «					35,000		3,272,850
Total Investment Companies (Cost $3,354,397)							3,272,850
				Principal
Other: 0.16%
Gryphon Funding Limited, Pass-Through Entity (a)(i)(v)				$	4,359,499		1,438,635
Total Other (Cost $413,054)							1,438,635
	Yield			Shares
Short-Term Investments: 32.65%
Investment Companies: 32.65%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.16	%		14,554,639		14,554,639
Wells Fargo Securities Lending Cash Investments, LLC (v)(r)(l)(u)		0.21			287,604,201		287,604,201
Total Short-Term Investments (Cost $302,158,840)							302,158,840

Total investments in securities
(Cost $1,145,035,305) *	131.31	%		1,215,015,844
Other assets and liabilities, net	(31.31	)		(289,724,512	)
Total net assets	100.00	%	$	925,291,332

The accompanying notes are an integral part of these financial statements.

46 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (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.

(l) Investment in an affiliate

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

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

* Cost for federal income tax purposes is $1,148,971,009 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	117,856,874
Gross unrealized depreciation		(51,812,039	)
Net unrealized appreciation	$	66,044,835

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 47

EQUITY VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 98.74%
Consumer Discretionary: 8.96%
Auto Components: 0.59%
Delphi Automotive plc †		152,300	$	5,176,677
Household Durables: 0.62%
Pulte Homes Incorporated †		323,450		5,437,195
Media: 1.32%
Comcast Corporation Class A		156,200		5,807,516
News Corporation Class A		233,350		5,749,744
				11,557,260
Multiline Retail: 2.00%
Dollar General Corporation †		163,650		8,182,500
Macy’s Incorporated		240,800		9,318,960
				17,501,460
Specialty Retail: 3.82%
Bed Bath & Beyond Incorporated †		105,300		6,183,216
Foot Locker Incorporated		526,900		18,884,089
GNC Holdings Incorporated Class A		236,050		8,292,437
				33,359,742
Textiles, Apparel & Luxury Goods: 0.61%
PVH Corporation		46,650		5,345,624
Consumer Staples: 10.08%
Beverages: 1.51%
Anheuser-Busch Companies Incorporated ADR «		100,025		8,799,199
The Coca-Cola Company		115,850		4,393,032
				13,192,231
Food & Staples Retailing: 3.92%
CVS Caremark Corporation		406,300		18,897,013
Kroger Company		166,750		4,375,520
Walgreen Company		325,750		11,046,183
				34,318,716
Food Products: 2.75%
JM Smucker Company «		79,850		7,063,531
Kraft Foods Group Incorporated †		139,283		6,298,377
Mondelez International Incorporated Class A		411,850		10,662,797
				24,024,705
Household Products: 1.42%
Procter & Gamble Company		177,225		12,375,622
Personal Products: 0.48%
Herbalife Limited «		91,800		4,220,046

The accompanying notes are an integral part of these financial statements.

48 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

EQUITY VALUE PORTFOLIO

Security name	Shares		Value
Energy: 15.17%
Energy Equipment & Services: 2.16%
Cameron International Corporation †		130,500	$	7,040,475
National Oilwell Varco Incorporated		105,300		7,191,990
Transocean Limited		100,600		4,647,720
				18,880,185
Oil, Gas & Consumable Fuels: 13.01%
Anadarko Petroleum Corporation		153,550		11,238,325
Apache Corporation «		113,900		8,780,551
Chevron Corporation		256,400		27,098,916
ConocoPhillips Company		192,725		10,973,762
Devon Energy Corporation		79,700		4,118,099
Exxon Mobil Corporation		99,050		8,730,267
Hess Corporation		178,350		8,847,944
HollyFrontier Corporation «		147,125		6,669,176
Marathon Petroleum Corporation		80,700		4,804,878
Peabody Energy Corporation		280,300		7,038,333
Plains Exploration & Product Company †«		194,150		6,931,155
Suncor Energy Incorporated «		261,500		8,527,515
				113,758,921
Financials: 24.66%
Commercial Banks: 6.06%
Fifth Third Bancorp		928,500		13,593,240
KeyCorp		461,100		3,725,688
PNC Financial Services Group Incorporated		448,075		25,154,931
Regions Financial Corporation		678,600		4,526,262
SunTrust Banks Incorporated		220,300		5,981,145
				52,981,266
Consumer Finance: 4.67%
Capital One Financial Corporation		243,600		14,031,360
Discover Financial Services		644,400		26,813,484
				40,844,844
Diversified Financial Services: 6.11%
Bank of America Corporation		1,380,000		13,606,800
Citigroup Incorporated		428,100		14,799,417
JPMorgan Chase & Company		608,800		25,009,504
				53,415,721
Insurance: 7.08%
AFLAC Incorporated «		76,050		4,029,890
Allstate Corporation		195,800		7,925,984
American International Group Incorporated †		526,125		17,430,521
Fidelity National Title Group Incorporated		184,150		4,458,272
Lincoln National Corporation		394,150		9,735,505
MetLife Incorporated		552,400		18,334,156
				61,914,328

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 49

EQUITY VALUE PORTFOLIO

Security name	Shares		Value
REITs: 0.74%
Digital Realty Trust Incorporated		101,125	$	6,526,608
Health Care: 14.12%
Biotechnology: 2.20%
Amgen Incorporated		115,125		10,223,100
Celgene Corporation †		56,950		4,475,701
Gilead Sciences Incorporated †«		59,950		4,496,250
				19,195,051
Health Care Providers & Services: 2.06%
Express Scripts Holding Corporation †		70,500		3,796,425
UnitedHealth Group Incorporated		261,800		14,239,302
				18,035,727
Pharmaceuticals: 9.86%
Abbott Laboratories		189,725		12,332,125
AstraZeneca plc ADR «		95,500		4,540,070
Bristol-Myers Squibb Company		236,400		7,713,732
Eli Lilly & Company		232,675		11,410,382
Johnson & Johnson Services Incorporated		53,800		3,751,474
Merck & Company Incorporated		383,200		16,975,760
Pfizer Incorporated		1,180,400		29,533,608
				86,257,151
Industrials: 7.05%
Airlines: 0.39%
Delta Air Lines Incorporated †		337,000		3,370,000
Industrial Conglomerates: 3.75%
General Electric Company		1,553,200		32,819,116
Machinery: 1.84%
Eaton Corporation «		309,150		16,125,264
Trading Companies & Distributors: 1.07%
United Rentals Incorporated †«		224,400		9,319,332
Information Technology: 8.17%
Communications Equipment: 2.70%
Cisco Systems Incorporated		997,000		18,853,270
QUALCOMM Incorporated		75,100		4,777,862
				23,631,132
Computers & Peripherals: 0.99%
EMC Corporation †		348,050		8,638,601
Internet Software & Services: 0.50%
Yahoo! Incorporated †		234,600		4,403,442

The accompanying notes are an integral part of these financial statements.

50 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

EQUITY VALUE PORTFOLIO

Security name	Shares		Value
Semiconductors & Semiconductor Equipment: 2.81%
Broadcom Corporation Class A		361,800	$	11,715,084
NXP Semiconductors †«		154,000		3,769,920
Skyworks Solutions Incorporated †		402,000		9,105,300
				24,590,304
Software: 1.17%
Adobe Systems Incorporated †		154,650		5,352,437
Microsoft Corporation		183,500		4,884,770
				10,237,207
Materials: 3.59%
Chemicals: 2.09%
CF Industries Holdings Incorporated		18,910		4,047,307
LyondellBasell Industries NV Class A		171,550		8,531,182
PPG Industries Incorporated		45,775		5,688,459
				18,266,948
Metals & Mining: 1.50%
Freeport-McMoRan Copper & Gold Incorporated Class B		336,200		13,115,162
Telecommunication Services: 3.70%
Diversified Telecommunication Services: 3.70%
AT&T Incorporated		658,450		22,472,899
Verizon Communications Incorporated		224,600		9,909,352
				32,382,251
Utilities: 3.24%
Electric Utilities: 1.82%
PPL Corporation		542,500		15,922,375
Gas Utilities: 0.65%
Energen Corporation		128,800		5,735,464
Multi-Utilities: 0.77%
NiSource Incorporated «		277,450		6,705,967
Total Common Stocks (Cost $772,236,961)				863,581,645
	Principal
Other: 0.05%
Gryphon Funding Limited, Pass-Through Entity (i)(a)(v)	$	1,175,007		387,752
Total Other (Cost $111,329)				387,752

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 51

EQUITY VALUE PORTFOLIO

Security name	Yield			Shares		Value
Short-Term Investments: 7.58%
Investment Companies: 7.58%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.16	%		12,139,015	$	12,139,015
Wells Fargo Securities Lending Cash Investments, LLC (v)(l)(u)(r)		0.21			54,138,746		54,138,746
Total Short-Term Investments (Cost $66,277,761)							66,277,761

Total investments in securities (Cost $838,626,051) *	106.37	%		930,247,158
Other assets and liabilities, net	(6.37	)		(55,678,493	)
Total net assets	100.00	%	$	874,568,665

† Non-income-earning security

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

(i) Illiquid security

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

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

(l) Investment in an affiliate

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

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

* Cost for federal income tax purposes is $843,914,887 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	100,987,042
Gross unrealized depreciation		(14,654,771	)
Net unrealized appreciation	$	86,332,271

The accompanying notes are an integral part of these financial statements.

52 Wells Fargo Advantage Allocation Funds Summary portfolio of investments—November 30, 2012 (unaudited)

INDEX PORTFOLIO

The Summary Portfolio of Investments shows the 50 largest portfolio holdings in unaffiliated issuers and any holdings exceeding 1% of the total net assets as of the report date. The remaining securities held are grouped as “Other securities” in each category. You can request a complete schedule of portfolio holdings as of the report date, free of charge, by accessing the following website: http://a584.g.akamai.net/f/584/1326/1d/www.wellsfargoadvantagefunds.com/pdf/semi/holdings/index.pdf or by calling Wells Fargo Advantage Funds at 1-800-222-8222. This complete schedule, filed on the Form N-CSR, is also available on the SEC’s website at sec.gov.

Security name	Shares		Value		Percent of net assets
Common Stocks: 98.03%
Consumer Discretionary: 11.31%
Auto Components: 0.23%
Other securities			$	5,729,071		0.23	%
Automobiles: 0.42%
Other securities				10,557,255		0.42
Distributors: 0.08%
Other securities				1,960,185		0.08
Diversified Consumer Services: 0.05%
Other securities				1,325,069		0.05
Hotels, Restaurants & Leisure: 1.78%
McDonald’s Corporation «		195,803		17,042,693		0.68
Other securities				27,527,805		1.10
				44,570,498		1.78
Household Durables: 0.39%
Other securities				9,734,576		0.39
Internet & Catalog Retail: 1.07%
Amazon.com Incorporated ††		70,221		17,699,203		0.70
Other securities				9,234,158		0.37
				26,933,361		1.07
Leisure Equipment & Products: 0.13%
Other securities				3,348,591		0.13
Media: 3.49%
Comcast Corporation Class A		519,555		19,317,055		0.77
Walt Disney Company		348,387		17,300,898		0.69
Other securities				51,031,769		2.03
				87,649,722		3.49
Multiline Retail: 0.84%
Other securities				21,136,868		0.84
Specialty Retail: 2.27%
Home Depot Incorporated		292,694		19,045,599		0.76
Other securities				37,961,338		1.51
				57,006,937		2.27
Textiles, Apparel & Luxury Goods: 0.62%
Other securities				15,683,058		0.62

The accompanying notes are an integral part of these financial statements.

Summary portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 53

INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Consumer Staples: 10.82%
Beverages: 2.42%
PepsiCo Incorporated		302,176	$	21,215,777		0.84	%
The Coca-Cola Company		751,744		28,506,132		1.14
Other securities				11,127,995		0.44
				60,849,904		2.42
Food & Staples Retailing: 2.38%
CVS Caremark Corporation		247,025		11,489,133		0.46
Wal-Mart Stores Incorporated		326,339		23,502,935		0.94
Other securities				24,661,725		0.98
				59,653,793		2.38
Food Products: 1.73%
Other securities				43,519,623		1.73
Household Products: 2.20%
Procter & Gamble Company		534,787		37,344,176		1.49
Other securities				17,884,105		0.71
				55,228,281		2.20
Personal Products: 0.15%
Other securities				3,885,456		0.15
Tobacco: 1.94%
Altria Group Incorporated		394,708		13,345,077		0.53
Philip Morris International		327,310		29,418,623		1.17
Other securities				5,856,785		0.24
				48,620,485		1.94
Energy: 10.79%
Energy Equipment & Services: 1.84%
Schlumberger Limited		257,664		18,453,896		0.73
Other securities				27,728,165		1.11
				46,182,061		1.84
Oil, Gas & Consumable Fuels: 8.95%
Chevron Corporation		380,981		40,265,882		1.60
ConocoPhillips Company		235,824		13,427,819		0.53
Exxon Mobil Corporation		896,260		78,996,356		3.15
Occidental Petroleum Corporation		157,264		11,827,825		0.47
Other securities				80,358,768		3.20
				224,876,650		8.95
Financials: 14.67%
Capital Markets: 1.87%
Goldman Sachs Group Incorporated		87,501		10,306,743		0.41
Other securities				36,626,864		1.46
				46,933,607		1.87

The accompanying notes are an integral part of these financial statements.

54 Wells Fargo Advantage Allocation Funds Summary portfolio of investments—November 30, 2012 (unaudited)

INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Commercial Banks: 2.68%
US Bancorp		368,003	$	11,871,777		0.47	%
Wells Fargo & Company (l)		953,829		31,485,895		1.25
Other securities				23,951,235		0.96
				67,308,907		2.68
Consumer Finance: 0.91%
American Express Company		191,501		10,704,906		0.43
Other securities				12,166,382		0.48
				22,871,288		0.91
Diversified Financial Services: 4.44%
Bank of America Corporation		2,092,520		20,632,247		0.82
Berkshire Hathaway Incorporated Class B †		356,069		31,362,558		1.25
Citigroup Incorporated		569,389		19,683,778		0.78
JPMorgan Chase & Company		737,590		30,300,197		1.21
Other securities				9,499,035		0.38
				111,477,815		4.44
Insurance: 2.57%
Other securities				64,620,169		2.57
Real Estate Management & Development: 0.05%
Other securities				1,109,885		0.05
REITs: 2.09%
Other securities				52,517,665		2.09
Thrifts & Mortgage Finance: 0.06%
Other securities				1,575,260		0.06
Health Care: 11.92%
Biotechnology: 1.64%
Amgen Incorporated		149,657		13,289,542		0.53
Gilead Sciences Incorporated Ǡ		146,900		11,017,500		0.44
Other securities				17,024,622		0.67
				41,331,664		1.64
Health Care Equipment & Supplies: 1.75%
Other securities				43,997,456		1.75
Health Care Providers & Services: 1.87%
UnitedHealth Group Incorporated		200,517		10,906,120		0.44
Other securities				36,010,890		1.43
				46,917,010		1.87
Health Care Technology: 0.09%
Other securities				2,181,542		0.09

The accompanying notes are an integral part of these financial statements.

Summary Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 55

INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Life Sciences Tools & Services: 0.43%
Other securities			$	10,921,272		0.43	%
Pharmaceuticals: 6.14%
Abbott Laboratories		304,712		19,806,280		0.79
Bristol-Myers Squibb Company		326,009		10,637,674		0.42
Johnson & Johnson Services Incorporated «		535,324		37,328,143		1.49
Merck & Company Incorporated		591,359		26,197,204		1.04
Pfizer Incorporated		1,450,322		36,287,056		1.44
Other securities				23,916,732		0.96
				154,173,089		6.14
Industrials: 9.75%
Aerospace & Defense: 2.24%
United Technologies Corporation		162,875		13,047,916		0.52
Other securities				43,292,739		1.72
				56,340,655		2.24
Air Freight & Logistics: 0.75%
Other securities				18,745,997		0.75
Airlines: 0.05%
Other securities				1,374,979		0.05
Building Products: 0.05%
Other securities				1,175,956		0.05
Commercial Services & Supplies: 0.56%
Other securities				13,984,010		0.56
Construction & Engineering: 0.15%
Other securities				3,822,287		0.15
Electrical Equipment: 0.54%
Other securities				13,695,927		0.54
Industrial Conglomerates: 2.57%
3M Company		123,492		11,231,597		0.45
General Electric Company		2,050,171		43,320,113		1.73
Other securities				9,935,416		0.39
				64,487,126		2.57
Machinery: 1.88%
Caterpillar Incorporated «		126,843		10,812,097		0.43
Other securities				36,414,019		1.45
				47,226,116		1.88
Road & Rail: 0.78%
Union Pacific Corporation		91,959		11,290,726		0.45
Other securities				8,203,289		0.33
				19,494,015		0.78

The accompanying notes are an integral part of these financial statements.

56 Wells Fargo Advantage Allocation Funds Summary portfolio of investments—November 30, 2012 (unaudited)

INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Trading Companies & Distributors: 0.18%
Other securities			$	4,445,839		0.18	%
Information Technology: 18.81%
Communications Equipment: 1.92%
Cisco Systems Incorporated		1,027,151		19,423,425		0.77
QUALCOMM Incorporated		330,733		21,041,233		0.84
Other securities				7,885,294		0.31
				48,349,952		1.92
Computers & Peripherals: 5.24%
Apple Incorporated †		182,013		106,528,569		4.24
Other securities				25,039,333		1.00
				131,567,902		5.24
Electronic Equipment, Instruments & Components: 0.41%
Other securities				10,387,903		0.41
Internet Software & Services: 2.15%
eBay Incorporated †		225,195		11,894,800		0.48
Google Incorporated Class A †		51,434		35,919,963		1.43
Other securities				6,096,363		0.24
				53,911,126		2.15
IT Services: 3.76%
International Business Machines Corporation		208,575		39,643,850		1.58
Visa Incorporated Class A		101,486		15,193,469		0.60
Other securities				39,510,048		1.58
				94,347,367		3.76
Office Electronics: 0.07%
Other securities				1,728,480		0.07
Semiconductors & Semiconductor Equipment: 1.88%
Intel Corporation		971,414		19,010,572		0.76
Other securities				28,213,753		1.12
				47,224,325		1.88
Software: 3.38%
Microsoft Corporation		1,464,995		38,998,167		1.55
Oracle Corporation		739,454		23,736,473		0.94
Other securities				22,078,184		0.89
				84,812,824		3.38
Materials: 3.46%
Chemicals: 2.38%
Other securities				59,792,868		2.38
Construction Materials: 0.05%
Other securities				1,327,552		0.05

The accompanying notes are an integral part of these financial statements.

Summary portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 57

INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Containers & Packaging: 0.13%
Other securities			$	3,292,559		0.13	%
Metals & Mining: 0.73%
Other securities				18,188,548		0.73
Paper & Forest Products: 0.17%
Other securities				4,195,688		0.17
Telecommunication Services: 3.07%
Diversified Telecommunication Services: 2.76%
AT&T Incorporated		1,120,145		38,230,549		1.52
Verizon Communications Incorporated		553,156		24,405,243		0.97
Other securities				6,584,977		0.27
				69,220,769		2.76
Wireless Telecommunication Services: 0.31%
Other securities				7,833,705		0.31
Utilities: 3.37%
Electric Utilities: 1.99%
Other securities				50,113,792		1.99
Gas Utilities: 0.11%
Other securities				2,675,945		0.11
Independent Power Producers & Energy Traders: 0.09%
Other securities				2,219,690		0.09
Multi-Utilities: 1.18%
Other securities				29,693,241		1.18
Total Common Stocks (Cost $1,927,101,077)				2,462,065,216		98.03
Investment Companies: 0.10%
Other securities				2,403,229		0.10
Total Investment Companies (Cost $2,358,744)				2,403,229		0.10
	Principal
Other: 0.05%
Gryphon Funding Limited, Pass-Through Entity (a)(i)(v)	$	4,147,337		1,368,621		0.05
Total Other (Cost $392,952)				1,368,621		0.05

The accompanying notes are an integral part of these financial statements.

58 Wells Fargo Advantage Allocation Funds Summary portfolio of investments—November 30, 2012 (unaudited)

INDEX PORTFOLIO

Security name	Yield					Shares		Value			Percent of net assets
Short-Term Investments: 8.03%
Investment Companies: 7.90%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.16	%				39,179,893	$	39,179,893			1.56	%
Wells Fargo Securities Lending Cash Investments, LLC (v)(l)(u)(r)		0.21					159,290,071		159,290,071			6.34
									198,469,964			7.90
	Interest rate			Maturity date		Principal
U.S. Treasury Securities: 0.13%
U.S. Treasury Bill #(z)		0.05			1-31-13	$	2,000,000		1,999,820			0.08
U.S. Treasury Bill #(z)		0.08			2-21-13		500,000		499,911			0.02
U.S. Treasury Bill #(z)		0.09			1-24-13		750,000		749,897			0.03
									3,249,628			0.13
Total Short-Term Investments (Cost $201,719,510)									201,719,592			8.03
Total investments in securities (Cost $2,131,572,283) *									2,667,556,658			106.21
Other assets and liabilities, net									(156,053,926	)		(6.21	)
Total net assets								$	2,511,502,732			100.00	%

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

† Non-income-earning security

(l) Investment in an affiliate

(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.

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

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

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

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

* Cost for federal income tax purposes is $2,236,771,410 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	617,641,282
Gross unrealized depreciation		(186,856,034	)
Net unrealized appreciation	$	430,785,248

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 59

INTERNATIONAL EQUITY PORTFOLIO

Security name	Shares		Value
Common Stocks: 98.39%
Argentina: 0.06%
IRSA Inversiones y Representaciones SA ADR (Financials, Real Estate Management & Development)		2,011	$	14,338
Australia: 1.64%
BHP Billiton Limited (Materials, Metals & Mining)		10,199		366,036
Brazil: 0.96%
Cosan Limited Class A (Energy, Oil, Gas & Consumable Fuels)		13,251		214,666
Canada: 4.48%
Barrick Gold Corporation (Materials, Metals & Mining)		6,825		236,970
Cenovus Energy Incorporated (Energy, Oil, Gas & Consumable Fuels) «		8,503		283,575
Suncor Energy Incorporated (Energy, Oil, Gas & Consumable Fuels) «		4,222		137,964
Valeant Pharmaceuticals International Incorporated (Health Care, Pharmaceuticals) Ǡ		6,202		342,847
				1,001,356
China: 1.49%
AutoNavi Holdings Limited ADR (Information Technology, Software) †		3,871		47,226
Biostime International Holding Limited (Consumer Staples, Food Products)		16,500		49,925
Industrial & Commercial Bank of China Class H (Financials, Commercial Banks)		290,000		195,698
Shenguan Holdings Group Limited (Consumer Staples, Food Products)		78,000		39,653
				332,502
Finland: 1.72%
Metso Oyj (Industrials, Machinery)		10,222		384,336
France: 1.84%
Total SA (Energy, Oil, Gas & Consumable Fuels)		8,218		411,218
Germany: 8.29%
Allianz AG (Financials, Insurance)		2,614		339,794
Bayer AG (Health Care, Pharmaceuticals)		3,940		356,386
Metro AG (Consumer Staples, Food & Staples Retailing)		16,214		454,006
SAP AG (Information Technology, Software)		1,917		149,689
Siemens AG (Industrials, Industrial Conglomerates)		5,363		553,106
				1,852,981
Hong Kong: 7.28%
China Everbright Limited (Financials, Capital Markets)		374,000		539,511
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		34,000		388,687
Hengdeli Holdings Limited (Consumer Discretionary, Specialty Retail)		1,027,951		366,074
Jardine Matheson Holdings Limited (Industrials, Industrial Conglomerates)		5,600		330,512
Xtep International Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		7,788		3,095
				1,627,879
Italy: 4.46%
ENI SpA (Energy, Oil, Gas & Consumable Fuels)		19,955		471,816
Intesa Sanpaolo SpA (Financials, Commercial Banks)		312,533		525,966
				997,782

The accompanying notes are an integral part of these financial statements.

60 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

INTERNATIONAL EQUITY PORTFOLIO

Security name	Shares		Value
Japan: 19.27%
Asahi Glass Company Limited (Industrials, Building Products)		53,000	$	403,761
Canon Incorporated (Information Technology, Office Electronics)		15,600		545,579
Capcom Company Limited (Information Technology, Software)		21,400		402,378
FamilyMart Company Limited (Consumer Staples, Food & Staples Retailing)		7,200		319,233
Itochu Corporation (Industrials, Trading Companies & Distributors)		37,100		370,842
Mitsubishi UFJ Financial Group Incorporated (Financials, Commercial Banks)		88,200		403,365
Mitsui OSK Lines Limited (Industrials, Marine)		185,000		464,548
Nitto Denko Corporation (Materials, Chemicals)		6,646		346,268
Toyota Motor Corporation (Consumer Discretionary, Automobiles)		13,700		587,487
USS Company Limited (Consumer Discretionary, Specialty Retail)		2,700		287,572
Yamada Denki Company Limited (Consumer Discretionary, Specialty Retail) «		4,940		174,684
				4,305,717
Netherlands: 2.71%
Akzo Nobel NV (Materials, Chemicals)		10,587		605,007
Norway: 3.56%
Marine Harvest ASA (Consumer Staples, Food Products) †		423,722		370,278
Statoil ASA (Energy, Oil, Gas & Consumable Fuels)		17,361		424,489
				794,767
Philippines: 1.23%
Philippine Long Distance Telephone Company (Telecommunication Services, Wireless Telecommunication Services)		4,350		275,106
Russia: 1.60%
Mobile Telesystems ADR (Telecommunication Services, Wireless Telecommunication Services)		13,246		230,878
Sberbank of Russia (Financials, Commercial Banks)		42,727		125,617
				356,495
South Korea: 4.64%
Hana Financial Group Incorporated (Financials, Commercial Banks)		5,210		161,662
Samsung Electronics Company Limited GDR (Information Technology, Semiconductors & Semiconductor Equipment)144A		719		470,945
SK Telecom Company Limited (Telecommunication Services, Wireless Telecommunication Services)		2,908		404,169
				1,036,776
Sweden: 1.46%
Volvo AB Class B (Industrials, Machinery)		23,056		326,607
Switzerland: 10.73%
ABB Limited (Industrials, Electrical Equipment)		26,766		521,629
Compagnie Financiere Richemont SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		3,853		297,072
Novartis AG (Health Care, Pharmaceuticals)		9,051		560,133
Swatch Group AG Class B (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		925		446,779
Zurich Financial Services AG (Financials, Insurance)		2,241		571,918
				2,397,531
Taiwan: 1.18%
Taiwan Semiconductor Manufacturing Company Limited ADR (Information Technology, Semiconductors & Semiconductor Equipment)		15,290		264,058

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 61

INTERNATIONAL EQUITY PORTFOLIO

Security name				Shares		Value
United Kingdom: 16.54%
BP plc (Energy, Oil, Gas & Consumable Fuels)					72,681	$	502,581
Capita plc (Industrials, Professional Services)					45,078		550,691
Chemring Group plc (Industrials, Aerospace & Defense)					91,046		358,985
Debenhams plc (Consumer Discretionary, Multiline Retail)					144,945		273,792
Man Group plc (Financials, Capital Markets)					239,146		294,258
Reckitt Benckiser Group plc (Consumer Staples, Household Products)					5,408		340,079
Smiths Group plc (Industrials, Industrial Conglomerates)					24,767		434,501
Vodafone Group plc ADR (Telecommunication Services, Wireless Telecommunication Services) «					16,672		430,138
Wolseley plc (Industrials, Trading Companies & Distributors)					11,033		512,089
							3,697,114
United States: 3.25%
Bank of America Corporation (Financials, Diversified Financial Services)					17,794		175,449
KKR & Company Limited Partnership (Financials, Capital Markets)					12,547		172,521
QUALCOMM Incorporated (Information Technology, Communications Equipment)					5,945		378,219
							726,189
Total Common Stocks (Cost $21,945,178)							21,988,461
	Yield
Short-Term Investments: 6.28%
Investment Companies: 6.28%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (u)(l)		0.16	%		327,352		327,352
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(v)(r)		0.21			1,076,691		1,076,691
Total Short-Term Investments (Cost $1,404,043)							1,404,043

Total investments in securities
(Cost $23,349,221) *	104.67	%		23,392,504
Other assets and liabilities, net	(4.67	)		(1,043,530	)
Total net assets	100.00	%	$	22,348,974

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

† Non-income-earning security

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

(l) Investment in an affiliate

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

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

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

* Cost for federal income tax purposes is $23,452,164 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	1,346,020
Gross unrealized depreciation		(1,405,680	)
Net unrealized depreciation	$	(59,660	)

The accompanying notes are an integral part of these financial statements.

62 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

INTERNATIONAL EQUITY PORTFOLIO

The following table shows the percent of total long-term investments by sector as of November 30, 2012:

Industrials	23.70	%
Financials	16.01	%
Energy	11.13	%
Consumer Discretionary	11.08	%
Information Technology	10.27	%
Telecommunication Services	7.86	%
Consumer Staples	7.15	%
Materials	7.07	%
Health Care	5.73	%
	100.00	%

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 63

INTERNATIONAL GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 97.11%
Australia: 0.46%
Coca-Cola Amatil Limited (Consumer Staples, Beverages)		20,004	$	286,839
Westfield Group (Financials, REITs)		21,325		231,895
				518,734
Belgium: 4.41%
Anheuser-Busch InBev NV (Consumer Staples, Beverages)		46,254		4,053,891
Telenet Group Holding NV (Telecommunication Services, Diversified Telecommunication Services)		3,921		179,093
UCB SA (Health Care, Pharmaceuticals)		12,217		693,468
				4,926,452
Bermuda: 0.71%
Hong Kong Land Holdings Limited (Financials, Real Estate Management & Development)		120,966		791,118
Canada: 4.19%
Canadian Pacific Railway Limited (Industrials, Road & Rail) «		50,104		4,676,707
Cayman Islands: 5.52%
Baidu.com Incorporated ADR (Information Technology, Internet Software & Services) «†		34,473		3,320,095
China Resources Land Limited (Financials, Real Estate Management & Development)		542,500		1,448,963
Tencent Holdings Limited (Information Technology, Internet Software & Services)		42,500		1,388,480
				6,157,538
China: 0.91%
China Construction Bank (Financials, Commercial Banks)		1,332,000		1,020,887
France: 8.48%
Air Liquide SA (Materials, Chemicals)		6,183		755,159
LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods) «		3,681		645,810
Pernod-Ricard SA (Consumer Staples, Beverages)		20,327		2,301,544
Schneider Electric SA (Industrials, Electrical Equipment)		26,850		1,887,065
Technip SA (Energy, Energy Equipment & Services)		2,935		340,945
Unibail-Rodamco SA (Financials, Real Estate Management & Development)		10,243		2,403,872
Zodiac Aerospace SA (Industrials, Aerospace & Defense)		10,132		1,131,920
				9,466,315
Germany: 15.75%
Allianz AG (Financials, Insurance)		6,314		820,757
Bayer AG (Health Care, Pharmaceuticals)		19,649		1,777,317
Beiersdorf AG (Consumer Staples, Personal Products)		24,166		1,895,175
Brenntag AG (Materials, Chemicals)		13,684		1,768,996
Deutsche Post AG (Industrials, Air Freight & Logistics)		96,274		1,998,339
Kabel Deutschland Holding AG (Consumer Discretionary, Media)		14,861		1,074,608
Linde AG (Materials, Chemicals)		28,103		4,859,240
Muenchener Rueckversicherungs-Gesellschaft AG (Financials, Insurance)		19,801		3,379,977
				17,574,409

The accompanying notes are an integral part of these financial statements.

64 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

INTERNATIONAL GROWTH PORTFOLIO

Security name	Shares		Value
Hong Kong: 11.61%
AIA Group Limited (Financials, Insurance)		912,600	$	3,550,217
BOC Hong Kong Holdings Limited (Financials, Commercial Banks)		154,088		473,187
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		167,100		1,910,281
Hang Seng Bank Limited (Financials, Commercial Banks)		82,451		1,259,606
Sands China Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		352,113		1,501,553
Sino Land Company (Financials, Real Estate Management & Development)		506,252		914,496
Sun Hung Kai Properties Limited (Financials, Real Estate Management & Development)		141,742		2,073,952
Wynn Macau Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		447,396		1,278,654
				12,961,946
India: 0.46%
Coal India Limited (Energy, Oil, Gas & Consumable Fuels)		75,394		508,055
Indonesia: 0.27%
PT Bank Rakyat Indonesia Tbk (Financials, Commercial Banks)		417,500		306,809
Ireland: 2.75%
Covidien plc (Health Care, Health Care Equipment & Supplies) «		44,665		2,595,483
CRH plc (Materials, Construction Materials)		25,767		470,834
				3,066,317
Italy: 0.97%
Fiat Industrial SpA (Consumer Discretionary, Auto Components)		101,323		1,083,196
Japan: 10.30%
Bridgestone Corporation (Consumer Discretionary, Auto Components)		25,740		621,057
Honda Motor Company Limited (Consumer Discretionary, Automobiles)		107,500		3,562,686
Japan Tobacco Incorporated (Consumer Staples, Tobacco)		163,300		4,892,958
Kao Corporation (Consumer Staples, Personal Products)		26,900		738,457
NGK Insulators Limited (Industrials, Electrical Equipment)		120,000		1,283,921
Nissan Motor Company Limited (Consumer Discretionary, Automobiles)		40,900		396,423
				11,495,502
Malaysia: 0.16%
Astro Malaysia Holdings Bhd (Consumer Discretionary, Media) †		188,000		177,501
Mexico: 0.20%
America Movil SAB de CV ADR (Telecommunication Services, Wireless Telecommunication Services)		9,434		222,548
Netherlands: 5.42%
Akzo Nobel NV (Materials, Chemicals)		9,393		536,774
Koninklijke Vopak NV (Industrials, Transportation Infrastructure)		14,255		1,053,221
Unilever NV (Consumer Staples, Food Products) «		106,845		4,054,081
Ziggo NV (Telecommunication Services, Diversified Telecommunication Services)		12,765		399,765
				6,043,841
Nigeria: 0.36%
Nigerian Breweries plc (Consumer Staples, Beverages)		449,279		400,882
Singapore: 0.36%
City Developments Limited (Financials, Real Estate Management & Development)		42,427		407,377

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 65

INTERNATIONAL GROWTH PORTFOLIO

Security name				Shares		Value
South Korea: 0.93%
Samsung Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)					800	$	1,038,740
Spain: 0.60%
Grifols SA (Health Care, Biotechnology) †					20,818		665,906
Switzerland: 6.59%
Actelion Limited (Health Care, Biotechnology)					3,193		158,151
Givaudan SA (Materials, Chemicals)					421		422,726
Nestle SA (Consumer Staples, Food Products)					60,722		3,974,090
Roche Holdings AG (Health Care, Pharmaceuticals)					6,397		1,259,105
Swatch Group AG Class B (Consumer Discretionary, Textiles, Apparel & Luxury Goods)					1,642		793,093
UBS AG (Financials, Diversified Financial Services)					47,706		746,452
							7,353,617
United Kingdom: 12.58%
British Land Company plc (Financials, REITs)					45,246		398,700
Diageo plc (Consumer Staples, Beverages)					21,136		628,837
HSBC Holdings plc (Financials, Commercial Banks)					244,015		2,493,081
Imperial Tobacco Group plc (Consumer Staples, Tobacco)					66,670		2,667,180
Intercontinental Hotels Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)					16,779		448,400
Johnson Matthey plc (Materials, Chemicals)					23,221		892,513
Land Securities Group plc (Financials, REITs)					96,190		1,245,216
Meggitt plc (Industrials, Aerospace & Defense)					93,247		581,747
Prudential plc (Financials, Insurance)					37,180		539,090
Reckitt Benckiser Group plc (Consumer Staples, Household Products)					1,242		78,102
Rolls Royce Holdings plc (Industrials, Aerospace & Defense)					14,464		206,360
SABMiller plc (Consumer Staples, Beverages)					54,661		2,476,188
WPP plc (Consumer Discretionary, Media)					100,615		1,379,875
							14,035,289
United States: 2.66%
Liberty Global Incorporated Class A (Consumer Discretionary, Media) «†					11,065		620,083
Schlumberger Limited (Energy, Energy Equipment & Services)					27,470		1,967,401
Virgin Media Incorporated (Consumer Discretionary, Media) «					10,933		384,514
							2,971,998
Virgin Islands (British): 0.46%
Arcos Dorados Holdings Incorporated Class A (Consumer Discretionary, Hotels, Restaurants & Leisure) «					41,894		513,202
Total Common Stocks (Cost $92,791,322)							108,384,886
	Dividend Yield
Preferred Stocks: 1.67%
Germany: 1.67%
Henkel AG & Company KGaA ADR (Consumer Staples, Household Products)		0.96	%		22,301		1,863,480
Total Preferred Stocks (Cost $1,577,687)							1,863,480

The accompanying notes are an integral part of these financial statements.

66 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

INTERNATIONAL GROWTH PORTFOLIO

Security name	Yield			Shares		Value
Short-Term Investments: 7.23%
Investment Companies: 7.23%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.16	%		1,084,659	$	1,084,659
Wells Fargo Securities Lending Cash Investments, LLC (r)(v)(l)(u)		0.21			6,985,505		6,985,505
Total Short-Term Investments (Cost $8,070,164)							8,070,164

Total investments in securities
(Cost $102,439,173) *	106.01	%		118,318,530
Other assets and liabilities, net	(6.01	)		(6,711,662	)
Total net assets	100.00	%	$	111,606,868

† Non-income-earning security

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

(l) Investment in an affiliate

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

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

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

* Cost for federal income tax purposes is $102,953,148 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	16,530,333
Gross unrealized depreciation		(1,164,951	)
Net unrealized appreciation	$	15,365,382

The following table shows the percent of total long-term investments by sector as of November 30, 2012:

Consumer Staples	27.50	%
Financials	22.24	%
Consumer Discretionary	13.13	%
Industrials	11.63	%
Materials	8.80	%
Health Care	6.48	%
Information Technology	5.21	%
Energy	2.55	%
Telecommunication Services	2.46	%
	100.00	%

The accompanying notes are an integral part of these financial statements.

Summary portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 67

INTERNATIONAL INDEX PORTFOLIO

The Summary Portfolio of Investments shows the 50 largest portfolio holdings in unaffiliated issuers and any holdings exceeding 1% of the total net assets as of the report date. The remaining securities held are grouped as “Other securities” in each category. You can request a complete schedule of portfolio holdings as of the report date, free of charge, by accessing the following website: http://a584.g.akamai.net/f/584/1326/1d/www.wellsfargoadvantagefunds.com/pdf/semi/holdings/internationalindex.pdf or by calling Wells Fargo Advantage Funds at 1-800-222-8222. This complete schedule, filed on the Form N-CSR, is also available on the SEC’s website at sec.gov.

Security name	Shares		Value		Percent of net assets
Common Stocks: 98.26%
Australia: 8.86%
Australia & New Zealand Banking Group Limited (Financials, Commercial Banks)		5,621	$	142,898		0.64	%
BHP Billiton Limited (Materials, Metals & Mining)		6,732		241,607		1.08
Commonwealth Bank of Australia (Financials, Commercial Banks)		3,324		207,060		0.93
National Australia Bank Limited (Financials, Commercial Banks)		4,698		119,139		0.53
Westpac Banking Corporation (Financials, Commercial Banks)		6,378		169,730		0.76
Other securities				1,101,482		4.92
				1,981,916		8.86
Austria: 0.30%
Other securities				67,957		0.30
Belgium: 1.16%
Anheuser-Busch InBev NV (Consumer Staples, Beverages)		1,685		147,680		0.66
Other securities				112,318		0.50
				259,998		1.16
Denmark: 1.17%
Novo Nordisk A/S Class B (Health Care, Pharmaceuticals)		854		135,626		0.61
Other securities				126,283		0.56
				261,909		1.17
Finland: 0.79%
Other securities				176,560		0.79
France: 9.05%
BNP Paribas SA (Financials, Commercial Banks)		2,097		117,122		0.52
LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods) «		531		93,161		0.42
Sanofi-Aventis SA (Health Care, Pharmaceuticals)		2,482		221,632		0.99
Total SA (Energy, Oil, Gas & Consumable Fuels)		4,441		222,222		0.99
Other securities				1,370,611		6.13
				2,024,748		9.05
Germany: 8.04%
Allianz AG (Financials, Insurance)		955		124,141		0.56
BASF SE (Materials, Chemicals)		1,924		172,406		0.77
Bayer AG (Health Care, Pharmaceuticals)		1,735		156,936		0.70
Daimler AG (Consumer Discretionary, Automobiles)		1,895		93,603		0.42
Deutsche Bank AG (Financials, Commercial Banks)		1,940		85,633		0.38
SAP AG (Information Technology, Software)		1,932		150,860		0.67
Siemens AG (Industrials, Industrial Conglomerates)		1,718		177,184		0.79
Other securities				837,128		3.75
				1,797,891		8.04

The accompanying notes are an integral part of these financial statements.

68 Wells Fargo Advantage Allocation Funds Summary portfolio of investments—November 30, 2012 (unaudited)

INTERNATIONAL INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Greece: 0.06%
Other securities			$	13,673		0.06	%
Hong Kong: 3.23%
AIA Group Limited (Financials, Insurance)		22,600		87,919		0.39
Other securities				634,229		2.84
				722,148		3.23
Ireland: 0.29%
Other securities				65,673		0.29
Israel: 0.61%
Other securities				135,199		0.61
Italy: 2.16%
ENI SpA (Energy, Oil, Gas & Consumable Fuels)		5,328		125,975		0.56
Other securities				357,357		1.60
				483,332		2.16
Japan: 18.92%
Honda Motor Company Limited (Consumer Discretionary, Automobiles)		3,400		112,680		0.50
Mitsubishi UFJ Financial Group Incorporated (Financials, Commercial Banks)		26,670		121,970		0.55
Sumitomo Mitsui Financial Group Incorporated (Financials, Commercial Banks)		2,800		90,146		0.40
Toyota Motor Corporation (Consumer Discretionary, Automobiles) «		5,800		248,717		1.11
Other securities				3,657,217		16.36
				4,230,730		18.92
Luxembourg: 0.42%
Other securities				93,196		0.42
Netherlands: 2.80%
Unilever NV (Consumer Staples, Food Products)		3,412		129,463		0.58
Other securities				497,038		2.22
				626,501		2.80
New Zealand: 0.14%
Other securities				30,215		0.14
Norway: 0.89%
Other securities				197,747		0.89
Portugal: 0.17%
Other securities				38,251		0.17
Singapore: 1.83%
Other securities				409,754		1.83
Spain: 2.91%
Banco Bilbao Vizcaya Argentaria SA (Financials, Commercial Banks)		11,236		95,335		0.43
Banco Santander Central Hispano SA (Financials, Commercial Banks)		21,405		164,636		0.73
Telefonica SA (Telecommunication Services, Diversified Telecommunication Services) †		8,458		110,991		0.50

The accompanying notes are an integral part of these financial statements.

Summary portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 69

INTERNATIONAL INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Spain: (continued)
Other securities			$	280,650		1.25	%
				651,612		2.91
Sweden: 3.08%
Other securities				688,524		3.08
Switzerland: 8.73%
ABB Limited (Industrials, Electrical Equipment)		4,584		89,335		0.40
Nestle SA (Consumer Staples, Food Products)		6,744		441,377		1.97
Novartis AG (Health Care, Pharmaceuticals)		4,802		297,178		1.33
Roche Holdings AG (Health Care, Pharmaceuticals)		1,467		288,746		1.29
UBS AG (Financials, Diversified Financial Services) †		7,639		119,527		0.53
Other securities				715,210		3.21
				1,951,373		8.73
United Kingdom: 22.65%
AstraZeneca plc (Health Care, Pharmaceuticals)		2,608		123,953		0.55
Barclays plc (Financials, Commercial Banks)		24,305		95,793		0.43
BG Group plc (Health Care, Health Care Providers & Services)		7,126		122,161		0.55
BHP Billiton plc (Materials, Metals & Mining)		4,417		138,845		0.62
BP plc (Energy, Oil, Gas & Consumable Fuels)		39,722		274,673		1.23
British American Tobacco plc (Consumer Staples, Tobacco)		4,064		213,175		0.95
Diageo plc (Consumer Staples, Beverages)		5,256		156,376		0.70
GlaxoSmithKline plc (Health Care, Pharmaceuticals)		10,401		222,381		0.99
HSBC Holdings plc (Financials, Commercial Banks)		38,292		391,226		1.75
Rio Tinto plc (Materials, Metals & Mining)		2,803		138,924		0.62
Royal Dutch Shell plc Class A (Energy, Oil, Gas & Consumable Fuels)		7,716		258,308		1.15
Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels)		5,520		190,541		0.85
SABMiller plc (Consumer Staples, Beverages)		1,998		90,511		0.40
Standard Chartered plc (Financials, Commercial Banks)		5,009		116,766		0.52
Tesco plc (Consumer Staples, Food & Staples Retailing)		16,814		87,577		0.39
Unilever plc (Consumer Staples, Food Products)		2,683		103,295		0.46
Vodafone Group plc (Telecommunication Services, Wireless Telecommunication Services)		103,024		265,994		1.19
Other securities				2,074,836		9.30
				5,065,335		22.65
Total Common Stocks (Cost $20,230,067)				21,974,242		98.26
Preferred Stocks: 0.62%
Germany: 0.62%
Other securities				138,423		0.62
United Kingdom: 0.00%
Other securities				489		0.00
Total Preferred Stocks (Cost $95,903)				138,912		0.62
Rights: 0.02%
Spain: 0.01%
Other securities				2,479		0.01
Switzerland: 0.00%
Other securities				120		0.00

The accompanying notes are an integral part of these financial statements.

70 Wells Fargo Advantage Allocation Funds Summary portfolio of investments—November 30, 2012 (unaudited)

INTERNATIONAL INDEX PORTFOLIO

Security name						Value			Percent of net assets
United Kingdom : 0.01%
Other securities						$	1,353			0.01	%
Total Rights (Cost $15,422)							3,952			0.02
	Yield			Shares
Short-Term Investments: 2.02%
Investment Companies: 2.02%
Wells Fargo Securities Lending Cash Investment, LLC (u)(l)(v)(r)		0.21	%		452,217		452,217			2.02
Total Short-Term Investments (Cost $452,217)							452,217			2.02
Total investments in securities
(Cost $20,793,609) *							22,569,323			100.92
Other assets and liabilities, net							(206,172	)		(0.92	)
Total net assets						$	22,363,151			100.00	%

† Non-income-earning security

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

(l) Investment in an affiliate

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

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

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

* Cost for federal income tax purposes is $21,165,061 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	2,838,297
Gross unrealized depreciation		(1,434,035	)
Net unrealized appreciation	$	1,404,262

The following table shows the percent of total long-term investments by sector as of November 30, 2012:

Financials	24.55	%
Industrials	12.27	%
Consumer Staples	11.82	%
Consumer Discretionary	11.03	%
Health Care	10.53	%
Materials	9.66	%
Energy	7.40	%
Telecommunication Services	4.63	%
Information Technology	4.30	%
Utilities	3.81	%
	100.00	%

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 71

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 96.62%
Australia: 4.83%
Arrium Limited (Materials, Metals & Mining)		934,300	$	799,529
Bendigo Bank Limited (Financials, Commercial Banks)		272,500		2,297,797
Boart Longyear Group (Energy, Energy Equipment & Services)		199,991		299,500
Cabcharge Australia Limited (Industrials, Commercial Services & Supplies)		207,386		837,576
Challenger Financial Services Group Limited (Financials, Diversified Financial Services)		475,400		1,652,104
Downer EDI Limited (Industrials, Commercial Services & Supplies) †		425,500		1,567,502
Goodman Fielder Limited (Consumer Staples, Food Products) †		1,387,983		970,494
Lend Lease Corporation Limited (Financials, Real Estate Management & Development)		273,769		2,457,065
Metcash Limited (Consumer Staples, Food & Staples Retailing)		536,500		1,920,427
Mincor Resources NL (Materials, Metals & Mining)		570,994		622,704
Myer Holdings Limited (Consumer Discretionary, Multiline Retail) «		577,400		1,307,586
Sally Malay Mining Limited (Materials, Metals & Mining)		368,800		202,062
Westpac Banking Corporation (Financials, Commercial Banks)		91,800		2,442,962
				17,377,308
Austria: 1.54%
Erste Bank Der Oesterreichischen Sparkassen AG (Financials, Commercial Banks) †		22,100		650,004
OMV AG (Energy, Oil, Gas & Consumable Fuels)		41,100		1,468,878
RHI AG (Materials, Chemicals)		63,021		1,883,487
Voestalpine AG (Materials, Metals & Mining)		47,700		1,540,050
				5,542,419
Belgium: 1.16%
Delhaize Group SA (Consumer Staples, Food & Staples Retailing)		39,400		1,456,802
KBC Groep NV (Financials, Commercial Banks)		53,400		1,608,796
Tessenderlo Chemie NV (Materials, Chemicals)		37,000		1,117,836
				4,183,434
Brazil: 1.75%
Banco do Brasil SA (Financials, Commercial Banks)		130,500		1,338,101
Cia Saneamento Basico de Sau Paulo (Utilities, Water Utilities)		84,400		3,416,604
Cia Saneamento Minas Gerais (Utilities, Water Utilities)		72,400		1,524,710
				6,279,415
Canada: 2.17%
Magna International Incorporated Class A (Consumer Discretionary, Auto Components) «		54,400		2,538,320
Metro Incorporated (Consumer Staples, Food & Staples Retailing) «		48,400		2,979,961
WestJet Airlines Limited (Industrials, Airlines)		120,000		2,271,103
				7,789,384
China: 2.72%
China BlueChemical Limited (Materials, Chemicals)		1,984,000		1,239,008
China Communications Services Corporation Limited (Telecommunication Services, Diversified Telecommunication Services)		2,836,000		1,595,438
China Petroleum & Chemical Corporation (Energy, Oil, Gas & Consumable Fuels)		4,705,000		4,990,207
China Railway Construction Corporation Limited (Industrials, Construction & Engineering) «		1,747,500		1,948,130
				9,772,783

The accompanying notes are an integral part of these financial statements.

72 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Czech Republic: 0.53%
CEZ AS (Utilities, Electric Utilities)		57,500	$	1,910,678
Denmark: 0.57%
Danske Bank A/S (Financials, Commercial Banks) †		45,600		781,821
H. Lundbeck A/S (Health Care, Pharmaceuticals)		75,800		1,267,231
				2,049,052
Finland: 0.44%
TietoEnator Oyj (Information Technology, IT Services)		82,700		1,587,520
France: 7.70%
AXA SA (Financials, Insurance)		93,100		1,529,862
BNP Paribas SA (Financials, Commercial Banks)		30,200		1,686,735
Credit Agricole SA (Financials, Commercial Banks) †		219,328		1,662,706
Sanofi-Aventis SA (Health Care, Pharmaceuticals)		88,338		7,888,214
SCOR SE (Financials, Insurance)		109,700		2,896,923
Societe Generale SA (Financials, Diversified Financial Services) †		39,000		1,410,311
Societe Television Francaise 1 SA (Consumer Discretionary, Media)		133,100		1,302,256
Thales SA (Industrials, Aerospace & Defense)		59,100		2,125,634
Total SA (Energy, Oil, Gas & Consumable Fuels)		85,500		4,278,308
Vivendi SA (Consumer Discretionary, Media)		134,746		2,895,031
				27,675,980
Germany: 8.25%
Allianz AG (Financials, Insurance)		33,100		4,302,671
BASF SE (Materials, Chemicals)		46,500		4,166,770
Daimler AG (Consumer Discretionary, Automobiles)		69,300		3,423,068
Deutsche Bank AG (Financials, Commercial Banks)		41,200		1,818,597
E.ON AG (Utilities, Multi-Utilities)		52,800		951,067
Hannover Rueckversicherung AG (Financials, Insurance)		31,000		2,283,962
Metro AG (Consumer Staples, Food & Staples Retailing)		49,800		1,394,443
Muenchener Rueckversicherungs-Gesellschaft AG (Financials, Insurance)		19,700		3,362,737
Norddeutsche Affinerie AG (Materials, Metals & Mining)		25,900		1,645,813
RWE AG (Utilities, Multi-Utilities)		40,900		1,705,618
Volkswagen AG (Consumer Discretionary, Automobiles)		22,600		4,596,979
				29,651,725
Hong Kong: 1.78%
Guangdong Investment Limited (Utilities, Water Utilities)		2,772,000		2,253,310
Johnson Electric Holdings Limited (Industrials, Electrical Equipment)		1,133,500		763,447
Kingboard Laminates Holdings Limited (Information Technology, Electronic Equipment, Instruments & Components)		2,204,000		966,891
Lonking Holdings Limited (Industrials, Machinery) «		3,973,000		907,359
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		429,500		1,504,597
				6,395,604
India: 1.10%
Tata Motors Limited ADR (Consumer Discretionary, Auto Components) «		83,800		2,100,866
Tata Steel Limited GDR (Industrials, Machinery)		245,900		1,840,562
				3,941,428

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 73

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Indonesia: 0.25%
PT Japfa Comfeed Indonesia tbk (Consumer Staples, Food Products)		1,621,000	$	903,982
Ireland: 0.00%
Allied Irish Banks plc (Financials, Commercial Banks) †		79,300		5,466
Irish Life & Permanent Group Holdings plc (Financials, Insurance) †		111,500		2,900
				8,366
Israel: 1.20%
Bank Hapoalim Limited (Financials, Commercial Banks) †		542,900		2,236,944
Teva Pharmaceutical Industries Limited (Health Care, Pharmaceuticals)		51,404		2,088,389
				4,325,333
Italy: 1.61%
Enel SpA (Utilities, Multi-Utilities)		688,400		2,608,902
ENI SpA (Energy, Oil, Gas & Consumable Fuels)		135,200		3,196,671
				5,805,573
Japan: 18.96%
Adeka Corporation (Materials, Chemicals)		203,200		1,624,417
Aozora Bank Limited (Financials, Commercial Banks)		588,000		1,811,755
Chiba Bank Limited (Financials, Commercial Banks)		208,000		1,241,414
Edion Corporation (Consumer Discretionary, Specialty Retail)		73,600		287,490
Eizo Nanao Corporation (Information Technology, Computers & Peripherals)		63,300		979,044
Fukuoka Financial Group Incorporated (Financials, Commercial Banks)		378,000		1,490,265
Hitachi Capital Corporation (Financials, Consumer Finance)		57,700		1,087,715
Itochu Corporation (Industrials, Trading Companies & Distributors)		168,000		1,679,287
JX Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		408,000		2,177,716
KDDI Corporation (Telecommunication Services, Wireless Telecommunication Services)		60,000		4,439,862
Kyorin Company Limited (Health Care, Pharmaceuticals)		99,000		2,106,460
Maeda Road Construction Company Limited (Industrials, Construction & Engineering)		148,000		2,009,001
Marubeni Corporation (Industrials, Trading Companies & Distributors)		516,000		3,398,896
Miraca Holdings Incorporated (Health Care, Health Care Providers & Services)		25,700		1,042,840
Mitsubishi Corporation (Industrials, Trading Companies & Distributors)		35,500		672,233
Mitsui & Company Limited (Industrials, Trading Companies & Distributors)		54,300		750,260
Mizuho Financial Group Incorporated (Financials, Commercial Banks)		1,831,300		2,932,390
Nichirei Corporation (Consumer Staples, Food Products)		265,000		1,436,950
Nihon Kohden Corporation (Health Care, Health Care Equipment & Supplies)		45,400		1,489,743
Nippon Electric Glass Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		107,000		610,056
Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		74,600		3,334,761
Nissan Motor Company Limited (Consumer Discretionary, Automobiles)		151,400		1,467,442
Nissan Shatai Company Limited (Consumer Discretionary, Auto Components)		8,700		99,733
NTT DoCoMo Incorporated (Telecommunication Services, Wireless Telecommunication Services)		1,400		2,019,288
Otsuka Corporation (Information Technology, IT Services)		32,800		2,602,196
Otsuka Holdings Company Limited (Health Care, Health Care Providers & Services)		133,900		3,974,687
Rengo Company Limited (Materials, Containers & Packaging)		208,000		1,082,453
Ryosan Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		16,200		262,745
Saizeriya Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		44,900		630,185
Sankyu Incorporated (Industrials, Road & Rail)		313,000		1,275,769
Sega Sammy Holdings Incorporated (Consumer Discretionary, Leisure Equipment & Products)		80,800		1,344,788

The accompanying notes are an integral part of these financial statements.

74 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Japan: (continued)
Shionogi & Company Limited (Health Care, Pharmaceuticals)		113,100	$	1,915,298
Sojitz Corporation (Industrials, Trading Companies & Distributors)		678,000		855,365
Sumitomo Corporation (Consumer Discretionary, Distributors)		285,000		3,536,787
Sumitomo Mitsui Financial Group Incorporated (Financials, Commercial Banks)		92,900		2,990,921
Sumitomo Mitsui Trust Holdings Incorporated (Financials, Commercial Banks)		613,000		1,859,040
The Keiyo Bank Limited (Financials, Commercial Banks)		62,000		273,767
Toshiba TEC Corporation (Information Technology, Office Electronics)		234,000		1,175,180
Tsuruha Holdings Incorporated (Consumer Staples, Food & Staples Retailing)		29,400		2,214,763
Yokohama Rubber Company Limited (Consumer Discretionary, Auto Components)		297,000		1,988,767
				68,171,729
Liechtenstein: 0.14%
Verwaltungs-Und Privat-Bank AG (Financials, Capital Markets)		7,800		521,431
Netherlands: 2.57%
Aegon NV (Financials, Insurance)		151,800		873,205
ING Groep NV (Financials, Diversified Financial Services) †		237,100		2,130,772
Koninklijke Ahold NV (Consumer Staples, Food & Staples Retailing)		241,100		3,059,119
Koninklijke DSM NV (Consumer Staples, Food & Staples Retailing)		52,700		3,035,251
Nutreco Holding NV (Consumer Staples, Food Products)		1,740		141,865
				9,240,212
Norway: 1.74%
Atea ASA (Information Technology, IT Services)		158,200		1,717,607
DnB Nor ASA (Financials, Commercial Banks)		98,900		1,231,787
Statoil ASA (Energy, Oil, Gas & Consumable Fuels)		61,700		1,508,611
Yara International ASA (Materials, Chemicals)		35,800		1,795,546
				6,253,551
Poland: 0.97%
Asseco Poland SA (Information Technology, Software)		101,800		1,402,902
KGHM Polska Miedz SA (Materials, Metals & Mining) «		36,500		2,069,698
				3,472,600
Portugal: 0.07%
Banco BPI SA (Financials, Commercial Banks) †		245,688		258,180
Russia: 2.02%
Gazprom Neft Sponsored ADR (Energy, Oil, Gas & Consumable Fuels)		150,014		3,438,321
Gazprom Neft Sponsored ADR (Energy, Oil, Gas & Consumable Fuels)		886		20,164
Lukoil ADR (Energy, Oil, Gas & Consumable Fuels)		60,400		3,789,242
				7,247,727
Singapore: 0.48%
United Overseas Bank Limited (Financials, Commercial Banks)		113,000		1,733,049
South Africa: 0.44%
Exxaro Resources Limited (Materials, Metals & Mining)		91,400		1,587,862

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 75

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
South Korea: 1.98%
Industrial Bank of Korea (Financials, Commercial Banks)		192,500	$	2,044,374
SK Telecom Company Limited (Telecommunication Services, Wireless Telecommunication Services)		22,300		3,099,367
Woori Finance Holdings Company Limited (Financials, Commercial Banks)		212,200		1,989,038
				7,132,779
Spain: 2.23%
Banco Bilbao Vizcaya Argentaria SA (Financials, Commercial Banks)		185,200		1,571,384
Banco Espanol de Credito SA (Financials, Commercial Banks) «		146,100		533,739
Banco Santander Central Hispano SA (Financials, Commercial Banks)		337,200		2,593,559
Repsol YPF SA (Energy, Oil, Gas & Consumable Fuels)		123,800		2,626,044
Telefonica SA (Telecommunication Services, Diversified Telecommunication Services)		52,400		687,622
				8,012,348
Sweden: 1.45%
Boliden AB (Materials, Metals & Mining)		169,300		2,994,974
Saab AB (Industrials, Aerospace & Defense)		113,500		2,209,150
				5,204,124
Switzerland: 5.43%
Baloise Holding AG (Financials, Insurance)		28,800		2,416,316
Credit Suisse Group AG (Financials, Capital Markets)		141,700		3,354,805
Georg Fischer AG (Industrials, Machinery)		3,000		1,112,010
Novartis AG (Health Care, Pharmaceuticals)		40,400		2,500,205
Roche Holdings AG (Health Care, Pharmaceuticals)		21,200		4,172,742
Swiss Re AG (Financials, Insurance)		28,900		2,081,661
Zurich Financial Services AG (Financials, Insurance)		15,200		3,879,141
				19,516,880
Taiwan: 0.33%
Powertech Technology Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		794,000		1,176,489
Thailand: 0.56%
Bangchak Petroleum plc (Energy, Oil, Gas & Consumable Fuels)		2,188,900		2,032,703
United Kingdom: 19.65%
Amlin plc (Financials, Insurance)		279,000		1,727,208
AstraZeneca plc (Health Care, Pharmaceuticals)		140,400		6,672,903
Aviva plc (Financials, Insurance)		314,900		1,768,333
BAE Systems plc (Industrials, Aerospace & Defense)		684,100		3,587,310
Barclays plc (Financials, Commercial Banks)		715,000		2,818,023
Bodycote plc (Industrials, Construction & Engineering)		302,400		1,999,007
BP plc (Energy, Oil, Gas & Consumable Fuels)		609,300		4,213,238
BT Group plc (Telecommunication Services, Diversified Telecommunication Services)		1,124,900		4,208,276
Chemring Group plc (Industrials, Aerospace & Defense)		221,686		874,084
Cookson Group plc (Utilities, Multi-Utilities)		145,400		1,428,000
Firstgroup plc (Industrials, Road & Rail)		254,700		761,455
GlaxoSmithKline plc (Health Care, Pharmaceuticals)		57,700		1,233,666
Greene King plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		93,500		916,783

The accompanying notes are an integral part of these financial statements.

76 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

Security name				Shares		Value
United Kingdom: (continued)
Home Retail Group plc (Consumer Discretionary, Internet & Catalog Retail) «					290,000	$	518,985
Inchcape plc (Consumer Discretionary, Distributors)					319,200		2,186,774
J Sainsbury plc (Consumer Staples, Food & Staples Retailing)					608,700		3,329,432
Kesa Electricals plc (Consumer Discretionary, Specialty Retail)					679,100		519,530
Marks & Spencer Group plc (Consumer Discretionary, Multiline Retail)					380,200		2,379,292
Marston’s plc (Consumer Discretionary, Hotels, Restaurants & Leisure)					632,790		1,269,309
Old Mutual plc (Financials, Commercial Banks)					982,800		2,697,279
Pace plc (Consumer Discretionary, Household Durables)					374,800		1,100,091
Premier Foods plc (Consumer Staples, Food Products) †					31,510		48,338
Royal & Sun Alliance Insurance Group plc (Financials, Insurance)					443,900		835,654
Royal Dutch Shell plc Class A (Energy, Oil, Gas & Consumable Fuels)					14,300		479,267
Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels)					264,000		9,112,841
Tesco plc (Consumer Staples, Food & Staples Retailing)					655,700		3,415,274
Thomas Cook Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure) †					389,400		162,208
Tullett Prebon plc (Financials, Capital Markets)					279,500		1,016,061
Vodafone Group plc (Telecommunication Services, Wireless Telecommunication Services)					1,591,600		4,109,298
WH Smith plc (Consumer Discretionary, Specialty Retail)					223,600		2,328,561
William Morrison Supermarkets plc (Consumer Staples, Food & Staples Retailing)					679,700		2,927,183
							70,643,663
Total Common Stocks (Cost $388,485,305)							347,405,311
	Dividend yield
Preferred Stocks: 1.07%
Brazil: 1.07%
Banco do Estado do Rio Grande do Sul SA (Financials, Commercial Banks)		5.38	%		173,300		1,229,515
Cia Energetica de Minas Gerais (Energy, Oil, Gas & Consumable Fuels)		10.30			73,900		887,782
Companhia Vale do Rio Doce Class A (Materials, Metals & Mining)		6.13			100,100		1,719,239
Total Preferred Stocks (Cost $4,315,416)							3,836,536
	Yield
Short-Term Investments: 4.06%
Investment Companies: 4.06%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.16			1,479,062		1,479,062
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)		0.21			13,117,922		13,117,922
Total Short-Term Investments (Cost $14,596,984)							14,596,984

Total investments in securities
(Cost $407,397,705) *	101.75	%		365,838,831
Other assets and liabilities, net	(1.75	)		(6,275,930	)
Total net assets	100.00	%	$	359,562,901

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 77

INTERNATIONAL VALUE PORTFOLIO

† Non-income-earning security

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

(l) Investment in an affiliate

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

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

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

* Cost for federal income tax purposes is $408,276,608 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	29,807,775
Gross unrealized depreciation		(72,245,552	)
Net unrealized depreciation	$	(42,437,777	)

The following table shows the percent of total long-term investments by sector as of Novemebr 30, 2012:

Financials	25.46	%
Energy	12.67	%
Consumer Discretionary	11.51	%
Health Care	10.35	%
Industrials	9.52	%
Materials	8.29	%
Consumer Staples	7.46	%
Telecommunication Services	6.69	%
Utilities	4.50	%
Information Technology	3.55	%
	100.00	%

The accompanying notes are an integral part of these financial statements.

78 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

LARGE COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 94.94%
Consumer Discretionary: 8.50%
Household Durables: 2.65%
Harman International Industries Incorporated		10,524	$	416,329
Newell Rubbermaid Incorporated		40,167		876,042
				1,292,371
Media: 2.90%
DIRECTV Group Incorporated †		10,731		533,331
Omnicom Group Incorporated «		6,408		318,734
Walt Disney Company		11,402		566,223
				1,418,288
Multiline Retail: 1.01%
Target Corporation		7,841		495,002
Specialty Retail: 1.94%
Home Depot Incorporated		14,531		945,532
Consumer Staples: 6.03%
Beverages: 1.46%
PepsiCo Incorporated		10,171		714,106
Food & Staples Retailing: 2.10%
CVS Caremark Corporation		22,063		1,026,150
Household Products: 2.47%
Procter & Gamble Company		17,253		1,204,777
Energy: 14.62%
Energy Equipment & Services: 1.25%
Noble Corporation		17,691		610,163
Oil, Gas & Consumable Fuels: 13.37%
Apache Corporation «		5,895		454,446
Chevron Corporation		12,434		1,314,149
ConocoPhillips Company		11,730		667,906
Devon Energy Corporation		10,232		528,687
Exxon Mobil Corporation		33,416		2,945,286
Whiting Petroleum Corporation †		14,848		622,725
				6,533,199
Financials: 24.63%
Capital Markets: 2.04%
Goldman Sachs Group Incorporated		4,061		478,345
State Street Corporation		11,653		517,859
				996,204

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 79

LARGE COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Commercial Banks: 4.64%
Comerica Incorporated		25,495	$	754,397
First Republic Bank Corporation		22,380		756,892
KeyCorp		93,803		757,928
				2,269,217
Consumer Finance: 2.65%
Capital One Financial Corporation		13,545		780,192
SLM Corporation		31,026		513,480
				1,293,672
Diversified Financial Services: 5.29%
Bank of America Corporation		65,495		645,781
Citigroup Incorporated		17,911		619,183
JPMorgan Chase & Company		32,137		1,320,188
				2,585,152
Insurance: 6.52%
ACE Limited		12,234		969,300
American International Group Incorporated †		14,489		480,021
MetLife Incorporated		22,791		756,433
The Hartford Financial Services Group Incorporated		22,174		469,645
The Travelers Companies Incorporated		7,180		508,488
				3,183,887
REITs: 3.49%
American Campus Communities Incorporated		15,542		680,740
Simon Property Group Incorporated		6,720		1,022,314
				1,703,054
Health Care: 12.12%
Health Care Equipment & Supplies: 1.92%
Medtronic Incorporated		11,502		484,349
Stryker Corporation		8,390		454,402
				938,751
Health Care Providers & Services: 2.17%
CIGNA Corporation		20,305		1,061,342
Pharmaceuticals: 8.03%
Hospira Incorporated †		20,237		603,063
Johnson & Johnson Services Incorporated «		14,818		1,033,259
Merck & Company Incorporated		13,716		607,619
Pfizer Incorporated		50,571		1,265,286
Teva Pharmaceutical Industries Limited ADR		10,166		410,198
				3,919,425
Industrials: 9.34%
Airlines: 0.95%
Southwest Airlines Company		48,721		464,311

The accompanying notes are an integral part of these financial statements.

80 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

LARGE COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Commercial Services & Supplies: 1.17%
Waste Management Incorporated		17,589	$	572,874
Construction & Engineering: 0.97%
URS Corporation		12,521		471,791
Industrial Conglomerates: 3.68%
General Electric Company		85,137		1,798,945
Machinery: 1.78%
Dover Corporation		5,534		351,907
Eaton Corporation «		9,946		518,783
				870,690
Road & Rail: 0.79%
Norfolk Southern Corporation		6,385		385,526
Information Technology: 7.47%
Communications Equipment: 1.72%
Cisco Systems Incorporated		44,277		837,278
Computers & Peripherals: 2.28%
Apple Incorporated		866		506,852
EMC Corporation †		17,483		433,928
Hewlett-Packard Company		13,115		170,364
				1,111,144
Internet Software & Services: 0.50%
Google Incorporated Class A †		349		243,731
IT Services: 1.00%
VeriFone Systems Incorporated Ǡ		16,139		490,464
Semiconductors & Semiconductor Equipment: 1.29%
Maxim Integrated Products Incorporated		21,615		630,942
Software: 0.68%
Symantec Corporation †		17,807		334,059
Materials: 2.93%
Chemicals: 2.19%
Ashland Incorporated		9,786		694,023
Dow Chemical Company		12,460		376,167
				1,070,190
Metals & Mining: 0.74%
Alcoa Incorporated «		42,644		358,636

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 81

LARGE COMPANY VALUE PORTFOLIO

Security name				Shares		Value
Telecommunication Services: 2.79%
Diversified Telecommunication Services: 2.79%
AT&T Incorporated					30,104	$	1,027,450
Verizon Communications Incorporated					7,650		337,518
							1,364,968
Utilities: 6.51%
Electric Utilities: 2.26%
Duke Energy Corporation					7,191		458,930
Entergy Corporation					10,176		646,583
							1,105,513
Multi-Utilities: 2.75%
Dominion Resources Incorporated «					12,533		640,562
NiSource Incorporated «					29,017		701,341
							1,341,903
Water Utilities: 1.50%
American Water Works Company Incorporated					19,159		731,302
Total Common Stocks (Cost $41,070,714)							46,374,559
				Principal
Other: 0.06%
Gryphon Funding Limited, Pass-Through Entity (a)(i)(v)				$	91,312		30,133
Total Other (Cost $8,652)							30,133
	Yield			Shares
Short-Term Investments: 12.43%
Investment Companies: 12.43%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.16	%		2,060,814		2,060,814
Wells Fargo Securities Lending Cash Investments, LLC (l)(r)(u)(v)		0.21			4,010,623		4,010,623
Total Short-Term Investments (Cost $6,071,437)							6,071,437

Total investments in securities
(Cost $47,150,803)*	107.43	%		52,476,129
Other assets and liabilities, net	(7.43	)		(3,628,335	)
Total net assets	100.00	%	$	48,847,794

† Non-income-earning security

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

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

(i) Illiquid security

(l) Investment in an affiliate

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

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

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

* Cost for federal income tax purposes is $48,370,511 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	4,876,212
Gross unrealized depreciation		(770,594	)
Net unrealized appreciation	$	4,105,618

The accompanying notes are an integral part of these financial statements.

82 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

SMALL CAP VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 93.70%
Consumer Discretionary: 7.35%
Auto Components: 1.45%
Gentex Corporation		13,508	$	239,767
Diversified Consumer Services: 0.59%
Cambium Learning Group Incorporated †		19,495		18,130
Corinthian Colleges Incorporated †		35,405		78,599
Voyager Expanded Learning Incorporated †(a)(i)		58,950		0
				96,729
Hotels, Restaurants & Leisure: 2.02%
Century Casinos Incorporated †		67,136		177,910
Empire Resorts Incorporated †		13,855		25,632
Scientific Games Corporation Class A †		15,475		128,907
				332,449
Household Durables: 2.54%
Cavco Industries Incorporated †		5,150		265,225
KB Home Incorporated		930		13,355
Nobility Homes Incorporated †		21,085		115,968
Skyline Corporation †		6,042		24,772
				419,320
Media: 0.50%
Outdoor Channel Holdings Incorporated		11,145		82,807
Specialty Retail: 0.25%
rue21 Incorporated †		1,413		40,567
Consumer Staples: 1.27%
Household Products: 0.45%
WD-40 Company		1,550		73,222
Personal Products: 0.82%
Prestige Brands Holdings Incorporated †		6,264		135,302
Energy: 17.84%
Energy Equipment & Services: 7.79%
Helix Energy Solutions Group Incorporated †		9,433		165,172
Helmerich & Payne Incorporated		1,245		64,989
ION Geophysical Corporation †		27,715		165,181
Key Energy Services Incorporated †		9,399		62,879
Matrix Service Company †		20,824		228,439
Newpark Resources Incorporated †		32,338		252,236
Oceaneering International Incorporated		2,275		119,847
PHI Incorporated (non-voting) †		2,718		85,155
PHI Incorporated (voting) †		2,392		71,880
Willbros Group Incorporated †		13,779		69,308
				1,285,086

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 83

SMALL CAP VALUE PORTFOLIO

Security name	Shares		Value
Oil, Gas & Consumable Fuels: 10.05%
Clean Energy Fuels Corporation †		2,865	$	37,990
Energy XXI (Bermuda) Limited		845		26,770
Forest Oil Corporation †		5,735		36,532
InterOil Corporation †		15,940		887,220
McMoRan Exploration Company †		33,174		282,974
PetroQuest Energy Incorporated †		1,415		7,542
Range Resources Corporation		4,160		266,323
Triangle Petroleum Corporation †		17,763		111,019
				1,656,370
Financials: 18.62%
Capital Markets: 0.54%
Artio Global Investors Incorporated		39,225		88,649
Commercial Banks: 4.53%
1st United Bancorp Incorporated †		12,625		71,710
Bancorp Incorporated †		6,450		75,207
BBCN Bancorp Incorporated		3,393		38,612
City National Corporation		1,160		56,480
First Horizon National Corporation		8,735		82,633
First Niagara Financial Group Incorporated		18,858		142,189
IBERIABANK Corporation		1,235		60,206
Pacific Premier Bancorp Incorporated †		10,811		112,867
Park Sterling Corporation †		4,160		21,840
Sterling Bancorp		5,400		50,220
Univest Corporation of Pennsylvania		2,039		34,296
				746,260
Insurance: 3.18%
Argo Group International Holdings Limited		9,780		324,598
Hilltop Holdings Incorporated †		8,436		120,550
Mercury General Corporation		1,915		79,702
				524,850
REITs: 10.26%
Anworth Mortgage Asset Corporation		12,250		72,275
Capstead Mortgage Corporation		13,380		162,433
Chimera Investment Corporation		192,610		527,751
Crexus Investment Corporation		14,792		184,752
Hatteras Financial Corporation		4,205		112,105
MFA Mortgage Investments Incorporated		19,785		166,392
Origen Financial Incorporated		58,585		87,878
Redwood Trust Incorporated		9,121		152,503
UMH Properties Incorporated		22,257		225,463
				1,691,552
Thrifts & Mortgage Finance: 0.11%
Northwest Bancshares Incorporated		1,600		19,088

The accompanying notes are an integral part of these financial statements.

84 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

SMALL CAP VALUE PORTFOLIO

Security name	Shares		Value
Health Care: 8.48%
Biotechnology: 1.67%
Amarin Corporation plc ADR †		7,205	$	89,414
Discovery Laboratories Incorporated †		72,358		155,570
Infinity Pharmaceuticals Incorporated †		1,190		30,167
				275,151
Health Care Equipment & Supplies: 3.05%
Allied Healthcare Products Incorporated †		32,480		82,824
EnteroMedics Incorporated †		29,132		90,309
OraSure Technologies Incorporated †		42,774		329,360
				502,493
Health Care Providers & Services: 2.11%
Cross Country Healthcare Incorporated †		15,182		60,880
Ensign Group Incorporated		3,290		84,849
Gentiva Health Services Incorporated †		11,258		115,957
Healthcare Services Group		3,702		87,071
				348,757
Health Care Technology: 1.38%
Allscripts Healthcare Solutions Incorporated †		10,963		121,909
Omnicell Incorporated †		6,935		105,897
				227,806
Life Sciences Tools & Services: 0.27%
Nordion Incorporated		6,660		43,956
Industrials: 14.50%
Air Freight & Logistics: 0.28%
Pacer International Incorporated †		13,342		46,297
Airlines: 0.82%
JetBlue Airways Corporation †		26,186		134,596
Building Products: 0.31%
Patrick Industries Incorporated †		2,910		50,576
Commercial Services & Supplies: 4.40%
ABM Industries Incorporated		10,583		201,924
ACCO Brands Corporation †		50,080		337,539
GEO Group Incorporated		6,615		186,543
				726,006
Construction & Engineering: 5.34%
Chicago Bridge & Iron Company NV		4,990		202,744
Integrated Electrical Services Incorporated †		24,302		110,574
MYR Group Incorporated †		9,020		193,389
Primoris Services Corporation		19,401		280,926
Sterling Construction Company Incorporated †		10,130		93,500
				881,133

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 85

SMALL CAP VALUE PORTFOLIO

Security name	Shares		Value
Electrical Equipment: 0.54%
GrafTech International Limited †		9,196	$	89,201
Machinery: 1.56%
Actuant Corporation Class A		3,900		112,203
Hardinge Incorporated		15,033		144,166
				256,369
Professional Services: 1.25%
Hill International Incorporated †		59,307		206,388
Information Technology: 9.83%
Communications Equipment: 2.12%
Brocade Communications Systems Incorporated †		15,275		86,762
MRV Communications Incorporated		12,340		6,293
Sandvine Corporation †		154,135		201,686
Tellabs Incorporated		15,400		54,824
				349,565
Computers & Peripherals: 2.76%
Cray Incorporated †		15,350		218,277
Intermec Incorporated †		21,234		160,317
Lexmark International Incorporated		3,165		77,004
				455,598
Electronic Equipment, Instruments & Components: 2.72%
Coherent Incorporated †		4,003		185,139
OSI Systems Incorporated †		3,565		218,463
Power One Incorporated †		10,590		43,949
				447,551
IT Services: 1.64%
Official Payments Holdings Incorporated †		53,220		270,890
Software: 0.59%
Accelrys Incorporated †		11,075		97,571
Materials: 14.60%
Containers & Packaging: 0.29%
Intertape Polymer Group Incorporated		5,810		47,410
Metals & Mining: 13.92%
Eldorado Gold Corporation		7,915		114,609
Goldcorp Incorporated		5,175		200,273
Great Basin Gold Limited †(a)(i)		97,638		0
Randgold Resources Limited ADR		8,133		873,159
Royal Gold Incorporated		3,195		258,028
San Gold Corporation †		32,830		27,876
Sandstorm Gold Limited †		30,435		373,180
Sandstorm Metals & Energy Limited †		253,515		126,330
Silver Standard Resources Incorporated †		13,249		178,862

The accompanying notes are an integral part of these financial statements.

86 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

SMALL CAP VALUE PORTFOLIO

Security name						Shares		Value
Metals & Mining (continued)
Steel Dynamics Incorporated							3,003	$	38,799
United States Steel Corporation							4,795		103,380
									2,294,496
Paper & Forest Products: 0.39%
Wausau Paper Corporation							7,652		64,200
Telecommunication Services: 1.21%
Diversified Telecommunication Services: 1.21%
Cincinnati Bell Incorporated †							37,395		199,318
Total Common Stocks (Cost $10,521,497)									15,447,346
Investment Companies: 2.21%
KBW Regional Banking ETF							1,036		28,573
Market Vectors Junior Gold Miners ETF							15,534		334,913
Total Investment Companies (Cost $364,703)									363,486
				Expiration date
Warrants: 0.26%
Health Care: 0.26%
Health Care Equipment & Supplies: 0.26%
EnteroMedics Incorporated †(a)(i)					5-14-16		9,104		14,348
Enteromedics Incorporated †(a)(i)					9-28-16		16,376		28,925
Total Warrants (Cost $0)									43,273
	Yield
Short-Term Investments: 3.69%
Investment Companies: 3.69%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.16	%				608,030		608,030
Total Short-Term Investments (Cost $608,030)									608,030

Total investments in securities (Cost $11,494,230)*	99.86	%		16,462,135
Other assets and liabilities, net	0.14			23,384
Total net assets	100.00	%	$	16,485,519

† 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 $12,488,601 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	4,695,713
Gross unrealized depreciation		(722,179	)
Net unrealized appreciation	$	3,973,534

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 87

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 96.31%
Consumer Discretionary: 14.27%
Hotels, Restaurants & Leisure: 1.32%
Caribou Coffee Company Incorporated †«		40,190	$	484,290
Ryman Hospitality Properties Incorporated «		38,190		1,268,672
				1,752,962
Household Durables: 1.06%
Ethan Allen Interiors Incorporated «		48,180		1,397,702
Leisure Equipment & Products: 0.75%
Brunswick Corporation		38,490		991,887
Media: 2.85%
Arbitron Incorporated «		34,430		1,252,219
IMAX Corporation †		54,040		1,169,966
Lions Gate Entertainment Corporation †		82,880		1,357,574
				3,779,759
Specialty Retail: 6.76%
Cabela’s Incorporated †«		23,000		1,098,710
Chico’s FAS Incorporated		44,600		831,790
Dick’s Sporting Goods Incorporated «		27,650		1,451,902
Finish Line Incorporated		60,820		1,254,717
GNC Holdings Incorporated Class A		39,630		1,392,202
Mattress Firm Holding Corporation †«		33,110		947,277
rue21 Incorporated †«		20,820		597,742
Sonic Automotive Incorporated «		70,140		1,384,564
				8,958,904
Textiles, Apparel & Luxury Goods: 1.53%
Hanesbrands Incorporated †«		56,130		2,026,293
Energy: 5.86%
Energy Equipment & Services: 2.14%
Geospace Technologies Corporation †«		12,940		985,640
McDermott International Incorporated †«		104,570		1,101,122
Pacific Drilling SA †		79,390		754,205
				2,840,967
Oil, Gas & Consumable Fuels: 3.72%
Energy XXI (Bermuda) Limited «		47,650		1,509,552
GasLog Limited «		66,100		812,369
Gulfport Energy Corporation †		34,830		1,324,933
Rosetta Resources Incorporated †		28,470		1,279,442
				4,926,296

The accompanying notes are an integral part of these financial statements.

88 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Financials: 10.83%
Capital Markets: 5.14%
Evercore Partners Incorporated Class A		55,400	$	1,521,838
LPL Financial Holdings Incorporated		46,470		1,301,625
Medley Capital Corporation		72,660		990,356
New Mountain Finance Corporation		57,055		866,095
Stifel Financial Corporation †«		40,650		1,236,573
Walter Investment Management †«		21,010		888,303
				6,804,790
Commercial Banks: 3.22%
Capital Bank Financial Corporation Class A †		50,480		871,285
CapitalSource Incorporated		150,450		1,211,123
Signature Bank †«		12,900		905,064
SVB Financial Group †		23,190		1,280,552
				4,268,024
Consumer Finance: 0.81%
DFC Global Corporation †«		61,940		1,080,853
Insurance: 1.08%
Argo Group International Holdings Limited		43,140		1,431,817
Real Estate Management & Development: 0.58%
Zillow Incorporated Class A †«		27,740		763,405
Health Care: 16.57%
Biotechnology: 2.80%
Alnylam Pharmaceuticals Incorporated †«		60,720		1,030,418
Curis Incorporated †«		117,330		393,056
Exelixis Incorporated †«		177,140		866,215
InterMune Incorporated †«		83,460		764,494
Seattle Genetics Incorporated †«		26,120		661,097
				3,715,280
Health Care Equipment & Supplies: 5.43%
Cerus Corporation †«		269,260		869,710
DexCom Incorporated †«		81,970		1,072,168
Endologix Incorporated †«		61,351		899,406
Insulet Corporation †«		56,190		1,233,371
Natus Medical Incorporated †		78,730		891,224
Spectranetics Corporation †		66,300		954,720
Thoratec Corporation †		34,110		1,268,892
				7,189,491
Health Care Providers & Services: 3.09%
Capital Senior Living Corporation †		67,950		1,210,190
Ensign Group Incorporated		51,780		1,335,406
Team Health Holdings Incorporated †		55,170		1,544,208
				4,089,804

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 89

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Health Care Technology: 3.13%
Medidata Solutions Incorporated †		22,610	$	904,400
Omnicell Incorporated †		108,350		1,654,505
Vocera Communications Incorporated †«		64,720		1,591,465
				4,150,370
Life Sciences Tools & Services: 1.59%
Fluidigm Corporation †«		52,190		743,186
ICON plc ADR †		49,520		1,366,257
				2,109,443
Pharmaceuticals: 0.53%
MAP Pharmaceuticals Incorporated †«		43,910		699,925
Industrials: 20.00%
Aerospace & Defense: 0.70%
Esterline Technologies Corporation †		15,250		932,385
Air Freight & Logistics: 1.06%
Hub Group Incorporated Class A †		43,170		1,397,413
Airlines: 0.89%
Spirit Airlines Incorporated †		70,200		1,177,956
Building Products: 2.02%
AO Smith Corporation «		25,070		1,578,157
Apogee Enterprises Incorporated		48,120		1,102,910
				2,681,067
Commercial Services & Supplies: 2.37%
ACCO Brands Corporation †		155,030		1,044,902
Copart Incorporated †		32,942		995,178
Encore Capital Group Incorporated †«		41,125		1,093,103
				3,133,183
Construction & Engineering: 1.76%
Great Lakes Dredge & Dock Company		152,510		1,346,663
Tutor Prini Corporation †		76,200		979,932
				2,326,595
Electrical Equipment: 0.70%
Sensata Technologies Holdings NV †		30,120		929,503
Machinery: 2.55%
Actuant Corporation Class A		37,220		1,070,819
Colfax Corporation †«		24,490		954,865
Wabash National Corporation †«		167,290		1,353,376
				3,379,060

The accompanying notes are an integral part of these financial statements.

90 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Professional Services: 2.33%
Insperity Incorporated		46,230	$	1,396,146
On Assignment Incorporated †«		84,980		1,693,651
				3,089,797
Road & Rail: 2.47%
Genesee & Wyoming Incorporated †		13,710		1,000,145
Hertz Global Holdings Incorporated †«		66,480		1,039,747
Swift Transportation Company †«		87,690		741,857
Werner Enterprises Incorporated «		22,450		486,941
				3,268,690
Trading Companies & Distributors: 3.15%
Aceto Corporation «		79,750		795,108
Beacon Roofing Supply Incorporated †		42,770		1,319,027
MSC Industrial Direct Company		13,090		951,119
United Rentals Incorporated †		26,800		1,113,004
				4,178,258
Information Technology: 24.11%
Communications Equipment: 3.14%
Aruba Networks Incorporated †«		34,120		664,658
Infinera Corporation †«		121,250		676,575
Palo Alto Networks Incorporated †		3,940		214,415
Procera Networks Incorporated †«		37,280		769,832
Riverbed Technology Incorporated †		65,920		1,179,968
Ruckus Wireless Incorporation †		48,850		646,774
				4,152,222
Computers & Peripherals: 0.76%
Fusion-io Incorporated †«		43,340		1,011,122
Electronic Equipment, Instruments & Components: 1.91%
InvenSense Incorporated †		82,860		832,743
OSI Systems Incorporated †		27,710		1,698,069
				2,530,812
Internet Software & Services: 3.40%
Bankrate Incorporated †«		50,440		606,793
Millennial Media Incorporation †		30,160		414,700
Perficient Incorporated †		79,860		869,675
ValueClick Incorporated †«		70,130		1,323,353
Vocus Incorporated †		75,720		1,291,783
				4,506,304
IT Services: 2.09%
Fleetcor Technologies Incorporated †		25,930		1,353,287
Interxion Holding NV †		65,190		1,415,275
				2,768,562

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 91

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Semiconductors & Semiconductor Equipment: 3.99%
Cirrus Logic Incorporated †		59,300	$	1,857,276
Microsemi Corporation †«		58,110		1,112,225
Peregrine Semiconductor Corporation †		23,620		399,887
PMC-Sierra Incorporated †«		141,210		727,232
Semtech Corporation †«		43,550		1,191,093
				5,287,713
Software: 8.82%
Bottomline Technologies Incorporated †«		46,640		1,143,146
Broadsoft Incorporated †		20,720		655,374
Cadence Design Systems Incorporated †«		126,050		1,604,617
Concur Technologies Incorporated †«		12,962		851,733
Parametric Technology Corporation †		62,990		1,274,918
Realpage Incorporated †«		45,600		902,424
Sourcefire Incorporated †«		16,410		807,864
SS&C Technologies Holdings †		81,920		1,932,486
Synchronoss Technologies Incorporated †«		31,830		581,216
Tangoe Incorporated †«		78,710		1,026,378
Ultimate Software Group Incorporated †«		9,620		909,186
				11,689,342
Materials: 4.67%
Chemicals: 2.09%
Calgon Carbon Corporation †«		86,290		1,168,367
LSB Industries Incorporated †		21,870		731,114
Methanex Corporation		28,710		868,190
				2,767,671
Containers & Packaging: 0.91%
Berry Plastics Group Incorporated †		80,620		1,202,044
Metals & Mining: 0.70%
Steel Dynamics Incorporated		71,270		920,808
Paper & Forest Products: 0.97%
Schweitzer Manduit International Incorporated		34,470		1,291,591
Total Common Stocks (Cost $110,568,344)				127,600,070
	Principal
Other: 0.42%
Gryphon Funding Limited, Pass-Through Entity (a)(i)(v)	$	1,699,722		560,908
Total Other (Cost $161,045)				560,908

The accompanying notes are an integral part of these financial statements.

92 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO

Security name	Yield			Principal		Value
Short-Term Investments : 31.34%
Investment Companies : 31.34%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.16	%	$	3,370,315	$	3,370,315
Wells Fargo Securities Lending Cash Investments, LLC (v)(l)(u)(r)		0.21			38,146,194		38,146,194
Total Short-Term Investments (Cost $41,516,509)							41,516,509

Total investments in securities
(Cost $152,245,898)*	128.07	%		169,677,487
Other assets and liabilities, net	(28.07	)		(37,187,655	)
Total net assets	100.00	%	$	132,489,832

† 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.

(l) Investment in an affiliate.

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

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

* Cost for federal income tax purposes is $154,864,840 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	20,184,873
Gross unrealized depreciation		(5,372,226	)
Net unrealized appreciation	$	14,812,647

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 93

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 97.73%
Consumer Discretionary: 15.31%
Auto Components: 0.97%
Dana Holding Corporation		116,600	$	1,653,388
Automobiles: 0.87%
Thor Industries Incorporated «		38,990		1,471,483
Distributors: 0.88%
Core Mark Holding Company Incorporated		32,780		1,499,685
Hotels, Restaurants & Leisure: 4.50%
Ameristar Casinos Incorporated		118,920		2,366,508
Bob Evans Farms Incorporated		36,740		1,384,731
Isle of Capri Casinos Incorporated †		200,130		982,638
Ruby Tuesday Incorporated Ǡ		243,960		1,905,328
WMS Industries Incorporated Ǡ		60,630		1,024,647
				7,663,852
Leisure Equipment & Products: 0.68%
Arctic Cat Incorporated Ǡ		30,800		1,159,004
Media: 1.71%
Cinemark Holdings Incorporated «		68,330		1,858,576
National Cinemedia Incorporated		73,470		1,050,621
				2,909,197
Specialty Retail: 4.17%
Aeropostale Incorporated †		159,200		2,198,552
Asbury Automotive Group Incorporated Ǡ		63,060		1,903,781
Bebe Stores Incorporated		115,220		433,227
Rent-A-Center Incorporated		48,880		1,699,069
Zumiez Incorporated †		42,100		864,658
				7,099,287
Textiles, Apparel & Luxury Goods: 1.53%
G-III Apparel Group Limited Ǡ		49,600		1,887,280
Hanesbrands Incorporated †		19,680		710,448
				2,597,728
Consumer Staples: 1.18%
Food Products: 1.18%
Post Holdings Incorporated †		58,520		2,015,429
Energy: 6.43%
Energy Equipment & Services: 2.36%
Hercules Offshore Incorporated Ǡ		471,330		2,432,063
Hornbeck Offshore †		44,040		1,584,119
				4,016,182

The accompanying notes are an integral part of these financial statements.

94 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Oil, Gas & Consumable Fuels: 4.07%
Berry Petroleum Company Class A «		42,260	$	1,314,709
Magnum Hunter Resources Corporation Ǡ		570,600		2,299,518
Rex Energy Corporation Ǡ		128,800		1,693,720
Sanchez Energy Corporation Ǡ		88,800		1,622,376
				6,930,323
Financials: 33.28%
Capital Markets: 2.25%
Greenhill & Company Incorporated «		45,840		2,178,317
Stifel Financial Corporation Ǡ		54,470		1,656,977
				3,835,294
Commercial Banks: 11.83%
Associated Banc-Corp «		131,010		1,683,479
Banner Corporation		47,700		1,433,385
City National Corporation «		37,500		1,825,875
FirstMerit Corporation «		108,600		1,529,088
Home Bancshares Incorporated «		65,560		2,173,970
Pacwest Bancorp «		77,360		1,927,038
SVB Financial Group †		35,330		1,950,923
Umpqua Holdings Corporation «		133,910		1,561,391
Webster Financial Corporation «		84,000		1,748,880
Western Alliance Bancorp Ǡ		224,300		2,278,888
Wintrust Financial Corporation «		54,860		2,018,299
				20,131,216
Insurance: 7.14%
Amtrust Financial Services Incorporated «		73,177		2,108,961
CNO Financial Group Incorporated «		216,900		1,973,790
Employers Holdings Incorporated		128,520		2,453,447
Meadowbrook Insurance Group Incorporated		94,580		525,865
Primerica Incorporated		60,200		1,723,526
Selective Insurance Group Incorporated «		91,330		1,706,044
United Fire Group Incorporated		79,760		1,653,425
				12,145,058
Real Estate Management & Development: 0.64%
Alexander & Baldwin Incorporated †		36,700		1,095,862
REITs: 9.31%
Ashford Hospitality Trust		183,800		1,663,390
Associated Estates Realty Corporation		90,670		1,371,837
Campus Crest Communities Incorporated		155,150		1,774,916
Cousins Properties Incorporated		215,649		1,770,478
LaSalle Hotel Properties		61,320		1,478,425
Pebblebrook Hotel Trust		75,620		1,576,677
Redwood Trust Incorporated «		116,070		1,940,690
Sabra Health Care REIT Incorporated «		113,923		2,472,129
Sunstone Hotel Investors Incorporated †		173,600		1,791,552
				15,840,094

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 95

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Thrifts & Mortgage Finance: 2.11%
BankUnited Incorporated «		80,200	$	1,884,700
Washington Federal Incorporated «		106,410		1,710,009
				3,594,709
Health Care: 3.89%
Health Care Equipment & Supplies: 1.20%
Alere Incorporated †		110,100		2,036,850
Health Care Providers & Services: 1.59%
Ensign Group Incorporated		42,050		1,084,470
Lifepoint Hospitals Incorporated †		45,280		1,629,174
				2,713,644
Health Care Technology: 1.10%
Medassets Incorporated †		115,850		1,865,185
Industrials: 14.86%
Aerospace & Defense: 1.77%
AAR Corporation «		107,200		1,646,592
Huntington Ingalls Industries Incorporated		33,400		1,364,390
				3,010,982
Air Freight & Logistics: 1.35%
Air Transport Services Group †		204,870		776,457
Atlas Air Worldwide Holdings Incorporated †		35,100		1,519,128
				2,295,585
Commercial Services & Supplies: 0.81%
Portfolio Recovery Associates Incorporated Ǡ		13,950		1,378,539
Construction & Engineering: 2.15%
Great Lakes Dredge & Dock Company «		250,690		2,213,593
Tutor Prini Corporation †		111,880		1,438,777
				3,652,370
Electrical Equipment: 0.57%
GrafTech International Limited Ǡ		100,340		973,298
Machinery: 3.79%
Briggs & Stratton Corporation «		82,980		1,683,664
Kadant Incorporated †		57,280		1,389,040
Titan International Incorporated «		85,070		1,729,473
Wabash National Corporation Ǡ		203,970		1,650,117
				6,452,294
Marine: 0.58%
Matson Incorporated «		43,100		991,300

The accompanying notes are an integral part of these financial statements.

96 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Professional Services: 1.01%
FTI Consulting Incorporated Ǡ		55,670	$	1,720,760
Road & Rail: 1.86%
Con-way Incorporated		45,000		1,264,050
Ryder System Incorporated		40,550		1,908,689
				3,172,739
Trading Companies & Distributors: 0.97%
Titan Machinery Incorporated Ǡ		74,550		1,650,537
Information Technology: 13.79%
Communications Equipment: 0.88%
Black Box Corporation «		60,970		1,502,911
Computers & Peripherals: 1.27%
Lexmark International Incorporated «		45,780		1,113,827
QLogic Corporation †		111,060		1,052,849
				2,166,676
Electronic Equipment, Instruments & Components: 4.48%
Aeroflex Holding Corporation †		200,970		1,302,286
Benchmark Electronics Incorporated †		101,830		1,582,438
Multi-Fineline Electronix Incorporated Ǡ		66,450		1,135,631
Sanmina Corporation †		203,380		1,915,840
Synnex Corporation Ǡ		51,100		1,687,322
				7,623,517
Internet Software & Services: 1.12%
EarthLink Incorporated		289,200		1,908,720
IT Services: 0.96%
TNS Incorporated †		111,480		1,627,608
Semiconductors & Semiconductor Equipment: 4.76%
Integrated Silicon Solution Incorporated Ǡ		142,990		1,252,592
Kulicke & Soffa Industries Incorporated †		219,570		2,509,685
MagnaChip Semiconductor Corporation †		116,950		1,473,570
Omnivision Technologies Incorporated Ǡ		93,000		1,404,300
Photronics Incorporated Ǡ		284,500		1,465,175
				8,105,322
Software: 0.32%
EPIQ Systems Incorporated		45,090		540,629
Materials: 5.47%
Chemicals: 2.95%
Cytec Industries Incorporated «		26,715		1,833,718
Kraton Performance Polymers Incorporated Ǡ		86,040		2,021,080
Zep Incorporated «		94,200		1,168,080
				5,022,878

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 97

SMALL COMPANY VALUE PORTFOLIO

Security name				Shares		Value
Metals & Mining: 2.52%
A.M. Castle & Company «†					67,290	$	858,620
Horsehead Holding Corporation Ǡ					154,600		1,437,780
Suncoke Energy Incorporated †					122,600		1,992,250
							4,288,650
Telecommunication Services: 0.90%
Diversified Telecommunication Services: 0.90%
Iridium Communications Incorporated Ǡ					247,380		1,526,335
Utilities: 2.62%
Electric Utilities: 2.62%
Great Plains Energy Incorporated					90,880		1,840,320
PNM Resources Incorporated «					40,180		849,003
Portland General Electric Company					65,580		1,772,623
							4,461,946
Total Common Stocks (Cost $154,073,059)							166,347,066
				Principal
Other: 0.23%
Gryphon Funding Limited, Pass-Through Entity (i)(a)(v)				$	1,189,987		392,696
Total Other (Cost $112,749)							392,696
	Yield			Shares
Short-Term Investments: 35.35%
Investment Companies: 35.35%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.16	%		4,320,665		4,320,665
Wells Fargo Securities Lending Cash Investments, LLC (v)(l)(u)(r)		0.21			55,859,005		55,859,005
Total Short-Term Investments (Cost $60,179,670)							60,179,670

Total investments in securities
(Cost $214,365,478) *	133.31	%		226,919,432
Other assets and liabilities, net	(33.31	)		(56,698,903	)
Total net assets	100.00	%	$	170,220,529

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

† Non-income-earning security

(i) Illiquid security

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

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

(l) Investment in an affiliate

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

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

* Cost for federal income tax purposes is $218,409,880 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	17,537,664
Gross unrealized depreciation		(9,028,112	)
Net unrealized appreciation	$	8,509,552

The accompanying notes are an integral part of these financial statements.

98 Wells Fargo Advantage Allocation Funds Summary portfolio of investments—November 30, 2012 (unaudited)

CORE BOND PORTFOLIO

The Summary Portfolio of Investments shows the 50 largest portfolio holdings in unaffiliated issuers and any holdings exceeding 1% of the total net assets as of the report date. The remaining securities held are grouped as “Other securities” in each category. You can request a complete schedule of portfolio holdings as of the report date, free of charge, by accessing the following website:

http://a584.g.akamai.net/f/584/1326/1d/www.wellsfargoadvantagefunds.com/pdf/semi/holdings/corebond.pdf or by calling Wells Fargo Advantage Funds at 1-800-222-8222. This complete schedule, filed on the Form N-CSR, is also available on the SEC’s website at sec.gov.

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Agency Securities : 35.58%
FHLMC %%		2.50	%		1-1-27	$	55,900,000	$	58,162,200		1.58	%
FHLMC %%		2.50			12-1-27		15,600,000		16,255,683		0.44
FHLMC		0.95-7.50			8 -1-17 to 3-25-44		149,965,229		165,468,694		4.48
FHLMC		4.00			4-1-42		19,448,472		21,592,492		0.59
FHLMC		4.00			6-1-42		40,071,200		44,488,690		1.21
FHLMC		5.00			8-1-39		26,643,876		29,586,002		0.80
FHLMC		5.00			8-1-41		26,486,600		29,750,719		0.81
FNMA		2.31-7.50			9-1-16 to 12-25-42		255,262,346		282,516,800		7.70
FNMA %%		2.50			1-1-27		71,100,000		74,199,512		2.01
FNMA %%		2.50			2-1-27		140,900,000		146,800,180		3.99
FNMA %%		3.00			1-1-42		29,200,000		30,637,189		0.83
FNMA %%		3.00			2-1-42		29,100,000		30,464,064		0.83
FNMA		4.00			8-1-42		37,752,178		42,065,025		1.14
FNMA		4.00			9-1-42		75,452,702		84,072,496		2.28
FNMA		4.00			10-1-42		31,430,452		35,021,099		0.95
FNMA		4.00			11-1-42		15,643,291		17,430,396		0.47
FNMA		5.00			4-1-40		18,132,263		19,743,525		0.54
FNMA		5.00			7-1-41		26,850,609		30,436,484		0.83
FNMA		6.00			3-1-34		48,865,760		54,659,750		1.48
FNMA Series 2010-M03 Class A3 ±		4.33			3-25-20		20,018,000		23,324,333		0.63
FNMA Series 2011-53 Class TN		4.00			6-25-41		32,997,904		34,797,577		0.94
GNMA		3.00-11.50			5-15-13 to 1-20-42		18,804,474		20,533,302		0.54
GNMA		6.00			1-15-40		16,569,548		18,596,211		0.51
Total Agency Securities (Cost $1,282,483,964)									1,310,602,423		35.58
Asset-Backed Securities: 14.12%
Ally Auto Receivables Trust		0.48-2.23			3 -17-14 to 9-15-19		51,531,576		52,154,763		1.41
American Express Credit Account Master Trust Series 2012-4 Class A ±		0.45			5-15-20		16,856,000		16,889,543		0.46
Chase Issuance Trust Series 2008-A13 Class A13 ±		1.89			9-15-15		12,439,000		12,589,114		0.34
Chase Issuance Trust Series 2011-A2 Class A2 ±		0.30			5-15-15		24,987,000		25,001,967		0.68
Chase Issuance Trust Series 2012-A6 Class A ±		0.34			8-15-17		51,409,000		51,451,207		1.40
Ford Credit Floorplan Master Trust Series 2012-4 Class A2 ±		0.56			9-15-16		16,254,000		16,254,000		0.44
Nelnet Student Loan Trust		0.32-0.81			11 -27-18 to 3-23-37		48,847,951		46,489,043		1.27
Nelnet Student Loan Trust Series 2006-1 Class A4 ±		0.40			11-23-22		17,969,158		17,915,933		0.49
Nelnet Student Loan Trust Series 2006-2 Class A4 ±		0.40			10-26-26		17,854,312		17,833,012		0.48
Nelnet Student Loan Trust Series 2007-2A Class A3L ± 144A		0.72			3-25-26		19,677,000		19,141,294		0.52
SLM Student Loan Trust		0.32-3.74			7 -25-17 to 6-15-45		128,226,165		129,140,684		3.50
SLM Student Loan Trust Series 2012-E Class A1 ± 144A		0.96			10-16-23		16,551,000		16,551,033		0.45
Other securities									98,648,281		2.68
Total Asset-Backed Securities (Cost $517,566,890)									520,059,874		14.12

The accompanying notes are an integral part of these financial statements.

Summary portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 99

CORE BOND PORTFOLIO

Security name	Value		Percent of net assets
Corporate Bonds and Notes: 19.28%
Consumer Discretionary: 1.97%
Auto Components: 0.29%
Other securities	$	10,563,107		0.29	%
Automobiles: 0.47%
Other securities		17,456,401		0.47
Diversified Consumer Services: 0.09%
Other securities		3,244,315		0.09
Hotels, Restaurants & Leisure: 0.20%
Other securities		7,174,097		0.20
Internet & Catalog Retail: 0.08%
Other securities		2,858,374		0.08
Media: 0.63%
Other securities		23,377,172		0.63
Specialty Retail: 0.21%
Other securities		7,858,168		0.21
Consumer Staples: 1.88%
Beverages: 1.12%
Other securities		41,411,242		1.12
Food & Staples Retailing: 0.07%
Other securities		2,454,759		0.07
Food Products: 0.55%
Other securities		20,274,203		0.55
Tobacco: 0.14%
Other securities		5,255,873		0.14
Energy: 1.84%
Energy Equipment & Services: 0.05%
Other securities		1,745,164		0.05
Oil, Gas & Consumable Fuels: 1.79%
Other securities		66,100,909		1.79
Financials: 8.62%
Capital Markets: 0.91%
Other securities		33,436,604		0.91
Commercial Banks: 0.68%
Other securities		24,922,033		0.68

The accompanying notes are an integral part of these financial statements.

100 Wells Fargo Advantage Allocation Funds Summary portfolio of investments—November 30, 2012 (unaudited)

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Consumer Finance: 0.80%
Other securities								$	29,657,992		0.80	%
Diversified Financial Services: 3.79%
JPMorgan Chase & Company		1.10-5.40	%		6 -1-14 to 1-6-42	$	24,818,000		25,966,701		0.70
Other securities									113,525,839		3.09
									139,492,540		3.79
Insurance: 1.45%
MetLife Global Funding I ±144A		0.73			3-19-14		19,510,000		19,527,949		0.53
Other securities									34,034,806		0.92
									53,562,755		1.45
REITs: 0.99%
Other securities									36,482,119		0.99
Health Care: 2.00%
Biotechnology: 0.49%
Other securities									18,054,187		0.49
Health Care Equipment & Supplies: 0.11%
Other securities									4,175,391		0.11
Health Care Providers & Services: 0.73%
Other securities									26,678,612		0.73
Life Sciences Tools & Services: 0.09%
Other securities									3,267,290		0.09
Pharmaceuticals: 0.58%
Other securities									21,304,437		0.58
Industrials: 0.24%
Building Products: 0.07%
Other securities									2,735,265		0.07
Road & Rail: 0.17%
Other securities									6,172,984		0.17
Information Technology: 0.24%
Software: 0.24%
Other securities									8,950,538		0.24
Materials: 0.08%
Chemicals: 0.08%
Other securities									2,886,900		0.08
Telecommunication Services: 0.61%
Diversified Telecommunication Services: 0.39%
Other securities									14,275,369		0.39

The accompanying notes are an integral part of these financial statements.

Summary portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 101

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Wireless Telecommunication Services: 0.22%
Other securities								$	8,055,498		0.22	%
Utilities: 1.80%
Electric Utilities: 1.23%
Other securities									45,281,531		1.23
Gas Utilities: 0.22%
Other securities									7,973,024		0.22
Multi-Utilities: 0.35%
Other securities									12,857,305		0.35
Total Corporate Bonds and Notes (Cost $686,653,690)									709,996,158		19.28
Municipal Obligations: 1.10%
California: 0.27%
Other securities									9,872,117		0.27
Illinois: 0.18%
Other securities									6,569,672		0.18
Nevada: 0.14%
Other securities									5,217,670		0.14
New Jersey: 0.18%
Other securities									6,744,657		0.18
New York: 0.14%
Other securities									5,004,321		0.14
Ohio: 0.04%
Other securities									1,528,135		0.04
Texas: 0.15%
Other securities									5,702,696		0.15
Total Municipal Obligations (Cost $33,047,469)									40,639,268		1.10
Non-Agency Mortgage Backed Securities: 6.73%
Credit Suisse Mortgage Capital Certificates Series 2006-C5 Class A3		5.31	%		12-15-39	$	18,499,000		21,011,904		0.57
Discover Master Owners Trust Series 2011 Class A1 ±		0.56			8-15-16		17,801,000		17,858,800		0.48
Greenwich Capital Commercial Funding Corporation Series 2005-GG5 Class A5 ±		5.22			4-10-37		15,359,000		16,966,473		0.46
JPMorgan Chase Commercial Mortgage Securities Corporation		2.38-6.85			8 -5-32 to 2-15-51		30,199,607		32,968,591		0.90
Other securities									159,032,509		4.32
Total Non-Agency Mortgage Backed Securities (Cost $240,765,820)									247,838,277		6.73

The accompanying notes are an integral part of these financial statements.

102 Wells Fargo Advantage Allocation Funds Summary portfolio of investments—November 30, 2012 (unaudited)

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
U.S. Treasury Securities: 21.73%
U.S. Treasury Bond		2.75	%		8-15-42	$	23,980,000	$	23,721,472		0.64	%
U.S. Treasury Bond		2.75-4.38			5 -15-41 to 11-15-42		7,774,000		8,453,121		0.23
U.S. Treasury Bond		3.00			5-15-42		33,898,000		35,349,241		0.96
U.S. Treasury Bond		4.50			5-15-38		21,059,000		28,383,573		0.77
U.S. Treasury Note		0.25			1-31-14		49,574,000		49,591,450		1.35
U.S. Treasury Note «		0.25			10-31-14		42,151,000		42,151,000		1.14
U.S. Treasury Note ##		0.25			1-15-15		54,004,000		53,970,248		1.47
U.S. Treasury Note ##		0.25			9-15-15		48,394,000		48,303,261		1.31
U.S. Treasury Note ##		0.25			10-15-15		65,318,000		65,185,339		1.77
U.S. Treasury Note «		0.38			4-15-15		46,998,000		47,089,787		1.28
U.S. Treasury Note ##		0.38			11-15-15		129,905,000		130,097,779		3.53
U.S. Treasury Note		0.63-1.25			9 -30-17 to 10-31-19		9,739,000		9,871,175		0.27
U.S. Treasury Note		0.75			6-30-17		16,089,000		16,231,034		0.44
U.S. Treasury Note «		0.75			10-31-17		33,541,000		33,771,594		0.92
U.S. Treasury Note		1.25			3-15-14		26,548,000		26,892,301		0.73
U.S. Treasury Note		1.63			11-15-22		20,419,000		20,434,947		0.56
U.S. Treasury Note		1.75			3-31-14		29,411,000		29,999,220		0.81
U.S. Treasury Note «		2.38			2-28-15		37,816,000		39,579,776		1.07
U.S. Treasury Note ##		3.00			9-30-16		83,341,000		91,427,661		2.48
Total U.S. Treasury Securities (Cost $797,651,278)									800,503,979		21.73
Yankee Corporate Bonds and Notes: 7.33%
Consumer Discretionary: 0.27%
Media: 0.09%
Other securities									3,347,964		0.09
Textiles, Apparel & Luxury Goods: 0.18%
Other securities									6,686,774		0.18
Consumer Staples: 0.18%
Beverages: 0.18%
Other securities									6,492,030		0.18
Energy: 2.04%
Oil, Gas & Consumable Fuels: 2.04%
Other securities									75,174,615		2.04
Financials: 3.08%
Commercial Banks: 2.52%
Royal Bank of Scotland Group plc		2.55			9-18-15		16,058,000		16,430,321		0.45
Other securities									76,241,186		2.07
									92,671,507		2.52
Real Estate Management & Development: 0.06%
Other securities									2,041,544		0.06

The accompanying notes are an integral part of these financial statements.

Summary portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 103

CORE BOND PORTFOLIO

Security name				Principal		Value			Percent of net assets
Thrifts & Mortgage Finance: 0.50%
Other securities						$	18,592,236			0.50	%
Health Care: 0.10%
Pharmaceuticals: 0.10%
Other securities							3,803,376			0.10
Information Technology: 0.07%
Internet Software & Services: 0.07%
Other securities							2,497,847			0.07
Materials: 0.69%
Metals & Mining: 0.69%
Other securities							25,459,531			0.69
Telecommunication Services: 0.86%
Diversified Telecommunication Services: 0.35%
Other securities							12,862,416			0.35
Wireless Telecommunication Services: 0.51%
Other securities							18,797,639			0.51
Utilities: 0.04%
Electric Utilities: 0.04%
Other securities							1,495,813			0.04
Total Yankee Corporate Bonds and Notes (Cost $262,833,270)							269,923,292			7.33
Yankee Government Bonds: 1.14%
Other securities							42,082,254			1.14
Total Yankee Government Bonds (Cost $40,721,279)							42,082,254			1.14
Other: 0.03%
Gryphon Funding Limited, Pass-Through Entity (a)(i)(v)				$	3,436,964		1,134,198			0.03
Total Other (Cost $325,645)							1,134,198			0.03
	Yield			Shares
Short-Term Investments: 7.66%
Investment Companies: 7.66%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)#		0.16	%		201,172,161		201,172,161			5.46
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(v)(r)		0.21			80,871,705		80,871,705			2.20
Total Short-Term Investments (Cost $282,043,866)							282,043,866			7.66
Total investments in securities
(Cost $4,144,093,171) *							4,224,823,589			114.70
Other assets and liabilities, net							(541,582,748	)		(14.70	)
Total net assets						$	3,683,240,841			100.00	%

The accompanying notes are an integral part of these financial statements.

104 Wells Fargo Advantage Allocation Funds Summary portfolio of investments—November 30, 2012 (unaudited)

CORE BOND PORTFOLIO

%% Security issued on a when-issued basis

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

± Variable rate investment

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

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

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

(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.

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

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

* Cost for federal income tax purposes is $4,149,567,914 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	77,428,474
Gross unrealized depreciation		(2,172,799	)
Net unrealized appreciation	$	75,255,675

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 105

INFLATION-PROTECTED BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities: 98.67%
TIPS		0.13	%		4-15-16	$	3,616,842	$	3,809,833
TIPS		0.13			4-15-17		1,355,017		1,453,362
TIPS		0.13			1-15-22		3,215,448		3,523,427
TIPS		0.13			7-15-22		2,671,647		2,928,584
TIPS		0.50			4-15-15		1,943,378		2,025,668
TIPS		0.63			7-15-21		3,747,492		4,290,293
TIPS		0.75			2-15-42		1,761,435		1,962,762
TIPS		1.13			1-15-21		3,422,080		4,043,670
TIPS		1.25			4-15-14		1,880,682		1,937,250
TIPS		1.25			7-15-20		3,071,798		3,666,000
TIPS		1.38			7-15-18		1,963,773		2,294,239
TIPS «		1.38			1-15-20		1,910,129		2,275,888
TIPS		1.63			1-15-15		2,120,808		2,250,707
TIPS		1.63			1-15-18		1,192,936		1,388,651
TIPS		1.75			1-15-28		1,331,007		1,739,980
TIPS		1.88			7-15-15		1,844,004		2,009,100
TIPS		1.88			7-15-19		1,712,357		2,094,827
TIPS		2.00			1-15-14		1,778,351		1,835,870
TIPS		2.00			7-15-14		2,455,260		2,588,382
TIPS		2.00			1-15-16		2,075,302		2,304,397
TIPS		2.00			1-15-26		2,168,574		2,866,922
TIPS		2.13			1-15-19		1,675,979		2,045,217
TIPS		2.13			2-15-40		974,264		1,450,588
TIPS		2.13			2-15-41		2,007,692		3,011,068
TIPS		2.38			1-15-17		2,294,940		2,675,397
TIPS		2.38			1-15-25		2,768,306		3,768,140
TIPS		2.38			1-15-27		1,181,894		1,644,402
TIPS		2.50			7-15-16		2,429,181		2,796,405
TIPS		2.50			1-15-29		1,455,030		2,098,085
TIPS		2.63			7-15-17		580,585		697,791
TIPS		3.38			4-15-32		638,808		1,066,710
TIPS		3.63			4-15-28		1,817,014		2,910,205
TIPS		3.88			4-15-29		1,485,039		2,486,510
Total U.S. Treasury Securities (Cost $69,617,657)									79,940,330
Other: 0.22%
Gryphon Funding Limited, Pass-Through Entity (i)(a)(v)							548,184		180,901
Total Other (Cost $51,939)									180,901
Short-Term Investments: 2.99%	Yield					Shares
Investment Companies: 2.99%
Wells Fargo Advantage Government Money Market Fund, Institutional Class (l)(u)		0.01					643,913		643,913
Wells Fargo Securities Lending Cash Investments, LLC (v)(l)(u)(r)		0.21					1,778,061		1,778,061
Total Short-Term Investments (Cost $2,421,974)									2,421,974

Total investments in securities
(Cost $72,091,570)*	101.88	%		82,543,205
Other assets and liabilities, net	(1.88	)		(1,523,384	)
Total net assets	100.00	%	$	81,019,821

The accompanying notes are an integral part of these financial statements.

106 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

INFLATION-PROTECTED BOND PORTFOLIO

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

(i) Illiquid security

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

(l) Investment in an affiliate

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

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

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

* Cost for federal income tax purposes is $72,446,513 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	10,096,692
Gross unrealized depreciation		0
Net unrealized appreciation	$	10,096,692

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 107

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 33.32%
FHLMC		3.50	%		9-1-32	$	1,435,184	$	1,566,144
FHLMC Multifamily Structured Pass-Through Securities Series K701 ±		3.88			11-25-17		1,200,000		1,354,064
FHLMC Structured Pass-Through Securities Series T-20 Class A6		7.42			9-25-29		258,320		272,593
FHLMC Structured Pass-Through Securities Series T-58 Class 4A		7.50			9-25-43		1,570,734		1,869,106
FNMA %%		2.50			12-1-27		1,200,000		1,254,187
FNMA		3.50			9-1-32		2,846,686		3,090,434
FNMA		3.50			10-1-32		1,267,926		1,376,492
FNMA		3.50			11-1-42		475,000		508,547
FNMA		3.50			11-1-42		800,000		856,500
FNMA %%		3.50			12-1-42		925,000		987,293
FNMA		5.00			9-1-33		817,742		891,430
FNMA		5.50			2-1-36		2,202,063		2,364,956
FNMA Grantor Trust Series 2002-T4 Class A2		7.00			12-25-41		340,534		385,299
FNMA Grantor Trust Series 2004-T2 Class 1A1		6.00			11-25-43		1,449,589		1,633,806
FNMA Grantor Trust Series 2004-T3 Class A1		6.00			2-25-44		2,069,320		2,321,936
FNMA Series 2002-90 Class A2		6.50			11-25-42		675,633		783,203
FNMA Series 2003-86 Class PT		4.50			9-25-18		849,238		911,241
FNMA Series 2003-97 Class CA		5.00			10-25-18		1,511,093		1,633,813
FNMA Series 2003-W4 Class 3A ±		6.83			10-25-42		571,628		673,635
FNMA Series 2004-W1 Class 2A2		7.00			12-25-33		320,507		387,097
FNMA Series 2006-M2 Class A2F ±		5.26			5-25-20		2,879,210		3,289,969
FNMA Whole Loan Series 2002-W4 Class A4		6.25			5-25-42		2,942,617		3,344,620
FNMA Whole Loan Series 2004-W11 Class 1A3		7.00			5-25-44		1,736,158		1,963,046
FNMA Whole Loan Series 2004-W8 Class 3A		7.50			6-25-44		809,284		957,472
GNMA		6.50			10-15-23		75,986		87,363
GNMA		6.50			11-15-23		28,908		33,280
GNMA		6.50			11-15-23		38,876		44,696
GNMA		6.50			12-15-23		42,846		49,180
GNMA		6.50			1-15-24		80,873		93,660
GNMA		7.00			8-15-27		181,081		213,723
SBA Participation Certificates Series 2003-P10A Class 1		4.52			2-10-13		24,920		25,115
SBA Participation Certificates Series 2006-20B Class 1		5.35			2-1-26		1,405,442		1,606,936
SBA Participation Certificates Series 2006-20H Class 1		5.70			8-1-26		682,082		787,183
SBA Participation Certificates Series 2007-20J Class 1		5.57			10-1-27		1,281,206		1,490,703
U.S. Department of Housing & Urban Development Series 04-A		5.08			8-1-13		1,300,000		1,341,800
Total Agency Securities (Cost $37,581,500)									40,450,522
Asset-Backed Securities: 4.96%
Countrywide Asset Backed Certificates Series 2007-S2 Class A6 ±		5.78			5-25-37		842,884		710,625
GMAC Mortgage Corporation Loan Trust Series 2005-HE1 Class A1VN ±		0.43			8-25-35		228,129		157,956
Green Tree Financial Corporation Series 1997-7 Class A8 ±		6.86			7-15-28		303,532		316,449
GSAMP Trust Series 2005-SEA1 Class A ±144A		0.55			1-25-35		124,939		122,187
HFC Home Equity Loan Asset Backed Certificates Series 2005-2 Class A1 ±		0.48			1-20-35		1,466,051		1,424,946
KeyCorp Student Loan Trust Series 1999-B Class CTFS ±		1.03			11-25-36		1,800,000		1,447,076
RAAC Series 2007-RP4 Class A ±144A		0.56			11-25-46		1,594,569		888,070
Wachovia Asset Securitization Incorporated Series 2007-HE2A Class A ±144A		0.34			7-25-37		1,174,373		953,121
Total Asset-Backed Securities (Cost $7,525,413)									6,020,430

The accompanying notes are an integral part of these financial statements.

108 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes: 28.35%
Consumer Discretionary: 2.72%
Diversified Consumer Services: 1.94%
Dartmouth College		4.75	%		6-1-19	$	600,000	$	708,750
Massachusetts Institute of Technology		7.25			11-2-96		500,000		848,180
Pepperdine University		5.45			8-1-19		600,000		731,304
Stewart Enterprises Incorporated		6.50			4-15-19		60,000		64,500
									2,352,734
Media: 0.78%
DIRECTV Holdings LLC		2.40			3-15-17		400,000		409,867
Pearson Dollar Finance Two plc 144A		6.25			5-6-18		325,000		395,289
Time Warner Incorporated		3.40			6-15-22		140,000		146,075
									951,231
Consumer Staples: 2.69%
Food & Staples Retailing: 0.95%
SABMiller Holdings Incorporated 144A		3.75			1-15-22		500,000		542,311
Wal-Mart Stores Incorporated		5.80			2-15-18		500,000		617,240
									1,159,551
Food Products: 1.36%
Cargill Incorporated 144A		4.31			5-14-21		419,000		464,644
Kellogg Company		4.00			12-15-20		500,000		562,136
Kraft Foods Incorporated 144A		3.50			6-6-22		300,000		320,101
McCormick & Company Incorporated		5.75			12-15-17		250,000		301,162
									1,648,043
Household Products: 0.38%
Procter & Gamble Company		1.45			8-15-16		450,000		461,156
Energy: 1.48%
Oil, Gas & Consumable Fuels: 1.48%
Apache Corporation		3.25			4-15-22		250,000		266,960
Devon Energy Corporation		1.88			5-15-17		300,000		306,931
EQT Corporation		8.13			6-1-19		650,000		811,766
Phillips 66 144A		2.95			5-1-17		390,000		415,599
									1,801,256
Financials: 13.76%
Capital Markets: 1.41%
Bank of New York Mellon Corporation		2.30			7-28-16		250,000		262,088
Charles Schwab Corporation		6.38			9-1-17		500,000		604,507
Goldman Sachs Capital II ±		1.08			6-1-43		115,000		89,246
Goldman Sachs Group Incorporated		5.75			1-24-22		200,000		237,224
Morgan Stanley		4.10			1-26-15		500,000		519,714
									1,712,779

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 109

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Commercial Banks: 5.62%
Chase Capital VI ±		0.94	%		8-1-28	$	1,000,000	$	782,199
Colonial Bank NA (s)		6.38			12-1-15		1,978,000		198
CoreStates Capital Trust II ±144A		0.99			1-15-27		750,000		619,601
HSBC Capital Funding LP ±144A		4.61			12-31-49		600,000		595,358
Manufacturers & Traders Trust Company ±		5.59			12-28-20		758,000		755,800
National Capital Commerce Incorporated ±		1.34			4-1-27		400,000		302,288
National City Bank ±		0.78			6-7-17		500,000		488,397
NTC Capital Trust Series A ±		0.86			1-15-27		450,000		378,379
Regions Financial Corporation		5.75			6-15-15		760,000		820,800
TCF National Bank ±		2.02			6-15-14		1,375,000		1,375,785
UBS Preferred Funding Trust V Series 1 ±		6.24			5-29-49		700,000		708,750
									6,827,555
Diversified Financial Services: 2.70%
ABB Treasury Center USA Incorporated 144A		4.00			6-15-21		510,000		569,713
Citigroup Incorporated		6.13			11-21-17		435,000		516,897
Deutsche Bank Capital Funding Trust VII ±144A«		5.63			12-31-49		500,000		465,625
General Electric Capital Corporation ±		0.69			5-5-26		450,000		392,192
Toll Road Investors Partnership II LP 144A¤		0.00			2-15-15		1,500,000		1,329,410
									3,273,837
Insurance: 1.61%
Metropolitan Life Global Funding I 144A		5.13			6-10-14		475,000		506,597
Minnesota Life Insurance Company 144A		8.25			9-15-25		650,000		842,154
NLV Financial Corporation 144A		7.50			8-15-33		565,000		608,238
									1,956,989
REITs: 2.42%
Boston Properties LP		3.70			11-15-18		180,000		195,303
Duke Realty LP		6.75			3-15-20		250,000		302,394
ERP Operation LP		4.63			12-15-21		470,000		529,882
Liberty Property LP		6.63			10-1-17		400,000		481,400
Potlatch Corporation		7.50			11-1-19		160,000		172,800
Realty Income Corporation		5.50			11-15-15		400,000		445,007
Simon Property Group LP		2.15			9-15-17		500,000		517,333
UDR Incorporated		4.63			1-10-22		260,000		288,226
									2,932,345
Health Care: 0.52%
Health Care Providers & Services: 0.52%
Roche Holdings Incorporated 144A		6.00			3-1-19		500,000		628,225
Industrials: 3.23%
Aerospace & Defense: 1.06%
BAE Systems plc 144A		4.75			10-11-21		470,000		530,924
Lockheed Martin Corporation		4.25			11-15-19		500,000		568,941
United Technologies Corporation		3.10			6-1-22		180,000		193,549
									1,293,414

The accompanying notes are an integral part of these financial statements.

110 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Commercial Services & Supplies: 0.31%
Black & Decker «		5.75	%		11-15-16	$	325,000	$	377,463
Machinery: 0.43%
Caterpillar Incorporated		1.50			6-26-17		170,000		173,030
Deere & Company		2.60			6-8-22		340,000		347,439
									520,469
Road & Rail: 1.08%
Burlington Northern Santa Fe LLC		5.65			5-1-17		200,000		237,717
Ryder System Incorporated Series MTN		3.15			3-2-15		565,000		584,529
Union Pacific Corporation		2.95			1-15-23		250,000		259,866
Union Pacific Corporation		7.88			1-15-19		171,000		223,960
									1,306,072
Transportation Infrastructure: 0.35%
Vessel Management Service		3.43			8-15-36		408,000		424,854
Information Technology: 0.67%
Electronic Equipment, Instruments & Components: 0.24%
Jabil Circuit Incorporated		8.25			3-15-18		250,000		293,750
IT Services: 0.43%
Fiserv Incorporated		3.13			10-1-15		500,000		524,859
Materials: 1.44%
Chemicals: 0.67%
Valspar Corporation		5.10			8-1-15		750,000		813,392
Metals & Mining: 0.77%
International Steel Group		6.50			4-15-14		100,000		104,288
Rio Tinto Finance USA Limited		3.75			9-20-21		370,000		400,333
Steel Dynamics Incorporated		6.75			4-1-15		185,000		188,238
Teck Resources Limited Company		3.00			3-1-19		240,000		244,061
									936,920
Telecommunication Services: 0.28%
Diversified Telecommunication Services: 0.28%
AT&T Incorporated		1.60			2-15-17		330,000		335,409
Utilities: 1.56%
Electric Utilities: 1.56%
Carolina Power & Light Company		2.80			5-15-22		400,000		415,645
Connecticut Light & Power		5.38			3-1-17		250,000		287,879
Great River Energy 144A		5.83			7-1-17		676,324		727,914
Otter Tail Corporation		9.00			12-15-16		350,000		409,500
Wisconsin Electric Power Company		2.95			9-15-21		50,000		52,707
									1,893,645
Total Corporate Bonds and Notes (Cost $33,973,510)									34,425,948

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 111

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 9.25%
Arizona: 0.81%
Maricopa County AZ Elementary School District #28 Kyrene Elementary (Tax Revenue)		5.38	%		7-1-19	$	800,000	$	985,240
California: 0.23%
California State Build America Bonds Taxable Various Purpose (GO)		7.50			4-1-34		200,000		278,628
Connecticut: 0.15%
Connecticut State Taxable Series B (GO)		2.20			10-15-20		175,000		178,448
Georgia: 0.53%
Cherokee County GA School System Build America Bonds (Tax Revenue, State Aid Withholding Insured)		5.87			8-1-28		500,000		638,225
Indiana: 0.47%
Indiana State Housing & CDA Series A-2 (Housing Revenue, GNMA/FNMA Insured)		5.51			1-1-39		540,000		566,325
Kentucky: 0.32%
Kentucky Housing Corporation Series D (Housing Revenue)		5.75			7-1-37		375,000		387,270
Maryland: 0.25%
Baltimore County MD Taxable (GO)		3.57			8-1-32		300,000		304,695
Massachusetts: 0.85%
Boston MA Taxable Series C Qualified School Construction Bonds (Tax Revenue)		4.40			4-1-26		400,000		464,696
Massachusetts State Build America Bonds Series D (Tax Revenue)		4.50			8-1-31		500,000		573,290
									1,037,986
Minnesota: 0.28%
Minnesota State Housing Finance Agency Series H (Housing Revenue)		5.85			7-1-36		335,000		335,821
Missouri: 0.51%
Missouri Higher Education Loan Authority Notes Class A-1 (Education Revenue) ±		1.16			8-27-29		614,695		615,764
New Hampshire: 0.59%
New Hampshire HFA SFMR Series D (Housing Revenue)		5.53			7-1-37		690,000		711,770
New Jersey: 1.07%
Hudson County NJ Improvement Authority Facilities (Lease Revenue, FSA Insured)		7.40			12-1-25		1,030,000		1,305,783
North Carolina: 0.56%
Duke University North Carolina Series A (Education Revenue, GO of University Insured)		5.85			4-1-37		500,000		686,335
Ohio: 0.61%
Ohio State Housing Finance Agency Series O (Housing Revenue, GNMA/FNMA Insured)		5.47			9-1-25		705,000		738,650
Texas: 0.75%
Clear Creek TX Independent School District Taxable Refunding Series B (GO)		3.40			2-15-22		375,000		407,100
Harris County TX Taxable Refunding Permanent Improvement Series B (GO)		2.12			10-1-21		500,000		499,715
									906,815

The accompanying notes are an integral part of these financial statements.

112 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Washington: 0.23%
King County WA Build America Bonds Recovery Zone Economic Development Taxable Series C (GO)		5.03	%		12-1-23	$	230,000	$	282,194
West Virginia: 0.43%
Ohio County WV Special District Excise Tax Series A (Tax Revenue)		8.25			3-1-35		500,000		525,540
Wisconsin: 0.61%
Wisconsin Housing & EDA Home Ownership Revenue Series F (Housing Revenue, GO of Authority Insured)		5.73			9-1-37		740,000		741,265
Total Municipal Obligations (Cost $10,259,810)									11,226,754
Non-Agency Mortgage Backed Securities: 15.01%
Countrywide Alternative Loan Trust Series 2005-27 Class 3A1 ±		1.54			8-25-35		977,480		690,697
Countrywide Home Loans Series 2005-R3 Class AF ±144A		0.61			9-25-35		1,484,542		1,245,814
Countrywide Home Loans Series 2006-OA5 Class 1A1 ±		0.41			4-25-46		1,478,182		1,045,482
Credit Suisse First Boston Mortgage Securities Corporation Series 2004-AR5 Class 10A1 ±		2.74			6-25-34		970,525		958,033
Credit Suisse Mortgage Capital Certification Series 2007-C1 Class AAB		5.34			2-15-40		1,747,848		1,831,683
Harborview Mortgage Loan Trust Series 2004-11 Class 3A2A ±		0.55			1-19-35		39,101		30,388
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2006-LDP7 Class ASB ±		6.06			4-15-45		1,678,530		1,777,652
LF Rothschild Mortgage Trust Series 2 Class Z		9.95			8-1-17		13,282		14,344
Merrill Lynch Mortgage Trust Series 2006-C2 Class A2 ±		5.76			8-12-43		1,141,578		1,186,905
Nomura Asset Acceptance Corporation Series 2004-R2 Class A1 ±144A		6.50			10-25-34		1,497,011		1,511,741
Sequoia Mortgage Trust Series 10 Class 1A ±		1.01			10-20-27		631,858		626,790
Structured Asset Securities Corporation Series 2007-RM1 Class A1 ±144A(a)		0.49			5-25-47		2,640,880		1,475,724
Wachovia Bank Commercial Mortgage Trust Series 2005-C16 Class A4 ±		4.85			10-15-41		1,475,000		1,584,358
Washington Mutual Commercial Mortgage Securities Trust Series 2007-SL3 Class A1 ±144A		6.11			3-23-45		1,353,520		1,368,314
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR6 Class 2A1A ±		0.44			4-25-45		760,497		714,323
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR3 Class A1A ±		1.15			2-25-46		1,718,016		1,540,669
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR4 Class DA ±		1.13			6-25-46		1,308,440		623,907
Total Non-Agency Mortgage Backed Securities (Cost $20,990,584)									18,226,824
Term Loans: 0.29%
RMK Acquisition Corporation (Aramark) 1st Lien		2.09			1-27-14		26,337		26,266
RMK Acquisition Corporation (Aramark) 1st Lien		2.24			1-27-14		326,927		326,050
Total Term Loans (Cost $353,264)									352,316
U.S. Treasury Securities: 5.84%
TIPS		0.75			2-15-42		2,355,085		2,624,264
U.S. Treasury Bond		2.75			8-15-42		1,275,000		1,261,254
U.S. Treasury Bond		3.88			8-15-40		375,000		460,488
U.S. Treasury Bond		4.25			11-15-40		2,105,000		2,745,381
Total U.S. Treasury Securities (Cost $5,926,839)									7,091,387

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 113

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Yankee Corporate Bonds and Notes: 1.39%
Energy: 0.35%
Energy Equipment & Services: 0.35%
Ensco plc		4.70	%		3-15-21	$	200,000	$	227,483
Weatherford International Limited		4.50			4-15-22		190,000		194,335
									421,818
Financials: 1.04%
Commercial Banks: 0.56%
Rabobank Nederland NV ±144A		11.00			12-29-49		500,000		677,750
Diversified Financial Services: 0.48%
Siemens Financieringsmaatschappij NV 144A		5.75			10-17-16		500,000		586,554
Total Yankee Corporate Bonds and Notes (Cost $1,542,053)									1,686,122
Other: 0.07%
Gryphon Funding Limited, Pass-Through Entity (a)(i)(v)							266,898		88,076
Total Other (Cost $25,288)									88,076
	Yield					Shares
Short-Term Investments: 3.73%
Investment Companies: 3.73%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)##		0.16					3,955,122		3,955,122
Wells Fargo Securities Lending Cash Investments, LLC (v)(l)(u)(r)		0.21					574,087		574,087
Total Short-Term Investments (Cost $4,529,209)									4,529,209

Total investments in securities (Cost $122,707,470)*	102.21	%		124,097,588
Other assets and liabilities, net	(2.21	)		(2,686,173	)
Total net assets	100.00	%	$	121,411,415

± Variable rate investment

%% Security issued on a when-issued basis.

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

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

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

¤ Security issued in zero coupon form with no periodic interest payments.

(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.

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

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

* Cost for federal income tax purposes is $123,243,398 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	8,023,568
Gross unrealized depreciation		(7,169,378	)
Net unrealized appreciation	$	854,190

The accompanying notes are an integral part of these financial statements.

114 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 36.16%
FHLMC		6.00	%		7-1-17	$	102,313	$	111,246
FHLMC		7.50			7-17-17		97,035		96,955
FHLMC Series T-54 Class 4A ±		3.11			2-25-43		632,657		639,009
FHLMC Structured Pass-Through Securities Series T-54 Class 3A		7.00			2-25-43		556,996		668,550
FHLMC Structured Pass-Through Securities Series T-55 Class 1A2		7.00			3-25-43		900,888		1,026,472
FHLMC Structured Pass-Through Securities Series T-57 Class 1A2		7.00			7-25-43		741,790		855,536
FHLMC Structured Pass-Through Securities Series T-58 Class 4A		7.50			9-25-43		922,806		1,098,100
FHLMC Structured Pass-Through Securities Series T-63 Class 1A1 ±		1.35			2-25-45		562,305		546,181
FNMA ±		1.35			10-1-34		372,678		378,944
FNMA ±		1.35			4-1-44		253,542		257,784
FNMA ±		1.35			10-1-44		381,725		388,272
FNMA ±		1.74			4-1-37		304,357		316,756
FNMA ±		1.78			9-1-33		232,859		241,085
FNMA ±		1.82			10-1-33		599,892		625,461
FNMA ±		2.31			6-1-33		456,444		483,844
FNMA ±		2.34			4-1-34		506,094		529,781
FNMA ±		2.38			12-1-33		365,727		386,082
FNMA ±		2.38			1-1-36		319,810		337,876
FNMA ±		2.41			6-1-33		314,107		333,546
FNMA ±		2.54			8-1-35		434,784		458,058
FNMA ±		2.62			7-1-35		331,725		352,720
FNMA ±		3.00			7-1-17		35,427		36,365
FNMA		5.50			2-1-17		191,400		205,878
FNMA		6.50			12-1-15		51,275		53,400
FNMA Series 2002-90 Class A2		6.50			11-25-42		206,535		239,418
FNMA Series 2002-T12 Class A3		7.50			5-25-42		194,158		231,154
FNMA Series 2003-W4 Class 3A ±		6.83			10-25-42		477,627		562,860
FNMA Series 2004-W2 Class 2A2		7.00			2-25-44		385,504		444,850
FNMA Series 2007-88 Class HC ±		3.02			9-25-37		425,184		427,413
FNMA Whole Loan Series 2002-W10 Class A6		7.50			8-25-42		205,047		246,700
Total Agency Securities (Cost $11,830,664)									12,580,296
Asset-Backed Securities: 15.09%
Ally Auto Receivables Trust Series 2011-2 Class A3		1.18			4-15-15		159,090		159,697
Ally Auto Receivables Trust Series 2011-4 Class A2		0.65			3-17-14		14,659		14,665
Ally Auto Receivables Trust Series 2011-5 Class A3		0.99			11-16-15		125,000		125,791
Ally Auto Receivables Trust Series 2012-5 Class A2		0.45			7-15-15		225,000		224,947
AmeriCredit Automobile Receivables Trust Series 2011-3 Class A2		0.84			11-10-14		39,622		39,652
AmeriCredit Automobile Receivables Trust Series 2011-4 Class A2		0.92			3-9-15		47,847		47,914
AmeriCredit Automobile Receivables Trust Series 2011-5 Class A2		1.19			8-8-15		73,907		74,175
AmeriCredit Automobile Receivables Trust Series 2012-4 Class A3		0.67			6-8-17		175,000		175,106
BMW Vehicle Owner Trust Series 2011-A Class A2		0.63			2-25-14		23,184		23,195
CNH Equipment Trust Series 2011-B Class A2		0.71			12-15-14		67,639		67,701
Ford Credit Auto Owner Trust Series 2011-B Class A3		0.84			6-15-15		100,000		100,298
GE Equipment Mid Ticket LLC Series 2011-1 Class A2		0.72			5-22-14		98,361		98,423
GE Equipment Small Ticket LLC Series 2011-2A Class A2 144A		1.14			6-23-14		86,752		86,911
GE Equipment Small Ticket LLC Series 2012-A Class A2 144A		0.85			11-21-14		175,000		175,347
GSAMP Trust Series 2005-SEA2 Class A1 ±		0.56			1-25-45		512,801		467,941
GSMPS Mortgage Loan Trust Series 2005-RP2 Class 1AF ±144A		0.56			3-25-35		362,992		303,976
GSMPS Mortgage Loan Trust Series 2005-RP3 Class 1AF ±144A		0.56			9-25-35		380,855		318,966

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 115

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 ±		0.48	%		1-20-35	$	516,783	$	502,293
Honda Auto Receivables Owner Trust Series 2011-3 Class A2		0.67			4-21-14		78,757		78,845
Honda Auto Receivables Owner Trust Series 2012-4 Class A2		0.40			4-20-15		275,000		275,007
Honda Auto Receivables Owner Trust Series 2012-4 Class A3		0.52			8-18-16		100,000		100,042
Household Home Equity Loan Trust Series 2006-1 Class A1 ±		0.37			1-20-36		730,274		719,336
Huntington Auto Trust Series 2011-1A Class A3 144A		1.01			1-15-16		175,000		175,889
Mercedes-Benz Auto Lease Trust Series 2011-B Class A2 144A		0.90			1-15-14		78,204		78,283
Mercedes-Benz Auto Receivables Series 2011-1 Class A3		0.85			3-16-15		125,000		125,326
Morgan Stanley Dean Witter & Company Corporation Heloc Trust Series 2003-2 Class A ±		0.73			4-25-16		28,486		28,229
Santander Drive Auto Receivables Trust Series 2011-4 Class A2		1.37			3-16-15		102,661		103,044
SBI Heloc Trust Series 2005-HE1 Class 1A ±144A		0.40			11-25-35		310,922		288,186
Volkswagen Auto Lease Trust Series 2011-A Class A2		1.00			2-20-14		46,424		46,501
World Omni Auto Receivables Trust 2012-B Class A2		0.43			11-16-15		225,000		224,953
Total Asset-Backed Securities (Cost $5,459,545)									5,250,639
Corporate Bonds and Notes: 22.80%
Consumer Discretionary: 1.38%
Automobiles: 0.44%
Daimler Finance North America LLC 144A		1.88			9-15-14		150,000		152,173
Diversified Consumer Services: 0.66%
University of Notre Dame		4.14			9-1-13		225,000		230,675
Media: 0.28%
Time Warner Cable Incorporated		6.20			7-1-13		95,000		98,006
Consumer Staples: 4.81%
Beverages: 2.31%
Anheuser-Busch Companies Incorporated		4.38			1-15-13		200,000		200,739
Brown Forman Corporation		5.00			2-1-14		210,000		220,999
Coca Cola Company		0.75			3-13-15		100,000		100,791
Coca Cola Enterprises		1.13			11-12-13		150,000		150,678
Miller Brewing Corporation 144A		5.50			8-15-13		125,000		128,963
									802,170
Food & Staples Retailing: 0.58%
Sysco Corporation		4.20			2-12-13		200,000		201,363
Food Products: 1.92%
Campbell Soup Company		3.38			8-15-14		250,000		261,677
General Mills Incorporated		5.20			3-17-15		150,000		165,356
Kellogg Company Series B		4.25			3-6-13		140,000		141,342
Kraft Foods Group Incorporated 144A		1.63			6-4-15		100,000		101,553
									669,928
Energy: 0.85%
Oil, Gas & Consumable Fuels: 0.85%
Chevron Corporation		3.95			3-3-14		125,000		130,263
ConocoPhillips Australia		5.50			4-15-13		125,000		127,228
Devon Energy Corporation		5.63			1-15-14		35,000		36,945
									294,436

The accompanying notes are an integral part of these financial statements.

116 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Financials: 9.87%
Capital Markets: 0.55%
Goldman Sachs Group Incorporated		5.25	%		4-1-13	$	190,000	$	192,737
Commercial Banks: 2.35%
AMEX Centurion Bank		1.00			9-23-13		245,000		245,927
Bank of Montreal ±		0.78			4-29-14		125,000		125,603
Branch Banking & Trust Company ±		0.72			9-13-16		250,000		245,756
HSBC Bank plc 144A		1.63			8-12-13		200,000		201,579
									818,865
Consumer Finance: 3.64%
BMW Bank of North America		1.00			7-18-14		245,000		245,482
Caterpillar Financial Services Corporation «		2.00			4-5-13		150,000		150,837
John Deere Capital Corporation		1.88			6-17-13		300,000		302,455
National Credit Union Administration ±		0.23			6-12-13		275,000		274,986
Toyota Motor Credit Corporation		1.00			2-17-15		125,000		126,091
Unilever Capital Corporation		3.65			2-15-14		160,000		165,798
									1,265,649
Diversified Financial Services: 2.87%
American Express		5.88			5-2-13		125,000		127,750
Bank of America Corporation		4.90			5-1-13		175,000		177,927
Citigroup Incorporated		6.50			8-19-13		150,000		155,938
JPMorgan Chase & Company		4.65			6-1-14		175,000		184,818
New York Life Global Funding 144A		4.65			5-9-13		120,000		122,218
Pacific Life Global Funding 144A		5.15			4-15-13		100,000		101,690
WMC Finance USA Limited		5.13			5-15-13		125,000		127,585
									997,926
REITs: 0.46%
ERP Operating LP		5.25			9-15-14		150,000		160,789
Health Care: 0.46%
Pharmaceuticals: 0.46%
Abbvie Incorporated 144A		1.20			11-6-15		90,000		90,402
Sanofi-Aventis US LLC		1.20			9-30-14		70,000		70,850
									161,252
Industrials: 1.92%
Aerospace & Defense: 0.54%
Northrop Grumman Corporation		3.70			8-1-14		180,000		188,872
Building Products: 0.30%
Ingersoll-Rand Global Holding Company Limited		6.00			8-15-13		100,000		103,771
Electrical Equipment: 0.62%
General Electric Company		0.85			10-9-15		60,000		60,024
General Electric Company		5.00			2-1-13		155,000		156,117
									216,141

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 117

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Road & Rail: 0.46%
Union Pacific Corporation		5.38	%		5-1-14	$	150,000	$	159,528
Materials: 0.38%
Metals & Mining: 0.38%
Alcan Incorporated		5.20			1-15-14		125,000		130,928
Telecommunication Services: 0.98%
Diversified Telecommunication Services: 0.98%
Verizon Communications Incorporated		5.25			4-15-13		200,000		203,465
Verizon Wireless Corporation		5.55			2-1-14		130,000		136,870
									340,335
Utilities: 2.15%
Electric Utilities: 1.76%
Monongahela Power Company 144A		7.95			12-15-13		85,000		91,065
Public Service Electric & Gas Company		5.38			9-1-13		200,000		207,198
Union Electric Company		4.65			10-1-13		150,000		153,984
Wisconsin Electric Power Company		6.00			4-1-14		150,000		160,754
									613,001
Gas Utilities: 0.39%
Atmos Energy Corporation		4.95			10-15-14		125,000		134,442
Total Corporate Bonds and Notes (Cost $7,905,948)									7,932,987
Loan Participation: 1.11%
United States Department of Agriculture Loan (a)		0.98			6-25-16		270,316		270,883
United States Department of Agriculture Loan (a)		5.37			9-8-19		116,910		116,197
Total Loan Participation (Cost $385,364)									387,080
Municipal Obligations: 3.52%
Arkansas: 0.36%
Arkansas State (GO)		1.50			7-1-13		125,000		125,701
California: 0.14%
University of California Revenues Series AA-2 (Education Revenue)		0.89			7-1-13		50,000		50,123
Colorado: 0.30%
Colorado State Build America Building Excellent Schools Series E (GO)		3.73			3-15-15		100,000		105,766
Illinois: 0.59%
Cook County Ill School District #135 Series A (Education Revenue)		4.75			5-1-14		100,000		101,268
Illinois State (GO)		4.07			1-1-14		100,000		103,264
									204,532
Maryland: 0.43%
Frederick MD Series A (GO)		2.00			12-1-12		150,000		150,006

The accompanying notes are an integral part of these financial statements.

118 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2012 (unaudited)

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Texas: 1.34%
Brazos TX Higher Education Authority Incorporated Series 2011-2 Class A1 (Education Revenue) ±		0.87	%		1-27-20	$	48,857	$	49,030
Brazos TX Higher Education Authority Incorporated Series 2005-1 (GO) ±		0.55			12-26-18		157,320		157,029
El Paso TX (GO)		5.72			8-15-13		150,000		155,571
Galveston County TX Build America Bond (GO)		3.01			2-1-14		100,000		102,665
									464,295
Wisconsin: 0.36%
Outagamie County WI Build America Bond (GO)		2.50			4-1-13		125,000		125,804
Total Municipal Obligations (Cost $1,223,788)									1,226,227
Non-Agency Mortgage Backed Securities: 10.16%
Bank of America Commercial Mortgage Incorporated Series 2005-1 Class A3		4.88			11-10-42		69,425		69,391
Bear Stearns Commercial Mortgage Securities Series 2005-PWR9 Class A2		4.74			9-11-42		157,872		161,329
CNH Equipment Trust Series 2012-C Class A3		0.57			12-15-17		175,000		175,092
Countrywide Home Loans Series 2004-R1 Class 1AF ±144A		0.61			11-25-34		308,776		259,995
GE Capital Commercial Mortgage Corporation Series 2005-C3 Class A4 ±		5.05			7-10-45		277,873		277,881
GE Dealer Floorplan Master Note Trust Series 2012-4 Class A ±		0.65			10-20-17		175,000		175,407
GE Equipment Series 2012-1 Class A3		0.60			5-23-16		150,000		150,169
GE Equipment Series 2012-2 Class A2		0.47			4-24-15		225,000		225,002
GSMPS Mortgage Loan Trust Series 2004-4 Class 1AF ±144A		0.61			6-25-34		312,519		267,264
JPMorgan Chase Commercial Mortgage Series 2010-C2 Class A1 144A		2.75			11-15-43		154,184		161,362
SLMA Series 2012-7 Class A1 ±		0.37			2-27-17		175,000		174,932
Structured Asset Securities Corporation Series 2004-NP2 Class A ±144A		0.56			6-25-34		322,698		286,371
Structured Asset Securities Corporation Series 2006-RF3 Class 1A1 144A		6.00			10-25-36		243,887		241,578
Structured Asset Securities Corporation Series 2006-RM1 Class A1 ±144A(a)		0.46			8-25-46		322,474		180,199
Structured Asset Securities Corporation Series 2007-RM1 Class A1 ±144A(a)		0.49			5-25-47		886,581		495,422
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR6 Class 2A1A ±		0.44			4-25-45		250,204		235,012
Total Non-Agency Mortgage Backed Securities (Cost $4,206,156)									3,536,406
Yankee Corporate Bonds and Notes: 2.49%
Consumer Discretionary: 0.52%
Media: 0.52%
Thomson Reuters Corporation		5.95			7-15-13		175,000		180,615
Energy: 0.53%
Oil, Gas & Consumable Fuels: 0.53%
Shell International Finance BV		4.00			3-21-14		175,000		182,845
Financials: 0.72%
Commercial Banks: 0.29%
Royal Bank of Canada		0.80			10-30-15		100,000		99,988
Diversified Financial Services: 0.43%
Diageo Capital plc		5.20			1-30-13		150,000		151,107

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 119

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Health Care: 0.72%
Health Care Equipment & Supplies: 0.72%
Covidien International Finance SA		1.88	%		6-15-13	$	250,000	$	251,809
Total Yankee Corporate Bonds and Notes (Cost $864,389)									866,364
Other: 0.11%
Gryphon Funding Limited, Pass-Through Entity (v)(a)(i)							119,260		39,356
Total Other (Cost $11,300)									39,356
	Yield					Shares
Short-Term Investments: 8.48%
Investment Companies: 8.48%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.16					2,857,608		2,857,608
Wells Fargo Securities Lending Cash Investments, LLC (v)(l)(u)(r)		0.21					91,700		91,700
Total Short-Term Investments (Cost $2,949,308)									2,949,308

Total investments in securities (Cost $34,836,462)*	99.92	%		34,768,663
Other assets and liabilities, net	0.08			27,269
Total net assets	100.00	%	$	34,795,932

± Variable rate investment

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

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

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

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

(i) Illiquid security

(l) Investment in an affiliate

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

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

* Cost for federal income tax purposes is $35,037,092 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	659,460
Gross unrealized depreciation		(927,889	)
Net unrealized depreciation	$	(268,429	)

The accompanying notes are an integral part of these financial statements.

120 Wells Fargo Advantage Allocation Funds Statements of assets and liabilities—November 30, 2012 (unaudited)

	C&B Large Cap Value Portfolio		Diversified Large Cap Growth Portfolio
Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	314,241,370	$	147,623,637
In affiliated securities, at value (see cost below)		56,278,567		32,104,781
Total investments, at value (see cost below)		370,519,937		179,728,418
Segregated cash		0		0
Foreign currency, at value (see cost below)		0		0
Receivable for investments sold		2,574,193		304,302
Receivable for dividends		880,848		141,469
Receivable for securities lending income		5,066		2,773
Prepaid expenses and other assets		3,633		2,878
Total assets		373,983,677		180,179,840
Liabilities
Payable for investments purchased		341,243		304,171
Payable upon receipt of securities loaned		54,606,225		30,875,950
Payable for daily variation margin on open futures contracts		0		0
Due to custodian bank		0		0
Advisory fee payable		172,277		9,890
Shareholder report expenses payable		6,073		16,239
Custodian and accounting fees payable		7,970		5,346
Professional fees payable		3,025		4,504
Accrued expenses and other liabilities		526		571
Total liabilities		55,137,339		31,216,671
Total net assets	$	318,846,338	$	148,963,169
Investments in unaffiliated securities, at cost	$	267,842,365	$	125,285,725
Investments in affiliated securities, at cost	$	56,278,567	$	32,104,781
Total investments, at cost	$	324,120,932	$	157,390,506
Securities on loan, at value	$	53,355,470	$	30,222,297
Foreign currency, at cost	$	0	$	0

The accompanying notes are an integral part of these financial statements.

Statements of assets and liabilities—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 121

Emerging Growth Portfolio		Equity Value Portfolio		Index Portfolio		International Equity Portfolio		International Growth Portfolio		International Index Portfolio
$	912,857,004	$	863,969,397	$	2,437,600,799	$	21,988,461	$	110,248,366	$	22,117,106
	302,158,840		66,277,761		229,955,859		1,404,043		8,070,164		452,217
	1,215,015,844		930,247,158		2,667,556,658		23,392,504		118,318,530		22,569,323
	0		0		0		0		0		56,719
	0		0		0		31,369		79,767		122,441
	6,609,167		3,896,665		228,975		369,648		777,960		192,076
	425,881		2,368,567		6,750,079		34,290		185,276		83,879
	67,960		32,604		35,543		62		8,287		872
	19,566		10,694		24,257		1,352		3,749		1,631
	1,222,138,418		936,555,688		2,674,595,512		23,829,225		119,373,569		23,026,941
	8,163,459		7,207,793		3,160,896		375,737		682,524		125,572
	288,017,255		54,250,075		159,683,023		1,076,691		6,985,505		452,217
	0		0		46,445		0		0		725
	0		0		0		0		0		18,080
	633,423		491,179		151,498		12,547		80,384		5,651
	6,475		15,548		2,884		8,278		2,287		986
	26,474		12,835		48,034		5,174		15,217		43,743
	0		4,740		0		798		784		13,853
	0		4,853		0		1,026		0		2,963
	296,847,086		61,987,023		163,092,780		1,480,251		7,766,701		663,790
$	925,291,332	$	874,568,665	$	2,511,502,732	$	22,348,974	$	111,606,868	$	22,363,151
$	842,876,465	$	772,348,290	$	1,896,543,848	$	21,945,178	$	94,369,009	$	20,341,392
$	302,158,840	$	66,277,761	$	235,028,435	$	1,404,043	$	8,070,164	$	452,217
$	1,145,035,305	$	838,626,051	$	2,131,572,283	$	23,349,221	$	102,439,173	$	20,793,609
$	281,093,012	$	53,033,429	$	159,264,483	$	1,047,799	$	6,818,375	$	429,599
$	0	$	0	$	0	$	31,427	$	80,082	$	121,310

The accompanying notes are an integral part of these financial statements.

122 Wells Fargo Advantage Allocation Funds Statements of assets and liabilities—November 30, 2012 (unaudited)

	International Value Portfolio		Large Company Value Portfolio
Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	351,241,847	$	46,404,692
In affiliated securities, at value (see cost below)		14,596,984		6,071,437
Total investments, at value (see cost below)		365,838,831		52,476,129
Foreign currency, at value (see cost below)		5,519,698		0
Receivable for investments sold		336,991		262,353
Receivable for dividends		1,338,768		158,260
Receivable for securities lending income		9,636		670
Prepaid expenses and other assets		9,946		2,165
Total assets		373,053,870		52,899,577
Liabilities
Payable for investments purchased		70,004		0
Payable upon receipt of securities loaned		13,117,922		4,019,275
Advisory fee payable		263,355		10,741
Shareholder report expenses payable		7,889		7,718
Custodian and accounting fees payable		27,010		9,921
Professional fees payable		4,789		4,128
Total liabilities		13,490,969		4,051,783
Total net assets	$	359,562,901	$	48,847,794
Investments in unaffiliated securities, at cost	$	392,800,721	$	41,079,366
Investments in affiliated securities, at cost	$	14,596,984	$	6,071,437
Total investments, at cost	$	407,397,705	$	47,150,803
Securities on loan, at value	$	12,488,034	$	3,928,660
Foreign currency, at cost	$	5,524,646	$	0

The accompanying notes are an integral part of these financial statements.

Statements of assets and liabilities—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 123

Small Cap Value Portfolio		Small Company Growth Portfolio		Small Company Value Portfolio
$	15,854,105	$	128,160,978	$	166,739,762
	608,030		41,516,509		60,179,670
	16,462,135		169,677,487		226,919,432
	0		0		0
	35,061		1,202,228		2,456,204
	11,770		373,812		199,873
	0		7,791		9,997
	2,507		4,005		5,949
	16,511,473		171,265,323		229,591,455
	4,222		371,731		3,275,203
	0		38,307,239		55,971,754
	6,285		77,448		110,560
	9,128		10,116		5,193
	3,330		5,365		8,216
	2,989		3,592		0
	25,954		38,775,491		59,370,926
$	16,485,519	$	132,489,832	$	170,220,529
$	10,886,200	$	110,729,389	$	154,185,808
$	608,030	$	41,516,509	$	60,179,670
$	11,494,230	$	152,245,898	$	214,365,478
$	0	$	37,261,537	$	54,329,713
$	0	$	0	$	0

The accompanying notes are an integral part of these financial statements.

124 Wells Fargo Advantage Allocation Funds Statements of assets and liabilities—November 30, 2012 (unaudited)

	Core Bond Portfolio		Inflation-Protected Bond Portfolio
Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	3,942,779,723	$	80,121,231
In affiliated securities, at value (see cost below)		282,043,866		2,421,974
Total investments, at value (see cost below)		4,224,823,589		82,543,205
Segregated cash		0		0
Receivable for investments sold		748,510,282		0
Principal paydown receivable		106		0
Receivable for interest		16,945,446		342,975
Receivable for securities lending income		979		0
Premiums paid on credit default swap transactions		688,002		0
Unrealized gains on credit default swap transactions		85,825		0
Prepaid expenses and other assets		22,449		1,255
Total assets		4,991,076,678		82,887,435
Liabilities
Payable for investments purchased		1,224,692,741		0
Unrealized losses on credit default swap transactions		613,082		0
Premiums received on credit default swap transactions		114,158		0
Payable upon receipt of securities loaned		81,197,350		1,830,000
Payable for daily variation margin on open futures contracts		0		0
Advisory fee payable		1,092,278		25,555
Shareholder report expenses payable		8,414		4,767
Professional fees payable		32,092		3,901
Accrued expenses and other liabilities		85,722		3,391
Total liabilities		1,307,835,837		1,867,614
Total net assets	$	3,683,240,841	$	81,019,821
Investments in unaffiliated securities, at cost	$	3,862,049,305	$	69,669,596
Investments in affiliated securities, at cost	$	282,043,866	$	2,421,974
Total investments, at cost	$	4,144,093,171	$	72,091,570
Securities on loan, at value	$	79,589,138	$	1,791,605

The accompanying notes are an integral part of these financial statements.

Statements of assets and liabilities—November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 125

Managed Fixed Income Portfolio		Stable Income Portfolio
$	119,568,379	$	31,819,355
	4,529,209		2,949,308
	124,097,588		34,768,663
	0		11,000
	1,295,286		0
	0		0
	880,837		142,574
	0		0
	0		0
	0		0
	0		2,052
	126,273,711		34,924,289
	4,202,060		0
	0		0
	0		0
	599,375		103,000
	0		1,719
	34,004		6,097
	7,465		6,529
	15,025		7,914
	4,367		3,098
	4,862,296		128,357
$	121,411,415	$	34,795,932
$	118,178,261	$	31,887,154
$	4,529,209	$	2,949,308
$	122,707,470	$	34,836,462
$	586,949	$	100,869

The accompanying notes are an integral part of these financial statements.

126 Wells Fargo Advantage Allocation Funds Statements of operations—six months ended November 30, 2012 (unaudited)

	C&B Large Cap Value Portfolio		Diversified Large Cap Growth Portfolio
Investment income
Dividends *	$	4,422,672	$	723,968
Securities lending income, net		34,742		21,799
Income from affiliated securities		3,892		2,864
Interest		0		0
Total investment income		4,461,306		748,631
Expenses
Advisory fee		1,085,831		500,408
Custody and accounting fees		12,834		12,168
Professional fees		15,723		17,412
Shareholder report expenses		3,215		6,096
Trustees’ fees and expenses		5,639		5,330
Other fees and expenses		5,962		3,858
Total expenses		1,129,204		545,272
Less: Fee waivers and/or expense reimbursements		0		(66,296	)
Net expenses		1,129,204		478,976
Net investment income (loss)		3,332,102		269,655
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		8,138,075		5,955,510
Affiliated securities		0		0
Futures transactions		0		0
Net realized gain (losses) on investments		8,138,075		5,955,510
Net change in unrealized gains (losses) on:
Unaffiliated securities		10,511,841		4,673,812
Affiliated securities		0		0
Futures transactions		0		0
Net change in unrealized gains (losses) on investments		10,511,841		4,673,812
Net realized and unrealized gains (losses) on investments		18,649,916		10,629,322
Net increase in net assets resulting from operations	$	21,982,018	$	10,898,977
* Net of foreign dividend withholding taxes in the amount of		$10,951		$0

The accompanying notes are an integral part of these financial statements.

Statements of operations—six months ended November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 127

Emerging Growth Portfolio			Equity Value Portfolio		Index Portfolio		International Equity Portfolio			International Growth Portfolio		International Index Portfolio
$	1,234,732		$	11,626,547	$	28,674,889	$	278,824		$	992,353	$	286,318
	630,528			100,517		189,295		16,031			26,343		9,673
	20,389			9,963		23,948		553			1,270		97
	0			0		1,227		0			0		62
	1,885,649			11,737,027		28,889,359		295,408			1,019,966		296,150
	4,001,516			3,207,890		1,073,585		97,880			480,743		40,547
	26,807			34,090		72,106		21,609			52,951		46,864
	14,967			13,792		14,861		21,852			22,052		19,795
	44			8,854		2,860		3,049			1,158		500
	5,554			4,586		5,937		6,364			6,209		6,000
	10,356			11,497		30,989		10,592			8,316		13,300
	4,059,244			3,280,709		1,200,338		161,346			571,429		127,006
	0			0		0		(3,681	)		0		(82,550	)
	4,059,244			3,280,709		1,200,338		157,665			571,429		44,456
	(2,173,595	)		8,456,318		27,689,021		137,743			448,537		251,694
	(797,899	)		58,679,308		16,762,715		(1,002,622	)		1,430,375		73,839
	0			0		99,964		0			0		0
	0			0		1,203,623		0			0		(630	)
	(797,899	)		58,679,308		18,066,302		(1,002,622	)		1,430,375		73,209
	18,194,585			40,745,358		169,262,372		3,765,667			15,357,500		3,385,228
	0			0		1,030,931		0			0		0
	0			0		1,852,223		0			0		90,369
	18,194,585			40,745,358		172,145,526		3,765,667			15,357,500		3,475,597
	17,396,686			99,424,666		190,211,828		2,763,045			16,787,875		3,548,806
$	15,223,091		$	107,880,984	$	217,900,849	$	2,900,788		$	17,236,412	$	3,800,500
	$4,308			$120,580		$31,372		$24,092			$63,091		$16,393

The accompanying notes are an integral part of these financial statements.

128 Wells Fargo Advantage Allocation Funds Statements of operations—six months ended November 30, 2012 (unaudited)

	International Value Portfolio			Large Company Value Portfolio
Investment income
Dividends *	$	4,477,633		$	681,081
Securities lending income, net		171,830			2,540
Income from affiliated securities		3,669			1,064
Interest		1,948			0
Total investment income		4,655,080			684,685
Expenses
Advisory fee		1,395,246			167,310
Custody and accounting fees		39,889			7,114
Professional fees		17,769			17,791
Shareholder report expenses		3,868			3,191
Trustees’ fees and expenses		6,320			5,898
Other fees and expenses		15,542			2,018
Total expenses		1,478,634			203,322
Less: Fee waivers and/or expense reimbursements		0			(13,258	)
Net expenses		1,478,634			190,064
Net investment income		3,176,446			494,621
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gain (losses) on investments		(2,196,456	)		2,105,222
Net change in unrealized gains (losses) on investments		48,749,844			1,500,178
Net realized and unrealized gains (losses) on investments		46,553,388			3,605,400
Net increase in net assets resulting from operations	$	49,729,834		$	4,100,021
* Net of foreign dividend withholding taxes in the amount of		$292,144			$1,111

The accompanying notes are an integral part of these financial statements.

Statements of operations—six months ended November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 129

Small Cap Value Portfolio			Small Company Growth Portfolio			Small Company Value Portfolio
$	324,069		$	668,169		$	1,382,218
	0			20,958			70,872
	2,116			4,396			4,200
	0			0			0
	326,185			693,523			1,457,290
	169,336			640,815			797,538
	7,680			11,501			13,518
	16,530			16,856			16,580
	3,186			4,098			2,146
	6,251			6,233			6,066
	2,821			6,061			6,190
	205,804			685,564			842,038
	(12,041	)		(79	)		0
	193,763			685,485			842,038
	132,422			8,038			615,252
	3,788,147			5,166,264			5,485,956
	1,495,116			6,566,887			7,055,601
	5,283,263			11,733,151			12,541,557
$	5,415,685		$	11,741,189		$	13,156,809
	$1,499			$2,217			$0

The accompanying notes are an integral part of these financial statements.

130 Wells Fargo Advantage Allocation Funds Statements of operations—six months ended November 30, 2012 (unaudited)

	Core Bond Portfolio			Inflation-Protected Bond Portfolio
Investment income
Interest*	$	42,261,155		$	971,179
Income from affiliated securities		141,561			38
Securities lending income, net		48,519			4,719
Total investment income		42,451,235			975,936
Expenses
Advisory fee		7,031,048			166,149
Custody and accounting fees		118,909			5,404
Professional fees		29,310			16,963
Shareholder report expenses		8,503			936
Trustees’ fees and expenses		6,233			5,855
Other fees and expenses		29,242			4,419
Total expenses		7,223,245			199,726
Less: Fee waivers and/or expense reimbursements		(281,318	)		(17,545	)
Net expenses		6,941,927			182,181
Net investment income		35,509,308			793,755
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		108,340,648			1,936,141
Futures transactions		0			0
Credit default swap transactions		(40,717	)		0
TBA sale commitments		(355,719	)		0
Net realized gains on investments		107,944,212			1,936,141
Net change in unrealized gains (losses) on:
Unaffiliated securities		(13,631,453	)		(559,251	)
Futures transactions		0			0
Credit default swap transactions		(418,505	)		0
TBA sale commitments		293,360			0
Net change in unrealized gains (losses) on investments		(13,756,598	)		(559,251	)
Net realized and unrealized gains (losses) on investments		94,187,614			1,376,890
Net increase in net assets resulting from operations	$	129,696,922		$	2,170,645
* Net of foreign interest withholding taxes in the amount of		$41,842			$0

The accompanying notes are an integral part of these financial statements.

Statements of operations—six months ended November 30, 2012 (unaudited) Wells Fargo Advantage Allocation Funds 131

Managed Fixed Income Portfolio			Stable Income Portfolio
$	2,458,646		$	353,613
	3,973			1,868
	2,110			1,160
	2,464,729			356,641
	252,679			67,229
	6,936			4,852
	19,997			20,623
	3,511			897
	6,234			5,364
	4,339			2,963
	293,696			101,928
	(48,092	)		(30,724	)
	245,604			71,204
	2,219,125			285,437
	2,984,770			112,829
	0			(16,098	)
	0			0
	7,748			0
	2,992,518			96,731
	(105,767	)		253,738
	0			(4,063	)
	0			0
	0			0
	(105,767	)		249,675
	2,886,751			346,406
$	5,105,876		$	631,843
	$0			$0

The accompanying notes are an integral part of these financial statements.

132 Wells Fargo Advantage Allocation Funds Statements of changes in net assets

	C&B Large Cap Value Portfolio
	Six months ended November 30, 2012 (Unaudited)			Year ended May 31, 2012
Operations
Net investment income	$	3,332,102		$	6,573,718
Net realized gains on investments		8,138,075			15,269,192
Net change in unrealized gains (losses) on investments		10,511,841			(40,212,230	)
Net increase (decrease) in net assets resulting from operations		21,982,018			(18,369,320	)
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		3,176,458			14,806,365
Withdrawals		(31,235,254	)		(95,014,836	)
Net decrease in net assets resulting from capital share transactions		(28,058,796	)		(80,208,471	)
Total decrease in net assets		(6,076,778	)		(98,577,791	)
Net assets
Beginning of period		324,923,116			423,500,907
End of period	$	318,846,338		$	324,923,116

The accompanying notes are an integral part of these financial statements.

Statements of changes in net assets Wells Fargo Advantage Allocation Funds 133

	Diversified Large Cap Growth Portfolio
	Six months ended November 30, 2012 (unaudited)			Year ended May 31, 2012
Operations
Net investment income	$	269,655		$	425,590
Net realized gains on investments		5,955,510			5,356,234
Net change in unrealized gains (losses) on investments		4,673,812			(3,329,475	)
Net increase in net assets resulting from operations		10,898,977			2,452,349
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		3,076,744			7,386,835
Withdrawals		(23,170,833	)		(52,938,016	)
Net decrease in net assets resulting from capital share transactions		(20,094,089	)		(45,551,181	)
Total decrease in net assets		(9,195,112	)		(43,098,832	)
Net assets
Beginning of period		158,158,281			201,257,113
End of period	$	148,963,169		$	158,158,281

The accompanying notes are an integral part of these financial statements.

134 Wells Fargo Advantage Allocation Funds Statements of changes in net assets

	Emerging Growth Portfolio
	Six months ended November 30, 2012 (Unaudited)			Year ended May 31, 2012
Operations
Net investment loss	$	(2,173,595	)	$	(4,480,439	)
Net realized gains (losses) on investments		(797,899	)		45,606,364
Net change in unrealized gains (losses) on investments		18,194,585			106,939,881
Net increase in net assets resulting from operations		15,223,091			148,065,806
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		27,508,922			1,103,202,835
Withdrawals		(116,332,787	)		(336,929,676	)
Net increase (decrease) in net assets resulting from capital share transactions		(88,823,865	)		766,273,159
Total increase (decrease) in net assets		(73,600,774	)		914,338,965
Net assets
Beginning of period		998,892,106			84,553,141
End of period	$	925,291,332		$	998,892,106

The accompanying notes are an integral part of these financial statements.

Statements of changes in net assets Wells Fargo Advantage Allocation Funds 135

	Equity Value Portfolio
	Six months ended November 30, 2012 (Unaudited)			Year ended May 31, 2012
Operations
Net investment income	$	8,456,318		$	14,011,353
Net realized gains on investments		58,679,308			23,330,597
Net change in unrealized gains (losses) on investments		40,745,358			(18,260,356	)
Net increase in net assets resulting from operations		107,880,984			19,081,594
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		3,778,099			698,898,834
Withdrawals		(231,323,662	)		(145,361,854	)
Net increase (decrease) in net assets resulting from capital share transactions		(227,545,563	)		553,536,980
Total increase (decrease) in net assets		(119,664,579	)		572,618,574
Net assets
Beginning of period		994,233,244			421,614,670
End of period	$	874,568,665		$	994,233,244

The accompanying notes are an integral part of these financial statements.

136 Wells Fargo Advantage Allocation Funds Statements of changes in net assets

	Index Portfolio
	Six months ended November 30, 2012 (Unaudited)			Year ended May 31, 2012
Operations
Net investment income	$	27,689,021		$	50,245,701
Net realized gains on investments		18,066,302			44,324,406
Net change in unrealized gains (losses) on investments		172,145,526			(109,116,550	)
Net increase (decrease) in net assets resulting from operations		217,900,849			(14,546,443	)
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		42,591,618			170,958,274
Withdrawals		(132,488,463	)		(304,471,072	)
Net decrease in net assets resulting from capital share transactions		(89,896,845	)		(133,512,798	)
Total increase (decrease) in net assets		128,004,004			(148,059,241	)
Net assets
Beginning of period		2,383,498,728			2,531,557,969
End of period	$	2,511,502,732		$	2,383,498,728

The accompanying notes are an integral part of these financial statements.

Statements of changes in net assets Wells Fargo Advantage Allocation Funds 137

	International Equity Portfolio
	Six months ended November 30, 2012 (unaudited)			Year ended May 31, 2012
Operations
Net investment income	$	137,743		$	464,140
Net realized gains (losses) on investments		(1,002,622	)		906,587
Net change in unrealized gains (losses) on investments		3,765,667			(7,789,823	)
Net increase (decrease) in net assets resulting from operations		2,900,788			(6,419,096	)
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		701,829			3,501,335
Withdrawals		(4,319,848	)		(3,989,591	)
Net decrease in net assets resulting from capital share transactions		(3,618,019	)		(488,256	)
Total decrease in net assets		(717,231	)		(6,907,352	)
Net assets
Beginning of period		23,066,205			29,973,557
End of period	$	22,348,974		$	23,066,205

The accompanying notes are an integral part of these financial statements.

138 Wells Fargo Advantage Allocation Funds Statements of changes in net assets

	International Growth Portfolio
	Six months ended November 30, 2012 (Unaudited)			Year ended May 31, 2012
Operations
Net investment income	$	448,537		$	2,321,731
Net realized gains on investments		1,430,375			5,754,758
Net change in unrealized gains (losses) on investments		15,357,500			(18,816,975	)
Net increase (decrease) in net assets resulting from operations		17,236,412			(10,740,486	)
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		1,582,502			19,315,418
Withdrawals		(15,733,513	)		(28,198,788	)
Net decrease in net assets resulting from capital share transactions		(14,151,011	)		(8,883,370	)
Total increase (decrease) in net assets		3,085,401			(19,623,856	)
Net assets
Beginning of period		108,521,467			128,145,323
End of period	$	111,606,868		$	108,521,467

The accompanying notes are an integral part of these financial statements.

Statements of changes in net assets Wells Fargo Advantage Allocation Funds 139

	International Index Portfolio
	Six months ended November 30, 2012 (unaudited)			Year ended May 31, 2012
Operations
Net investment income	$	251,694		$	985,385
Net realized gains (losses) on investments		73,209			(722,501	)
Net change in unrealized gains (losses) on investments		3,475,597			(6,151,041	)
Net increase (decrease) in net assets resulting from operations		3,800,500			(5,888,157	)
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		391,968			3,459,407
Withdrawals		(5,095,751	)		(4,306,369	)
Net decrease in net assets resulting from capital share transactions		(4,703,783	)		(846,962	)
Total decrease in net assets		(903,283	)		(6,735,119	)
Net assets
Beginning of period		23,266,434			30,001,553
End of period	$	22,363,151		$	23,266,434

The accompanying notes are an integral part of these financial statements.

140 Wells Fargo Advantage Allocation Funds Statements of changes in net assets

	International Value Portfolio
	Six months ended November 30, 2012 (unaudited)			Year ended May 31, 2012
Operations
Net investment income	$	3,176,446		$	10,731,272
Net realized losses on investments		(2,196,456	)		(2,485,463	)
Net change in unrealized gains (losses) on investments		48,749,844			(82,848,290	)
Net increase (decrease) in net assets resulting from operations		49,729,834			(74,602,481	)
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		40,144,436			24,184,061
Withdrawals		(19,602,749	)		(12,254,871	)
Net increase in net assets resulting from capital share transactions		20,541,687			11,929,190
Total increase (decrease) in net assets		70,271,521			(62,673,291	)
Net assets
Beginning of period		289,291,380			351,964,671
End of period	$	359,562,901		$	289,291,380

The accompanying notes are an integral part of these financial statements.

Statements of changes in net assets Wells Fargo Advantage Allocation Funds 141

	Large Company Value Portfolio
	Six months ended November 30, 2012 (unaudited)			Year ended May 31, 2012
Operations
Net investment income	$	494,621		$	975,071
Net realized gains on investments		2,105,222			1,843,881
Net change in unrealized gains (losses) on investments		1,500,178			(6,856,974	)
Net increase (decrease) in net assets resulting from operations		4,100,021			(4,038,022	)
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		652,885			1,638,219
Withdrawals		(8,785,261	)		(11,556,144	)
Net decrease in net assets resulting from capital share transactions		(8,132,376	)		(9,917,925	)
Total decrease in net assets		(4,032,355	)		(13,955,947	)
Net assets
Beginning of period		52,880,149			66,836,096
End of period	$	48,847,794		$	52,880,149

The accompanying notes are an integral part of these financial statements.

142 Wells Fargo Advantage Allocation Funds Statements of changes in net assets

	Small Cap Value Portfolio
	Six months ended November 30, 2012 (unaudited)			Year ended May 31, 2012
Operations
Net investment income	$	132,422		$	492,526
Net realized gains (losses) on investments		3,788,147			(320,184	)
Net change in unrealized gains (losses) on investments		1,495,116			(4,255,368	)
Net increase (decrease) in net assets resulting from operations		5,415,685			(4,083,026	)
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		570,705			6,335,077
Withdrawals		(37,608,679	)		(9,458,467	)
Net decrease in net assets resulting from capital share transactions		(37,037,974	)		(3,123,390	)
Total decrease in net assets		(31,622,289	)		(7,206,416	)
Net assets
Beginning of period		48,107,808			55,314,224
End of period	$	16,485,519		$	48,107,808

The accompanying notes are an integral part of these financial statements.

Statements of changes in net assets Wells Fargo Advantage Allocation Funds 143

	Small Company Growth Portfolio
	Six months ended November 30, 2012 (unaudited)			Year ended May 31, 2012
Operations
Net investment income (loss)	$	8,038		$	(317,924	)
Net realized gains on investments		5,166,264			43,682,880
Net change in unrealized gains (losses) on investments		6,566,887			(74,305,951	)
Net increase (decrease) in net assets resulting from operations		11,741,189			(30,940,995	)
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		5,021,405			13,211,256
Withdrawals		(47,232,223	)		(154,050,686	)
Net decrease in net assets resulting from capital share transactions		(42,210,818	)		(140,839,430	)
Total decrease in net assets		(30,469,629	)		(171,780,425	)
Net assets
Beginning of period		162,959,461			334,739,886
End of period	$	132,489,832		$	162,959,461

The accompanying notes are an integral part of these financial statements.

144 Wells Fargo Advantage Allocation Funds Statements of changes in net assets

	Small Company Value Portfolio
	Six months ended November 30, 2012 (unaudited)			Year ended May 31, 2012
Operations
Net investment income	$	615,252		$	1,415,963
Net realized gains on investments		5,485,956			19,382,594
Net change in unrealized gains (losses) on investments		7,055,601			(37,231,687	)
Net increase (decrease) in net assets resulting from operations		13,156,809			(16,433,130	)
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		9,312,841			25,377,194
Withdrawals		(51,511,547	)		(46,438,479	)
Net decrease in net assets resulting from capital share transactions		(42,198,706	)		(21,061,285	)
Total decrease in net assets		(29,041,897	)		(37,494,415	)
Net assets
Beginning of period		199,262,426			236,756,841
End of period	$	170,220,529		$	199,262,426

The accompanying notes are an integral part of these financial statements.

Statements of changes in net assets Wells Fargo Advantage Allocation Funds 145

	Core Bond Portfolio
	Six months ended November 30, 2012 (unaudited)			Year ended May 31, 2012
Operations
Net investment income	$	35,509,308		$	81,191,274
Net realized gains on investments		107,944,212			164,577,584
Net change in unrealized gains (losses) on investments		(13,756,598	)		29,875,554
Net increase in net assets resulting from operations		129,696,922			275,644,412
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		504,049,062			686,049,279
Withdrawals		(764,041,287	)		(443,191,494	)
Net increase (decrease) in net assets resulting from capital share transactions		(259,992,225	)		242,857,785
Total increase (decrease) in net assets		(130,295,303	)		518,502,197
Net assets
Beginning of period		3,813,536,144			3,295,033,947
End of period	$	3,683,240,841		$	3,813,536,144

The accompanying notes are an integral part of these financial statements.

146 Wells Fargo Advantage Allocation Funds Statements of changes in net assets

	Inflation-Protected Bond Portfolio
	Six months ended November 30, 2012 (unaudited)			Year ended May 31, 2012
Operations
Net investment income	$	793,755		$	2,680,432
Net realized gains on investments		1,936,141			5,557,478
Net change in unrealized gains (losses) on investments		(559,251	)		3,311,880
Net increase in net assets resulting from operations		2,170,645			11,549,790
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		8,593,093			21,266,199
Withdrawals		(13,193,227	)		(54,247,708	)
Net decrease in net assets resulting from capital share transactions		(4,600,134	)		(32,981,509	)
Total decrease in net assets		(2,429,489	)		(21,431,719	)
Net assets
Beginning of period		83,449,310			104,881,029
End of period	$	81,019,821		$	83,449,310

The accompanying notes are an integral part of these financial statements.

Statements of changes in net assets Wells Fargo Advantage Allocation Funds 147

	Managed Fixed Income Portfolio
	Six months ended November 30, 2012 (unaudited)			Year ended May 31, 2012
Operations
Net investment income	$	2,219,125		$	5,660,417
Net realized gains on investments		2,992,518			2,120,364
Net change in unrealized gains (losses) on investments		(105,767	)		2,573,185
Net increase in net assets resulting from operations		5,105,876			10,353,966
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		15,433,971			55,876,275
Withdrawals		(41,031,727	)		(84,676,792	)
Net decrease in net assets resulting from capital share transactions		(25,597,756	)		(28,800,517	)
Total decrease in net assets		(20,491,880	)		(18,446,551	)
Net assets
Beginning of period		141,903,295			160,349,846
End of period	$	121,411,415		$	141,903,295

The accompanying notes are an integral part of these financial statements.

148 Wells Fargo Advantage Allocation Funds Statements of changes in net assets

	Stable Income Portfolio
	Six months ended November 30, 2012 (unaudited)			Year ended May 31, 2012
Operations
Net investment income	$	285,437		$	666,108
Net realized gains (losses) on investments		96,731			(60,837	)
Net change in unrealized gains on investments		249,675			21,566
Net increase in net assets resulting from operations		631,843			626,837
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		2,902,589			6,568,824
Withdrawals		(6,479,139	)		(8,980,294	)
Net decrease in net assets resulting from capital share transactions		(3,576,550	)		(2,411,470	)
Total decrease in net assets		(2,944,707	)		(1,784,633	)
Net assets
Beginning of period		37,740,639			39,525,272
End of period	$	34,795,932		$	37,740,639

The accompanying notes are an integral part of these financial statements.

Financial highlights Wells Fargo Advantage Allocation Funds 149

	Ratio to average net assets (annualized)									Total return1			Portfolio turnover rate
	Net investment income (loss)			Gross expenses			Net expenses
C&B Large Cap Value Portfolio
June 1, 2012 to November 30, 2012 (unaudited)		1.99	%		0.68	%		0.68	%		6.87	%		6	%
June 1, 2011 to May 31, 2012		1.81	%		0.68	%		0.68	%		(4.61	)%		21	%
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	%
Diversified Large Cap Growth Portfolio
June 1, 2012 to November 30, 2012 (unaudited)		0.35	%		0.71	%		0.62	%		7.50	%		29	%
June 1, 2011 to May 31, 2012		0.24	%		0.71	%		0.62	%		1.26	%		79	%
October 1, 2010 to May 31, 20112,3		0.40	%		0.69	%		0.62	%		22.78	%		101	%
October 1, 2009 to September 30, 20103		0.66	%		0.70	%		0.62	%		7.51	%		11	%
October 1, 2008 to September 30, 20093		0.97	%		0.70	%		0.62	%		3.31	%		13	%
October 1, 2007 to September 30, 20083		0.48	%		0.68	%		0.67	%		(22.59	)%		7	%
October 1, 2006 to September 30, 20073		0.46	%		0.70	%		0.68	%		17.80	%		10	%
Emerging Growth Portfolio
June 1, 2012 to November 30, 2012 (unaudited)		(0.43	)%		0.80	%		0.80	%		1.25	%		32	%
June 1, 2011 to May 31, 2012		(0.57	)%		0.80	%		0.80	%		(4.83	)%		75	%
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, 2012 to November 30, 2012 (unaudited)		1.68	%		0.65	%		0.65	%		11.12	%		42	%
June 1, 2011 to May 31, 2012		1.58	%		0.65	%		0.65	%		(10.22	)%		103	%
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	%
Index Portfolio
June 1, 2012 to November 30, 2012 (unaudited)		2.19	%		0.10	%		0.10	%		9.30	%		2	%
June 1, 2011 to May 31, 2012		2.09	%		0.10	%		0.10	%		(0.52	)%		9	%
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	%
International Equity Portfolio
June 1, 2012 to November 30, 2012 (unaudited)		1.20	%		1.40	%		1.37	%		13.61	%		24	%
June 1, 2011 to May 31, 2012		1.79	%		1.26	%		1.21	%		(22.13	)%		141	%
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	%

Please see footnotes on page 151.

The accompanying notes are an integral part of these financial statements.

150 Wells Fargo Advantage Allocation Funds Financial highlights

	Ratio to average net assets (annualized)									Total return1			Portfolio turnover rate
	Net investment income (loss)			Gross expenses			Net expenses
International Growth Portfolio
June 1, 2012 to November 30, 2012 (unaudited)		0.79	%		1.01	%		1.01	%		16.75	%		21	%
June 1, 2011 to May 31, 2012		2.04	%		0.97	%		0.90	%		(9.44	)%		69	%
October 1, 2010 to May 31, 20112		1.62	%		1.10	%		1.10	%		14.50	%		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	%
International Index Portfolio
June 1, 2012 to November 30, 2012 (unaudited)		2.17	%		1.10	%		0.38	%		18.07	%		2	%
June 1, 2011 to May 31, 2012		3.81	%		0.83	%		0.37	%		(20.52	)%		45	%
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	%
International Value Portfolio
June 1, 2012 to November 30, 2012 (unaudited)		1.94	%		0.90	%		0.90	%		17.08	%		9	%
June 1, 2011 to May 31, 2012		3.44	%		0.91	%		0.85	%		(21.07	)%		9	%
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	%
Large Company Value Portfolio
June 1, 2012 to November 30, 2012 (unaudited)		1.92	%		0.79	%		0.74	%		8.38	%		32	%
June 1, 2011 to May 31, 2012		1.67	%		0.77	%		0.74	%		(6.06	)%		104	%
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	%
Small Cap Value Portfolio
June 1, 2012 to November 30, 2012 (unaudited)		0.63	%		0.97	%		0.92	%		10.41	%		20	%
June 1, 2011 to May 31, 2012		1.02	%		0.95	%		0.91	%		(7.94	)%		33	%
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	%
Small Company Growth Portfolio
June 1, 2012 to November 30, 2012 (unaudited)		0.01	%		0.86	%		0.86	%		7.71	%		48	%
June 1, 2011 to May 31, 2012		(0.12	)%		0.83	%		0.83	%		(10.75	)%		107	%
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	%

Please see footnotes on page 151.

The accompanying notes are an integral part of these financial statements.

Financial highlights Wells Fargo Advantage Allocation Funds 151

	Ratio to average net assets (annualized)									Total return1			Portfolio turnover rate
	Net investment income			Gross expenses			Net expenses
Small Company Value Portfolio
June 1, 2012 to November 30, 2012 (unaudited)		0.62	%		0.84	%		0.84	%		6.95	%		34	%
June 1, 2011 to May 31, 2012		0.69	%		0.84	%		0.84	%		(7.17	)%		60	%
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	%
Core Bond Portfolio
June 1, 2012 to November 30, 2012 (unaudited)		1.79	%		0.36	%		0.35	%		3.35	%		270	%
June 1, 2011 to May 31, 2012		2.33	%		0.37	%		0.35	%		8.20	%		803	%
June 1, 2010 to May 31, 2011		2.99	%		0.37	%		0.35	%		7.02	%		789	%
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	%
Inflation-Protected Bond Portfolio
June 1, 2012 to November 30, 2012 (unaudited)		1.91	%		0.48	%		0.44	%		2.69	%		9	%
June 1, 2011 to May 31, 2012		3.00	%		0.48	%		0.44	%		12.62	%		23	%
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	%
Managed Fixed Income Portfolio
June 1, 2012 to November 30, 2012 (unaudited)		3.52	%		0.46	%		0.39	%		4.09	%		26	%
June 1, 2011 to May 31, 2012		3.83	%		0.46	%		0.39	%		6.97	%		51	%
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	%
Stable Income Portfolio
June 1, 2012 to November 30, 2012 (unaudited)		1.63	%		0.58	%		0.41	%		1.85	%		13	%
June 1, 2011 to May 31, 2012		1.76	%		0.59	%		0.41	%		1.71	%		11	%
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	%

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, the 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 the Wells Fargo Advantage Large Company Growth Portfolio.

4. Commencement of operations.

The accompanying notes are an integral part of these financial statements.

152 Wells Fargo Advantage Allocation Funds Notes to financial statements (unaudited)

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”), 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 Core Bond Portfolio (“Core Bond Portfolio” ) (formerly, Wells Fargo Advantage Total Return Bond Portfolio), Wells Fargo Advantage Inflation-Protected Bond Portfolio (“Inflation-Protected Bond Portfolio”), Wells Fargo Advantage Managed Fixed Income Portfolio (“Managed Fixed Income Portfolio”) and Wells Fargo Advantage Stable Income Portfolio (“Stable Income 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 shares 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

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

Equity securities that are listed on a foreign or domestic exchange, except for The Nasdaq Stock Market, Inc. (“Nasdaq”), are valued at the official closing price or, if none, the last sales price. Securities listed on Nasdaq are valued at the Nasdaq Official Closing Price (“NOCP”). If no NOCP is available, securities are valued at the last prior sales price. If no sales price is shown on the Nasdaq, the bid price will be used. If no sale occurs on the primary exchange or market for the security that day or if no sale occurs and no bid price is shown on Nasdaq, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Portfolios’ Valuation Procedures.

Securities denominated in foreign currencies are translated into U.S. dollars using the rates of exchange in effect on the day of valuation at a time specified by the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”).

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in NAVs that are higher or lower than NAVs based on the last reported sales price or latest quoted bid price. On November 30, 2012, fair value pricing was not used in pricing foreign securities.

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

Notes to financial statements (unaudited) Wells Fargo Advantage Allocation Funds 153

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

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

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

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

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. The Portfolios continue to receive interest or dividends on the securities loaned. The Portfolios receive 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 Portfolios on the next business day. In a securities lending transaction, the net asset value of the Portfolios will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The

154 Wells Fargo Advantage Allocation Funds Notes to financial statements (unaudited)

amount of securities lending activity undertaken by the Portfolios fluctuate from time to time, In the event of default or bankruptcy by the borrower, the Portfolios may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Portfolios have 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 its securities lending transactions is invested in Wells Fargo Securities Lending Cash Investments, LLC (the “Cash Collateral Fund”). The Cash Collateral Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Cash Collateral Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. 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.

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 in an amount at least equal in value to the Portfolio’s commitment to purchase when-issued securities. 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 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 Portfolio may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and interest rates. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Portfolio and the prices of futures contracts, and the possibility of an illiquid market.

Futures contracts are valued based upon their quoted daily settlement prices when available. The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the 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 offsetting TBA purchase commitments, which are deliverable on or before the sale commitment date, are 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

Notes to financial statements (unaudited) Wells Fargo Advantage Allocation Funds 155

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 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

156 Wells Fargo Advantage Allocation Funds Notes to financial statements (unaudited)

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 TBA 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 recorded on the basis of identified cost.

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 interestholders 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. Management has analyzed each Portfolio’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

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 significant 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.)

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 investments in securities are not necessarily an indication of the risk associated with investing in those securities.

Notes to financial statements (unaudited) Wells Fargo Advantage Allocation Funds 157

As of November 30, 2012, the inputs used in valuing investments in securities, which were 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	$	305,220,193	$	4,607,741	$	0	$	309,827,934
Preferred stocks		0		3,944,178		0		3,944,178
Other		0		0		469,258		469,258
Short-term investments
Investment companies		1,807,073		54,471,494		0		56,278,567
Total	$	307,027,266	$	63,023,413	$	469,258	$	370,519,937
Diversified Large Cap Growth Portfolio
Equity securities
Common stocks	$	147,157,159	$	0	$	0	$	147,157,159
Other		0		0		466,478		466,478
Short-term investments
Investment companies		1,362,764		30,742,017		0		32,104,781
Total	$	148,519,923	$	30,742,017	$	466,478	$	179,728,418
Emerging Growth Portfolio
Equity securities
Common stocks	$	908,145,519	$	0	$	0	$	908,145,519
Investment companies		3,272,850		0		0		3,272,850
Other		0		0		1,438,635		1,438,635
Short-term investments
Investment companies		14,554,639		287,604,201		0		302,158,840
Total	$	925,973,008	$	287,604,201	$	1,438,635	$	1,215,015,844
Equity Value Portfolio
Equity securities
Common stocks	$	863,581,645	$	0	$	0	$	863,581,645
Other		0		0		387,752		387,752
Short-term investments
Investment companies		12,139,015		54,138,746		0		66,277,761
Total	$	875,720,660	$	54,138,746	$	387,752	$	930,247,158
Index Portfolio
Equity securities
Common stocks	$	2,462,065,216	$	0	$	0	$	2,462,065,216
Investment companies		2,403,229		0		0		2,403,229
Other		0		0		1,368,621		1,368,621
Short-term investments
Investment companies		39,179,893		159,290,071		0		198,469,964
U.S. Treasury securities		3,249,628		0		0		3,249,628
Total	$	2,506,897,966	$	159,290,071	$	1,368,621	$	2,667,556,658
International Equity Portfolio
Equity securities
Common stocks	$	21,988,461	$	0	$	0	$	21,988,461
Short-term investments
Investment companies		327,352		1,076,691		0		1,404,043
Total	$	22,315,813	$	1,076,691	$	0	$	23,392,504

158 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
International Growth Portfolio
Equity securities
Common stocks	$	108,384,886	$	0	$	0	$	108,384,886
Preferred stocks		1,863,480		0		0		1,863,480
Short-term investments
Investment companies		1,084,659		6,985,505		0		8,070,164
Total	$	111,333,025	$	6,985,505	$	0	$	118,318,530
International Index Portfolio
Equity securities
Common stocks	$	21,966,323	$	7,919	$	0	$	21,974,242
Preferred stocks		138,423		489		0		138,912
Rights		0		3,952		0		3,952
Short-term investments
Investment companies		0		452,217		0		452,217
Total	$	22,104,746	$	464,577	$	0	$	22,569,323
International Value Portfolio
Equity securities
Common stocks	$	343,595,905	$	3,809,406	$	0	$	347,405,311
Preferred stocks		3,836,536		0		0		3,836,536
Short-term investments
Investment companies		1,479,062		13,117,922		0		14,596,984
Total	$	348,911,503	$	16,927,328	$	0	$	365,838,831
Large Company Value Portfolio
Equity securities
Common stocks	$	46,374,559	$	0	$	0	$	46,374,559
Other		0		0		30,133		30,133
Short-term investments
Investment companies		2,060,814		4,010,623		0		6,071,437
Total	$	48,435,373	$	4,010,623	$	30,133	$	52,476,129
Small Cap Value Portfolio
Equity securities
Common stocks	$	15,447,346	$	0	$	0	$	15,447,346
Investment companies		363,486		0		0		363,486
Warrants		0		43,273		0		43,273
Short-term investments
Investment companies		608,030		0		0		608,030
Total	$	16,418,862	$	43,273	$	0	$	16,462,135
Small Company Growth Portfolio
Equity securities
Common stocks	$	127,600,070	$	0	$	0	$	127,600,070
Other		0		0		560,908		560,908
Short-term investments
Investment companies		3,370,315		38,146,194		0		41,516,509
Total	$	130,970,385	$	38,146,194	$	560,908	$	169,677,487

Notes to financial statements (unaudited) Wells Fargo Advantage Allocation Funds 159

Investments in securities	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Small Company Value Portfolio
Equity securities
Common stocks	$	166,347,066	$	0	$	0	$	166,347,066
Other		0		0		392,696		392,696
Short-term investments
Investment companies		4,320,665		55,859,005		0		60,179,670
Total	$	170,667,731	$	55,859,005	$	392,696	$	226,919,432
Core Bond Portfolio
Agency securities	$	0	$	1,310,602,423	$	0	$	1,310,602,423
Asset-backed securities		0		520,059,874		0		520,059,874
Corporate bonds and notes		0		709,996,158		0		709,996,158
Municipal obligations		0		40,639,268		0		40,639,268
Non-agency mortgage backed securities		0		247,838,277		0		247,838,277
U.S. Treasury securities		800,503,979		0		0		800,503,979
Yankee corporate bonds and notes		0		269,923,292		0		269,923,292
Yankee government bonds		0		42,082,254		0		42,082,254
Other		0		0		1,134,198		1,134,198
Short-term investments
Investment companies		201,172,161		80,871,705		0		282,043,866
Total	$	1,001,676,140	$	3,222,013,251	$	1,134,198	$	4,224,823,589
Inflation-Protected Bond Portfolio
U.S. Treasury securities	$	79,940,330	$	0	$	0	$	79,940,330
Other		0		0		180,901		180,901
Short-term investments
Investment companies		643,913		1,778,061		0		2,421,974
Total	$	80,584,243	$	1,778,061	$	180,901	$	82,543,205
Managed Fixed Income Portfolio
Agency securities	$	0	$	40,450,522	$	0	$	40,450,522
Asset-backed securities		0		6,020,430		0		6,020,430
Corporate bonds and notes		0		34,425,948		0		34,425,948
Municipal obligations		0		11,226,754		0		11,226,754
Non-agency mortgage backed securities		0		16,751,100		1,475,724		18,226,824
Term loans		0		352,316		0		352,316
U.S. Treasury securities		7,091,387		0		0		7,091,387
Yankee corporate bonds and notes		0		1,686,122		0		1,686,122
Other		0		0		88,076		88,076
Short-term investments
Investment companies		3,955,122		574,087		0		4,529,209
Total	$	11,046,509	$	111,487,279	$	1,563,800	$	124,097,588

160 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
Stable Income Portfolio
Agency securities	$	0	$	12,580,296	$	0	$	12,580,296
Asset-backed securities		0		5,250,639		0		5,250,639
Corporate bonds and notes		0		7,932,987		0		7,932,987
Loan participation		0		0		387,080		387,080
Municipal obligations		0		1,226,227		0		1,226,227
Non-agency mortgage backed securities		0		2,860,786		675,620		3,536,406
Yankee corporate bonds and notes		0		866,364		0		866,364
Other		0		0		39,356		39,356
Short-term investments
Investment companies		2,857,608		91,700		0		2,949,308
Total	$	2,857,608	$	30,808,999	$	1,102,056	$	34,768,663

Further details on the major security types listed above can be found in each Portfolio of Investments or Summary Portfolio of Investments.

As of November 30, 2012, 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
Futures contracts+
Index Portfolio	$	(205,915	)	$	0	$	0	$	(205,915	)
International Index Portfolio		(725	)		0		0		(725	)
Stable Income Portfolio		(4,278	)		0		0		(4,278	)
Credit default swaps*
Core Bond Portfolio		0			46,587		0		46,587

+ Futures 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.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended November 30, 2012, the Portfolios did not have any transfers into/out of Level 1 or Level 2.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value for Managed Fixed Income Portfolio:

	Managed Fixed Income Portfolio
	Non-agency mortgage backed securities			Other			Total
Balance as of May 31, 2012	$	1,350,195		$	375,000		$	1,725,195
Accrued discounts (premiums)		0			0			0
Realized gains (losses)		0			238,580			238,580
Change in unrealized gains (losses)		196,429			(205,973	)		(9,544	)
Purchases		0			0			0
Sales		(70,900	)		(319,531	)		(390,431	)
Transfers into Level 3		0			0			0
Transfers out of Level 3		0			0			0
Balance as of November 30, 2012	$	1,475,724		$	88,076		$	1,563,800
Change in unrealized gains (losses) relating to securities still held at November 30, 2012	$	160,830		$	16,013		$	176,843

Notes to financial statements (unaudited) Wells Fargo Advantage Allocation Funds 161

The following table summarizes quantitative information about the Managed Fixed Income Portfolio’s Level 3 inputs as of November 30, 2012:

Security types	Fair value at November 30, 2012		Valuation technique(s)	Significant unobservable input(s)	Weighted average	Range	Impact to valuation from an increase in input*
Non-agency mortgage backed securities	$	1,475,724	Adjusted broker quote	Single broker quote	N/A	N/A	Increase
				Option adjusted spread (OAS)	831 basis points	831 basis points	Decrease
Other	$	88,076	Liquidity discount	Discounts for the specific qualities of a security	12%	10% to 50%	Decrease

* Unless otherwise noted, this column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value for Stable Income Portfolio:

	Stable Income Portfolio
	Loan participation			Non-agency mortgage backed securities			Other			Total
Balance as of May 31, 2012	$	423,589		$	629,312		$	167,564		$	1,220,465
Accrued discounts (premiums)		49			0			0			49
Realized gains (losses)		(13	)		0			106,606			106,593
Change in unrealized gains (losses)		6,151			101,326			(92,036	)		15,441
Purchases		0			0			0			0
Sales		(42,696	)		(55,018	)		(142,778	)		(240,492	)
Transfers into Level 3		0			0			0			0
Transfers out of Level 3		0			0			0			0
Balance as of November 30, 2012	$	387,080		$	675,620		$	39,356		$	1,102,056
Change in unrealized gains (losses) relating to securities still held at November 30, 2012	$	7,156		$	5,580		$	19,639		$	32,375

The following table summarizes quantitative information about the Stable Income Portfolio’s Level 3 inputs as of November 30, 2012:

Security types	Fair value at November 30, 2012		Valuation technique(s)	Significant unobservable input(s)	Weighted average	Range	Impact to valuation from an increase in input*
Loan participation	$	387,080	Adjusted broker quote	Single broker quote	N/A	N/A	Increase
				Option adjusted spread (OAS)	175 basis points	20 to 538 basis points	Decrease
Non-agency mortgage backed securities	$	675,620	Adjusted broker quote	Single broker quote	N/A	N/A	Increase
				Option adjusted spread (OAS)	832 basis points	831 to 833 basis points	Decrease
Other	$	39,356	Liquidity discount	Discounts for the specific qualities of a security	12%	10% to 50%	Decrease

* Unless otherwise noted, this column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

162 Wells Fargo Advantage Allocation Funds Notes to financial statements (unaudited)

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 subadvisers, who are responsible for day-to-day portfolio management of the Portfolios.

Funds Management has retained the services of certain subadvisers to provide daily portfolio management to the Portfolios. Funds Management has engaged WellsCap (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 subadvisers.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee which is calculated based on the average daily net assets of each Portfolio. The fees for subadvisory services are borne by Funds Management. The subadvisers are each entitled to receive from Funds Management an annual subadvisory fee which is calculated based on the average daily net assets of each Portfolio.

	Advisory fee						Effective rate for the six months ended November 30, 2012			Subadviser	Subadvisory 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		WellsCap		0.35			0.15
Emerging Growth Portfolio		0.80			0.70			0.79		WellsCap		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		WellsCap		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		0.08			0.06
International Value Portfolio		0.85			0.70			0.85		LSV Asset Management		0.35			0.30
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		WellsCap		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.		*			*
Core Bond Portfolio		0.40			0.30			0.35		WellsCap		0.20			0.10
Inflation-Protected Bond Portfolio		0.40			0.30			0.40		WellsCap		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		0.35	**		0.25	**		0.38		Galliard Capital Management, Inc.		0.15			0.05

* For Small Company Value Portfolio, the subadvisory fee starts at 0.50% and increases to 0.75% as its average net assets increase.

** Prior to October 1, 2012, Stable Income Portfolio paid Funds Management an advisory fee which started at 0.40% and declined to 0.30% as average daily net assets increased.

Funds Management has voluntarily waived and/or reimbursed advisory fees to the extent necessary to maintain certain net operating expense ratios for the Portfolios.

Notes to financial statements (unaudited) Wells Fargo Advantage Allocation Funds 163

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2012 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	$	18,698,560	$	0	$	42,273,724
Diversified Large Cap Growth Portfolio		0		42,349,741		0		52,786,863
Emerging Growth Portfolio		0		316,181,528		0		394,757,830
Equity Value Portfolio		0		404,791,661		0		620,737,271
Index Portfolio		0		58,926,423		0		111,509,451
International Equity Portfolio		0		5,139,346		0		6,737,313
International Growth Portfolio		0		22,489,806		0		32,106,881
International Index Portfolio		0		347,750		0		4,319,702
International Value Portfolio		0		56,665,560		0		28,672,875
Large Company Value Portfolio		0		15,805,760		0		23,403,212
Small Cap Value Portfolio		0		7,639,744		0		42,453,635
Small Company Growth Portfolio		0		71,583,294		0		113,667,326
Small Company Value Portfolio		0		63,865,400		0		102,780,561
Core Bond Portfolio		8,799,558,293		2,102,279,294		9,103,894,325		1,844,969,083
Inflation-Protected Bond Portfolio		7,008,666		0		11,030,377		0
Managed Fixed Income Portfolio		27,645,136		4,110,948		31,055,695		18,265,365
Stable Income Portfolio		0		4,066,720		476,521		4,446,977

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2012, Index Portfolio and International Index Portfolio used uninvested cash to enter into futures contracts to gain market exposure. During the six months ended November 30, 2012, Stable Income Portfolio entered into futures contracts to speculate on interest rates and to help shorten or lengthen the duration of the portfolio.

At November 30, 2012, the Portfolios had long and short futures contracts outstanding as follows:

	Expiration date	Contracts	Type	Contract value at November 30, 2012		Unrealized losses
Index Portfolio	12-20-12	133 Long	S&P 500 Index	$	47,028,800	$	(205,915	)
International Index Portfolio	12-21-12	5 Long	MSCI EAFE E-Mini Index		389,825		(725	)
Stable Income Portfolio	3-28-13	20 Short	5-Year U.S. Treasury Notes		2,494,375		(4,728	)

The receivable and payable 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, 2012, International Index Portfolio and Stable Income Portfolio had segregated $56,719 and $11,000, respectively, as cash collateral for open futures contracts.

164 Wells Fargo Advantage Allocation Funds Notes to financial statements (unaudited)

The Portfolios had average notional amounts in futures contracts outstanding during the year ended November 30, 2012 as follows:

	Long contracts	Short contracts
Index Portfolio	$37,388,819	$0
International Index Portfolio	478,653	0
Stable Income Portfolio	0	2,496,761

Core Bond Portfolio entered 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, 2012, Core 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			Value			Upfront premiums paid/ (received)			Unrealized losses
12-20-16	Citibank	Prudential Financial Incorporated, 4.50%, 7-15-13		A	$	5,000,000		1.00	%	$	74,385		$	286,257		$	(211,872	)
6-20-17	Citibank	Mondelez International Incorporated, 6.50%, 8-11-17		BBB-		5,000,000		1.00			(158,755	)		(114,158	)		(44,597	)

Credit default swaps on debt obligations – Sell protection

Expiration date	Counterparty	Reference debt obligation	Rating of reference debt obligation*		Notional amount		Fixed payments received			Value		Upfront premiums paid		Unrealized gains
3-20-17	Citibank	Coca-Cola Company, 5.35%, 11-15-17		AA-	$	10,000,000		1.00	%	$	293,701	$	207,876	$	85,825

* Reflects the ratings of a nationally recognized ratings agency at period end. The credit rating serves as an 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.

Credit default swaps on an index – Buy protection

Expiration date	Counterparty	Reference index	Notional amount		Fixed payments made			Value			Upfront premiums paid		Unrealized losses
12-20-16	Barclays	Markit CDX North America Investment Grade 17 Index	$	5,000,000		1.00	%	$	(54,248	)	$	78,997	$	(133,245	)
12-20-16	Barclays	Markit CDX North America Investment Grade 17 Index		5,000,000		1.00			(54,248	)		39,548		(93,796	)
12-20-16	Citibank	Markit CDX North America Investment Grade 17 Index		5,000,000		1.00			(54,248	)		75,324		(129,572	)

Core Bond Portfolio had an average notional balance on credit default swaps of $38,770,492 during the six months ended November 30, 2012.

Core Bond Portfolio's credit default swap contracts may contain provisions for early termination in the event the net assets of the Portfolio 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 credit default swap transactions in net liability positions. On November 30, 2012, the aggregate fair value of credit default swap contracts with net asset contingent features that were in a liability positions amounted to $613,082 for Core Bond Portfolio.

The fair value, realized gains or losses and change in unrealized gains or losses on derivative instruments are reflected in the appropriate financial statements.

Notes to financial statements (unaudited) Wells Fargo Advantage Allocation Funds 165

7. 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.

8. NEW ACCOUNTING PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2011-11, which amends FASB ASC Topic 210, Balance Sheet, creates new disclosure requirements which require entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently assessing the potential impact, in addition to expanded financial statement disclosure, that may result from adopting this ASU.

166 Wells Fargo Advantage Allocation Funds Other information (unaudited)

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 website at wellsfargoadvantagefunds.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available without charge on the website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Funds are publicly available on the website (wellsfargoadvantagefunds.com) on a monthly, 30-day or more delayed basis. In addition, top ten holdings information is publicly available on the website 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 website at sec.gov. In addition, each Fund’s 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.

Other information (unaudited) Wells Fargo Advantage Allocation Funds 167

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 138 funds¹ comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². 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 past five years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	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. 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; Audit Committee Chairman, 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.	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.	Asset Allocation Trust
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

168 Wells Fargo Advantage Allocation Funds Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years	Other directorships during past five years
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.	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, General Counsel, and Vice Chair of The Tree Trust (non-profit corporation). Director and General Counsel of The American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

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.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012; 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.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
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.
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.

1. Jeremy DePalma acts as Treasurer of Conservative Allocation Fund, Growth Balanced Fund, Moderate Balanced Fund, International Equity Portfolio, International Growth Portfolio, International Index Portfolio and International Value Portfolio and Assistant Treasurer of the remaining funds in this shareholder report. In addition, Jeremy DePalma acts as Treasurer of 54 other funds and Assistant Treasurer of 64 other funds in the Fund Complex. Nancy Wiser serves as Treasurer of the remaining funds in this shareholder report as well as 64 other funds in the Fund Complex.

2. 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 website at wellsfargoadvantagefunds.com.

List of abbreviations Wells Fargo Advantage Allocation Funds 169

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

ACB —  Agricultural Credit Bank

ADR —  American depositary receipt

ADS —  American depositary shares

AGC-ICC —  Assured Guaranty Corporation -       Insured Custody Certificates

AGM —  Assured Guaranty Municipal

AMBAC —  American Municipal Bond Assurance Corporation

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Certificate of participation

CR —  Custody receipts

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FGLMC —  Federal Government Loan Mortgage Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUF —  Hungarian forint

IBC —  Insured bond certificate

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial development revenue

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

NATL-RE —  National Public Finance Guarantee Corporation

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SKK —  Slovakian koruna

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

STRIPS —  Separate trading of registered interest and       principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TCR —  Transferable custody receipts

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

XLCA —  XL Capital Assurance

ZAR —  South African rand

This page is intentionally left blank.

For more information

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

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 current prospectus and, if available, a summary prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s website at wellsfargoadvantagefunds.com. 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

© 2013 Wells Fargo Funds Management, LLC. All rights reserved.

213709 01-13 SAAFNLD/SAR109 11-12

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. PORTFOLIO OF INVESTMENTS

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Index Portfolio 1

Security name	Shares		Value
Common Stocks: 98.03%
Consumer Discretionary: 11.31%
Auto Components: 0.23%
BorgWarner Incorporated Ǡ		22,221	$	1,473,252
Johnson Controls Incorporated		132,792		3,657,092
The Goodyear Tire & Rubber Company †		47,518		598,727
				5,729,071
Automobiles: 0.42%
Ford Motor Company		740,548		8,479,275
Harley-Davidson Incorporated		44,250		2,077,980
				10,557,255
Distributors: 0.08%
Genuine Parts Company		30,115		1,960,185
Diversified Consumer Services: 0.05%
Apollo Group Incorporated Class A «†		19,592		375,970
H&R Block Incorporated		52,640		949,099
				1,325,069
Hotels, Restaurants & Leisure: 1.78%
Carnival Corporation		86,826		3,356,693
Chipotle Mexican Grill Incorporated Ǡ		6,152		1,622,775
Darden Restaurants Incorporated		24,898		1,316,606
International Game Technology		51,862		719,326
Marriott International Incorporated Class A		48,884		1,774,000
McDonald’s Corporation «		195,803		17,042,693
Starbucks Corporation		147,566		7,654,248
Starwood Hotels & Resorts Worldwide Incorporated		38,148		2,058,466
Wyndham Worldwide Corporation		27,608		1,355,277
Wynn Resorts Limited		15,419		1,733,096
Yum! Brands Incorporated		88,511		5,937,318
				44,570,498
Household Durables: 0.39%
D.R. Horton Incorporated «		53,937		1,049,614
Harman International Industries Incorporated		13,041		515,902
Leggett & Platt Incorporated «		27,299		760,277
Lennar Corporation «		31,613		1,202,559
Newell Rubbermaid Incorporated		56,075		1,222,996
Pulte Homes Incorporated Ǡ		65,571		1,102,249
Stanley Black & Decker Incorporated		32,646		2,347,574
Whirlpool Corporation		15,057		1,533,405
				9,734,576
Internet & Catalog Retail: 1.07%
Amazon.com Incorporated †		70,221		17,699,203
Expedia Incorporated		18,186		1,124,986

2 Wells Fargo Advantage Index Portfolio Portfolio of investments—November 30, 2012 (unaudited)

Security name	Shares		Value
Internet & Catalog Retail (continued)
Netflix Incorporated Ǡ		10,783	$	881,079
priceline.com Incorporated †		9,674		6,415,410
TripAdvisor Incorporated Ǡ		21,280		812,683
				26,933,361
Leisure Equipment & Products: 0.13%
Hasbro Incorporated		22,505		865,542
Mattel Incorporated		66,197		2,483,049
				3,348,591
Media: 3.49%
Cablevision Systems Corporation New York Group Class A		41,898		579,868
CBS Corporation Class B		115,573		4,158,317
Comcast Corporation Class A		519,555		19,317,055
DIRECTV Group Incorporated †		121,908		6,058,828
Discovery Communications Incorporated Class A «†		47,988		2,898,955
Gannett Company Incorporated «		44,934		804,319
Interpublic Group of Companies Incorporated		84,875		918,348
McGraw-Hill Companies Incorporated		54,405		2,889,450
News Corporation Class A		395,305		9,740,315
Omnicom Group Incorporated «		51,574		2,565,291
Scripps Networks Interactive Incorporated		16,779		990,632
Time Warner Cable Incorporated		59,486		5,644,627
Time Warner Incorporated		184,249		8,714,978
Viacom Incorporated Class B		91,922		4,744,094
Walt Disney Company		348,387		17,300,898
Washington Post Company Class B «		882		323,747
				87,649,722
Multiline Retail: 0.84%
Big Lots Incorporated Ǡ		11,565		325,670
Dollar General Corporation †		51,621		2,580,792
Dollar Tree Incorporated †		44,721		1,866,655
Family Dollar Stores Incorporated		18,833		1,340,910
JCPenney Company Incorporated «		27,650		496,041
Kohl’s Corporation		41,891		1,870,433
Macy’s Incorporated		78,156		3,024,637
Nordstrom Incorporated		29,660		1,604,309
Target Corporation		127,157		8,027,421
				21,136,868
Specialty Retail: 2.27%
Abercrombie & Fitch Company Class A «		16,033		735,754
AutoNation Incorporated †		7,499		292,011
AutoZone Incorporated †		7,268		2,789,240
Bed Bath & Beyond Incorporated †		45,076		2,646,863
Best Buy Company Incorporated «		51,642		677,027
CarMax Incorporated †		44,338		1,607,696
GameStop Corporation Class A «		23,966		629,108

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Index Portfolio 3

Security name	Shares		Value
Specialty Retail (continued)
Gap Incorporated		57,896	$	1,995,096
Home Depot Incorporated		292,694		19,045,599
Limited Brands Incorporated		46,319		2,415,536
Lowe’s Companies Incorporated		221,459		7,992,455
O’Reilly Automotive Incorporated †		23,084		2,171,743
PetSmart Incorporated		21,006		1,484,284
Ross Stores Incorporated		43,479		2,474,825
Staples Incorporated «		132,494		1,550,180
Tiffany & Company		23,113		1,363,205
TJX Companies Incorporated		142,926		6,337,339
Urban Outfitters Incorporated †		21,193		798,976
				57,006,937
Textiles, Apparel & Luxury Goods: 0.62%
Coach Incorporated		55,373		3,202,774
Fossil Incorporated †		10,632		919,030
Nike Incorporated Class B		71,383		6,958,415
Ralph Lauren Corporation		11,858		1,862,773
VF Corporation		17,071		2,740,066
				15,683,058
Consumer Staples: 10.82%
Beverages: 2.42%
Beam Incorporated		30,750		1,725,383
Brown-Forman Corporation Class B «		29,405		2,063,643
Coca-Cola Enterprises Incorporated		53,751		1,675,956
Constellation Brands Incorporated Class A †		28,580		1,025,450
Dr Pepper Snapple Group Incorporated «		40,883		1,833,603
Molson Coors Brewing Company		30,215		1,252,714
Monster Beverage Corporation †		29,803		1,551,246
PepsiCo Incorporated		302,176		21,215,777
The Coca-Cola Company		751,744		28,506,132
				60,849,904
Food & Staples Retailing: 2.38%
Costco Wholesale Corporation		83,947		8,729,649
CVS Caremark Corporation		247,025		11,489,133
Kroger Company		105,758		2,775,090
Safeway Incorporated «		46,503		795,666
Sysco Corporation «		113,899		3,604,903
Wal-Mart Stores Incorporated		326,339		23,502,935
Walgreen Company		166,418		5,643,234
Whole Foods Market Incorporated		33,346		3,113,183
				59,653,793
Food Products: 1.73%
Archer Daniels Midland Company		127,881		3,414,423
Campbell Soup Company «		34,973		1,285,258
ConAgra Foods Incorporated		78,845		2,354,312

4 Wells Fargo Advantage Index Portfolio Portfolio of investments—November 30, 2012 (unaudited)

Security name	Shares		Value
Food Products (continued)
Dean Foods Company †		35,890	$	615,155
General Mills Incorporated		125,875		5,159,616
H.J. Heinz Company «		62,178		3,634,926
Hormel Foods Corporation «		26,032		807,252
JM Smucker Company		21,252		1,879,952
Kellogg Company «		47,927		2,658,031
Kraft Foods Group Incorporated †		114,859		5,193,924
McCormick & Company Incorporated «		25,753		1,662,614
Mead Johnson Nutrition Company		39,564		2,697,869
Mondelez International Incorporated Class A		344,577		8,921,099
The Hershey Company		29,445		2,157,435
Tyson Foods Incorporated Class A «		56,221		1,077,757
				43,519,623
Household Products: 2.20%
Clorox Company		25,167		1,921,500
Colgate-Palmolive Company		86,544		9,390,024
Kimberly-Clark Corporation «		76,675		6,572,581
Procter & Gamble Company		534,787		37,344,176
				55,228,281
Personal Products: 0.15%
Avon Products Incorporated		83,893		1,170,307
Estee Lauder Companies Incorporated Class A		46,612		2,715,149
				3,885,456
Tobacco: 1.94%
Altria Group Incorporated		394,708		13,345,077
Lorillard Incorporated		25,361		3,072,739
Philip Morris International		327,310		29,418,623
Reynolds American Incorporated		63,679		2,784,046
				48,620,485
Energy: 10.79%
Energy Equipment & Services: 1.84%
Baker Hughes Incorporated		85,347		3,682,723
Cameron International Corporation †		47,819		2,579,835
Diamond Offshore Drilling Incorporated «		13,497		931,293
Ensco plc Class A ADR		45,055		2,623,553
FMC Technologies Incorporated †		46,286		1,891,246
Halliburton Company		180,138		6,007,602
Helmerich & Payne Incorporated		20,522		1,071,248
Nabors Industries Limited Ǡ		56,383		828,830
National Oilwell Varco Incorporated		82,797		5,655,035
Noble Corporation		49,047		1,691,631
Rowan Companies plc †		24,115		765,169
Schlumberger Limited		257,664		18,453,896
				46,182,061

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Index Portfolio 5

Security name	Shares		Value
Oil, Gas & Consumable Fuels: 8.95%
Anadarko Petroleum Corporation		97,021	$	7,100,967
Apache Corporation		75,961		5,855,833
Cabot Oil & Gas Corporation		40,773		1,920,408
Chesapeake Energy Corporation		100,775		1,716,198
Chevron Corporation		380,981		40,265,882
ConocoPhillips Company		235,824		13,427,819
CONSOL Energy Incorporated «		44,198		1,385,607
Denbury Resources Incorporated †		75,957		1,172,017
Devon Energy Corporation		73,042		3,774,080
EOG Resources Incorporated		52,430		6,166,817
EQT Corporation		29,046		1,744,503
Exxon Mobil Corporation		896,260		78,996,356
Hess Corporation		57,690		2,862,001
Kinder Morgan Incorporated		122,847		4,153,457
Marathon Oil Corporation		136,887		4,222,964
Marathon Petroleum Corporation		65,686		3,910,944
Murphy Oil Corporation		35,832		2,033,108
Newfield Exploration Company †		26,209		637,927
Noble Energy Incorporated		34,528		3,375,112
Occidental Petroleum Corporation		157,264		11,827,825
Peabody Energy Corporation		52,101		1,308,256
Phillips 66 Incorporated		121,727		6,374,843
Pioneer Natural Resources Company		23,889		2,556,123
QEP Resources Incorporated		34,517		970,618
Range Resources Corporation		31,549		2,019,767
Southwestern Energy Company Ǡ		67,603		2,346,500
Spectra Energy Corporation		126,765		3,543,082
Tesoro Petroleum Corporation		27,144		1,147,648
The Williams Companies Incorporated		121,639		3,994,625
Valero Energy Corporation		107,103		3,455,143
WPX Energy Incorporated Ǡ		38,646		610,220
				224,876,650
Financials: 14.67%
Capital Markets: 1.87%
Ameriprise Financial Incorporated		40,916		2,482,374
Bank of New York Mellon Corporation		229,368		5,491,070
BlackRock Incorporated		24,843		4,895,065
Charles Schwab Corporation		212,754		2,787,077
E*TRADE Financial Corporation †		49,857		419,796
Federated Investors Incorporated Class B «		18,195		361,171
Franklin Resources Incorporated «		26,832		3,542,361
Goldman Sachs Group Incorporated		87,501		10,306,743
Invesco Limited		86,448		2,160,336
Legg Mason Incorporated «		23,339		595,845
Morgan Stanley		268,504		4,529,662
Northern Trust Corporation		42,497		2,040,706
State Street Corporation		93,026		4,134,075
T. Rowe Price Group Incorporated «		49,286		3,187,326
				46,933,607

6 Wells Fargo Advantage Index Portfolio Portfolio of investments—November 30, 2012 (unaudited)

Security name	Shares		Value
Commercial Banks: 2.68%
Branch Banking & Trust Corporation		135,747	$	3,823,993
Comerica Incorporated		37,570		1,111,696
Fifth Third Bancorp		178,422		2,612,098
First Horizon National Corporation		48,311		457,022
Huntington Bancshares Incorporated		166,672		1,025,033
KeyCorp		183,189		1,480,167
M&T Bank Corporation «		23,368		2,283,755
PNC Financial Services Group Incorporated		102,793		5,770,799
Regions Financial Corporation		274,423		1,830,401
SunTrust Banks Incorporated		104,555		2,838,668
US Bancorp		368,003		11,871,777
Wells Fargo & Company (l)		953,829		31,485,895
Zions Bancorporation «		35,755		717,603
				67,308,907
Consumer Finance: 0.91%
American Express Company		191,501		10,704,906
Capital One Financial Corporation		112,810		6,497,856
Discover Financial Services		99,979		4,160,126
SLM Corporation		91,142		1,508,400
				22,871,288
Diversified Financial Services: 4.44%
Bank of America Corporation		2,092,520		20,632,247
Berkshire Hathaway Incorporated Class B †		356,069		31,362,558
Citigroup Incorporated		569,389		19,683,778
CME Group Incorporated «		59,398		3,282,927
InterContinental Exchange Incorporated †		14,128		1,867,015
JPMorgan Chase & Company		737,590		30,300,197
Leucadia National Corporation «		38,467		852,044
Moody’s Corporation «		37,552		1,824,276
NASDAQ Stock Market Incorporated		23,007		557,460
NYSE Euronext Incorporated		47,765		1,115,313
				111,477,815
Insurance: 2.57%
ACE Limited		65,840		5,216,503
AFLAC Incorporated «		90,923		4,818,010
Allstate Corporation		94,156		3,811,435
American International Group Incorporated †		226,447		7,502,189
Aon plc		62,601		3,555,737
Assurant Incorporated		15,744		538,602
Chubb Corporation		51,619		3,974,147
Cincinnati Financial Corporation		28,401		1,150,809
Genworth Financial Incorporated †		95,458		567,975
Lincoln National Corporation		54,206		1,338,888
Loews Corporation		60,681		2,480,639
Marsh & McLennan Companies Incorporated		105,664		3,721,486
MetLife Incorporated		206,253		6,845,537

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Index Portfolio 7

Security name	Shares		Value
Insurance (continued)
Principal Financial Group Incorporated «		53,864	$	1,462,408
Prudential Financial Incorporated		90,481		4,715,870
The Hartford Financial Services Group Incorporated «		84,621		1,792,273
The Progressive Corporation «		108,816		2,312,340
The Travelers Companies Incorporated		74,824		5,299,036
Torchmark Corporation		18,523		963,011
UnumProvident Corporation		54,394		1,109,094
XL Group plc		59,358		1,444,180
				64,620,169
Real Estate Management & Development: 0.05%
CBRE Group Incorporated †		58,631		1,109,885
REITs: 2.09%
American Tower Corporation		76,726		5,749,079
Apartment Investment & Management Company Class A		28,260		708,478
AvalonBay Communities Incorporated		21,632		2,850,881
Boston Properties Incorporated		29,273		3,004,288
Equity Residential Corporation		62,136		3,449,169
HCP Incorporated		87,671		3,949,579
Health Care REIT Incorporated		49,428		2,910,815
Host Hotels & Resorts Incorporated «		140,302		2,061,036
Kimco Realty Corporation «		79,017		1,521,867
Plum Creek Timber Company «		31,362		1,343,862
Prologis Incorporated		89,448		3,035,865
Public Storage Incorporated		27,982		3,935,388
Simon Property Group Incorporated		58,896		8,959,848
Ventas Incorporated		57,352		3,650,455
Vornado Realty Trust		32,832		2,509,350
Weyerhaeuser Company		104,416		2,877,705
				52,517,665
Thrifts & Mortgage Finance: 0.06%
Hudson City Bancorp Incorporated		92,291		743,865
People’s United Financial Incorporated		68,203		831,395
				1,575,260
Health Care: 11.92%
Biotechnology: 1.64%
Alexion Pharmaceuticals Incorporated †		37,486		3,599,406
Amgen Incorporated		149,657		13,289,542
Biogen Idec Incorporated †		45,891		6,841,889
Celgene Corporation †		83,768		6,583,327
Gilead Sciences Incorporated Ǡ		146,900		11,017,500
				41,331,664
Health Care Equipment & Supplies: 1.75%
Baxter International Incorporated		106,254		7,041,453
Becton Dickinson & Company «		38,747		2,970,732

8 Wells Fargo Advantage Index Portfolio Portfolio of investments—November 30, 2012 (unaudited)

Security name	Shares		Value
Health Care Equipment & Supplies (continued)
Boston Scientific Corporation †		275,518	$	1,526,370
C.R. Bard Incorporated		15,137		1,498,714
CareFusion Corporation †		43,089		1,203,045
Covidien plc		93,219		5,416,956
DENTSPLY International Incorporated		27,530		1,092,941
Edwards Lifesciences Corporation †		22,468		1,949,548
Intuitive Surgical Incorporated †		7,754		4,101,866
Medtronic Incorporated		198,077		8,341,022
St. Jude Medical Incorporated		60,962		2,089,777
Stryker Corporation		56,141		3,040,597
Varian Medical Systems Incorporated †		21,497		1,486,733
Zimmer Holdings Incorporated		33,920		2,237,702
				43,997,456
Health Care Providers & Services: 1.87%
Aetna Incorporated		64,890		2,802,599
AmerisourceBergen Corporation «		48,859		2,062,827
Cardinal Health Incorporated		66,227		2,678,882
CIGNA Corporation		55,990		2,926,597
Coventry Health Care Incorporated		25,989		1,135,200
DaVita Incorporated †		16,152		1,744,416
Express Scripts Holding Corporation †		157,420		8,477,067
Humana Incorporated		31,399		2,053,809
Laboratory Corporation of America Holdings Ǡ		18,621		1,575,150
McKesson Corporation		45,825		4,329,088
Patterson Companies Incorporated		16,497		562,548
Quest Diagnostics Incorporated		30,824		1,781,011
Tenet Healthcare Corporation †		20,229		585,832
UnitedHealth Group Incorporated		200,517		10,906,120
WellPoint Incorporated		58,960		3,295,864
				46,917,010
Health Care Technology: 0.09%
Cerner Corporation †		28,251		2,181,542
Life Sciences Tools & Services: 0.43%
Agilent Technologies Incorporated		67,656		2,590,548
Life Technologies Corporation †		34,036		1,679,677
PerkinElmer Incorporated		22,149		701,016
Thermo Fisher Scientific Incorporated		70,978		4,510,652
Waters Corporation †		17,024		1,439,379
				10,921,272
Pharmaceuticals: 6.14%
Abbott Laboratories		304,712		19,806,280
Allergan Incorporated		59,713		5,538,381
Bristol-Myers Squibb Company		326,009		10,637,674
Eli Lilly & Company		198,278		9,723,553
Forest Laboratories Incorporated †		45,398		1,609,813
Hospira Incorporated †		32,059		955,358

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Index Portfolio 9

Security name	Shares		Value
Pharmaceuticals (continued)
Johnson & Johnson Services Incorporated «		535,324	$	37,328,143
Merck & Company Incorporated		591,359		26,197,204
Mylan Laboratories Incorporated †		78,810		2,142,056
Perrigo Company «		17,066		1,766,331
Pfizer Incorporated		1,450,322		36,287,056
Watson Pharmaceuticals Incorporated †		24,784		2,181,240
				154,173,089
Industrials: 9.75%
Aerospace & Defense: 2.24%
Boeing Company		131,376		9,758,609
General Dynamics Corporation		64,388		4,281,802
Honeywell International Incorporated		151,560		9,295,175
L-3 Communications Holdings Incorporated		18,748		1,440,784
Lockheed Martin Corporation «		52,282		4,877,911
Northrop Grumman Corporation		48,000		3,201,600
Precision Castparts Corporation		28,222		5,175,633
Raytheon Company		64,467		3,683,000
Rockwell Collins Incorporated «		27,601		1,578,225
United Technologies Corporation		162,875		13,047,916
				56,340,655
Air Freight & Logistics: 0.75%
C.H. Robinson Worldwide Incorporated «		31,353		1,935,734
Expeditors International of Washington Incorporated «		40,880		1,529,730
FedEx Corporation		56,700		5,076,351
United Parcel Service Incorporated Class B		139,573		10,204,182
				18,745,997
Airlines: 0.05%
Southwest Airlines Company		144,279		1,374,979
Building Products: 0.05%
Masco Corporation		69,337		1,175,956
Commercial Services & Supplies: 0.56%
Avery Dennison Corporation		19,701		658,998
Cintas Corporation «		20,883		865,392
Dun & Bradstreet Corporation «		8,715		690,054
Equifax Incorporated		23,274		1,192,560
Iron Mountain Incorporated		32,239		1,018,760
Pitney Bowes Incorporated «		38,957		435,929
Republic Services Incorporated		58,158		1,655,758
Robert Half International Incorporated		27,533		778,083
RR Donnelley & Sons Company «		35,008		329,075
Stericycle Incorporated Ǡ		16,631		1,554,500
The ADT Corporation		44,646		2,049,251
Waste Management Incorporated «		84,607		2,755,650
				13,984,010

10 Wells Fargo Advantage Index Portfolio Portfolio of investments—November 30, 2012 (unaudited)

Security name	Shares		Value
Construction & Engineering: 0.15%
Fluor Corporation		32,420	$	1,720,854
Jacobs Engineering Group Incorporated †		25,191		1,031,320
Quanta Services Incorporated †		41,381		1,070,113
				3,822,287
Electrical Equipment: 0.54%
Cooper Industries plc		31,042		2,312,629
Emerson Electric Company «		141,222		7,093,581
Rockwell Automation Incorporated		27,406		2,171,651
Roper Industries Incorporated «		18,991		2,118,066
				13,695,927
Industrial Conglomerates: 2.57%
3M Company		123,492		11,231,597
Danaher Corporation		113,412		6,120,846
General Electric Company		2,050,171		43,320,113
Textron Incorporated		54,549		1,281,356
Tyco International Limited		89,292		2,533,214
				64,487,126
Machinery: 1.88%
Caterpillar Incorporated «		126,843		10,812,097
Cummins Incorporated		34,383		3,375,035
Deere & Company		76,049		6,391,918
Dover Corporation		35,495		2,257,127
Eaton Corporation «		65,551		3,419,140
Flowserve Corporation		9,928		1,375,524
Illinois Tool Works Incorporated		83,746		5,156,241
Ingersoll-Rand plc		55,662		2,715,192
Joy Global Incorporated «		20,558		1,171,600
Paccar Incorporated «		68,639		3,015,998
Pall Corporation		22,563		1,342,047
Parker Hannifin Corporation		29,017		2,383,747
Pentair Limited		40,692		1,973,155
Snap-On Incorporated		11,293		897,116
Xylem Incorporated		36,036		940,179
				47,226,116
Road & Rail: 0.78%
CSX Corporation		201,931		3,990,157
Norfolk Southern Corporation		62,039		3,745,915
Ryder System Incorporated		9,926		467,217
Union Pacific Corporation		91,959		11,290,726
				19,494,015
Trading Companies & Distributors: 0.18%
Fastenal Company «		52,328		2,187,834
W.W. Grainger Incorporated		11,638		2,258,005
				4,445,839

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Index Portfolio 11

Security name	Shares		Value
Information Technology: 18.81%
Communications Equipment: 1.92%
Cisco Systems Incorporated		1,027,151	$	19,423,425
F5 Networks Incorporated †		15,345		1,437,520
Harris Corporation «		21,987		1,036,247
JDS Uniphase Corporation †		45,030		546,214
Juniper Networks Incorporated †		102,246		1,838,383
Motorola Solutions Incorporated		55,591		3,026,930
QUALCOMM Incorporated		330,733		21,041,233
				48,349,952
Computers & Peripherals: 5.24%
Apple Incorporated		182,013		106,528,569
Dell Incorporated		282,913		2,727,281
EMC Corporation †		407,501		10,114,175
Hewlett-Packard Company «		381,762		4,959,088
NetApp Incorporated †		70,544		2,236,950
SanDisk Corporation †		46,900		1,833,790
Seagate Technology plc «		68,651		1,723,140
Western Digital Corporation		43,209		1,444,909
				131,567,902
Electronic Equipment, Instruments & Components: 0.41%
Amphenol Corporation Class A		31,258		1,935,495
Corning Incorporated		289,117		3,535,901
FLIR Systems Incorporated		29,329		598,312
Jabil Circuit Incorporated		36,307		689,833
Molex Incorporated		26,735		705,269
TE Connectivity Limited		83,066		2,923,093
				10,387,903
Internet Software & Services: 2.15%
Akamai Technologies Incorporated †		34,427		1,260,717
eBay Incorporated †		225,195		11,894,800
Google Incorporated Class A †		51,434		35,919,963
VeriSign Incorporated †		30,366		1,036,392
Yahoo! Incorporated †		202,411		3,799,254
				53,911,126
IT Services: 3.76%
Accenture plc		123,257		8,371,615
Automatic Data Processing Incorporated		94,075		5,339,697
Cognizant Technology Solutions Corporation Class A †		57,971		3,897,390
Computer Sciences Corporation		30,160		1,147,890
Fidelity National Information Services Incorporated		48,623		1,755,290
Fiserv Incorporated †		26,343		2,028,148
International Business Machines Corporation		208,575		39,643,850
MasterCard Incorporated		20,839		10,183,603
Paychex Incorporated «		62,688		2,039,868
SAIC Incorporated		55,089		635,176

12 Wells Fargo Advantage Index Portfolio Portfolio of investments—November 30, 2012 (unaudited)

Security name	Shares		Value
IT Services (continued)
Teradata Corporation †		32,736	$	1,947,137
Total System Services Incorporated		31,404		689,318
Visa Incorporated Class A		101,486		15,193,469
Western Union Company		116,964		1,474,916
				94,347,367
Office Electronics: 0.07%
Xerox Corporation		253,815		1,728,480
Semiconductors & Semiconductor Equipment: 1.88%
Advanced Micro Devices Incorporated Ǡ		116,776		256,907
Altera Corporation		62,118		2,012,002
Analog Devices Incorporated		58,037		2,356,302
Applied Materials Incorporated		240,280		2,578,204
Broadcom Corporation Class A		99,856		3,233,337
First Solar Incorporated Ǡ		11,652		314,487
Intel Corporation		971,414		19,010,572
KLA-Tencor Corporation		32,332		1,470,136
Lam Research Corporation †		33,269		1,168,407
Linear Technology Corporation		44,711		1,483,958
LSI Corporation †		108,260		729,672
Microchip Technology Incorporated «		37,608		1,144,035
Micron Technology Incorporated †		197,571		1,181,475
NVIDIA Corporation		120,281		1,440,966
Teradyne Incorporated Ǡ		36,424		569,671
Texas Instruments Incorporated «		220,914		6,510,336
Xilinx Incorporated		50,905		1,763,858
				47,224,325
Software: 3.38%
Adobe Systems Incorporated †		95,484		3,304,701
Autodesk Incorporated †		44,056		1,459,575
BMC Software Incorporated †		28,486		1,166,787
CA Incorporated		66,483		1,473,263
Citrix Systems Incorporated †		36,302		2,220,230
Electronic Arts Incorporated †		61,821		915,569
Intuit Incorporated		53,599		3,211,116
Microsoft Corporation		1,464,995		38,998,167
Oracle Corporation		739,454		23,736,473
Red Hat Incorporated †		37,479		1,851,463
Salesforce.com Incorporated Ǡ		24,830		3,914,946
Symantec Corporation †		136,489		2,560,534
				84,812,824
Materials: 3.46%
Chemicals: 2.38%
Air Products & Chemicals Incorporated		41,106		3,409,332
Airgas Incorporated		13,463		1,192,418
CF Industries Holdings Incorporated		12,174		2,605,601

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Index Portfolio 13

Security name	Shares		Value
Chemicals (continued)
Dow Chemical Company		232,632	$	7,023,160
E.I. du Pont de Nemours & Company		180,647		7,793,112
Eastman Chemical Company		29,692		1,806,758
Ecolab Incorporated		51,116		3,684,441
FMC Corporation		26,663		1,478,730
International Flavors & Fragrances Incorporated		15,820		1,028,775
LyondellBasell Industries NV Class A		65,866		3,275,516
Monsanto Company		103,481		9,477,825
Mosaic Company		53,698		2,902,914
PPG Industries Incorporated		29,647		3,684,233
Praxair Incorporated		57,895		6,206,923
Sherwin-Williams Company «		16,540		2,522,681
Sigma-Aldrich Corporation «		23,448		1,700,449
				59,792,868
Construction Materials: 0.05%
Vulcan Materials Company «		25,124		1,327,552
Containers & Packaging: 0.13%
Ball Corporation		30,044		1,342,666
Bemis Company Incorporated		20,054		673,814
Owens-Illinois Incorporated †		32,051		641,982
Sealed Air Corporation «		37,699		634,097
				3,292,559
Metals & Mining: 0.73%
Alcoa Incorporated «		207,154		1,742,165
Allegheny Technologies Incorporated		20,810		544,806
Cliffs Natural Resources Incorporated «		27,667		795,426
Freeport-McMoRan Copper & Gold Incorporated Class B		184,312		7,190,011
Newmont Mining Corporation		96,338		4,536,556
Nucor Corporation		61,640		2,538,335
Titanium Metals Corporation «		14,276		237,267
United States Steel Corporation «		28,014		603,982
				18,188,548
Paper & Forest Products: 0.17%
International Paper Company		84,915		3,153,743
MeadWestvaco Corporation		33,709		1,041,945
				4,195,688
Telecommunication Services: 3.07%
Diversified Telecommunication Services: 2.76%
AT&T Incorporated		1,120,145		38,230,549
CenturyTel Incorporated «		120,898		4,695,678
Frontier Communications Corporation «		193,880		932,563
Verizon Communications Incorporated		553,156		24,405,243
Windstream Corporation «		114,169		956,736
				69,220,769

14 Wells Fargo Advantage Index Portfolio Portfolio of investments—November 30, 2012 (unaudited)

Security name	Shares		Value
Wireless Telecommunication Services: 0.31%
Crown Castle International Corporation †		56,898	$	3,841,753
MetroPCS Communications Incorporated †		61,391		653,814
Sprint Nextel Corporation †		582,572		3,338,138
				7,833,705
Utilities: 3.37%
Electric Utilities: 1.99%
American Electric Power Company Incorporated		94,152		4,015,583
Consolidated Edison Incorporated		56,870		3,172,777
Duke Energy Corporation		136,717		8,725,279
Edison International		63,261		2,877,110
Entergy Corporation		34,429		2,187,619
Exelon Corporation		165,735		5,008,512
FirstEnergy Corporation «		81,203		3,447,879
Nextera Energy Incorporated		82,085		5,640,060
Northeast Utilities		60,930		2,360,428
Pepco Holdings Incorporated «		44,442		877,285
Pinnacle West Capital Corporation		21,270		1,094,554
PPL Corporation		112,759		3,309,477
The Southern Company «		169,856		7,397,229
				50,113,792
Gas Utilities: 0.11%
AGL Resources Incorporated		22,818		889,446
ONEOK Incorporated		39,815		1,786,499
				2,675,945
Independent Power Producers & Energy Traders: 0.09%
AES Corporation		120,546		1,286,226
NRG Energy Incorporated «		44,240		933,464
				2,219,690
Multi-Utilities: 1.18%
Ameren Corporation		47,112		1,411,947
CenterPoint Energy Incorporated		82,984		1,637,274
CMS Energy Corporation		51,452		1,256,972
Dominion Resources Incorporated		111,326		5,689,872
DTE Energy Company		33,349		2,020,282
Integrys Energy Group Incorporated «		15,128		804,356
NiSource Incorporated		60,144		1,453,680
PG&E Corporation		82,805		3,390,865
Public Service Enterprise Group Incorporated		98,235		2,955,891
SCANA Corporation «		25,494		1,181,392
Sempra Energy		43,645		2,986,191
TECO Energy Incorporated «		39,530		664,499
Wisconsin Energy Corporation		44,745		1,679,280
Xcel Energy Incorporated		94,667		2,560,740
				29,693,241
Total Common Stocks (Cost $1,927,101,077)				2,462,065,216

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Index Portfolio 15

Security name						Shares		Value
Investment Companies: 0.10%
SPDR S&P 500 ETF «							16,917		2,403,229
Total Investment Companies (Cost $2,358,744)									2,403,229
						Principal
Other: 0.05%
Gryphon Funding Limited, Pass-Through Entity (i)(a)(v)						$	4,147,337		1,368,621
Total Other (Cost $392,952)									1,368,621
	Yield					Shares
Short-Term Investments: 8.03%
Investment Companies: 7.90%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.16	%				39,179,893		39,179,893
Wells Fargo Securities Lending Cash Investments, LLC (v)(l)(u)(r)		0.21					159,290,071		159,290,071
									198,469,964
				Maturity date		Principal
U.S. Treasury Securities: 0.13%
U.S. Treasury Bill #(z)		0.05			1-31-13	$	2,000,000		1,999,820
U.S. Treasury Bill #(z)		0.08			2-21-13		500,000		499,911
U.S. Treasury Bill #(z)		0.09			1-24-13		750,000		749,897
									3,249,628
Total Short-Term Investments (Cost $201,719,510)									201,719,592

Total investments in securities
(Cost $2,131,572,283) *	106.21	%		2,667,556,658
Other assets and liabilities, net	(6.21	)		(156,053,926	)
Total net assets	100.00	%	$	2,511,502,732

16 Wells Fargo Advantage Index Portfolio Portfolio of investments—November 30, 2012 (unaudited)

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

† Non-income-earning security

(l) Investment in an affiliate

(i) Illiquid security

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

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

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

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

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

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

* Cost for federal income tax purposes is $2,236,771,410 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	617,641,282
Gross unrealized depreciation		(186,856,034	)
Net unrealized appreciation	$	430,785,248

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage International Index Portfolio 1

Security name	Shares		Value
Common Stocks: 98.26%
Australia: 8.86%
AGL Energy Limited (Utilities, Multi-Utilities)		1,195	$	17,921
ALS Limited (Consumer Staples, Household Products)		795		7,882
Alumina Limited (Materials, Metals & Mining)		5,836		5,786
Amcor Limited (Materials, Containers & Packaging)		2,538		20,924
AMP Limited (Financials, Insurance)		6,073		29,154
APA Group (Utilities, Gas Utilities)		1,419		8,293
Asciano Group (Industrials, Road & Rail)		2,064		9,370
ASX Limited (Financials, Diversified Financial Services)		380		11,675
Australia & New Zealand Banking Group Limited (Financials, Commercial Banks)		5,621		142,898
Bendigo Bank Limited (Financials, Commercial Banks)		718		6,054
BHP Billiton Limited (Materials, Metals & Mining)		6,732		241,607
Boral Limited (Materials, Construction Materials)		1,741		7,304
Brambles Limited (Industrials, Commercial Services & Supplies)		3,252		24,571
Caltex Australia Limited (Energy, Oil, Gas & Consumable Fuels)		284		5,418
Centro Retail Australia (Financials, Real Estate Management & Development)		2,252		5,123
CFS Retail Property Trust (Financials, REITs)		4,181		8,465
Coca-Cola Amatil Limited (Consumer Staples, Beverages)		1,246		17,866
Cochlear Limited (Health Care, Health Care Equipment & Supplies)		129		10,151
Commonwealth Bank of Australia (Financials, Commercial Banks)		3,324		207,060
Computershare Limited (Information Technology, IT Services)		1,006		9,134
Crown Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		907		9,702
CSL Limited (Health Care, Biotechnology)		1,057		57,029
Dexus Property Group (Financials, REITs)		9,730		10,205
Echo Entertainment Group Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		1,738		6,421
Flight Centre Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		115		3,239
Fortescue Metals Group Limited (Materials, Metals & Mining)		3,038		12,396
Goodman Group (Financials, REITs)		3,061		14,758
GPT Group (Financials, REITs)		2,748		10,009
Harvey Norman Holdings Limited (Consumer Discretionary, Multiline Retail)		1,114		2,098
Iluka Resources Limited (Materials, Metals & Mining)		969		8,323
Incitec Pivot Limited (Materials, Chemicals)		3,532		11,611
Insurance Australia Group Limited (Financials, Insurance)		4,495		21,719
Leighton Holdings Limited (Industrials, Construction & Engineering)		343		6,168
Lend Lease Corporation Limited (Financials, Real Estate Management & Development)		1,186		10,644
Macquarie Group Limited (Financials, Capital Markets)		676		23,111
Metcash Limited (Consumer Staples, Food & Staples Retailing)		1,950		6,980
Mirvac Group (Financials, REITs)		7,412		11,371
National Australia Bank Limited (Financials, Commercial Banks)		4,698		119,139
Newcrest Mining Limited (Materials, Metals & Mining)		1,609		43,070
Orica Limited (Materials, Chemicals)		773		19,425
Origin Energy Limited (Energy, Oil, Gas & Consumable Fuels)		2,292		26,263
OZ Minerals Limited (Materials, Metals & Mining)		672		5,155
Qantas Airways Limited (Industrials, Airlines) †		2,792		3,861
QBE Insurance Group Limited (Financials, Insurance)		2,501		28,554
QR National Limited (Industrials, Road & Rail)		3,730		14,052
Ramsay Health Care Limited (Health Care, Health Care Providers & Services)		275		7,628
Rio Tinto Limited (Materials, Metals & Mining)		922		56,529
Santos Limited (Energy, Oil, Gas & Consumable Fuels)		2,009		23,356
Shopping Centres Australasia Property Group (Financials, REITs) †		521		788

2 Wells Fargo Advantage International Index Portfolio Portfolio of investments—November 30, 2012 (unaudited)

Security name	Shares		Value
Australia (continued)
Sims Group Limited (Materials, Metals & Mining)		397	$	3,720
Sonic Healthcare Limited (Health Care, Health Care Providers & Services)		810		11,361
SP AusNet (Utilities, Electric Utilities)		4,264		4,717
Stockland (Financials, REITs)		4,763		16,851
SunCorp-Metway Limited (Financials, Insurance)		2,699		27,294
Sydney Airport (Industrials, Transportation Infrastructure)		389		1,441
Tabcorp Holdings Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		1,532		4,477
Tattersall’s Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		2,975		9,097
Telstra Corporation Limited (Telecommunication Services, Diversified Telecommunication Services)		9,217		41,457
Toll Holdings Limited (Industrials, Air Freight & Logistics)		1,429		6,935
Transurban Group (Industrials, Transportation Infrastructure)		2,778		18,004
Treasury Wine Estates Limited (Consumer Staples, Beverages)		1,353		7,100
Wesfarmers Limited (Consumer Staples, Food & Staples Retailing)		2,101		77,947
Westfield Group (Financials, REITs)		4,566		49,652
Westfield Retail Trust (Financials, REITs)		6,141		19,162
Westpac Banking Corporation (Financials, Commercial Banks)		6,378		169,730
Whitehaven Coal Limited (Energy, Oil, Gas & Consumable Fuels)		1,128		3,496
Woodside Petroleum Limited (Energy, Oil, Gas & Consumable Fuels)		1,395		49,207
Woolworths Limited (Consumer Staples, Food & Staples Retailing)		2,569		78,500
WorleyParsons Limited (Energy, Energy Equipment & Services)		449		11,508
				1,981,916
Austria: 0.30%
Andritz AG (Industrials, Machinery)		165		10,515
Erste Bank Der Oesterreichischen Sparkassen AG (Financials, Commercial Banks) †		480		14,118
IMMOEAST AG (Financials, REITs) †(a)		2,181		0
IMMOFINANZ Immobilien Anlagen AG (Financials, REITs)		1,946		7,858
OMV AG (Energy, Oil, Gas & Consumable Fuels)		332		11,865
Raiffeisen International Bank Holdings AG (Financials, Commercial Banks)		103		4,242
Telekom Austria AG (Telecommunication Services, Diversified Telecommunication Services)		501		3,258
Verbund – Oesterreichische Elektrizitaetswirtschafts AG (Utilities, Electric Utilities)		178		4,070
Voestalpine AG (Materials, Metals & Mining)		230		7,426
Wiener Staedtische Allgemeine Versicherung AG (Financials, Insurance)		97		4,605
				67,957
Belgium: 1.16%
Ageas NV (Financials, Insurance)		498		13,310
Ageas NV VVPR Strip (Financials, Insurance) †		455		1
Anheuser-Busch InBev NV (Consumer Staples, Beverages)		1,685		147,680
Anheuser-Busch InBev NV VVPR Strip (Consumer Staples, Beverages) †		2,600		3
Belgacom SA (Telecommunication Services, Diversified Telecommunication Services)		322		9,460
Colruyt SA (Consumer Staples, Food & Staples Retailing)		159		7,316
Delhaize Group SA (Consumer Staples, Food & Staples Retailing)		231		8,541
Groupe Bruxelles Lambert SA (Financials, Diversified Financial Services)		175		13,617
KBC Groep NV (Financials, Commercial Banks)		352		10,605
Solvay SA (Materials, Chemicals)		129		17,482
Telenet Group Holding NV (Telecommunication Services, Diversified Telecommunication Services)		120		5,481
UCB SA (Health Care, Pharmaceuticals)		239		13,566
Umicore (Materials, Metals & Mining)		249		12,936
				259,998

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage International Index Portfolio 3

Security name	Shares		Value
Denmark: 1.17%
A.P. Moller-Maersk A/S Class A (Industrials, Marine)		1	$	6,764
A.P. Moller-Maersk A/S Class B (Industrials, Marine)		3		21,421
Carlsberg A/S (Consumer Staples, Beverages)		226		22,004
Coloplast A/S (Health Care, Health Care Equipment & Supplies)		49		11,438
Danske Bank A/S (Financials, Commercial Banks) †		1,414		24,243
DSV A/S (Industrials, Road & Rail)		430		10,150
Novo Nordisk A/S Class B (Health Care, Pharmaceuticals)		854		135,626
Novozymes A/S B Shares (Materials, Chemicals)		517		14,240
TDC A/S (Telecommunication Services, Diversified Telecommunication Services)		1,000		6,818
Trygvesta A/S (Financials, Insurance)		62		4,412
William Demant Holding A/S (Health Care, Health Care Equipment & Supplies) †		59		4,793
				261,909
Finland: 0.79%
Elisa Oyj (Telecommunication Services, Diversified Telecommunication Services)		309		6,563
Fortum Oyj (Energy, Oil, Gas & Consumable Fuels)		958		17,256
Kesko Oyj (Consumer Staples, Food & Staples Retailing)		102		3,220
Kone Oyj (Industrials, Machinery)		327		24,496
Metso Oyj (Industrials, Machinery)		268		10,077
Neste Oil Oyj Limited (Energy, Oil, Gas & Consumable Fuels)		314		4,012
Nokia Oyj (Telecommunication Services, Diversified Telecommunication Services) «		7,831		25,971
Nokian Renkaat Oyj (Consumer Discretionary, Auto Components)		235		9,811
Orion Oyj (Health Care, Pharmaceuticals)		227		6,079
Pohjola Bank plc (Financials, Diversified Financial Services)		293		4,093
Sampo Oyj (Financials, Insurance)		887		28,321
Stora Enso Oyj (Materials, Paper & Forest Products)		1,289		8,441
UPM-Kymmene Oyj (Materials, Paper & Forest Products)		1,140		12,825
Wartsila Oyj (Industrials, Machinery)		365		15,395
				176,560
France: 9.05%
Accor SA (Consumer Discretionary, Hotels, Restaurants & Leisure)		313		10,397
Aeroports de Paris (Industrials, Transportation Infrastructure)		71		5,478
Air Liquide SA (Materials, Chemicals)		652		79,632
Alstom SA (Industrials, Machinery)		449		16,342
Arkema SA (Industrials, Professional Services)		131		13,400
Atos Origin SA (Information Technology, IT Services)		122		8,662
AXA SA (Financials, Insurance)		3,742		61,490
BNP Paribas SA (Financials, Commercial Banks)		2,097		117,122
Bouygues SA (Industrials, Construction & Engineering)		400		9,876
Bureau Veritas SA (Industrials, Commercial Services & Supplies)		120		13,314
Cap Gemini SA (Information Technology, IT Services)		323		13,674
Carrefour SA (Consumer Staples, Food & Staples Retailing)		1,222		30,172
Casino Guichard Perrachon SA (Consumer Discretionary, Hotels, Restaurants & Leisure)		117		10,623
Christian Dior SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		119		19,230
CNP Assurances (Financials, Insurance)		314		4,574
Compagnie de Saint-Gobain (Industrials, Building Products)		830		33,118
Compagnie Generale de Geophysique – Veritas (Energy, Energy Equipment & Services) †		336		10,247
Compagnie Generale des Etablissements Michelin (Consumer Discretionary, Auto Components)		381		35,434
Credit Agricole SA (Financials, Commercial Banks) †		2,136		16,193

4 Wells Fargo Advantage International Index Portfolio Portfolio of investments—November 30, 2012 (unaudited)

Security name	Shares		Value
France (continued)
Dassault Systemes SA (Information Technology, Software)		135	$	15,275
Edenred (Consumer Staples, Commercial Services & Supplies)		367		11,181
Electricite de France SA (Utilities, Electric Utilities)		509		9,344
Essilor International SA Cie Generale d’Optique (Health Care, Health Care Equipment & Supplies)		426		41,137
Eurazeo (Financials, Diversified Financial Services)		70		3,351
Eutelsat Communications SA (Consumer Discretionary, Media)		299		9,249
Fonciere des Regions (Financials, REITs)		58		4,868
France Telecom SA (Telecommunication Services, Diversified Telecommunication Services)		3,924		41,536
GDF Suez (Utilities, Gas Utilities)		2,671		60,079
GDF Suez VVPR Strip (Utilities, Gas Utilities) †		1,701		2
Gecina SA (Financials, REITs)		46		5,085
Groupe Danone SA (Consumer Staples, Food Products)		1,208		76,629
Groupe Eurotunnel SA (Industrials, Transportation Infrastructure)		1,224		9,231
ICADE (Financials, REITs)		59		5,329
ILIAD SA (Telecommunication Services, Diversified Telecommunication Services)		50		8,896
Imerys SA (Materials, Construction Materials)		71		4,217
JC Decaux SA (Consumer Discretionary, Media)		167		3,778
Klepierre (Financials, REITs)		211		8,090
L’Oreal SA (Consumer Staples, Personal Products)		510		69,213
Lafarge SA (Materials, Construction Materials)		392		22,773
Lagardere SCA (Consumer Discretionary, Media)		248		7,465
Legrand SA (Industrials, Electrical Equipment)		476		19,278
LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods) «		531		93,161
Natixis (Financials, Commercial Banks)		1,905		6,102
Pernod-Ricard SA (Consumer Staples, Beverages)		448		50,725
Peugeot SA (Consumer Discretionary, Automobiles) †		585		3,589
Pinault-Printempts-Redoute SA (Consumer Discretionary, Multiline Retail)		159		29,653
Publicis Groupe SA (Consumer Discretionary, Media)		344		19,459
Remy Cointreau SA (Consumer Staples, Beverages)		47		5,265
Renault SA (Consumer Discretionary, Automobiles)		416		20,805
Rexel SA (Industrials, Trading Companies & Distributors)		269		5,234
Safran SA (Industrials, Aerospace & Defense)		492		20,150
Sanofi-Aventis SA (Health Care, Pharmaceuticals)		2,482		221,632
Schneider Electric SA (Industrials, Electrical Equipment)		1,104		77,591
SCOR SE (Financials, Insurance)		343		9,058
Societe BIC SA (Industrials, Commercial Services & Supplies)		53		6,624
Societe Generale SA (Financials, Diversified Financial Services)†		1,478		53,447
Sodexho Alliance SA (Consumer Discretionary, Hotels, Restaurants & Leisure)		206		16,635
Suez Environnement SA (Utilities, Water Utilities)		613		6,681
Technip SA (Energy, Energy Equipment & Services)		211		24,511
Thales SA (Industrials, Aerospace & Defense)		214		7,697
Total SA (Energy, Oil, Gas & Consumable Fuels)		4,441		222,222
Unibail-Rodamco SA (Financials, Real Estate Management & Development)		194		45,529
Vallourec SA (Industrials, Machinery)		216		11,217
Veolia Environnement SA (Utilities, Multi-Utilities)		709		7,709
Vinci SA (Industrials, Construction & Engineering)		974		42,974
Vivendi SA (Consumer Discretionary, Media)		2,672		57,408
Wendel SA (Industrials, Industrial Conglomerates)		72		6,754
Zodiac Aerospace SA (Industrials, Aerospace & Defense)		71		7,932
				2,024,748

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage International Index Portfolio 5

Security name	Shares		Value
Germany: 8.04%
Adidas-Salomon AG (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		443	$	38,959
Allianz AG (Financials, Insurance)		955		124,141
Axel Springer AG (Consumer Discretionary, Media)		100		4,356
BASF SE (Materials, Chemicals)		1,924		172,406
Bayer AG (Health Care, Pharmaceuticals)		1,735		156,936
Bayerische Motoren Werke AG (Consumer Discretionary, Automobiles)		701		62,168
Beiersdorf AG (Consumer Staples, Personal Products)		220		17,253
Brenntag AG (Materials, Chemicals)		109		14,091
Celesio AG (Health Care, Health Care Providers & Services)		178		3,023
Commerzbank AG (Financials, Commercial Banks) †		7,926		14,236
Continental AG (Consumer Discretionary, Auto Components)		230		25,456
Daimler AG (Consumer Discretionary, Automobiles)		1,895		93,603
Deutsche Bank AG (Financials, Commercial Banks)		1,940		85,633
Deutsche Boerse AG (Financials, Capital Markets)		418		23,545
Deutsche Lufthansa AG (Industrials, Airlines)		499		8,281
Deutsche Post AG (Industrials, Air Freight & Logistics)		1,791		37,175
Deutsche Telekom AG (Telecommunication Services, Diversified Telecommunication Services)		5,945		65,488
E.ON AG (Utilities, Multi-Utilities)		3,812		68,664
Fraport AG (Industrials, Transportation Infrastructure)		92		5,103
Fresenius Medical Care AG & Company KGaA (Health Care, Health Care Providers & Services)		442		30,352
Fresenius SE & Company KGaA (Health Care, Health Care Equipment & Supplies)		262		30,285
GEA Group AG (Industrials, Machinery)		379		12,384
Hannover Rueckversicherung AG (Financials, Insurance)		136		10,020
Heidelbergcement AG (Materials, Construction Materials)		307		16,683
Henkel KGaA (Consumer Staples, Household Products)		280		18,972
Hochtief AG (Industrials, Construction & Engineering) †		73		3,896
Hugo Boss AG (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		52		5,454
Infineon Technologies AG (Information Technology, Semiconductors & Semiconductor Equipment)		2,369		18,166
K+S AG (Materials, Chemicals)		372		16,807
Kabel Deutschland Holding AG (Consumer Discretionary, Media)		193		13,956
LANXESS AG (Materials, Chemicals)		178		15,494
Linde AG (Materials, Chemicals)		387		66,915
MAN AG (Industrials, Machinery)		96		10,088
Merck KGaA (Health Care, Pharmaceuticals)		141		18,860
Metro AG (Consumer Staples, Food & Staples Retailing)		293		8,204
Muenchener Rueckversicherungs-Gesellschaft AG (Financials, Insurance)		379		64,694
RWE AG (Utilities, Multi-Utilities)		1,036		43,203
Salzgitter AG (Materials, Metals & Mining)		100		4,610
SAP AG (Information Technology, Software)		1,932		150,860
Siemens AG (Industrials, Industrial Conglomerates)		1,718		177,184
Suedzucker AG (Consumer Staples, Food Products)		140		5,515
Thyssenkrupp AG (Industrials, Industrial Conglomerates)		842		17,050
United Internet AG (Information Technology, Internet Software & Services)		228		5,111
Volkswagen AG (Consumer Discretionary, Automobiles)		62		12,611
				1,797,891
Greece: 0.06%
Coca-Cola Hellenic Bottling Company SA (Consumer Staples, Beverages)		423		9,836
Opap SA (Consumer Discretionary, Hotels, Restaurants & Leisure)		590		3,837
				13,673

6 Wells Fargo Advantage International Index Portfolio Portfolio of investments—November 30, 2012 (unaudited)

Security name	Shares		Value
Hong Kong: 3.23%
AIA Group Limited (Financials, Insurance)		22,600	$	87,919
ASM Pacific Technology (Information Technology, Semiconductors & Semiconductor Equipment)		400		4,686
Bank of East Asia Limited (Financials, Commercial Banks)		3,028		11,682
BOC Hong Kong Holdings Limited (Financials, Commercial Banks)		8,000		24,567
Cathay Pacific Airways Limited (Industrials, Airlines)		2,000		3,515
Cheung Kong Holdings Limited (Financials, Real Estate Management & Development)		3,000		45,792
Cheung Kong Infrastructure Holdings Limited (Materials, Construction Materials)		1,000		6,110
CLP Holdings Limited (Utilities, Electric Utilities)		4,000		35,070
First Pacific Company Limited (Financials, Diversified Financial Services)		4,000		4,201
Galaxy Entertainment Group Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) †		4,000		15,251
Hang Lung Properties Limited (Financials, Real Estate Management & Development)		5,000		18,322
Hang Seng Bank Limited (Financials, Commercial Banks)		1,600		24,443
Henderson Land Development Company Limited (Financials, Real Estate Management & Development)		2,213		15,762
HKT Trust and HKT Limited (Telecommunication Services, Diversified Telecommunication Services)		5,000		4,758
Hong Kong & China Gas Company Limited (Utilities, Gas Utilities)		10,623		28,784
Hong Kong Electric Holdings Limited (Utilities, Electric Utilities)		3,000		26,399
Hong Kong Exchanges & Clearing Limited (Financials, Diversified Financial Services)		2,148		34,312
Hopewell Holdings (Financials, Real Estate Management & Development)		1,000		3,942
Hutchison Whampoa Limited (Industrials, Industrial Conglomerates)		4,000		41,134
Hysan Development Company Limited (Financials, Real Estate Management & Development)		893		4,304
Kerry Properties Limited (Financials, Real Estate Management & Development)		1,476		7,532
Li & Fung Limited (Consumer Discretionary, Distributors)		12,400		20,415
MGM China Holdings Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		2,381		4,455
MTR Corporation Limited (Industrials, Road & Rail)		3,141		12,543
New World Development Limited (Financials, Real Estate Management & Development)		7,370		11,678
Noble Group Limited (Industrials, Trading Companies & Distributors)		8,104		7,204
NWS Holdings Limited (Industrials, Industrial Conglomerates)		3,501		5,710
Orient Overseas International Limited (Industrials, Marine)		200		1,270
PCCW Limited (Telecommunication Services, Diversified Telecommunication Services)		9,977		4,197
Sands China Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		5,162		22,013
Shangri-La Asia Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		2,333		4,515
Sino Land Company (Financials, Real Estate Management & Development)		7,100		12,825
SJM Holdings Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		4,000		9,435
Sun Hung Kai Properties Limited (Financials, Real Estate Management & Development)		3,184		46,588
Swire Pacific Limited (Financials, Real Estate Management & Development)		1,500		18,387
Swire Properties Limited (Financials, Real Estate Management & Development)		2,400		7,918
The Link REIT (Financials, REITs)		4,920		26,694
Wharf Holdings Limited (Financials, Real Estate Management & Development)		3,625		27,900
Wheelock & Company (Financials, Real Estate Management & Development)		2,000		9,703
Wing Hang Bank Limited (Financials, Commercial Banks)		520		5,207
Wynn Macau Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		3,412		9,751
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		1,500		5,255
				722,148
Ireland: 0.29%
CRH plc (Materials, Construction Materials)		1,528		27,921
Elan Corporation plc (Health Care, Pharmaceuticals) †		975		9,789
James Hardie Industries NV (Materials, Construction Materials)		925		8,775
Kerry Group plc (Consumer Staples, Food Products)		313		16,399
Ryanair Holdings plc ADR (Industrials, Airlines)		81		2,789
				65,673

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage International Index Portfolio 7

Security name	Shares		Value
Israel: 0.61%
Bank Hapoalim Limited (Financials, Commercial Banks) †		2,391	$	9,852
Bank Leumi Le-Israel (Financials, Commercial Banks) †		2,651		8,950
Bezeq Israeli Telecommunication Corporation Limited (Telecommunication Services, Diversified Telecommunication Services)		4,464		5,490
Delek Group Limited (Industrials, Industrial Conglomerates)		12		2,694
Israel Chemicals Limited (Materials, Chemicals)		966		11,900
Mellanox Technologies Limited (Information Technology, Semiconductors & Semiconductor Equipment) †		81		6,155
Nice Systems Limited (Information Technology, Software) †		124		4,225
Teva Pharmaceutical Industries Limited (Health Care, Pharmaceuticals)		1,968		79,954
The Israel Corporation Limited (Materials, Chemicals)		5		3,447
United Mizrahi Bank Limited (Financials, Commercial Banks) †		260		2,532
				135,199
Italy: 2.16%
Assicurazioni Generali SpA (Financials, Insurance)		2,471		41,456
Atlantia SpA (Industrials, Transportation Infrastructure)		700		11,953
Banca Monte Dei Paschi di Siena SpA (Financials, Commercial Banks) †«		11,841		3,125
Banco Popolare SpA (Financials, Commercial Banks) †		3,844		5,664
Enel Green Power SpA (Utilities, Multi-Utilities)		3,815		6,510
Enel SpA (Utilities, Multi-Utilities)		13,931		52,796
ENI SpA (Energy, Oil, Gas & Consumable Fuels)		5,328		125,975
Exor SpA (Financials, Diversified Financial Services)		157		3,884
Fiat Industrial SpA (Consumer Discretionary, Auto Components)		1,849		19,767
Fiat SpA (Consumer Discretionary, Automobiles) †		1,981		9,172
Finmeccanica SpA (Industrials, Aerospace & Defense) †		846		4,447
Intesa Sanpaolo SpA (Financials, Commercial Banks)		21,325		35,888
Intesa Sanpaolo SpA Di Risparmio (Financials, Commercial Banks)		2,051		2,801
Luxottica Group SpA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		344		14,115
Mediobanca SpA (Financials, Capital Markets)		1,126		6,227
Pirelli & Company SpA (Consumer Discretionary, Auto Components)		418		4,849
Prysmian SpA (Industrials, Electrical Equipment)		427		8,075
Saipem SpA (Energy, Energy Equipment & Services)		554		24,663
Snam Rete Gas SpA (Utilities, Gas Utilities)		3,547		15,684
Telecom Italia SpA (Telecommunication Services, Diversified Telecommunication Services)		19,702		17,949
Telecom Italia SpA Di Risparmio (Telecommunication Services, Diversified Telecommunication Services)		13,640		10,883
Terna SpA (Utilities, Electric Utilities) «		2,765		10,508
Unicredit SpA (Financials, Commercial Banks) †		8,574		39,920
Unione di Banche SpA (Financials, Commercial Banks)		1,797		7,021
				483,332
Japan: 18.92%
Advantest Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		300		4,003
Aeon Company Limited (Consumer Staples, Food & Staples Retailing)		1,300		14,540
Aeon Credit Service Company Limited (Financials, Consumer Finance)		100		1,954
Aeon Mall Company Limited (Financials, Real Estate Management & Development)		200		5,168
Aisin Seiki Company Limited (Consumer Discretionary, Auto Components)		400		11,820
Ajinomoto Company Incorporated (Consumer Staples, Food Products)		1,000		14,302
Alfresa Holdings Corporation (Health Care, Health Care Providers & Services)		100		4,197
All Nippon Airways Company Limited (Industrials, Airlines)		2,000		4,294
Amada Company Limited (Industrials, Machinery)		1,000		5,701

8 Wells Fargo Advantage International Index Portfolio Portfolio of investments—November 30, 2012 (unaudited)

Security name	Shares		Value
Japan (continued)
Aozora Bank Limited (Financials, Commercial Banks)		1,000	$	3,081
Asahi Breweries Limited (Consumer Staples, Beverages)		800		17,983
Asahi Glass Company Limited (Industrials, Building Products)		2,000		15,236
Asahi Kasei Corporation (Materials, Chemicals)		3,000		17,104
ASICS Corporation (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		300		4,418
Astellas Pharma Incorporated (Health Care, Pharmaceuticals)		900		45,527
Bank of Kyoto Limited (Financials, Commercial Banks)		1,000		8,528
Bank of Yokohama Limited (Financials, Commercial Banks)		3,000		14,229
Benesse Corporation (Consumer Discretionary, Diversified Consumer Services)		100		4,367
Bridgestone Corporation (Consumer Discretionary, Auto Components)		1,400		33,779
Brother Industries Limited (Information Technology, Office Electronics)		500		4,846
Canon Incorporated (Information Technology, Office Electronics)		2,300		80,438
Casio Computer Company Limited (Consumer Discretionary, Household Durables)		500		3,742
Central Japan Railway Company (Industrials, Road & Rail)		300		23,764
Chiba Bank Limited (Financials, Commercial Banks)		2,000		11,937
Chubu Electric Power Company Incorporated (Utilities, Electric Utilities)		1,400		18,919
Chugai Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		500		9,911
Citizen Holdings Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		600		2,999
Coca-Cola West Japan Company Limited (Consumer Staples, Beverages)		100		1,553
Cosmo Oil Company Limited (Energy, Oil, Gas & Consumable Fuels)		1,000		1,941
Credit Saison Company Limited (Financials, Consumer Finance)		300		6,667
Dai Ichi Mutual Life Insurance (Financials, Insurance)		18		20,394
Dai Nippon Printing Company Limited (Industrials, Commercial Services & Supplies)		1,000		7,485
Daicel Chemical Industries Limited (Materials, Chemicals)		1,000		6,090
Daiichi Sankyo Company Limited (Health Care, Pharmaceuticals)		1,400		21,602
Daikin Industries Limited (Industrials, Building Products)		500		15,721
Dainippon Sumitomo Pharma Company Limited (Health Care, Pharmaceuticals)		400		4,707
Daito Trust Construction Company Limited (Financials, Real Estate Management & Development)		200		19,385
Daiwa House Industry Company Limited (Financials, Real Estate Management & Development)		1,000		15,285
Daiwa Securities Group Incorporated (Financials, Capital Markets)		3,000		13,283
Dena Company Limited (Consumer Discretionary, Internet & Catalog Retail)		200		7,339
Denki Kagaku Kogyo Kabushiki Kaisha (Materials, Chemicals)		1,000		3,263
Denso Corporation (Consumer Discretionary, Auto Components)		1,000		32,862
Dentsu Incorporated (Consumer Discretionary, Media)		400		9,782
Don Quijote Company Limited (Consumer Discretionary, Multiline Retail)		100		3,887
East Japan Railway Company (Industrials, Road & Rail)		700		45,939
Eisai Company Limited (Health Care, Pharmaceuticals)		500		20,986
Electric Power Development Company (Utilities, Independent Power Producers & Energy Traders)		280		7,089
FamilyMart Company Limited (Consumer Staples, Food & Staples Retailing)		100		4,434
FANUC Limited (Industrials, Machinery)		400		67,447
Fast Retailing Company Limited (Consumer Discretionary, Specialty Retail)		100		22,709
Fuji Electric Holdings Company Limited (Industrials, Electrical Equipment)		1,000		2,135
Fuji Heavy Industries Limited (Consumer Discretionary, Automobiles)		1,000		11,221
Fujifilm Holdings Corporation (Information Technology, Electronic Equipment, Instruments & Components)		1,000		18,330
Fujitsu Limited (Information Technology, Computers & Peripherals)		4,000		15,139
Fukuoka Financial Group Incorporated (Financials, Commercial Banks)		2,000		7,885
Furukawa Electric Company Limited (Industrials, Electrical Equipment) †		1,000		1,905
Gree Incorporated (Information Technology, Internet Software & Services)		200		3,477
GS Yuasa Corporation (Industrials, Electrical Equipment)		1,000		3,870
Gunma Bank Limited (Financials, Commercial Banks)		1,000		4,804

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage International Index Portfolio 9

Security name	Shares		Value
Japan (continued)
Hakuhodo DY Holdings Incorporated (Consumer Discretionary, Media)		60	$	3,836
Hamamatsu Photonics (Information Technology, Electronic Equipment, Instruments & Components)		100		3,524
Hankyu Hanshin Holdings Incorporated (Industrials, Transportation Infrastructure)		2,000		10,554
Hino Motors Limited (Industrials, Machinery)		1,000		8,586
Hirose Electric Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		100		11,379
Hisamitsu Pharmaceutical Company Incorporated (Health Care, Pharmaceuticals)		100		5,204
Hitachi Chemical Company Limited (Materials, Chemicals)		200		2,858
Hitachi Construction Machinery Company Limited (Industrials, Machinery)		200		3,501
Hitachi High-Technologies Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		100		2,221
Hitachi Limited (Industrials, Industrial Conglomerates)		10,000		57,742
Hokkaido Electric Power Company Incorporated (Utilities, Electric Utilities)		400		3,955
Hokuriku Electric Power Company (Utilities, Electric Utilities)		400		4,430
Honda Motor Company Limited (Consumer Discretionary, Automobiles)		3,400		112,680
Hoya Corporation (Information Technology, Electronic Equipment, Instruments & Components)		900		17,283
Ibiden Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		300		4,105
Inpex Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		5		26,809
Isetan Mitsukoshi Holdings Limited (Consumer Discretionary, Multiline Retail)		760		6,767
Ishikawajima-Harima Heavy Industries Company Limited (Industrials, Machinery)		3,000		6,660
Isuzu Motors Limited (Consumer Discretionary, Automobiles)		2,000		11,718
Itochu Corporation (Industrials, Trading Companies & Distributors)		3,200		31,986
J Front Retailing Company Limited (Consumer Discretionary, Multiline Retail)		800		3,862
Japan Prime Real Estate Investment Corporation (Financials, REITs)		1		9,826
Japan Prime Realty Investment Corporation (Financials, REITs)		2		5,915
Japan Retail Fund Investment Corporation (Financials, REITs)		4		7,278
Japan Steel Works (Industrials, Machinery)		1,000		5,507
Japan Tobacco Incorporated (Consumer Staples, Tobacco)		1,800		53,933
JFE Holdings Incorporated (Materials, Metals & Mining)		1,000		15,491
Joyo Bank Limited (Financials, Commercial Banks)		1,000		4,877
JS Group Corporation (Industrials, Building Products)		600		12,708
JSR Corporation (Materials, Chemicals)		400		7,395
JTEKT Corporation (Industrials, Machinery)		500		4,040
Jupiter Telecommunications Company Limited (Consumer Discretionary, Media)		5		6,538
JX Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		4,700		25,086
Kajima Corporation (Industrials, Construction & Engineering)		2,000		5,750
Kansai Electric Power Company Incorporated (Utilities, Electric Utilities)		1,600		15,217
Kao Corporation (Consumer Staples, Personal Products)		1,100		30,197
Kawasaki Heavy Industries Limited (Industrials, Machinery)		3,000		6,951
KDDI Corporation (Telecommunication Services, Wireless Telecommunication Services)		600		44,399
Keihin Electric Express Railway Company Limited (Industrials, Road & Rail)		1,000		9,183
Keio Corporation (Industrials, Road & Rail)		1,000		7,327
Keisei Electric Railway Company Limited (Industrials, Road & Rail)		1,000		8,443
Keyence Corporation (Information Technology, Electronic Equipment, Instruments & Components)		100		27,925
Kintetsu Corporation (Industrials, Road & Rail)		3,000		11,937
Kirin Brewery Company Limited (Consumer Staples, Beverages)		2,000		24,528
Kobe Steel Limited (Materials, Metals & Mining)		6,000		5,604
Komatsu Limited (Industrials, Machinery)		1,900		42,571
Konami Corporation (Information Technology, Software)		200		4,826
Konica Minolta Holdings Incorporated (Information Technology, Office Electronics)		1,000		7,133
Kubota Corporation (Industrials, Machinery)		2,000		21,229
Kuraray Company Limited (Materials, Chemicals)		700		8,619

10 Wells Fargo Advantage International Index Portfolio Portfolio of investments—November 30, 2012 (unaudited)

Security name	Shares		Value
Japan (continued)
Kurita Water Industries Limited (Industrials, Machinery)		200	$	4,355
Kyocera Corporation (Information Technology, Electronic Equipment, Instruments & Components)		300		27,622
Kyowa Hakko Kogyo Company Limited (Health Care, Pharmaceuticals)		1,000		10,202
Kyushu Electric Power Company Incorporated (Utilities, Electric Utilities)		900		8,428
Lawson Incorporated (Consumer Staples, Food & Staples Retailing)		100		6,769
Makita Corporation (Industrials, Machinery)		200		8,431
Marubeni Corporation (Industrials, Trading Companies & Distributors)		3,000		19,761
Marui Company Limited (Consumer Discretionary, Multiline Retail)		500		3,378
Maruichi Steel Tube Limited (Materials, Metals & Mining)		100		2,159
Matsushita Electric Industrial Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		4,600		22,488
Mazda Motor Corporation (Consumer Discretionary, Automobiles) †		6,000		9,462
McDonald’s Holdings Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		100		2,851
Mediceo Paltac Holdings Company Limited (Health Care, Health Care Providers & Services)		300		3,548
Meiji Holdings Company Limited (Consumer Staples, Food Products)		100		4,446
Millea Holdings Incorporated (Financials, Insurance)		1,400		35,902
Miraca Holdings Incorporated (Health Care, Health Care Providers & Services)		100		4,058
Mitsubishi Chemical Holdings Corporation (Materials, Chemicals)		3,000		13,101
Mitsubishi Corporation (Industrials, Trading Companies & Distributors)		2,900		54,915
Mitsubishi Electric Corporation (Industrials, Electrical Equipment)		4,000		31,152
Mitsubishi Estate Company Limited (Financials, Real Estate Management & Development)		3,000		57,827
Mitsubishi Gas Chemical Company Incorporated (Materials, Chemicals)		1,000		5,896
Mitsubishi Heavy Industries Limited (Industrials, Machinery)		6,000		27,877
Mitsubishi Materials Corporation (Materials, Metals & Mining)		2,000		5,701
Mitsubishi Motors Corporation (Consumer Discretionary, Automobiles) †		9,000		8,407
Mitsubishi UFJ Financial Group Incorporated (Financials, Commercial Banks)		26,670		121,970
Mitsubishi UFJ Securities Company Limited (Financials, Diversified Financial Services)		130		5,661
Mitsui & Company Limited (Industrials, Trading Companies & Distributors)		3,600		49,741
Mitsui Chemicals Incorporated (Materials, Chemicals)		2,000		4,513
Mitsui Fudosan Company Limited (Financials, Real Estate Management & Development)		2,000		41,706
Mitsui OSK Lines Limited (Industrials, Marine)		2,000		5,022
Mitsui Sumitomo Insurance Group Holdings Incorporated (Financials, Insurance)		1,100		19,082
Mizuho Financial Group Incorporated (Financials, Commercial Banks)		47,700		76,380
Murata Manufacturing Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		400		22,660
Nabtesco Corporation (Industrials, Machinery)		200		3,967
Namco Bandai Holdings Incorporated (Consumer Discretionary, Leisure Equipment & Products)		400		5,614
NEC Corporation (Information Technology, Computers & Peripherals) †		5,000		8,734
Nexon Company Limited (Information Technology, Software) †		200		2,242
NGK Insulators Limited (Industrials, Electrical Equipment)		1,000		10,699
NHK Spring Company Limited (Consumer Discretionary, Auto Components)		400		3,348
Nidec Corporation (Industrials, Electrical Equipment)		200		12,131
Nikon Corporation (Consumer Discretionary, Leisure Equipment & Products)		700		19,395
Nintendo Company Limited (Information Technology, Software)		200		23,970
Nippon Building Fund Incorporated (Financials, REITs)		1		10,469
Nippon Electric Glass Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		1,000		5,701
Nippon Express Company Limited (Industrials, Road & Rail)		2,000		7,181
Nippon Paper Group Incorporated (Materials, Paper & Forest Products)		200		2,450
Nippon Steel Corporation (Materials, Metals & Mining)		16,000		36,683
Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		900		40,232
Nippon Yusen Kabushiki Kaisha (Industrials, Marine)		3,000		6,369
Nishi-Nippon City Bank Limited (Financials, Commercial Banks)		1,000		2,402

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage International Index Portfolio 11

Security name	Shares		Value
Japan (continued)
Nissan Motor Company Limited (Consumer Discretionary, Automobiles)		5,200	$	50,401
Nisshin Seifun Group Incorporated (Consumer Staples, Food Products)		500		6,393
Nissin Food Products Company Limited (Consumer Staples, Food Products)		100		3,943
Nitori Company Limited (Consumer Discretionary, Specialty Retail)		50		3,718
Nitto Denko Corporation (Materials, Chemicals)		300		15,631
NKSJ Holdings Incorporated (Financials, Insurance)		800		15,168
NOK Corporation (Consumer Discretionary, Auto Components)		200		3,059
Nomura Holdings Incorporated (Financials, Capital Markets)		7,600		31,438
Nomura Real Estate Holding Incorporated (Financials, Real Estate Management & Development)		200		3,455
Nomura Real Estate Office Fund (Financials, REITs)		1		5,985
Nomura Research Institute Limited (Information Technology, IT Services)		200		3,860
NSK Limited (Industrials, Machinery)		1,000		5,944
NTT Data Corporation (Information Technology, IT Services)		3		8,690
NTT DoCoMo Incorporated (Telecommunication Services, Wireless Telecommunication Services)		32		46,155
NTT Urban Development Corporation (Financials, Real Estate Management & Development)		3		2,540
Obayashi Corporation (Industrials, Construction & Engineering)		1,000		4,719
Odakyu Electric Railway Company Limited (Industrials, Road & Rail)		1,000		10,202
OJI Paper Company Limited (Materials, Paper & Forest Products)		2,000		6,308
Olympus Corporation (Health Care, Health Care Equipment & Supplies) †		500		8,340
Omron Corporation (Information Technology, Electronic Equipment, Instruments & Components)		400		8,865
Ono Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		200		10,954
Oracle Corporation Japan (Information Technology, Software)		100		4,197
Oriental Land Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		100		12,871
ORIX Corporation (Financials, Consumer Finance)		220		22,071
Osaka Gas Company Limited (Utilities, Gas Utilities)		4,000		15,721
Otsuka Holdings Company Limited (Health Care, Health Care Providers & Services)		800		23,747
Park24 Company Limited (Industrials, Commercial Services & Supplies)		200		3,376
Rakuten Incorporated (Consumer Discretionary, Internet & Catalog Retail)		1,508		12,714
Resona Holdings Incorporated (Financials, Commercial Banks)		4,100		17,159
Ricoh Company Limited (Information Technology, Office Electronics)		1,000		9,280
Rinnai Corporation (Consumer Discretionary, Household Durables)		100		6,963
Rohm Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		200		5,699
Sankyo Company Limited (Consumer Discretionary, Leisure Equipment & Products)		100		4,094
Sanrio Company Limited (Consumer Discretionary, Specialty Retail) «		100		3,577
Santen Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		100		4,288
SBI Holdings Incorporated (Financials, Capital Markets)		559		4,170
Secom Company Limited (Industrials, Commercial Services & Supplies)		400		20,477
Sega Sammy Holdings Incorporated (Consumer Discretionary, Leisure Equipment & Products)		400		6,657
Sekisui Chemical Company Limited (Consumer Discretionary, Household Durables)		1,000		7,836
Sekisui House Limited (Consumer Discretionary, Household Durables)		1,000		9,377
Seven & I Holdings Company Limited (Consumer Staples, Food & Staples Retailing)		1,620		47,204
Seven Bank Limited (Financials, Commercial Banks)		800		2,086
Sharp Corporation (Consumer Discretionary, Household Durables)		2,200		4,590
Shikoku Electric Power Company Incorporated (Utilities, Electric Utilities)		400		5,439
Shimano Incorporated (Consumer Discretionary, Leisure Equipment & Products)		200		13,223
Shimizu Corporation (Industrials, Construction & Engineering)		1,000		3,008
Shin-Etsu Chemical Company Limited (Materials, Chemicals)		900		52,951
Shinsei Bank Limited (Financials, Commercial Banks)		3,000		5,095
Shionogi & Company Limited (Health Care, Pharmaceuticals)		600		10,161
Shiseido Company Limited (Consumer Staples, Personal Products)		800		11,597

12 Wells Fargo Advantage International Index Portfolio Portfolio of investments—November 30, 2012 (unaudited)

Security name	Shares		Value
Japan (continued)
Shizuoka Bank Limited (Financials, Commercial Banks)		1,000	$	9,887
Shoei Company Limited (Financials, Real Estate Management & Development)		500		3,341
Showa Denko KK (Materials, Chemicals)		3,000		4,331
Showa Shell Sekiyu KK (Energy, Oil, Gas & Consumable Fuels)		500		2,911
SMC Corporation (Industrials, Machinery)		100		16,886
Softbank Corporation (Information Technology, IT Services)		1,900		71,220
Sojitz Corporation (Industrials, Trading Companies & Distributors)		3,100		3,911
Sony Corporation (Consumer Discretionary, Household Durables)		2,100		20,405
Sony Financial Holdings Incorporated (Financials, Insurance)		400		6,871
Square Enix Company Limited (Information Technology, Software)		100		1,345
Stanley Electric Company Limited (Consumer Discretionary, Auto Components)		300		4,211
Sumco Corporation (Information Technology, Semiconductors & Semiconductor Equipment) †		300		2,096
Sumitomo Chemical Company Limited (Materials, Chemicals)		3,000		8,552
Sumitomo Corporation (Consumer Discretionary, Distributors)		2,400		29,783
Sumitomo Electric Industries Limited (Consumer Discretionary, Auto Components)		1,600		17,255
Sumitomo Heavy Industries Limited (Industrials, Machinery)		1,000		4,197
Sumitomo Metal Mining Company Limited (Materials, Metals & Mining)		1,000		13,696
Sumitomo Mitsui Financial Group Incorporated (Financials, Commercial Banks)		2,800		90,146
Sumitomo Mitsui Trust Holdings Incorporated (Financials, Commercial Banks)		7,000		21,229
Sumitomo Realty & Development Company Limited (Financials, Real Estate Management & Development)		1,000		27,209
Sumitomo Rubber Industries (Consumer Discretionary, Auto Components)		400		4,716
Suzuken Company Limited (Health Care, Health Care Providers & Services)		100		2,978
Suzuki Motor Corporation (Consumer Discretionary, Automobiles)		800		18,982
T&D Holdings Incorporated (Financials, Insurance)		1,200		12,897
Taiheiyo Cement Corporation (Materials, Construction Materials)		2,000		4,464
Taisei Corporation (Industrials, Construction & Engineering)		2,000		5,435
Taisho Pharmaceutical Holding Company Limited (Health Care, Pharmaceuticals)		100		7,363
Takashimaya Company Limited (Consumer Discretionary, Multiline Retail)		1,000		6,330
Takeda Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		1,600		73,173
Tanabe Seiyaku Company Limited (Health Care, Pharmaceuticals)		500		6,787
TDK Corporation (Information Technology, Electronic Equipment, Instruments & Components)		300		11,737
Teijin Limited (Materials, Chemicals)		2,000		4,585
Terumo Corporation (Health Care, Health Care Equipment & Supplies)		300		12,701
The Chugoku Electric Power Company Incorporated (Utilities, Electric Utilities)		600		8,654
The Hachijuni Bank Limited (Financials, Commercial Banks)		1,000		5,059
The Hiroshima Bank Limited (Financials, Commercial Banks)		1,000		4,172
The Iyo Bank Limited (Financials, Commercial Banks)		1,000		7,761
THK Company Limited (Industrials, Machinery)		300		5,157
TOA Medical Electronics Company (Health Care, Health Care Equipment & Supplies)		100		4,519
Tobu Railway Company Limited (Industrials, Road & Rail)		2,000		10,335
Toho Company Limited Tokyo (Consumer Discretionary, Media)		200		3,363
Toho Gas Company Limited (Utilities, Gas Utilities)		1,000		5,811
Tohoku Electric Power Company Incorporated (Utilities, Electric Utilities) †		1,000		9,062
Tokyo Electric Power Company Incorporated (Utilities, Electric Utilities) †		3,100		4,889
Tokyo Electron Limited (Information Technology, Semiconductors & Semiconductor Equipment)		400		17,832
Tokyo Gas Company Limited (Utilities, Gas Utilities)		5,000		24,565
Tokyu Corporation (Industrials, Road & Rail)		2,000		10,263
Tokyu Land Corporation (Financials, Real Estate Management & Development)		1,000		5,859
Tonengeneral Sekiyu KK (Energy, Oil, Gas & Consumable Fuels)		1,000		9,280
Toppan Printing Company Limited (Industrials, Commercial Services & Supplies)		1,000		6,187

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage International Index Portfolio 13

Security name	Shares		Value
Japan (continued)
Toray Industries Incorporated (Materials, Chemicals)		3,000	$	17,759
Toshiba Corporation (Information Technology, Computers & Peripherals)		8,000		27,270
TOTO Limited (Industrials, Building Products)		1,000		6,842
Toyo Seikan Kaisha Limited (Materials, Containers & Packaging)		300		3,581
Toyoda Gosei Company Limited (Consumer Discretionary, Auto Components)		100		2,091
Toyota Boshoku Corporation (Consumer Discretionary, Auto Components)		200		2,067
Toyota Industries Corporation (Consumer Discretionary, Auto Components)		300		8,978
Toyota Motor Corporation (Consumer Discretionary, Automobiles) «		5,800		248,717
Toyota Tsusho Corporation (Industrials, Trading Companies & Distributors)		400		9,210
Trend Micro Incorporated (Information Technology, Software)		200		5,214
Tsumura & Company (Health Care, Pharmaceuticals)		100		3,249
UBE Industries Limited Japan (Materials, Chemicals)		2,000		4,149
Uni-Charm Corporation (Consumer Staples, Household Products)		200		10,214
Ushio Incorporated (Industrials, Electrical Equipment)		200		2,283
USS Company Limited (Consumer Discretionary, Specialty Retail)		50		5,325
West Japan Railway Company (Industrials, Road & Rail)		400		15,988
Yahoo! Japan Corporation (Information Technology, Internet Software & Services)		31		10,409
Yakult Honsha Company Limited (Consumer Staples, Food Products)		200		8,771
Yamada Denki Company Limited (Consumer Discretionary, Specialty Retail) «		180		6,365
Yamaha Corporation (Consumer Discretionary, Leisure Equipment & Products)		400		3,634
Yamaha Motor Company Limited (Consumer Discretionary, Automobiles)		600		6,296
Yamato Holdings Company Limited (Industrials, Air Freight & Logistics)		800		11,976
Yamato Kogyo Company Limited (Materials, Metals & Mining)		100		2,699
Yokogawa Electric Corporation (Information Technology, Electronic Equipment, Instruments & Components)		500		5,295
				4,230,730
Luxembourg: 0.42%
Acergy SA (Energy, Energy Equipment & Services)		610		13,946
ArcelorMittal (Materials, Metals & Mining)		1,970		29,938
Millicom International Cellular SA (Telecommunication Services, Wireless Telecommunication Services)		123		10,556
SES SA (Consumer Discretionary, Media)		650		18,387
Tenaris SA (Energy, Energy Equipment & Services)		1,027		20,369
				93,196
Netherlands: 2.80%
Aegon NV (Financials, Insurance)		3,699		21,278
Akzo Nobel NV (Materials, Chemicals)		501		28,630
ASML Holding NV (Information Technology, Semiconductors & Semiconductor Equipment)		685		42,768
Boskalis Westminster NV (Industrials, Construction & Engineering)		158		6,669
Corio NV (Financials, REITs)		137		6,139
D.E Master Blenders 1753 NV (Consumer Staples, Food Products) †		1,291		14,859
Delta Lloyd NV (Financials, Insurance)		274		4,089
European Aeronautic Defence & Space Company NV (Industrials, Aerospace & Defense)		867		29,193
Fugro NV (Energy, Energy Equipment & Services)		146		8,760
Gemalto NV (Information Technology, Computers & Peripherals)		173		15,907
Heineken Holding NV (Consumer Staples, Beverages)		211		11,424
Heineken NV (Consumer Staples, Beverages)		485		31,986
ING Groep NV (Financials, Diversified Financial Services) †		8,107		72,856
Koninklijke Ahold NV (Consumer Staples, Food & Staples Retailing)		2,108		26,747
Koninklijke DSM NV (Materials, Chemicals)		324		18,661

14 Wells Fargo Advantage International Index Portfolio Portfolio of investments—November 30, 2012 (unaudited)

Security name	Shares		Value
Netherlands (continued)
Koninklijke Philips Electronics NV (Industrials, Industrial Conglomerates)		2,200	$	56,824
Koninklijke Vopak NV (Industrials, Transportation Infrastructure)		149		11,009
QIAGEN NV (Health Care, Life Sciences Tools & Services) †		533		9,854
Randstad Holdings NV (Industrials, Commercial Services & Supplies)		273		8,878
Reed Elsevier NV (Consumer Discretionary, Media)		1,456		21,028
Royal KPN NV (Telecommunication Services, Diversified Telecommunication Services)		2,160		12,220
STMicroelectronics NV (Information Technology, Semiconductors & Semiconductor Equipment)		1,443		9,196
TNT Express NV (Industrials, Air Freight & Logistics)		775		7,559
Unilever NV (Consumer Staples, Food Products)		3,412		129,463
Wolters Kluwer NV (Consumer Discretionary, Media)		658		12,648
Ziggo NV (Telecommunication Services, Diversified Telecommunication Services)		251		7,856
				626,501
New Zealand: 0.14%
Auckland International Airport Limited (Industrials, Transportation Infrastructure)		2,330		5,126
Contact Energy Limited (Utilities, Electric Utilities)		779		3,402
Fletcher Building Limited (Materials, Construction Materials)		1,481		9,629
Sky City Entertainment Group Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		1,451		4,455
Telecom Corporation of New Zealand Limited (Telecommunication Services, Diversified Telecommunication Services)		4,009		7,603
				30,215
Norway: 0.89%
Aker Solutions ASA (Industrials, Construction & Engineering)		345		6,493
DnB Nor ASA (Financials, Commercial Banks)		2,050		25,532
Gjensidige Forsikring ASA (Financials, Insurance)		437		6,160
Norsk Hydro ASA (Materials, Metals & Mining)		2,107		10,103
Orkla ASA (Industrials, Industrial Conglomerates)		1,685		13,713
Seadrill Limited (Energy, Energy Equipment & Services)		740		28,479
Statoil ASA (Energy, Oil, Gas & Consumable Fuels)		2,362		57,753
Telenor ASA (Telecommunication Services, Diversified Telecommunication Services)		1,468		29,803
Yara International ASA (Materials, Chemicals)		393		19,711
				197,747
Portugal: 0.17%
Banco Espirito Santo SA (Financials, Commercial Banks) †		4,778		4,766
Energias de Portugal SA (Utilities, Electric Utilities)		3,666		9,278
Galp Energia SGPS SA (Energy, Oil, Gas & Consumable Fuels)		524		8,035
Jeronimo Martins SA (Consumer Staples, Food & Staples Retailing)		499		9,310
Portugal Telecom SGPS SA (Telecommunication Services, Diversified Telecommunication Services)		1,477		6,862
				38,251
Singapore: 1.83%
Ascendas REIT (Financials, REITs)		4,000		7,865
CapitaCommerical Trust (Financials, REITs)		4,000		5,309
CapitaLand Limited (Financials, Real Estate Management & Development)		5,000		14,460
CapitaMall Trust (Financials, REITs)		4,670		7,920
CapitaMalls Asia Limited (Financials, Real Estate Management & Development)		3,000		4,719
City Developments Limited (Financials, Real Estate Management & Development)		1,000		9,602
ComfortDelGro Corporation Limited (Industrials, Road & Rail)		4,000		5,637
DBS Group Holdings Limited (Financials, Commercial Banks)		4,103		48,573

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage International Index Portfolio 15

Security name	Shares		Value
Singapore (continued)
Fraser & Neave Limited (Industrials, Industrial Conglomerates)		2,000	$	15,435
Genting Singapore plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		13,000		13,633
Global Logistic Properties Limited (Financials, Real Estate Management & Development)		4,000		9,209
Golden Agri-Resources Limited (Consumer Staples, Food Products)		15,500		8,381
Hutchison Port Holdings Trust (Industrials, Transportation Infrastructure)		11,600		8,990
Jardine Cycle & Carriage Limited (Consumer Discretionary, Distributors)		122		4,877
Keppel Corporation Limited (Industrials, Industrial Conglomerates)		3,300		28,955
Keppel Land Limited (Financials, Real Estate Management & Development)		1,219		3,595
Olam International Limited (Consumer Staples, Food & Staples Retailing)		3,753		4,843
Oversea-Chinese Banking Corporation Limited (Financials, Commercial Banks)		5,757		44,383
SembCorp Industries Limited (Industrials, Machinery)		1,980		8,403
SembCorp Marine Limited (Industrials, Machinery)		2,000		7,472
Singapore Airlines Limited (Industrials, Airlines)		1,600		14,039
Singapore Exchange Limited (Financials, Diversified Financial Services)		2,000		11,290
Singapore Press Holdings Limited (Consumer Discretionary, Media)		3,000		10,274
Singapore Technologies Engineering Limited (Industrials, Aerospace & Defense)		3,000		9,020
Singapore Telecommunications Limited (Telecommunication Services, Diversified Telecommunication Services)		17,000		46,100
StarHub Limited (Telecommunication Services, Wireless Telecommunication Services)		1,000		3,056
United Overseas Bank Limited (Financials, Commercial Banks)		2,310		35,428
United Overseas Land Limited (Financials, Real Estate Management & Development)		1,000		4,768
Wilmar International Limited (Consumer Staples, Food Products)		4,000		10,454
Yangzijiang Shipbuilding Holdings Limited (Industrials, Machinery)		4,000		3,064
				409,754
Spain: 2.91%
Abertis Infraestructuras SA (Industrials, Transportation Infrastructure)		771		11,266
Acciona SA (Utilities, Electric Utilities)		31		2,010
Actividades de Construccion y Servicios SA (Industrials, Construction & Engineering)		321		6,861
Amadeus IT Holding SA (Information Technology, IT Services)		684		15,968
Banco Bilbao Vizcaya Argentaria SA (Financials, Commercial Banks)		11,236		95,335
Banco de Sabade SA (Financials, Commercial Banks) †		4,883		13,628
Banco de Valencia SA (Financials, Commercial Banks) †		12		2
Banco Popular Espanol SA (Financials, Commercial Banks) «		9,280		7,748
Banco Santander Central Hispano SA (Financials, Commercial Banks)		21,405		164,636
Bankia SA (Financials, Commercial Banks) †		2,196		2,048
Cintra Concesiones de Infraestructuras de Transporte SA (Industrials, Construction & Engineering)		854		12,656
Criteria CaixaCorp SA (Financials, Diversified Financial Services)		1,878		7,178
Distribuidora Internacional SA (Consumer Staples, Food & Staples Retailing)		1,333		8,273
Enagas SA (Utilities, Gas Utilities)		405		8,288
Gas Natural SDG SA (Utilities, Gas Utilities)		667		10,353
Grifols SA (Health Care, Biotechnology) †		316		10,108
Iberdrola SA (Utilities, Electric Utilities)		7,988		39,685
Industria de Diseno Textil SA (Consumer Discretionary, Specialty Retail)		454		62,233
International Consolidated Airlines Group SA (Industrials, Airlines) †		1,938		5,238
Mapfre SA (Financials, Insurance)		1,610		4,527
Red Electrica de Espana SA (Utilities, Electric Utilities)		229		10,612
Repsol YPF SA (Energy, Oil, Gas & Consumable Fuels)		1,728		36,654
Telefonica SA (Telecommunication Services, Diversified Telecommunication Services)		8,458		110,991
Zardoya-Otis SA (Industrials, Machinery)		388		5,314
				651,612

16 Wells Fargo Advantage International Index Portfolio Portfolio of investments—November 30, 2012 (unaudited)

Security name	Shares		Value
Sweden: 3.08%
Alfa Laval AB (Industrials, Machinery)		733	$	14,410
Assa Abloy AB Class B (Industrials, Building Products)		702		25,396
Atlas Copco AB Class A (Industrials, Machinery)		1,421		36,607
Atlas Copco AB Class B (Industrials, Machinery)		842		19,426
Boliden AB (Materials, Metals & Mining)		574		10,154
Electrolux AB Class B (Consumer Discretionary, Household Durables)		525		13,738
Elekta AB Class B (Health Care, Health Care Equipment & Supplies)		771		11,142
Getinge AB (Health Care, Health Care Equipment & Supplies)		437		14,089
Hennes & Mauritz AB Class B (Consumer Discretionary, Specialty Retail)		2,009		65,192
Hexagon AB (Industrials, Machinery)		517		12,790
Husqvarna AB A Shares (Consumer Discretionary, Household Durables)		1		6
Husqvarna AB B Shares (Consumer Discretionary, Household Durables)		942		5,660
Industrivarden AB Class C (Financials, Diversified Financial Services)		303		4,495
Investor AB (Financials, Diversified Financial Services)		964		22,327
Kinnevik Investment AB (Financials, Diversified Financial Services)		430		8,376
Lundin Petroleum AB (Energy, Oil, Gas & Consumable Fuels) †		427		10,089
Nordea Bank AB (Financials, Commercial Banks)		5,572		51,002
Ratos AB B Shares (Financials, Capital Markets)		401		3,993
Sandvik AB (Industrials, Machinery)		2,111		31,554
Scania AB Class B (Industrials, Machinery)		699		14,509
Securitas AB (Industrials, Commercial Services & Supplies)		659		5,155
Skandinaviska Enskilda Banken AB Class A (Financials, Commercial Banks)		3,058		24,613
Skanska AB (Industrials, Construction & Engineering)		808		12,836
SKF AB Class B (Industrials, Machinery)		856		20,585
Svenska Cellulosa AB Class B (Materials, Paper & Forest Products)		1,215		24,598
Svenska Handelsbanken AB (Financials, Commercial Banks)		1,007		35,795
Swedbank AB (Financials, Commercial Banks)		1,675		30,940
Swedish Match AB (Consumer Staples, Tobacco)		436		15,347
Tele2 AB (Telecommunication Services, Diversified Telecommunication Services)		689		12,044
Telefonaktiebolaget LM Ericsson Class B Shares (Information Technology, Communications Equipment)		6,374		59,397
Teliasonera AB (Telecommunication Services, Diversified Telecommunication Services)		4,554		30,541
Volvo AB Class B (Industrials, Machinery)		2,945		41,718
				688,524
Switzerland: 8.73%
ABB Limited (Industrials, Electrical Equipment)		4,584		89,335
Actelion Limited (Health Care, Biotechnology)		240		11,887
Adecco SA (Industrials, Professional Services)		289		14,280
Aryzta AG (Consumer Staples, Food Products)		184		9,302
Baloise Holding AG (Financials, Insurance)		99		8,306
Banque Cantonale Vaudoise Waadtlaender Kantonalbank (Financials, Commercial Banks)		6		3,292
Barry Callebaut AG (Consumer Staples, Food Products)		4		4,057
Compagnie Financiere Richemont SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		1,090		84,041
Credit Suisse Group AG (Financials, Capital Markets)		2,587		61,248
EMS-Chemie Holdings AG (Materials, Chemicals)		17		4,006
Geberit AG (Industrials, Building Products)		77		16,269
Givaudan SA (Materials, Chemicals)		17		17,070
Holcim Limited (Materials, Construction Materials)		485		33,234
Julius Baer Group Limited (Financials, Capital Markets)		453		15,516
Kuehne & Nagel International AG (Industrials, Marine)		117		14,090

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage International Index Portfolio 17

Security name	Shares		Value
Switzerland (continued)
Lindt & Spruengli AG (Participation Certificate) (Consumer Staples, Food Products)		2	$	6,431
Lonza Group AG (Health Care, Life Sciences Tools & Services)		116		5,589
Nestle SA (Consumer Staples, Food Products)		6,744		441,377
Novartis AG (Health Care, Pharmaceuticals)		4,802		297,178
Pargesa Holding SA (Financials, Diversified Financial Services)		68		4,568
Partners Group Holding AG (Financials, Diversified Financial Services)		29		6,321
Phonak Holding AG (Health Care, Health Care Equipment & Supplies)		94		10,265
Roche Holdings AG (Health Care, Pharmaceuticals)		1,467		288,746
Schindler Holding AG (Industrials, Machinery)		46		6,433
Schindler Holding AG (Participation Certificate) (Industrials, Machinery)		106		14,870
SGS SA (Industrials, Commercial Services & Supplies)		11		24,678
Sika AG (Materials, Chemicals)		4		8,784
Sulzer AG (Industrials, Machinery)		54		8,362
Swatch Group AG (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		101		8,376
Swatch Group AG Class B (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		65		31,395
Swiss Life Holding (Financials, Insurance)		64		8,564
Swiss Prime Site AG (Financials, Real Estate Management & Development)		111		8,924
Swiss Re AG (Financials, Insurance)		745		53,662
Swisscom AG (Telecommunication Services, Diversified Telecommunication Services)		49		20,632
Syngenta AG (Materials, Chemicals)		195		78,173
Transocean Limited (Energy, Energy Equipment & Services)		742		33,981
UBS AG (Financials, Diversified Financial Services)		7,639		119,527
Zurich Financial Services AG (Financials, Insurance)		308		78,604
				1,951,373
United Kingdom: 22.65%
3I Group plc (Financials, Capital Markets)		2,019		6,845
Aberdeen Asset Management plc (Financials, Capital Markets)		1,914		10,365
Admiral Group plc (Financials, Insurance)		427		7,655
Aggreko plc (Industrials, Commercial Services & Supplies)		578		20,669
AMEC plc (Energy, Energy Equipment & Services)		687		11,491
Anglo American plc (Materials, Metals & Mining)		2,902		80,552
Antofagasta plc (Materials, Metals & Mining)		861		17,767
ARM Holdings plc (Information Technology, Semiconductors & Semiconductor Equipment)		2,822		34,995
Associated British Foods plc (Consumer Staples, Food Products)		777		18,399
AstraZeneca plc (Health Care, Pharmaceuticals)		2,608		123,953
Aviva plc (Financials, Insurance)		6,176		34,682
Babcock International Group plc (Industrials, Commercial Services & Supplies)		779		12,437
BAE Systems plc (Industrials, Aerospace & Defense)		6,875		36,051
Balfour Beatty plc (Industrials, Construction & Engineering)		1,426		5,901
Barclays plc (Financials, Commercial Banks)		24,305		95,793
BG Group plc (Health Care, Health Care Providers & Services)		7,126		122,161
BHP Billiton plc (Materials, Metals & Mining)		4,417		138,845
BP plc (Energy, Oil, Gas & Consumable Fuels)		39,722		274,673
British American Tobacco plc (Consumer Staples, Tobacco)		4,064		213,175
British Land Company plc (Financials, REITs)		1,814		15,985
British Sky Broadcasting plc (Consumer Discretionary, Media)		2,301		27,981
BT Group plc (Telecommunication Services, Diversified Telecommunication Services)		16,521		61,805
Bunzl plc (Industrials, Trading Companies & Distributors)		701		11,557
Burberry Group plc (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		956		19,712

18 Wells Fargo Advantage International Index Portfolio Portfolio of investments—November 30, 2012 (unaudited)

Security name	Shares		Value
United Kingdom (continued)
Capita plc (Industrials, Professional Services)		1,372	$	16,761
Carnival plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		381		15,413
Centrica plc (Utilities, Gas Utilities)		10,972		57,289
Cobham plc (Industrials, Aerospace & Defense)		2,441		8,291
Compass Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		3,950		45,628
Croda International plc (Materials, Chemicals)		286		10,910
Diageo plc (Consumer Staples, Beverages)		5,256		156,376
Eurasian Natural Resources Corporation (Materials, Metals & Mining)		677		2,931
Evraz plc (Materials, Metals & Mining)		840		3,152
Experian Group Limited (Financials, Diversified Financial Services)		2,136		35,488
Fresnillo plc (Materials, Metals & Mining)		379		12,071
G4S plc (Industrials, Commercial Services & Supplies)		3,059		12,115
GKN plc (Consumer Discretionary, Auto Components)		2,991		10,638
GlaxoSmithKline plc (Health Care, Pharmaceuticals)		10,401		222,381
Glencore International plc (Materials, Metals & Mining) «		8,058		44,605
Hammerson plc (Financials, REITs)		1,509		11,392
Hargreaves Lansdown plc (Financials, Capital Markets)		496		6,042
HSBC Holdings plc (Financials, Commercial Banks)		38,292		391,226
ICAP plc (Financials, Capital Markets)		1,152		5,380
IMI plc (Industrials, Machinery)		672		11,348
Imperial Tobacco Group plc (Consumer Staples, Tobacco)		2,094		83,772
Independent Tankers Corporation Limited (Energy, Oil, Gas & Consumable Fuels) †(a)		50		1
Inmarsat plc (Telecommunication Services, Diversified Telecommunication Services)		937		8,820
Intercontinental Hotels Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		594		15,874
Intertek Group plc (Industrials, Commercial Services & Supplies)		350		17,327
Invensys plc (Information Technology, IT Services)		1,912		9,665
Investec plc (Financials, Capital Markets)		1,118		6,837
ITV plc (Consumer Discretionary, Media)		7,825		12,399
J Sainsbury plc (Consumer Staples, Food & Staples Retailing)		2,592		14,178
Johnson Matthey plc (Materials, Chemicals)		448		17,219
Kazakhmys plc (Materials, Metals & Mining)		517		5,910
Kingfisher plc (Consumer Discretionary, Specialty Retail)		5,015		22,337
Land Securities Group plc (Financials, REITs)		1,649		21,347
Legal & General Group plc (Financials, Insurance)		12,432		29,020
Liberty International plc (Financials, REITs)		1,190		6,587
Lloyds TSB Group plc (Financials, Commercial Banks) †		87,471		65,159
London Stock Exchange Group plc (Financials, Diversified Financial Services)		375		5,873
Lonmin plc (Materials, Metals & Mining)		408		1,687
Marks & Spencer Group plc (Consumer Discretionary, Multiline Retail)		3,362		21,039
Meggitt plc (Industrials, Aerospace & Defense)		1,656		10,331
Melrose Industries plc (Industrials, Machinery)		2,724		9,300
National Grid plc (Utilities, Multi-Utilities)		7,465		84,318
Next plc (Consumer Discretionary, Multiline Retail)		357		20,940
Old Mutual plc (Financials, Commercial Banks)		10,237		28,095
Pearson plc (Consumer Discretionary, Media)		1,727		32,594
Petrofac Limited (Energy, Energy Equipment & Services)		565		14,737
Prudential plc (Financials, Insurance)		5,327		77,239
Randgold Resources Limited (Materials, Metals & Mining)		190		20,289
Reckitt Benckiser Group plc (Consumer Staples, Household Products)		1,358		85,397
Reed Elsevier plc (Consumer Discretionary, Media)		2,551		26,260

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage International Index Portfolio 19

Security name				Shares		Value
United Kingdom (continued)
Resolution Limited (Financials, Insurance)					2,927	$	11,147
Rexam plc (Materials, Containers & Packaging)					1,916		13,436
Rio Tinto plc (Materials, Metals & Mining)					2,803		138,924
Rolls Royce Holdings plc (Industrials, Aerospace & Defense)					3,938		56,184
Royal Bank of Scotland Group plc (Financials, Commercial Banks) †					4,481		21,193
Royal Dutch Shell plc Class A (Energy, Oil, Gas & Consumable Fuels)					7,716		258,308
Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels)					5,520		190,541
SABMiller plc (Consumer Staples, Beverages)					1,998		90,511
Sage Group plc (Information Technology, Software)					2,587		12,915
Schroders plc (Financials, Capital Markets)					239		6,111
Scottish & Southern Energy plc (Utilities, Electric Utilities)					1,999		45,638
Segro plc (Financials, REITs)					1,570		5,944
Serco Group plc (Industrials, Commercial Services & Supplies)					1,045		9,158
Severn Trent plc (Utilities, Water Utilities)					500		12,937
Shire Limited plc (Health Care, Pharmaceuticals)					1,183		34,230
Smith & Nephew plc (Health Care, Health Care Equipment & Supplies)					1,898		19,994
Smiths Group plc (Industrials, Industrial Conglomerates)					858		15,052
Standard Chartered plc (Financials, Commercial Banks)					5,009		116,766
Standard Life plc (Financials, Insurance)					4,990		25,583
Tate & Lyle plc (Consumer Staples, Food Products)					1,010		12,508
Tesco plc (Consumer Staples, Food & Staples Retailing)					16,814		87,577
TUI Travel plc (Consumer Discretionary, Hotels, Restaurants & Leisure)					1,012		4,399
Tullow Oil plc (Energy, Oil, Gas & Consumable Fuels)					1,919		42,336
Unilever plc (Consumer Staples, Food Products)					2,683		103,295
United Utilities Group plc (Utilities, Multi-Utilities)					1,461		15,952
Vedanta Resources plc (Materials, Metals & Mining)					208		3,569
Veripos Incorporated (Industrials, Transportation Infrastructure) †					71		211
Vodafone Group plc (Telecommunication Services, Wireless Telecommunication Services)					103,024		265,994
Weir Group plc (Industrials, Machinery)					461		13,959
Whitbread plc (Consumer Discretionary, Hotels, Restaurants & Leisure)					389		14,951
William Morrison Supermarkets plc (Consumer Staples, Food & Staples Retailing)					4,808		20,706
Wolseley plc (Industrials, Trading Companies & Distributors)					599		27,802
WPP plc (Consumer Discretionary, Media)					2,651		36,357
Xstrata plc (Materials, Metals & Mining)					4,449		73,710
							5,065,335
Total Common Stocks (Cost $20,230,067)							21,974,242
	Dividend yield
Preferred Stocks: 0.62%
Germany: 0.62%
Bayerische Motoren Werke AG (Consumer Discretionary, Automobiles)		4.96	%		114		6,939
Henkel AG & Company KGaA ADR (Consumer Staples, Household Products)		1.24			375		31,335
Porsche AG (Consumer Discretionary, Automobiles)		1.34			330		24,463
ProSiebenSat.1 AG (Consumer Discretionary, Media)		5.19			200		5,854
RWE AG (Utilities, Electric Utilities)		6.88			95		3,590
Volkswagen AG (Consumer Discretionary, Automobiles)		2.19			306		66,242
							138,423

20 Wells Fargo Advantage International Index Portfolio Portfolio of investments—November 30, 2012 (unaudited)

Security name	Dividend yield					Shares		Value
United Kingdom: 0.00%
Rolls Royce Holdings C Shares Entitlement (Industrials, Aerospace & Defense) (a)		0.00	%				305,444	$	489
Total Preferred Stocks (Cost $95,903)									138,912
				Expiration date
Rights: 0.02%
Spain: 0.01%
Banco Popular Espanol SA (Financials, Commercial Banks) †(a)					11-28-12		2,636		2,479
Switzerland: 0.00%
Swiss Prime Site AG (Financials, Real Estate Management & Development) †					12-03-12		111		120
United Kingdom: 0.01%
Lonmin plc (Materials, Metals & Mining) †					12-10-12		734		1,353
Total Rights (Cost $15,422)									3,952
	Yield
Short-Term Investments: 2.02%
Investment Companies: 2.02%
Wells Fargo Securities Lending Cash Investment, LLC (r)(v)(l)(u)		0.21					452,217		452,217
Total Short-Term Investments (Cost $452,217)									452,217

Total investments in securities
(Cost $20,793,609) *	100.92	%		22,569,323
Other assets and liabilities, net	(0.92	)		(206,172	)
Total net assets	100.00	%	$	22,363,151

« 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.

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

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

(l) Investment in an affiliate

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

* Cost for federal income tax purposes is $21,165,061 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	2,838,297
Gross unrealized depreciation		(1,434,035	)
Net unrealized appreciation	$	1,404,262

The following table shows the percent of total long-term investments by sector as of November 30, 2012:

Financials	24.55	%
Industrials	12.27	%
Consumer Staples	11.82	%
Consumer Discretionary	11.03	%
Health Care	10.53	%
Materials	9.66	%
Energy	7.40	%
Telecommunication Services	4.63	%
Information Technology	4.30	%
Utilities	3.81	%
	100.00	%

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Core Bond Portfolio 1

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 35.58%
FHLMC %%		2.50	%		1-1-27	$	55,900,000	$	58,162,200
FHLMC %%		2.50			12-1-27		15,600,000		16,255,683
FHLMC		3.00			7-1-32		1,741,813		1,849,510
FHLMC		3.00			9-1-32		1,853,137		1,967,717
FHLMC %%		3.00			1-1-42		9,100,000		9,515,188
FHLMC %%		3.00			2-1-42		13,100,000		13,666,985
FHLMC		3.00			8-1-42		564,580		592,696
FHLMC		3.00			8-1-42		1,968,106		2,066,117
FHLMC		3.00			9-1-42		302,039		317,080
FHLMC		3.00			9-1-42		312,496		328,058
FHLMC		3.50			8-1-32		3,343,182		3,635,971
FHLMC		3.50			9-1-32		7,941,820		8,605,706
FHLMC		3.87			4-25-21		1,432,000		1,639,706
FHLMC		4.00			11-15-37		3,062,963		3,145,795
FHLMC		4.00			4-1-42		19,448,472		21,592,492
FHLMC		4.00			6-1-42		4,047,012		4,509,346
FHLMC		4.00			6-1-42		8,572,484		9,551,814
FHLMC		4.00			6-1-42		40,071,200		44,488,690
FHLMC		4.00			11-1-42		2,863,013		3,190,087
FHLMC		4.50			9-1-42		3,965,827		4,427,916
FHLMC		5.00			8-1-39		26,643,876		29,586,002
FHLMC		5.00			4-1-41		3,231,366		3,629,589
FHLMC		5.00			5-1-41		2,876,909		3,231,450
FHLMC		5.00			7-1-41		10,315,458		11,586,700
FHLMC		5.00			8-1-41		26,486,600		29,750,719
FHLMC		5.00			4-1-42		3,619,913		4,019,639
FHLMC		5.50			7-1-38		11,728,937		13,222,021
FHLMC ±		5.58			10-1-38		714,671		774,902
FHLMC ±		5.72			11-1-37		50,043		54,182
FHLMC ±		5.88			3-1-37		112,364		122,112
FHLMC		6.00			8-1-17		68,002		73,667
FHLMC		6.00			10-1-17		150,058		162,559
FHLMC		6.00			2-1-23		86,168		94,134
FHLMC		6.00			3-1-34		631,866		701,343
FHLMC		6.00			2-1-35		1,008,168		1,119,022
FHLMC		6.00			12-1-35		10,944,798		12,148,238
FHLMC		6.00			3-1-36		5,694,015		6,318,356
FHLMC		6.50			4-1-21		39,956		41,440
FHLMC Series 1590 Class IA ±		1.30			10-15-23		81,278		83,179
FHLMC Series 1897 Class K		7.00			9-15-26		2,427		2,816
FHLMC Series 1935 Class FL ±		0.95			2-15-27		5,771		5,840
FHLMC Series 2423 Class MC		7.00			3-15-32		36,890		43,458
FHLMC Series 2980 Class QA		6.00			5-15-35		357,320		403,037
FHLMC Series 3529 Class AG		6.50			4-15-39		9,773,064		11,049,651
FHLMC Series 3622 Class WA		5.50			9-15-39		9,451,316		10,395,039
FHLMC Series K003 Class AAB		4.77			5-25-18		3,752,000		4,238,762
FHLMC Series K005 Class A2		4.32			11-25-19		5,117,000		5,993,880
FHLMC Series T-48 Class 1A3 ±		6.14			7-25-33		104,741		121,041
FHLMC Series T-57 Class 1A3		7.50			7-25-43		1,141,919		1,323,915
FHLMC Series T-59 Class 1A3		7.50			10-25-43		1,552,184		1,783,034

2 Wells Fargo Advantage Core Bond Portfolio Portfolio of investments—November 30, 2012 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC Series T-60 Class 1A3		7.50	%		3-25-44	$	1,603,972	$	1,937,334
FHLMC Structured Pass-Through Securities Series T-57 Class 1A2		7.00			7-25-43		1,542,183		1,778,662
FNMA ±		2.31			6-1-17		2,130		2,138
FNMA %%		2.50			1-1-27		71,100,000		74,199,512
FNMA %%		2.50			2-1-27		140,900,000		146,800,180
FNMA		3.00			6-1-32		3,371,342		3,551,875
FNMA		3.00			7-1-32		1,981,010		2,087,091
FNMA		3.00			8-1-32		3,214,161		3,386,277
FNMA		3.00			9-1-32		1,084,448		1,142,520
FNMA %%		3.00			1-1-42		29,200,000		30,637,189
FNMA %%		3.00			2-1-42		29,100,000		30,464,064
FNMA		3.00			6-1-42		327,587		345,130
FNMA		3.00			8-1-42		935,950		986,069
FNMA		3.50			4-1-32		885,756		955,232
FNMA		3.50			8-1-32		9,388,011		10,185,992
FNMA		3.50			9-1-32		11,112,601		11,893,956
FNMA		3.50			9-1-32		4,834,074		5,244,970
FNMA		3.50			11-1-32		1,449,468		1,572,673
FNMA		3.50			11-1-32		851,212		923,566
FNMA		3.50			11-1-32		2,326,220		2,523,949
FNMA		3.50			12-1-42		7,683,125		8,203,837
FNMA (a)		3.50			12-25-42		9,011,000		9,785,382
FNMA		4.00			7-1-42		9,833,798		10,957,221
FNMA		4.00			7-1-42		5,985,609		6,669,411
FNMA		4.00			8-1-42		37,752,178		42,065,025
FNMA		4.00			9-1-42		75,452,702		84,072,496
FNMA		4.00			10-1-42		31,430,452		35,021,099
FNMA		4.00			11-1-42		15,643,291		17,430,396
FNMA		5.00			4-1-40		18,132,263		19,743,525
FNMA		5.00			3-1-41		706,804		800,093
FNMA		5.00			5-1-41		4,080,109		4,600,779
FNMA		5.00			6-1-41		1,869,566		2,116,323
FNMA		5.00			6-1-41		3,097,270		3,492,517
FNMA		5.00			6-1-41		2,476,520		2,792,552
FNMA		5.00			7-1-41		5,632,643		6,351,434
FNMA		5.00			7-1-41		6,545,323		7,149,450
FNMA		5.00			7-1-41		26,850,609		30,436,484
FNMA		5.00			8-1-41		2,323,085		2,633,331
FNMA		5.00			8-1-41		5,405,421		6,118,865
FNMA		5.00			8-1-41		2,239,555		2,535,147
FNMA		5.00			8-1-41		2,477,448		2,793,600
FNMA		5.00			8-1-41		2,539,399		2,863,455
FNMA		5.00			9-1-41		2,209,240		2,500,830
FNMA		5.00			9-1-41		5,695,137		6,421,902
FNMA		5.37			4-1-17		2,460,000		2,769,961
FNMA		5.40			5-1-17		3,235,811		3,647,816
FNMA		5.50			9-1-34		1,938,482		2,099,364
FNMA		5.50			4-1-36		1,636,256		1,780,304
FNMA		5.50			1-15-38		4,257,000		4,600,042
FNMA		5.50			7-1-39		1,977,529		2,267,802

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Core Bond Portfolio 3

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA ±		5.97	%		9-1-37	$	470,964	$	514,780
FNMA		6.00			5-1-17		79,326		84,382
FNMA		6.00			11-1-17		19,920		21,190
FNMA		6.00			4-1-22		40,583		44,491
FNMA		6.00			2-1-29		34,697		38,906
FNMA		6.00			3-1-33		195,452		219,566
FNMA		6.00			11-1-33		76,227		85,451
FNMA		6.00			3-1-34		48,865,760		54,659,750
FNMA		6.00			8-1-34		1,714,991		1,922,513
FNMA		6.00			8-1-34		2,841,979		3,178,210
FNMA		6.00			11-1-34		2,468,477		2,754,831
FNMA		6.00			4-1-35		663,870		744,201
FNMA		6.00			4-1-35		824,804		922,446
FNMA		6.00			4-1-35		7,238,618		8,078,330
FNMA		6.00			12-1-35		4,763,884		5,340,335
FNMA		6.00			8-1-36		7,910,708		8,828,386
FNMA		6.00			7-1-37		11,286,699		12,593,564
FNMA		6.00			7-1-37		2,627,114		2,945,007
FNMA		6.00			10-1-38		8,267,659		9,084,644
FNMA		6.06			9-1-16		1,362,079		1,500,821
FNMA ±		6.27			9-1-37		3,528,003		3,870,147
FNMA ±		6.31			7-1-37		1,876,974		2,054,718
FNMA		6.50			6-1-17		87,410		93,613
FNMA		6.50			7-1-17		115,934		126,092
FNMA		6.50			10-1-36		4,304,904		4,872,005
FNMA		7.00			2-25-42		5,463,217		6,083,177
FNMA Series 1998-38 Class Pl		6.00			11-25-28		1,133,396		1,275,299
FNMA Series 1999-54 Class LH		6.50			11-25-29		42,405		48,463
FNMA Series 2002-14 Class A2		7.00			1-25-42		620,973		722,093
FNMA Series 2002-33 Class A2		7.50			6-25-32		1,212,031		1,484,657
FNMA Series 2003-W17 Class 1A7		5.75			8-25-33		2,097,000		2,454,325
FNMA Series 2004-45 Class VB		4.50			10-25-28		91,274		92,999
FNMA Series 2005-31 Class PB		5.50			4-25-35		75,000		92,735
FNMA Series 2005-5 Class PA		5.00			1-25-35		2,963,426		3,223,783
FNMA Series 2006-56 Class CA		6.00			7-25-36		1,185,590		1,317,902
FNMA Series 2009-30 Class AD		6.50			4-25-39		6,505,950		7,088,408
FNMA Series 2009-93 Class PD		4.50			9-25-39		2,603,008		2,836,575
FNMA Series 2009-M01 Class A2		4.29			7-25-19		7,116,000		8,272,051
FNMA Series 2009-M02 Class A3		4.00			1-25-19		6,433,000		7,340,059
FNMA Series 2010-054 Class EA		4.50			6-25-40		8,683,537		9,496,768
FNMA Series 2010-M01 Class A2		4.45			9-25-19		2,860,000		3,281,764
FNMA Series 2010-M03 Class A3 ±		4.33			3-25-20		20,018,000		23,324,333
FNMA Series 2011 Class 53		4.50			6-25-41		6,295,163		6,734,257
FNMA Series 2011-53 Class TN		4.00			6-25-41		32,997,904		34,797,577
GNMA ±		3.00			8-20-41		3,296,679		3,523,399
GNMA ±		3.00			10-20-41		2,270,467		2,430,018
GNMA ±		3.00			1-20-42		418,271		448,082
GNMA ±		3.50			5-20-41		2,320,198		2,481,540
GNMA ±		3.50			10-20-41		2,539,552		2,719,122
GNMA		6.00			1-15-40		16,569,548		18,596,211

4 Wells Fargo Advantage Core Bond Portfolio Portfolio of investments—November 30, 2012 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
GNMA		7.00	%		11-15-29	$	91,074	$	108,782
GNMA		7.75			9-20-20		53,697		55,922
GNMA		7.75			3-20-21		101,858		114,243
GNMA		7.75			7-20-21		35,558		36,024
GNMA		7.75			8-15-21		31,246		31,509
GNMA		8.05			7-15-19		6,786		6,891
GNMA		8.05			7-15-19		45,267		50,752
GNMA		8.05			8-15-19		18,684		18,856
GNMA		8.05			9-15-19		15,275		15,326
GNMA		8.05			10-15-19		6,959		6,981
GNMA		8.05			10-15-19		13,945		13,991
GNMA		8.05			11-15-19		13,007		13,050
GNMA		8.05			11-15-19		3,248		3,258
GNMA		8.05			2-15-20		17,483		17,820
GNMA		8.05			10-15-20		12,883		12,925
GNMA		11.50			5-15-13		371		373
GNMA		11.50			6-15-13		53		53
GNMA Series 2002-95 Class DB		6.00			1-25-33		5,357,000		6,066,288
GNMA Series 2003-79 Class PV		5.50			10-20-23		2,134,913		2,358,097
Total Agency Securities (Cost $1,282,483,964)									1,310,602,423
Asset-Backed Securities: 14.12%
Ally Auto Receivables Trust Series 2010-5 Class A4		1.75			3-15-16		9,783,000		9,976,733
Ally Auto Receivables Trust Series 2011-1 Class A4		2.23			3-15-16		11,847,000		12,169,558
Ally Auto Receivables Trust Series 2011-4 Class A2		0.65			3-17-14		801,576		801,858
Ally Auto Receivables Trust Series 2012-4 Class A2		0.48			5-15-15		11,884,000		11,884,594
Ally Master Owner Trust Series 2012-1 Class A1 ±		1.01			2-15-17		7,644,000		7,712,223
Ally Master Owner Trust Series 2012-3 Class A1 ±		0.91			6-15-17		5,006,000		5,037,943
Ally Master Owner Trust Series 2012-5 Class A		1.54			9-15-19		4,566,000		4,571,854
American Express Credit Account Master Trust Series 2009-2 Class A ±		1.46			3-15-17		4,316,000		4,406,619
American Express Credit Account Master Trust Series 2012-3 Class A ±		0.36			3-15-18		5,318,000		5,326,360
American Express Credit Account Master Trust Series 2012-4 Class A ±		0.45			5-15-20		16,856,000		16,889,543
AmeriCredit Automobile Receivables Trust Series 2012-4 Class A2		0.49			4-8-16		5,042,000		5,044,007
AmeriCredit Automobile Receivables Trust Series 2012-4 Class A3		0.67			6-8-17		4,583,000		4,585,768
BMW Floorplan Master Owner Trust Series 2012-1A Class A ±144A		0.61			9-15-17		5,551,000		5,562,457
Capital One Multi-Asset Execution Trust Series 2006-A5 Class A5 ±		0.27			1-15-16		734,000		733,894
Capital One Multi-Asset Execution Trust Series 2007-A8 Class A8 ±		0.69			10-15-15		13,083,000		13,084,230
Chase Issuance Trust Series 2008-A13 Class A13 ±		1.89			9-15-15		12,439,000		12,589,114
Chase Issuance Trust Series 2011-A2 Class A2 ±		0.30			5-15-15		24,987,000		25,001,967
Chase Issuance Trust Series 2012-A6 Class A ±		0.34			8-15-17		51,409,000		51,451,207
Developers Diversified Realty Corporation Trust Series 2009-DDR1 Class A 144A		3.81			10-14-22		10,760,132		11,297,526
Discover Card Master Trust Series 2007-A2 Class A2 ±		0.73			6-15-15		5,458,000		5,458,775
Ford Credit Floorplan Master Trust Series 2012-4 Class A2 ±		0.56			9-15-16		16,254,000		16,254,000
GE Capital Credit Card Master Note Trust Series 2011-1 Class A ±		0.76			1-15-17		3,469,000		3,487,681
Honda Auto Receivables Owner Trust Series 2010-3 Class A4		0.94			12-21-16		10,367,000		10,415,797
Honda Auto Receivables Owner Trust Series 2012-3 Class A2		0.46			12-15-14		3,058,000		3,060,067
MMCA Automobile Trust Series 2011-A Class A4 144A		2.02			10-17-16		4,745,000		4,834,064
Nelnet Student Loan Trust Series 2002-2 Class A4CP ±		0.51			9-25-24		3,403,017		3,396,370
Nelnet Student Loan Trust Series 2005-1 Class A5 ±		0.43			10-25-33		10,975,000		10,196,719
Nelnet Student Loan Trust Series 2005-2 Class A5 ±		0.47			3-23-37		17,100,000		16,005,053

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Core Bond Portfolio 5

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
Nelnet Student Loan Trust Series 2006-1 Class A4 ±		0.40	%		11-23-22	$	17,969,158	$	17,915,933
Nelnet Student Loan Trust Series 2006-2 Class A4 ±		0.40			10-26-26		17,854,312		17,833,012
Nelnet Student Loan Trust Series 2007-1 Class A1 ±		0.32			11-27-18		704,934		703,916
Nelnet Student Loan Trust Series 2007-1 Class A3 ±		0.38			5-27-25		7,258,000		6,842,726
Nelnet Student Loan Trust Series 2007-2A Class A3L ±144A		0.72			3-25-26		19,677,000		19,141,294
Nelnet Student Loan Trust Series 2012-5 Class A ±144A		0.81			10-27-36		9,407,000		9,344,259
Nissan Master Owner Trust Receivables Series 2012-A Class A ±		0.68			5-15-17		3,512,000		3,520,675
Santander Drive Auto Receivables Series 2012-3 Class A2		0.83			4-15-15		2,735,121		2,741,001
Santander Drive Auto Receivables Series 2012-5 Class A2		0.57			12-15-15		3,067,000		3,069,426
Santander Drive Auto Receivables Series 2012-5 Class A3		0.83			12-15-16		2,293,000		2,305,316
Santander Drive Auto Receivables Series 2012-6 Class A3		0.62			7-15-16		1,953,000		1,953,154
SLM Student Loan Trust Series 2000-A Class A2 ±		0.50			10-28-28		3,656,439		3,646,811
SLM Student Loan Trust Series 2003-12 Class A5 ±144A		0.67			9-15-22		8,693,000		8,694,843
SLM Student Loan Trust Series 2005-5 Class A3 ±		0.42			4-25-25		806,000		796,321
SLM Student Loan Trust Series 2005-6 Class A5 ±		1.52			7-27-26		4,022,000		4,123,596
SLM Student Loan Trust Series 2005-9 Class A4 ±		0.42			1-25-23		2,311,105		2,310,876
SLM Student Loan Trust Series 2006-6 Class A2 ±		0.40			10-25-22		3,882,812		3,877,143
SLM Student Loan Trust Series 2006-8 Class A4 ±		0.40			10-25-21		9,764,320		9,728,319
SLM Student Loan Trust Series 2007-2 Class A2 ±		0.32			7-25-17		2,670,337		2,665,798
SLM Student Loan Trust Series 2007-4 Class A3 ±		0.38			1-25-22		15,685,000		15,694,380
SLM Student Loan Trust Series 2008-6 Class A2 ±		0.87			10-25-17		1,207,125		1,215,795
SLM Student Loan Trust Series 2011-B Class A2 144A		3.74			2-15-29		2,211,000		2,390,126
SLM Student Loan Trust Series 2011-C Class A1 ±144A		1.61			12-15-23		12,187,398		12,307,469
SLM Student Loan Trust Series 2012-2 Class A ±		0.91			1-25-29		12,243,314		12,401,486
SLM Student Loan Trust Series 2012-3 Class A ±		0.86			12-26-25		10,154,115		10,261,708
SLM Student Loan Trust Series 2012-A Class A1 ±144A		1.61			8-15-25		11,777,064		11,907,919
SLM Student Loan Trust Series 2012-B Class A1 ±144A		1.31			12-15-21		11,451,788		11,538,856
SLM Student Loan Trust Series 2012-C Class A1 ±144A		1.31			8-15-23		9,829,787		9,896,040
SLM Student Loan Trust Series 2012-E Class A1 ±144A		0.96			10-16-23		16,551,000		16,551,033
SLM Student Loan Trust Series 2012-E Class A2 ±144A		1.96			6-15-45		9,330,000		9,330,009
SMS Student Loan Trust Series 2000-B Class A2 ±		0.51			4-28-29		4,146,921		4,114,653
Total Asset-Backed Securities (Cost $517,566,890)									520,059,874
Corporate Bonds and Notes: 19.28%
Consumer Discretionary: 1.97%
Auto Components: 0.29%
Turlock Corporation 144A		0.95			11-2-15		5,015,000		5,014,428
Turlock Corporation 144A		2.75			11-2-22		4,095,000		4,121,224
Turlock Corporation 144A		4.00			11-2-32		1,405,000		1,427,455
									10,563,107
Automobiles: 0.47%
Daimler Finance North America LLC 144A		1.30			7-31-15		8,825,000		8,883,986
Daimler Finance North America LLC 144A		1.88			9-15-14		8,450,000		8,572,415
									17,456,401
Diversified Consumer Services: 0.09%
University of Pennsylvania		4.67			9-1-12		2,825,000		3,244,315

6 Wells Fargo Advantage Core Bond Portfolio Portfolio of investments—November 30, 2012 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Hotels, Restaurants & Leisure: 0.20%
Wyndham Worldwide Corporation		2.95	%		3-1-17	$	2,215,000	$	2,233,298
Wyndham Worldwide Corporation		4.25			3-1-22		4,777,000		4,940,799
									7,174,097
Internet & Catalog Retail: 0.08%
Amazon.com Incorporated		2.50			11-29-22		2,875,000		2,858,374
Media: 0.63%
DIRECTV Holdings LLC		3.80			3-15-22		2,770,000		2,825,098
DIRECTV Holdings LLC		5.15			3-15-42		980,000		982,282
NBCUniversal Media LLC		2.88			1-15-23		4,404,000		4,426,738
NBCUniversal Media LLC		4.45			1-15-43		3,148,000		3,151,139
News America Incorporated		6.15			3-1-37		2,293,000		2,799,654
News America Incorporated		6.15			2-15-41		1,647,000		2,068,051
Omnicom Group Incorporated		3.63			5-1-22		4,075,000		4,266,615
Time Warner Cable Incorporated		4.50			9-15-42		2,935,000		2,857,595
									23,377,172
Specialty Retail: 0.21%
Autozone Incorporated		2.88			1-15-23		575,000		565,478
Gap Incorporated		5.95			4-12-21		6,398,000		7,292,690
									7,858,168
Consumer Staples: 1.88%
Beverages: 1.12%
Anheuser Busch InBev Worldwide Incorporated		0.80			7-15-15		12,060,000		12,100,920
Anheuser Busch InBev Worldwide Incorporated		1.38			7-15-17		10,007,000		10,113,214
Coca-Cola Company		1.80			9-1-16		7,179,000		7,432,656
PepsiCo Incorporated		1.25			8-13-17		7,236,000		7,322,629
PepsiCo Incorporated		2.50			5-10-16		4,190,000		4,441,823
									41,411,242
Food & Staples Retailing: 0.07%
Wal-Mart Stores Incorporated		5.63			4-15-41		1,850,000		2,454,759
Food Products: 0.55%
ConAgra Foods Incorporated		1.35			9-10-15		2,770,000		2,771,933
Ingredion Incorporated		1.80			9-25-17		1,015,000		1,013,223
Kraft Foods Incorporated 144A		5.00			6-4-42		2,270,000		2,540,727
Kraft Foods Incorporated		5.38			2-10-20		1,900,000		2,310,427
Kraft Foods Incorporated 144A		6.50			2-9-40		3,160,000		4,172,897
Tyson Foods Incorporated		4.50			6-15-22		6,930,000		7,464,996
									20,274,203
Tobacco: 0.14%
Philip Morris International Incorporated		1.13			8-21-17		5,247,000		5,255,873

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Core Bond Portfolio 7

Security name	Interest rate			Maturity date		Principal		Value
Energy: 1.84%
Energy Equipment & Services: 0.05%
FMG Technologies Incorporated		3.45	%		10-1-22	$	82,000	$	83,977
Kinder Morgan Energy Partners LP		5.00			8 -15-42		1,627,000		1,661,187
									1,745,164
Oil, Gas & Consumable Fuels: 1.79%
Apache Corporation		2.63			1-15-23		7,035,000		7,058,687
Apache Corporation		4.25			1-15-44		2,690,000		2,734,334
Chevron Corporation		1.10			12-5-17		7,030,000		7,072,433
DCP Midstream Operating Company		2.50			12-1-17		6,265,000		6,256,793
DCP Midstream Operating Company		4.95			4-1-22		5,283,000		5,705,925
El Paso Pipeline Partners Operating LLC		4.10			11-15-15		4,040,000		4,350,632
El Paso Pipeline Partners Operating LLC		4.70			11-1-42		1,910,000		1,878,602
Energen Corporation		4.63			9-1-21		4,960,000		5,236,659
Energy Transfer Partners LP		6.50			2-1-42		1,582,000		1,845,971
EOG Resources Incorporated		2.63			3-15-23		1,308,000		1,326,750
Kerr-McGee Corporation		6.95			7-1-24		6,070,000		7,836,048
Marathon Petroleum Corporation		6.50			3-1-41		1,929,000		2,392,857
MidAmerican Energy Holdings Company		6.50			9-15-37		1,295,000		1,749,873
Murphy Oil Corporation		2.50			12-1-17		3,015,000		3,032,201
Murphy Oil Corporation		3.70			12-1-22		4,020,000		4,017,978
Western Gas Partners		4.00			7-1-22		2,149,000		2,251,765
Western Gas Partners		5.38			6-1-21		1,180,000		1,353,401
									66,100,909
Financials: 8.62%
Capital Markets: 0.91%
Goldman Sachs Group Incorporated		5.75			1-24-22		1,795,000		2,129,082
Goldman Sachs Group Incorporated		6.15			4-1-18		4,760,000		5,559,061
Goldman Sachs Group Incorporated		6.25			2-1-41		1,815,000		2,201,571
Goldman Sachs Group Incorporated		6.75			10-1-37		895,000		994,144
Lazard Group LLC		6.85			6-15-17		8,130,000		9,387,036
Lazard Group LLC		7.13			5-15-15		5,232,000		5,801,195
Morgan Stanley		5.50			7-24-20		1,855,000		2,092,889
Morgan Stanley		5.50			7-28-21		4,613,000		5,271,626
									33,436,604
Commercial Banks: 0.68%
BB&T Corporation		1.45			1-12-18		8,010,000		8,045,580
HSBC USA Incorporated		2.38			2-13-15		5,405,000		5,564,999
Inter-American Development Bank Series EMTN		3.88			10-28-41		4,635,000		5,097,276
PNC Bank NA		2.70			11-1-22		1,665,000		1,669,865
PNC Financial Services Group Incorporated		2.85			11-9-22		4,456,000		4,544,313
									24,922,033
Consumer Finance: 0.80%
American Express Credit Corporation		1.75			6-12-15		9,215,000		9,408,755
Ford Motor Credit Company LLC		2.75			5-15-15		8,940,000		9,103,414
Ford Motor Credit Company LLC		5.88			8-2-21		9,733,000		11,145,823
									29,657,992

8 Wells Fargo Advantage Core Bond Portfolio Portfolio of investments—November 30, 2012 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Diversified Financial Services: 3.79%
Bank of America Corporation		1.50	%		10-9-15	$	14,220,000	$	14,269,742
Bank of America Corporation		5.70			1-24-22		930,000		1,130,481
Bank of America Corporation		5.88			1-5-21		1,795,000		2,143,593
Bank of America Corporation		6.00			9-1-17		4,980,000		5,793,359
Citigroup Incorporated		2.65			3-2-15		2,943,000		3,028,883
Citigroup Incorporated		4.45			1-10-17		6,219,000		6,898,749
Citigroup Incorporated		4.50			1-14-22		7,786,000		8,752,834
Citigroup Incorporated		5.88			1-30-42		1,000,000		1,243,971
Citigroup Incorporated		6.13			5-15-18		811,000		970,348
General Electric Capital Corporation		1.63			7-2-15		5,610,000		5,689,718
General Electric Capital Corporation		3.15			9-7-22		9,114,000		9,317,051
General Electric Capital Corporation		5.55			5-4-20		4,485,000		5,339,854
General Electric Capital Corporation		5.88			1-14-38		1,795,000		2,171,928
General Electric Capital Corporation		6.88			1-10-39		1,989,000		2,693,349
JPMorgan Chase & Company		1.10			10-15-15		6,337,000		6,332,710
JPMorgan Chase & Company		2.00			8-15-17		7,298,000		7,433,436
JPMorgan Chase & Company		3.25			9-23-22		1,850,000		1,911,875
JPMorgan Chase & Company		4.50			1-24-22		1,785,000		2,017,928
JPMorgan Chase & Company		4.65			6-1-14		5,593,000		5,906,778
JPMorgan Chase & Company		5.40			1-6-42		1,955,000		2,363,974
Murray Street Investment Trust I		4.65			3-9-17		13,750,000		14,759,305
Private Export Funding Corporation		1.45			8-15-19		9,911,000		10,037,732
Private Export Funding Corporation		2.05			11-15-22		7,368,000		7,404,899
Private Export Funding Corporation		2.45			7-15-24		7,823,000		8,027,634
Safina Limited		1.55			1-15-22		3,842,189		3,852,409
									139,492,540
Insurance: 1.45%
American International Group Incorporated		4.88			6-1-22		3,594,000		4,040,716
American International Group Incorporated		6.40			12-15-20		2,685,000		3,289,866
Berkshire Hathaway Financial Incorporated		4.40			5-15-42		1,470,000		1,533,636
Hartford Financial Services Group		6.63			4-15-42		1,265,000		1,583,254
Liberty Mutual Group Incorporated 144A		6.50			5-1-42		2,427,000		2,682,141
Markel Corporation		4.90			7-1-22		2,485,000		2,699,244
MetLife Global Funding I ±144A		0.73			3-19-14		19,510,000		19,527,949
MetLife Incorporated		4.13			8-13-42		1,459,000		1,451,747
OneBeacon US Holdings Incorporated		4.60			11-9-22		4,975,000		5,043,784
Prudential Financial Incorporated		5.63			5-12-41		1,122,000		1,279,228
Prudential Financial Incorporated ±		5.63			6-15-43		3,755,000		3,764,388
Swiss Re Treasury Company 144A		4.25			12-6-42		2,140,000		2,120,635
Swiss Re Treasury US Corporation 144A		2.88			12-6-22		2,140,000		2,137,978
WR Berkley Corporation		4.63			3-15-22		2,244,000		2,408,189
									53,562,755
REITs: 0.99%
Boston Properties LP		3.85			2-1-23		4,525,000		4,806,184
DDR Corporation «		4.63			7-15-22		4,235,000		4,606,833
Equity One Incorporated		3.75			11-15-22		1,764,000		1,761,587
Federal Realty Investment Trust		3.00			8-1-22		2,125,000		2,113,293
HCP Incorporated		2.63			2-1-20		6,220,000		6,194,703

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Core Bond Portfolio 9

Security name	Interest rate			Maturity date		Principal		Value
REITs (continued)
HCP Incorporated		3.75	%		2-1-19	$	6,340,000	$	6,711,809
HCP Incorporated		5.65			12-15-13		5,040,000		5,279,022
WEA Finance LLC 144A		3.38			10-3-22		3,146,000		3,201,068
WEA Finance LLC 144A		4.63			5-10-21		1,620,000		1,807,620
									36,482,119
Health Care: 2.00%
Biotechnology: 0.49%
Amgen Incorporated		5.15			11-15-41		930,000		1,058,334
Amgen Incorporated		5.38			5-15-43		4,690,000		5,530,856
Celgene Corporation		3.25			8-15-22		7,335,000		7,527,866
Gilead Sciences Incorporated		4.50			4-1-21		3,422,000		3,937,131
									18,054,187
Health Care Equipment & Supplies: 0.11%
Boston Scientific Corporation		6.40			6-15-16		3,610,000		4,175,391
Health Care Providers & Services: 0.73%
Coventry Health Care Incorporated		5.95			3-15-17		5,218,000		6,103,688
Express Scripts Holding Company 144A		2.10			2-12-15		7,855,000		8,011,479
Express Scripts Holding Company 144A		2.65			2-15-17		1,396,000		1,458,227
Unitedhealth Group Incorporated		1.40			10-15-17		2,526,000		2,542,853
Unitedhealth Group Incorporated		2.75			2-15-23		230,000		233,294
Unitedhealth Group Incorporated		3.95			10-15-42		1,108,000		1,097,599
WellPoint Incorporated		1.25			9-10-15		1,455,000		1,467,909
WellPoint Incorporated		1.88			1-15-18		2,100,000		2,137,670
WellPoint Incorporated		3.13			5-15-22		1,850,000		1,881,700
WellPoint Incorporated		4.63			5-15-42		1,675,000		1,744,193
									26,678,612
Life Sciences Tools & Services: 0.09%
Life Technologies Corporation		5.00			1-15-21		2,881,000		3,267,290
Pharmaceuticals: 0.58%
Abbvie Incorporated 144A		1.20			11-6-15		9,440,000		9,482,216
Abbvie Incorporated 144A		1.75			11-6-17		4,705,000		4,769,976
Novartis Capital Corporation		2.40			9-21-22		3,715,000		3,740,392
Watson Pharmaceuticals Incorporated		1.88			10-1-17		3,252,000		3,311,853
									21,304,437
Industrials: 0.24%
Building Products: 0.07%
Owens Corning Incorporated		4.20			12-15-22		2,700,000		2,735,265
Road & Rail: 0.17%
ERAC USA Finance Company 144A		3.30			10-15-22		1,366,000		1,369,852
ERAC USA Finance Company 144A		5.63			3-15-42		4,283,000		4,803,132
									6,172,984

10 Wells Fargo Advantage Core Bond Portfolio Portfolio of investments—November 30, 2012 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Information Technology: 0.24%
Software: 0.24%
Oracle Corporation		1.20	%		10-15-17	$	6,245,000	$	6,257,353
Oracle Corporation		2.50			10-15-22		2,662,000		2,693,185
									8,950,538
Materials: 0.08%
Chemicals: 0.08%
Dow Chemical Company		5.25			11-15-41		2,600,000		2,886,900
Telecommunication Services: 0.61%
Diversified Telecommunication Services: 0.39%
AT&T Incorporated		1.60			2-15-17		5,630,000		5,722,287
AT&T Incorporated		5.55			8-15-41		5,420,000		6,485,897
CenturyLink Incorporated		7.65			3-15-42		1,985,000		2,067,185
									14,275,369
Wireless Telecommunication Services: 0.22%
American Tower Corporation		4.50			1-15-18		5,650,000		6,200,841
American Tower Corporation		5.05			9-1-20		1,649,000		1,854,657
									8,055,498
Utilities: 1.80%
Electric Utilities: 1.23%
Alabama Power Company		3.85			12-1-42		2,510,000		2,499,380
Ameren Corporation		2.70			9-1-22		5,500,000		5,563,008
Ameren Corporation		8.88			5-15-14		4,050,000		4,465,899
American Electric Power Company		1.65			12-15-17		5,420,000		5,433,550
Arizona Public Service Company		4.50			4-1-42		2,486,000		2,652,860
Duke Energy Indiana Incorporated		1.63			8-15-17		2,705,000		2,731,558
Duke Energy Indiana Incorporated		4.20			3-15-42		4,580,000		4,815,073
Niagara Mohawk Power Incorporated 144A		4.12			11-28-42		2,135,000		2,147,836
PPL Capital Funding Incorporated		3.50			12-1-22		3,045,000		3,105,090
Progress Energy Incorporated		3.15			4-1-22		1,916,000		1,957,037
Progress Energy Incorporated		4.10			5-15-42		2,140,000		2,251,575
Southwestern Electric Power Company		3.55			2-15-22		5,955,000		6,306,732
West Mass Electric Company		3.50			9-15-21		1,260,000		1,351,933
									45,281,531
Gas Utilities: 0.22%
Northern Natural Gas Company 144A		4.10			9-15-42		2,645,000		2,712,040
ONEOK Partners LP		2.00			10-1-17		3,310,000		3,346,827
ONEOK Partners LP		6.13			2-1-41		1,580,000		1,914,157
									7,973,024
Multi-Utilities: 0.35%
CMS Energy Corporation		2.75			5-15-14		2,445,000		2,481,465
Dominion Resources Incorporated		8.88			1-15-19		4,320,000		5,896,251

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Core Bond Portfolio 11

Security name	Interest rate			Maturity date		Principal		Value
Multi-Utilities (continued)
Public Service Colorado		3.60	%		9-15-42	$	4,565,000	$	4,479,589
									12,857,305
Total Corporate Bonds and Notes (Cost $686,653,690)									709,996,158
Municipal Obligations: 1.10%
California: 0.27%
California Build America Bonds (GO)		7.60			11-1-40		3,205,000		4,721,253
Los Angeles CA Community College District Build America Bonds (Tax Revenue)		6.75			8-1-49		3,660,000		5,150,864
									9,872,117
Illinois: 0.18%
Illinois Finance Authority (Tax Revenue)		5.37			3-1-17		2,095,000		2,335,066
Illinois Finance Authority (Tax Revenue)		5.67			3-1-18		1,895,000		2,170,571
Illinois Finance Authority (Tax Revenue)		5.88			3-1-19		1,780,000		2,064,035
									6,569,672
Nevada: 0.14%
Clark County NV Airport Authority (Airport Revenue)		6.82			7-1-45		3,590,000		5,217,670
New Jersey: 0.18%
New Jersey State Turnpike Authority (Transportation Revenue)		7.10			1-1-41		4,665,000		6,744,657
New York: 0.14%
Port Authority of New York and New Jersey Consolidated Bonds Series 174 (Port Authority Revenue)		4.46			10-1-62		4,990,000		5,004,321
Ohio: 0.04%
Ohio State University Taxable Series A (Education Revenue)		4.80			6-1-11		1,315,000		1,528,135
Texas: 0.15%
North Texas Tollway Authority (Transportation Revenue)		6.72			1-1-49		4,159,000		5,702,696
Total Municipal Obligations (Cost $33,047,469)									40,639,268
Non-Agency Mortgage Backed Securities: 6.73%
Bank of America Commercial Mortgage Incorporated Series 2002-PB2 Class B		6.31			6-11-35		220,374		220,435
Bank of America Commercial Mortgage Incorporated Series 2004-6 Class A3		4.51			12-10-42		404,221		409,409
Bear Stearns Commercial Mortgage Securities Incorporated Series 2005-PWR7 Class A		4.95			2-11-41		190,577		190,784
CFCRE Commercial Mortgage Trust Series 2011-C2 Class A4		3.83			12-15-47		3,556,000		3,922,208
Citigroup Mortgage Loan Trust Incorporated Series 2005-C3 Class A4		4.86			5-15-43		4,574,000		4,948,226
Citigroup Mortgage Loan Trust Incorporated Series 2007-AHL1 Class A2A ±		0.25			12-25-36		6,517		6,495
Commercial Mortgage Pass-Through Certificate Series 2001-J2 Class B 144A		6.30			7-16-34		5,070,000		5,069,650
Commercial Mortgage Pass-Through Certificate Series 2012-CR1 Class A3		3.39			5-15-45		5,843,000		6,280,687
Commercial Mortgage Pass-Through Certificate Series 2012-CR2 Class ASB		2.75			8-15-45		5,156,000		5,414,233
Commercial Mortgage Pass-Through Certificate Series 2012-Cr3 Class A3		2.82			11-15-45		7,233,000		7,402,802
Commercial Mortgage Pass-Through Certificate Series 2012-Cr3 Class ASB		2.37			11-15-45		3,262,000		3,360,803
Commercial Mortgage Pass-Through Certificate Series 2012-LC4 Class A4		3.29			12-10-44		6,985,000		7,466,700
Credit Suisse First Boston Mortgage Securities Corporation Series 2005-C1 Class A3		4.81			2-15-38		1,306,723		1,341,146

12 Wells Fargo Advantage Core Bond Portfolio Portfolio of investments—November 30, 2012 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage Backed Securities (continued)
Credit Suisse First Boston Mortgage Securities Corporation Series 2005-C2 Class A4		4.83	%		4-15-37	$	5,779,000	$	6,211,194
Credit Suisse Mortgage Capital Certificates Series 2006-C5 Class A3		5.31			12-15-39		18,499,000		21,011,904
Deutsche Bank UBS Securities Mortgage Trust Series 2011-LC2A Class A4 144A		4.54			7-10-44		8,745,000		10,150,776
Discover Master Owners Trust Series 2011 Class A1 ±		0.56			8-15-16		17,801,000		17,858,800
GMAC Commercial Mortgage Securities Incorporated Series 2001-C2 Class B		6.79			4-15-34		357,114		356,400
GMAC Commercial Mortgage Securities Incorporated Series 2006-C1 Class AM ±		5.29			11-10-45		3,506,000		3,767,572
Greenwich Capital Commercial Funding Corporation Series 2005-GG5 Class A5 ±		5.22			4-10-37		15,359,000		16,966,473
Greenwich Capital Commercial Funding Corporation Series 2006-GG7 Class A4 ±		6.06			7-10-38		6,582,851		7,596,564
Greenwich Capital Commercial Funding Corporation Series 2007-GG9 Class A4		5.44			3-10-39		5,648,000		6,513,251
GS Mortgage Securities Trust Corporation Series 2010-C1 Class A2 144A		4.59			8-10-43		2,806,000		3,278,727
GS Mortgage Securities Trust Corporation Series 2012 Class A3		2.77			11-10-22		6,230,000		6,336,248
Impact Funding LLC Series 2010-1 Class A1 144A		5.31			1-25-51		9,150,074		10,404,943
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2001-CIBC2 Class D ±		6.85			4-15-35		1,766,000		1,767,771
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2002-C2 Class B ±		5.21			12-12-34		705,321		706,757
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2004-LN2 Class A2		5.12			7-15-41		7,377,000		7,803,221
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2006-LDP9 Class A2		5.13			5-15-47		1,134,640		1,190,262
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2007-C1 Class A4		5.72			2-15-51		2,095,764		2,480,993
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2007-LD11 Class A4 ±		6.00			6-15-49		4,062,000		4,738,315
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2010-A2 Class A2 144A		4.31			8-5-32		3,928,000		4,371,440
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2010-CNTR Class A1 144A		3.30			8-5-32		1,978,882		2,122,024
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2011-C3 Class A4 144A		4.72			2-15-46		3,137,000		3,664,182
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2012-C8 Class ASB		2.38			10-15-45		4,015,000		4,123,626
Lehman Brothers UBS Commercial Mortgage Trust Series 2004-C7 Class A5		4.63			10-15-29		488,956		498,277
Lehman Brothers UBS Commercial Mortgage Trust Series 2004-C8 Class A6 ±		4.80			12-15-29		788,971		834,743
Lehman Brothers UBS Commercial Mortgage Trust Series 2006-C4 Class A3 ±		5.17			12-12-49		9,617,000		10,927,653
Lehman Brothers UBS Commercial Mortgage Trust Series 2007-C3 Class A3 ±		6.07			7-15-44		1,751,000		1,842,660
Merrill Lynch Mortgage Trust Series 2005-CIP1 Class A3A ±		4.95			7-12-38		2,169,000		2,282,352
Morgan Stanley Bank Trust Series 2012-C5 Class A3		2.83			8-15-45		2,874,000		3,019,249
Morgan Stanley Bank Trust Series 2012-C6 Class A3		2.51			11-15-45		6,517,000		6,688,716
Morgan Stanley Dean Witter Capital I Series 2001-TOP3 Class A4		6.39			7-15-33		94,776		95,042
Morgan Stanley Dean Witter Capital I Series 2003-HQ2 Class B		5.04			3-12-35		1,456,000		1,462,655
Morgan Stanley Dean Witter Capital I Series 2004-TP13 Class A3		4.39			9-13-45		337,750		339,315
Morgan Stanley Dean Witter Capital I Series 2012-C4 Class A4		3.24			3-15-45		8,907,000		9,484,655
Morgan Stanley Mortgage Loan Trust Series 2007-6XS Class 2A1S ±		0.32			2-25-47		208,043		183,604
Motel 6 Trust Series 2012 Class A2 144A		1.95			10-5-25		7,793,000		7,819,714
Sequoia Mortgage Trust Series 2010-H1 Class A1 ±		3.75			2-25-40		375,930		380,277
Sequoia Mortgage Trust Series 2011-1 Class A1 ±		4.13			2-25-41		709,279		722,415
Structured Asset Securities Corporation Series 1982 Class B ±		4.47			3-1-20		106,974		102,458
Structured Asset Securities Corporation Series 1998-2 Class A ±		0.73			2-25-28		83,401		77,229

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Core Bond Portfolio 13

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage Backed Securities (continued)
UBS Barclays Commercial Mortgage Trust Series 2012- C3 Class A3		2.73	%		8-10-49	$	4,330,000	$	4,524,646
UBS Commercial Mortgage Trust Series 2005-C3 Class A		4.79			7-15-40		6,086,000		6,573,446
Wachovia Bank Commercial Mortgage Trust Series 2003-C7 Class A1 144A		4.24			10-15-35		76,100		76,774
Wachovia Bank Commercial Mortgage Trust Series 2003-C8 Class A3		4.45			11-15-35		442,789		447,376
Total Non-Agency Mortgage Backed Securities (Cost $240,765,820)									247,838,277
U.S. Treasury Securities: 21.73%
U.S. Treasury Bond		2.75			8-15-42		23,980,000		23,721,472
U.S. Treasury Bond		2.75			11-15-42		1,902,000		1,879,117
U.S. Treasury Bond		3.00			5-15-42		33,898,000		35,349,241
U.S. Treasury Bond		3.13			11-15-41		1,965,000		2,104,393
U.S. Treasury Bond		3.13			2-15-42		2,797,000		2,992,790
U.S. Treasury Bond		4.38			5-15-41		1,110,000		1,476,821
U.S. Treasury Bond		4.50			5-15-38		21,059,000		28,383,573
U.S. Treasury Note		0.25			1-31-14		49,574,000		49,591,450
U.S. Treasury Note «		0.25			10-31-14		42,151,000		42,151,000
U.S. Treasury Note ##		0.25			1-15-15		54,004,000		53,970,248
U.S. Treasury Note ##		0.25			9-15-15		48,394,000		48,303,261
U.S. Treasury Note ##		0.25			10-15-15		65,318,000		65,185,339
U.S. Treasury Note «		0.38			4-15-15		46,998,000		47,089,787
U.S. Treasury Note ##		0.38			11-15-15		129,905,000		130,097,779
U.S. Treasury Note		0.63			9-30-17		1,212,000		1,213,610
U.S. Treasury Note		0.75			6-30-17		16,089,000		16,231,034
U.S. Treasury Note «		0.75			10-31-17		33,541,000		33,771,594
U.S. Treasury Note		1.25			3-15-14		26,548,000		26,892,301
U.S. Treasury Note		1.25			10-31-19		8,527,000		8,657,565
U.S. Treasury Note		1.63			11-15-22		20,419,000		20,434,947
U.S. Treasury Note		1.75			3-31-14		29,411,000		29,999,220
U.S. Treasury Note «		2.38			2-28-15		37,816,000		39,579,776
U.S. Treasury Note ##		3.00			9-30-16		83,341,000		91,427,661
Total U.S. Treasury Securities (Cost $797,651,278)									800,503,979
Yankee Corporate Bonds and Notes: 7.33%
Consumer Discretionary: 0.27%
Media: 0.09%
Pearson Funding Four plc 144A		3.75			5-8-22		2,310,000		2,453,185
WPP Finance 2010 Company		5.13			9-7-42		892,000		894,779
									3,347,964
Textiles, Apparel & Luxury Goods: 0.18%
LVMH Moet Hennessy Louis 144A		1.63			6-29-17		6,614,000		6,686,774
Consumer Staples: 0.18%
Beverages: 0.18%
Pernod Ricard SA 144A		5.75			4-7-21		5,446,000		6,492,030

14 Wells Fargo Advantage Core Bond Portfolio Portfolio of investments—November 30, 2012 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Energy: 2.04%
Oil, Gas & Consumable Fuels: 2.04%
APT Pipelines Limited 144A		3.88	%		10-11-22	$	4,943,000	$	4,930,376
BP Capital Markets plc		1.38			11-6-17		6,315,000		6,338,081
BP Capital Markets plc		1.85			5-5-17		1,740,000		1,779,286
BP Capital Markets plc		2.50			11-6-22		3,540,000		3,516,544
Canadian Oil Sands Trust Limited 144A		6.00			4-1-42		4,160,000		4,887,276
Husky Energy Incorporated		7.25			12-15-19		1,339,000		1,765,200
Nexen Incorporated		6.40			5-15-37		25,000		31,980
Petrobras International Finance Company		2.88			2-6-15		3,495,000		3,596,855
Petrobras International Finance Company		3.50			2-6-17		9,495,000		10,000,276
Petroleos Mexicanos Company		1.70			12-20-22		6,408,000		6,473,105
Petroleos Mexicanos Company		1.95			12-20-22		7,837,000		8,011,452
Petroleos Mexicanos Company		2.00			12-20-22		2,809,000		2,878,326
Petroleos Mexicanos Company 144A		5.50			6-27-44		1,790,000		1,969,000
Statoil ASA		1.20			1-17-18		6,265,000		6,293,543
Talisman Energy Incorporated		7.75			6-1-19		2,796,000		3,605,090
Total Capital International SA		1.55			6-28-17		2,117,000		2,161,379
Transocean Incorporated		6.38			12-15-21		5,745,000		6,936,846
									75,174,615
Financials: 3.08%
Commercial Banks: 2.52%
Australia and New Zealand Banking Group 144A		1.00			10-6-15		4,080,000		4,107,516
Banco Santander SA 144A		4.13			11-9-22		4,530,000		4,563,975
Experian Finance plc 144A		2.38			6-15-17		2,750,000		2,827,165
ITAU Unibanco Holdings SA 144A		5.13			5-13-23		5,170,000		5,247,550
National Australia Bank 144A		2.00			6-20-17		6,615,000		6,861,574
NIBC Bank NV 144A		2.80			12-2-14		4,705,000		4,892,363
Nordea Bank AB 144A		2.25			3-20-15		7,475,000		7,670,845
Nordea Bank AB 144A		4.88			5-13-21		3,135,000		3,326,063
Rabobank Nederland		3.95			11-9-22		8,780,000		8,890,777
Royal Bank of Scotland Group plc		2.55			9-18-15		16,058,000		16,430,321
Royal Bank of Scotland Group plc		6.13			12-15-22		5,030,000		5,154,377
Sparebank 1 Boligkreditt 144A		1.75			11-15-19		5,945,000		5,903,670
Svenska Handelsbanken AB		2.88			4-4-17		5,211,000		5,521,987
Swedbank AB 144A		2.13			9-29-17		7,392,000		7,499,554
Swedish Export Credit Corporation		1.75			5-30-17		3,665,000		3,773,770
									92,671,507
Real Estate Management & Development: 0.06%
Goodman Funding Proprietary Limited 144A		6.00			3-22-22		1,830,000		2,041,544
Thrifts & Mortgage Finance: 0.50%
Achmea Hypotheekbank NV 144A		3.20			11-3-14		8,653,000		9,061,681
Stadshypotek AB 144A		1.88			10-2-19		9,477,000		9,530,555
									18,592,236
Health Care: 0.10%
Pharmaceuticals: 0.10%
Astrazeneca plc		1.95			9-18-19		3,720,000		3,803,376

Portfolio of investments—November 30, 2012 (unaudited) Wells Fargo Advantage Core Bond Portfolio 15

Security name	Interest rate			Maturity date		Principal		Value
Information Technology: 0.07%
Internet Software & Services: 0.07%
Baidu Incorporated		3.50	%		11-28-22	$	2,470,000	$	2,497,847
Materials: 0.69%
Metals & Mining: 0.69%
Barrick Gold Corporation		3.85			4-1-22		1,947,000		2,078,037
Teck Resources Limited		6.25			7-15-41		2,170,000		2,470,326
Vale SA		5.63			9-11-42		2,780,000		2,995,750
Xstrata Finance Canada Company 144A		1.80			10-23-15		8,227,000		8,262,952
Xstrata Finance Canada Company 144A		2.45			10-25-17		9,568,000		9,652,466
									25,459,531
Telecommunication Services: 0.86%
Diversified Telecommunication Services: 0.35%
Deutsche Telekom International 144A		2.25			3-6-17		3,335,000		3,429,574
Hutchinson Whampoa International Limited 144A		3.50			1-13-17		1,275,000		1,357,370
Hutchinson Whampoa International Limited 144A		4.63			1-13-22		4,340,000		4,855,601
Telefonica Chile SA 144A		3.88			10-12-22		3,265,000		3,219,871
									12,862,416
Wireless Telecommunication Services: 0.51%
America Movil SAB de CV		2.38			9-8-16		2,600,000		2,716,020
America Movil SAB de CV		3.13			7-16-22		9,295,000		9,535,257
Telefonica Moviles Chile SA 144A		2.88			11-9-15		1,913,000		1,946,675
Vodafone Group plc		1.25			9-26-17		4,595,000		4,599,687
									18,797,639
Utilities: 0.04%
Electric Utilities: 0.04%
Comision Federal de Electricidad 144A		5.75			2-14-42		1,315,000		1,495,813
Total Yankee Corporate Bonds and Notes (Cost $262,833,270)									269,923,292
Yankee Government Bonds: 1.14%
Province of Ontario		1.65			9-27-19		10,780,000		10,837,651
Republic of Chile		3.63			10-30-42		2,830,000		2,844,150
Republic of Slovenia 144A		5.50			10-26-22		5,090,000		5,079,311
Slovak Republic 144A		4.38			5-21-22		10,340,000		11,125,737
Tunisia		1.69			7-16-19		6,774,000		6,737,095
United Mexican States		5.75			10-12-49		4,511,000		5,458,310
Total Yankee Government Bonds (Cost $40,721,279)									42,082,254
Other: 0.03%
Gryphon Funding Limited, Pass-Through Entity (a)(i)(v)							3,436,964		1,134,198
Total Other (Cost $325,645)									1,134,198

16 Wells Fargo Advantage Core Bond Portfolio Portfolio of investments—November 30, 2012 (unaudited)

Security name	Yield			Shares		Value
Short-Term Investments: 7.66%
Investment Companies: 7.66%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)#		0.16	%		201,172,161	$	201,172,161
Wells Fargo Securities Lending Cash Investments, LLC (v)(l)(u)(r)		0.21			80,871,705		80,871,705
Total Short-Term Investments (Cost $282,043,866)							282,043,866

Total investments in securities
(Cost $4,144,093,171) *	114.70	%		4,224,823,589
Other assets and liabilities, net	(14.70	)		(541,582,748	)
Total net assets	100.00	%	$	3,683,240,841

%% Security issued on a when-issued basis.

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

± Variable rate investment

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

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

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

(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.

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

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

* Cost for federal income tax purposes is $4,149,567,914 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	77,428,474
Gross unrealized depreciation		(2,172,799	)
Net unrealized appreciation	$	75,255,675

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.

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.

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 28, 2013

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

By:	/s/ Karla M. Rabusch
	Karla M. Rabusch
	President
Date: January 28, 2013
By:	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date: January 28, 2013
By:	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
Date: January 28, 2013

EX-99.CERT

CERTIFICATION

I, Karla M. Rabusch, certify that:

1. I have reviewed this report on Form N-CSRS of Wells Fargo Master Trust on behalf of the following series: Wells Fargo Advantage C&B Large Cap Value Portfolio, Wells Fargo Advantage Diversified Large Cap Growth Portfolio, Wells Fargo Advantage Emerging Growth Portfolio, Wells Fargo Advantage Equity Value Portfolio, Wells Fargo Advantage Index Portfolio, Wells Fargo Advantage International Equity Portfolio, Wells Fargo Advantage International Growth Portfolio, Wells Fargo Advantage International Index Portfolio, Wells Fargo Advantage International Value Portfolio, Wells Fargo Advantage Large Company Value Portfolio, Wells Fargo Advantage Small Cap Value Portfolio, Wells Fargo Advantage Small Company Growth Portfolio, Wells Fargo Advantage Small Company Value Portfolio, Wells Fargo Advantage Core Bond Portfolio, Wells Fargo Advantage Inflation-Protected Bond Portfolio, Wells Fargo Advantage Managed Fixed Income Portfolio, and Wells Fargo Advantage Stable Income Portfolio;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the registrant’s most recent fiscal half-year that has materially affected,

or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: January 28, 2013

/s/ Karla M. Rabusch

Karla M. Rabusch

President

Wells Fargo Master Trust

Exhibit 99.CERT

CERTIFICATION

I, Nancy Wiser, certify that:

1. I have reviewed this report on Form N-CSRS of Wells Fargo Master Trust on behalf of the following series: Wells Fargo Advantage C&B Large Cap Value Portfolio, Wells Fargo Advantage Diversified Large Cap Growth Portfolio, Wells Fargo Advantage Emerging Growth Portfolio, Wells Fargo Advantage Equity Value Portfolio, Wells Fargo Advantage Index Portfolio, Wells Fargo Advantage Large Company Value Portfolio, Wells Fargo Advantage Small Cap Value Portfolio, Wells Fargo Advantage Small Company Growth Portfolio, Wells Fargo Advantage Small Company Value Portfolio, Wells Fargo Advantage Core Bond Portfolio, Wells Fargo Advantage Inflation-Protected Bond Portfolio, Wells Fargo Advantage Managed Fixed Income Portfolio, and Wells Fargo Advantage Stable Income Portfolio;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the registrant’s most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: January 28, 2013

/s/ Nancy Wiser

Nancy Wiser

Treasurer

Wells Fargo Master Trust

Exhibit 99.CERT

CERTIFICATION

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSRS of Wells Fargo Master Trust on behalf of the following series: Wells Fargo Advantage International Equity Portfolio, Wells Fargo Advantage International Growth Portfolio, Wells Fargo Advantage International Index Portfolio, and Wells Fargo Advantage International Value Portfolio;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the registrant’s most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: January 28, 2013

/s/ Jeremy DePalma

Jeremy DePalma

Treasurer

Wells Fargo Master Trust

Exhibit 99.CERT

EX-99.906CERT

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Master Trust (the “Trust”), hereby certifies, to the best of her knowledge, that the Trust’s report on Form N-CSRS for the period ended November 30, 2012 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Date: January 28, 2013

By:	/s/ Karla M. Rabusch
	Karla M. Rabusch
	President
	Wells Fargo Master Trust

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSRS with the Securities and Exchange Commission.

Exhibit 99.906CERT

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Master Trust (the “Trust”), hereby certifies, to the best of her knowledge, that the Trust’s report on Form N-CSRS for the period ended November 30, 2012 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Date: January 28, 2013

By:	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
	Wells Fargo Master Trust

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSRS with the Securities and Exchange Commission.

Exhibit 99.906CERT

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Master Trust (the “Trust”), hereby certifies, to the best of his knowledge, that the Trust’s report on Form N-CSRS for the period ended November 30, 2012 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Date: January 28, 2013

By:	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
	Wells Fargo Master Trust

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSRS with the Securities and Exchange Commission.

Exhibit 99.906CERT