Wells Fargo Master Trust NCSRS Certified semi-annual shareholder report (management investment company)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09689

Wells Fargo Master Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

C. David Messman

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

Registrant’s telephone number, including area code: 800-222-8222

Date of fiscal year end: Registrant is making a filing for 13 of its 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 Index Portfolio, Wells Fargo Advantage International Growth Portfolio, Wells Fargo Advantage International Value Portfolio, Wells Fargo Advantage Large Company 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. Each series had a May 31 fiscal year end.

Date of reporting period: November 30, 2013

ITEM 1.

REPORT TO STOCKHOLDERS

Wells Fargo Advantage Allocation Funds

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Semi-Annual Report

November 30, 2013

Wells Fargo Advantage Growth Balanced Fund

Wells Fargo Advantage Moderate Balanced Fund

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Contents



Letter to shareholders			2

Performance highlights			4

Fund expenses			8

Portfolios of investments
Wells Fargo Advantage Growth Balanced Fund			9
Wells Fargo Advantage Moderate Balanced Fund			10

Financial statements
Statements of assets and liabilities			11
Statements of operations			12
Statements of changes in net assets			13
Financial highlights			16

Notes to financial statements			20

Master portfolios

Portfolios of investments
Wells Fargo Advantage C&B Large Cap Value Portfolio			27
Wells Fargo Advantage Diversified Large Cap Growth Portfolio			30
Wells Fargo Advantage Emerging Growth Portfolio			36
Wells Fargo Advantage Index Portfolio (Summary portfolio of investments)			40
Wells Fargo Advantage International Growth Portfolio			47
Wells Fargo Advantage International Value Portfolio			51
Wells Fargo Advantage Large Company Value Portfolio			58


Wells Fargo Advantage Small Company Growth Portfolio			62
Wells Fargo Advantage Small Company Value Portfolio			68
Wells Fargo Advantage Core Bond Portfolio (Summary portfolio of investments)			73
Wells Fargo Advantage Inflation-Protected Bond Portfolio			80
Wells Fargo Advantage Managed Fixed Income Portfolio			81
Wells Fargo Advantage Stable Income Portfolio			90

Financial statements
Statements of assets and liabilities			96
Statements of operations			100
Statements of changes in net assets			104
Financial highlights			117

Notes to financial statements			120

Other information			132

List of abbreviations			135

The views expressed and any forward-looking statements are as of November 30, 2013, 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 and the Funds disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


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

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Karla M. Rabusch

President

Wells Fargo Advantage Funds

Equity returns were bolstered by positive economic growth and accommodative monetary policies in many countries. Many fixed-income returns were modestly positive because interest rates stabilized and credit conditions were favorable, enabling lower-quality bonds to do well.

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, 2013. Equity returns were bolstered by positive economic growth and accommodative monetary policies in many countries. Many fixed-income returns were modestly positive because interest rates stabilized and credit conditions were favorable, enabling lower-quality bonds to do well.

Economic growth was no longer a negative for investors.

Fears of a stalling U.S. economy, a eurozone recession, and a hard landing in China were largely erased. The U.S. economy grew modestly during the past six months. Broadly speaking, the U.S. saw gains in business investment and housing alongside some drag from government spending. Employment trended in the right direction, with the unemployment rate declining, though still higher than satisfactory levels. Meanwhile, monetary policy remained accommodative throughout the period. At the end of November 2013, the federal funds rate remained near zero and the quantitative easing program continued at the rate of $85 billion per month.

In other parts of the world, the eurozone ended its recession and began registering positive growth. While Germany was the healthiest of the eurozone economies, many of the troubled southern countries—such as Spain and Portugal—began growing again or showed significantly improved growth trends. Another sign of healing was that yields on government debt in Europe’s peripheral countries declined. Japan, meanwhile, continued its recovery. Emerging markets growth was mixed, but China’s growth appeared to stabilize. Meanwhile, the European Central Bank kept its monetary policy accommodative, lowering its short-term interest rates from 0.50% to 0.25% in November 2013.

Investor optimism resulted in positive equity returns.

Investor confidence grew during the period as economic concerns lessened. Stock markets also benefited from easy monetary policies and resolutions of political problems, such as the end of the U.S. government shutdown. As a result, the S&P 500 Index¹ returned 11.91% for the six-month period that ended November 30, 2013. The index also managed to end higher than 1,800, a level typically considered a threshold for investor optimism. Meanwhile, the MSCI ACWI ex USA (Net)², a measure of non-U.S. developed country equities, returned 9.37% during the six-month period that ended November 30, 2013.

Bond markets struggled to return to positive territory.

During the six months ended November 30, 2013, most categories of non-U.S. Treasury bonds managed to earn positive returns. However, it was a volatile path to positive results, and U.S. Treasury bonds did not manage to claw back into positive territory. June 2013 was a difficult month for bonds because yields increased in response to Federal Reserve Chairman Bernanke’s comments about the scaling back of its bond-buying program. Interest rates then stabilized, and

1.	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.

The Morgan Stanley Capital International All Country World Index ex USA (Net) (MSCI ACWI ex USA (Net)) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed or produced by MSCI.


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

investment-grade and high-yield bond markets began generating positive returns. U.S. Treasury bonds bore the brunt of the interest-rate increase, while bonds in lower-tier credit categories benefited from a yield cushion and investor appetite for equity-correlated returns.

Don’t let short-term uncertainty derail long-term investment goals.

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Advantage Funds offers more than 100 mutual funds and other investments spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

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,

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future.


4		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

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA, FRM

Thomas C. Biwer, CFA

Christian L. Chan, CFA

Andrew Owen, CFA

Erik J. Sens, CFA

Average annual total returns (%) as of November 30, 2013


		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)	10-14-1998		16.69		13.78		5.49		23.81			15.14		6.12		1.39		1.20
Class B (NVGRX)*	10-1-1998		17.89		14.04		5.56		22.89			14.28		5.56		2.14		1.95
Class C (WFGWX)	10-1-1998		21.93		14.29		5.32		22.93			14.29		5.32		2.14		1.95
Administrator Class (NVGBX)	11-11-1994		–		–		–		24.17			15.43		6.39		1.23		0.95
Growth Balanced Composite Index⁴	–		–		–		–		18.59			13.62		7.16		–		–
Barclays U.S. Aggregate Bond Index⁵	–		–		–		–		(1.61	)		5.33		4.71		–		–
MSCI EAFE Index (Net) (USD)⁶	–		–		–		–		24.84			13.42		7.56		–		–
Russell 1000^® Growth Index⁷	–		–		–		–		29.74			20.14		7.89		–		–
Russell 1000^® Value Index⁸	–		–		–		–		31.92			16.40		7.96		–		–
Russell 2000^® Index⁹	–		–		–		–		40.99			20.97		9.08		–		–
S&P 500 Index¹⁰	–		–		–		–		30.30			17.60		7.69		–		–

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 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, which 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 5.


Performance highlights (unaudited)		Wells Fargo Advantage Allocation Funds			5

Wells Fargo Advantage Growth Balanced Fund (continued)


Ten largest long-term holdings¹¹ (%) as of November 30, 2013
Apple Incorporated			1.14
Google Incorporated			1.06
Exxon Mobil Corporation			0.81
Johnson & Johnson			0.64
Amazon.com, Incorporated			0.63
FNMA, 6.25%, 5-25-2042			0.59
Bank of America Corporation			0.57
FNMA, 3.50%, 9-1-2032			0.56
JPMorgan Chase & Company			0.56
FNMA, 5.25%, 5-25-2020			0.55


Neutral target allocation¹² as of November 30, 2013


Current target allocation¹² as of November 30, 2013

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 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.

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

The Adviser has committed through September 30, 2014, 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 portfolios are included in the cap. Without this cap, the Fund’s returns would have been lower.

Source: Wells Fargo Funds Management, LLC. The Growth Balanced Composite Index is weighted 35% in the Barclays U.S. Aggregate Bond Index, 16.25% in the Russell 1000^® Value Index, 16.25% in the S&P 500 Index, 16.25% in the Russell 1000^® Growth Index, 9.75% in the MSCI EAFE Index (Net) (USD), and 6.50% in the Russell 2000^® Index. You cannot invest directly in an index.

5.	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.

The Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index (Net) (USD) is an unmanaged group of securities widely regarded by investors to be representations of the stock markets of Europe, Australasia, and the Far East. Calculations for EAFE use net dividends, which reflect the deduction of withholding taxes. You cannot invest directly in an index.

7.	The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

8.	The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index.

9.	The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

10.	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.

11.	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.

12.

Target allocations are subject to change. Cash and cash equivalents are not reflected in the calculations of target 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.


6		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

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA, FRM

Thomas C. Biwer, CFA

Christian L. Chan, CFA

Andrew Owen, CFA

Erik J. Sens, CFA

Average annual total returns² (%) as of November 30, 2013


		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)	1-30-2004		7.74		10.27		4.66		14.32			11.58		5.28		1.36		1.15
Class B (WMOBX)*	1-30-2004		8.49		10.48		4.72		13.49			10.74		4.72		2.11		1.90
Class C (WFBCX)	1-30-2004		12.47		10.74		4.49		13.47			10.74		4.49		2.11		1.90
Administrator Class (NVMBX)	11-11-1994		–		–		–		14.64			11.86		5.54		1.20		0.90
Moderate Balanced Composite Index⁵	–		–		–		–		10.76			9.76		5.95		–		–
Barclays Short Treasury: 9-12 Months Index⁶	–		–		–		–		0.27			0.58		2.09		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–		–		–		(1.61	)		5.33		4.71		–		–
MSCI EAFE Index (Net) (USD)⁸	–		–		–		–		24.84			13.42		7.56		–		–
Russell 1000^® Growth Index⁹	–		–		–		–		29.74			20.14		7.89		–		–
Russell 1000^® Value Index¹⁰	–		–		–		–		31.92			16.40		7.96		–		–
Russell 2000^® Index¹¹	–		–		–		–		40.99			20.97		9.08		–		–
S&P 500 Index¹²	–		–		–		–		30.30			17.60		7.69		–		–

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 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, which 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.

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 7.


Performance highlights (unaudited)		Wells Fargo Advantage Allocation Funds			7

Wells Fargo Advantage Moderate Balanced Fund (continued)


Ten largest long-term holdings¹³ (%) as of November 30, 2013
FHLMC, 7.50%, 9-25-2043			1.00
FNMA, 6.25%, 5-25-2042			0.77
FNMA, 3.50%, 9-1-2032			0.73
FNMA, 5.25%, 5-25-2020			0.72
U.S. Treasury Bill, 0.06%, 2-27-2014			0.70
Apple Incorporated			0.70
Google Incorporated			0.65
U.S. Treasury Bond, 4.25%, 11-15-2040			0.61
U.S. Treasury Bond, 1.75%, 5-15-2023			0.60
FHLMC, 7.00%, 3-25-2043			0.51


Neutral target allocation¹⁴ as of November 30, 2013


Current target allocation¹⁴ as of November 30, 2013

2.	Historical performance shown for Class A, Class B, and Class C shares prior to their inception reflects the performance of 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.

Source: Wells Fargo Funds Management, LLC. The Moderate Balanced Composite Index is weighted 45% in the Barclays U.S. Aggregate Bond Index, 15% in the Barclays Short Treasury: 9-12 Months Index, 10% in the S&P 500 Index, 10% in the Russell 1000^® Growth Index, 10% in the Russell 1000^® Value Index, 6% in the MSCI EAFE Index (Net) (USD), and 4% in the Russell 2000^® Index. You cannot invest directly in an index.

6.	The Barclays Short Treasury: 9–12 Months Index is an unmanaged index that includes aged U.S. Treasury bills, notes, and bonds with a remaining maturity from 9 up to (but not including) 12 months. It excludes zero-coupon STRIPS. 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.

9.	The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

10.	The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index.

11.	The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

12.	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.

13.	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.

14.


8		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, 2013 to November 30, 2013.

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 Growth Balanced Fund	Beginning account value 6-1-2013		Ending account value 11-30-2013		Expenses paid during the period¹		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,101.35	$	6.32		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Class B
Actual	$	1,000.00	$	1,097.19	$	10.25		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.29	$	9.85		1.95	%
Class C
Actual	$	1,000.00	$	1,097.01	$	10.25		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.29	$	9.85		1.95	%
Administrator Class
Actual	$	1,000.00	$	1,102.71	$	5.01		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	$	1,060.79	$	5.94		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.30	$	5.82		1.15	%
Class B
Actual	$	1,000.00	$	1,057.41	$	9.80		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.54	$	9.60		1.90	%
Class C
Actual	$	1,000.00	$	1,056.77	$	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	$	1,062.27	$	4.65		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, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			9

GROWTH BALANCED FUND


Security name								Value


Investment Companies: 99.67%

Affiliated Master Portfolios: 99.67%
Wells Fargo Advantage C&B Large Cap Value Portfolio								$	13,900,692
Wells Fargo Advantage Core Bond Portfolio									17,596,443
Wells Fargo Advantage Diversified Large Cap Growth Portfolio									41,891,458
Wells Fargo Advantage Emerging Growth Portfolio									4,158,662
Wells Fargo Advantage Index Portfolio									41,769,959
Wells Fargo Advantage Inflation-Protected Bond Portfolio									8,794,762
Wells Fargo Advantage International Growth Portfolio									12,572,536
Wells Fargo Advantage International Value Portfolio									12,368,803
Wells Fargo Advantage Large Company Value Portfolio									27,789,118
Wells Fargo Advantage Managed Fixed Income Portfolio									61,630,495
Wells Fargo Advantage Small Company Growth Portfolio									4,174,189
Wells Fargo Advantage Small Company Value Portfolio									8,410,403

Total Investment Companies (Cost $222,142,051)									255,057,520


	Yield			Maturity date		Principal

Short-Term Investments: 0.38%

U.S. Treasury Securities: 0.38%
U.S. Treasury Bill (z)#		0.01	%		12-26-2013	$	963,000		962,964


Total Short-Term Investments (Cost $962,964)									962,964


Total investments in securities (Cost $223,105,015) *	100.05	%		256,020,484
Other assets and liabilities, net	(0.05	)		(122,189	)

Total net assets	100.00	%	$	255,898,295

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

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

*	Cost for federal income tax purposes is $224,608,421 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	31,412,063
Gross unrealized depreciation		0

Net unrealized appreciation	$	31,412,063

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


10		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2013 (unaudited)

MODERATE BALANCED FUND


Security name								Value


Investment Companies: 99.65%

Affiliated Master Portfolios: 99.65%
Wells Fargo Advantage C&B Large Cap Value Portfolio								$	5,804,095
Wells Fargo Advantage Core Bond Portfolio									15,455,358
Wells Fargo Advantage Diversified Large Cap Growth Portfolio									17,444,608
Wells Fargo Advantage Emerging Growth Portfolio									1,742,727
Wells Fargo Advantage Index Portfolio									17,427,694
Wells Fargo Advantage Inflation-Protected Bond Portfolio									7,716,655
Wells Fargo Advantage International Growth Portfolio									5,226,088
Wells Fargo Advantage International Value Portfolio									5,140,251
Wells Fargo Advantage Large Company Value Portfolio									11,603,099
Wells Fargo Advantage Managed Fixed Income Portfolio									54,116,672
Wells Fargo Advantage Small Company Growth Portfolio									1,748,318
Wells Fargo Advantage Small Company Value Portfolio									3,494,367
Wells Fargo Advantage Stable Income Portfolio									25,737,326

Total Investment Companies (Cost $159,474,218)									172,657,258


	Yield			Maturity date		Principal

Short-Term Investments: 0.38%

U.S. Treasury Securities: 0.38%
U.S. Treasury Bill #(z)		0.01	%		12-26-2013	$	660,000		659,975


Total Short-Term Investments (Cost $659,975)									659,975


Total investments in securities (Cost $160,134,193) *	100.03	%		173,317,233
Other assets and liabilities, net	(0.03	)		(48,987	)

Total net assets	100.00	%	$	173,268,246

#	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 $159,535,615 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	13,781,618
Gross unrealized depreciation		0

Net unrealized appreciation	$	13,781,618

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


Statements of assets and liabilities—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			11


	Growth Balanced Fund			Moderate Balanced Fund

Assets
Investments
In affiliated Master Portfolios, at value (see cost below)	$	255,057,520		$	172,657,258
In unaffiliated securities, at value (see cost below)		962,964			659,975

Total investments, at value (see cost below)		256,020,484			173,317,233
Receivable for Fund shares sold		108,935			214,445
Receivable from adviser		0			4,621
Prepaid expenses and other assets		37,284			23,645

Total assets		256,166,703			173,559,944


Liabilities
Payable for Fund shares redeemed		141,478			208,440
Payable for daily variation margin on open futures contracts		1,450			1,000
Advisory fee payable		493			0
Distribution fees payable		7,623			2,631
Due to other related parties		42,053			24,699
Shareholder servicing fees payable		53,942			36,619
Accrued expenses and other liabilities		21,369			18,309

Total liabilities		268,408			291,698

Total net assets	$	255,898,295		$	173,268,246


NET ASSETS CONSIST OF
Paid-in capital	$	387,028,001		$	159,703,530
Undistributed net investment income		2,422,121			2,205,940
Accumulated net realized losses on investments		(167,328,387	)		(2,418,480	)
Net unrealized gains on investments		33,776,560			13,777,256

Total net assets	$	255,898,295		$	173,268,246


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE¹
Net assets – Class A	$	60,084,350		$	16,283,344
Shares outstanding – Class A		1,635,707			723,416
Net asset value per share – Class A		$36.73			$22.51
Maximum offering price per share – Class A²		$38.97			$23.88
Net assets – Class B	$	852,932		$	514,683
Shares outstanding – Class B		26,052			22,910
Net asset value per share – Class B		$32.74			$22.47
Net assets – Class C	$	11,318,783		$	3,694,531
Shares outstanding – Class C		351,172			166,763
Net asset value per share – Class C		$32.23			$22.15
Net assets – Administrator Class	$	183,642,230		$	152,775,688
Shares outstanding – Administrator Class		5,572,223			6,734,204
Net asset value per share – Administrator Class		$32.96			$22.69

Investments in affiliated Master Portfolios, at cost	$	222,142,051		$	159,474,218

Investments in unaffiliated securities, at cost	$	962,964		$	659,975

Total investments, at cost	$	223,105,015		$	160,134,193

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.


12		Wells Fargo Advantage Allocation Funds		Statements of operations—six months ended November 30, 2013 (unaudited)


	Growth Balanced Fund			Moderate Balanced Fund

Investment income
Interest allocated from affiliated Master Portfolios**	$	1,373,409		$	1,427,243
Dividends allocated from affiliated Master Portfolios*		1,257,018			534,801
Securities lending income allocated from affiliated Master Portfolios		22,018			10,000
Interest		332			165
Expenses allocated from affiliated Master Portfolios		(681,139	)		(453,835	)
Waivers allocated from affiliated Master Portfolios		52,298			67,916

Total investment income		2,023,936			1,586,290


Expenses
Advisory fee		307,598			207,162
Administration fees
Fund level		61,520			41,432
Class A		74,361			16,425
Class B		1,157			731
Class C		13,204			4,084
Administrator Class		88,915			74,696
Shareholder servicing fees
Class A		71,501			15,793
Class B		1,113			703
Class C		12,696			3,927
Administrator Class		221,985			186,255
Distribution fees
Class B		3,339			2,108
Class C		38,088			11,781
Custody and accounting fees		5,604			3,561
Professional fees		16,283			14,864
Registration fees		23,808			20,458
Shareholder report expenses		25,119			20,079
Trustees’ fees and expenses		5,036			5,094
Other fees and expenses		6,204			5,026

Total expenses		977,531			634,179
Less: Fee waivers and/or expense reimbursements		(310,764	)		(240,002	)

Net expenses		666,767			394,177

Net investment income		1,357,169			1,192,113


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains (losses) on:
Securities transactions allocated from affiliated Master Portfolios		4,297,867			1,328,081
Futures transactions		4,976,320			2,230,080

Net realized gains on investments		9,274,187			3,558,161


Net change in unrealized gains (losses) on:
Securities transactions allocated from affiliated Master Portfolios		14,674,059			5,702,515
Futures transactions		(1,231,336	)		(322,556	)

Net change in unrealized gains (losses) on investments		13,442,723			5,379,959

Net realized and unrealized gains (losses) on investments		22,716,910			8,938,120

Net increase in net assets resulting from operations	$	24,074,079		$	10,130,233


** Net of foreign interest withholding taxes allocated from affiliated Master Portfolios in the amount of		$138			$120
* Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of		$20,350			$10,648

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


Statements of changes in net assets		Wells Fargo Advantage Allocation Funds			13


	Growth Balanced Fund
	Six months ended November 30, 2013 (unaudited)						Year ended May 31, 2013

Operations
Net investment income				$	1,357,169					$	3,291,127
Net realized gains on investments					9,274,187						22,185,874
Net change in unrealized gains (losses) on investments					13,442,723						21,087,053

Net increase in net assets resulting from operations					24,074,079						46,564,054


Distributions to shareholders from
Net investment income
Class A					0						(790,330	)
Class B					0						(6,107	)
Class C					0						(78,360	)
Administrator Class					0						(3,056,559	)

Total distributions to shareholders					0						(3,931,356	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		89,843			3,123,792			252,844			7,707,814
Class B		1,371			42,627			1,720			47,281
Class C		45,651			1,392,594			55,670			1,517,079
Administrator Class		303,986			9,484,928			682,034			18,741,686

					14,043,941						28,013,860

Reinvestment of distributions
Class A		0			0			26,105			783,165
Class B		0			0			227			6,107
Class C		0			0			2,921			77,436
Administrator Class		0			0			112,461			3,019,584

					0						3,886,292

Payment for shares redeemed
Class A		(126,400	)		(4,404,342	)		(385,427	)		(11,789,241	)
Class B		(7,819	)		(240,492	)		(38,181	)		(1,038,792	)
Class C		(11,944	)		(362,269	)		(53,297	)		(1,442,155	)
Administrator Class		(591,564	)		(18,426,906	)		(3,759,086	)		(97,832,397	)

					(23,434,009	)					(112,102,585	)

Net decrease in net assets resulting from capital share transactions					(9,390,068	)					(80,202,433	)

Total increase (decrease) in net assets					14,684,011						(37,569,735	)


Net assets
Beginning of period					241,214,284						278,784,019

End of period				$	255,898,295					$	241,214,284

Undistributed net investment income				$	2,422,121					$	1,064,952

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


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


	Moderate Balanced Fund
	Six months ended November 30, 2013 (unaudited)						Year ended May 31, 2013

Operations
Net investment income				$	1,192,113					$	2,729,351
Net realized gains on investments					3,558,161						12,235,693
Net change in unrealized gains (losses) on investments					5,379,959						7,981,882

Net increase in net assets resulting from operations					10,130,233						22,946,926


Distributions to shareholders from
Net investment income
Class A					0						(174,454	)
Class B					0						(6,037	)
Class C					0						(26,366	)
Administrator Class					0						(2,930,711	)

Total distributions to shareholders					0						(3,137,568	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		315,387			6,863,509			106,892			2,150,751
Class B		3,260			69,860			6,379			129,702
Class C		47,925			1,022,921			32,118			642,068
Administrator Class		387,599			8,451,544			644,259			13,114,398

					16,407,834						16,036,919

Reinvestment of distributions
Class A		0			0			8,688			172,200
Class B		0			0			271			5,404
Class C		0			0			1,191			23,401
Administrator Class		0			0			144,213			2,874,170

					0						3,075,175

Payment for shares redeemed
Class A		(79,560	)		(1,721,774	)		(155,234	)		(3,093,238	)
Class B		(9,182	)		(198,191	)		(20,626	)		(416,879	)
Class C		(4,064	)		(87,458	)		(34,884	)		(701,338	)
Administrator Class		(524,174	)		(11,523,622	)		(3,018,081	)		(60,096,397	)

					(13,531,045	)					(64,307,852	)

Net increase (decrease) in net assets resulting from capital share transactions					2,876,789						(45,195,758	)

Total increase (decrease) in net assets					13,007,022						(25,386,400	)


Net assets
Beginning of period					160,261,224						185,647,624

End of period				$	173,268,246					$	160,261,224

Undistributed net investment income				$	2,205,940					$	1,013,827

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

This page is intentionally left blank.


16		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

Growth Balanced Fund
Class A
June 1, 2013 to November 30, 2013 (unaudited)	$	33.35		0.15			3.23			0.00
June 1, 2012 to May 31, 2013	$	27.77		0.32			5.70			(0.44	)
June 1, 2011 to May 31, 2012	$	29.34		0.39	⁴		(1.73	)		(0.23	)
October 1, 2010 to May 31, 2011⁵	$	25.89		0.23			4.11			(0.89	)
October 1, 2009 to September 30, 2010	$	24.12		0.40	⁴		1.75			(0.38	)
October 1, 2008 to September 30, 2009	$	25.63		0.41	⁴		(1.32	)		(0.52	)
October 1, 2007 to September 30, 2008	$	36.21		0.63			(7.32	)		(0.63	)
Class B
June 1, 2013 to November 30, 2013 (unaudited)	$	29.84		0.03	⁴		2.87			0.00
June 1, 2012 to May 31, 2013	$	24.80		0.12	⁴		5.05			(0.13	)
June 1, 2011 to May 31, 2012	$	26.17		0.15	⁴		(1.52	)		0.00
October 1, 2010 to May 31, 2011⁵	$	23.07		0.12	⁴		3.62			(0.64	)
October 1, 2009 to September 30, 2010	$	21.46		0.22	⁴		1.53			(0.14	)
October 1, 2008 to September 30, 2009	$	22.70		0.22	⁴		(1.13	)		(0.25	)
October 1, 2007 to September 30, 2008	$	32.51		0.36			(6.52	)		(0.39	)
Class C
June 1, 2013 to November 30, 2013 (unaudited)	$	29.38		0.03	⁴		2.82			0.00
June 1, 2012 to May 31, 2013	$	24.52		0.13	⁴		4.98			(0.25	)
June 1, 2011 to May 31, 2012	$	25.94		0.16	⁴		(1.53	)		(0.05	)
October 1, 2010 to May 31, 2011⁵	$	22.93		0.12	⁴		3.60			(0.71	)
October 1, 2009 to September 30, 2010	$	21.42		0.19	⁴		1.56			(0.24	)
October 1, 2008 to September 30, 2009	$	22.77		0.23	⁴		(1.17	)		(0.33	)
October 1, 2007 to September 30, 2008	$	32.60		0.36	⁴		(6.54	)		(0.39	)
Administrator Class
June 1, 2013 to November 30, 2013 (unaudited)	$	29.89		0.22	⁴		2.85			0.00
June 1, 2012 to May 31, 2013	$	24.93		0.65	⁴		4.82			(0.51	)
June 1, 2011 to May 31, 2012	$	26.39		0.41	⁴		(1.57	)		(0.30	)
October 1, 2010 to May 31, 2011⁵	$	23.39		0.31	⁴		3.64			(0.95	)
October 1, 2009 to September 30, 2010	$	21.81		0.46	⁴		1.55			(0.43	)
October 1, 2008 to September 30, 2009	$	23.29		0.41	⁴		(1.21	)		(0.60	)
October 1, 2007 to September 30, 2008	$	33.29		0.64	⁴		(6.67	)		(0.71	)

Moderate Balanced Fund
Class A
June 1, 2013 to November 30, 2013 (unaudited)	$	21.21		0.13	⁴		1.17			0.00
June 1, 2012 to May 31, 2013	$	18.84		0.21			2.50			(0.34	)
June 1, 2011 to May 31, 2012	$	19.64		0.32			(0.54	)		(0.58	)
October 1, 2010 to May 31, 2011⁵	$	17.97		0.28			1.80			(0.41	)
October 1, 2009 to September 30, 2010	$	17.12		0.38	⁴		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	)
Class B
June 1, 2013 to November 30, 2013 (unaudited)	$	21.25		0.05	⁴		1.17			0.00
June 1, 2012 to May 31, 2013	$	18.86		0.13	⁴		2.43			(0.17	)
June 1, 2011 to May 31, 2012	$	19.58		0.18	⁴		(0.53	)		(0.37	)
October 1, 2010 to May 31, 2011⁵	$	17.85		0.14	⁴		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	⁴		(0.34	)		(0.42	)
October 1, 2007 to September 30, 2008	$	22.53		0.42			(3.34	)		(0.43	)

Please see footnotes on page 18.

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


Financial highlights		Wells Fargo Advantage Allocation Funds			17


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)
Distributions from net realized gains			Ending net asset value per share			Net investment income¹		Gross expenses¹		Net expenses¹		Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)



	0.00		$	36.73		0.96	%	1.39	%	1.20	%		10.13	%		39	%	$	60,084
	0.00		$	33.35		1.23	%	1.39	%	1.20	%		21.85	%		80	%	$	55,777
	0.00		$	27.77		1.40	%	1.36	%	1.20	%		(4.53	)%		107	%	$	49,403
	0.00		$	29.34		1.43	%	1.35	%	1.20	%		17.02	%		70	%	$	60,055
	0.00		$	25.89		1.61	%	1.38	%	1.20	%		9.00	%		94	%	$	55,284
	(0.08	)	$	24.12		1.95	%	1.32	%	1.20	%		(2.95	)%		105	%	$	55,318
	(3.26	)	$	25.63		2.09	%	1.34	%	1.20	%		(20.42	)%		80	%	$	55,626

	0.00		$	32.74		0.20	%	2.13	%	1.95	%		9.72	%		39	%	$	853
	0.00		$	29.84		0.45	%	2.12	%	1.95	%		20.91	%		80	%	$	970
	0.00		$	24.80		0.61	%	2.10	%	1.95	%		(5.23	)%		107	%	$	1,704
	0.00		$	26.17		0.62	%	2.09	%	1.95	%		16.43	%		70	%	$	4,163
	0.00		$	23.07		0.96	%	2.12	%	1.95	%		8.19	%		94	%	$	6,924
	(0.08	)	$	21.46		1.21	%	2.08	%	1.95	%		(3.66	)%		105	%	$	13,869
	(3.26	)	$	22.70		1.31	%	2.09	%	1.95	%		(21.02	)%		80	%	$	31,892

	0.00		$	32.23		0.21	%	2.14	%	1.95	%		9.70	%		39	%	$	11,319
	0.00		$	29.38		0.48	%	2.14	%	1.95	%		20.97	%		80	%	$	9,326
	0.00		$	24.52		0.65	%	2.11	%	1.95	%		(5.26	)%		107	%	$	7,656
	0.00		$	25.94		0.68	%	2.10	%	1.95	%		16.45	%		70	%	$	8,388
	0.00		$	22.93		0.84	%	2.12	%	1.95	%		8.20	%		94	%	$	7,665
	(0.08	)	$	21.42		1.21	%	2.06	%	1.95	%		(3.69	)%		105	%	$	7,738
	(3.26	)	$	22.77		1.33	%	2.08	%	1.95	%		(21.02	)%		80	%	$	9,588

	0.00		$	32.96		1.21	%	1.23	%	0.95	%		10.27	%		39	%	$	183,642
	0.00		$	29.89		1.47	%	1.22	%	0.95	%		22.18	%		80	%	$	175,142
	0.00		$	24.93		1.64	%	1.20	%	0.95	%		(4.30	)%		107	%	$	220,021
	0.00		$	26.39		1.66	%	1.19	%	0.95	%		17.19	%		70	%	$	273,174
	0.00		$	23.39		2.04	%	1.19	%	0.95	%		9.32	%		94	%	$	287,073
	(0.08	)	$	21.81		2.18	%	1.14	%	0.95	%		(2.68	)%		105	%	$	861,399
	(3.26	)	$	23.29		2.32	%	1.16	%	0.95	%		(20.25	)%		80	%	$	1,161,210



	0.00		$	22.51		1.23	%	1.36	%	1.15	%		6.08	%		45	%	$	16,283
	0.00		$	21.21		1.41	%	1.36	%	1.15	%		14.57	%		86	%	$	10,344
	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

	0.00		$	22.47		0.47	%	2.10	%	1.90	%		5.74	%		45	%	$	515
	0.00		$	21.25		0.65	%	2.11	%	1.90	%		13.65	%		86	%	$	613
	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

Please see footnotes on page 18.

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


18		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 (continued)
Class C
June 1, 2013 to November 30, 2013 (unaudited)	$	20.96		0.05	⁴		1.14			0.00
June 1, 2012 to May 31, 2013	$	18.63		0.11			2.42			(0.20	)
June 1, 2011 to May 31, 2012	$	19.45		0.18	⁴		(0.53	)		(0.47	)
October 1, 2010 to May 31, 2011⁵	$	17.77		0.14	⁴		1.83			(0.29	)
October 1, 2009 to September 30, 2010	$	16.96		0.28	⁴		0.99			(0.46	)
October 1, 2008 to September 30, 2009	$	17.64		0.26	⁴		(0.34	)		(0.42	)
October 1, 2007 to September 30, 2008	$	22.52		0.41			(3.33	)		(0.45	)
Administrator Class
June 1, 2013 to November 30, 2013 (unaudited)	$	21.36		0.17			1.16			0.00
June 1, 2012 to May 31, 2013	$	18.96		0.41			2.38			(0.39	)
June 1, 2011 to May 31, 2012	$	19.77		0.40			(0.58	)		(0.63	)
October 1, 2010 to May 31, 2011⁵	$	18.11		0.29			1.83			(0.46	)
October 1, 2009 to September 30, 2010	$	17.23		0.52	⁴		0.95			(0.59	)
October 1, 2008 to September 30, 2009	$	17.98		0.42	⁴		(0.37	)		(0.62	)
October 1, 2007 to September 30, 2008	$	22.90		0.60			(3.36	)		(0.65	)

1.	Includes net expenses allocated from the affiliated 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 affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

4.	Calculated based upon average shares outstanding

5.	For the eight months ended May 31, 2011. The Fund changed its fiscal year end from September 30 to May 31, effective May 31, 2011.

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


Financial highlights		Wells Fargo Advantage Allocation Funds			19


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)
Distributions from net realized gains			Ending net asset value per share			Net investment income¹		Gross expenses¹		Net expenses¹		Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)



	0.00		$	22.15		0.49	%	2.11	%	1.90	%		5.68	%		45	%	$	3,695
	0.00		$	20.96		0.66	%	2.11	%	1.90	%		13.65	%		86	%	$	2,576
	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

	0.00		$	22.69		1.48	%	1.20	%	0.90	%		6.23	%		45	%	$	152,776
	0.00		$	21.36		1.66	%	1.20	%	0.90	%		14.81	%		86	%	$	146,729
	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

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


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

1. ORGANIZATION

Wells Fargo Funds (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: the Wells Fargo Advantage Growth Balanced Fund (“Growth Balanced Fund”) and the 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 primarily all investable assets in two or more separate diversified portfolios (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each affiliated Master Portfolio directly acquires portfolio securities, and a Fund investing in an affiliated Master Portfolio acquires an indirect interest in those securities. Each Fund accounts for its investment in the affiliated Master Portfolios as partnership investments and records on a daily basis its share of the affiliated Master Portfolio’s income, expenses and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolios for the six months ended November 30, 2013 are included in this report and should be read in conjunction with each Fund’s financial statements. As of November 30, 2013, the Funds own the following percentages of the affiliated Master Portfolios:


	Growth Balanced Fund			Moderate Balanced Fund
Wells Fargo Advantage C&B Large Cap Value Portfolio		4	%		2	%
Wells Fargo Advantage Core Bond Portfolio		1			1
Wells Fargo Advantage Diversified Large Cap Growth Portfolio		27			11
Wells Fargo Advantage Emerging Growth Portfolio		0	*		0	*
Wells Fargo Advantage Index Portfolio		1			1
Wells Fargo Advantage Inflation-Protected Bond Portfolio		16			14
Wells Fargo Advantage International Growth Portfolio		8			3
Wells Fargo Advantage International Value Portfolio		3			1
Wells Fargo Advantage Large Company Value Portfolio		27			11
Wells Fargo Advantage Managed Fixed Income Portfolio		53			47
Wells Fargo Advantage Small Company Growth Portfolio		2			1
Wells Fargo Advantage Small Company Value Portfolio		4			2
Wells Fargo Advantage Stable Income Portfolio		N/A			100

*	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 (generally 4 p.m. Eastern Time).

Investments in the affiliated Master Portfolios are valued daily based on each Fund’s proportionate share of each affiliated Master Portfolio’s net assets, which are also valued daily. Securities held in the affiliated Master Portfolios are valued as discussed in the Notes to Financial Statements of the affiliated Master Portfolios, which are included elsewhere in this report.

Futures that are listed on a foreign or domestic exchange or market are valued at the official closing price.

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


Notes to financial statements (unaudited)		Wells Fargo Advantage Allocation Funds			21

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Funds. 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 values, to assess the continued appropriateness of the fair valuation methodologies 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 inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer 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. Each 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 each 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 each 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 in by each Fund and each affiliated Master Portfolio. Realized gains or losses are recorded on the basis of identified cost by each Fund and each affiliated Master Portfolio.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method by each Fund and each affiliated 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 affiliated Master Portfolio is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the affiliated Master Portfolio is informed of the ex-dividend date.

Income from foreign securities in each affiliated Master Portfolio is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Each Fund records daily its proportionate share of each affiliated Master Portfolio’s interest and dividend income and realized and unrealized gains or losses.

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with 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.


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

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, 2013, capital loss carryforwards available to offset future net realized capital gains were as follows through the indicated expiration dates:


	2016		2017		2018
Growth Balanced Fund	$	11,249,610	$	79,417,787	$	82,578,227
Moderate Balanced Fund		0		0		5,730,209

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:

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, use of amortized cost, etc.)

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

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

As of November 30, 2013, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Growth Balanced Fund

Equity securities
Investment companies	$	0	$	255,057,520	$	0	$	255,057,520

Short-term investments
U.S. Treasury securities		0		962,964		0		962,964
	$	0	$	256,020,484	$	0	$	256,020,484


Notes to financial statements (unaudited)		Wells Fargo Advantage Allocation Funds			23


Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Moderate Balanced Fund

Equity securities
Investment companies	$	0	$	172,657,258	$	0	$	172,657,258

Short-term investments
U.S. Treasury securities		0		659,975		0		659,975
	$	0	$	173,317,233	$	0	$	173,317,233

As of November 30, 2013, the inputs used in valuing each Fund’s other financial instruments were as follows:


Futures contracts	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Growth Balanced Fund	$	861,091+	$	0	$	0	$	861,091
Moderate Balanced Fund		594,216+		0		0		594,216

+	Amount represents the net unrealized gains.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended November 30, 2013, the Funds did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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 subadviser, 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 increase. For the six months ended November 30, 2013, the advisory fee was equivalent to an annual rate of 0.25% of each Fund’s average daily net assets.

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 and an indirect, wholly owned subsidiary of Wells Fargo, 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 affiliated Master Portfolio and is entitled to receive a fee from each affiliated 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


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

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
Growth Balanced Fund		9-30-2014		1.20	%		1.95	%		1.95	%		0.95	%
Moderate Balanced Fund		9-30-2014		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, 2013, Wells Fargo Funds Distributor, LLC received the following amounts in front-end sales charges and contingent deferred sales charges.



	Front-end sales charges		Contingent deferred sales charges
	Class A		Class B		Class C
Growth Balanced Fund	$	9,386	$	9	$	141
Moderate Balanced Fund		4,489		0		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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2013 were as follows:


	Purchases at cost*				Sales proceeds*
	U.S. government		Non-U.S. government		U.S. government		Non-U.S. government
Growth Balanced Fund	$	62,913,040	$	46,629,664	$	62,733,790	$	52,857,705
Moderate Balanced Fund		55,256,323		29,722,370		55,097,897		30,652,923

The Funds seek to achieve their investment objective by investing some or all of their investable assets in one or more affiliated 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 affiliated Master Portfolio by the corresponding affiliated 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, 2013, the Funds entered into futures contracts to gain market exposure to certain asset classes consistent with an active asset allocation strategy.

At November 30, 2013, the Funds had long and short futures contracts outstanding as follows:


	Expiration date		Contracts	Type	Contract value at November 30, 2013		Unrealized gains (losses)
Growth Balanced Fund		12-19-2013	29 Long	S&P 500 Index	$	13,079,725	$	883,644
		3-20-2014	95 Short	U.S. Treasury Bonds		12,421,250		(22,553	)
Moderate Balanced Fund		12-19-2013	20 Long	S&P 500 Index		9,020,500		609,410
		3-20-2014	64 Short	U.S. Treasury Bonds		8,368,000		(15,194	)


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

The Funds had an average notional amounts in futures contracts outstanding during the six months ended November 30, 2013, as follows:


	Long contracts		Short contracts
Growth Balanced Fund	$	27,991,147	$	29,116,686
Moderate Balanced Fund		13,421,101		13,902,729

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, 2013 was as follows for Growth Balanced Fund:

Asset derivatives

Liability derivatives

Statements of Assets and
Liabilities location

Fair value

Statements of Assets and
Liabilities location

Fair value

Interest rate contracts

Net assets – Net unrealized gains on investments

Interest rate contracts

Net assets – Net unrealized gains on investments

22,553

Equity contracts

Net assets – Net unrealized gains on investments

883,644

Equity contracts

Net assets – Net unrealized gains on investments

883,644

22,553

*	Amount represents cumulative unrealized gains/losses on futures contracts. Only the payable for variation margin as of November 30, 2013, which represents the current day’s variation margin, 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, 2013 was as follows for Growth Balanced Fund:


	Amount of realized gains on derivatives		Change in unrealized gains (losses) on derivatives
Interest rate contracts	$	1,528,216	$	(1,145,154	)
Equity contracts		3,448,104		(86,182	)
	$	4,976,320	$	(1,231,336	)

The fair value of derivative instruments as of November 30, 2013 was as follows for Moderate Balanced Fund:

Asset derivatives

Liability derivatives

Statements of Assets and
Liabilities location

Fair value

Statements of Assets and
Liabilities location

Fair value

Interest rate contracts

Net assets – Net unrealized gains on investments

Interest rate contracts

Net assets – Net unrealized gains on investments

15,194

Equity contracts

Net assets – Net unrealized gains on investments

609,410

Equity contracts

Net assets – Net unrealized gains on investments

609,410

15,194

*	Amount represents cumulative unrealized gains/losses on futures contracts. Only the payable for variation margin as of November 30, 2013, which represents the current day’s variation margin, 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, 2013 was as follows for Moderate Balanced Fund:


	Amount of realized gains on derivatives		Change in unrealized gains (losses) on derivatives
Interest rate contracts	$	700,653	$	(42,942	)
Equity contracts		1,529,427		(279,614	)
	$	2,230,080	$	(322,556	)


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

For certain types of derivative transactions, the Funds have entered into International Swaps and Derivatives Association, Inc. master agreements (“ISDA Master Agreements”) or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows each Fund to offset, with each counterparty, certain derivative financial instrument’s assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearing house for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded. Cash collateral that has been pledged to cover obligations of each Fund under derivative contracts, if any, will be reported separately in the Statements of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in each Portfolio of Investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Statements of Assets and Liabilities are not offset across transactions between each Fund and the applicable counterparty. As of November 30, 2013, the Funds have transactions subject to enforceable master netting agreements. A reconciliation of the gross amounts on the Statements of Assets and Liabilities to the net amounts by derivative type, including any collateral exposure, is as follows:


		Gross amounts of liabilities in the Statements of Assets and Liabilities		Amounts subject to netting agreements		Collateral		Net amount (not less than $0)
Growth Balanced Fund	Futures – variation margin	$	1,450	$	0	$	962,964	$	0
Moderate Balanced Fund	Futures – variation margin		1,000		0		659,975		0

7. BANK BORROWINGS

Each Fund and certain funds in the Trust are party to a $25,000,000 revolving credit agreement with the Bank of New York Mellon, whereby the Funds are permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to each Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on 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, 2013, the Funds paid the following amounts in commitment fees:


	Commitment fee
Growth Balanced Fund	$	324
Moderate Balanced Fund		166

For the six months ended November 30, 2013, there were no borrowings by the Funds under the agreement.

8. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated.

9. SUBSEQUENT DISTRIBUTIONS

On December 19, 2013, the Fund’s declared distributions from net investment income to shareholders of record on December 18, 2013. The per share amounts payable on December 20, 2013 were as follows:


	Growth Balanced Fund		Moderate Balanced Fund
Net investment income
Class A	$	0.33544	$	0.13352
Class B		0.04467		0.03222
Class C		0.15339		0.08502
Administrator Class		0.42265		0.14881

These distributions are not reflected in the accompanying financial statements. The final determination of the source of all distributions is subject to change and made after the tax year-end of each Fund.


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			27

C&B LARGE CAP VALUE PORTFOLIO


Security name	Shares		Value


Common Stocks: 94.70%

Consumer Discretionary: 14.00%

Hotels, Restaurants & Leisure: 4.40%
Carnival Corporation		211,600	$	7,640,876
McDonald’s Corporation		80,300		7,818,811

				15,459,687


Household Durables: 2.40%
NVR Incorporated †		8,670		8,409,727


Media: 5.14%
Omnicom Group Incorporated		154,700		11,053,315
Twenty-First Century Fox Incorporated		209,200		7,006,108

				18,059,423


Multiline Retail: 2.06%
Kohl’s Corporation		130,600		7,219,568


Consumer Staples: 11.94%

Beverages: 2.45%
Coca-Cola Enterprises Incorporated		106,700		4,474,998
Diageo plc ADR		32,300		4,123,741

				8,598,739


Food Products: 1.97%
Unilever NV ADR		176,300		6,921,538


Household Products: 4.61%
Colgate-Palmolive Company		80,600		5,304,286
Henkel AG & Company KGaA ADR		61,200		6,077,001
Procter & Gamble Company		57,000		4,800,540

				16,181,827


Personal Products: 1.12%
Avon Products Incorporated		219,700		3,917,251


Tobacco: 1.79%
Philip Morris International		73,600		6,295,744


Energy: 5.62%

Oil, Gas & Consumable Fuels: 5.62%
Chevron Corporation		45,700		5,595,508
Devon Energy Corporation		128,900		7,813,918
Exxon Mobil Corporation		67,600		6,319,248

				19,728,674


Financials: 23.71%

Capital Markets: 5.15%
Charles Schwab Corporation		208,800		5,111,424
State Street Corporation		178,600		12,968,146

				18,079,570


Commercial Banks: 1.99%
PNC Financial Services Group Incorporated		90,900		6,994,755

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


28		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2013 (unaudited)

C&B LARGE CAP VALUE PORTFOLIO


Security name	Shares		Value


Consumer Finance: 2.81%
American Express Company		114,800	$	9,849,840


Diversified Financial Services: 6.79%
Bank of America Corporation		355,800		5,628,756
Berkshire Hathaway Incorporated Class B †		59,100		6,886,923
JPMorgan Chase & Company		197,800		11,318,116

				23,833,795


Insurance: 6.97%
Axis Capital Holdings Limited		128,150		6,296,010
RenaissanceRe Holdings Limited		80,500		7,623,350
The Progressive Corporation		184,800		5,161,464
Willis Group Holdings plc		120,300		5,387,034

				24,467,858


Health Care: 12.55%

Health Care Equipment & Supplies: 3.37%
Baxter International Incorporated		113,500		7,769,075
Becton Dickinson & Company		37,400		4,061,266

				11,830,341


Health Care Providers & Services: 6.70%
Cardinal Health Incorporated		140,600		9,082,760
Quest Diagnostics Incorporated		131,600		8,019,704
UnitedHealth Group Incorporated		86,000		6,405,280

				23,507,744


Pharmaceuticals: 2.48%
Johnson & Johnson		92,000		8,708,720


Industrials: 10.77%

Aerospace & Defense: 1.03%
Raytheon Company		40,900		3,627,012


Air Freight & Logistics: 1.53%
United Parcel Service Incorporated Class B		52,300		5,354,474


Commercial Services & Supplies: 1.97%
Cintas Corporation		124,900		6,931,950


Industrial Conglomerates: 2.85%
3M Company		74,900		9,999,899


Machinery: 3.39%
Illinois Tool Works Incorporated		69,300		5,514,894
Parker Hannifin Corporation		54,100		6,375,144

				11,890,038


Information Technology: 8.13%

Electronic Equipment, Instruments & Components: 1.00%
TE Connectivity Limited		67,000		3,532,240

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


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			29

C&B LARGE CAP VALUE PORTFOLIO


Security name				Shares		Value


IT Services: 4.16%
Fiserv Incorporated †					66,800	$	7,340,652
Western Union Company					436,100		7,269,787

							14,610,439


Semiconductors & Semiconductor Equipment: 1.42%
Lam Research Corporation †					95,600		4,981,716


Software: 1.55%
Microsoft Corporation					142,500		5,433,525


Materials: 6.58%

Containers & Packaging: 6.58%
Ball Corporation					190,700		9,531,186
Crown Holdings Incorporated †					160,100		7,066,814
Rock-Tenn Company Class A					69,100		6,524,422

							23,122,422


Utilities: 1.40%

Electric Utilities: 1.40%
Entergy Corporation					79,300		4,907,877


Total Common Stocks (Cost $229,197,778)							332,456,393


	Dividend yield

Preferred Stocks: 0.44%

Consumer Staples: 0.44%

Household Products: 0.44%
Henkel AG & Company KGaA ADR ±		1.09	%		13,600		1,545,244


Total Preferred Stocks (Cost $597,017)							1,545,244


	Yield

Short-Term Investments: 4.71%

Investment Companies: 4.71%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08			16,519,640		16,519,640


Total Short-Term Investments (Cost $16,519,640)							16,519,640


Total investments in securities
(Cost $246,314,435) *	99.85	%		350,521,277
Other assets and liabilities, net	0.15			528,363

Total net assets	100.00	%	$	351,049,640

†	Non-income-earning security

±	Variable rate investment. The rate shown is the rate in effect at period end.

(l)	Investment in an affiliate

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

*	Cost for federal income tax purposes is $255,710,903 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	105,190,272
Gross unrealized depreciation		(10,379,898	)

Net unrealized appreciation	$	94,810,374

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


30		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2013 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO


Security name	Shares		Value


Common Stocks: 99.30%

Consumer Discretionary: 24.69%

Auto Components: 0.66%
Delphi Automotive plc		17,370	$	1,017,014


Distributors: 0.22%
LKQ Corporation †		10,160		336,804


Hotels, Restaurants & Leisure: 4.22%
Chipotle Mexican Grill Incorporated †		3,000		1,571,580
Marriott International Incorporated Class A		11,890		559,068
Starbucks Corporation		43,701		3,559,883
Wynn Resorts Limited		4,700		779,589

				6,470,120


Internet & Catalog Retail: 4.99%
Amazon.com Incorporated †		11,610		4,569,928
Netflix Incorporated †		2,660		973,028
priceline.com Incorporated †		1,770		2,110,424

				7,653,380


Media: 3.17%
CBS Corporation Class B		13,250		775,920
Discovery Communications Incorporated Class A †		13,730		1,198,217
Liberty Global plc Class C †		16,210		1,320,305
Sirius XM Holdings Incorporated		274,060		1,033,206
Twenty-First Century Fox Incorporated		13,760		460,822
Walt Disney Company		1,100		77,594

				4,866,064


Multiline Retail: 2.85%
Dollar General Corporation †		6,030		343,348
Dollar Tree Incorporated †		47,150		2,623,898
Nordstrom Incorporated		22,610		1,406,568

				4,373,814


Specialty Retail: 5.36%
Bed Bath & Beyond Incorporated †		3,150		245,795
Best Buy Company Incorporated		23,540		954,547
Cabela’s Incorporated †		6,900		422,625
CarMax Incorporated †		33,150		1,669,103
GNC Holdings Incorporated Class A		3,030		182,345
Home Depot Incorporated		11,700		943,839
O’Reilly Automotive Incorporated †		5,100		637,296
Ross Stores Incorporated		7,970		609,386
TJX Companies Incorporated		18,920		1,189,690
Tractor Supply Company		10,880		796,525
Ulta Salon Cosmetics & Fragrance Incorporated †		4,440		563,614

				8,214,765

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


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			31

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO


Security name	Shares		Value


Textiles, Apparel & Luxury Goods: 3.22%
lululemon athletica incorporated †		14,990	$	1,045,103
Michael Kors Holdings Limited †		21,765		1,774,936
Nike Incorporated Class B		11,430		904,570
Under Armour Incorporated Class A †		6,140		495,498
VF Corporation		3,050		715,469

				4,935,576


Consumer Staples: 5.47%

Beverages: 1.49%
Constellation Brands Incorporated Class A †		26,530		1,867,977
The Coca-Cola Company		10,320		414,761

				2,282,738


Food & Staples Retailing: 3.49%
Costco Wholesale Corporation		12,290		1,541,535
Sprouts Farmers Market Incorporated †		3,819		144,511
Walgreen Company		12,500		740,000
Whole Foods Market Incorporated		51,710		2,926,786

				5,352,832


Household Products: 0.12%
Colgate-Palmolive Company		2,900		190,849


Personal Products: 0.37%
Estee Lauder Companies Incorporated Class A		7,510		562,950


Energy: 4.15%

Energy Equipment & Services: 0.73%
National Oilwell Varco Incorporated		5,765		469,848
Schlumberger Limited		7,300		645,466

				1,115,314


Oil, Gas & Consumable Fuels: 3.42%
Antero Resources Corporation †«		4,576		251,222
Concho Resources Incorporated †		15,790		1,641,055
Continental Resources Incorporated †«		3,810		409,613
EOG Resources Incorporated		400		66,000
Pioneer Natural Resources Company		16,220		2,883,105

				5,250,995


Financials: 6.06%

Capital Markets: 2.10%
Affiliated Managers Group Incorporated †		4,270		855,068
Ameriprise Financial Incorporated		5,010		542,333
Northern Trust Corporation		5,210		307,338
TD Ameritrade Holding Corporation		52,750		1,518,145

				3,222,884

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


32		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2013 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO


Security name	Shares		Value


Consumer Finance: 1.86%
American Express Company		16,614	$	1,425,481
Discover Financial Services		26,910		1,434,303

				2,859,784


Diversified Financial Services: 1.30%
CME Group Incorporated		3,360		275,352
Intercontinental Exchange Incorporated †		8,020		1,710,586

				1,985,938


Insurance: 0.70%
Aon plc		13,210		1,078,464


REITs: 0.10%
American Tower Corporation		2,000		155,540


Health Care: 16.03%

Biotechnology: 9.27%
Alexion Pharmaceuticals Incorporated †		20,940		2,607,030
Biogen Idec Incorporated †		8,820		2,566,355
BioMarin Pharmaceutical Incorporated †		3,990		280,816
Celgene Corporation †		19,580		3,167,457
Gilead Sciences Incorporated †		53,800		4,024,778
Medivation Incorporated †		1,500		94,515
Quintiles Transnational Holdings Incorporated †		5,383		232,492
Regeneron Pharmaceuticals Incorporated †		3,280		963,861
Vertex Pharmaceuticals Incorporated †		4,050		281,151

				14,218,455


Health Care Equipment & Supplies: 1.35%
Boston Scientific Corporation †		80,530		932,537
Covidien plc		16,780		1,145,403

				2,077,940


Health Care Providers & Services: 1.92%
AmerisourceBergen Corporation		17,823		1,257,056
Catamaran Corporation †		19,120		872,446
Envision Healthcare Holdings Incorporated †		5,875		174,018
Express Scripts Holding Company †		9,480		638,478

				2,941,998


Health Care Technology: 0.93%
Cerner Corporation †		24,950		1,433,877


Life Sciences Tools & Services: 0.37%
Mettler-Toledo International Incorporated †		2,280		562,180


Pharmaceuticals: 2.19%
Actavis plc †		6,540		1,066,478
Allergan Incorporated		2,550		247,478

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


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			33

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO


Security name	Shares		Value


Pharmaceuticals (continued)
Bristol-Myers Squibb Company		1,500	$	77,070
Mallinckrodt plc †		1,332		69,211
Merck & Company Incorporated		2,100		104,643
Mylan Laboratories Incorporated †		1,400		61,782
Perrigo Company «		6,940		1,081,877
Shire plc ADR		2,440		331,376
Zoetis Incorporated		10,130		315,550

				3,355,465


Industrials: 10.63%

Aerospace & Defense: 3.23%
Precision Castparts Corporation		9,683		2,502,571
The Boeing Company		7,810		1,048,493
United Technologies Corporation		12,720		1,410,139

				4,961,203


Air Freight & Logistics: 0.65%
United Parcel Service Incorporated Class B		9,780		1,001,276


Airlines: 0.76%
Delta Air Lines Incorporated		37,540		1,087,909
Southwest Airlines Company		4,000		74,360

				1,162,269


Building Products: 0.17%
Fortune Brands Home & Security Incorporated		5,920		258,112


Electrical Equipment: 0.62%
Eaton Corporation plc		13,160		956,206


Industrial Conglomerates: 0.73%
Danaher Corporation		15,020		1,123,496


Machinery: 0.33%
Flowserve Corporation		6,330		451,835
Pentair Limited		700		49,504

				501,339


Professional Services: 0.24%
Verisk Analytics Incorporated Class A †		5,630		366,569


Road & Rail: 3.35%
CSX Corporation		10,000		272,700
Genesee & Wyoming Incorporated †		500		48,100
J.B. Hunt Transport Services Incorporated		1,730		130,079
Kansas City Southern		19,070		2,307,851
Norfolk Southern Corporation		9,350		819,902
Union Pacific Corporation		9,660		1,565,306

				5,143,938

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


34		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2013 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO


Security name	Shares		Value


Trading Companies & Distributors: 0.55%
W.W. Grainger Incorporated		3,250	$	838,240


Information Technology: 28.75%

Communications Equipment: 1.38%
F5 Networks Incorporated †		2,500		205,650
QUALCOMM Incorporated		25,961		1,910,210

				2,115,860


Computers & Peripherals: 3.13%
Apple Incorporated		8,641		4,805,001


Electronic Equipment, Instruments & Components: 0.02%
Trimble Navigation Limited †		800		25,520


Internet Software & Services: 10.20%
Akamai Technologies Incorporated †		7,050		315,276
Baidu Incorporated ADR †		3,270		544,684
eBay Incorporated †		50,040		2,528,021
Facebook Incorporated Class A †		52,900		2,486,829
Google Incorporated Class A †		6,774		7,177,663
LinkedIn Corporation Class A †		5,410		1,212,002
MercadoLibre Incorporated «		4,880		540,265
Pandora Media Incorporated †		4,800		136,320
Rackspace Hosting Incorporated †«		18,510		707,267

				15,648,327


IT Services: 8.29%
Accenture plc		9,680		749,910
Alliance Data Systems Corporation †		11,470		2,778,722
Cognizant Technology Solutions Corporation Class A †		19,730		1,852,450
MasterCard Incorporated Class A		4,596		3,496,683
Vantiv Incorporated Class A †		30,470		923,241
Visa Incorporated Class A		14,280		2,905,409

				12,706,415


Semiconductors & Semiconductor Equipment: 2.75%
ARM Holdings plc		22,210		1,108,279
ASML Holding NV		10,480		978,622
Avago Technologies Limited		6,670		298,349
Linear Technology Corporation		5,170		219,984
Microchip Technology Incorporated «		33,010		1,429,003
Xilinx Incorporated		4,150		184,385

				4,218,622


Software: 2.98%
Adobe Systems Incorporated †		16,730		949,929
Fortinet Incorporated †		13,140		224,694
NetSuite Incorporated †		2,620		251,730
Salesforce.com Incorporated †		42,404		2,208,824

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


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			35

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO


Security name				Shares		Value


Software (continued)
ServiceNow Incorporated †					17,690	$	939,516

							4,574,693


Materials: 3.52%

Chemicals: 3.52%
Airgas Incorporated					2,970		322,631
Ecolab Incorporated					6,200		664,452
Monsanto Company					22,750		2,578,253
Praxair Incorporated					14,470		1,826,982

							5,392,318


Total Common Stocks (Cost $104,838,269)							152,315,144


	Yield

Short-Term Investments: 3.41%

Investment Companies: 3.41%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%		1,076,336		1,076,336
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)		0.08			4,148,421		4,148,421

Total Short-Term Investments (Cost $5,224,757)							5,224,757


Total investments in securities
(Cost $110,063,026)*	102.71	%		157,539,901
Other assets and liabilities, net	(2.71	)		(4,154,017	)

Total net assets	100.00	%	$	153,385,884

†	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 $110,318,822 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	47,759,364
Gross unrealized depreciation		(538,285	)

Net unrealized appreciation	$	47,221,079

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


36		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2013 (unaudited)

EMERGING GROWTH PORTFOLIO


Security name	Shares		Value


Common Stocks: 98.95%

Consumer Discretionary: 15.23%

Auto Components: 0.42%
Fox Factory Holding Corporation †		282,500	$	5,192,350


Diversified Consumer Services: 1.85%
Grand Canyon Education Incorporated †		255,100		11,617,254
LifeLock Incorporated †		642,800		11,069,016

				22,686,270


Hotels, Restaurants & Leisure: 2.87%
Fiesta Restaurant Group Incorporated †		392,965		19,243,496
Multimedia Games Holding Company †		555,500		16,109,500

				35,352,996


Internet & Catalog Retail: 3.83%
HomeAway Incorporated †		505,945		18,466,993
RetailMeNot Incorporated †		162,450		4,657,442
Shutterfly Incorporated †		506,485		23,921,287

				47,045,722


Media: 2.16%
IMAX Corporation †«		863,010		26,606,598


Specialty Retail: 4.10%
Asbury Automotive Group Incorporated †		131,100		6,806,712
Conn’s Incorporated †		79,800		4,814,334
DSW Incorporated Class A		547,500		24,544,425
Five Below Incorporated †		268,797		14,289,249

				50,454,720


Consumer Staples: 3.00%

Food & Staples Retailing: 1.59%
The Fresh Market Incorporated †		264,270		10,758,432
United Natural Foods Incorporated †		127,500		8,778,375

				19,536,807


Food Products: 1.41%
Annie’s Incorporated †		377,000		17,323,150


Energy: 5.68%

Oil, Gas & Consumable Fuels: 5.68%
Athlon Energy Incorporated †		166,105		5,418,345
Bonanza Creek Energy Incorporated †		401,900		18,435,153
Diamondback Energy Incorporated †		315,157		15,675,909
Kodiak Oil & Gas Corporation †		518,100		5,875,254
Laredo Petroleum Holdings Incorporated †		318,831		8,605,249
Oasis Petroleum Incorporated †		343,300		15,836,429

				69,846,339

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


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			37

EMERGING GROWTH PORTFOLIO


Security name	Shares		Value


Financials: 8.20%

Capital Markets: 2.59%
Financial Engines Incorporated		471,030	$	31,912,283


Consumer Finance: 2.72%
Encore Capital Group Incorporated †		103,300		4,926,377
Portfolio Recovery Associates Incorporated †		489,800		28,604,319

				33,530,696


Diversified Financial Services: 2.89%
MarketAxess Holdings Incorporated		504,651		35,512,291


Health Care: 23.24%

Biotechnology: 2.25%
Aegerion Pharmaceuticals Incorporated †		14,347		1,017,633
Exact Sciences Corporation †		344,753		4,233,567
Hyperion Therapeutics Incorporated †		102,923		2,628,653
Ligand Pharmaceuticals Incorporated †«		81,900		4,560,192
NPS Pharmaceuticals Incorporated †		485,900		12,832,619
Onconova Therapeutics Incorporated †«		162,698		2,386,780

				27,659,444


Health Care Equipment & Supplies: 9.88%
Align Technology Incorporated †		146,900		8,026,616
Cardiovascular Systems Incorporated †		283,758		9,420,766
Cynosure Incorporated Class A †		710,778		18,402,042
DexCom Incorporated †		756,070		25,018,356
Endologix Incorporated †		1,169,794		20,904,219
Novadaq Technologies Incorporated †		213,524		3,555,175
NxStage Medical Incorporated †		685,960		7,003,652
Spectranetics Corporation †		641,214		14,914,638
Tandem Diabetes Care Incorporated †		245,137		5,395,465
TearLab Corporation †«		488,037		4,572,907
Veracyte Incorporated †		337,325		4,378,479

				121,592,315


Health Care Providers & Services: 4.36%
Acadia Healthcare Company Incorporated †		594,200		27,452,040
ExamWorks Group Incorporated †		60,200		1,776,502
MWI Veterinary Supply Incorporated †		58,500		10,656,945
Team Health Holdings Incorporated †		295,000		13,785,350

				53,670,837


Health Care Technology: 2.32%
Medidata Solutions Incorporated †		240,600		28,609,746


Life Sciences Tools & Services: 1.10%
Cambrex Corporation †		190,100		3,706,950
ICON plc ADR †		257,400		9,817,236

				13,524,186

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


38		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2013 (unaudited)

EMERGING GROWTH PORTFOLIO


Security name	Shares		Value


Pharmaceuticals: 3.33%
AcelRx Pharmaceuticals Incorporated †«		545,130	$	5,331,371
Akorn Incorporated †		830,235		21,378,551
Jazz Pharmaceuticals plc †		96,180		11,245,366
Lannett Company Incorporated †		101,800		3,007,172

				40,962,460


Industrials: 13.79%

Building Products: 1.24%
A.O. Smith Corporation		282,500		15,297,375


Electrical Equipment: 0.90%
Power Solutions International Incorporated †		80,799		6,043,765
Powersecure International Incorporated †		282,500		4,963,525

				11,007,290


Machinery: 4.28%
Chart Industries Incorporated †		196,785		19,147,181
Proto Labs Incorporated †		125,755		9,343,597
The ExOne Company †		26,100		1,393,740
The Middleby Corporation †		103,150		22,779,646

				52,664,164


Professional Services: 4.75%
Corporate Executive Board Company		251,800		18,540,034
On Assignment Incorporated †		865,013		29,436,391
Wageworks Incorporated †		181,850		10,420,005

				58,396,430


Road & Rail: 0.98%
Roadrunner Transportation Systems Incorporated †		442,400		12,112,912


Trading Companies & Distributors: 1.64%
DXP Enterprises Incorporated †		206,116		20,195,246


Information Technology: 29.81%

Computers & Peripherals: 0.42%
Stratasys Limited †		43,600		5,134,772


Electronic Equipment, Instruments & Components: 0.66%
Methode Electronics Incorporated		281,925		8,156,090


Internet Software & Services: 10.21%
CoStar Group Incorporated †		120,900		22,516,416
Demandware Incorporated †		241,200		13,668,804
Envestnet Incorporated †		624,992		24,843,432
MercadoLibre Incorporated «		26,430		2,926,065
OpenTable Incorporated †		117,600		9,827,832
Pandora Media Incorporated †		230,600		6,549,040
SciQuest Incorporated †		513,218		14,349,575
SPS Commerce Incorporated †		470,732		30,960,043

				125,641,207

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


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			39

EMERGING GROWTH PORTFOLIO


Security name				Shares		Value


IT Services: 2.92%
InterXion Holding NV †					580,900	$	13,076,059
Maximus Incorporated					273,400		12,439,700
Wex Incorporated †					105,421		10,464,088

							35,979,847


Software: 15.60%
Aspen Technology Incorporated †					331,100		13,088,383
Ellie Mae Incorporated †					526,500		14,847,300
Fleetmatics Group plc †					641,820		24,838,434
Fortinet Incorporated †					296,300		5,066,730
Guidewire Software Incorporated †					278,601		13,297,626
Imperva Incorporated †					479,191		21,554,011
Infoblox Incorporated †					397,021		12,617,327
Proofpoint Incorporated †					550,700		16,796,350
PROS Holdings Incorporated †					409,722		15,790,686
Rally Software Development Corporation †					225,315		5,542,749
SolarWinds Incorporated †					59,626		1,993,893
Synchronoss Technologies Incorporated †					438,101		13,900,945
Tyler Technologies Incorporated †					167,325		17,169,218
Ultimate Software Group Incorporated †					98,170		15,382,257

							191,885,909


Total Common Stocks (Cost $798,977,657)							1,217,490,452


	Yield
Short-Term Investments: 3.66%

Investment Companies: 3.66%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%		13,303,139		13,303,139
Wells Fargo Securities Lending Cash Investments, LLC (v)(r)(l)(u)		0.08			31,741,350		31,741,350

Total Short-Term Investments (Cost $45,044,489)							45,044,489


Total investments in securities (Cost $844,022,146) *	102.61	%		1,262,534,941
Other assets and liabilities, net	(2.61	)		(32,080,878	)

Total net assets	100.00	%	$	1,230,454,063

†	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.

(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 $845,075,916 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	431,737,779
Gross unrealized depreciation		(14,278,754	)

Net unrealized appreciation	$	417,459,025

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


40		Wells Fargo Advantage Allocation Funds		Summary portfolio of investments—November 30, 2013 (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 Form N-CSRS, is also available on the SEC’s website at sec.gov.


Security name	Shares		Value		Percent of net assets


Common Stocks: 98.53%

Consumer Discretionary: 12.42%

Auto Components: 0.42%
Other securities			$	12,028,001		0.42	%


Automobiles: 0.73%
Other securities				20,741,902		0.73


Distributors: 0.08%
Other securities				2,241,816		0.08


Diversified Consumer Services: 0.05%
Other securities				1,334,788		0.05


Hotels, Restaurants & Leisure: 1.75%
McDonald’s Corporation		174,692		17,009,760		0.60
Other securities				32,769,719		1.15

				49,779,479		1.75


Household Durables: 0.33%
Other securities				9,571,743		0.33


Internet & Catalog Retail: 1.50%
Amazon.com Incorporated †		64,672		25,456,193		0.89
Other securities				17,414,750		0.61

				42,870,943		1.50


Leisure Equipment & Products: 0.14%
Other securities				3,871,881		0.14


Media: 3.61%
Comcast Corporation Class A		457,062		22,793,682		0.80
Walt Disney Company		290,334		20,480,160		0.72
Other securities				59,662,600		2.09

				102,936,442		3.61


Multiline Retail: 0.71%
Other securities				20,256,710		0.71


Specialty Retail: 2.25%
Home Depot Incorporated		250,324		20,193,637		0.71
Other securities				43,896,649		1.54

				64,090,286		2.25

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


Summary portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			41

INDEX PORTFOLIO


Security name		Shares		Value		Percent of net assets


Textiles, Apparel & Luxury Goods: 0.85%
Other securities				$	24,229,309		0.85	%


Consumer Staples: 9.91%

Beverages: 2.18%
PepsiCo Incorporated			269,507		22,762,561		0.80
The Coca-Cola Company			666,250		26,776,588		0.94
Other securities					12,475,103		0.44

					62,014,252		2.18


Food & Staples Retailing: 2.40%
CVS Caremark Corporation			214,662		14,373,768		0.50
Wal-Mart Stores Incorporated			284,451		23,043,376		0.81
Other securities					30,964,082		1.09

					68,381,226		2.40


Food Products: 1.55%
Other securities					44,250,487		1.55


Household Products: 2.10%
Procter & Gamble Company			478,608		40,308,366		1.41
Other securities					19,565,908		0.69

					59,874,274		2.10


Personal Products: 0.16%
Other securities					4,700,649		0.16


Tobacco: 1.52%
Altria Group Incorporated			350,278		12,953,280		0.45
Philip Morris International			282,847		24,194,732		0.85
Other securities	��				6,145,152		0.22

					43,293,164		1.52


Energy: 10.14%

Energy Equipment & Services: 1.89%
Schlumberger Limited			231,231		20,445,445		0.72
Other securities					33,403,915		1.17

					53,849,360		1.89


Oil, Gas & Consumable Fuels: 8.25%
Chevron Corporation			337,628		41,339,172		1.45
ConocoPhillips Company			213,725		15,559,180		0.55
Exxon Mobil Corporation			769,201		71,904,909		2.52
Occidental Petroleum Corporation			140,810		13,371,318		0.47
Other securities					92,841,347		3.26

					235,015,926		8.25

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


42		Wells Fargo Advantage Allocation Funds		Summary portfolio of investments—November 30, 2013 (unaudited)

INDEX PORTFOLIO


Security name	Shares		Value		Percent of net assets


Financials: 16.04%

Capital Markets: 2.18%
Other securities			$	61,981,692		2.18	%


Commercial Banks: 2.76%
Wells Fargo & Company (l)		844,392		37,170,136		1.31
Other securities				41,356,674		1.45

				78,526,810		2.76


Consumer Finance: 0.97%
American Express Company		162,140		13,911,612		0.49
Other securities				13,864,651		0.48

				27,776,263		0.97


Diversified Financial Services: 5.24%
Bank of America Corporation		1,877,399		29,700,452		1.04
Berkshire Hathaway Incorporated Class B †		314,543		36,653,696		1.29
Citigroup Incorporated		531,430		28,123,276		0.99
JPMorgan Chase & Company		657,807		37,639,717		1.32
Other securities				17,232,780		0.60

				149,349,921		5.24


Insurance: 3.02%
American International Group Incorporated		257,998		12,835,401		0.45
Other securities				73,222,629		2.57

				86,058,030		3.02


Real Estate Management & Development: 0.04%
Other securities				1,174,525		0.04


REITs: 1.77%
Other securities				50,498,845		1.77


Thrifts & Mortgage Finance: 0.06%
Other securities				1,625,483		0.06


Health Care: 13.02%

Biotechnology: 2.45%
Amgen Incorporated		131,652		15,018,860		0.53
Gilead Sciences Incorporated †		267,482		20,010,328		0.70
Other securities				34,797,090		1.22

				69,826,278		2.45


Health Care Equipment & Supplies: 2.04%
Other securities				58,188,290		2.04


Health Care Providers & Services: 2.07%
UnitedHealth Group Incorporated		177,672		13,233,011		0.46
Other securities				45,817,066		1.61

				59,050,077		2.07

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


Summary portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			43

INDEX PORTFOLIO


Security name	Shares		Value		Percent of net assets


Health Care Technology: 0.10%
Other securities			$	2,963,441		0.10	%


Life Sciences Tools & Services: 0.49%
Other securities				13,961,340		0.49


Pharmaceuticals: 5.87%
Abbvie Incorporated		277,059		13,423,509		0.47
Bristol-Myers Squibb Company		287,701		14,782,077		0.52
Johnson & Johnson		492,468		46,617,021		1.64
Merck & Company Incorporated		511,394		25,482,763		0.89
Pfizer Incorporated		1,156,921		36,709,103		1.29
Other securities				30,160,740		1.06

				167,175,213		5.87


Industrials: 10.69%

Aerospace & Defense: 2.73%
Boeing Company		121,294		16,283,720		0.57
United Technologies Corporation		147,511		16,353,069		0.57
Other securities				45,205,205		1.59

				77,841,994		2.73


Air Freight & Logistics: 0.82%
United Parcel Service Incorporated Class B		126,255		12,925,987		0.45
Other securities				10,402,390		0.37

				23,328,377		0.82


Airlines: 0.23%
Other securities				6,639,219		0.23


Building Products: 0.05%
Other securities				1,398,492		0.05


Commercial Services & Supplies: 0.49%
Other securities				14,048,313		0.49


Construction & Engineering: 0.17%
Other securities				4,696,034		0.17


Electrical Equipment: 0.75%
Other securities				21,483,385		0.75


Industrial Conglomerates: 2.47%
3M Company		113,467		15,148,979		0.53
General Electric Company		1,779,651		47,445,496		1.67
Other securities				7,819,293		0.27

				70,413,768		2.47


Machinery: 1.72%
Other securities				48,877,693		1.72

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


44		Wells Fargo Advantage Allocation Funds		Summary portfolio of investments—November 30, 2013 (unaudited)

INDEX PORTFOLIO


Security name	Shares		Value		Percent of net assets


Professional Services: 0.18%
Other securities			$	5,062,350		0.18	%


Road & Rail: 0.90%
Union Pacific Corporation		81,058		13,134,638		0.46
Other securities				12,605,290		0.44

				25,739,928		0.90


Trading Companies & Distributors: 0.18%
Other securities				5,008,641		0.18


Information Technology: 17.64%

Communications Equipment: 1.73%
Cisco Systems Incorporated		936,950		19,910,188		0.70
QUALCOMM Incorporated		299,777		22,057,592		0.77
Other securities				7,354,501		0.26

				49,322,281		1.73


Computers & Peripherals: 4.10%
Apple Incorporated		158,763		88,283,341		3.10
Other securities				28,543,584		1.00

				116,826,925		4.10


Electronic Equipment, Instruments & Components: 0.45%
Other securities				12,849,328		0.45


Internet Software & Services: 2.49%
Google Incorporated Class A †		48,885		51,798,057		1.82
Other securities				19,151,520		0.67

				70,949,577		2.49


IT Services: 3.43%
International Business Machines Corporation		179,944		32,332,338		1.13
MasterCard Incorporated		18,128		13,791,964		0.48
Visa Incorporated Class A		90,207		18,353,516		0.64
Other securities				33,169,122		1.18

				97,646,940		3.43


Office Electronics: 0.08%
Other securities				2,304,063		0.08


Semiconductors & Semiconductor Equipment: 1.96%
Intel Corporation		870,622		20,755,628		0.73
Other securities				34,997,584		1.23

				55,753,212		1.96

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


Summary portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			45

INDEX PORTFOLIO


Security name	Shares		Value		Percent of net assets


Software: 3.40%
Microsoft Corporation		1,324,677	$	50,509,934		1.77	%
Oracle Corporation		623,122		21,989,975		0.77
Other securities				24,559,684		0.86

				97,059,593		3.40


Materials: 3.40%

Chemicals: 2.49%
Other securities				70,897,607		2.49


Construction Materials: 0.04%
Other securities				1,280,219		0.04


Containers & Packaging: 0.21%
Other securities				5,943,804		0.21


Metals & Mining: 0.53%
Other securities				15,060,297		0.53


Paper & Forest Products: 0.13%
Other securities				3,635,574		0.13


Telecommunication Services: 2.34%

Diversified Telecommunication Services: 2.19%
AT&T Incorporated		928,116		32,678,964		1.15
Verizon Communications Incorporated		500,083		24,814,118		0.87
Other securities				4,876,218		0.17

				62,369,300		2.19


Wireless Telecommunication Services: 0.15%
Other securities				4,269,932		0.15


Utilities: 2.93%

Electric Utilities: 1.61%
Other securities				46,030,341		1.61


Gas Utilities: 0.11%
Other securities				3,056,989		0.11


Independent Power Producers & Energy Traders: 0.11%
Other securities				3,060,395		0.11


Multi-Utilities: 1.10%
Other securities				31,383,171		1.10


Total Common Stocks (Cost $1,688,319,423)				2,807,726,588		98.53

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


46		Wells Fargo Advantage Allocation Funds		Summary portfolio of investments—November 30, 2013 (unaudited)

INDEX PORTFOLIO


Security name	Yield					Shares		Value			Percent of net assets


Short-Term Investments: 1.56%

Investment Companies: 1.47%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%				32,725,140	$	32,725,140			1.15	%
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(v)(r)		0.08					9,164,555		9,164,555			0.32

									41,889,695			1.47


				Maturity date		Principal

U.S. Treasury Securities: 0.09%
U.S. Treasury Bill (z)#		0.01			1-2-2014	$	700,000		699,994			0.03
U.S. Treasury Bill (z)#		0.07			4-10-2014		1,750,000		1,749,561			0.06

									2,449,555			0.09


Total Short-Term Investments (Cost $44,339,250)									44,339,250			1.56

Total investments in securities
(Cost $1,732,658,673) *									2,852,065,838			100.09	%
Other assets and liabilities, net									(2,592,238	)		(0.09	)

Total net assets								$	2,849,473,600			100.00	%

†	Non-income-earning security

(l)	Investment in an affiliate

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

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

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

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

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

*	Cost for federal income tax purposes is $1,836,348,596 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	1,158,532,327
Gross unrealized depreciation		(142,815,085	)

Net unrealized appreciation	$	1,015,717,242

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


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			47

INTERNATIONAL GROWTH PORTFOLIO


Security name	Shares		Value


Common Stocks: 94.72%

Belgium: 4.12%
Anheuser-Busch InBev NV (Consumer Staples, Beverages)		37,003	$	3,777,683
Telenet Group Holding NV (Consumer Discretionary, Media)		22,559		1,241,179
UCB SA (Health Care, Pharmaceuticals)		19,886		1,334,412

				6,353,274


Brazil: 0.25%
BM&F Bovespa SA (Financials, Diversified Financial Services)		76,800		380,696


Canada: 0.80%
Canadian Pacific Railway Limited (Industrials, Road & Rail)		7,998		1,230,732


China: 6.46%
Baidu Incorporated ADR (Information Technology, Internet Software & Services) †		39,488		6,577,516
China Resources Land Limited (Financials, Real Estate Management & Development)		524,500		1,444,419
Tencent Holdings Limited (Information Technology, Internet Software & Services)		33,800		1,954,934

				9,976,869


Denmark: 0.37%
Rockwool International AS B Shares (Industrials, Building Products)		3,303		577,163


France: 6.93%
LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods) «		4,023		758,303
Pernod-Ricard SA (Consumer Staples, Beverages)		15,019		1,702,248
Schneider Electric SA (Industrials, Electrical Equipment)		37,947		3,212,143
Unibail-Rodamco SE (Financials, REITs)		7,996		2,090,501
Zodiac Aerospace SA (Industrials, Aerospace & Defense)		17,330		2,939,319

				10,702,514


Germany: 17.38%
Allianz AG (Financials, Insurance)		7,242		1,257,821
Axel Springer AG (Consumer Discretionary, Media)		2,569		154,432
Bayer AG (Health Care, Pharmaceuticals)		42,389		5,654,892
Beiersdorf AG (Consumer Staples, Personal Products)		23,968		2,433,248
Deutsche Post AG (Industrials, Air Freight & Logistics)		120,799		4,271,665
Heidelbergcement AG (Materials, Construction Materials)		25,189		1,970,003
Linde AG (Materials, Chemicals)		29,438		6,010,726
MTU Aero Engines AG (Industrials, Aerospace & Defense)		20,344		1,911,950
Muenchener Rueckversicherungs-Gesellschaft AG (Financials, Insurance)		14,459		3,162,451

				26,827,188


Hong Kong: 5.89%
AIA Group Limited (Financials, Insurance)		989,600		5,016,514
Beijing Enterprises Holdings Limited (Industrials, Industrial Conglomerates)		269,000		2,408,028
Hong Kong Land Holdings Limited (Financials, Real Estate Management & Development)		115,966		685,359
Sands China Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		130,400		986,496

				9,096,397

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


48		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2013 (unaudited)

INTERNATIONAL GROWTH PORTFOLIO


Security name	Shares		Value


India: 0.21%
Coal India Limited (Energy, Oil, Gas & Consumable Fuels)		75,394	$	328,107


Indonesia: 0.57%
PT Bank Rakyat Indonesia Tbk (Financials, Commercial Banks)		1,405,000		875,005


Ireland: 2.43%
Covidien plc (Health Care, Health Care Equipment & Supplies)		54,988		3,753,481


Japan: 11.19%
Denso Corporation (Consumer Discretionary, Auto Components)		6,300		315,538
Honda Motor Company Limited (Consumer Discretionary, Automobiles)		93,600		3,956,925
Ishikawajima-Harima Heavy Industries Company Limited (Industrials, Machinery)		376,000		1,571,179
Japan Tobacco Incorporated (Consumer Staples, Tobacco)		72,300		2,442,353
NGK Insulators Limited (Industrials, Machinery)		167,000		3,057,115
Ono Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		14,900		1,128,865
ORIX Corporation (Financials, Diversified Financial Services)		40,800		742,905
Takeda Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		16,700		811,155
Toyota Motor Corporation (Consumer Discretionary, Automobiles)		52,100		3,245,282

				17,271,317


Mexico: 1.29%
Grupo Televisa SAB ADR (Consumer Discretionary, Media)		65,247		1,990,686


Netherlands: 3.81%
Nielsen Holdings NV (Industrials, Professional Services)		2,334		100,718
Unilever NV (Consumer Staples, Food Products) «		107,080		4,218,577
Ziggo NV (Telecommunication Services, Diversified Telecommunication Services)		36,504		1,564,090

				5,883,385


Nigeria: 0.49%
Nigerian Breweries plc (Consumer Staples, Beverages)		712,597		762,308


Singapore: 0.50%
Global Logistic Properties Limited (Financials, Real Estate Management & Development)		330,000		775,666


South Korea: 0.59%
Samsung Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		640		903,487


Spain: 0.62%
Grifols SA (Health Care, Biotechnology)		20,038		916,144
Grifols SA Class B (Health Care, Biotechnology)		1,237		42,205

				958,349


Switzerland: 9.28%
Actelion Limited (Health Care, Biotechnology)		8,180		681,328
Nestle SA (Consumer Staples, Food Products)		65,507		4,784,118
Roche Holdings AG (Health Care, Pharmaceuticals)		15,708		4,379,074
Swatch Group AG Class B (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		1,956		1,281,774
Swiss Reinsurance AG (Financials, Insurance)		15,694		1,396,350
UBS AG (Financials, Capital Markets)		94,916		1,809,420

				14,332,064

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


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			49

INTERNATIONAL GROWTH PORTFOLIO


Security name				Shares		Value


United Kingdom: 20.56%
Diageo plc (Consumer Staples, Beverages)					24,665	$	785,633
HSBC Holdings plc (Financials, Commercial Banks)					200,197		2,234,467
Imperial Tobacco Group plc (Consumer Staples, Tobacco)					88,097		3,351,143
Intercontinental Hotels Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)					28,258		880,189
Johnson Matthey plc (Materials, Chemicals)					38,520		1,998,671
Land Securities Group plc (Financials, REITs)					133,950		2,089,447
Liberty Global plc Class A (Consumer Discretionary, Media) †					31,095		2,668,262
Liberty Global plc Class C (Consumer Discretionary, Media) †					2,512		204,602
Meggitt plc (Industrials, Aerospace & Defense)					167,653		1,369,603
Prudential plc (Financials, Insurance)					58,079		1,242,483
Rolls-Royce Holdings plc (Industrials, Aerospace & Defense)					216,156		4,369,483
Rolls-Royce Holdings plc Class C Preference Shares (Industrials, Aerospace & Defense)†(a)					15,559,894		25,468
Royal Mail plc (Industrials, Air Freight & Logistics) †					116,473		1,058,069
SABMiller plc (Consumer Staples, Beverages)					73,992		3,818,603
Tesco plc (Consumer Staples, Food & Staples Retailing)					251,762		1,433,846
Vodafone Group plc (Telecommunication Services, Wireless Telecommunication Services)					535,205		1,986,822
WPP plc (Consumer Discretionary, Media)					100,479		2,221,910

							31,738,701


United States: 0.98%
Schlumberger Limited (Energy, Energy Equipment & Services)					17,120		1,513,750


Total Common Stocks (Cost $111,347,427)							146,231,139


Participatory Notes: 0.37%
HSBC Bank plc					68,500		573,788


Total Participatory Notes (Cost $537,051)							573,788


	Dividend yield

Preferred Stocks: 1.46%

Germany: 1.46%
Henkel AG & Company KGaA (Consumer Staples, Household Products) ±		1.10	%		19,848		2,250,105


Total Preferred Stocks (Cost $1,503,116)							2,250,105


	Yield			Shares

Short-Term Investments: 4.44%

Investment Companies: 4.44%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08			6,093,828		6,093,828
Wells Fargo Securities Lending Cash Investments, LLC (r)(v)(l)(u)		0.08			765,419		765,419


Total Short-Term Investments (Cost $6,859,247)							6,859,247


Total investments in securities
(Cost $120,246,841) *	100.99	%		155,914,279
Other assets and liabilities, net	(0.99	)		(1,527,178	)

Total net assets	100.00	%	$	154,387,101

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


50		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2013 (unaudited)

INTERNATIONAL GROWTH PORTFOLIO

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

†	Non-income-earning security

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

±	Variable rate investment. The rate shown is the rate in effect at period end.

(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 $120,170,471 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	36,464,160
Gross unrealized depreciation		(720,352	)

Net unrealized appreciation	$	35,743,808

The following table shows the percent of total long-term investments by sector as of November 30, 2013:


Consumer Staples	21.31	%
Industrials	18.85
Financials	17.29
Consumer Discretionary	13.35
Health Care	12.55
Materials	6.70
Information Technology	6.33
Telecommunication Services	2.38
Energy	1.24

	100.00	%

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


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			51

INTERNATIONAL VALUE PORTFOLIO


Security name	Shares		Value


Common Stocks: 96.98%

Australia: 5.94%
Arrium Limited (Materials, Metals & Mining)		1,531,700	$	2,197,841
Bendigo Bank Limited (Financials, Commercial Banks)		272,500		2,795,419
Boart Longyear Group Limited (Energy, Energy Equipment & Services) «		199,991		54,661
Cabcharge Australia Limited (Industrials, Commercial Services & Supplies) «		207,386		748,198
Challenger Financial Services Group Limited (Financials, Diversified Financial Services)		475,400		2,607,340
Downer EDI Limited (Industrials, Commercial Services & Supplies)		518,900		2,250,260
Leighton Holdings Limited (Industrials, Construction & Engineering) «		77,400		1,146,578
Lend Lease Corporation Limited (Financials, Real Estate Management & Development)		350,500		3,528,518
Metcash Limited (Consumer Staples, Food & Staples Retailing)		785,500		2,182,670
Mincor Resources NL (Materials, Metals & Mining) (i)		570,994		260,102
Myer Holdings Limited (Consumer Discretionary, Multiline Retail) «		577,400		1,499,214
Primary Health Care Limited (Health Care, Health Care Providers & Services)		339,000		1,544,229
Rio Tinto Limited (Materials, Metals & Mining)		66,800		4,020,287
Sally Malay Mining Limited (Materials, Metals & Mining)		368,800		80,639
Seven Network Limited (Industrials, Trading Companies & Distributors)		165,800		1,093,617
Toll Holdings Limited (Industrials, Air Freight & Logistics)		283,600		1,477,897
United Construction Group Limited (Industrials, Construction & Engineering)		152,800		897,894

				28,385,364


Austria: 1.40%
OMV AG (Energy, Oil, Gas & Consumable Fuels)		41,100		2,012,828
RHI AG (Materials, Construction Materials) (i)		64,721		2,314,146
Voestalpine AG (Materials, Metals & Mining)		47,700		2,372,020

				6,698,994


Belgium: 1.12%
Delhaize Group SA (Consumer Staples, Food & Staples Retailing)		39,400		2,295,951
KBC Groep NV (Financials, Commercial Banks)		53,400		3,046,844

				5,342,795


Brazil: 1.25%
Banco do Brasil SA (Financials, Commercial Banks)		196,000		2,141,980
Companhia de Saneamento Basico do Estado de Sao Paulo SA (Utilities, Water Utilities)		253,200		2,657,619
Companhia de Saneamento de Minas Gerais SA (Utilities, Water Utilities)		72,400		1,192,255

				5,991,854


Canada: 2.38%
Magna International Incorporated Class A (Consumer Discretionary, Auto Components) «		65,800		5,365,726
Metro Incorporated (Consumer Staples, Food & Staples Retailing)		48,400		2,851,321
WestJet Airlines Limited (Industrials, Airlines)		120,000		3,155,635

				11,372,682


China: 2.18%
China BlueChemical Limited (Materials, Chemicals)		1,984,000		1,346,100
China Communications Services Corporation Limited (Telecommunication Services, Diversified Telecommunication Services)		2,836,000		1,858,317
China Petroleum & Chemical Corporation (Energy, Oil, Gas & Consumable Fuels)		6,116,500		5,254,447

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


52		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2013 (unaudited)

INTERNATIONAL VALUE PORTFOLIO


Security name	Shares		Value


China (continued)
China Railway Construction Corporation Limited (Industrials, Construction & Engineering)		1,747,500	$	1,958,785

				10,417,649


Czech Republic: 0.33%
CEZ AS (Utilities, Electric Utilities)		57,500		1,595,965


Finland: 0.87%
Kesko Oyj (Consumer Staples, Food & Staples Retailing)		63,800		2,380,888
TietoEnator Oyj (Information Technology, IT Services)		82,700		1,780,715

				4,161,603


France: 9.10%
Alstom SA (Industrials, Machinery)		56,900		2,088,996
AXA SA (Financials, Insurance)		132,200		3,463,465
BNP Paribas SA (Financials, Commercial Banks)		49,100		3,685,305
Compagnie Generale des Etablissements Michelin SCA Class B (Consumer Discretionary, Auto Components)		24,000		2,606,690
Credit Agricole SA (Financials, Commercial Banks) †		219,328		2,750,144
Renault SA (Consumer Discretionary, Automobiles)		40,500		3,592,207
Sanofi-Aventis SA (Health Care, Pharmaceuticals)		61,400		6,492,782
SCOR SE (Financials, Insurance)		109,700		3,838,202
Societe Generale SA (Financials, Commercial Banks)		39,000		2,242,972
Thales SA (Industrials, Aerospace & Defense)		59,100		3,606,909
Total SA (Energy, Oil, Gas & Consumable Fuels)		93,700		5,676,562
Vivendi SA (Telecommunication Services, Diversified Telecommunication Services)		134,746		3,422,165

				43,466,399


Germany: 8.63%
Allianz AG (Financials, Insurance)		35,700		6,200,527
BASF SE (Materials, Chemicals)		46,500		4,965,182
Daimler AG (Consumer Discretionary, Automobiles)		69,300		5,742,787
Deutsche Bank AG (Financials, Capital Markets)		41,200		1,986,382
E.ON SE (Utilities, Multi-Utilities)		87,200		1,677,411
Gildemeister AG (Industrials, Machinery)		74,500		2,298,945
Hannover Rueckversicherung AG (Financials, Insurance)		31,000		2,581,136
Metro AG (Consumer Staples, Food & Staples Retailing)		49,800		2,495,730
Muenchener Rueckversicherungs-Gesellschaft AG (Financials, Insurance)		19,700		4,308,754
Norddeutsche Affinerie AG (Materials, Metals & Mining)		25,900		1,527,563
RWE AG (Utilities, Multi-Utilities)		40,900		1,570,200
Volkswagen AG (Consumer Discretionary, Automobiles)		22,600		5,884,057

				41,238,674


Hong Kong: 1.08%
Johnson Electric Holdings Limited (Industrials, Electrical Equipment)		1,133,500		1,023,457
Kingboard Laminates Holdings Limited (Information Technology, Electronic Equipment, Instruments & Components) (i)		2,204,000		955,214
Wheelock & Company Limited (Financials, Real Estate Management & Development)		379,000		1,845,466
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		429,500		1,343,460

				5,167,597

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


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			53

INTERNATIONAL VALUE PORTFOLIO


Security name	Shares		Value


India: 1.06%
Gail Limited (Utilities, Gas Utilities) (i)		26,700	$	821,292
Tata Motors Limited ADR (Consumer Discretionary, Automobiles)		83,800		2,720,986
Tata Steel Limited GDR (Industrials, Machinery)		245,900		1,540,564

				5,082,842


Indonesia: 0.15%
PT Japfa Comfeed Indonesia Tbk (Consumer Staples, Food Products)		6,962,500		721,714


Ireland: 0.65%
Irish Life & Permanent Group Holdings plc (Financials, Insurance) †		111,500		6,847
Smurfit Kappa Group plc (Materials, Containers & Packaging)		130,200		3,095,342

				3,102,189


Israel: 1.07%
Bank Hapoalim Limited (Financials, Commercial Banks)		542,900		3,026,126
Teva Pharmaceutical Industries Limited (Health Care, Pharmaceuticals)		51,404		2,080,378

				5,106,504


Italy: 1.43%
Enel SpA (Utilities, Electric Utilities)		688,400		3,131,021
ENI SpA (Energy, Oil, Gas & Consumable Fuels)		153,300		3,688,250

				6,819,271


Japan: 18.89%
Adeka Corporation (Materials, Chemicals)		203,200		2,259,651
Aisin Seiki Company Limited (Consumer Discretionary, Auto Components)		46,400		1,866,419
Aoyama Trading Company Limited (Consumer Discretionary, Specialty Retail)		73,100		1,963,369
Aozora Bank Limited (Financials, Commercial Banks)		588,000		1,693,532
Chiba Bank Limited (Financials, Commercial Banks)		329,000		2,287,020
DCM Japan Holdings Company Limited (Consumer Discretionary, Specialty Retail)		143,100		972,395
Eizo Nanao Corporation (Information Technology, Computers & Peripherals)		63,300		1,661,837
Fukuoka Financial Group Incorporated (Financials, Commercial Banks)		378,000		1,693,942
Hitachi Capital Corporation (Financials, Consumer Finance)		57,700		1,662,977
Itochu Corporation (Industrials, Trading Companies & Distributors)		200,700		2,531,651
JX Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		408,000		2,123,154
Kaken Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		101,000		1,529,422
KDDI Corporation (Telecommunication Services, Wireless Telecommunication Services)		120,000		7,533,317
Kyorin Company Limited (Health Care, Pharmaceuticals)		99,000		2,045,243
Maeda Road Construction Company Limited (Industrials, Construction & Engineering)		148,000		2,274,367
Marubeni Corporation (Industrials, Trading Companies & Distributors)		516,000		3,743,110
Miraca Holdings Incorporated (Health Care, Health Care Providers & Services)		25,100		1,166,473
Mitsubishi Corporation (Industrials, Trading Companies & Distributors)		35,500		698,389
Mitsui & Company Limited (Industrials, Trading Companies & Distributors)		260,300		3,606,206
Mizuho Financial Group Incorporated (Financials, Commercial Banks)		1,831,300		3,844,076
Nichirei Corporation (Consumer Staples, Food Products)		265,000		1,402,294
Nippon Electric Glass Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		107,000		575,611
Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		92,700		4,651,970
Nissan Motor Company Limited (Consumer Discretionary, Automobiles)		151,400		1,383,553

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


54		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2013 (unaudited)

INTERNATIONAL VALUE PORTFOLIO


Security name	Shares		Value


Japan (continued)
NTT DoCoMo Incorporated (Telecommunication Services, Wireless Telecommunication Services)		180,000	$	2,899,683
Otsuka Holdings Company Limited (Health Care, Pharmaceuticals)		133,900		3,911,436
Rengo Company Limited (Materials, Containers & Packaging)		208,000		1,118,946
Resona Holdings Incorporated (Financials, Commercial Banks)		598,500		2,968,396
Ryosan Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		16,200		335,151
Saizeriya Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		99,800		1,167,297
Sankyu Incorporated (Industrials, Road & Rail)		313,000		1,182,631
Shionogi & Company Limited (Health Care, Pharmaceuticals)		79,300		1,743,555
Sojitz Corporation (Industrials, Trading Companies & Distributors)		678,000		1,251,081
Sumitomo Corporation (Industrials, Trading Companies & Distributors)		285,000		3,525,458
Sumitomo Mitsui Financial Group Incorporated (Financials, Commercial Banks)		100,400		4,969,763
The Keiyo Bank Limited (Financials, Commercial Banks)		62,000		308,108
Toshiba TEC Corporation (Information Technology, Office Electronics)		234,000		1,484,989
Toyo Tire & Rubber Company Limited (Consumer Discretionary, Auto Components)		325,000		1,919,697
Tsuruha Holdings Incorporated (Consumer Staples, Food & Staples Retailing)		13,500		1,242,909
West Japan Railway Company (Industrials, Road & Rail)		45,400		1,985,765
Yokohama Rubber Company Limited (Consumer Discretionary, Auto Components)		297,000		3,073,664

				90,258,507


Liechtenstein: 0.17%
Verwaltungs-und Privat-Bank AG (Financials, Capital Markets) (i)		7,800		795,962


Malaysia: 0.50%
Tenaga Nasional Berhad (Utilities, Electric Utilities)		772,000		2,361,750


Netherlands : 2.35%
Aegon NV (Financials, Insurance)		334,000		2,966,999
ING Groep NV (Financials, Diversified Financial Services) †		237,100		3,078,635
Koninklijke Ahold NV (Consumer Staples, Food & Staples Retailing)		285,600		5,199,034

				11,244,668


Norway: 1.50%
Atea ASA (Information Technology, IT Services)		84,900		823,902
DnB Nor ASA (Financials, Commercial Banks)		148,800		2,630,772
Statoil ASA (Energy, Oil, Gas & Consumable Fuels)		61,700		1,392,747
Yara International ASA (Materials, Chemicals)		53,600		2,336,763

				7,184,184


Poland: 0.64%
Asseco Poland SA (Information Technology, Software)		101,800		1,681,152
KGHM Polska Miedz SA (Materials, Metals & Mining)		36,500		1,396,951

				3,078,103


Russia: 1.49%
Gazprom Neft Sponsored ADR (Energy, Oil, Gas & Consumable Fuels) (i)		150,900		3,405,671
Lukoil ADR (Energy, Oil, Gas & Consumable Fuels)		60,400		3,729,881

				7,135,552

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


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			55

INTERNATIONAL VALUE PORTFOLIO


Security name	Shares		Value


Singapore: 0.39%
United Overseas Bank Limited (Financials, Commercial Banks)		113,000	$	1,883,558


South Africa: 0.26%
Barclays Africa Group Limited (Financials, Commercial Banks) «		92,100		1,227,880


South Korea: 2.42%
E-MART Company Limited (Consumer Staples, Food & Staples Retailing)		8,500		2,164,556
Industrial Bank of Korea (Financials, Commercial Banks)		192,500		2,082,703
SK Telecom Company Limited (Telecommunication Services, Wireless Telecommunication Services)		22,300		4,762,166
Woori Finance Holdings Company Limited (Financials, Commercial Banks)		212,200		2,536,455

				11,545,880


Spain: 2.12%
Banco Bilbao Vizcaya Argentaria SA (Financials, Commercial Banks)		185,200		2,212,519
Banco Santander Central Hispano SA (Financials, Commercial Banks)		429,681		3,819,291
Repsol YPF SA (Energy, Oil, Gas & Consumable Fuels)		123,800		3,250,964
Telefonica SA (Telecommunication Services, Diversified Telecommunication Services)		52,400		862,055

				10,144,829


Sweden: 1.49%
Boliden AB (Materials, Metals & Mining)		169,300		2,477,763
Nordea Bank AB (Financials, Commercial Banks)		177,300		2,291,956
Saab AB (Industrials, Aerospace & Defense)		113,500		2,338,885

				7,108,604


Switzerland: 5.71%
Baloise Holding AG (Financials, Insurance)		28,800		3,399,636
Credit Suisse Group AG (Financials, Capital Markets)		184,595		5,494,372
Georg Fischer AG (Industrials, Machinery)		3,000		2,068,509
Novartis AG (Health Care, Pharmaceuticals)		48,000		3,794,142
Roche Holdings AG (Health Care, Pharmaceuticals)		12,300		3,428,992
Swiss Reinsurance AG (Financials, Insurance)		48,500		4,315,213
Zurich Financial Services AG (Financials, Insurance)		17,100		4,770,908

				27,271,772


Taiwan: 0.26%
Powertech Technology Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		794,000		1,227,462


Thailand: 0.74%
Bangchak Petroleum PCL (Energy, Oil, Gas & Consumable Fuels)		2,188,900		2,266,612
Thanachart Capital PCL (Financials, Commercial Banks)		1,251,600		1,276,546

				3,543,158


United Kingdom: 19.41%
Alent plc (Materials, Chemicals)		145,400		804,409
AMEC plc (Energy, Energy Equipment & Services)		120,300		2,228,988
Amlin plc (Financials, Insurance)		279,000		2,055,003
AstraZeneca plc (Health Care, Pharmaceuticals)		150,200		8,637,850
Aviva plc (Financials, Insurance)		314,900		2,212,734
BAE Systems plc (Industrials, Aerospace��& Defense)		684,100		4,785,748
Barclays plc (Financials, Commercial Banks)		715,000		3,179,721

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


56		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2013 (unaudited)

INTERNATIONAL VALUE PORTFOLIO


Security name				Shares		Value


United Kingdom (continued)
BP plc (Energy, Oil, Gas & Consumable Fuels)					844,300	$	6,661,002
BT Group plc (Telecommunication Services, Diversified Telecommunication Services)					1,124,900		6,862,290
Carillion plc (Industrials, Construction & Engineering)					261,500		1,289,634
Centrica plc (Utilities, Gas Utilities)					524,600		2,904,866
Chemring Group plc (Industrials, Aerospace & Defense)					247,200		861,834
Debenhams plc (Consumer Discretionary, Media)					1,238,200		1,960,819
Firstgroup plc (Industrials, Road & Rail)					254,700		476,509
GlaxoSmithKline plc (Health Care, Pharmaceuticals)					57,700		1,528,566
Home Retail Group plc (Consumer Discretionary, Internet & Catalog Retail)					290,000		906,149
Inchcape plc (Consumer Discretionary, Distributors)					255,800		2,491,227
J Sainsbury plc (Consumer Staples, Food & Staples Retailing)					706,400		4,710,505
Darty plc (Consumer Discretionary, Specialty Retail) (i)					679,100		972,607
Marston’s plc (Consumer Discretionary, Hotels, Restaurants & Leisure)					558,800		1,369,222
Old Mutual plc (Financials, Insurance)					982,800		3,202,817
Pace plc (Consumer Discretionary, Household Durables)					374,800		1,937,347
Premier Foods plc (Consumer Staples, Food Products) †					31,510		62,793
Royal & Sun Alliance Insurance Group plc (Financials, Insurance)					443,900		773,077
Royal Dutch Shell plc Class A (Energy, Oil, Gas & Consumable Fuels)					14,300		478,379
Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels)					264,000		9,266,713
Tesco plc (Consumer Staples, Food & Staples Retailing)					655,700		3,734,374
Tullett Prebon plc (Financials, Capital Markets)					279,500		1,532,577
Vesuvius plc (Industrials, Machinery)					145,400		1,156,159
Vodafone Group plc (Telecommunication Services, Wireless Telecommunication Services)					1,962,500		7,285,317
WH Smith plc (Consumer Discretionary, Specialty Retail)					223,600		3,465,912
William Morrison Supermarkets plc (Consumer Staples, Food & Staples Retailing)					679,700		2,953,802

							92,748,950


Total Common Stocks (Cost $426,952,922)							463,432,915


	Dividend yield

Preferred Stocks: 0.65%

Brazil: 0.65%
Banco do Estado do Rio Grande do Sul SA (Financials, Commercial Banks) ±		5.57	%		173,300		1,000,735
Companhia Energetica de Minas Gerais SA (Energy, Oil, Gas & Consumable Fuels) ±		18.81			83,399		692,939
Companhia Vale Do Rio Doce Class A (Materials, Metals & Mining) ±		5.41			100,100		1,402,454

Total Preferred Stocks (Cost $4,315,406)							3,096,128


	Yield
Short-Term Investments: 2.53%

Investment Companies: 2.53%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08			2,748,860		2,748,860
Wells Fargo Securities Lending Cash Investments, LLC (l)(r)(u)(v)		0.08			9,341,704		9,341,704


Total Short-Term Investments (Cost $12,090,564)							12,090,564


Total investments in securities (Cost $443,358,892) *	100.16	%		478,619,607
Other assets and liabilities, net	(0.16	)		(786,528	)

Total net assets	100.00	%	$	477,833,079

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


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			57

INTERNATIONAL VALUE PORTFOLIO

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

±	Variable rate investment. The rate shown is the rate in effect at period end.

†	Non-income-earning security

(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.

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

*	Cost for federal income tax purposes is $444,667,949 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	81,293,138
Gross unrealized depreciation		(47,341,530	)

Net unrealized appreciation	$	33,951,608

The following table shows the percent of total long-term investments by sector as of November 30, 2013:


Financials	27.49	%
Industrials	12.23
Consumer Discretionary	11.62
Energy	11.04
Telecommunication Services	8.60
Health Care	8.12
Consumer Staples	7.37
Materials	7.28
Utilities	3.99
Information Technology	2.26

	100.00	%

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


58		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2013 (unaudited)

LARGE COMPANY VALUE PORTFOLIO


Security name	Shares		Value


Common Stocks: 97.64%

Consumer Discretionary: 8.77%

Automobiles: 1.72%
General Motors Company †		45,392	$	1,758,032


Hotels, Restaurants & Leisure: 1.03%
Norwegian Cruise Line Holdings Limited †		30,660		1,045,506


Household Durables: 2.85%
Harman International Industries Incorporated		12,170		986,257
Newell Rubbermaid Incorporated		63,295		1,921,003

				2,907,260


Media: 2.21%
Lamar Advertising Company Class A †		27,401		1,367,858
Walt Disney Company		12,553		885,489

				2,253,347


Specialty Retail: 0.96%
Bed Bath & Beyond Incorporated †		12,479		973,736


Consumer Staples: 4.89%

Food & Staples Retailing: 2.32%
CVS Caremark Corporation		35,314		2,364,625


Household Products: 1.40%
Procter & Gamble Company		16,902		1,423,486


Personal Products: 1.17%
Herbalife Limited «		17,166		1,196,127


Energy: 13.34%

Energy Equipment & Services: 0.96%
Baker Hughes Incorporated		17,235		981,706


Oil, Gas & Consumable Fuels: 12.38%
Chevron Corporation		13,274		1,625,269
ConocoPhillips Company		18,151		1,321,393
Denbury Resources Incorporated †		73,783		1,230,700
EnCana Corporation		66,349		1,273,237
Exxon Mobil Corporation		31,166		2,913,398
Marathon Oil Corporation		55,250		1,991,210
Valero Energy Corporation		18,823		860,588
Whiting Petroleum Corporation †		23,110		1,395,844

				12,611,639


Financials: 31.20%

Capital Markets: 1.35%
Goldman Sachs Group Incorporated		8,139		1,375,003

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


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			59

LARGE COMPANY VALUE PORTFOLIO


Security name	Shares		Value


Commercial Banks: 6.76%
First Republic Bank Corporation		36,349	$	1,857,434
KeyCorp		129,016		1,644,954
SVB Financial Group †		16,992		1,720,270
Synovus Financial Corporation		476,436		1,662,762

				6,885,420


Consumer Finance: 1.25%
SLM Corporation		47,671		1,270,432


Diversified Financial Services: 7.06%
Bank of America Corporation		185,565		2,935,638
Citigroup Incorporated		50,481		2,671,455
JPMorgan Chase & Company		27,844		1,593,234

				7,200,327


Insurance: 8.61%
ACE Limited		9,789		1,006,113
American International Group Incorporated		44,026		2,190,294
MetLife Incorporated		37,028		1,932,491
The Hartford Financial Services Group Incorporated		65,234		2,324,287
The Travelers Companies Incorporated		14,597		1,324,532

				8,777,717


Real Estate Management & Development: 0.99%
Realogy Holdings Corporation †		21,244		1,006,753


REITs: 5.18%
American Tower Corporation		22,300		1,734,271
Realty Income Corporation «		36,255		1,381,678
Vornado Realty Trust		11,650		1,024,385
Weyerhaeuser Company		37,711		1,136,232

				5,276,566


Health Care: 10.94%

Health Care Equipment & Supplies: 2.51%
Medtronic Incorporated		18,368		1,052,854
Stryker Corporation		20,232		1,505,665

				2,558,519


Health Care Providers & Services: 1.73%
Cigna Corporation		20,170		1,763,867


Pharmaceuticals: 6.70%
Johnson & Johnson		24,126		2,283,767
Merck & Company Incorporated		21,599		1,076,278
Novartis AG ADR		20,476		1,620,061
Pfizer Incorporated		58,190		1,846,369

				6,826,475

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


60		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2013 (unaudited)

LARGE COMPANY VALUE PORTFOLIO


Security name	Shares		Value


Industrials: 11.92%

Airlines: 1.54%
United Continental Holdings Incorporated †		39,988	$	1,569,529


Construction & Engineering: 1.02%
URS Corporation		19,922		1,035,346


Electrical Equipment: 1.90%
Eaton Corporation plc		26,600		1,932,756


Industrial Conglomerates: 1.74%
General Electric Company		66,322		1,768,145


Machinery: 2.09%
Dover Corporation		13,881		1,259,562
Stanley Black & Decker Incorporated		10,740		874,129

				2,133,691


Road & Rail: 1.66%
Hertz Global Holdings Incorporated †		69,933		1,696,575


Trading Companies & Distributors: 1.97%
WESCO International Incorporated †		23,374		2,009,697


Information Technology: 6.94%

Communications Equipment: 0.75%
JDS Uniphase Corporation †		63,385		769,494


Computers & Peripherals: 2.55%
Apple Incorporated		2,127		1,182,761
EMC Corporation		59,180		1,411,443

				2,594,204


Semiconductors & Semiconductor Equipment: 2.35%
Maxim Integrated Products Incorporated		28,115		800,715
Skyworks Solutions Incorporated †		60,034		1,596,304

				2,397,019


Software: 1.29%
Symantec Corporation		58,318		1,311,572


Materials: 3.04%

Chemicals: 3.04%
Ashland Incorporated		13,885		1,264,646
Huntsman Corporation		43,658		1,001,078
Westlake Chemical Corporation		7,360		828,589

				3,094,313

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


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			61

LARGE COMPANY VALUE PORTFOLIO


Security name				Shares		Value


Telecommunication Services: 2.34%

Diversified Telecommunication Services: 2.34%
AT&T Incorporated					24,373	$	858,170
Verizon Communications Incorporated					30,653		1,521,002

							2,379,172


Utilities: 4.26%

Electric Utilities: 1.22%
Portland General Electric Company					41,532		1,238,069


Independent Power Producers & Energy Traders: 1.96%
AES Corporation					137,333		2,000,942


Water Utilities: 1.08%
Aqua America Incorporated					45,800		1,102,406


	Yield
Total Common Stocks (Cost $82,169,991)							99,489,473


Short-Term Investments: 4.81%

Investment Companies: 4.81%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%		2,329,957		2,329,957
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)		0.08			2,575,400		2,575,400


Total Short-Term Investments (Cost $4,905,357)							4,905,357


Total investments in securities (Cost $87,075,348) *	102.45	%		104,394,830
Other assets and liabilities, net	(2.45	)		(2,497,243	)

Total net assets	100.00	%	$	101,897,587

†	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 $87,920,090 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	18,065,178
Gross unrealized depreciation		(1,590,438	)

Net unrealized appreciation	$	16,474,740

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


62		Wells Fargo Advantage Allocation Funds		Portfolio of investments — November 30, 2013 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO


Security name	Shares		Value


Common Stocks: 95.63%

Consumer Discretionary: 14.66%

Auto Components: 0.93%
Tower International Incorporated †		104,840	$	2,253,013


Diversified Consumer Services: 0.61%
LifeLock Incorporated †		85,540		1,472,999


Hotels, Restaurants & Leisure: 1.48%
Brinker International Incorporated		43,340		2,038,273
Del Frisco’s Restaurant Group Incorporated †		72,380		1,532,285

				3,570,558


Household Durables: 0.62%
Ethan Allen Interiors Incorporated		48,440		1,496,796


Media: 1.64%
IMAX Corporation †«		59,540		1,835,618
Lions Gate Entertainment Corporation †		67,610		2,139,180

				3,974,798


Specialty Retail: 4.76%
Bebe Stores Incorporated		207,120		1,219,937
Chico’s FAS Incorporated		87,800		1,640,982
Dick’s Sporting Goods Incorporated		41,760		2,360,275
GNC Holdings Incorporated Class A		40,670		2,447,521
Pier 1 Imports Incorporated		89,350		1,991,612
Sonic Automotive Incorporated		78,950		1,872,694

				11,533,021


Textiles, Apparel & Luxury Goods: 4.62%
Deckers Outdoor Corporation †		24,050		1,987,492
Hanesbrands Incorporated		53,920		3,779,792
Movado Group Incorporated		29,050		1,322,356
Skechers U.S.A. Incorporated Class A †		69,420		2,333,900
Tumi Holdings Incorporated †		73,380		1,761,120

				11,184,660


Consumer Staples: 0.89%

Food Products: 0.89%
Whitewave Foods Company †		101,040		2,149,121


Energy: 6.42%

Energy Equipment & Services: 1.56%
Pacific Drilling SA †		141,010		1,593,413
Tidewater Incorporated		38,210		2,179,498

				3,772,911

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


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			63

SMALL COMPANY GROWTH PORTFOLIO


Security name	Shares		Value


Oil, Gas & Consumable Fuels: 4.86%
Delek US Holdings Incorporated		82,770	$	2,504,620
Diamondback Energy Incorporated †		29,480		1,466,335
GasLog Limited		82,990		1,322,031
Gulfport Energy Corporation †		32,280		1,886,120
Oasis Petroleum Incorporated †		53,580		2,471,645
Rosetta Resources Incorporated †		41,810		2,114,332

				11,765,083


Financials: 10.58%

Capital Markets: 4.25%
Evercore Partners Incorporated Class A		55,780		3,059,533
LPL Financial Holdings Incorporated		58,330		2,500,607
Stifel Financial Corporation †		50,970		2,281,927
Virtus Investment Partners Incorporated †		11,760		2,443,728

				10,285,795


Commercial Banks: 2.52%
CapitalSource Incorporated		151,150		2,125,169
Signature Bank †		14,570		1,548,063
SVB Financial Group †		23,990		2,428,748

				6,101,980


Consumer Finance: 0.81%
Encore Capital Group Incorporated †		41,015		1,956,005


Insurance: 1.16%
Argo Group International Holdings Limited		59,542		2,815,741


REITs: 0.81%
QTS Realty Trust Incorporated Class A †		94,030		1,957,705


Thrifts & Mortgage Finance: 1.03%
Essent Group Limited †		114,570		2,490,752


Health Care: 19.43%

Biotechnology: 4.11%
Alnylam Pharmaceuticals Incorporated †		32,280		1,975,536
Exelixis Incorporated †«		222,430		1,296,767
Insys Therapeutics Incorporation †		24,980		1,101,618
InterMune Incorporated †		104,740		1,448,554
Intrexon Corporation †«		34,170		782,151
Portola Pharmaceuticals Incorporation †		49,770		1,244,250
Seattle Genetics Incorporated †		26,160		1,074,914
Theravance Incorporated †		27,250		1,028,960

				9,952,750

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


64		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2013 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO


Security name	Shares		Value


Health Care Equipment & Supplies: 7.87%
Accuray Incorporated †«		213,560	$	1,704,209
ArthroCare Corporation †		49,420		1,864,122
Atricure Incorporated †		84,510		1,323,427
Cerus Corporation †«		281,570		1,883,703
DexCom Incorporated †		79,850		2,642,237
Endologix Incorporated †		106,371		1,900,850
Insulet Corporation †		50,730		1,878,025
Oxford Immunotec Global plc †		73,920		1,170,893
Spectranetics Corporation †		115,060		2,676,296
Sunshine Heart Incorporated †«		95,650		866,589
Veracyte Incorporated †		87,110		1,130,688

				19,041,039


Health Care Providers & Services: 2.38%
Capital Senior Living Corporation †		57,980		1,294,693
Ensign Group Incorporated		57,050		2,576,949
LifePoint Hospitals Incorporated †		36,830		1,886,801

				5,758,443


Health Care Technology: 0.83%
Medidata Solutions Incorporated †		12,000		1,426,920
Omnicell Incorporated †		23,890		579,333

				2,006,253


Life Sciences Tools & Services: 2.47%
Cambrex Corporation †		106,280		2,072,460
Fluidigm Corporation †		44,690		1,420,248
ICON plc ADR †		65,330		2,491,686

				5,984,394


Pharmaceuticals: 1.77%
AcelRx Pharmaceuticals Incorporated †«		131,060		1,281,767
Akorn Incorporated †		68,930		1,774,948
Pacira Pharmaceuticals Incorporated †		22,370		1,234,600

				4,291,315


Industrials: 16.45%

Aerospace & Defense: 0.73%
Esterline Technologies Corporation †		20,080		1,767,442


Air Freight & Logistics: 1.12%
Hub Group Incorporated Class A †		72,080		2,712,370


Airlines: 0.42%
Spirit Airlines Incorporated †		22,330		1,024,277


Building Products: 1.14%
A.O. Smith Corporation		51,010		2,762,192

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


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			65

SMALL COMPANY GROWTH PORTFOLIO


Security name	Shares		Value


Commercial Services & Supplies: 2.20%
ACCO Brands Corporation †		178,660	$	1,075,533
Copart Incorporated †		61,392		2,113,727
Kar Auction Services Incorporated		76,890		2,121,395

				5,310,655


Construction & Engineering: 1.17%
Tutor Perini Corporation †		115,450		2,827,371


Machinery: 2.02%
Actuant Corporation Class A		52,970		2,070,068
Wabash National Corporation †		232,490		2,822,429

				4,892,497


Professional Services: 2.01%
On Assignment Incorporated †		106,630		3,628,619
RPX Corporation †		75,110		1,240,817

				4,869,436


Road & Rail: 2.52%
Genesee & Wyoming Incorporated †		17,290		1,663,298
Roadrunner Transportation Systems Incorporated †		77,470		2,121,129
Swift Transportation Company †«		99,740		2,308,981

				6,093,408


Trading Companies & Distributors: 3.12%
Beacon Roofing Supply Incorporated †		63,600		2,364,648
MRC Global Incorporated †		61,020		1,866,602
MSC Industrial Direct Company		16,420		1,261,877
United Rentals Incorporated †		30,070		2,066,711

				7,559,838


Information Technology: 22.19%

Communications Equipment: 1.97%
Infinera Corporation †		143,430		1,333,899
Palo Alto Networks Incorporated †		40,310		2,013,485
Riverbed Technology Incorporated †		82,790		1,432,267

				4,779,651


Electronic Equipment, Instruments & Components: 1.84%
InvenSense Incorporated †«		89,410		1,545,899
OSI Systems Incorporated †		38,040		2,917,668

				4,463,567


Internet Software & Services: 1.03%
Endurance International Group Holdings †«		105,590		1,508,881
Zillow Incorporated Class A †«		12,490		981,964

				2,490,845

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


66		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2013 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO


Security name	Shares		Value


IT Services: 2.43%
EVERTEC Incorporated		92,330	$	2,037,723
InterXion Holding NV †		55,580		1,251,106
Vantiv Incorporated Class A †		85,260		2,583,378

				5,872,207


Semiconductors & Semiconductor Equipment: 4.46%
Advanced Energy Industries Incorporated †		89,070		2,121,647
Applied Micro Circuits Corporation †		85,940		1,078,547
Microsemi Corporation †		73,040		1,784,367
Semtech Corporation †		68,500		2,035,820
Spansion Incorporated Class A †		125,590		1,556,060
Teradyne Incorporated †		130,780		2,227,183

				10,803,624


Software: 10.46%
Bottomline Technologies Incorporated †		58,650		2,027,531
BroadSoft Incorporated †		29,880		793,912
Cadence Design Systems Incorporated †		158,240		2,096,680
Concur Technologies Incorporated †		14,642		1,421,592
Infoblox Incorporated †		28,910		918,760
Jive Software Incorporated †«		159,940		1,773,735
PTC Incorporated †		69,170		2,250,792
Rally Software Development Corporation †		65,070		1,600,722
Realpage Incorporated †		71,770		1,608,366
Silver Spring Networks Incorporated †«		142,620		2,950,808
SS&C Technologies Holdings †		83,320		3,591,925
Synchronoss Technologies Incorporated †		43,510		1,380,572
Tangoe Incorporated †		85,720		1,349,233
Ultimate Software Group Incorporated †		9,830		1,540,263

				25,304,891


Materials: 5.01%

Chemicals: 1.58%
Calgon Carbon Corporation †		108,400		2,244,964
Methanex Corporation		25,750		1,581,050

				3,826,014


Containers & Packaging: 0.82%
Graphic Packaging Holding Company †		219,980		1,975,420


Metals & Mining: 1.76%
Constellium NV Class A †		121,870		2,634,829
Steel Dynamics Incorporated		89,540		1,631,419

				4,266,248


Paper & Forest Products: 0.85%
Boise Cascade Company †		79,630		2,043,306


Total Common Stocks (Cost $166,366,873)				231,460,391

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


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			67

SMALL COMPANY GROWTH PORTFOLIO


Security name	Yield			Shares		Value


Short-Term Investments: 9.20%

Investment Companies: 9.20%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (u)(l)		0.08	%		9,672,711	$	9,672,711
Wells Fargo Securities Lending Cash Investments, LLC (r)(v)(u)(l)		0.08			12,598,600		12,598,600

Total Short-Term Investments (Cost $22,271,311)							22,271,311


Total investments in securities (Cost $188,638,184) *	104.83	%		253,731,702
Other assets and liabilities, net	(4.83	)		(11,689,750	)

Total net assets	100.00	%	$	242,041,952

†	Non-income-earning security

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

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

(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.

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

*	Cost for federal income tax purposes is $189,718,823 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	66,559,918
Gross unrealized depreciation		(2,547,039	)

Net unrealized appreciation	$	64,012,879

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


68		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2013 (unaudited)

SMALL COMPANY VALUE PORTFOLIO


Security name	Shares		Value


Common Stocks: 97.30%

Consumer Discretionary: 14.82%

Auto Components: 2.29%
American Axle & Manufacturing Holdings Incorporated †		137,365	$	2,747,300
Dana Holding Corporation		98,799		2,003,644

				4,750,944


Distributors: 0.99%
Core Mark Holding Company Incorporated		27,763		2,049,465


Diversified Consumer Services: 2.70%
Apollo Group Incorporated Class A †		102,438		2,693,095
Houghton Mifflin Harcourt Company †		75,690		1,313,978
Steiner Leisure Limited †		27,113		1,604,005

				5,611,078


Hotels, Restaurants & Leisure: 1.88%
Bob Evans Farms Incorporated		34,188		1,900,511
ClubCorp Holdings Incorporated †		120,800		2,007,696

				3,908,207


Leisure Equipment & Products: 0.71%
Arctic Cat Incorporated		26,215		1,475,118


Media: 0.78%
Scholastic Corporation		53,010		1,618,925


Specialty Retail: 2.98%
Asbury Automotive Group Incorporated †		53,503		2,777,876
Rent-A-Center Incorporated		41,318		1,407,291
Zumiez Incorporated †		72,327		2,008,521

				6,193,688


Textiles, Apparel & Luxury Goods: 2.49%
G-III Apparel Group Limited †		41,890		2,523,873
Vera Bradley Incorporated †«		105,200		2,642,624

				5,166,497


Consumer Staples: 1.83%

Food Products: 1.83%
Dean Foods Company		92,450		1,662,251
Post Holdings Incorporated †		42,096		2,132,162

				3,794,413


Energy: 3.83%

Energy Equipment & Services: 1.89%
Basic Energy Services Incorporated †		115,737		1,642,308
Key Energy Services Incorporated †		291,414		2,284,686

				3,926,994

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


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			69

SMALL COMPANY VALUE PORTFOLIO


Security name	Shares		Value


Oil, Gas & Consumable Fuels: 1.94%
Rex Energy Corporation †		106,300	$	2,038,834
Sanchez Energy Corporation †		77,775		1,996,484

				4,035,318


Financials: 37.39%

Capital Markets: 2.01%
Greenhill & Company Incorporated		38,605		2,112,080
Stifel Financial Corporation †		46,174		2,067,210

				4,179,290


Commercial Banks: 16.42%
Associated Banc-Corp		134,553		2,319,694
BancorpSouth Incorporated		130,211		3,113,345
Banner Corporation		48,215		2,095,424
City National Corporation		31,669		2,418,245
FirstMerit Corporation		108,890		2,500,114
IBERIABANK Corporation		41,041		2,573,271
MB Financial Incorporated		51,300		1,672,893
Old National Bancorp		104,300		1,621,865
Pacwest Bancorp «		48,969		2,014,585
PrivateBancorp Incorporated		99,000		2,745,270
Umpqua Holdings Corporation «		87,407		1,609,163
ViewPoint Financial Group Incorporated		80,400		2,040,552
Webster Financial Corporation		71,292		2,101,688
Western Alliance Bancorp †		136,439		3,168,114
Wintrust Financial Corporation		46,351		2,102,481

				34,096,704


Insurance: 7.09%
Amtrust Financial Services Incorporated «		68,366		2,858,382
CNO Financial Group Incorporated		184,061		3,114,312
Employers Holdings Incorporated		83,034		2,710,230
OneBeacon Insurance Group Limited		104,501		1,661,566
Primerica Incorporated		50,997		2,194,401
Selective Insurance Group Incorporated		77,617		2,188,023

				14,726,914


Real Estate Management & Development: 0.80%
Alexander & Baldwin Incorporated		43,980		1,662,004


REITs: 9.29%
Ashford Hospitality Prime Incorporated †		36,423		745,215
Ashford Hospitality Trust		182,117		1,495,181
Campus Crest Communities Incorporated		194,096		1,931,255
Corporate Office Properties Trust		70,300		1,562,769
Cousins Properties Incorporated		182,797		1,957,756
Education Realty Trust Incorporated		223,700		1,946,190
LaSalle Hotel Properties		64,396		2,016,883
Pebblebrook Hotel Trust		64,011		1,941,454

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


70		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2013 (unaudited)

SMALL COMPANY VALUE PORTFOLIO


Security name	Shares		Value


REITs (continued)
Sabra Health Care REIT Incorporated		64,528	$	1,721,607
STAG Industrial Incorporated		94,800		2,055,264
Sunstone Hotel Investors Incorporated		147,221		1,924,178

				19,297,752


Thrifts & Mortgage Finance: 1.78%
BankUnited Incorporated		66,646		2,151,333
Washington Federal Incorporated		66,426		1,553,704

				3,705,037


Health Care: 5.38%

Health Care Equipment & Supplies: 1.13%
Alere Incorporated †		71,943		2,353,975


Health Care Providers & Services: 3.01%
Ensign Group Incorporated		35,864		1,619,977
LifePoint Hospitals Incorporated †		38,191		1,956,525
WellCare Health Plans Incorporated †		35,880		2,665,884

				6,242,386


Health Care Technology: 1.24%
Medassets Incorporated †		119,297		2,569,657


Industrials: 11.50%

Air Freight & Logistics: 1.46%
Air Transport Services Group †		138,038		1,073,936
Atlas Air Worldwide Holdings Incorporated †		50,989		1,957,978

				3,031,914


Commercial Services & Supplies: 1.57%
ACCO Brands Corporation †		268,340		1,615,407
Quad Graphics Incorporated		62,877		1,637,946

				3,253,353


Construction & Engineering: 2.03%
Great Lakes Dredge & Dock Company		212,722		1,895,353
Tutor Perini Corporation †		94,941		2,325,105

				4,220,458


Machinery: 3.02%
Briggs & Stratton Corporation		70,394		1,423,367
Global Brass & Copper Holdings Incorporated		72,663		1,198,940
Kadant Incorporated		48,452		2,006,882
Wabash National Corporation †		134,999		1,638,888

				6,268,077


Professional Services: 1.02%
FTI Consulting Incorporated †		47,191		2,119,348

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


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			71

SMALL COMPANY VALUE PORTFOLIO


Security name	Shares		Value


Road & Rail: 1.48%
Quality Distribution Incorporated †		139,900	$	1,710,977
Ryder System Incorporated		19,506		1,362,299

				3,073,276


Trading Companies & Distributors: 0.92%
Titan Machinery Incorporated †«		107,533		1,915,163


Information Technology: 13.12%

Communications Equipment: 1.89%
ARRIS Group Incorporated †		120,850		2,479,842
Black Box Corporation		51,946		1,455,007

				3,934,849


Computers & Peripherals: 0.82%
QLogic Corporation †		137,730		1,709,229


Electronic Equipment, Instruments & Components: 3.34%
Itron Incorporated †		36,310		1,537,729
Multi-Fineline Electronix Incorporated †		71,135		1,004,426
Plexus Corporation †		55,319		2,233,228
Sanmina Corporation †		139,545		2,160,157

				6,935,540


Internet Software & Services: 0.89%
EarthLink Incorporated		338,242		1,843,419


Semiconductors & Semiconductor Equipment: 5.59%
Cirrus Logic Incorporated †«		106,590		2,150,986
Integrated Silicon Solution Incorporated †		148,163		1,754,250
Kulicke & Soffa Industries Incorporated †		186,646		2,355,473
MagnaChip Semiconductor Corporation †		98,976		2,009,213
OmniVision Technologies Incorporated †		90,984		1,458,474
Photronics Incorporated †		217,754		1,881,395

				11,609,791


Software: 0.59%
EPIQ Systems Incorporated		72,582		1,214,297


Materials: 5.33%

Chemicals: 1.66%
Kraton Performance Polymers Incorporated †		85,391		1,988,756
Zep Incorporated		75,616		1,456,364

				3,445,120


Metals & Mining: 3.67%
A.M. Castle & Company †		56,966		796,954
Commercial Metals Company		115,670		2,246,311
Horsehead Holding Corporation †		149,262		2,234,452
Suncoke Energy Incorporated †		103,939		2,356,297

				7,634,014

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


72		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2013 (unaudited)

SMALL COMPANY VALUE PORTFOLIO


Security name						Shares		Value


Telecommunication Services: 0.80%

Diversified Telecommunication Services: 0.80%
Iridium Communications Incorporated †							270,575	$	1,664,036


Utilities: 3.30%

Electric Utilities: 3.30%
El Paso Electric Company							63,350		2,282,501
PNM Resources Incorporated							86,704		2,017,602
Portland General Electric Company							85,697		2,554,624

									6,854,727


Total Common Stocks (Cost $147,320,398)									202,090,977


				Expiration date

Warrants: 0.01%

Health Care: 0.01%

Health Care Equipment & Supplies: 0.01%
EnteroMedics Incorporated †(a)					5-14-2016		9,104		10,778


Total Warrants (Cost $0)									10,778


	Yield

Short-Term Investments: 7.42%

Investment Companies: 7.42%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%				6,438,413		6,438,413
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)		0.08					8,987,147		8,987,147

Total Short-Term Investments (Cost $15,425,560)									15,425,560


Total investments in securities
(Cost $162,745,958) *	104.73	%		217,527,315
Other assets and liabilities, net	(4.73	)		(9,829,453	)

Total net assets	100.00	%	$	207,697,862

†	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.

(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 $164,900,485 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	58,250,533
Gross unrealized depreciation		(5,623,703	)

Net unrealized appreciation	$	52,626,830

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


Summary portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			73

CORE BOND PORTFOLIO

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 Form N-CSRS, 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: 35.37%
FHLMC		0.87-7.50	%		8-1-2017 to 3-25-2044	$	173,924,636	$	181,042,032		6.19	%
FHLMC ±		2.24			7-1-2043		23,278,559		23,569,893		0.81
FHLMC		2.50			5-1-2028		12,513,622		12,531,467		0.43
FHLMC		4.00			6-1-2042		40,489,966		41,785,852		1.43
FHLMC		5.00			8-1-2039		18,018,076		19,889,238		0.68
FHLMC		5.00			8-1-2041		20,249,431		22,158,409		0.76
FNMA ±		1.98			4-1-2043		11,467,494		11,522,648		0.39
FNMA		1.99-7.50			9-1-2016 to 1-1-2044		255,764,291		263,240,752		9.00
FNMA ±		2.07			7-1-2043		13,681,802		13,704,305		0.47
FNMA		2.50			10-1-2027		11,804,385		11,825,510		0.41
FNMA		2.50			11-1-2027		15,003,607		15,067,957		0.52
FNMA %%		2.50			12-1-2028		22,400,000		22,360,625		0.77
FNMA %%		2.50			1-1-2029		15,100,000		15,038,656		0.52
FNMA		3.00			1-1-2043		16,293,677		15,525,375		0.53
FNMA		3.00			3-1-2043		17,551,721		16,724,636		0.57
FNMA %%		3.00			12-1-2043		31,500,000		30,376,581		1.04
FNMA		3.50			9-1-2042		31,802,633		31,653,947		1.08
FNMA		3.50			2-1-2043		14,478,427		14,410,778		0.49
FNMA %%		3.50			1-1-2044		29,300,000		29,456,800		1.01
FNMA		4.00			6-1-2042		13,523,103		14,000,446		0.48
FNMA		5.00			7-1-2041		13,374,316		14,796,750		0.51
FNMA		6.00			3-1-2034		24,451,502		27,287,807		0.93
FNMA Series 416 Class A350		3.50			11-25-2042		13,576,515		13,724,095		0.47
FNMA Series 2012-130 Class DC		3.00			12-25-2042		37,626,024		36,009,045		1.23
FNMA Series 2013-121 Class LB (a)		3.00			12-25-2043		13,276,000		13,707,588		0.47
GNMA		2.50-8.05			7-15-2019 to 1-1-2044		21,098,033		21,373,197		0.71
GNMA %%		3.50			12-1-2043		12,200,000		12,436,375		0.43
GNMA %%		4.00			12-1-2043		10,800,000		11,385,141		0.39
GNMA %%		4.00			1-1-2044		41,600,000		43,717,376		1.50
GNMA %%		4.50			12-1-2043		31,200,000		33,518,063		1.15


Total Agency Securities (Cost $1,043,435,825)									1,033,841,344		35.37


Asset-Backed Securities: 14.85%
Ally Auto Receivables Trust		0.74-2.23			5-15-2015 to 2-15-2018		46,207,266		46,379,568		1.58
American Express Credit Corporation		0.45-0.60			2-15-2019 to 5-17-2021		21,262,000		21,262,196		0.73
AmeriCredit Automobile Receivables Trust Series 2013-3 Class A2		0.68			10-11-2016		11,156,000		11,163,084		0.38
Bank of America Credit Card Trust Series 2007-A10 Class A10 ±		0.24			12-15-2016		8,216,000		8,215,482		0.28
Capital Auto Receivables Asset Trust		0.79-1.68			9-20-2016 to 7-20-2018		33,057,000		33,151,544		1.13
Capital One Multi-Asset Execution Trust Series 2007-A1 Class A1 ±		0.22			11-15-2019		11,267,000		11,166,127		0.38
Citibank Credit Card Issuance Trust Series 2013-A10 Class A10		0.73			2-7-2018		17,764,000		17,787,040		0.61

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


74		Wells Fargo Advantage Allocation Funds		Summary portfolio of investments—November 30, 2013 (unaudited)

CORE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets

Asset-Backed Securities (continued)
Nelnet Student Loan Trust		0.25-0.97	%		11-27-2018 to 4-25-2046	$	34,927,980	$	33,944,288		1.16	%
Nelnet Student Loan Trust Series 2006-2 Class A4 ±		0.32			10-26-2026		10,721,284		10,689,795		0.37
Nelnet Student Loan Trust Series 2007-2A Class A3L ±144A		0.60			3-25-2026		17,148,000		16,939,995		0.58
Santander Drive Auto Receivables Trust Series 2013-2 Class A3		0.70			9-15-2017		10,752,000		10,761,107		0.37
SLM Student Loan Trust		0.34-3.42			9-25-2019 to 6-15-2045		99,920,959		99,775,371		3.42
SLM Student Loan Trust Series 2012-E Class A1 ±144A		0.92			10-16-2023		12,018,631		12,027,813		0.41
SLM Student Loan Trust Series 2013-B Class A2A 144A		1.85			6-17-2030		11,683,000		11,382,058		0.39
Other securities									89,478,754		3.06


Total Asset-Backed Securities (Cost $433,125,939)									434,124,222		14.85


Corporate Bonds and Notes: 18.99%

Consumer Discretionary: 2.19%

Auto Components: 0.13%
Other securities									3,865,788		0.13


Automobiles: 1.23%
Other securities									36,016,466		1.23


Media: 0.64%
Other securities									18,773,746		0.64


Specialty Retail: 0.19%
Other securities									5,453,067		0.19


Consumer Staples: 1.10%

Beverages: 0.29%
Other securities									8,516,732		0.29


Food Products: 0.72%
Other securities									20,984,102		0.72


Tobacco: 0.09%
Other securities									2,650,156		0.09


Energy: 1.70%

Energy Equipment & Services: 0.24%
Other securities									7,109,207		0.24


Oil, Gas & Consumable Fuels: 1.46%
Other securities									42,589,480		1.46

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


Summary portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			75

CORE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets

Financials: 8.11%

Capital Markets: 1.15%
Morgan Stanley		5.00-5.50	%		10-15-2015 to 11-24-2025	$	9,048,000	$	9,648,808		0.33	%
Other securities									24,025,225		0.82

									33,674,033		1.15


Commercial Banks: 0.34%
Other securities									9,878,938		0.34


Consumer Finance: 0.60%
American Express Credit Corporation		1.75			6-12-2015		7,664,000		7,798,220		0.27
Other securities									9,787,403		0.33

									17,585,623		0.60


Diversified Financial Services: 3.32%
Bank of America Corporation		1.13			11-14-2016		12,070,000		12,097,025		0.41
Bank of America Corporation		1.50			10-9-2015		12,066,000		12,186,624		0.42
Bank of America Corporation		2.60-6.00			9-1-2017 to 7-24-2023		20,880,000		21,593,445		0.74
JPMorgan Chase & Company		3.20-6.00			10-1-2017 to 5-1-2023		13,928,000		14,748,855		0.51
Other securities									36,529,117		1.24

									97,155,066		3.32


Insurance: 1.39%
Other securities									40,527,858		1.39


REITs: 1.31%
Other securities									38,198,247		1.31


Health Care: 1.31%

Biotechnology: 0.34%
Other securities									9,801,121		0.34


Health Care Equipment & Supplies: 0.13%
Other securities									3,920,985		0.13


Health Care Providers & Services: 0.36%
Other securities									10,457,193		0.36


Pharmaceuticals: 0.48%
Other securities									14,080,601		0.48


Industrials: 0.46%

Aerospace & Defense: 0.26%
Other securities									7,673,912		0.26


Machinery: 0.06%
Other securities									1,797,252		0.06


Road & Rail: 0.14%
Other securities									3,887,234		0.14

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


76		Wells Fargo Advantage Allocation Funds		Summary portfolio of investments—November 30, 2013 (unaudited)

CORE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets

Information Technology: 0.64%

Computers & Peripherals: 0.17%
Other securities								$	4,905,887		0.17	%


Semiconductors & Semiconductor Equipment: 0.08%
Other securities									2,275,988		0.08


Software: 0.39%
Other securities									11,586,202		0.39


Materials: 0.08%

Chemicals: 0.08%
Other securities									2,435,967		0.08


Telecommunication Services: 1.34%

Diversified Telecommunication Services: 1.34%
Verizon Communications Incorporated		2.50-6.55	%		9-15-2016 to 9-15-2043	$	31,063,000		33,544,785		1.15
Other securities									5,667,726		0.19

									39,212,511		1.34


Utilities: 2.06%

Electric Utilities: 0.96%
Other securities									28,034,317		0.96


Gas Utilities: 0.25%
Other securities									7,265,579		0.25


Multi-Utilities: 0.85%
Other securities									24,797,766		0.85


Total Corporate Bonds and Notes (Cost $552,322,555)									555,111,024		18.99


Municipal Obligations: 1.01%

California: 0.26%
Other securities									7,679,498		0.26


Illinois: 0.13%
Other securities									3,887,469		0.13


Nevada: 0.14%
Other securities									3,927,132		0.14


New Jersey: 0.17%
Other securities									5,006,252		0.17


New York: 0.13%
Other securities									3,625,999		0.13

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


Summary portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			77

CORE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets

Ohio: 0.04%
Other securities								$	1,093,618		0.04	%


Texas: 0.14%
Other securities									4,209,590		0.14


Total Municipal Obligations (Cost $25,833,149)									29,429,558		1.01


Non-Agency Mortgage Backed Securities: 7.34%
Commercial Mortgage Trust		1.30-4.26	%		12-10-2044 to 10-10-2046	$	29,294,531		30,254,358		1.04
Impact Funding LLC Series 2010-1 Class A1 144A		5.31			8-25-2024		10,957,525		12,268,286		0.42
JPMorgan Chase & Company		1.08-5.72			11-15-2017 to 5-15-2047		58,205,792		60,994,764		2.08
Morgan Stanley		0.28-4.97			4-14-2040 to 2-25-2047		34,507,225		35,043,949		1.20
Other securities									75,906,523		2.60


Total Non-Agency Mortgage Backed Securities (Cost $213,464,578)									214,467,880		7.34


U.S. Treasury Securities: 18.95%
U.S. Treasury Bond		2.75-3.75			11-15-2041 to 11-15-2043		16,780,000		14,859,189		0.50
U.S. Treasury Bond		3.13			2-15-2043		22,362,000		19,601,679		0.67
U.S. Treasury Bond		3.63			8-15-2043		18,809,000		18,174,196		0.62
U.S. Treasury Note		0.25			9-30-2015		24,408,000		24,404,192		0.84
U.S. Treasury Note		0.25			10-31-2015		28,464,000		28,451,760		0.97
U.S. Treasury Note		0.38			8-31-2015		71,293,000		71,443,357		2.45
U.S. Treasury Note ##		0.63			8-15-2016		33,136,000		33,270,598		1.14
U.S. Treasury Note		0.63			10-15-2016		59,869,000		60,037,352		2.06
U.S. Treasury Note ##		0.63			11-15-2016		131,711,000		132,009,457		4.52
U.S. Treasury Note		1.25-2.50			11-30-2018 to 8-15-2023		21,221,000		20,946,724		0.71
U.S. Treasury Note		2.38			7-31-2017		22,264,000		23,479,815		0.80
U.S. Treasury Note		2.75			11-15-2023		23,517,000		23,524,337		0.81
U.S. Treasury Note ##		3.13			4-30-2017		77,368,000		83,551,405		2.86


Total U.S. Treasury Securities (Cost $553,760,297)									553,754,061		18.95


Yankee Corporate Bonds and Notes: 6.54%

Consumer Discretionary: 0.19%

Textiles, Apparel & Luxury Goods: 0.19%
Other securities									5,525,338		0.19


Consumer Staples: 0.37%

Beverages: 0.37%
Other securities									10,836,652		0.37


Energy: 1.45%

Energy Equipment & Services: 0.10%
Other securities									2,869,841		0.10

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


78		Wells Fargo Advantage Allocation Funds		Summary portfolio of investments—November 30, 2013 (unaudited)

CORE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets

Oil, Gas & Consumable Fuels: 1.35%
Other securities								$	39,615,086		1.35	%


Financials: 2.21%

Commercial Banks: 1.64%
Norddeutsche Landesbank Pfandbriefe 144A		2.00	%		2-5-2019	$	13,100,000		13,107,860		0.45
Other securities									34,684,019		1.19

									47,791,879		1.64


Diversified Financial Services: 0.51%
Other securities									14,877,582		0.51


Insurance: 0.06%
Other securities									1,802,651		0.06


Health Care: 0.49%

Health Care Equipment & Supplies: 0.18%
Other securities									5,335,196		0.18


Pharmaceuticals: 0.31%
Other securities									8,935,823		0.31


Information Technology: 0.12%

Internet Software & Services: 0.12%
Other securities									3,405,058		0.12


Materials: 0.66%

Chemicals: 0.10%
Other securities									2,934,996		0.10


Metals & Mining: 0.56%
Other securities									16,450,232		0.56


Telecommunication Services: 0.93%

Diversified Telecommunication Services: 0.20%
Other securities									5,759,677		0.20


Wireless Telecommunication Services: 0.73%
Other securities									21,299,889		0.73


Utilities: 0.12%

Electric Utilities: 0.12%
Other securities									3,560,152		0.12


Total Yankee Corporate Bonds and Notes (Cost $193,375,955)									191,000,052		6.54


Yankee Government Bonds: 2.00%
Other securities									58,409,823		2.00


Total Yankee Government Bonds (Cost $60,183,937)									58,409,823		2.00

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


Summary portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			79

CORE BOND PORTFOLIO


Security name	Yield			Maturity date	Shares		Value			Percent of net assets

Short-Term Investments: 2.31%

Investment Companies: 2.31%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%			67,603,250	$	67,603,250			2.31	%


Total Short-Term Investments (Cost $67,603,250)								67,603,250			2.31

Total investments in securities
(Cost $3,143,105,485) *								3,137,741,214			107.36	%
Other assets and liabilities, net								(215,149,848	)		(7.36	)

Total net assets							$	2,922,591,366			100.00	%

±	Variable rate investment. The rate shown is the rate in effect at period end.

%%	Security issued on a when-issued basis

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

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 has been segregated for when-issued securities.

(l)	Investment in an affiliate

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

*	Cost for federal income tax purposes is $3,149,708,027 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	30,693,980
Gross unrealized depreciation		(42,660,793	)

Net unrealized depreciation	$	(11,966,813	)

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


80		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2013 (unaudited)

INFLATION-PROTECTED BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal			Value

U.S. Treasury Securities: 98.98%
TIPS		0.13	%		4-15-2016	$	2,917,173		$	2,991,925
TIPS		0.13			4-15-2017		3,097,855			3,196,115
TIPS		0.13			4-15-2018		445,689			459,617
TIPS		0.13			1-15-2022		3,253,597			3,183,950
TIPS		0.13			7-15-2022		2,703,321			2,634,681
TIPS		0.13			1-15-2023		2,145,477			2,060,832
TIPS		0.38			7-15-2023		1,116,827			1,095,799
TIPS		0.50			4-15-2015		1,010,230			1,028,936
TIPS		0.63			7-15-2021		2,701,114			2,791,645
TIPS		0.63			2-15-2043		1,135,549			894,068
TIPS		0.75			2-15-2042		1,367,837			1,124,939
TIPS		1.13			1-15-2021		2,756,229			2,947,227
TIPS		1.25			7-15-2020		2,243,949			2,442,223
TIPS		1.38			7-15-2018		1,672,178			1,834,955
TIPS		1.38			1-15-2020		1,629,599			1,778,554
TIPS		1.63			1-15-2015		1,097,503			1,127,684
TIPS		1.63			1-15-2018		1,207,094			1,325,541
TIPS		1.75			1-15-2028		1,067,384			1,165,617
TIPS		1.88			7-15-2015		1,390,377			1,461,417
TIPS		1.88			7-15-2019		1,118,552			1,262,741
TIPS		2.00			1-15-2016		1,350,791			1,439,014
TIPS		2.00			1-15-2026		1,232,818			1,392,314
TIPS		2.13			1-15-2019		1,183,290			1,339,799
TIPS		2.13			2-15-2040		498,327			570,896
TIPS		2.13			2-15-2041		785,877			900,566
TIPS		2.38			1-15-2017		1,079,804			1,194,281
TIPS		2.38			1-15-2025		1,726,644			2,025,029
TIPS		2.38			1-15-2027		1,027,556			1,207,138
TIPS		2.50			7-15-2016		1,234,793			1,357,789
TIPS		2.50			1-15-2029		992,437			1,188,443
TIPS		2.63			7-15-2017		587,475			665,086
TIPS		3.38			4-15-2032		481,490			654,450
TIPS		3.63			4-15-2028		1,042,337			1,404,954
TIPS		3.88			4-15-2029		1,046,875	��		1,462,272

Total U.S. Treasury Securities (Cost $52,182,123)										53,610,497


	Yield					Shares

Short-Term Investments: 0.70%

Investment Companies: 0.70%
Wells Fargo Advantage Government Money Market Fund, Institutional Class (l)(u)		0.01					378,253			378,253

Total Short-Term Investments (Cost $378,253)										378,253


Total investments in securities
(Cost $52,560,376) *	99.68	%		53,988,750
Other assets and liabilities, net	0.32			173,717

Total net assets	100.00	%	$	54,162,467

(l)	Investment in an affiliate

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

*	Cost for federal income tax purposes is $52,560,376 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	2,688,880
Gross unrealized depreciation		(1,260,506	)

Net unrealized appreciation	$	1,428,374

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


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			81

MANAGED FIXED INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities: 29.15%
FHLMC		3.50	%		9-1-2032	$	1,341,737	$	1,367,377
FHLMC Series K701 ±		3.88			11-25-2017		1,200,000		1,302,940
FHLMC Series K712		1.87			11-25-2019		850,000		833,307
FHLMC Series T-20 Class A6		7.99			9-25-2029		158,409		175,408
FHLMC Series T-58 Class 4A		7.50			9-25-2043		1,394,258		1,655,309
FNMA %%		2.50			12-1-2028		500,000		499,121
FNMA		2.57			9-1-2019		548,694		561,861
FNMA		2.57			9-1-2019		548,734		562,548
FNMA		2.78			10-1-2020		550,000		552,283
FNMA		3.00			12-1-2032		92,234		92,253
FNMA		3.50			9-1-2032		2,672,669		2,718,634
FNMA		3.50			10-1-2032		1,204,332		1,225,050
FNMA		3.50			11-1-2042		464,496		468,976
FNMA		3.50			11-1-2042		728,043		734,876
FNMA		3.50			2-1-2043		365,712		369,144
FNMA		5.00			9-1-2033		485,521		529,365
FNMA		5.50			2-1-2036		1,201,063		1,275,994
FNMA Grantor Trust Series 2002-T4 Class A2		7.00			12-25-2041		274,831		315,895
FNMA Grantor Trust Series 2004-T2 Class 1A1		6.00			11-25-2043		1,121,253		1,268,198
FNMA Grantor Trust Series 2004-T3 Class A1		6.00			2-25-2044		1,600,273		1,836,431
FNMA Series 2002-90 Class A2		6.50			11-25-2042		570,679		654,484
FNMA Series 2002-W4 Class A4		6.25			5-25-2042		2,557,660		2,878,436
FNMA Series 2003-86 Class PT		4.50			9-25-2018		609,053		646,903
FNMA Series 2003-97 Class CA		5.00			10-25-2018		1,078,532		1,156,041
FNMA Series 2003-W4 Class 3A ±		6.64			10-25-2042		478,401		554,066
FNMA Series 2004-W1 Class 2A2		7.00			12-25-2033		261,754		302,857
FNMA Series 2004-W11 Class 1A3		7.00			5-25-2044		1,419,554		1,703,681
FNMA Series 2004-W8 Class 3A		7.50			6-25-2044		663,287		783,984
FNMA Series 2006-M2 Class A2F ±		5.26			5-25-2020		2,373,621		2,680,794
GNMA		6.50			10-15-2023		51,195		57,085
GNMA		6.50			11-15-2023		25,900		28,867
GNMA		6.50			11-15-2023		26,556		29,607
GNMA		6.50			12-15-2023		33,514		37,370
GNMA		6.50			1-15-2024		74,945		83,550
GNMA		7.00			8-15-2027		153,077		180,757
SBA Participation Certificates Series 2006-20B Class 1		5.35			2-1-2026		1,123,113		1,222,732
SBA Participation Certificates Series 2006-20H Class 1		5.70			8-1-2026		557,706		614,652
SBA Participation Certificates Series 2007-20J Class 1		5.57			10-1-2027		1,089,151		1,207,620
SBA Participation Certificates Series 2013-20A Class 1		2.13			1-1-2033		611,848		575,137

Total Agency Securities (Cost $32,116,515)									33,743,593


Asset-Backed Securities: 0.21%
Green Tree Financial Corporation Series 1997-7 Class A8 ±		6.86			7-15-2028		178,650		182,814
GSAMP Trust Series 2005-SEA1 Class A ±144A		0.51			1-25-2035		58,159		58,018


Total Asset-Backed Securities (Cost $236,731)									240,832

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


82		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2013 (unaudited)

MANAGED FIXED INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Corporate Bonds and Notes: 29.29%

Consumer Discretionary: 2.87%

Automobiles: 0.58%
Daimler Finance North America LLC 144A		2.38	%		8-1-2018	$	260,000	$	261,400
General Motors Corporation 144A		4.88			10-2-2023		400,000		402,500

									663,900


Diversified Consumer Services: 1.82%
Dartmouth College		4.75			6-1-2019		440,000		500,369
Massachusetts Institute of Technology		7.25			11-2-2096		500,000		647,399
Pepperdine University		5.45			8-1-2019		600,000		676,051
President and Fellows of Harvard College		3.53			10-1-2031		250,000		222,550
Stewart Enterprises Incorporated		6.50			4-15-2019		60,000		63,600

									2,109,969


Media: 0.47%
DIRECTV Holdings LLC		2.40			3-15-2017		400,000		408,992
Time Warner Incorporated		3.40			6-15-2022		140,000		136,587

									545,579


Consumer Staples: 2.40%

Food & Staples Retailing: 0.69%
SABMiller Holdings Incorporated 144A		3.75			1-15-2022		500,000		506,408
Wal-Mart Stores Incorporated		5.80			2-15-2018		250,000		292,428

									798,836


Food Products: 1.71%
Archer-Daniels-Midland Company		4.48			3-1-2021		400,000		427,578
Cargill Incorporated 144A		4.31			5-14-2021		419,000		440,527
Kellogg Company		4.00			12-15-2020		500,000		525,764
Kraft Foods Group Incorporated		3.50			6-6-2022		300,000		293,162
McCormick & Company Incorporated		5.75			12-15-2017		250,000		288,517

									1,975,548


Energy: 2.04%

Energy Equipment & Services: 0.27%
Halliburton Company		3.25			11-15-2021		315,000		315,077


Oil, Gas & Consumable Fuels: 1.77%
Apache Corporation		3.25			4-15-2022		250,000		248,250
Chevron Corporation		3.19			6-24-2023		250,000		243,445
ConocoPhillips Company		6.00			1-15-2020		300,000		353,289
Devon Energy Corporation		1.88			5-15-2017		300,000		303,359
EQT Corporation		8.13			6-1-2019		400,000		491,874
Phillips 66		2.95			5-1-2017		390,000		407,495

									2,047,712

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


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			83

MANAGED FIXED INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Financials: 12.11%

Capital Markets: 0.95%
Charles Schwab Corporation		4.45	%		7-22-2020	$	100,000	$	109,060
Charles Schwab Corporation		6.38			9-1-2017		250,000		289,602
Goldman Sachs Capital II ±		4.00			12-31-2049		115,000		83,950
Goldman Sachs Group Incorporated		5.75			1-24-2022		200,000		225,635
Morgan Stanley		5.50			7-24-2020		350,000		394,971

									1,103,218


Commercial Banks: 4.28%
Chase Capital VI ±		0.87			8-1-2028		1,000,000		810,000
CoreStates Capital Trust II ±144A		0.89			1-15-2027		750,000		622,500
Manufacturers & Traders Trust Company ±		5.59			12-28-2020		758,000		779,613
National Capital Commerce Incorporated ±(i)		1.23			4-1-2027		400,000		324,000
National City Bank ±		0.63			6-7-2017		500,000		493,459
NTC Capital Trust Series A ±		0.76			1-15-2027		450,000		371,813
Regions Financial Corporation		5.75			6-15-2015		760,000		812,079
UBS Preferred Funding Trust V Series 1 ±«		6.24			5-29-2049		700,000		743,750

									4,957,214


Consumer Finance: 0.13%
Caterpillar Financial Services Corporation		3.75			11-24-2023		150,000		150,666


Diversified Financial Services: 3.08%
ABB Treasury Center (USA) Incorporated 144A		4.00			6-15-2021		510,000		529,143
Bank of America Corporation		2.60			1-15-2019		155,000		156,617
Citigroup Incorporated		6.13			11-21-2017		435,000		506,259
Deutsche Bank Capital Funding Trust VII ±144A«		5.63			12-31-2049		500,000		518,750
General Electric Capital Corporation ±		0.62			5-5-2026		450,000		409,578
Toll Road Investors Partnership II LP 144A¤		0.00			2-15-2015		1,500,000		1,440,702

									3,561,049


Insurance: 1.18%
Minnesota Life Insurance Company 144A		8.25			9-15-2025		650,000		796,532
NLV Financial Corporation 144A		7.50			8-15-2033		565,000		569,803

									1,366,335


REITs: 2.49%
AvalonBay Communities Incorporated		2.95			9-15-2022		190,000		176,329
AvalonBay Communities Incorporated		3.63			10-1-2020		40,000		40,812
Boston Properties LP		3.70			11-15-2018		180,000		191,639
Boston Properties LP		5.88			10-15-2019		200,000		232,541
Duke Realty LP		3.88			10-15-2022		150,000		143,772
Duke Realty LP		6.75			3-15-2020		250,000		290,143
ERP Operation LP		4.63			12-15-2021		470,000		501,915
Liberty Property LP		6.63			10-1-2017		400,000		462,310
Potlatch Corporation		7.50			11-1-2019		160,000		180,800
Realty Income Corporation		4.65			8-1-2023		130,000		132,817
Simon Property Group LP		2.15			9-15-2017		250,000		256,069
UDR Incorporated		4.63			1-10-2022		260,000		270,389

									2,879,536

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


84		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2013 (unaudited)

MANAGED FIXED INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Health Care: 0.34%

Health Care Providers & Services: 0.34%
Howard Hughes Medical Institute		3.50	%		9-1-2023	$	120,000	$	119,342
Roche Holdings Incorporated 144A		6.00			3-1-2019		228,000		271,506

									390,848


Industrials: 3.08%

Aerospace & Defense: 0.62%
Lockheed Martin Corporation		4.25			11-15-2019		500,000		545,405
United Technologies Corporation		3.10			6-1-2022		180,000		176,746

									722,151


Commercial Services & Supplies: 0.32%
Black & Decker		5.75			11-15-2016		325,000		366,707


Machinery: 0.52%
Caterpillar Incorporated		1.50			6-26-2017		170,000		170,929
Caterpillar Incorporated		3.90			5-27-2021		100,000		104,920
Deere & Company		2.60			6-8-2022		340,000		321,583

									597,432


Road & Rail: 1.29%
Burlington Northern Santa Fe LLC		3.05			9-1-2022		100,000		94,560
Burlington Northern Santa Fe LLC		3.45			9-15-2021		250,000		249,040
Burlington Northern Santa Fe LLC		5.65			5-1-2017		200,000		227,673
Norfolk Southern Corporation		3.00			4-1-2022		500,000		478,699
Union Pacific Corporation		2.95			1-15-2023		250,000		234,743
Union Pacific Corporation		7.88			1-15-2019		171,000		212,145

									1,496,860


Transportation Infrastructure: 0.33%
Vessel Management Service		3.43			8-15-2036		391,000		379,996


Information Technology: 1.45%

Electronic Equipment, Instruments & Components: 0.25%
Jabil Circuit Incorporated		8.25			3-15-2018		250,000		296,250


IT Services: 1.06%
Fiserv Incorporated		3.13			10-1-2015		500,000		518,955
Fiserv Incorporated		4.75			6-15-2021		100,000		102,891
IBM Corporation		1.88			8-1-2022		680,000		601,059

									1,222,905


Software: 0.14%
Oracle Corporation		2.38			1-15-2019		160,000		162,571

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


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			85

MANAGED FIXED INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal			Value

Materials: 1.42%

Chemicals: 1.05%
Praxair Incorporated		4.05	%		3-15-2021	$	400,000		$	421,477
Valspar Corporation		5.10			8-1-2015		750,000			792,488

										1,213,965


Metals & Mining: 0.09%
International Steel Group		6.50			4-15-2014		100,000			101,498


Paper & Forest Products: 0.28%
Georgia Pacific LLC 144A		3.73			7-15-2023		340,000			330,540


Telecommunication Services: 0.61%

Diversified Telecommunication Services: 0.61%
AT&T Incorporated		1.60			2-15-2017		330,000			331,618
Verizon Communications Incorporated		5.15			9-15-2023		350,000			373,347

										704,965


Utilities: 2.97%

Electric Utilities: 2.77%
Atlantic City Electric Company		7.75			11-15-2018		255,000			319,058
Connecticut Light & Power		5.38			3-1-2017		250,000	��		279,336
Duke Energy Ohio Incorporated		3.80			9-1-2023		330,000			335,199
Duke Energy Progress Incorporated		3.00			9-15-2021		220,000			218,539
Entergy Texas Incorporated		7.13			2-1-2019		250,000			297,978
Great River Energy 144A		5.83			7-1-2017		535,657			570,662
Kentucky Utilities Company		3.25			11-1-2020		250,000			255,496
Monongahela Power Company 144A		4.10			4-15-2024		380,000			379,811
Otter Tail Corporation (i)		9.00			12-15-2016		350,000			421,031
Public Service Company of New Hampshire		3.50			11-1-2023		90,000			89,060
Wisconsin Electric Power Company		2.95			9-15-2021		50,000			49,394

										3,215,564


Multi-Utilities: 0.20%
Black Hills Corporation		4.25			11-30-2023		230,000			230,055


Total Corporate Bonds and Notes (Cost $32,791,736)										33,906,946


Municipal Obligations: 8.32%

Arizona: 0.79%
Maricopa County AZ Elementary School District #28 Kyrene Elementary Build America Bonds Series D (GO)		5.38			7-1-2019		800,000			909,416


California: 0.20%
California Build America Bonds (GO)		6.88			11-1-2026		200,000			234,742


Georgia: 0.49%
Cherokee County GA School System Build America Bonds (GO)		5.87			8-1-2028		500,000			565,155

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


86		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2013 (unaudited)

MANAGED FIXED INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Indiana: 0.35%
Indiana Housing & CDA Series A-2 (Housing Revenue, GNMA/FNMA Insured)		5.51	%		1-1-2039	$	390,000	$	403,244


Kentucky: 0.23%
Kentucky Housing Corporation Series D (Housing Revenue)		5.75			7-1-2037		265,000		271,190


Maryland: 0.23%
Baltimore County MD (GO)		3.57			8-1-2032		300,000		266,079


Massachusetts: 0.79%
Boston MA Series C Qualified School Construction Bonds (GO)		4.40			4-1-2026		400,000		425,772
Massachusetts Build America Bonds Series D (GO)		4.50			8-1-2031		500,000		486,885

									912,657


Minnesota: 0.25%
Minnesota Housing Finance Agency Series H (Housing Revenue)		5.85			7-1-2036		35,000		35,052
Minnetonka MN Independent School District #276 Series E (GO)		2.55			1-1-2024		290,000		256,479

									291,531


Missouri: 0.46%
Missouri Higher Education Loan Authority Notes Class A-1 (Education Revenue) ±		1.09			8-27-2029		523,369		529,095


New Hampshire: 0.39%
New Hampshire HFA SFMR Series D (Housing Revenue)		5.53			7-1-2037		445,000		451,341


New Jersey: 1.03%
Hudson County NJ Improvement Authority Hudson County Lease Project (Lease Revenue, FSA Insured)		7.40			12-1-2025		1,030,000		1,197,736


North Carolina: 0.30%
Duke University North Carolina Series A (Education Revenue)		5.85			4-1-2037		300,000		349,029


Ohio: 0.35%
Ohio Housing Finance Agency Series O (Housing Revenue, GNMA/FNMA Insured)		5.47			9-1-2025		395,000		410,938


Oregon: 0.29%
Oregon University Series D (GO)		2.03			8-1-2020		350,000		333,890


Texas: 0.73%
Clear Creek TX Independent School District Taxable Refunding Series B (GO)		3.40			2-15-2022		375,000		373,789
Harris County TX Taxable Refunding Permanent Improvement Series B (GO)		2.12			10-1-2021		500,000		465,895

									839,684


Washington: 0.60%
King County WA Build America Bonds Recovery Zone Economic Development Taxable Series C (GO)		5.03			12-1-2023		230,000		254,171
King County WA School District #210 Federal Way Build America Bonds (GO)		4.90			12-1-2022		400,000		436,504

									690,675

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


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			87

MANAGED FIXED INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

West Virginia: 0.43%
Ohio County WV Special District Excise Tax Series A (Tax Revenue)		8.25	%		3-1-2035	$	500,000	$	498,630


Wisconsin: 0.41%
Wisconsin Housing & EDA Home Ownership Revenue Series F (Housing Revenue)		5.73			9-1-2037		465,000		475,267


Total Municipal Obligations (Cost $9,436,955)									9,630,299


Non-Agency Mortgage Backed Securities: 8.84%
Credit Suisse First Boston Commercial Mortgage Trust Series 2004-AR5 Class 10A1 ±		2.54			6-25-2034		926,744		928,182
Credit Suisse Mortgage Trust Series 2007-C1 Class AAB		5.34			2-15-2040		1,229,514		1,265,375
GS Mortgage Securities Trust Series 2011-GC3 Class A4 144A		4.75			3-10-2044		500,000		550,025
JPMorgan Chase Commercial Mortgage Securities Trust Series 2006-LDP7 Class ASB ±		6.06			4-15-2045		1,094,024		1,138,695
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-C12 Class ASB		3.16			7-15-2045		550,000		558,021
Nomura Asset Acceptance Corporation Series 2004-R2 Class A1 ±144A		6.50			10-25-2034		1,315,826		1,345,917
Sequoia Mortgage Trust Series 10 Class 1A ±		0.97			10-20-2027		441,898		423,819
Small Business Administration Series 2013-10B Class1		3.64			9-10-2023		1,000,000		1,034,171
Structured Asset Securities Corporation Series 2007-RM1 Class A1 ±144A		0.45			5-25-2047		2,384,788		1,378,169
Wachovia Bank Commercial Mortgage Trust Series 2005-C16 Class A4 ±		4.85			10-15-2041		1,475,000		1,519,753
Washington Mutual Commercial Mortgage Securities Trust Series 2007-SL3 Class A1 ±144A		6.10			3-23-2045		88,921		88,747

Total Non-Agency Mortgage Backed Securities (Cost $11,100,441)									10,230,874


Term Loans: 0.02%
Aramark Corporation		1.88			1-26-2014		26,337		26,353


Total Term Loans (Cost $26,337)									26,353


U.S. Treasury Securities: 11.97%
TIPS		0.63			2-15-2043		1,273,038		1,002,318
TIPS		0.75			2-15-2042		1,267,322		1,042,273
U.S. Treasury Bond		2.75			11-15-2042		350,000		283,336
U.S. Treasury Bond		2.88			5-15-2043		1,250,000		1,036,719
U.S. Treasury Bond		3.13			2-15-2043		764,000		669,693
U.S. Treasury Bond		3.88			8-15-2040		375,000		383,672
U.S. Treasury Bond		4.25			11-15-2040		2,105,000		2,291,490
U.S. Treasury Bond		4.50			2-15-2036		500,000		567,344
U.S. Treasury Note		0.88			1-31-2018		575,000		570,643
U.S. Treasury Note		1.25			10-31-2018		1,045,000		1,040,428
U.S. Treasury Note		1.75			10-31-2020		1,045,000		1,022,957
U.S. Treasury Note		1.75			5-15-2023		2,450,000		2,255,722
U.S. Treasury Note		2.00			2-15-2023		675,000		639,720
U.S. Treasury Note		2.75			11-15-2023		1,045,000		1,045,326

Total U.S. Treasury Securities (Cost $14,393,317)									13,851,641


Yankee Corporate Bonds and Notes: 5.24%

Consumer Discretionary: 0.32%

Media: 0.32%
Pearson Dollar Finance Two plc 144A		6.25			5-6-2018		325,000		374,358

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


88		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2013 (unaudited)

MANAGED FIXED INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Energy: 1.78%

Energy Equipment & Services: 0.70%
Ensco plc		4.70	%		3-15-2021	$	200,000	$	213,227
Schlumberger Norge AS 144A		4.20			1-15-2021		380,000		405,333
Weatherford International Limited		4.50			4-15-2022		190,000		191,978

									810,538


Oil, Gas & Consumable Fuels: 1.08%
BP Capital Markets plc		4.50			10-1-2020		350,000		381,352
Petroleos Mexicanos		2.29			2-15-2024		275,000		274,955
Petroleos Mexicanos		2.83			2-15-2024		575,000		590,730

									1,247,037


Financials: 1.54%

Commercial Banks: 0.28%
RaboBank Nederland		4.50			1-11-2021		300,000		319,367


Diversified Financial Services: 1.26%
Shell International Finance BV		3.40			8-12-2023		370,000		363,791
Siemens Financieringsmaatschappij NV 144A		5.75			10-17-2016		250,000		283,328
Total Capital International SA		2.88			2-17-2022		190,000		182,691
Total Capital International SA		3.70			1-15-2024		200,000		199,724
Tyco Electronics Group SA		3.50			2-3-2022		450,000		431,521

									1,461,055


Industrials: 0.43%

Aerospace & Defense: 0.43%
BAE Systems plc 144A		4.75			10-11-2021		470,000		492,038


Information Technology: 0.32%

Semiconductors & Semiconductor Equipment: 0.32%
TSMC Global Limited 144A		1.63			4-3-2018		380,000		368,375


Materials: 0.53%

Metals & Mining: 0.53%
Rio Tinto Finance (USA) Limited		3.75			9-20-2021		370,000		371,818
Teck Resources Limited		3.00			3-1-2019		240,000		239,851

									611,669


Telecommunication Services: 0.32%

Wireless Telecommunication Services: 0.32%
Rogers Communications Incorporated		4.10			10-1-2023		370,000		374,277


Total Yankee Corporate Bonds and Notes (Cost $5,975,966)									6,058,714


Yankee Government Bonds: 0.41%
Hashemite Kingdom of Jordan		2.50			10-30-2020		475,000		473,509


Total Yankee Government Bonds (Cost $475,000)									473,509

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


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			89

MANAGED FIXED INCOME 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)		0.08	%		7,207,312	$	7,207,312
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)		0.08			1,165,688		1,165,688

Total Short-Term Investments (Cost $8,373,000)							8,373,000


Total investments in securities
(Cost $114,925,998) *	100.68	%		116,535,761
Other assets and liabilities, net	(0.68	)		(788,595	)

Total net assets	100.00	%	$	115,747,166

±	Variable rate investment. The rate shown is the rate in effect at period end.

%%	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.

(i)	Illiquid security

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

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

(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 $114,925,998 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	4,943,971
Gross unrealized depreciation		(3,334,208	)

Net unrealized appreciation	$	1,609,763

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


90		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2013 (unaudited)

STABLE INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities: 39.86%
FHLMC		6.00	%		7-1-2017	$	62,628	$	65,803
FHLMC		7.50			7-17-2017		61,587		64,694
FHLMC Series T-54 Class 4A ±		3.02			2-25-2043		575,008		604,620
FHLMC Series T-57 Class 1A2		7.00			7-25-2043		666,819		774,840
FHLMC Series T-63 Class 1A1 ±		1.35			2-25-2045		494,393		507,004
FHLMC Structured Pass-Through Securities Series T-54 Class 3A		7.00			2-25-2043		501,180		583,754
FHLMC Structured Pass-Through Securities Series T-55 Class 1A2		7.00			3-25-2043		796,049		899,032
FHLMC Structured Pass-Through Securities Series T-58 Class 4A		7.50			9-25-2043		819,126		972,494
FNMA ±		1.35			10-1-2034		327,968		333,509
FNMA ±		1.35			4-1-2044		239,361		243,386
FNMA ±		1.35			10-1-2044		314,553		319,970
FNMA ±		1.36			4-1-2037		282,249		293,520
FNMA ±		1.75			9-1-2033		202,083		208,391
FNMA ±		1.78			10-1-2033		546,472		569,540
FNMA ±		1.95			6-1-2033		426,470		454,354
FNMA ±		2.09			6-1-2033		300,437		315,615
FNMA ±		2.11			12-1-2033		318,460		335,717
FNMA ±		2.16			8-1-2035		396,288		417,200
FNMA ±		2.20			4-1-2034		455,919		479,930
FNMA ±		2.27			1-1-2036		225,851		239,706
FNMA ±		2.33			7-1-2035		239,635		254,009
FNMA ±		2.72			7-1-2017		19,057		19,413
FNMA		5.50			2-1-2017		116,426		123,268
FNMA		6.50			12-1-2015		11,057		11,190
FNMA Series 2003-W4 Class 3A ±		6.64			10-25-2042		399,730		462,953
FNMA Series 2004-W2 Class 2A2		7.00			2-25-2044		301,964		353,474
FNMA Series 2007-88 Class HC ±		2.41			9-25-2037		350,419		362,797

Total Agency Securities (Cost $9,658,649)									10,270,183


Asset-Backed Securities: 9.53%
Ally Auto Receivables Trust Series 2013-2 Class A3		0.79			1-15-2018		115,000		115,176
AmeriCredit Automobile Receivables Trust Series 2012-4 Class A3		0.67			6-8-2017		175,000		175,015
AmeriCredit Automobile Receivables Trust Series 2013-5 Class A3		0.90			9-10-2018		116,000		116,200
Ford Credit Auto Owner Trust Series 2013-B Class A3		0.76			9-15-2016		114,000		114,130
Ford Credit Auto Owner Trust Series 2013-A Class A3		0.55			7-15-2017		100,000		100,082
GSAMP Trust Series 2005-SEA2 Class A1 ±144A		0.52			1-25-2045		353,664		340,723
Honda Auto Receivables Owner Trust Series 2012-4 Class A3		0.52			8-18-2016		100,000		100,148
Honda Auto Receivables Owner Trust Series 2013-4 Class A3		0.69			9-18-2017		110,000		110,136
Household Home Equity Loan Trust Series 2006-1 Class A1 ±		0.33			1-20-2036		581,904		566,301
Hyundai Auto Receivables Trust Series 2013-C Class A3		1.01			2-15-2018		125,000		126,060
M&T Bank Auto Receivables Trust Series 2013-1A Class A3 144A		1.06			11-15-2017		130,000		130,765
Mercedes Benz Auto Receivables Trust Series 2013-B Class A3		0.62			7-15-2016		115,000		114,994
Santander Drive Auto Receivables Trust Series 2013-5 Class A2A		0.64			4-17-2017		120,000		120,023
Toyota Auto Receivables Owner Trust Series 2013-B Class A3		0.89			7-17-2017		125,000		125,792
World Omni Automobile Receivables Securitization Series 2013-A Class A2A		0.73			5-16-2016		100,000		100,144

Total Asset-Backed Securities (Cost $2,479,796)									2,455,689

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


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			91

STABLE INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Corporate Bonds and Notes: 21.08%

Consumer Discretionary: 0.83%

Automobiles: 0.59%
Daimler Finance North America LLC 144A		1.88	%		9-15-2014	$	150,000	$	151,495


Diversified Consumer Services: 0.24%
Yale University		2.90			10-15-2014		60,000		61,237


Consumer Staples: 3.97%

Beverages: 1.69%
Anheuser-Busch Companies Incorporated		5.00			1-15-2015		80,000		84,019
Brown-Forman Corporation		2.50			1-15-2016		70,000		72,568
Coca-Cola Company		0.75			3-13-2015		100,000		100,441
PepsiCo Americas Incorporated		4.38			2-15-2014		177,000		178,430

									435,458


Food Products: 2.28%
Campbell Soup Company		3.38			8-15-2014		250,000		255,220
General Mills Incorporated		5.20			3-17-2015		150,000		158,820
Ingredion Incorporated		3.20			11-1-2015		70,000		72,670
Kraft Foods Group Incorporated		1.63			6-4-2015		100,000		101,449

									588,159


Energy: 0.14%

Oil, Gas & Consumable Fuels: 0.14%
Devon Energy Corporation		5.63			1-15-2014		35,000		35,209


Financials: 7.81%

Capital Markets: 0.38%
Goldman Sachs Group Incorporated		5.35			1-15-2016		90,000		98,073


Commercial Banks: 2.30%
Ally Bank		0.90			9-18-2015		74,000		73,973
Branch Banking & Trust Company ±		0.57			9-13-2016		250,000		248,086
HSBC USA Incorporated		2.38			2-13-2015		100,000		102,210
KeyBank NA		4.95			9-15-2015		157,000		167,417

									591,686


Consumer Finance: 2.94%
American Honda Finance Corporation		1.13			10-7-2016		50,000		50,304
BMW Bank of North America		1.00			7-18-2014		245,000		245,667
Discover Bank		0.85			9-25-2015		125,000		124,825
Sallie Mae Bank		0.85			10-30-2015		175,000		174,616
Unilever Capital Corporation		3.65			2-15-2014		160,000		161,024

									756,436


Diversified Financial Services: 1.59%
Bank of America Corporation		4.50			4-1-2015		80,000		83,879
Citigroup Incorporated		4.59			12-15-2015		90,000		96,336

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


92		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2013 (unaudited)

STABLE INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Diversified Financial Services (continued)
General Electric Capital Corporation ±		0.89	%		7-12-2016	$	50,000	$	50,324
JPMorgan Chase & Company		4.65			6-1-2014		175,000		178,611

									409,150


REITs: 0.60%
ERP Operating LP		5.25			9-15-2014		150,000		155,400


Health Care: 1.07%

Life Sciences Tools & Services: 0.72%
Thermo Fisher Scientific Incorporated		5.00			6-1-2015		175,000		185,224


Pharmaceuticals: 0.35%
AbbVie Incorporated		1.20			11-6-2015		90,000		90,836


Industrials: 1.98%

Aerospace & Defense: 0.74%
BAE Systems Holdings Incorporated 144A		4.95			6-1-2014		75,000		76,595
United Technologies Corporation		4.88			5-1-2015		108,000		114,666

									191,261


Industrial Conglomerates: 0.24%
General Electric Company		0.85			10-9-2015		60,000		60,327


Machinery: 0.41%
Caterpillar Incorporated		4.63			6-1-2015		100,000		105,980


Road & Rail: 0.59%
Union Pacific Corporation		5.38			5-1-2014		150,000		152,902


Materials: 1.71%

Chemicals: 1.22%
Ecolab Incorporated		2.38			12-8-2014		65,000		66,213
Ecolab Incorporated		4.88			2-15-2015		125,000		131,113
Sherwin-Williams Company		3.13			12-15-2014		115,000		118,012

									315,338


Metals & Mining: 0.49%
Alcan Incorporated		5.20			1-15-2014		125,000		125,701


Utilities: 3.57%

Electric Utilities: 2.37%
Monongahela Power Company 144A		7.95			12-15-2013		85,000		85,182
PECO Energy Company		5.00			10-1-2014		160,000		165,832
Southern California Edison Company		4.15			9-15-2014		61,000		62,788
Westar Energy Incorporated		6.00			7-1-2014		140,000		144,422
Wisconsin Electric Power Company		6.00			4-1-2014		150,000		152,680

									610,904

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


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			93

STABLE INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Gas Utilities: 1.20%
Atmos Energy Corporation		4.95	%		10-15-2014	$	125,000	$	129,551
MidAmerican Energy Company		4.65			10-1-2014		100,000		103,502
Questar Corporation		2.75			2-1-2016		74,000		76,601

									309,654


Total Corporate Bonds and Notes (Cost $5,412,014)									5,430,430


Municipal Obligations: 2.96%

Colorado: 0.40%
Colorado Build America Bonds Building Excellent Schools Series E (Miscellaneous Revenue)		3.73			3-15-2015		100,000		103,189


Illinois: 0.78%
Cook County Ill School District #135 Series A (GO, National/FGIC Insured)		4.75			5-1-2014		100,000		100,261
Illinois (GO)		4.07			1-1-2014		100,000		100,317

									200,578


Maine: 0.76%
Lewiston ME Series C (GO)		3.00			4-1-2015		190,000		195,373


Texas: 1.02%
Austin TX Independent School District Series B (GO)		0.44			8-1-2014		105,000		105,213
Brazos TX Higher Education Authority Incorporated Series 2011-2 Class A1 (Education Revenue) ±		0.79			1-27-2020		7,785		7,790
Brazos TX Higher Education Authority Incorporated Series 2005-1 (Education Revenue) ±		0.35			12-26-2018		49,910		49,855
Galveston County TX Build America Bonds (GO)		3.01			2-1-2014		100,000		100,501

									263,359


Total Municipal Obligations (Cost $762,138)									762,499


Non-Agency Mortgage Backed Securities: 5.16%
Bear Stearns Commercial Mortgage Securities Incorporated Series 2005-PWR8 Class A4		4.67			6-11-2041		123,319		128,619
CIT Equipment Series 2013-VT1 Class A2 144A		0.65			3-21-2016		116,000		115,993
CNH Equipment Trust Series 2012-C Class A3		0.57			12-15-2017		175,000		175,126
GE Equipment LLC Series 2012-1 Class A3		0.60			5-23-2016		150,000		149,947
GE Equipment LLC Series 2012-2 Class A2		0.47			4-24-2015		114,528		114,516
GE Equipment LLC Series 2013-1 Class A2		0.64			3-22-2016		110,000		110,081
GE Equipment LLC Series 2013-2 Class A2		0.61			6-24-2016		115,000		115,050
GE Equipment LLC Series 2013-2 Class A3		0.92			9-25-2017		120,000		120,195
SLMA Series 2012-7 Class A1 ±		0.33			2-27-2017		101,571		101,480
Structured Asset Securities Corporation Series 2006-RF3 Class 1A1 144A		6.00			10-25-2036		198,405		199,081

Total Non-Agency Mortgage Backed Securities (Cost $1,330,664)									1,330,088


Yankee Corporate Bonds and Notes: 2.41%

Consumer Staples: 0.44%

Beverages: 0.44%
SABMiller plc 144A		6.50			7-1-2016		100,000		113,514

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


94		Wells Fargo Advantage Stable Income Portfolio		Portfolio of investments—November 30, 2013 (unaudited)

STABLE INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Energy: 1.27%

Oil, Gas & Consumable Fuels: 1.27%
BP Capital Markets plc		3.63	%		5-8-2014	$	45,000	$	45,641
Schlumberger SA 144A		2.65			1-15-2016		100,000		103,791
Shell International Finance BV		4.00			3-21-2014		175,000		176,931

									326,363


Financials: 0.39%

Commercial Banks: 0.39%
Royal Bank of Canada		0.80			10-30-2015		100,000		100,127


Health Care: 0.31%

Health Care Equipment & Supplies: 0.31%
Covidien International Finance SA		1.35			5-29-2015		80,000		80,752


Total Yankee Corporate Bonds and Notes (Cost $619,371)									620,756

	Yield					Shares

Short-Term Investments: 18.16%

Investment Companies: 13.40%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08					3,452,523		3,452,523


						Principal
U.S. Treasury Securities: 4.76%
U.S. Treasury Bill (z)		0.06			2-27-2014	$	1,225,000		1,224,822


Total Short-Term Investments (Cost $4,677,354)									4,677,345


Total investments in securities (Cost $24,939,986) *	99.16	%		25,546,990
Other assets and liabilities, net	0.84			215,495

Total net assets	100.00	%	$	25,762,485

±	Variable rate investment. The rate shown is the rate in effect at period end.

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.

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

*	Cost for federal income tax purposes is $24,940,666 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	642,336
Gross unrealized depreciation		(36,012	)

Net unrealized appreciation	$	606,324

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

This page is intentionally left blank.


96		Wells Fargo Advantage Allocation Funds		Statements of assets and liabilities—November 30, 2013 (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)	$	334,001,637	$	152,315,144
In affiliated securities, at value (see cost below)		16,519,640		5,224,757

Total investments, at value (see cost below)		350,521,277		157,539,901
Cash		0		0
Foreign currency, at value (see cost below)		0		0
Receivable for investments sold		0		210,527
Receivable for dividends		735,986		128,954
Receivable for securities lending income		3,790		1,130
Prepaid expenses and other assets		1,817		788

Total assets		351,262,870		157,881,300


Liabilities
Payable for investments purchased		0		249,277
Payable upon receipt of securities loaned		0		4,148,421
Payable for daily variation margin on open futures contracts		0		0
Advisory fee payable		191,820		72,151
Professional fees payable		16,632		19,112
Contingent tax liability		0		0
Accrued expenses and other liabilities		4,778		6,455

Total liabilities		213,230		4,495,416

Total net assets	$	351,049,640	$	153,385,884


Investments in unaffiliated securities (including securities on loan), at cost	$	229,794,795	$	104,838,269

Investments in affiliated securities, at cost	$	16,519,640	$	5,224,757

Total investments, at cost	$	246,314,435	$	110,063,026

Securities on loan, at value	$	0	$	4,055,923

Foreign currency, at cost	$	0	$	0

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


Statements of assets and liabilities—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			97


Emerging Growth Portfolio		Index Portfolio		International Growth Portfolio		International Value Portfolio		Large Company Value Portfolio		Small Company Growth Portfolio		Small Company Value Portfolio



$	1,217,490,452	$	2,773,006,007	$	149,055,032	$	466,529,043	$	99,489,473	$	231,460,391	$	202,101,755
	45,044,489		79,059,831		6,859,247		12,090,564		4,905,357		22,271,311		15,425,560

	1,262,534,941		2,852,065,838		155,914,279		478,619,607		104,394,830		253,731,702		217,527,315
	0		24,610		0		0		0		68,396		0
	0		0		114,497		7,563,642		0		0		0
	5,072,716		687,657		1,216,929		0		0		3,250,935		71,635
	1,018		6,084,107		163,571		1,321,318		155,945		64,718		115,502
	104,730		4,536		7,239		16,945		1,732		11,503		13,602
	10,524		14,289		1,924		13,359		1,761		2,034		2,912

	1,267,723,929		2,858,881,037		157,418,439		487,534,871		104,554,268		257,129,288		217,730,966



	4,704,890		0		2,068,091		0		0		2,301,740		879,783
	31,741,350		9,164,555		765,419		9,341,704		2,575,400		12,598,600		8,987,147
	0		4,430		0		0		0		0		0
	802,493		200,707		109,465		341,611		55,975		157,968		138,030
	10,510		13,867		16,685		18,477		17,825		18,817		18,704
	0		0		45,316		0		0		0		0
	10,623		23,878		26,362		0		7,481		10,211		9,440

	37,269,866		9,407,437		3,031,338		9,701,792		2,656,681		15,087,336		10,033,104

$	1,230,454,063	$	2,849,473,600	$	154,387,101	$	477,833,079	$	101,897,587	$	242,041,952	$	207,697,862


$	798,977,657	$	1,662,832,574	$	113,387,594	$	431,268,328	$	82,169,991	$	166,366,873	$	147,320,398

$	45,044,489	$	69,826,099	$	6,859,247	$	12,090,564	$	4,905,357	$	22,271,311	$	15,425,560

$	844,022,146	$	1,732,658,673	$	120,246,841	$	443,358,892	$	87,075,348	$	188,638,184	$	162,745,958

$	30,955,510	$	8,899,585	$	730,218	$	8,854,230	$	2,516,705	$	12,245,453	$	8,776,029

$	0	$	0	$	114,739	$	7,562,268	$	0	$	0	$	0

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


98		Wells Fargo Advantage Allocation Funds		Statements of assets and liabilities—November 30, 2013 (unaudited)


	Core Bond Portfolio		Inflation-Protected Bond Portfolio

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	3,070,137,964	$	53,610,497
In affiliated securities, at value (see cost below)		67,603,250		378,253

Total investments, at value (see cost below)		3,137,741,214		53,988,750
Cash		165,867		0
Segregated cash		0		0
Receivable for investments sold		534,915,288		0
Principal paydown receivable		139,908		0
Receivable for interest		12,556,704		209,205
Receivable for daily variation margin on open futures contracts		0		0
Receivable for securities lending income		284		0
Prepaid expenses and other assets		12,113		1,842

Total assets		3,685,531,378		54,199,797


Liabilities
Payable for investments purchased		762,001,229		0
Payable upon receipt of securities loaned		0		0
Advisory fee payable		837,632		14,246
Shareholder report expenses payable		6,925		2,707
Custodian and accounting fees payable		58,006		3,191
Professional fees payable		36,220		16,035
Accrued expenses and other liabilities		0		1,151

Total liabilities		762,940,012		37,330

Total net assets	$	2,922,591,366	$	54,162,467


Investments in unaffiliated securities (including securities on loan), at cost	$	3,075,502,235	$	52,182,123

Investments in affiliated securities, at cost	$	67,603,250	$	378,253

Total investments, at cost	$	3,143,105,485	$	52,560,376

Securities on loan, at value	$	0	$	0

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


Statements of assets and liabilities—November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			99


Managed Fixed Income Portfolio		Stable Income Portfolio



$	108,162,761	$	22,094,467
	8,373,000		3,452,523

	116,535,761		25,546,990
	0		0
	0		18,000
	112,536		115,063
	0		0
	820,951		101,553
	0		1,094
	859		0
	3,561		3,882

	117,473,668		25,786,582



	499,149		0
	1,165,688		0
	30,091		1,357
	2,137		492
	5,212		4,677
	24,225		16,860
	0		711

	1,726,502		24,097

$	115,747,166	$	25,762,485


$	106,552,998	$	21,487,463

$	8,373,000	$	3,452,523

$	114,925,998	$	24,939,986

$	1,141,600	$	0

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


100		Wells Fargo Advantage Allocation Funds		Statements of operations—six months ended November 30, 2013 (unaudited)


	C&B Large Cap Value Portfolio		Diversified Large Cap Growth Portfolio			Emerging Growth Portfolio			Index Portfolio

Investment income
Dividends*	$	3,520,363	$	607,305		$	612,385		$	28,228,572
Income from affiliated securities		7,017		492			6,574			16,633
Securities lending income, net		6,223		7,309			387,518			31,800
Interest		0		0			0			612

Total investment income		3,533,603		615,106			1,006,477			28,277,617


Expenses
Advisory fee		1,104,441		484,377			4,453,275			1,129,369
Custody and accounting fees		12,835		12,716			34,439			71,777
Professional fees		23,928		23,046			30,372			38,378
Shareholder report expenses		790		2,877			970			5,411
Trustees’ fees and expenses		5,547		5,243			5,287			5,030
Other fees and expenses		5,868		3,796			12,801			29,732

Total expenses		1,153,409		532,055			4,537,144			1,279,697
Less: Fee waivers and/or expense reimbursements		0		(68,470	)		0			0

Net expenses		1,153,409		463,585			4,537,144			1,279,697

Net investment income (loss)		2,380,194		151,521			(3,530,667	)		26,997,920


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains (losses) on:
Unaffiliated securities		21,465,517		6,521,085			89,132,120			(13,212,779	)
Affiliated securities		0		0			0			(5,489,503	)
Futures transactions		0		0			0			6,192,875

Net realized gain (losses) on investments		21,465,517		6,521,085			89,132,120			(12,509,407	)

Net change in unrealized gains (losses) on:
Unaffiliated securities		13,685,125		17,953,571			184,460,846			283,715,260
Affiliated securities		0		0			0			8,471,069
Futures transactions		0		0			0			(1,487,605	)

Net change in unrealized gains (losses) on investments		13,685,125		17,953,571			184,460,846			290,698,724

Net realized and unrealized gains (losses) on investments		35,150,642		24,474,656			273,592,966			278,189,317

Net increase in net assets resulting from operations	$	37,530,836	$	24,626,177		$	270,062,299		$	305,187,237


* Net of foreign dividend withholding taxes in the amount of		$4,015		$0			$0			$8,705

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


Statements of operations—six months ended November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			101


International Growth Portfolio			International Value Portfolio		Large Company Value Portfolio		Small Company Growth Portfolio			Small Company Value Portfolio


$	971,778		$	5,514,111	$	835,741	$	319,211		$	2,042,480
	1,739			1,456		779		3,472			2,669
	22,359			150,739		12,873		178,893			90,742
	0			418		0		0			0

	995,876			5,666,724		849,393		501,576			2,135,891



	611,832			1,895,654		322,545		858,468			829,713
	82,746			69,717		5,634		12,831			17,363
	23,378			26,252		22,561		21,886			22,580
	211			2,783		1,895		824			3,030
	4,419			4,244		3,767		5,071			4,399
	15,338			22,677		3,230		4,176			4,704

	737,924			2,021,327		359,632		903,256			881,789
	0			0		0		0			0

	737,924			2,021,327		359,632		903,256			881,789

	257,952			3,645,397		489,761		(401,680	)		1,254,102





	3,220,646			4,561,826		5,946,885		14,912,362			15,007,141
	0			0		0		0			0
	0			0		0		0			0

	3,220,646			4,561,826		5,946,885		14,912,362			15,007,141


	14,254,583	¹		45,940,372		6,127,552		25,744,178			13,426,498
	0			0		0		0			0
	0			0		0		0			0

	14,254,583			45,940,372		6,127,552		25,744,178			13,426,498

	17,475,229			50,502,198		12,074,437		40,656,540			28,433,639

$	17,733,181		$	54,147,595	$	12,564,198	$	40,254,860		$	29,687,741


	$59,849			$568,387		$5,309		$2,926			$0

1.	Net of foreign capital gains tax in the amount of $39,316.

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


102		Wells Fargo Advantage Allocation Funds		Statements of operations—six months ended November 30, 2013 (unaudited)


	Core Bond Portfolio			Inflation-Protected Bond Portfolio

Investment income
Interest**	$	34,469,823		$	488,200
Income from affiliated securities		36,697			16
Securities lending income, net		10,228			0

Total investment income		34,516,748			488,216


Expenses
Advisory fee		5,436,799			116,720
Custody and accounting fees		98,169			4,878
Professional fees		39,272			20,475
Shareholder report expenses		5,786			921
Trustees’ fees and expenses		5,029			5,760
Other fees and expenses		31,103			4,349

Total expenses		5,616,158			153,103
Less: Fee waivers and/or expense reimbursements		(373,637	)		(25,119	)

Net expenses		5,242,521			127,984

Net investment income		29,274,227			360,232


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains (losses) on:
Unaffiliated securities		(41,557,005	)		471,728
Futures transactions		0			(16,061	)
TBA sale commitments		75,320			0

Net realized gain (losses) on investments		(41,481,685	)		455,667


Net change in unrealized gains (losses) on:
Unaffiliated securities		(8,824,874	)		(3,349,091	)
Futures transactions		0			0
TBA sale commitments		46,020			0

Net change in unrealized gains (losses) on investments		(8,778,854	)		(3,349,091	)

Net realized and unrealized gains (losses) on investments		(50,260,539	)		(2,893,424	)

Net increase (decrease) in net assets resulting from operations	$	(20,986,312	)	$	(2,533,192	)


** Net of foreign interest withholding taxes in the amount of		$10,617			$0

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


Statements of operations—six months ended November 30, 2013 (unaudited)		Wells Fargo Advantage Allocation Funds			103


Managed Fixed Income Portfolio			Stable Income Portfolio


$	2,065,340		$	227,959
	3,399			1,462
	3,339			0

	2,072,078			229,421



	221,625			37,865
	8,890			5,244
	28,066			28,080
	1,210			308
	5,027			5,797
	3,393			3,335

	268,211			80,629
	(52,793	)		(30,683	)

	215,418			49,946

	1,856,660			179,475





	(2,082,998	)		12,747
	0			(1,723	)
	0			0

	(2,082,998	)		11,024



	(525,012	)		(5,693	)
	0			(4,063	)
	0			0

	(525,012	)		(9,756	)

	(2,608,010	)		1,268

$	(751,350	)	$	180,743


	$162			$0

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


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


	C&B Large Cap Value Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013

Operations
Net investment income	$	2,380,194		$	5,797,743
Net realized gains on investments		21,465,517			25,557,380
Net change in unrealized gains (losses) on investments		13,685,125			54,634,553

Net increase in net assets resulting from operations		37,530,836			85,989,676


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		20,925,715			19,812,149
Withdrawals		(54,561,450	)		(83,570,402	)

Net decrease in net assets resulting from capital share transactions		(33,635,735	)		(63,758,253	)

Total increase in net assets		3,895,101			22,231,423


Net assets
Beginning of period		347,154,539			324,923,116

End of period	$	351,049,640		$	347,154,539

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


Statements of changes in net assets		Wells Fargo Advantage Allocation Funds			105


	Diversified Large Cap Growth Portfolio
	Six months ended November 30, 2013 (unaudited)				Year ended May 31, 2013

Operations
Net investment income		$	151,521			$	768,223
Net realized gains on investments			6,521,085				15,571,692
Net change in unrealized gains (losses) on investments			17,953,571				11,859,205

Net increase in net assets resulting from operations			24,626,177				28,199,120


Capital share transactions
Transactions in investors’ beneficial interests
Contributions			922,518				4,046,616
Withdrawals			(20,008,204	)			(42,558,624	)

Net decrease in net assets resulting from capital share transactions			(19,085,686	)			(38,512,008	)

Total increase (decrease) in net assets			5,540,491				(10,312,888	)


Net assets
Beginning of period			147,845,393				158,158,281

End of period		$	153,385,884			$	147,845,393

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


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


	Emerging Growth Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013

Operations
Net investment loss	$	(3,530,667	)	$	(4,657,230	)
Net realized gains on investments		89,132,120			8,468,821
Net change in unrealized gains (losses) on investments		184,460,846			182,265,995

Net increase in net assets resulting from operations		270,062,299			186,077,586


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		30,984,030			43,331,221
Withdrawals		(116,464,343	)		(182,428,836	)

Net decrease in net assets resulting from capital share transactions		(85,480,313	)		(139,097,615	)

Total increase in net assets		184,581,986			46,979,971


Net assets
Beginning of period		1,045,872,077			998,892,106

End of period	$	1,230,454,063		$	1,045,872,077

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


Statements of changes in net assets		Wells Fargo Advantage Allocation Funds			107


	Index Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013

Operations
Net investment income	$	26,997,920		$	55,499,759
Net realized gains (losses) on investments		(12,509,407	)		84,257,080
Net change in unrealized gains (losses) on investments		290,698,724			466,355,999

Net increase in net assets resulting from operations		305,187,237			606,112,838


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		58,471,795			103,522,576
Withdrawals		(127,074,546	)		(480,245,028	)

Net decrease in net assets resulting from capital share transactions		(68,602,751	)		(376,722,452	)

Total increase in net assets		236,584,486			229,390,386


Net assets
Beginning of period		2,612,889,114			2,383,498,728

End of period	$	2,849,473,600		$	2,612,889,114

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


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


	International Growth Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013

Operations
Net investment income	$	257,952		$	1,895,888
Net realized gains on investments		3,220,646			8,384,099
Net change in unrealized gains (losses) on investments		14,254,583			20,174,725

Net increase in net assets resulting from operations		17,733,181			30,454,712


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		8,194,851			29,169,783	¹
Withdrawals		(9,935,671	)		(29,751,222	)

Net decrease in net assets resulting from capital share transactions		(1,740,820	)		(581,439	)

Total increase in net assets		15,992,361			29,873,273


Net assets
Beginning of period		138,394,740			108,521,467

End of period	$	154,387,101		$	138,394,740

1.	Amount includes $22,586,786 related to an acquisition during the period. See Notes to Financial Statements for a discussion of the acquisition.

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


Statements of changes in net assets		Wells Fargo Advantage Allocation Funds			109


	International Value Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013

Operations
Net investment income	$	3,645,397		$	11,001,522
Net realized gains (losses) on investments		4,561,826			(3,085,904	)
Net change in unrealized gains (losses) on investments		45,940,372			80,132,934

Net increase in net assets resulting from operations		54,147,595			88,048,552


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		12,384,981			74,737,541	¹
Withdrawals		(11,430,349	)		(29,346,621	)

Net increase in net assets resulting from capital share transactions		954,632			45,390,920

Total increase in net assets		55,102,227			133,439,472


Net assets
Beginning of period		422,730,852			289,291,380

End of period	$	477,833,079		$	422,730,852

1.	Amount includes $22,429,789 related to an acquisition during the period. See Notes to Financial Statements for a discussion of the acquisition.

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


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


	Large Company Value Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013

Operations
Net investment income	$	489,761		$	848,345
Net realized gains on investments		5,946,885			8,490,528
Net change in unrealized gains (losses) on investments		6,127,552			6,509,832

Net increase in net assets resulting from operations		12,564,198			15,848,705


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		552,049			51,038,318	¹
Withdrawals		(9,624,252	)		(21,361,580	)

Net increase (decrease) in net assets resulting from capital share transactions		(9,072,203	)		29,676,738

Total increase in net assets		3,491,995			45,525,443


Net assets
Beginning of period		98,405,592			52,880,149

End of period	$	101,897,587		$	98,405,592

1.	Amount includes $50,059,057 related to an acquisition during the period. See Notes to Financial Statements for a discussion of the acquisition.

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


Statements of changes in net assets		Wells Fargo Advantage Allocation Funds			111


	Small Company Growth Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013

Operations
Net investment loss	$	(401,680	)	$	(28,119	)
Net realized gains on investments		14,912,362			14,699,969
Net change in unrealized gains (losses) on investments		25,744,178			28,484,637

Net increase in net assets resulting from operations		40,254,860			43,156,487


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		36,159,000			64,117,058
Withdrawals		(30,857,904	)		(73,747,010	)

Net increase (decrease) in net assets resulting from capital share transactions		5,301,096			(9,629,952	)

Total increase in net assets		45,555,956			33,526,535


Net assets
Beginning of period		196,485,996			162,959,461

End of period	$	242,041,952		$	196,485,996

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


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


	Small Company Value Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013

Operations
Net investment income	$	1,254,102		$	1,093,425
Net realized gains on investments		15,007,141			13,278,991
Net change in unrealized gains (losses) on investments		13,426,498			36,327,755

Net increase in net assets resulting from operations		29,687,741			50,700,171


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		10,845,252			40,236,818	¹
Withdrawals		(36,672,386	)		(86,362,160	)

Net decrease in net assets resulting from capital share transactions		(25,827,134	)		(46,125,342	)

Total increase in net assets		3,860,607			4,574,829


Net assets
Beginning of period		203,837,255			199,262,426

End of period	$	207,697,862		$	203,837,255

1.	Amount includes $14,416,889 related to an acquisition during the period. See Notes to Financial Statements for a discussion of the acquisition.

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


Statements of changes in net assets		Wells Fargo Advantage Allocation Funds			113


	Core Bond Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013

Operations
Net investment income	$	29,274,227		$	65,763,655
Net realized gains (losses) on investments		(41,481,685	)		129,092,808
Net change in unrealized gains (losses) on investments		(8,778,854	)		(90,545,176	)

Net increase (decrease) in net assets resulting from operations		(20,986,312	)		104,311,287


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		92,659,414			720,766,231
Withdrawals		(497,518,530	)		(1,290,176,868	)

Net decrease in net assets resulting from capital share transactions		(404,859,116	)		(569,410,637	)

Total decrease in net assets		(425,845,428	)		(465,099,350	)


Net assets
Beginning of period		3,348,436,794			3,813,536,144

End of period	$	2,922,591,366		$	3,348,436,794

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


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


	Inflation-Protected Bond Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013

Operations
Net investment income	$	360,232		$	1,198,434
Net realized gains on investments		455,667			3,992,715
Net change in unrealized gains (losses) on investments		(3,349,091	)		(6,233,421	)

Net decrease in net assets resulting from operations		(2,533,192	)		(1,042,272	)


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		3,860,948			14,419,386
Withdrawals		(13,797,507	)		(30,194,206	)

Net decrease in net assets resulting from capital share transactions		(9,936,559	)		(15,774,820	)

Total decrease in net assets		(12,469,751	)		(16,817,092	)


Net assets
Beginning of period		66,632,218			83,449,310

End of period	$	54,162,467		$	66,632,218

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


Statements of changes in net assets		Wells Fargo Advantage Allocation Funds			115


	Managed Fixed Income Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013

Operations
Net investment income	$	1,856,660		$	4,255,294
Net realized gains (losses) on investments		(2,082,998	)		1,250,409
Net change in unrealized gains (losses) on investments		(525,012	)		638,890

Net increase (decrease) in net assets resulting from operations		(751,350	)		6,144,593


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		14,330,164			33,069,218
Withdrawals		(7,094,803	)		(71,853,951	)

Net increase (decrease) in net assets resulting from capital share transactions		7,235,361			(38,784,733	)

Total increase (decrease) in net assets		6,484,011			(32,640,140	)


Net assets
Beginning of period		109,263,155			141,903,295

End of period	$	115,747,166		$	109,263,155

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


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


	Stable Income Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013

Operations
Net investment income	$	179,475		$	515,102
Net realized gains (losses) on investments		11,024			(477,986	)
Net change in unrealized gains (losses) on investments		(9,756	)		937,982

Net increase in net assets resulting from operations		180,743			975,098


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		2,716,214			5,341,489
Withdrawals		(1,198,679	)		(19,993,019	)

Net increase (decrease) in net assets resulting from capital share transactions		1,517,535			(14,651,530	)

Total increase (decrease) in net assets		1,698,278			(13,676,432	)


Net assets
Beginning of period		24,064,207			37,740,639

End of period	$	25,762,485		$	24,064,207

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


Financial highlights		Wells Fargo Advantage Allocation Funds			117


	Ratio to average net assets (annualized)									Total return¹			Portfolio turnover rate
	Net investment income (loss)			Gross expenses			Net expenses			Total return¹			Portfolio turnover rate

C&B Large Cap Value Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		1.40	%		0.68	%		0.68	%		11.52	%		11	%
June 1, 2012 to May 31, 2013		1.73	%		0.68	%		0.68	%		29.30	%		18	%
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	%

Diversified Large Cap Growth Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		0.20	%		0.71	%		0.62	%		17.80	%		28	%
June 1, 2012 to May 31, 2013		0.51	%		0.71	%		0.62	%		20.30	%		56	%
June 1, 2011 to May 31, 2012		0.24	%		0.71	%		0.62	%		1.26	%		79	%
October 1, 2010 to May 31, 2011^2,3		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	%

Emerging Growth Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		(0.62	)%		0.80	%		0.80	%		27.20	%		33	%
June 1, 2012 to May 31, 2013		(0.47	)%		0.80	%		0.80	%		20.53	%		65	%
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	%
October 1, 2007 to September 30, 2008		(0.49	)%		0.93	%		0.92	%		(30.95	)%		191	%

Index Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		2.02	%		0.10	%		0.10	%		11.86	%		3	%
June 1, 2012 to May 31, 2013		2.20	%		0.09	%		0.09	%		27.22	%		4	%
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	%

International Growth Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		0.36	%		1.03	%		1.03	%		12.75	%		22	%
June 1, 2012 to May 31, 2013		1.63	%		1.04	%		1.04	%		30.34	%		46	%
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	%

International Value Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		1.63	%		0.91	%		0.91	%		12.69	%		6	%
June 1, 2012 to May 31, 2013		3.04	%		0.91	%		0.91	%		29.45	%		16	%
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	%

Please see footnotes on page 118.

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


118		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			Total return¹			Portfolio turnover rate

Large Company Value Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		0.99	%		0.72	%		0.72	%		13.38	%		36	%
June 1, 2012 to May 31, 2013		1.49	%		0.78	%		0.74	%		28.91	%		95	%
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	%

Small Company Growth Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		(0.37	)%		0.84	%		0.84	%		20.63	%		51	%
June 1, 2012 to May 31, 2013		(0.02	)%		0.86	%		0.86	%		31.39	%		109	%
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	%

Small Company Value Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		1.21	%		0.85	%		0.85	%		15.59	%		25	%
June 1, 2012 to May 31, 2013		0.58	%		0.85	%		0.85	%		30.76	%		57	%
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	%

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.

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.

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


Financial highlights		Wells Fargo Advantage Allocation Funds			119


	Ratio to average net assets (annualized)									Total Return¹			Portfolio turnover rate
	Net investment income			Gross expenses			Net expenses			Total Return¹			Portfolio turnover rate

Core Bond Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		1.95	%		0.37	%		0.35	%		(0.56	)%		342	%
June 1, 2012 to May 31, 2013		1.75	%		0.37	%		0.35	%		2.61	%		547	%
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	%

Inflation-Protected Bond Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		1.23	%		0.52	%		0.44	%		(3.91	)%		4	%
June 1, 2012 to May 31, 2013		1.52	%		0.50	%		0.44	%		(1.86	)%		15	%
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	%

Managed Fixed Income Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		3.35	%		0.48	%		0.39	%		(0.80	)%		10	%
June 1, 2012 to May 31, 2013		3.42	%		0.47	%		0.39	%		4.81	%		49	%
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	%

Stable Income Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		1.46	%		0.65	%		0.41	%		0.79	%		17	%
June 1, 2012 to May 31, 2013		1.50	%		0.58	%		0.41	%		2.78	%		20	%
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	%

1.	Returns for periods of less than one year are not annualized.

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


120		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 portfolios: the Wells Fargo Advantage C&B Large Cap Value Portfolio (“C&B Large Cap Value Portfolio”), the Wells Fargo Advantage Diversified Large Cap Growth Portfolio (“Diversified Large Cap Growth Portfolio”), the Wells Fargo Advantage Emerging Growth Portfolio (“Emerging Growth Portfolio”), the Wells Fargo Advantage Index Portfolio (“Index Portfolio”), the Wells Fargo Advantage International Growth Portfolio (“International Growth Portfolio”), the Wells Fargo Advantage International Value Portfolio (“International Value Portfolio”), the Wells Fargo Advantage Large Company Value Portfolio (“Large Company Value Portfolio”), the Wells Fargo Advantage Small Company Growth Portfolio (“Small Company Growth Portfolio”), the Wells Fargo Advantage Small Company Value Portfolio (“Small Company Value Portfolio”), the Wells Fargo Advantage Core Bond Portfolio (“Core Bond Portfolio”), the Wells Fargo Advantage Inflation-Protected Bond Portfolio (“Inflation-Protected Bond Portfolio”), the Wells Fargo Advantage Managed Fixed Income Portfolio (“Managed Fixed Income Portfolio”), and the 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 (generally 4 p.m. Eastern Time).

Equity securities and futures that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the primary exchange or market for the security that day, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Portfolios’ Valuation Procedures.

The values of securities denominated in foreign currencies will be converted to U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day 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 of the Portfolios 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, 2013, such fair value pricing was not used in pricing foreign securities.

Fixed income securities acquired with maturities exceeding 60 days are valued based on evaluated bid prices provided by an independent pricing service which may utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. If prices are not available from the independent pricing service or prices received are deemed not representative of market value, prices will be obtained from an independent broker-dealer or otherwise determined based on the Portfolios’ Valuation Procedures.

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


Notes to financial statements (unaudited)		Wells Fargo Advantage Allocation Funds			121

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith 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. 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.

Foreign currency translation

The accounting records of the Portfolios are maintained in U.S. dollars. The value of other assets and liabilities denominated in foreign currencies will be converted to U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team. 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 from changes in exchange rates.

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

Security loans

The 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 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 “Securities Lending Fund”). The Securities Lending 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 Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending 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. Securities Lending Fund investments are fair valued based upon the amortized cost valuation technique. Income earned from investment in the Securities Lending Fund is included in securities lending income on the Statements of Operations.


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

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

Each Portfolio 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

Each 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

Each Portfolio may invest in inflation-indexed bonds, including Treasury inflation-protected securities (TIPS). Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds (other than municipal inflation indexed bonds and certain corporate inflation-indexed bonds) will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Inflation-indexed bonds, including TIPS, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than other fixed income securities with similar durations.

Credit default swaps

Each Portfolio 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.


Notes to financial statements (unaudited)		Wells Fargo Advantage Allocation Funds			123

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

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

Income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.


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

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 tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. 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:

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, use of amortized cost, etc.)

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

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

As of November 30, 2013, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)			Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
C&B Large Cap Value Portfolio

Equity securities
Common stocks	$	326,379,392		$	6,077,001	$	0	$	332,456,393
Preferred stocks		0			1,545,244		0		1,545,244

Short-term investments
Investment companies		16,519,640	��		0		0		16,519,640
Total	$	342,899,032		$	7,622,245	$	0	$	350,521,277
Diversified Large Cap Growth Portfolio

Equity securities
Common stocks	$	152,315,144		$	0	$	0	$	152,315,144

Short-term investments
Investment companies		1,076,336			4,148,421		0		5,224,757
Total	$	153,391,480		$	4,148,421	$	0	$	157,539,901
Emerging Growth Portfolio

Equity securities
Common stocks	$	1,217,490,452		$	0	$	0	$	1,217,490,452

Short-term investments
Investment companies		13,303,139			31,741,350		0	$	45,044,489
Total	$	1,230,793,591		$	31,741,350	$	0	$	1,262,534,941


Notes to financial statements (unaudited)		Wells Fargo Advantage Allocation Funds			125


Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Index Portfolio

Equity securities
Common stocks	$	2,807,726,588	$	0	$	0	$	2,807,726,588

Short-term investments
Investment companies		32,725,140		9,164,555		0		41,889,695
U.S. Treasury securities		699,994		1,749,561		0		2,449,555
Total	$	2,841,151,722	$	10,914,116	$	0	$	2,852,065,838
International Growth Portfolio

Equity securities
Common stocks	$	146,205,671	$	25,468	$	0	$	146,231,139
Participatory notes		0		573,788		0		573,788
Preferred stocks		2,250,105		0		0		2,250,105

Short-term investments								0
Investment companies		6,093,828		765,419		0		6,859,247
Total	$	154,549,604	$	1,364,675	$	0	$	155,914,279
International Value Portfolio

Equity securities
Common stocks	$	458,406,633	$	5,026,282	$	0	$	463,432,915
Preferred stocks		3,096,128		0		0		3,096,128

Short-term investments
Investment companies		2,748,860		9,341,704		0		12,090,564
Total	$	464,251,621	$	14,367,986	$	0	$	478,619,607
Large Company Value Portfolio

Equity securities
Common stocks	$	99,489,473	$	0	$	0	$	99,489,473

Short-term investments
Investment companies		2,329,957		2,575,400		0		4,905,357
Total	$	101,819,430	$	2,575,400	$	0	$	104,394,830
Small Company Growth Portfolio

Equity securities
Common stocks	$	231,460,391	$	0	$	0	$	231,460,391

Short-term investments
Investment companies		9,672,711		12,598,600		0		22,271,311
Total	$	241,133,102	$	12,598,600	$	0	$	253,731,702
Small Company Value Portfolio

Equity securities
Common stocks	$	202,090,977	$	0	$	0	$	202,090,977
Warrants		0		10,778		0		10,778

Short-term investments
Investment companies		6,438,413		8,987,147		0		15,425,560
Total	$	208,529,390	$	8,997,925	$	0	$	217,527,315


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


Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Core Bond Portfolio

Agency securities	$	0	$	1,033,841,344	$	0	$	1,033,841,344

Asset-backed securities		0		434,124,222		0		434,124,222

Corporate bonds and notes		0		555,111,024		0		555,111,024

Municipal obligations		0		29,429,558		0		29,429,558

Non-agency mortgage backed securities		0		214,467,880		0		214,467,880

U.S. Treasury securities		553,754,061		0		0		553,754,061

Yankee corporate bonds and notes		0		191,000,052		0		191,000,052

Yankee government bonds		0		58,409,823		0		58,409,823

Short-term investments
Investment companies		67,603,250		0		0		67,603,250
Total	$	621,357,311	$	2,516,383,903	$	0	$	3,137,741,214
Inflation-Protected Bond Portfolio

U.S. Treasury securities	$	53,610,497	$	0	$	0	$	53,610,497

Short-term investments
Investment companies		378,253		0		0		378,253
Total	$	53,988,750	$	0	$	0	$	53,988,750
Managed Fixed Income Portfolio

Agency securities	$	0	$	33,743,593	$	0	$	33,743,593

Asset-backed securities		0		240,832		0		240,832

Corporate bonds and notes		0		33,906,946		0		33,906,946

Municipal obligations		0		9,630,299		0		9,630,299

Non-agency mortgage backed securities		0		8,852,705		1,378,169		10,230,874

Term loans		0		26,353		0		26,353

U.S. Treasury securities		10,742,930		3,108,711		0		13,851,641

Yankee corporate bonds and notes		0		6,058,714		0		6,058,714

Yankee government bonds		0		473,509		0		473,509

Short-term investments
Investment companies		7,207,312		1,165,688		0		8,373,000
Total	$	17,950,242	$	97,207,350	$	1,378,169	$	116,535,761
Stable Income Portfolio

Agency securities	$	0	$	10,270,183	$	0	$	10,270,183

Asset-backed securities		0		2,455,689		0		2,455,689

Corporate bonds and notes		0		5,430,430		0		5,430,430

Municipal obligations		0		762,499		0		762,499

Non-agency mortgage backed securities		0		1,330,088		0		1,330,088

Yankee corporate bonds and notes		0		620,756		0		620,756

Short-term investments
Investment companies		3,452,523		0		0		3,452,523
U.S. Treasury securities		1,224,822		0		0		1,224,822
Total	$	4,677,345	$	20,869,645	$	0	$	25,546,990


Notes to financial statements (unaudited)		Wells Fargo Advantage Allocation Funds			127

As of November 30, 2013, the inputs used in valuing each Portfolio’s other financial instruments, which are carried at fair value, were as follows:


Future contracts	Quoted prices (Level 1)			Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Index Portfolio	$	1,280,490	+	$	0	$	0	$	1,280,490
Stable Income Portfolio		(978	)+		0		0		(978	)

+	Amount represents the net unrealized gains (losses).

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended November 30, 2013, the Portfolios did not have any transfers into/out of Level 1 or Level 2.

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


	Managed Fixed Income Portfolio
	Non-agency mortgage backed securities
Balance as of May 31, 2013	$	1,482,769
Accrued discounts (premiums)		0
Realized gains (losses)		0
Change in unrealized gains (losses)		67,110
Purchases		0
Sales		(171,710	)
Transfers into Level 3		0
Transfers out of Level 3		0
Balance as of November 30, 2013	$	1,378,169
Change in unrealized gains (losses) relating to securities still held at November 30, 2013	$	(5,008	)

The investment type categorized above was valued using indicative broker quotes and are therefore considered Level 3 inputs. Quantitative unobservable inputs used by the brokers are often proprietary and not provided to the Portfolio and therefore the disclosure that would address these inputs is not included above.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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 for the Portfolios. Funds Management has engaged WellsCap (an affiliate of Funds Management and an indirect wholly on subsidiary of Wells Fargo), Peregrine Capital Management, Inc. (an affiliate of Funds Management and an indirect wholly on subsidiary of Wells Fargo), Artisan Partners Limited Partnership, Cooke & Bieler, L.P., Galliard Capital Management, Inc. (an affiliate of Funds Management and an indirect wholly on subsidiary of Wells Fargo), Golden Capital Management, LLC (an affiliate of Funds Management), LSV Asset Management and Phocas Financial Corporation as subadvisers.


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

The fees for sub-advisory 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 subadvisers’ portion the Portfolio.

The annual advisory and subadvisory fee rates for each Portfolio is as follows:


	Advisory fee						Effective rate for the six months ended November 30, 2013			Subadviser	Subadvisory fee
	starting at			declining to			Effective rate for the six months ended November 30, 2013			Subadviser	starting at	declining to
C&B Large Cap Value Portfolio		0.65	%		0.55	%		0.65	%	Cooke & Bieler, L.P.	0.38%		0.30	%
Diversified Large Cap Growth Portfolio		0.65	%		0.55	%		0.65	%	WellsCap	0.30%		0.20	%
Emerging Growth Portfolio		0.80	%¹		0.68	%¹		0.78	%	WellsCap	0.55%		0.40	%
Index Portfolio		0.10	%		0.05	%		0.08	%	Golden Capital Management, LLC	0.05%		0.02	%
International Growth Portfolio		0.85	%		0.70	%		0.85	%	Artisan Partners Limited Partnership	0.80%		0.50	%
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 Company Growth Portfolio		0.80	%¹		0.68	%¹		0.80	%	Peregrine Capital Management, Inc.	0.50%		0.45	%
Small Company Value Portfolio		0.80	%¹		0.68	%¹		0.80	%	Peregrine Capital Management, Inc.	0.45%		0.40	%
Core Bond Portfolio		0.40	%		0.30	%		0.36	%	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		0.30	%²		0.225	%²		0.31	%	Galliard Capital Management, Inc.	0.15%		0.05	%

1.	Prior to July 1, 2013, Funds Management received an annual advisory fee which started at 0.80% and declined to 0.70% as the average daily net assets of the Portfolio increased.

2.	Prior to July 1, 2013, Funds Management received an annual advisory fee which started at 0.35% and declined to 0.25% as the average daily net assets of the Portfolio increased.

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2013 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	$	36,671,105		$	0	$	80,038,855
Diversified Large Cap Growth Portfolio		0		41,688,955			0		60,426,571
Emerging Growth Portfolio		0		367,162,900			0		451,967,497
Index Portfolio		0		67,375,415			0		74,393,351
International Growth Portfolio		0		30,252,427	��		0		32,416,207
International Value Portfolio		0		32,477,956			0		25,273,270
Large Company Value Portfolio		0		34,846,395			0		44,214,455
Small Company Growth Portfolio		0		107,828,070			0		104,700,905
Small Company Value Portfolio		0		50,499,950			0		76,509,569
Core Bond Portfolio		9,502,705,522		1,281,586,707			9,499,008,748		1,347,369,267
Inflation-Protected Bond Portfolio		2,452,437		0			11,910,032		0
Managed Fixed Income Portfolio		9,954,909		13,401,605			6,775,863		4,131,371
Stable Income Portfolio		0		3,429,927			0		3,858,273


Notes to financial statements (unaudited)		Wells Fargo Advantage Allocation Funds			129

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2013, Index Portfolio used uninvested cash to enter into futures contracts to gain market exposure. During the six months ended November 30, 2013, Inflation-Protected Bond Portfolio and Stable Income Portfolio entered into futures contracts to speculate on interest rates and to help manage the duration of each portfolio.

At November 30, 2013, the Portfolios had long and short futures contracts outstanding as follows:


	Expiration date	Contracts	Type	Contract value at November 30, 2013		Unrealized gains (losses)
Index Portfolio	12-19-2013	92 Long	S&P 500 Index	$	41,494,300	$	1,280,490
Stable Income Portfolio	3-31-2014	20 Short	5 Year U.S. Treasury Notes		2,418,438		(978	)

At November 30, 2013, Inflation-Protected Bond Portfolio did not have any open futures contracts.

At November 30, 2013, Stable Income Portfolio had segregated $18,000 as cash collateral for open futures contracts.

The Portfolios had average notional amounts in futures contracts outstanding during the six months ended November 30, 2013 as follows:


	Long contracts		Short contracts
Index Portfolio	$	45,194,517	$	0
Inflation-Protected Bond Portfolio		21,268		0
Stable Income Portfolio		0		2,436,632

The receivable/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. The realized gains or losses and change in unrealized gains or losses on derivative instruments are reflected in the Statements of Operations.

For certain types of derivative transactions, the Portfolios have entered into International Swaps and Derivatives Association, Inc. master agreements (“ISDA Master Agreements”) or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows each Portfolio to offset, with each counterparty, certain derivative financial instrument’s assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearing house for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded. Cash collateral that has been pledged to cover obligations of each Portfolio under derivative contracts, if any, will be reported separately in the Statements of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in each Portfolio of Investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Statements of Assets and Liabilities are not offset across transactions between each Portfolio and the applicable counterparty. As of November 30, 2013, the Portfolios have transactions subject to enforceable master netting agreements. A reconciliation of the gross amounts on the Statements of Assets and Liabilities to the net amounts by derivative type, including any collateral exposure, is as follows:


		Gross amounts of assets in the Statements of Assets and Liabilities		Amounts subject to netting arrangements	Collateral		Net amount (not less than $0)
Stable Income Portfolio	Futures – variation margin	$	1,094	$0	$	18,000	$	0
		Gross amounts of liabilities in the Statements of Assets and Liabilities		Amounts subject to netting arrangements	Collateral		Net amount (not less than $0)
Index Portfolio	Futures – variation margin	$	4,430	$0	$	2,449,555	$	0


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

7. ACQUISITIONS

After the close of business on April 19, 2013, International Growth Portfolio acquired the net assets of Wells Fargo Advantage International Index Portfolio. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. The investment portfolio of Wells Fargo Advantage International Index Portfolio with a fair value of $22,535,457, identified cost of $21,854,655, and unrealized gains of $680,802 at April 19, 2013 were the principal assets acquired by International Growth Portfolio. For financial reporting purposes, assets received by International Growth Portfolio was recorded at fair value; however, the cost basis of the investments received from Wells Fargo Advantage International Index Portfolio was carried forward to align ongoing reporting of International Growth Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed June 1, 2012, the beginning of the annual reporting period for International Growth Portfolio, the pro forma results of operations for the year ended May 31, 2013 would have been:


Net investment income	$	2,276,123
Net realized and unrealized gains (losses) on investments	$	31,301,977
Net increase in net assets resulting from operations	$	33,578,100

After the close of business on April 19, 2013, International Value Portfolio acquired the net assets of Wells Fargo Advantage International Equity Portfolio. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. The investment portfolio of Wells Fargo Advantage International Equity Portfolio with a fair value of $22,369,294, identified cost of $22,824,592 and unrealized losses of $455,298 at April 19, 2013 were the principal assets acquired by International Value Portfolio. For financial reporting purposes, assets received by International Value Portfolio were recorded at fair value; however, the cost basis of the investments received from Wells Fargo Advantage International Equity Portfolio was carried forward to align ongoing reporting of International Value Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed June 1, 2012, the beginning of the annual reporting period for International Value Portfolio, the pro forma results of operations for the year ended May 31, 2013 would have been:


Net investment income	$	21,429,816
Net realized and unrealized gains (losses) on investments	$	71,515,531
Net increase in net assets resulting from operations	$	92,945,347

After the close of business on April 19, 2013, Large Company Value Portfolio acquired the net assets of Wells Fargo Advantage Equity Value Portfolio. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. The investment portfolio of Wells Fargo Advantage Equity Value Portfolio with a fair value of $49,782,607, identified cost of $48,925,675 and unrealized gains of $856,932 at April 19, 2013 were the principal assets acquired by Large Company Value Portfolio. For financial reporting purposes, assets received by Large Company Value Portfolio were recorded at fair value; however, the cost basis of the investments received from Wells Fargo Advantage Equity Value Portfolio was carried forward to align ongoing reporting of Large Company Value Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed June 1, 2012, the beginning of the annual reporting period for Large Company Value Portfolio, the pro forma results of operations for the year ended May 31, 2013 would have been:


Net investment loss	$	(3,466,147	)
Net realized and unrealized gains (losses) on investments	$	21,864,877
Net increase in net assets resulting from operations	$	18,218,730

After the close of business on April 19, 2013, Small Company Value Portfolio acquired the net assets of Wells Fargo Advantage Small Cap Value Portfolio. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. The investment portfolio of Wells Fargo Advantage Small Cap Value Portfolio with a fair value of $14,404,707, identified cost of $14,875,954 and unrealized losses of $471,247 at April 19, 2013 were the principal assets acquired by Small Company Value Portfolio. For financial reporting purposes, assets received by Small Company Value Portfolio were recorded at fair value; however, the cost basis of the investments received from Wells Fargo Advantage Small Cap Value Portfolio was carried forward to align ongoing reporting of Small Company Value Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.


Notes to financial statements (unaudited)		Wells Fargo Advantage Allocation Funds			131

Assuming the acquisitions had been completed June 1, 2012, the beginning of the annual reporting period for Small Company Value Portfolio, the pro forma results of operations for the year ended May 31, 2013 would have been


Net investment income	$	1,370,856
Net realized and unrealized gains (losses) on investments	$	53,680,718
Net increase in net assets resulting from operations	$	55,051,574

8. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. Portfolios that invest a substantial portion of their assets in a sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

9. INDEMNIFICATION


132		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 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 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			133

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 131 mutual 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, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). 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 48 portfolios as of 1/31/2013); 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, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
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


134		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 and Vice Chair of The Tree Trust (non-profit corporation). Director 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	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.

Jeremy DePalma acts as Treasurer of Growth Balanced Fund, Moderate Balanced Fund, International Growth 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 62 other funds in the Fund Complex. Nancy Wiser serves as Treasurer of the remaining funds in this shareholder report as well as 62 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			135

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Indonesian rupiah

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

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

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

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

221299 01-14

SAAFNLD/SAR109 11-13

ITEM 2.

CODE OF ETHICS

Not applicable.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6.

INVESTMENTS

Except as noted below, the schedules of investments are included as part of the report to shareholders filed under Item 1 of this Form. The schedules of investments for Wells Fargo Advantage Index Portfolio and Wells Fargo Advantage Core Bond Portfolio are filed under this Item.


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Index Portfolio			1


Security name	Shares		Value


Common Stocks: 98.53%

Consumer Discretionary: 12.42%

Auto Components: 0.42%
BorgWarner Incorporated		20,005	$	2,143,936
Delphi Automotive plc		49,330		2,888,272
Johnson Controls Incorporated		119,559		6,038,925
The Goodyear Tire & Rubber Company		42,986		956,868

				12,028,001


Automobiles: 0.73%
Ford Motor Company		688,471		11,759,085
General Motors Company †		164,480		6,370,310
Harley-Davidson Incorporated		38,981		2,612,507

				20,741,902


Distributors: 0.08%
Genuine Parts Company		27,062		2,241,816


Diversified Consumer Services: 0.05%
H&R Block Incorporated		47,859		1,334,788


Hotels, Restaurants & Leisure: 1.75%
Carnival Corporation		76,500		2,762,415
Chipotle Mexican Grill Incorporated †		5,394		2,825,701
Darden Restaurants Incorporated		22,769		1,214,271
International Game Technology		45,576		797,124
Marriott International Incorporated Class A		39,736		1,868,387
McDonald’s Corporation		174,692		17,009,760
Starbucks Corporation		131,310		10,696,513
Starwood Hotels & Resorts Worldwide Incorporated		34,067		2,537,310
Wyndham Worldwide Corporation		23,235		1,666,182
Wynn Resorts Limited		14,134		2,344,407
Yum! Brands Incorporated		77,979		6,057,409

				49,779,479


Household Durables: 0.33%
D.R. Horton Incorporated		49,647		986,982
Garmin Limited «		21,503		1,044,186
Harman International Industries Incorporated		11,896		964,052
Leggett & Platt Incorporated		24,817		749,722
Lennar Corporation		29,007		1,037,290
Newell Rubbermaid Incorporated		50,329		1,527,485
Pulte Homes Incorporated		61,079		1,145,842
Whirlpool Corporation		13,853		2,116,184

				9,571,743


Internet & Catalog Retail: 1.50%
Amazon.com Incorporated †		64,672		25,456,193
Expedia Incorporated		18,775		1,195,780


2		Wells Fargo Advantage Index Portfolio		Portfolio of investments—November 30, 2013 (unaudited)


Security name	Shares		Value


Internet & Catalog Retail (continued)
Netflix Incorporated †		10,297	$	3,766,643
priceline.com Incorporated †		9,000		10,730,970
TripAdvisor Incorporated †		19,490		1,721,357

				42,870,943


Leisure Equipment & Products: 0.14%
Hasbro Incorporated		20,176		1,085,872
Mattel Incorporated		60,212		2,786,009

				3,871,881


Media: 3.61%
Cablevision Systems Corporation New York Group Class A		37,383		626,913
CBS Corporation Class B		98,294		5,756,097
Comcast Corporation Class A		457,062		22,793,682
DIRECTV Group Incorporated †		89,223		5,898,533
Discovery Communications Incorporated Class A †		40,346		3,520,995
Gannett Company Incorporated		40,043		1,083,564
Graham Holdings Company Class B		765		515,228
Interpublic Group of Companies Incorporated		73,772		1,283,633
News Corporation Class A †		87,021		1,562,897
Omnicom Group Incorporated		44,945		3,211,320
Scripps Networks Interactive Incorporated		19,119		1,426,086
Time Warner Cable Incorporated		49,941		6,902,845
Time Warner Incorporated		160,774		10,564,460
Twenty-First Century Fox Incorporated		347,095		11,624,212
Viacom Incorporated Class B		70,922		5,685,817
Walt Disney Company		290,334		20,480,160

				102,936,442


Multiline Retail: 0.71%
Dollar General Corporation †		52,028		2,962,474
Dollar Tree Incorporated †		36,365		2,023,712
Family Dollar Stores Incorporated		16,881		1,177,787
Kohl’s Corporation		35,677		1,972,225
Macy’s Incorporated		65,749		3,501,792
Nordstrom Incorporated		25,202		1,567,816
Target Corporation		110,291		7,050,904

				20,256,710


Specialty Retail: 2.25%
Abercrombie & Fitch Company Class A		13,350		457,638
AutoNation Incorporated †		11,238		551,112
AutoZone Incorporated †		6,207		2,865,151
Bed Bath & Beyond Incorporated †		38,055		2,969,432
Best Buy Company Incorporated		47,147		1,911,811
CarMax Incorporated †		39,069		1,967,124
GameStop Corporation Class A		20,428		985,651
Gap Incorporated		48,202		1,974,836
Home Depot Incorporated		250,324		20,193,637


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Index Portfolio			3


Security name	Shares		Value


Specialty Retail (continued)
L Brands Incorporated		42,558	$	2,765,844
Lowe’s Companies Incorporated		183,804		8,727,014
O’Reilly Automotive Incorporated †		18,970		2,370,491
PetSmart Incorporated		18,158		1,345,689
Ross Stores Incorporated		37,866		2,895,234
Staples Incorporated		115,424		1,792,535
Tiffany & Company		19,229		1,714,073
TJX Companies Incorporated		124,990		7,859,371
Urban Outfitters Incorporated †		19,058		743,643

				64,090,286


Textiles, Apparel & Luxury Goods: 0.85%
Coach Incorporated		49,269		2,852,675
Fossil Group Incorporated †		8,783		1,117,812
Michael Kors Holdings Limited †		31,226		2,546,480
Nike Incorporated Class B		130,697		10,343,361
PVH Corporation		14,255		1,909,030
Ralph Lauren Corporation		10,587		1,855,160
VF Corporation		15,367		3,604,791

				24,229,309


Consumer Staples: 9.91%

Beverages: 2.18%
Beam Incorporated		28,295		1,910,761
Brown-Forman Corporation Class B		28,396		2,130,268
Coca-Cola Enterprises Incorporated		43,448		1,822,209
Constellation Brands Incorporated Class A †		28,982		2,040,623
Dr Pepper Snapple Group Incorporated		35,574		1,716,801
Molson Coors Brewing Company		27,570		1,452,112
Monster Beverage Corporation †		23,696		1,402,329
PepsiCo Incorporated		269,507		22,762,561
The Coca-Cola Company		666,250		26,776,588

				62,014,252


Food & Staples Retailing: 2.40%
Costco Wholesale Corporation		76,312		9,571,814
CVS Caremark Corporation		214,662		14,373,768
Safeway Incorporated		42,168		1,474,615
Sysco Corporation		102,816		3,457,702
The Kroger Company		90,565		3,781,089
Wal-Mart Stores Incorporated		284,451		23,043,376
Walgreen Company		151,931		8,994,315
Whole Foods Market Incorporated		65,098		3,684,547

				68,381,226


Food Products: 1.55%
Archer Daniels Midland Company		115,195		4,636,599
Campbell Soup Company		31,192		1,208,066


4		Wells Fargo Advantage Index Portfolio		Portfolio of investments—November 30, 2013 (unaudited)


Security name	Shares		Value


Food Products (continued)
ConAgra Foods Incorporated		73,759	$	2,433,309
General Mills Incorporated		112,153		5,655,876
Hormel Foods Corporation		23,523		1,059,005
JM Smucker Company		18,371		1,914,993
Kellogg Company		44,970		2,726,981
Kraft Foods Group Incorporated		104,077		5,528,570
McCormick & Company Incorporated		23,065		1,591,485
Mead Johnson Nutrition Company		35,368		2,988,950
Mondelez International Incorporated Class A		311,178		10,433,798
The Hersey Company		26,132		2,531,929
Tyson Foods Incorporated Class A		48,625		1,540,926

				44,250,487


Household Products: 2.10%
Clorox Company		22,793		2,123,624
Colgate-Palmolive Company		154,009		10,135,332
Kimberly-Clark Corporation		66,938		7,306,952
Procter & Gamble Company		478,608		40,308,366

				59,874,274


Personal Products: 0.16%
Avon Products Incorporated		75,783		1,351,211
Estee Lauder Companies Incorporated Class A		44,683		3,349,438

				4,700,649


Tobacco: 1.52%
Altria Group Incorporated		350,278		12,953,280
Lorillard Incorporated		65,343		3,354,056
Philip Morris International		282,847		24,194,732
Reynolds American Incorporated		55,324		2,791,096

				43,293,164


Energy: 10.14%

Energy Equipment & Services: 1.89%
Baker Hughes Incorporated		77,423		4,410,014
Cameron International Corporation †		43,010		2,382,324
Diamond Offshore Drilling Incorporated		12,148		729,487
Ensco plc Class A ADR		40,819		2,411,587
FMC Technologies Incorporated †		41,401		1,991,388
Halliburton Company		147,768		7,784,418
Helmerich & Payne Incorporated		18,609		1,432,893
Nabors Industries Limited		45,374		750,940
National Oilwell Varco Incorporated		74,710		6,088,865
Noble Corp plc		44,277		1,687,839
Rowan Companies plc †		21,706		751,462
Schlumberger Limited		231,231		20,445,445
Transocean Limited		59,204		2,982,698

				53,849,360


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Index Portfolio			5


Security name	Shares		Value


Oil, Gas & Consumable Fuels: 8.25%
Anadarko Petroleum Corporation		87,850	$	7,802,837
Apache Corporation		70,569		6,456,358
Cabot Oil & Gas Corporation		73,522		2,532,833
Chesapeake Energy Corporation		88,537		2,378,989
Chevron Corporation		337,628		41,339,172
ConocoPhillips Company		213,725		15,559,180
CONSOL Energy Incorporated		39,992		1,422,915
Denbury Resources Incorporated †		65,168		1,087,002
Devon Energy Corporation		66,693		4,042,930
EOG Resources Incorporated		47,606		7,854,990
EQT Corporation		26,317		2,239,840
Exxon Mobil Corporation		769,201		71,904,909
Hess Corporation		50,409		4,089,682
Kinder Morgan Incorporated		117,662		4,181,707
Marathon Oil Corporation		124,018		4,469,609
Marathon Petroleum Corporation		54,711		4,526,788
Murphy Oil Corporation		30,703		1,993,546
Newfield Exploration Company †		23,710		666,251
Noble Energy Incorporated		62,762		4,408,403
Occidental Petroleum Corporation		140,810		13,371,318
Peabody Energy Corporation		47,156		858,239
Phillips 66		106,780		7,432,956
Pioneer Natural Resources Company		24,212		4,303,683
QEP Resources Incorporated		31,332		1,003,251
Range Resources Corporation		28,554		2,217,218
Southwestern Energy Company †		61,429		2,374,845
Spectra Energy Corporation		116,969		3,924,310
Tesoro Corporation		23,606		1,384,020
The Williams Companies Incorporated		119,391		4,204,951
Valero Energy Corporation		94,741		4,331,559
WPX Energy Incorporated †		35,053		651,635

				235,015,926


Financials: 16.04%

Capital Markets: 2.18%
Ameriprise Financial Incorporated		34,575		3,742,744
Bank of New York Mellon Corporation		201,050		6,775,385
BlackRock Incorporated		22,009		6,663,225
Charles Schwab Corporation		202,088		4,947,114
ETRADE Financial Corporation †*		50,166		898,975
Franklin Resources Incorporated		71,042		3,935,016
Goldman Sachs Group Incorporated		72,989		12,330,762
Invesco Limited		77,383		2,696,798
Legg Mason Incorporated «		18,973		742,034
Morgan Stanley		243,006		7,606,088
Northern Trust Corporation		39,447		2,326,979
State Street Corporation		77,935		5,658,860
T. Rowe Price Group Incorporated		45,460		3,657,712

				61,981,692


6		Wells Fargo Advantage Index Portfolio		Portfolio of investments—November 30, 2013 (unaudited)


Security name	Shares		Value


Commercial Banks: 2.76%
Branch Banking & Trust Corporation		123,004	$	4,273,159
Comerica Incorporated		32,323		1,465,848
Fifth Third Bancorp		155,004		3,149,681
Huntington Bancshares Incorporated		144,989		1,330,999
KeyCorp		159,262		2,030,591
M&T Bank Corporation		22,724		2,621,441
PNC Financial Services Group Incorporated		92,884		7,147,424
Regions Financial Corporation		243,928		2,373,419
SunTrust Banks Incorporated		94,185		3,412,323
US Bancorp		321,418		12,606,014
Wells Fargo & Company (l)		844,392		37,170,136
Zions Bancorporation		32,246		945,775

				78,526,810


Consumer Finance: 0.97%
American Express Company		162,140		13,911,612
Capital One Financial Corporation		102,290		7,327,033
Discover Financial Services		84,544		4,506,195
SLM Corporation		76,226		2,031,423

				27,776,263


Diversified Financial Services: 5.24%
Bank of America Corporation		1,877,399		29,700,452
Berkshire Hathaway Incorporated Class B †		314,543		36,653,696
Citigroup Incorporated		531,430		28,123,276
CME Group Incorporated		54,914		4,500,202
IntercontinentalExchange Group †		19,962		4,257,781
JPMorgan Chase & Company		657,807		37,639,717
Leucadia National Corporation		54,769		1,569,680
McGraw-Hill Financial Incorporated		48,092		3,582,854
Moody’s Corporation		33,894		2,529,509
The NASDAQ OMX Group Incorporated		20,177		792,754

				149,349,921


Insurance: 3.02%
ACE Limited		59,437		6,108,935
AFLAC Incorporated		81,276		5,394,288
Allstate Corporation		80,989		4,395,273
American International Group Incorporated		257,998		12,835,401
Aon plc		53,730		4,386,517
Assurant Incorporated		13,101		850,779
Chubb Corporation		44,652		4,306,685
Cincinnati Financial Corporation		25,741		1,349,086
Genworth Financial Incorporated †		86,281		1,303,706
Lincoln National Corporation		46,221		2,372,524
Loews Corporation		53,471		2,531,852
Marsh & McLennan Companies Incorporated		96,047		4,557,430
MetLife Incorporated		195,693		10,213,218
Principal Financial Group Incorporated		47,838		2,422,038


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Index Portfolio			7


Security name	Shares		Value


Insurance (continued)
Prudential Financial Incorporated		81,260	$	7,212,638
The Hartford Financial Services Group Incorporated		79,519		2,833,262
The Progressive Corporation		96,657		2,699,630
The Travelers Companies Incorporated		65,265		5,922,146
Torchmark Corporation		16,004		1,216,304
Unum Group		46,065		1,546,402
XL Group plc		50,013		1,599,916

				86,058,030


Real Estate Management & Development: 0.04%
CBRE Group Incorporated Class A †		48,454		1,174,525


REITs: 1.77%
American Tower Corporation		69,027		5,368,230
Apartment Investment & Management Company Class A		25,498		640,255
AvalonBay Communities Incorporated		21,257		2,520,230
Boston Properties Incorporated		26,631		2,649,518
Equity Residential Company Limited		58,562		3,018,285
HCP Incorporated		79,530		2,924,318
Health Care REIT Incorporated		50,109		2,805,603
Host Hotels & Resorts Incorporated		131,071		2,413,017
Kimco Realty Corporation		71,586		1,476,103
Plum Creek Timber Company		30,598		1,338,357
Prologis Incorporated		87,133		3,304,955
Public Storage Incorporated		25,249		3,855,522
Simon Property Group Incorporated		54,232		8,126,665
The Macerich Company		24,560		1,398,446
Ventas Incorporated		51,243		2,912,140
Vornado Realty Trust		30,390		2,672,193
Weyerhaeuser Company		102,058		3,075,008

				50,498,845


Thrifts & Mortgage Finance: 0.06%
Hudson City Bancorp Incorporated		83,073		775,902
People’s United Financial Incorporated		56,115		849,581

				1,625,483


Health Care: 13.02%

Biotechnology: 2.45%
Alexion Pharmaceuticals Incorporated †		34,174		4,254,663
Amgen Incorporated		131,652		15,018,860
Biogen Idec Incorporated †		41,534		12,085,148
Celgene Corporation †		71,872		11,626,733
Gilead Sciences Incorporated †		267,482		20,010,328
Regeneron Pharmaceuticals Incorporated †		13,633		4,006,193
Vertex Pharmaceuticals Incorporated †		40,685		2,824,353

				69,826,278


8		Wells Fargo Advantage Index Portfolio		Portfolio of investments—November 30, 2013 (unaudited)


Security name	Shares		Value


Health Care Equipment & Supplies: 2.04%
Abbott Laboratories		271,589	$	10,371,984
Baxter International Incorporated		94,854		6,492,756
Becton Dickinson & Company		33,939		3,685,436
Boston Scientific Corporation †		234,672		2,717,502
C.R. Bard Incorporated		13,832		1,920,988
CareFusion Corporation †		37,463		1,492,901
Covidien plc		80,386		5,487,148
DENTSPLY International Incorporated		24,865		1,182,579
Edwards Lifesciences Corporation †		19,620		1,285,699
Intuitive Surgical Incorporated †		6,939		2,615,309
Medtronic Incorporated		174,311		9,991,507
St. Jude Medical Incorporated		50,188		2,931,983
Stryker Corporation		51,542		3,835,756
Varian Medical Systems Incorporated †		18,813		1,468,355
Zimmer Holdings Incorporated		29,629		2,708,387

				58,188,290


Health Care Providers & Services: 2.07%
Aetna Incorporated		65,026		4,482,242
AmerisourceBergen Corporation		40,368		2,847,155
Cardinal Health Incorporated		59,322		3,832,201
CIGNA Corporation		49,427		4,322,391
DaVita Incorporated †		30,837		1,836,343
Express Scripts Holding Company †		142,284		9,582,827
Humana Incorporated		27,342		2,843,295
Laboratory Corporation of America Holdings †		15,745		1,603,628
McKesson Corporation		39,953		6,627,803
Patterson Companies Incorporated		14,535		603,057
Quest Diagnostics Incorporated		26,543		1,617,530
Tenet Healthcare Corporation †		17,756		766,171
UnitedHealth Group Incorporated		177,672		13,233,011
WellPoint Incorporated		52,244		4,852,423

				59,050,077


Health Care Technology: 0.10%
Cerner Corporation †		51,565		2,963,441


Life Sciences Tools & Services: 0.49%
Agilent Technologies Incorporated		57,807		3,096,721
Life Technologies Corporation †		30,173		2,284,096
PerkinElmer Incorporated		19,576		744,671
Thermo Fisher Scientific Incorporated		63,001		6,353,651
Waters Corporation †		14,892		1,482,201

				13,961,340


Pharmaceuticals: 5.87%
Abbvie Incorporated		277,059		13,423,509
Actavis plc †		30,292		4,939,716
Allergan Incorporated		51,869		5,033,886


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Index Portfolio			9


Security name	Shares		Value


Pharmaceuticals (continued)
Bristol-Myers Squibb Company		287,701	$	14,782,077
Eli Lilly & Company		173,258		8,701,017
Forest Laboratories Incorporated †		41,281		2,118,128
Hospira Incorporated †		28,948		1,137,946
Johnson & Johnson		492,468		46,617,021
Merck & Company Incorporated		511,394		25,482,763
Mylan Laboratories Incorporated †		66,723		2,944,486
Perrigo Company «		16,446		2,563,767
Pfizer Incorporated		1,156,921		36,709,103
Zoetis Incorporated		87,377		2,721,794

				167,175,213


Industrials: 10.69%

Aerospace & Defense: 2.73%
Boeing Company		121,294		16,283,720
General Dynamics Corporation		58,084		5,323,979
Honeywell International Incorporated		137,154		12,139,501
L-3 Communications Holdings Incorporated		15,655		1,619,666
Lockheed Martin Corporation		47,111		6,674,215
Northrop Grumman Corporation		40,222		4,532,215
Precision Castparts Corporation		25,433		6,573,159
Raytheon Company		56,356		4,997,650
Rockwell Collins Incorporated		23,593		1,715,919
Textron Incorporated		49,019		1,628,901
United Technologies Corporation		147,511		16,353,069

				77,841,994


Air Freight & Logistics: 0.82%
C.H. Robinson Worldwide Incorporated «		27,855		1,633,139
Expeditors International of Washington Incorporated		36,069		1,566,837
FedEx Corporation		51,928		7,202,414
United Parcel Service Incorporated Class B		126,255		12,925,987

				23,328,377


Airlines: 0.23%
Delta Air Lines Incorporated		149,930		4,344,971
Southwest Airlines Company		123,413		2,294,248

				6,639,219


Building Products: 0.05%
Masco Corporation		62,377		1,398,492


Commercial Services & Supplies: 0.49%
Cintas Corporation		17,956		996,558
Iron Mountain Incorporated		29,723		835,811
Pitney Bowes Incorporated		35,268		817,160
Republic Services Incorporated		47,449		1,656,445
Stericycle Incorporated †		15,010		1,763,375
The ADT Corporation		34,950		1,417,572


10		Wells Fargo Advantage Index Portfolio		Portfolio of investments—November 30, 2013 (unaudited)


Security name	Shares		Value


Commercial Services & Supplies (continued)
Tyco International Limited		80,787	$	3,081,216
Waste Management Incorporated		76,186		3,480,176

				14,048,313


Construction & Engineering: 0.17%
Fluor Corporation		28,491		2,216,885
Jacobs Engineering Group Incorporated †		22,974		1,373,156
Quanta Services Incorporated †		37,352		1,105,993

				4,696,034


Electrical Equipment: 0.75%
AMETEK Incorporated		42,679		2,100,660
Eaton Corporation plc		82,816		6,017,411
Emerson Electric Company		124,867		8,364,840
Rockwell Automation Incorporated		24,233		2,752,384
Roper Industries Incorporated		17,333		2,248,090

				21,483,385


Industrial Conglomerates: 2.47%
3M Company		113,467		15,148,979
Danaher Corporation		104,536		7,819,293
General Electric Company		1,779,651		47,445,496

				70,413,768


Machinery: 1.72%
Caterpillar Incorporated		111,181		9,405,913
Cummins Incorporated		30,429		4,027,582
Deere & Company		66,904		5,635,993
Dover Corporation		29,826		2,706,411
Flowserve Corporation		24,572		1,753,949
Illinois Tool Works Incorporated		72,007		5,730,317
Ingersoll-Rand plc		47,298		3,378,023
Joy Global Incorporated		18,572		1,050,432
Paccar Incorporated		61,858		3,545,082
Pall Corporation		19,544		1,635,833
Parker Hannifin Corporation		26,070		3,072,089
Pentair Limited		34,802		2,461,197
Snap-On Incorporated		10,165		1,079,015
Stanley Black & Decker Incorporated		27,974		2,276,804
Xylem Incorporated		32,380		1,119,053

				48,877,693


Professional Services: 0.18%
Dun & Bradstreet Corporation		6,780		792,243
Equifax Incorporated		21,195		1,427,059
Nielsen Holdings NV		44,155		1,905,730
Robert Half International Incorporated		24,264		937,318

				5,062,350


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Index Portfolio			11


Security name	Shares		Value


Road & Rail: 0.90%
CSX Corporation		178,045	$	4,855,287
Kansas City Southern		19,261		2,330,966
Norfolk Southern Corporation		54,515		4,780,420
Ryder System Incorporated		9,144		638,617
Union Pacific Corporation		81,058		13,134,638

				25,739,928


Trading Companies & Distributors: 0.18%
Fastenal Company		47,728		2,220,784
W.W. Grainger Incorporated		10,809		2,787,857

				5,008,641


Information Technology: 17.64%

Communications Equipment: 1.73%
Cisco Systems Incorporated		936,950		19,910,188
F5 Networks Incorporated †		13,684		1,125,646
Harris Corporation		18,687		1,205,498
JDS Uniphase Corporation †		41,510		503,931
Juniper Networks Incorporated †		88,572		1,795,354
Motorola Solutions Incorporated		41,349		2,724,072
QUALCOMM Incorporated		299,777		22,057,592

				49,322,281


Computers & Peripherals: 4.10%
Apple Incorporated		158,763		88,283,341
EMC Corporation		363,637		8,672,742
Hewlett-Packard Company		335,845		9,185,361
NetApp Incorporated		59,433		2,451,611
SanDisk Corporation		39,475		2,690,221
Seagate Technology plc		56,641		2,777,675
Western Digital Corporation		36,860		2,765,974

				116,826,925


Electronic Equipment, Instruments & Components: 0.45%
Amphenol Corporation Class A		27,813		2,364,105
Corning Incorporated		255,211		4,359,004
FLIR Systems Incorporated		24,828		736,647
Jabil Circuit Incorporated		32,228		653,262
Molex Incorporated		23,975		926,394
TE Connectivity Limited		72,267		3,809,916

				12,849,328


Internet Software & Services: 2.49%
Akamai Technologies Incorporated †		31,134		1,392,312
eBay Incorporated †		203,602		10,285,973
Google Incorporated Class A †		48,885		51,798,057


12		Wells Fargo Advantage Index Portfolio		Portfolio of investments—November 30, 2013 (unaudited)


Security name	Shares		Value


Internet Software & Services (continued)
VeriSign Incorporated †		23,586	$	1,341,100
Yahoo! Incorporated †		165,823		6,132,135

				70,949,577


IT Services: 3.43%
Accenture plc		112,690		8,730,094
Automatic Data Processing Incorporated		84,375		6,751,688
Cognizant Technology Solutions Corporation Class A †		52,665		4,944,717
Computer Sciences Corporation		25,809		1,358,070
Fidelity National Information Services Incorporated		51,047		2,587,062
Fiserv Incorporated †		22,734		2,498,239
International Business Machines Corporation		179,944		32,332,338
MasterCard Incorporated		18,128		13,791,964
Paychex Incorporated		56,851		2,486,094
Teradata Corporation †		28,502		1,300,831
Total System Services Incorporated		29,129		904,455
Visa Incorporated Class A		90,207		18,353,516
Western Union Company		96,453		1,607,872

				97,646,940


Office Electronics: 0.08%
Xerox Corporation		202,466		2,304,063


Semiconductors & Semiconductor Equipment: 1.96%
Altera Corporation		55,829		1,800,485
Analog Devices Incorporated		54,295		2,618,105
Applied Materials Incorporated		210,198		3,636,425
Broadcom Corporation Class A		96,123		2,565,523
First Solar Incorporated †		12,116		724,779
Intel Corporation		870,622		20,755,628
KLA-Tencor Corporation		28,962		1,849,803
Lam Research Corporation †		28,511		1,485,708
Linear Technology Corporation		40,752		1,733,998
LSI Corporation		95,603		771,516
Microchip Technology Incorporated		34,480		1,492,639
Micron Technology Incorporated †		181,477		3,829,165
NVIDIA Corporation		101,112		1,577,347
Teradyne Incorporated †		33,458		569,790
Texas Instruments Incorporated		192,434		8,274,662
Xilinx Incorporated		46,537		2,067,639

				55,753,212


Software: 3.40%
Adobe Systems Incorporated †		81,628		4,634,838
Autodesk Incorporated †		38,970		1,763,393
CA Incorporated		57,328		1,891,824
Citrix Systems Incorporated †		32,746		1,942,493
Electronic Arts Incorporated †		53,583		1,188,471
Intuit Incorporated		51,889		3,851,720


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Index Portfolio			13


Security name	Shares		Value


Software (continued)
Microsoft Corporation		1,324,677	$	50,509,934
Oracle Corporation		623,122		21,989,975
Red Hat Incorporated †		33,082		1,549,892
Salesforce.com Incorporated †		95,821		4,991,316
Symantec Corporation		122,087		2,745,737

				97,059,593


Materials: 3.40%

Chemicals: 2.49%
Air Products & Chemicals Incorporated		36,636		3,987,096
Airgas Incorporated		11,560		1,255,763
CF Industries Holdings Incorporated		10,010		2,175,974
E.I. du Pont de Nemours & Company		161,373		9,905,075
Eastman Chemical Company		26,954		2,076,267
Ecolab Incorporated		47,399		5,079,751
FMC Corporation		23,830		1,736,254
International Flavors & Fragrances Incorporated		14,284		1,261,991
LyondellBasell Industries NV Class A		78,296		6,042,885
Monsanto Company		93,163		10,558,163
Mosaic Company		59,531		2,851,535
PPG Industries Incorporated		24,974		4,596,714
Praxair Incorporated		51,525		6,505,547
Sherwin-Williams Company		15,253		2,791,757
Sigma-Aldrich Corporation		21,012		1,812,075
The Dow Chemical Company		211,489		8,260,760

				70,897,607


Construction Materials: 0.04%
Vulcan Materials Company		22,711		1,280,219


Containers & Packaging: 0.21%
Avery Dennison Corporation		17,140		838,146
Ball Corporation		25,356		1,267,293
Bemis Company Incorporated		17,986		701,994
MeadWestvaco Corporation		31,026		1,089,323
Owens-Illinois Incorporated †		28,722		947,826
Sealed Air Corporation		34,233		1,099,222

				5,943,804


Metals & Mining: 0.53%
Alcoa Incorporated		186,908		1,796,186
Allegheny Technologies Incorporated		18,866		626,729
Cliffs Natural Resources Incorporated «		26,759		669,243
Freeport-McMoRan Copper & Gold Incorporated Class B		181,373		6,291,829
Newmont Mining Corporation		86,969		2,159,440
Nucor Corporation		55,604		2,839,140
United States Steel Corporation «		25,279		677,730

				15,060,297


14		Wells Fargo Advantage Index Portfolio		Portfolio of investments—November 30, 2013 (unaudited)


Security name	Shares		Value


Paper & Forest Products: 0.13%
International Paper Company		77,933	$	3,635,574


Telecommunication Services: 2.34%

Diversified Telecommunication Services: 2.19%
AT&T Incorporated		928,116		32,678,964
CenturyTel Incorporated		104,970		3,222,579
Frontier Communications Corporation «		174,705		817,619
Verizon Communications Incorporated		500,083		24,814,118
Windstream Holdings Incorporated «		103,596		836,020

				62,369,300


Wireless Telecommunication Services: 0.15%
Crown Castle International Corporation †		57,523		4,269,932


Utilities: 2.93%

Electric Utilities: 1.61%
American Electric Power Company Incorporated		85,065		4,003,159
Duke Energy Corporation		123,360		8,630,266
Edison International		56,937		2,631,059
Entergy Corporation		31,155		1,928,183
Exelon Corporation		149,687		4,028,077
FirstEnergy Corporation		73,085		2,384,764
Nextera Energy Incoporated		74,211		6,277,508
Northeast Utilities		55,004		2,259,564
Pepco Holdings Incorporated		43,533		830,610
Pinnacle West Capital Corporation		19,222		1,025,686
PPL Corporation		110,392		3,390,138
The Southern Company		152,718		6,204,932
Xcel Energy Incorporated		86,952		2,436,395

				46,030,341


Gas Utilities: 0.11%
AGL Resources Incorporated		20,724		964,495
ONEOK Incorporated		36,034		2,092,494

				3,056,989


Independent Power Producers & Energy Traders: 0.11%
AES Corporation		107,562		1,567,178
NRG Energy Incorporated		56,433		1,493,217

				3,060,395


Multi-Utilities: 1.10%
Ameren Corporation		42,401		1,520,076
CenterPoint Energy Incorporated		74,903		1,754,977
CMS Energy Corporation		46,461		1,233,075
Consolidated Edison Incorporated		51,181		2,825,703
Dominion Resources Incorporated		101,186		6,567,983
DTE Energy Company		30,575		2,040,576


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Index Portfolio			15


Security name						Shares		Value


Multi-Utilities (continued)
Integrys Energy Group Incorporated							13,909	$	747,470
NiSource Incorporated							54,625		1,727,243
PG&E Corporation							77,820		3,141,593
Public Service Enterprise Group Incorporated							88,400		2,889,796
SCANA Corporation							24,463		1,153,920
Sempra Energy							39,695		3,510,626
TECO Energy Incorporated							35,697		608,277
Wisconsin Energy Corporation							39,786		1,661,856

									31,383,171


Total Common Stocks (Cost $1,688,319,423)									2,807,726,588


	Yield
Short-Term Investments: 1.56%

Investment Companies: 1.47%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%				32,725,140		32,725,140
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)		0.08					9,164,555		9,164,555

									41,889,695

				Maturity date		Principal
U.S. Treasury Securities: 0.09%
U.S. Treasury Bill (z)#		0.01			1-2-2014	$	700,000		699,994
U.S. Treasury Bill (z)#		0.07			4-10-2014		1,750,000		1,749,561

									2,449,555


Total Short-Term Investments (Cost $44,339,250)									44,339,250


Total investments in securities (Cost $1,732,658,673) *	100.09	%		2,852,065,838
Other assets and liabilities, net	(0.09	)		(2,592,238	)

Total net assets	100.00	%	$	2,849,473,600

†	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.

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

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

*	Cost for federal income tax purposes is $1,836,348,596 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	1,158,532,327
Gross unrealized depreciation		(142,815,085	)

Net unrealized appreciation	$	1,015,717,242


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Core Bond Portfolio			1


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities: 35.37%
FHLMC ±		2.12	%		2-1-2043	$	1,765,551	$	1,783,846
FHLMC ±		2.24			7-1-2043		23,278,559		23,569,893
FHLMC ±		2.37			2-1-2043		1,754,929		1,785,825
FHLMC		2.50			5-1-2028		12,513,622		12,531,467
FHLMC ±		2.64			9-1-2042		136,888		138,002
FHLMC ±		2.68			7-1-2042		15,549		15,709
FHLMC ±		2.86			5-1-2042		4,488,672		4,572,342
FHLMC		3.00			7-1-2032		1,675,130		1,647,003
FHLMC		3.00			12-1-2032		963,845		947,661
FHLMC		3.00			2-1-2033		1,550,274		1,524,198
FHLMC		3.00			5-1-2033		2,097,783		2,062,522
FHLMC		3.00			7-1-2033		1,013,421		996,351
FHLMC		3.00			8-1-2042		554,295		526,154
FHLMC		3.00			8-1-2042		1,927,102		1,829,006
FHLMC		3.00			9-1-2042		296,023		280,958
FHLMC		3.00			9-1-2042		265,542		252,026
FHLMC		3.00			10-1-2042		1,144,066		1,085,805
FHLMC		3.00			12-1-2042		1,352,905		1,284,181
FHLMC		3.00			2-1-2043		1,276,271		1,211,202
FHLMC		3.00			4-1-2043		4,119,527		3,909,398
FHLMC		3.00			8-1-2043		84,000		79,717
FHLMC ±		3.16			2-1-2042		6,551,548		6,760,392
FHLMC		3.50			3-1-2033		912,983		930,500
FHLMC		3.50			3-1-2033		1,404,002		1,430,960
FHLMC		3.50			3-1-2033		3,665,377		3,735,604
FHLMC		3.50			6-1-2033		3,410,571		3,476,134
FHLMC		3.50			7-1-2033		1,788,503		1,822,902
FHLMC		3.50			8-1-2033		2,118,655		2,159,427
FHLMC		3.50			11-1-2042		2,792,695		2,783,127
FHLMC		3.50			11-1-2042		1,667,868		1,662,163
FHLMC		3.50			3-1-2043		2,862,490		2,852,672
FHLMC		3.50			3-1-2043		3,054,579		3,044,114
FHLMC		3.50			3-1-2043		2,585,439		2,576,584
FHLMC		3.50			4-1-2043		811,221		808,444
FHLMC		3.50			4-1-2043		8,244,887		8,216,643
FHLMC		3.50			4-1-2043		1,492,640		1,487,530
FHLMC		3.50			4-1-2043		1,134,317		1,130,432
FHLMC		3.50			4-1-2043		2,919,073		2,909,067
FHLMC		3.50			5-1-2043		8,642,672		8,613,150
FHLMC		3.50			5-1-2043		3,502,652		3,490,643
FHLMC		3.50			8-1-2043		1,388,329		1,383,557
FHLMC		4.00			6-1-2033		610,493		637,095
FHLMC		4.00			8-1-2033		574,071		599,156
FHLMC		4.00			11-1-2033		957,973		1,013,915
FHLMC		4.00			6-1-2042		3,783,049		3,904,138
FHLMC		4.00			6-1-2042		8,155,713		8,416,756
FHLMC		4.00			6-1-2042		40,489,966		41,785,852
FHLMC		4.00			10-1-2042		8,866,098		9,149,969
FHLMC		4.00			10-1-2043		1,812,615		1,870,611
FHLMC		4.50			9-1-2042		3,632,316		3,927,796


2		Wells Fargo Advantage Core Bond Portfolio		Portfolio of investments—November 30, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FHLMC		5.00	%		8-1-2039	$	18,018,076	$	19,889,238
FHLMC		5.00			4-1-2041		2,721,852		2,977,824
FHLMC		5.00			5-1-2041		2,419,521		2,635,770
FHLMC		5.00			7-1-2041		7,855,614		8,558,259
FHLMC		5.00			8-1-2041		20,249,431		22,158,409
FHLMC		5.00			4-1-2042		3,163,075		3,491,129
FHLMC		5.50			7-1-2038		8,543,164		9,409,581
FHLMC		6.00			8-1-2017		42,402		44,827
FHLMC		6.00			10-1-2017		97,703		102,969
FHLMC		6.00			2-1-2023		64,689		70,901
FHLMC		6.00			3-1-2034		499,531		556,229
FHLMC		6.00			3-1-2036		3,176,150		3,533,141
FHLMC		6.50			4-1-2021		21,935		23,275
FHLMC Series 1590 Class IA ±		1.22			10-15-2023		61,876		62,972
FHLMC Series 1897 Class K		7.00			9-15-2026		1,859		2,123
FHLMC Series 1935 Class FL ±		0.87			2-15-2027		4,649		4,686
FHLMC Series 2423 Class MC		7.00			3-15-2032		29,271		34,050
FHLMC Series 2980 Class QA		6.00			5-15-2035		279,352		311,260
FHLMC Series 3529 Class AG		6.50			4-15-2039		5,174,143		5,705,864
FHLMC Series 3622 Class WA		5.50			9-15-2039		7,580,751		8,507,990
FHLMC Series 3664 Class DA		4.00			11-15-2037		2,865,735		3,111,314
FHLMC Series 3876 Class NB		5.00			8-15-2038		4,465,855		4,865,179
FHLMC Series K003 Class AAB		4.77			5-25-2018		3,752,000		4,068,091
FHLMC Series T-48 Class 1A3 ±		5.78			7-25-2033		95,141		109,692
FHLMC Series T-57 Class 1A2		7.00			7-25-2043		1,399,350		1,626,036
FHLMC Series T-57 Class 1A3		7.50			7-25-2043		987,693		1,146,522
FHLMC Series T-59 Class 1A3		7.50			10-25-2043		1,368,607		1,636,966
FHLMC Series T-60 Class 1A3		7.50			3-25-2044		1,428,116		1,719,995
FNMA ±		1.98			4-1-2043		11,467,494		11,522,648
FNMA ±		1.99			4-1-2043		8,980,991		9,030,069
FNMA ±		2.00			1-1-2043		1,544,078		1,548,415
FNMA ±		2.04			7-1-2043		2,252,483		2,181,940
FNMA ±		2.04			6-1-2043		3,782,434		3,807,128
FNMA ±		2.07			6-1-2043		6,794,171		6,832,221
FNMA ±		2.07			7-1-2043		13,681,802		13,704,305
FNMA ±		2.11			4-1-2043		1,117,791		1,126,664
FNMA ±		2.15			6-1-2043		1,782,258		1,798,926
FNMA ±		2.20			6-1-2017		1,615		1,618
FNMA		2.50			7-1-2027		8,978,105		8,994,110
FNMA		2.50			10-1-2027		11,804,385		11,825,510
FNMA		2.50			11-1-2027		9,264,028		9,280,604
FNMA		2.50			11-1-2027		15,003,607		15,067,957
FNMA		2.50			12-1-2027		3,585,678		3,592,096
FNMA		2.50			12-1-2027		6,262,945		6,274,163
FNMA %%		2.50			12-1-2028		22,400,000		22,360,625
FNMA %%		2.50			1-1-2029		15,100,000		15,038,656
FNMA ±		2.63			9-1-2043		3,842,856		3,843,197
FNMA ±		2.89			5-1-2043		1,016,435		1,036,184
FNMA %%		3.00			1-1-2029		3,900,000		4,008,621
FNMA		3.00			2-1-2033		2,157,447		2,140,615


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Core Bond Portfolio			3


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		3.00	%		3-1-2033	$	1,015,810	$	1,007,867
FNMA		3.00			3-1-2033		1,569,170		1,556,880
FNMA		3.00			5-1-2033		5,077,726		5,037,791
FNMA		3.00			12-1-2037		460,542		438,859
FNMA		3.00			2-1-2038		293,666		279,840
FNMA		3.00			2-1-2038		255,874		243,828
FNMA		3.00			4-1-2038		308,637		294,107
FNMA		3.00			10-1-2042		3,907,799		3,723,910
FNMA		3.00			11-1-2042		5,073,166		4,834,450
FNMA		3.00			1-1-2043		16,293,677		15,525,375
FNMA		3.00			1-1-2043		6,414,755		6,112,900
FNMA		3.00			1-1-2043		2,436,178		2,321,345
FNMA		3.00			2-1-2043		11,107,311		10,584,384
FNMA		3.00			2-1-2043		2,037,134		1,941,527
FNMA		3.00			2-1-2043		694,977		662,334
FNMA		3.00			2-1-2043		8,019,833		7,641,952
FNMA		3.00			3-1-2043		17,551,721		16,724,636
FNMA		3.00			4-1-2043		1,694,907		1,615,380
FNMA		3.00			5-1-2043		6,091,585		5,805,759
FNMA %%		3.00			12-1-2043		31,500,000		30,376,581
FNMA ±		3.03			3-1-2042		2,617,303		2,698,088
FNMA		3.50			7-1-2032		5,374,707		5,467,143
FNMA		3.50			3-1-2033		1,007,302		1,024,625
FNMA		3.50			5-1-2033		658,399		669,734
FNMA		3.50			7-1-2033		1,370,725		1,394,307
FNMA		3.50			8-1-2042		3,880,701		3,862,554
FNMA		3.50			9-1-2042		31,802,633		31,653,947
FNMA		3.50			2-1-2043		14,478,427		14,410,778
FNMA %%		3.50			12-1-2043		2,200,000		2,218,305
FNMA %%		3.50			1-1-2044		29,300,000		29,456,800
FNMA %%		4.00			12-1-2028		4,000,000		4,252,656
FNMA		4.00			10-1-2033		773,368		806,809
FNMA		4.00			11-1-2033		881,224		922,443
FNMA		4.00			11-1-2033		910,866		950,248
FNMA		4.00			11-1-2033		288,486		304,430
FNMA		4.00			11-1-2033		2,917,228		3,078,447
FNMA		4.00			11-1-2033		2,500,202		2,638,375
FNMA		4.00			11-1-2033		477,487		498,134
FNMA		4.00			6-1-2042		13,523,103		14,000,446
FNMA		4.00			10-1-2043		1,466,098		1,517,722
FNMA %%		4.50			1-1-2044		7,600,000		8,087,172
FNMA		5.00			3-1-2041		607,398		668,270
FNMA		5.00			6-1-2041		1,681,117		1,850,299
FNMA		5.00			6-1-2041		2,708,467		2,969,374
FNMA		5.00			7-1-2041		13,374,316		14,796,750
FNMA		5.00			8-1-2041		2,019,343		2,223,217
FNMA		5.00			8-1-2041		1,954,017		2,136,739
FNMA		5.00			8-1-2041		4,865,731		5,362,064
FNMA		5.00			8-1-2041		1,958,443		2,167,547
FNMA		5.00			9-1-2041		5,026,457		5,508,628


4		Wells Fargo Advantage Core Bond Portfolio		Portfolio of investments—November 30, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		5.00	%		9-1-2041	$	2,227,701	$	2,453,234
FNMA		5.37			4-1-2017		2,460,000		2,693,834
FNMA		5.40			5-1-2017		3,177,675		3,489,586
FNMA		5.50			9-1-2034		1,579,100		1,713,301
FNMA		5.50			4-1-2036		1,070,421		1,169,820
FNMA		5.50			7-1-2039		1,668,202		1,861,572
FNMA		5.50			4-1-2040		5,161,578		5,836,061
FNMA		6.00			5-1-2017		46,976		49,364
FNMA		6.00			11-1-2017		12,094		12,723
FNMA		6.00			4-1-2022		28,328		31,223
FNMA		6.00			2-1-2029		27,070		30,237
FNMA		6.00			3-1-2033		132,840		148,340
FNMA		6.00			11-1-2033		48,252		53,916
FNMA		6.00			3-1-2034		24,451,502		27,287,807
FNMA		6.00			8-1-2034		2,101,916		2,345,795
FNMA		6.00			8-1-2034		1,146,919		1,280,257
FNMA		6.00			11-1-2034		1,585,502		1,769,134
FNMA		6.00			4-1-2035		543,772		606,942
FNMA		6.00			4-1-2035		447,406		499,371
FNMA		6.00			11-1-2035		344,591		384,656
FNMA		6.00			12-1-2035		3,165,333		3,533,302
FNMA		6.00			7-1-2037		7,345,020		8,194,341
FNMA		6.00			7-1-2037		1,735,254		1,935,771
FNMA		6.06			9-1-2016		1,339,901		1,432,173
FNMA		6.50			6-1-2017		53,347		56,305
FNMA		6.50			7-1-2017		77,201		81,650
FNMA		6.50			10-1-2036		2,869,291		3,222,032
FNMA Series 416 Class A350		3.50			11-25-2042		13,576,515		13,724,095
FNMA Series 1998-38 Class Pl		6.00			11-25-2028		831,475		928,724
FNMA Series 1999-54 Class LH		6.50			11-25-2029		31,071		34,814
FNMA Series 2002-14 Class A2		7.00			1-25-2042		561,630		644,845
FNMA Series 2002-33 Class A2		7.50			6-25-2032		1,067,274		1,270,222
FNMA Series 2002-95 Class DB		6.00			1-25-2033		4,274,361		4,859,136
FNMA Series 2003-W17 Class 1A7		5.75			8-25-2033		2,114,000		2,323,586
FNMA Series 2004-45 Class VB		4.50			10-25-2028		7,940		7,967
FNMA Series 2005-31 Class PB		5.50			4-25-2035		75,000		84,100
FNMA Series 2005-5 Class PA		5.00			1-25-2035		2,083,540		2,267,688
FNMA Series 2006-56 Class CA		6.00			7-25-2036		850,582		947,621
FNMA Series 2009-20 Class DT		4.50			4-25-2039		1,023,702		1,109,914
FNMA Series 2011-58 Class AT		4.00			7-25-2041		5,314,027		5,603,599
FNMA Series 2012-130 Class DC		3.00			12-25-2042		37,626,024		36,009,045
FNMA Series 2012-133 Class JP		2.50			7-25-2042		9,355,637		9,168,253
FNMA Series 2012-134 Class LC		3.00			12-25-2042		3,564,287		3,502,931
FNMA Series 2013-121 Class LB (a)		3.00			12-25-2043		13,276,000		13,707,588
FNMA Series 2013-41 Class WG		2.50			11-25-2042		2,746,621		2,725,398
GNMA %%		3.00			12-1-2043		6,900,000		6,734,508
GNMA %%		3.50			12-1-2043		12,200,000		12,436,375
GNMA %%		4.00			12-1-2043		10,800,000		11,385,141
GNMA %%		4.00			1-1-2044		41,600,000		43,717,376
GNMA %%		4.00			1-1-2044		6,200,000		6,505,883


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Core Bond Portfolio			5


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
GNMA %%		4.50	%		12-1-2043	$	31,200,000	$	33,518,063
GNMA		7.00			11-15-2029		75,326		89,907
GNMA		7.75			9-20-2020		47,640		49,381
GNMA		7.75			3-20-2021		87,004		96,582
GNMA		7.75			7-20-2021		32,535		32,902
GNMA		8.05			7-15-2019		39,891		44,262
GNMA		8.05			7-15-2019		2,409		2,418
GNMA		8.05			8-15-2019		16,459		16,532
GNMA		8.05			9-15-2019		13,498		13,558
GNMA		8.05			10-15-2019		12,190		12,245
GNMA		8.05			10-15-2019		3,995		4,012
GNMA		8.05			11-15-2019		1,674		1,681
GNMA		8.05			11-15-2019		11,586		11,638
GNMA		8.05			2-15-2020		13,992		14,261
GNMA		8.05			10-15-2020		11,666		11,718
GNMA Series 2003-79 Class PV		5.50			10-20-2023		1,986,985		2,140,229
GNMA Series 2010-6 Class AB		3.00			11-20-2039		916,619		916,982
GNMA Series 2013-44 Class NA		2.50			2-20-2043		4,724,564		4,674,498

Total Agency Securities (Cost $1,043,435,825)									1,033,841,344


Asset-Backed Securities: 14.85%
Ally Auto Receivables Trust Series 2010-2 Class A4		2.09			5-15-2015		521,505		522,830
Ally Auto Receivables Trust Series 2010-4 Class A4		1.35			12-15-2015		4,881,129		4,897,164
Ally Auto Receivables Trust Series 2010-5 Class A4		1.75			3-15-2016		7,786,580		7,831,151
Ally Auto Receivables Trust Series 2011-1 Class A4		2.23			3-15-2016		9,692,657		9,775,384
Ally Auto Receivables Trust Series 2012-1 Class A3		0.93			2-16-2016		1,277,298		1,281,235
Ally Auto Receivables Trust Series 2012-2 Class A3		0.74			4-15-2016		5,230,097		5,240,594
Ally Auto Receivables Trust Series 2013-1 Class A4		0.84			2-15-2018		6,414,000		6,402,301
Ally Master Owner Trust Series 2011-1 Class A2		2.15			1-15-2016		7,130,000		7,144,324
Ally Master Owner Trust Series 2011-4 Class A1 ±		0.97			9-15-2016		3,274,000		3,284,585
American Express Issuance Trust II Series 2013-1 Class A ±		0.45			2-15-2019		7,097,000		7,069,833
American Express Issuance Trust II Series 2013-2 Class A ±		0.59			5-17-2021		4,883,000		4,892,532
American Express Issuance Trust II Series 2013-2 Class A ±		0.60			8-15-2019		9,282,000		9,299,831
AmeriCredit Automobile Receivables Trust Series 2012-4 Class A2		0.49			4-8-2016		2,319,394		2,318,729
AmeriCredit Automobile Receivables Trust Series 2012-4 Class A3		0.67			6-8-2017		4,583,000		4,583,385
AmeriCredit Automobile Receivables Trust Series 2013-2 Class A2		0.53			11-8-2016		1,591,188		1,591,009
AmeriCredit Automobile Receivables Trust Series 2013-3 Class A2		0.68			10-11-2016		11,156,000		11,163,084
Bank of America Credit Card Trust Series 2007-A10 Class A10 ±		0.24			12-15-2016		8,216,000		8,215,482
Capital Auto Receivables Asset Trust Series 2013-1 Class A3		0.79			6-20-2017		9,484,000		9,481,354
Capital Auto Receivables Asset Trust Series 2013-2 Class A2		0.92			9-20-2016		5,137,000		5,150,685
Capital Auto Receivables Asset Trust Series 2013-2 Class A4		1.56			7-20-2018		2,734,000		2,763,585
Capital Auto Receivables Asset Trust Series 2013-3 Class A2		1.04			11-21-2016		2,871,000		2,883,337
Capital Auto Receivables Asset Trust Series 2013-3 Class A4		1.68			4-20-2018		3,248,000		3,289,902
Capital Auto Receivables Asset Trust Series 2013-4 Class A3		1.09			3-20-2018		4,062,000		4,061,945
Capital Auto Receivables Asset Trust Series 2013-4 Class A4		1.47			7-20-2018		5,521,000		5,520,736
Capital One Multi-Asset Execution Trust Series 2007-A1 Class A1 ±		0.22			11-15-2019		11,267,000		11,166,127
Capital One Multi-Asset Execution Trust Series 2007-A5 Series A5 ±		0.21			7-15-2020		3,911,000		3,860,235
Chase Issuance Trust Series 2012-A8 Class A8		0.54			10-16-2017		2,540,000		2,540,455
Chase Issuance Trust Series 2013-A2 Class A2 ±		0.27			2-15-2017		2,177,000		2,175,657
Citibank Credit Card Issuance Trust Series 2013-A10 Class A10		0.73			2-7-2018		17,764,000		17,787,040


6		Wells Fargo Advantage Core Bond Portfolio		Portfolio of investments—November 30, 2013 (unaudited)


Security name		Interest rate			Maturity date		Principal		Value


Asset-Backed Securities (continued)
Citibank Credit Card Issuance Trust Series 2013-A7 Class A7 ±			0.60	%		9-10-2020	$	8,617,000	$	8,621,222
Developers Diversified Realty Corporation Trust Series 2009-DDR1 Class A 144A			3.81			10-14-2022		4,945,801		5,041,384
Discover Card Execution Note Trust Series 2013-A6 Class A6 ±			0.62			4-15-2021		5,531,000		5,544,490
Discover Card Execution Note Trust Series2013-A5 Class A5			1.04			4-15-2019		3,959,000		3,973,676
Ford Credit Floorplan Master Trust Series 2012-1 Class A ±			0.64			1-15-2016		1,766,000		1,766,507
GE Capital Credit Card Master Note Trust Series 2011-1 Class A ±			0.72			1-15-2017		3,469,000		3,470,901
Honda Auto Receivables Owner Trust Series 2012-3 Class A2			0.46			12-15-2014		721,600		721,733
Honda Auto Receivables Owner Trust Series 2013-2 Class A3			0.53			2-16-2017		3,610,000		3,611,953
Honda Auto Receivables Owner Trust Series 2013-3 Class A2			0.54			1-15-2016		7,080,000		7,089,558
MMCA Automobile Trust Series 2011-A Class A4 144A			2.02			10-17-2016		1,744,420		1,755,441
Nelnet Student Loan Trust Series 2004-5 Class A5 ±			0.42			10-27-2036		4,872,000		4,758,507
Nelnet Student Loan Trust Series 2005-1 Class A5 ±			0.35			10-25-2033		10,975,000		10,349,447
Nelnet Student Loan Trust Series 2005-2 Class A5 ±			0.35			3-23-2037		5,938,000		5,707,422
Nelnet Student Loan Trust Series 2006-1 Class A4 ±			0.33			11-23-2022		8,586,844		8,554,385
Nelnet Student Loan Trust Series 2006-2 Class A4 ±			0.32			10-26-2026		10,721,284		10,689,795
Nelnet Student Loan Trust Series 2007-1 Class A1 ±			0.25			11-27-2018		1,944,172		1,939,095
Nelnet Student Loan Trust Series 2007-2A Class A3L ±144A			0.60			3-25-2026		17,148,000		16,939,995
Nelnet Student Loan Trust Series 2010-4A Class A ±144A			0.97			4-25-2046		2,611,964		2,635,432
Nissan Auto Receivables Owner Trust Series 2011-A Class A3			1.18			2-16-2015		374,131		374,412
Nissan Auto Receivables Owner Trust Series 2012-B Class A2			0.39			4-15-2015		822,184		822,317
Santander Drive Auto Receivables Trust Series 2012-5 Class A2			0.57			12-15-2015		782,133		782,262
Santander Drive Auto Receivables Trust Series 2012-5 Class A3			0.83			12-15-2016		2,293,000		2,296,680
Santander Drive Auto Receivables Trust Series 2012-6 Class A3			0.62			7-15-2016		1,953,000		1,954,494
Santander Drive Auto Receivables Trust Series 2013-2 Class A3			0.70			9-15-2017		10,752,000		10,761,107
Santander Drive Auto Receivables Trust Series 2013-3 Class A2			0.55			9-15-2016		9,295,874		9,293,847
SLM Student Loan Trust Series 2004-5A Class A5 ±144A			0.84			10-25-2023		4,895,000		4,910,184
SLM Student Loan Trust Series 2004-8A Class A5 ±144A	��		0.74			4-25-2024		9,548,349		9,564,228
SLM Student Loan Trust Series 2005-5 Class A3 ±			0.34			4-25-2025		806,000		801,615
SLM Student Loan Trust Series 2005-6 Class A5 ±			1.44			7-27-2026		3,510,167		3,564,575
SLM Student Loan Trust Series 2005-9 Class A4 ±			0.34			1-25-2023		943,987		943,590
SLM Student Loan Trust Series 2007-2 Class A2 ±			0.64			5-15-2028		2,247,207		2,242,971
SLM Student Loan Trust Series 2007-2 Class B ±			0.41			7-25-2025		2,516,000		2,168,485
SLM Student Loan Trust Series 2010-1 Class A ±			0.57			3-25-2025		2,128,029		2,121,047
SLM Student Loan Trust Series 2010-A Class 2A ±144A			3.42			5-16-2044		4,908,788		5,181,274
SLM Student Loan Trust Series 2011-C Class A1 ±144A			1.57			12-15-2023		2,737,906		2,757,495
SLM Student Loan Trust Series 2012-6 Class B ±			1.17			4-27-2043		3,834,000		3,439,002
SLM Student Loan Trust Series 2012-A Class A1 ±144A			1.57			8-15-2025		6,803,932		6,870,903
SLM Student Loan Trust Series 2012-B Class A1 ±144A			1.27			12-15-2021		5,749,247		5,774,595
SLM Student Loan Trust Series 2012-C Class A1 ±144A			1.27			8-15-2023		2,613,242		2,626,076
SLM Student Loan Trust Series 2012-E Class A1 ±144A			0.92			10-16-2023		12,018,631		12,027,813
SLM Student Loan Trust Series 2012-E Class A2 ±144A			1.92			6-15-2045		7,831,000		7,980,376
SLM Student Loan Trust Series 2013 Class 3B ±			1.67			9-25-2043		1,836,000		1,739,601
SLM Student Loan Trust Series 2013-1 Class A2 ±			0.42			9-25-2019		3,384,000		3,368,890
SLM Student Loan Trust Series 2013-1 Class B ±			1.97			11-25-2043		1,064,000		1,030,486
SLM Student Loan Trust Series 2013-2 Class B ±			1.67			6-25-2043		1,407,000		1,328,323
SLM Student Loan Trust Series 2013-3 Class A2 ±			0.47			5-26-2020		3,507,000		3,493,386
SLM Student Loan Trust Series 2013-5 Class A2 ±			0.57			10-26-2020		5,129,000		5,127,154
SLM Student Loan Trust Series 2013-6 Class A2 ±			0.67			2-25-2021		3,958,000		3,958,000
SLM Student Loan Trust Series 2013-A Class A1 ±144A			0.77			8-15-2022		4,960,731		4,953,171
SLM Student Loan Trust Series 2013-B Class A1 ±144A			0.82			7-15-2022		2,479,505		2,477,574


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Core Bond Portfolio			7


Security name	Interest rate			Maturity date		Principal		Value


Asset-Backed Securities (continued)
SLM Student Loan Trust Series 2013-B Class A2A 144A		1.85	%		6-17-2030	$	11,683,000	$	11,382,058
SLM Student Loan Trust Series 2013-C Class A1 ±144A		1.02			2-15-2022		5,662,869		5,674,341
SLM Student Loan Trust Series 2013-C Class A2A 144A		2.94			10-15-2031		5,460,000		5,678,029
SMS Student Loan Trust Series 2000-A Class A2 ±		0.43			10-28-2028		2,825,409		2,812,249
SMS Student Loan Trust Series 2000-B Class A2 ±		0.44			4-28-2029		3,111,842		3,098,383
Volkswagen Auto Loan Enhanced Trust Series 2012-2 Class A2		0.33			7-20-2015		2,137,740		2,137,075
World Financial Network Credit Card Master Trust Series 2013-B Class A		0.91			3-16-2020		7,266,000		7,240,700

Total Asset-Backed Securities (Cost $433,125,939)									434,124,222


Corporate Bonds and Notes: 18.99%

Consumer Discretionary: 2.19%

Auto Components: 0.13%
TRW Automotive Incorporated 144A		4.45			12-1-2023		3,895,000		3,865,788


Automobiles: 1.23%
Daimler Finance North America LLC 144A		1.45			8-1-2016		6,250,000		6,302,606
Daimler Finance North America LLC 144A		1.88			9-15-2014		4,116,000		4,157,032
Daimler Finance North America LLC 144A		1.88			1-11-2018		3,084,000		3,069,795
Daimler Finance North America LLC 144A		2.38			8-1-2018		4,440,000		4,463,905
Ford Motor Credit Company LLC		4.38			8-6-2023		7,258,000		7,348,340
General Motors Corporation 144A		3.50			10-2-2018		6,605,000		6,728,844
General Motors Corporation 144A		4.88			10-2-2023		2,595,000		2,611,219
General Motors Corporation 144A		6.25			10-2-2043		1,315,000		1,334,725

									36,016,466


Media: 0.64%
Comcast Corporation		4.25			1-15-2033		1,435,000		1,327,488
DIRECTV Holdings LLC		3.80			3-15-2022		1,430,000		1,367,442
NBCUniversal Enterprise Incorporated 144A		1.97			4-15-2019		3,295,000		3,232,494
Thompson Reuters Corporation		5.65			11-23-2043		725,000		726,474
Thomson Reuters Corporation		1.30			2-23-2017		2,695,000		2,697,099
Viacom Incorporated		2.50			9-1-2018		1,880,000		1,903,333
Viacom Incorporated		4.25			9-1-2023		3,670,000		3,705,243
Viacom Incorporated		5.85			9-1-2043		3,665,000		3,814,173

									18,773,746


Specialty Retail: 0.19%
Home Depot Incorporated		3.75			2-15-2024		5,420,000		5,453,067


Consumer Staples: 1.10%

Beverages: 0.29%
Anheuser-Busch InBev Worldwide Incorporated		7.75			1-15-2019		2,295,000		2,894,824
PepsiCo Incorporated		2.25			1-7-2019		5,575,000		5,621,908

									8,516,732


Food Products: 0.72%
ConAgra Foods Incorporated		1.30			1-25-2016		2,515,000		2,528,402
Kraft Foods Group Incorporated		6.50			2-9-2040		2,455,000		2,878,750


8		Wells Fargo Advantage Core Bond Portfolio		Portfolio of investments—November 30, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Food Products (continued)
Tyson Foods Incorporated		4.50	%		6-15-2022	$	3,400,000	$	3,459,789
WM Wrigley Jr Company 144A		2.00			10-20-2017		1,315,000		1,323,210
WM Wrigley Jr Company 144A		2.40			10-21-2018		1,910,000		1,925,358
WM Wrigley Jr Company 144A		2.90			10-21-2019		3,763,000		3,804,671
WM Wrigley Jr Company 144A		3.38			10-21-2020		3,795,000		3,825,796
Yum! Brands Incorporated		5.35			11-1-2043		1,280,000		1,238,126

									20,984,102


Tobacco: 0.09%
Altria Group Incorporated		4.00			1-31-2024		1,410,000		1,388,190
Altria Group Incorporated		5.38			1-31-2044		1,270,000		1,261,966

									2,650,156


Energy: 1.70%

Energy Equipment & Services: 0.24%
Diamond Offshore Drilling Incorporated		4.88			11-1-2043		2,585,000		2,532,817
Halliburton Company		2.00			8-1-2018		4,555,000		4,576,390

									7,109,207


Oil, Gas & Consumable Fuels: 1.46%
DCP Midstream Operating Company		4.95			4-1-2022		2,493,000		2,532,569
Dominion Gas Holdings LLC 144A		4.80			11-1-2043		1,715,000		1,670,864
El Paso Pipeline Partners Operating LLC		4.10			11-15-2015		3,645,000		3,849,813
Energen Corporation		4.63			9-1-2021		3,604,000		3,587,241
Energy Transfer Partners LP		5.15			2-1-2043		910,000		834,874
Energy Transfer Partners LP		5.95			10-1-2043		2,135,000		2,183,975
Energy Transfer Partners LP		6.50			2-1-2042		1,350,000		1,460,503
Kerr-McGee Corporation		6.95			7-1-2024		5,020,000		5,995,958
Kinder Morgan Energy Partners LP		5.00			3-1-2043		2,995,000		2,784,071
MidAmerican Energy Company		2.40			3-15-2019		2,930,000		2,992,517
MidAmerican Energy Company		4.80			9-15-2043		220,000		221,531
Murphy Oil Corporation		3.70			12-1-2022		4,245,000		3,967,322
Rowan Companies Incorporated		5.40			12-1-2042		1,789,000		1,618,383
Spectra Energy Partners LP		2.95			9-25-2018		1,870,000		1,912,109
Spectra Energy Partners LP		5.95			9-25-2043		1,175,000		1,248,912
TC Pipelines LP		4.65			6-15-2021		2,278,000		2,306,664
Western Gas Partners		5.38			6-1-2021		1,010,000		1,085,549
WPX Energy Incorporated		6.00			1-15-2022		2,325,000		2,336,625

									42,589,480


Financials: 8.11%

Capital Markets: 1.15%
Five Corners Funding Trust 144A		4.42			11-15-2023		5,880,000		5,873,703
Goldman Sachs Group Incorporated ±		1.84			11-29-2023		1,920,000		1,930,672
Goldman Sachs Group Incorporated		6.25			2-1-2041		2,625,000		3,012,563
Goldman Sachs Group Incorporated		6.75			10-1-2037		1,494,000		1,656,099
Lazard Group LLC		4.25			11-14-2020		3,445,000		3,443,054
Lazard Group LLC		6.85			6-15-2017		7,155,000		8,109,134


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Core Bond Portfolio			9


Security name	Interest rate			Maturity date		Principal		Value


Capital Markets (continued)
Morgan Stanley		5.00	%		11-24-2025	$	2,900,000	$	2,900,893
Morgan Stanley		5.38			10-15-2015		3,625,000		3,909,896
Morgan Stanley		5.50			7-28-2021		2,523,000		2,838,019

									33,674,033


Commercial Banks: 0.34%
HSBC USA Incorporated		2.38			2-13-2015		4,571,000		4,671,996
HSBC USA Incorporated		2.63			9-24-2018		2,240,000		2,307,726
Inter-American Development Bank Series EMTN		3.88			10-28-2041		3,180,000		2,899,216

									9,878,938


Consumer Finance: 0.60%
American Express Credit Corporation		1.75			6-12-2015		7,664,000		7,798,220
Capital One Bank USA NA		1.15			11-21-2016		3,130,000		3,131,991
Capital One Bank USA NA		2.15			11-21-2018		3,445,000		3,446,233
Toyota Motor Credit Corporation		2.00			10-24-2018		1,600,000		1,607,998
Toyota Motor Credit Corporation		3.40			9-15-2021		1,590,000		1,601,181

									17,585,623


Diversified Financial Services: 3.32%
Bank of America Corporation		1.13			11-14-2016		12,070,000		12,097,025
Bank of America Corporation		1.50			10-9-2015		12,066,000		12,186,624
Bank of America Corporation		2.60			1-15-2019		8,040,000		8,123,857
Bank of America Corporation		4.10			7-24-2023		8,690,000		8,719,685
Bank of America Corporation		6.00			9-1-2017		4,150,000		4,749,903
Citigroup Incorporated		1.70			7-25-2016		4,130,000		4,184,859
Citigroup Incorporated		2.65			3-2-2015		2,428,000		2,480,370
Citigroup Incorporated		3.88			10-25-2023		2,405,000		2,361,989
Citigroup Incorporated		4.45			1-10-2017		5,154,000		5,622,256
CME Group Incorporated		5.30			9-15-2043		710,000		742,989
Discover Bank		4.20			8-8-2023		2,575,000		2,581,726
General Electric Capital Corporation		5.88			1-14-2038		3,935,000		4,452,515
Glencore Funding LLC 144A		2.50			1-15-2019		2,205,000		2,128,401
ING US Incorporated		5.50			7-15-2022		2,442,000		2,670,036
JPMorgan Chase & Company		3.20			1-25-2023		3,895,000		3,693,734
JPMorgan Chase & Company		3.38			5-1-2023		2,370,000		2,202,410
JPMorgan Chase & Company		6.00			10-1-2017		7,663,000		8,852,711
Murray Street Investment Trust I		4.65			3-9-2017		6,386,000		6,938,300
National Rural Utilities Cooperative Finance Corporation		3.40			11-15-2023		2,415,000		2,365,676

									97,155,066


Insurance: 1.39%
American International Group Incorporated		6.40			12-15-2020		2,245,000		2,674,394
American International Group Incorporated ±		8.18			5-15-2058		855,000		1,026,428
American International Group Incorporated		8.25			8-15-2018		2,655,000		3,360,869
Assurant Incorporated		2.50			3-15-2018		3,605,000		3,577,076
Berkshire Hathaway Financial Incorporated		2.90			10-15-2020		5,360,000		5,390,112
Berkshire Hathaway Financial Incorporated		4.50			2-11-2043		1,175,000		1,104,847
Liberty Mutual Group Incorporated 144A		4.25			6-15-2023		4,153,000		4,071,211


10		Wells Fargo Advantage Core Bond Portfolio		Portfolio of investments—November 30, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Insurance (continued)
Liberty Mutual Group Incorporated 144A		6.50	%		5-1-2042	$	1,983,000	$	2,215,166
Markel Corporation		3.63			3-30-2023		1,520,000		1,450,112
Markel Corporation		4.90			7-1-2022		2,120,000		2,242,095
MetlLife Incorporated		4.37			9-15-2023		2,915,000		3,023,951
MetlLife Incorporated		4.88			11-13-2043		3,505,000		3,444,903
Prudential Financial Incorporated		2.30			8-15-2018		2,515,000		2,549,506
Reinsurance Group of America Incorporated		4.70			9-15-2023		2,415,000		2,488,182
W.R. Berkley Corporation		4.63			3-15-2022		1,854,000		1,909,006

									40,527,858


REITs: 1.31%
American Tower Corporation		3.50			1-31-2023		2,963,000		2,718,161
American Tower Corporation		4.50			1-15-2018		3,163,000		3,409,768
American Tower Corporation		5.05			9-1-2020		2,361,000		2,499,458
AvalonBay Communities Incorporated		3.63			10-1-2020		1,140,000		1,163,134
Boston Properties LP		3.13			9-1-2023		1,855,000		1,725,562
Boston Properties LP		3.80			2-1-2024		2,780,000		2,711,929
DDR Corporation		3.38			5-15-2023		4,110,000		3,803,312
DDR Corporation		4.63			7-15-2022		4,205,000		4,346,048
Equity One Incorporated		3.75			11-15-2022		1,506,000		1,418,616
Federal Realty Investment Trust		3.00			8-1-2022		1,750,000		1,647,930
HCP Incorporated		5.65			12-15-2013		4,930,000		4,937,469
Mid America Apartments LP		4.30			10-15-2023		2,745,000		2,702,323
Prologis LP		4.25			8-15-2023		3,335,000		3,333,166
Tanger Properties LP		3.88			12-1-2023		1,820,000		1,781,371

									38,198,247


Health Care: 1.31%

Biotechnology: 0.34%
Amgen Incorporated		5.38			5-15-2043		4,860,000		4,938,343
Celgene Corporation		2.30			8-15-2018		2,395,000		2,406,415
Celgene Corporation		5.25			8-15-2043		2,455,000		2,456,363

									9,801,121


Health Care Equipment & Supplies: 0.13%
St. Jude Medical Incorporated		3.25			4-15-2023		4,175,000		3,920,985


Health Care Providers & Services: 0.36%
Express Scripts Holding Company		2.10			2-12-2015		5,030,000		5,113,654
WellPoint Incorporated		3.13			5-15-2022		4,325,000		4,092,765
Wellpoint Incorporated		5.10			1-15-2044		1,275,000		1,250,774

									10,457,193


Pharmaceuticals: 0.48%
Merck & Company Incorporated		1.30			5-18-2018		4,010,000		3,937,664
Merck & Company Incorporated		2.80			5-18-2023		2,895,000		2,724,916
Mylan Incorporated		5.40			11-29-2043		1,050,000		1,063,103
Perrigo Company		2.95			5-15-2023		2,095,000		2,095,614


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Core Bond Portfolio			11


Security name	Interest rate			Maturity date		Principal		Value


Pharmaceuticals (continued)
Pfizer Incorporated		3.00	%		6-15-2023	$	2,325,000	$	2,223,021
Teva Pharmaceutical Finance LLC		2.25			3-18-2020		2,149,000		2,036,283

									14,080,601


Industrials: 0.46%

Aerospace & Defense: 0.26%
Northrop Grumman Corporation		3.25			8-1-2023		4,615,000		4,344,487
Northrop Grumman Corporation		4.75			6-1-2043		3,530,000		3,329,425

									7,673,912


Machinery: 0.06%
Flowserve Corporation		4.00			11-15-2023		1,810,000		1,797,252


Road & Rail: 0.14%
ERAC USA Finance LLC 144A		5.63			3-15-2042		3,828,000		3,887,234


Information Technology: 0.64%

Computers & Peripherals: 0.17%
IBM Corporation		1.63			5-15-2020		5,220,000		4,905,887


Semiconductors & Semiconductor Equipment: 0.08%
Intel Corporation		4.00			12-15-2032		2,467,000		2,275,988


Software: 0.39%
Oracle Corporation		2.38			1-15-2019		8,805,000		8,946,479
Oracle Corporation		3.63			7-15-2023		2,655,000		2,639,723

									11,586,202


Materials: 0.08%

Chemicals: 0.08%
Mosaic Company		5.45			11-15-2033		1,130,000		1,154,080
Mosaic Company		5.63			11-15-2043		1,260,000		1,281,887

									2,435,967


Telecommunication Services: 1.34%

Diversified Telecommunication Services: 1.34%
AT&T Incorporated		1.60			2-15-2017		4,690,000		4,713,000
AT&T Incorporated		4.30			12-15-2042		1,145,000		954,726
Verizon Communications Incorporated		2.50			9-15-2016		8,445,000		8,768,410
Verizon Communications Incorporated		3.65			9-14-2018		6,284,000		6,679,603
Verizon Communications Incorporated		4.50			9-15-2020		2,150,000		2,308,339
Verizon Communications Incorporated		5.15			9-15-2023		2,325,000		2,480,089
Verizon Communications Incorporated		6.40			9-15-2033		8,389,000		9,361,285
Verizon Communications Incorporated		6.55			9-15-2043		3,470,000		3,947,059

									39,212,511


12		Wells Fargo Advantage Core Bond Portfolio		Portfolio of investments—November 30, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Utilities: 2.06%

Electric Utilities: 0.96%
Ameren Corporation		8.88	%		5-15-2014	$	4,050,000	$	4,194,395
American Electric Power Company		1.65			12-15-2017		4,580,000		4,540,644
Duke Energy Corporation		1.63			8-15-2017		2,245,000		2,256,470
Duke Energy Corporation		3.95			10-15-2023		1,620,000		1,633,611
Duke Energy Ohio Incorporated		3.80			9-1-2023		1,770,000		1,797,886
Kentucky Utilities Company		4.65			11-15-2043		1,105,000		1,102,192
NiSource Finance Corporation		5.65			2-1-2045		1,860,000		1,874,754
PPL Capital Funding Incorporated		3.40			6-1-2023		1,985,000		1,865,257
PPL Capital Funding Incorporated		4.70			6-1-2043		1,850,000		1,631,391
Southern Company		2.45			9-1-2018		3,313,000		3,367,678
Southwestern Electric Power Company		3.55			2-15-2022		1,401,000		1,372,959
Wisconsin Public Service Corporation		4.75			11-1-2044		2,360,000		2,397,080

									28,034,317


Gas Utilities: 0.25%
ONEOK Partners LP		2.00			10-1-2017		2,790,000		2,791,780
ONEOK Partners LP		3.20			9-15-2018		2,475,000		2,557,937
ONEOK Partners LP		6.20			9-15-2043		1,785,000		1,915,862

									7,265,579


Multi-Utilities: 0.85%
Dominion Resources Incorporated		8.88			1-15-2019		3,840,000		4,969,117
Louisville Gas & Electric Company		4.65			11-15-2043		980,000		977,510
MidAmerican Energy Holdings Company 144A		5.15			11-15-2043		4,550,000		4,538,957
Pacific Gas & Electric Corporation		3.25			6-15-2023		4,108,000		3,914,049
Pacific Gas & Electric Corporation		4.60			6-15-2043		710,000		664,774
Pacific Gas & Electric Corporation		5.13			11-15-2043		2,690,000		2,743,649
Puget Energy Incorporated		6.00			9-1-2021		4,785,000		5,279,233
Sempra Energy		4.05			12-1-2023		1,710,000		1,710,477

									24,797,766


Total Corporate Bonds and Notes (Cost $552,322,555)									555,111,024


Municipal Obligations: 1.01%

California: 0.26%
California Build America Bonds (GO)		7.60			11-1-2040		2,725,000		3,721,342
Los Angeles CA Community College District Build America Bonds (GO)		6.75			8-1-2049		3,035,000		3,958,156

									7,679,498


Illinois: 0.13%
Illinois Finance Authority (GO)		5.37			3-1-2017		1,990,000		2,152,444
Illinois Finance Authority (GO)		5.88			3-1-2019		1,595,000		1,735,025

									3,887,469


Nevada: 0.14%
Clark County NV Airport Authority (Airport Revenue)		6.82			7-1-2045		3,165,000		3,927,132


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Core Bond Portfolio			13


Security name	Interest rate			Maturity date		Principal		Value


New Jersey: 0.17%
New Jersey Turnpike Authority (Transportation Revenue)		7.10	%		1-1-2041	$	3,827,000	$	5,006,252


New York: 0.13%
Port Authority of New York and New Jersey Consolidated Bonds Series 174 (Airport Revenue)		4.46			10-1-2062		4,100,000		3,625,999


Ohio: 0.04%
Ohio State University Taxable Series A (Education Revenue)		4.80			6-1-2111		1,259,000		1,093,618


Texas: 0.14%
North Texas Tollway Authority (Transportation Revenue)		6.72			1-1-2049		3,500,000		4,209,590


Total Municipal Obligations (Cost $25,833,149)									29,429,558


Non-Agency Mortgage Backed Securities: 7.34%
Bank of America Commercial Mortgage Trust Series 2004-6 Class A3		4.51			12-10-2042		53,164		53,299
Bear Stearns Commercial Mortgage Securities Incorporated Series 2005-PWR7 Class A		4.95			2-11-2041		157,196		157,272
CFCRE Commercial Mortgage Trust Series 2011-C1 Series A4 ±144A		4.96			4-15-2044		5,002,000		5,463,064
Citigroup Commercial Mortgage Trust Series 2013-GC11 Class AAB		2.69			4-10-2046		1,373,000		1,351,930
Commercial Mortgage Trust Pass-Through Certificate Series 2010-CL Class A3 144A		4.21			7-10-2046		2,579,000		2,767,659
Commercial Mortgage Trust Pass-Through Certificate Series 2012-LC4 Class A3		3.07			12-10-2044		1,995,000		2,060,614
Commercial Mortgage Trust Pass-Through Certificate Series 2013-CR9 Class A1		1.34			7-10-2045		3,109,923		3,126,912
Commercial Mortgage Trust Pass-Through Certificate Series 2013-CR9 Class ASB		3.83			7-10-2045		4,220,000		4,428,384
Commercial Mortgage Trust Series 2013-CR11 Class A1		1.47			10-10-2046		1,642,608		1,650,870
Commercial Mortgage Trust Series 2013-CR11 Class A4		4.26			10-10-2046		5,811,000		6,046,049
Commercial Mortgage Trust Series 2013-CR12 Class A1		1.30			10-10-2046		1,101,000		1,102,879
Commercial Mortgage Trust Series 2013-CR12 Class A4		4.05			10-10-2046		4,783,000		4,888,259
Commercial Mortgage Trust Series 2013-CR12 Class ASB		3.62			10-10-2046		4,053,000		4,182,732
Credit Suisse First Boston Mortgage Securities Corporation Series 2004-C5 Class A4		4.83			11-15-2037		904,000		926,715
Credit Suisse First Boston Mortgage Securities Corporation Series 2005-C5 Class A4 ±		5.10			8-15-2038		2,259,000		2,378,849
Credit Suisse Mortgage Capital Certificates Series 2006-C5 Class A3		5.31			12-15-2039		2,226,950		2,424,391
Deutsche Bank UBS Securities Mortgage Trust Series 2011-LC1A Class A1 144A		3.74			11-10-2046		2,920,468		3,069,517
Deutsche Bank UBS Securities Mortgage Trust Series 2011-LC1A Class A3 144A		5.00			11-10-2046		4,546,000		5,080,478
Deutsche Bank UBS Securities Mortgage Trust Series 2011-LC2A Class A4 144A		4.54			7-10-2044		4,836,000		5,241,982
Greenwich Capital Commercial Funding Corporation Series 2004-GG1 Class A7 ±		5.32			6-10-2036		1,663,735		1,674,057
Greenwich Capital Commercial Funding Corporation Series 2005-GG5 Class A5 ±		5.22			4-10-2037		3,755,000		3,976,631
GS Mortgage Securities Corporation II Series 2005-GG4 Class A4		4.75			7-10-2039		4,375,250		4,549,818
GS Mortgage Securities Trust Series 2007-GG10 Class A4 ±		5.99			8-10-2045		3,347,000		3,700,945
GS Mortgage Securities Trust Series 2011-GC3 Class A4 144A		4.75			3-10-2044		2,286,000		2,514,714
GS Mortgage Securities Trust Series 2013-GC16 Class A3		4.24			11-10-2046		3,941,000		4,107,216
GS Mortgage Securities Trust Series 2013-GC16 Class AAB		3.81			11-10-2046		5,273,000		5,507,981
Impact Funding LLC Series 2010-1 Class A1 144A		5.31			8-25-2024		10,957,525		12,268,286
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2004-LN2 Class A2		5.12			7-15-2041		4,199,113		4,265,639
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2005-LDP4 Class A4 ±		4.92			10-15-2042		6,824,921		7,213,832
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2006 Class A4 ±		5.48			12-12-2044		3,343,750		3,587,550


14		Wells Fargo Advantage Core Bond Portfolio		Portfolio of investments—November 30, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Non-Agency Mortgage Backed Securities (continued)
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2006-CB17 Class A4		5.43	%		12-12-2043	$	5,605,803	$	6,105,600
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2006-LDP9 Class A2		5.13			5-15-2047		697,686		705,879
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2007-C1 Class A4		5.72			11-15-2017		2,887,764		3,202,536
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2010-A2 Class A2 144A		4.31			8-5-2032		3,928,000		4,185,543
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2010-C2 Class A3 144A		4.07			11-15-2043		2,745,000		2,908,649
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2010-CNTR Class A1 144A		3.30			8-5-2032		1,774,306		1,867,631
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2011-C4 Class A4 144A		4.39			7-15-2046		3,702,000		3,994,395
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2012-C8 Class ASB		2.38			10-15-2045		2,900,000		2,830,183
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2013 Class C14 ±		3.76			8-15-2046		3,636,000		3,788,650
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2013-C12 Class A1		1.08			7-15-2045		2,989,079		2,989,635
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2013-C13 Class A1		1.30			1-15-2046		1,307,370		1,314,800
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2013-C13 Class A2		2.67			1-15-2046		4,914,000		5,036,226
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2013-C13 Class ASB		3.41			1-15-2046		1,079,000		1,109,402
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2013-C14 Class A2		3.02			8-15-2046		5,672,000		5,888,614
Lehman Brothers UBS Commercial Mortgage Trust Series 2004-C7 Class A5		4.63			10-15-2029		30,156		30,181
Lehman Brothers UBS Commercial Mortgage Trust Series 2004-C8 Class A6 ±		4.80			12-15-2029		749,367		764,159
Lehman Brothers UBS Commercial Mortgage Trust Series 2007-C3 Class A3 ±		6.04			7-15-2044		1,751,000		1,778,468
Merrill Lynch Mortgage Trust Series 2005-CIP1 Class A3A ±		4.95			7-12-2038		2,169,000		2,225,767
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C10 Class A1		1.39			7-15-2046		5,981,455		6,017,476
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C10 Class ASB ±		3.91			7-15-2046		822,000		867,614
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C11 Class A2		3.09			8-15-2046		8,107,000		8,459,606
Morgan Stanley Bank Trust Series 2012-C5 Class A3		2.83			8-15-2045		2,874,000		2,860,714
Morgan Stanley Bank Trust Series 2012-C6 Class A3		2.51			11-15-2045		7,596,000		7,431,205
Morgan Stanley Bank Trust Series 2013-C7 Class AAB		2.47			2-15-2046		2,670,000		2,599,021
Morgan Stanley Capital I Series 2004-HQ4 Class A7		4.97			4-14-2040		2,898,073		2,941,095
Morgan Stanley Capital I Trust Series 2011-C2 Class A4 144A		4.66			6-15-2044		3,410,000		3,734,755
Morgan Stanley Mortgage Loan Trust Series 2007-6XS Class 2A1S ±		0.28			2-25-2047		148,697		132,463
Motel 6 Trust Series 2012-MTL6 Class A2 144A		1.95			10-5-2025		7,793,000		7,709,763
Perpetual Savings Bank Series 1990-1 Class 1 ±		0.00			3-1-2020		80,278		79,961
Sequoia Mortgage Trust Series 2010-H1 Class A1 ±		3.75			2-25-2040		7,944		7,802
Sequoia Mortgage Trust Series 2011-1 Class A1 ±		4.13			2-25-2041		232,395		232,358
Structured Asset Securities Corporation Series 1998-2 Class A ±		0.69			2-25-2028		65,085		64,068
UBS Barclays Commercial Mortgage Trust Series 2012-C3 Class A3		2.73			8-10-2049		4,330,000		4,314,100
UBS Barclays Commercial Mortgage Trust Series 2013-C6 Class ASB		2.79			4-10-2046		6,591,000		6,521,037

Total Non-Agency Mortgage Backed Securities (Cost $213,464,578)									214,467,880


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Core Bond Portfolio			15


Security name	Interest rate			Maturity date		Principal		Value


U.S. Treasury Securities: 18.95%
U.S. Treasury Bond		2.75	%		8-15-2042	$	8,750,000	$	7,098,438
U.S. Treasury Bond		3.13			11-15-2041		1,709,000		1,510,862
U.S. Treasury Bond		3.13			2-15-2043		22,362,000		19,601,679
U.S. Treasury Bond		3.63			8-15-2043		18,809,000		18,174,196
U.S. Treasury Bond		3.75			11-15-2043		6,321,000		6,249,889
U.S. Treasury Note		0.25			9-30-2015		24,408,000		24,404,192
U.S. Treasury Note		0.25			10-31-2015		28,464,000		28,451,760
U.S. Treasury Note		0.38			8-31-2015		71,293,000		71,443,357
U.S. Treasury Note ##		0.63			8-15-2016		33,136,000		33,270,598
U.S. Treasury Note		0.63			10-15-2016		59,869,000		60,037,352
U.S. Treasury Note ##		0.63			11-15-2016		131,711,000		132,009,457
U.S. Treasury Note		1.25			11-30-2018		4,415,000		4,392,925
U.S. Treasury Note		1.75			10-31-2020		8,770,000		8,585,006
U.S. Treasury Note		2.00			11-30-2020		6,510,000		6,471,882
U.S. Treasury Note		2.38			7-31-2017		22,264,000		23,479,815
U.S. Treasury Note		2.50			8-15-2023		1,526,000		1,496,911
U.S. Treasury Note		2.75			11-15-2023		23,517,000		23,524,337
U.S. Treasury Note ##		3.13			4-30-2017		77,368,000		83,551,405

Total U.S. Treasury Securities (Cost $553,760,297)									553,754,061


Yankee Corporate Bonds and Notes: 6.54%

Consumer Discretionary: 0.19%

Textiles, Apparel & Luxury Goods: 0.19%
LVMH Moet Hennessy Louis 144A		1.63			6-29-2017		5,484,000		5,525,338


Consumer Staples: 0.37%

Beverages: 0.37%
Diageo Capital plc		1.13			4-29-2018		3,740,000		3,647,218
Fomento Economico Mexicano SAB de CV		2.88			5-10-2023		1,335,000		1,189,082
Fomento Economico Mexicano SAB de CV		4.38			5-10-2043		1,427,000		1,196,782
Pernod Ricard SA 144A		4.25			7-15-2022		1,660,000		1,671,102
Pernod Ricard SA 144A		5.75			4-7-2021		2,824,000		3,132,468

									10,836,652


Energy: 1.45%

Energy Equipment & Services: 0.10%
Weatherford International Limited		4.50			4-15-2022		2,030,000		2,051,132
Weatherford International Limited		5.95			4-15-2042		825,000		818,709

									2,869,841


Oil, Gas & Consumable Fuels: 1.35%
Canadian Oil Sands Trust Limited 144A		4.50			4-1-2022		1,982,000		1,996,090
Canadian Oil Sands Trust Limited 144A		6.00			4-1-2042		2,753,000		2,803,520
Ecopetrol SA		7.38			9-18-2043		3,865,000		4,185,795
Husky Energy Incorporated		7.25			12-15-2019		1,991,000		2,443,224
Petrobras Global Finance Company		3.00			1-15-2019		7,290,000		6,922,336
Petroleos Mexicanos Company ±		2.27			7-18-2018		1,665,000		1,719,113
Petroleos Mexicanos Company		4.88			1-18-2024		1,620,000		1,612,073


16		Wells Fargo Advantage Core Bond Portfolio		Portfolio of investments—November 30, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Oil, Gas & Consumable Fuels (continued)
Petroleos Mexicanos Company		5.50	%		6-27-2044	$	2,255,000	$	1,996,153
Shell International Finance BV		2.00			11-15-2018		4,263,000		4,304,726
Statoil ASA		2.90			11-8-2020		3,200,000		3,223,514
Statoil ASA		3.70			3-1-2024		2,410,000		2,410,798
Talisman Energy Incorporated		3.75			2-1-2021		1,595,000		1,536,004
Transocean Incorporated		6.38			12-15-2021		3,972,000		4,461,740

									39,615,086


Financials: 2.21%

Commercial Banks: 1.64%
HSBC Holdings plc		4.00			3-30-2022		2,225,000		2,290,635
ING Bank NV 144A		5.80			9-25-2023		4,145,000		4,318,862
Lloyds Bank plc		2.30			11-27-2018		3,360,000		3,375,399
Norddeutsche Landesbank Pfandbriefe 144A		2.00			2-5-2019		13,100,000		13,107,860
Rabobank Nederland		5.75			12-1-2043		4,015,000		4,104,522
Rabobank Nederland NV		3.88			2-8-2022		3,130,000		3,158,020
Rabobank Nederland NV		4.63			12-1-2023		4,960,000		4,951,583
Skandinaviska Enskilda 144A		2.38			11-20-2018		8,960,000		9,000,410
Standard Chartered plc 144A		5.20			1-26-2024		3,430,000		3,484,588

									47,791,879


Diversified Financial Services: 0.51%
Deutsche Bank AG London ±		4.30			5-24-2028		1,810,000		1,652,452
Volkswagen International Finance NV 144A		1.13			11-18-2016		6,795,000		6,806,320
Volkswagen International Finance NV 144A		2.13			11-20-2018		6,400,000		6,418,810

									14,877,582


Insurance: 0.06%
XLIT Limited		5.25			12-15-2043		1,780,000		1,802,651


Health Care: 0.49%

Health Care Equipment & Supplies: 0.18%
Mallinckrodt International Finance SA 144A		4.75			4-15-2023		5,695,000		5,335,196


Pharmaceuticals: 0.31%
Perrigo Company 144A		1.30			11-8-2016		2,990,000		2,993,340
Perrigo Company 144A		2.30			11-8-2018		2,990,000		2,997,986
Perrigo Company 144A		4.00			11-15-2023		2,975,000		2,944,497

									8,935,823


Information Technology: 0.12%

Internet Software & Services: 0.12%
Baidu Incorporated		3.25			8-6-2018		3,330,000		3,405,058


Portfolio of investments—November 30, 2013 (unaudited)		Wells Fargo Advantage Core Bond Portfolio			17


Security name	Interest rate			Maturity date		Principal		Value


Materials: 0.66%

Chemicals: 0.10%
LyondellBasell International Finance BV		4.00	%		7-15-2023	$	1,810,000	$	1,807,604
LyondellBasell International Finance BV		5.25			7-15-2043		1,120,000		1,127,392

									2,934,996


Metals & Mining: 0.56%
Barrick Gold Corporation		4.10			5-1-2023		3,100,000		2,793,658
BHP Billiton Finance USA Limited		3.85			9-30-2023		4,145,000		4,176,485
BHP Billiton Finance USA Limited		5.00			9-30-2043		3,030,000		3,060,061
Codelco Incorporated 144A		5.63			10-18-2043		1,935,000		1,882,859
Vale SA		5.63			9-11-2042		2,320,000		2,052,741
Xstrata Finance Canada 144A		2.05			10-23-2015		2,463,000		2,484,428

									16,450,232


Telecommunication Services: 0.93%

Diversified Telecommunication Services: 0.20%
Telefonica Chile SA 144A		3.88			10-12-2022		2,740,000		2,525,861
Telefonica Emisiones SAU		4.57			4-27-2023		3,265,000		3,233,816

									5,759,677


Wireless Telecommunication Services: 0.73%
America Movil SAB de CV		2.38			9-8-2016		2,600,000		2,672,140
America Movil SAB de CV		3.13			7-16-2022		6,375,000		5,929,062
Vodafone Group plc		0.90			2-19-2016		7,550,000		7,584,254
Vodafone Group plc		1.50			2-19-2018		5,205,000		5,114,433

									21,299,889


Utilities: 0.12%

Electric Utilities: 0.12%
Comision Federal de Electricidad 144A		4.88			1-15-2024		2,100,000		2,084,250
Electricite de France SA 144A		4.60			1-27-2020		1,349,000		1,475,902

									3,560,152


Total Yankee Corporate Bonds and Notes (Cost $193,375,955)									191,000,052


Yankee Government Bonds: 2.00%
Federal Republic of Brazil		4.25			1-7-2025		8,145,000		7,656,300
Hashemite Kingdom of Jordan		2.50			10-30-2020		4,204,000		4,190,804
Japan Bank for International Cooperation		1.75			7-31-2018		7,260,000		7,299,480
Japan Bank for International Cooperation		3.38			7-31-2023		4,150,000		4,148,494
Kingdom of Spain Notes 144A		4.00			3-6-2018		2,900,000		2,987,870
Province of Quebec		2.63			2-13-2023		4,345,000		4,051,278
Republic of Slovenia 144A		4.75			5-10-2018		5,975,000		6,004,875
Republic of Slovenia 144A		5.50			10-26-2022		2,525,000		2,496,594
Republic of Slovenia 144A		5.85			5-10-2023		1,940,000		1,954,550
Slovak Republic 144A		4.38			5-21-2022		8,970,000		9,261,525
United Mexican States		5.75			10-12-2049		9,261,000		8,358,053

Total Yankee Government Bonds (Cost $60,183,937)									58,409,823


18		Wells Fargo Advantage Core Bond Portfolio		Portfolio of investments—November 30, 2013 (unaudited)


Security name	Yield			Shares		Value


Short-Term Investments: 2.31%

Investment Companies: 2.31%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%		67,603,250	$	67,603,250


Total Short-Term Investments (Cost $67,603,250)							67,603,250


Total investments in securities (Cost $3,143,105,485) *	107.36	%		3,137,741,214
Other assets and liabilities, net	(7.36	)		(215,149,848	)

Total net assets	100.00	%	$	2,922,591,366

±	Variable rate investment. The rate shown is the rate in effect at period end.

%%	Security issued on a when-issued basis.

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

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 has been segregated for when-issued securities.

(l)	Investment in an affiliate

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

*	Cost for federal income tax purposes is $3,149,708,027 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	30,693,980
Gross unrealized depreciation		(42,660,793	)

Net unrealized depreciation	$	(11,966,813	)

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 PURCHASERS

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees that have been implemented since the Registrant’s last provided disclosure in response to the requirements of this Item.

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 fiscal quarter of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12.

EXHIBITS

(a)(1) Not applicable.

(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, 2014

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


Wells Fargo Master Trust

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

Date: January 28, 2014


By:		/s/ Nancy Wiser
		Nancy Wiser
		Treasurer

Date: January 28, 2014


By:		/s/ Jeremy DePalma
		Jeremy DePalma
		Treasurer

Date: January 28, 2014

Wells Fargo Master Trust N-CSRSCertified semi-annual shareholder report (management investment company)