UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-09253

Wells Fargo Funds Trust

(Exact name of registrant as specified in charter)

525 Market Street,

12^th Floor, San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

C. David Messman

Wells Fargo Funds Management, LLC

525 Market Street, 12^th Floor, San Francisco, CA 94105

(Name and address of agent for service)

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

Date of fiscal year end: August 31 for all funds in this filing except Wells Fargo Advantage Dow Jones Target 2010 Fund, Wells Fargo Advantage Dow Jones Target 2015 Fund, Wells Fargo Advantage Dow Jones Target 2020 Fund, Wells Fargo Advantage Dow Jones Target 2025 Fund, Wells Fargo Advantage Dow Jones Target 2030 Fund, Wells Fargo Advantage Dow Jones Target 2035 Fund, Wells Fargo Advantage Dow Jones Target 2040 Fund, Wells Fargo Advantage Dow Jones Target 2045 Fund, Wells Fargo Advantage Dow Jones Target 2050 Fund, Wells Fargo Advantage Dow Jones Target 2055 Fund, and Wells Fargo Advantage Dow Jones Target Today Fund, which had fiscal year end of February 28.

Date of reporting period: May 31, 2013

ITEM 1.     INVESTMENTS

Wells Fargo Advantage Dow Jones Target 2010 Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name			Value
Investment Companies : 100.14%
Affiliated Master Portfolios : 100.14%
Wells Fargo Advantage Diversified Fixed Income Portfolio			$	595,641,721
Wells Fargo Advantage Diversified Stock Portfolio				178,527,898
Wells Fargo Advantage Short-Term Investment Portfolio				32,806,628
Total Investment Companies (Cost $743,100,071)				806,976,247
Total investments in securities (Cost $743,100,071)*	100.14	%		806,976,247
Other assets and liabilities, net	(0.14	)		(1,101,816	)
Total net assets	100.00	%	$	805,874,431

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

1

Wells Fargo Advantage Dow Jones Target 2010 Fund

Notes to Portfolio of investments – May 31, 2013 (unaudited)

Securities valuation

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

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

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1 –	quoted prices in active markets for identical securities
Level 2 –	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, 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.

At May 31, 2013, Level 2 inputs were used in valuing the Fund’s investments in each affiliated Master Portfolio.

Transfers in and transfers out are recognized at the end of the reporting period. For the three months ended May 31, 2013, the Fund did not have any transfers into/out of Level 1 or Level 2.

Wells Fargo Advantage Dow Jones Target 2015 Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name			Value
Investment Companies : 100.28%
Affiliated Master Portfolios : 100.28%
Wells Fargo Advantage Diversified Fixed Income Portfolio			$	652,587,662
Wells Fargo Advantage Diversified Stock Portfolio				327,686,644
Wells Fargo Advantage Short-Term Investment Portfolio				41,427,050
Total Investment Companies (Cost $959,309,325)				1,021,701,356
Total investments in securities (Cost $959,309,325)*	100.28	%		1,021,701,356
Other assets and liabilities, net	(0.28	)		(2,893,950	)
Total net assets	100.00	%	$	1,018,807,406

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

1

Wells Fargo Advantage Dow Jones Target 2015 Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2013 (unaudited)

Securities valuation

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

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

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to significant unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1 –	quoted prices in active markets for identical securities
Level 2 –	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, 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.

At May 31, 2013, Level 2 inputs were used in valuing the Fund’s investment in each affiliated Master Portfolio.

Transfers in and transfers out are recognized at the end of the reporting period. For the three months ended May 31, 2013, the Fund did not have any transfers into/out of Level 1 or Level 2.

Wells Fargo Advantage Dow Jones Target 2020 Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name			Value
Investment Companies : 100.02%
Affiliated Master Portfolios : 100.02%
Wells Fargo Advantage Diversified Fixed Income Portfolio			$	1,393,899,758
Wells Fargo Advantage Diversified Stock Portfolio				1,169,237,786
Wells Fargo Advantage Short-Term Investment Portfolio				107,970,737
Total Investment Companies (Cost $2,426,149,075)				2,671,108,281
Total investments in securities (Cost $2,426,149,075)*	100.02	%		2,671,108,281
Other assets and liabilities, net	(0.02	)		(463,372	)
Total net assets	100.00	%	$	2,670,644,909

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

1

Wells Fargo Advantage Dow Jones Target 2020 Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2013 (unaudited)

Securities valuation

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

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

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to significant unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1 –	quoted prices in active markets for identical securities
Level 2 –	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, 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.

At May 31, 2013, Level 2 inputs were used in valuing the Fund’s investment in each affiliated Master Portfolio.

Transfers in and transfers out are recognized at the end of the reporting period. For the three months ended May 31, 2013, the Fund did not have any transfers into/out of Level 1 or Level 2.

Wells Fargo Advantage Dow Jones Target 2025 Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name			Value
Investment Companies : 100.80%
Affiliated Master Portfolios : 100.80%
Wells Fargo Advantage Diversified Fixed Income Portfolio			$	922,730,780
Wells Fargo Advantage Diversified Stock Portfolio				1,302,094,068
Wells Fargo Advantage Short-Term Investment Portfolio				93,398,544
Total Investment Companies (Cost $2,073,471,860)				2,318,223,392
Total investments in securities (Cost $2,073,471,860)*	100.80	%		2,318,223,392
Other assets and liabilities, net	(0.80	)		(18,392,962	)
Total net assets	100.00	%	$	2,299,830,430

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

1

Wells Fargo Advantage Dow Jones Target 2025 Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2013 (unaudited)

Securities valuation

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

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

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to significant unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1 –	quoted prices in active markets for identical securities
Level 2 –	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, 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.

At May 31, 2013, Level 2 inputs were used in valuing the Fund’s investments in each affiliated Master Portfolio.

Transfers in and transfers out are recognized at the end of the reporting period. For the three months ended May 31, 2013, the Fund did not have any transfers into/out of Level 1 or Level 2.

Wells Fargo Advantage Dow Jones Target 2030 Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name			Value
Investment Companies : 99.98%
Affiliated Master Portfolios : 99.98%
Wells Fargo Advantage Diversified Fixed Income Portfolio			$	688,281,469
Wells Fargo Advantage Diversified Stock Portfolio				1,681,506,138
Wells Fargo Advantage Short-Term Investment Portfolio				99,154,891
Total Investment Companies (Cost $2,169,644,040)				2,468,942,498
Total investments in securities (Cost $2,169,644,040)*	99.98	%		2,468,942,498
Other assets and liabilities, net	0.02			526,875
Total net assets	100.00	%	$	2,469,469,373

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

1

Wells Fargo Advantage Dow Jones Target 2030 Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2013 (unaudited)

Securities valuation

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

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

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to significant unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1 –	quoted prices in active markets for identical securities
Level 2 –	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, 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.

At May 31, 2013, Level 2 inputs were used in valuing the Fund’s investments in each affiliated Master Portfolio.

Transfers in and transfers out are recognized at the end of the reporting period. For the three months ended May 31, 2013, the Fund did not have any transfers into/out of Level 1 or Level 2.

Wells Fargo Advantage Dow Jones Target 2035 Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name			Value
Investment Companies : 100.87%
Affiliated Master Portfolios : 100.87%
Wells Fargo Advantage Diversified Fixed Income Portfolio			$	216,651,782
Wells Fargo Advantage Diversified Stock Portfolio				963,475,986
Wells Fargo Advantage Short-Term Investment Portfolio				49,237,093
Total Investment Companies (Cost $1,077,331,851)				1,229,364,861
Total investments in securities (Cost $1,077,331,851)*	100.87	%		1,229,364,861
Other assets and liabilities, net	(0.87	)		(10,645,211	)
Total net assets	100.00	%	$	1,218,719,650

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

1

Wells Fargo Advantage Dow Jones Target 2035 Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2013 (unaudited)

Securities valuation

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

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

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to significant unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1 –	quoted prices in active markets for identical securities
Level 2 –	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, 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.

At May 31, 2013, Level 2 inputs were used in valuing the Fund’s investments in each affiliated Master Portfolio.

Transfers in and transfers out are recognized at the end of the reporting period. For the three months ended May 31, 2013, the Fund did not have any transfers into/out of Level 1 or Level 2.

Wells Fargo Advantage Target 2040 Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name			Value
Investment Companies : 99.93%
Affiliated Master Portfolios : 99.93%
Wells Fargo Advantage Diversified Fixed Income Portfolio			$	172,772,561
Wells Fargo Advantage Diversified Stock Portfolio				1,464,836,526
Wells Fargo Advantage Short-Term Investment Portfolio				68,181,150
Total Investment Companies (Cost $1,461,322,867)				1,705,790,237
Total investments in securities (Cost $1,461,322,867)*	99.93	%		1,705,790,237
Other assets and liabilities, net	0.07			1,191,157
Total net assets	100.00	%	$	1,706,981,394

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

1

Wells Fargo Advantage Dow Jones Target 2040 Fund (the “Fund”)

Notes to Portfolio of Investments – May 31, 2013 (unaudited)

Securities valuation

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

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

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to significant unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1 –	quoted prices in active markets for identical securities
Level 2 –	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, 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.

At May 31, 2013, Level 2 inputs were used in valuing the Fund’s investments in each affiliated Master Portfolio.

Transfers in and transfers out are recognized at the end of the reporting period. For the three months ended May 31, 2013, the Fund did not have any transfers into/out of Level 1 or Level 2.

Wells Fargo Advantage Dow Jones Target 2045 Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name			Value
Investment Companies : 100.40%
Affiliated Master Portfolios : 100.40%
Wells Fargo Advantage Diversified Fixed Income Portfolio			$	41,187,825
Wells Fargo Advantage Diversified Stock Portfolio				596,321,620
Wells Fargo Advantage Short-Term Investment Portfolio				26,513,294
Total Investment Companies (Cost $578,360,981)				664,022,739
Total investments in securities (Cost $578,360,981)*	100.40	%		664,022,739
Other assets and liabilities, net	(0.40	)		(2,617,579	)
Total net assets	100.00	%	$	661,405,160

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

1

Wells Fargo Advantage Dow Jones Target 2045 Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2013 (unaudited)

Securities valuation

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

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

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to significant unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1 –	quoted prices in active markets for identical securities
Level 2 –	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, 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.

At May 31, 2013, Level 2 inputs were used in valuing the Fund’s investments in each affiliated Master Portfolio.

Transfers in and transfers out are recognized at the end of the reporting period. For the three months ended May 31, 2013, the Fund did not have any transfers into/out of Level 1 or Level 2.

Wells Fargo Advantage Target 2050 Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name			Shares	Value
Investment Companies : 99.92%
Affiliated Master Portfolios : 99.92%
Wells Fargo Advantage Diversified Fixed Income Portfolio				$	59,132,680
Wells Fargo Advantage Diversified Stock Portfolio					932,174,469
Wells Fargo Advantage Short-Term Investment Portfolio					41,221,848
Total Investment Companies (Cost $873,262,961)					1,032,528,997
Total investments in securities (Cost $873,262,961)*	99.92	%			1,032,528,997
Other assets and liabilities, net	0.08				857,494
Total net assets	100.00	%		$	1,033,386,491

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

1

Wells Fargo Advantage Dow Jones Target 2050 Fund (the “Fund”)

Notes to Portfolio of Investments – May 31, 2013 (unaudited)

Securities valuation

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

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

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to significant unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1 –	quoted prices in active markets for identical securities
Level 2 –	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, 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.

At May 31, 2013, Level 2 inputs were used in valuing the Fund’s investments in each affiliated Master Portfolio.

Transfers in and transfers out are recognized at the end of the reporting period. For the three months ended May 31, 2013, the Fund did not have any transfers into/out of Level 1 or Level 2.

Wells Fargo Advantage Dow Jones Target 2055 Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name			Value
Investment Companies : 99.01%
Affiliated Master Portfolios : 99.01%
Wells Fargo Advantage Diversified Fixed Income Portfolio			$	3,595,072
Wells Fargo Advantage Diversified Stock Portfolio				56,673,145
Wells Fargo Advantage Short-Term Investment Portfolio				2,506,153
Total Investment Companies (Cost $58,290,417)				62,774,370
Total investments in securities (Cost $58,290,417)*	99.01	%		62,774,370
Other assets and liabilities, net	0.99			626,864
Total net assets	100.00	%	$	63,401,234

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

1

Wells Fargo Advantage Dow Jones Target 2055 Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2013 (unaudited)

Securities valuation

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

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

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to significant unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1 –	quoted prices in active markets for identical securities
Level 2 –	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, 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.

At May 31, 2013, Level 2 inputs were used in valuing the Fund’s investments in each affiliated Master Portfolio.

Transfers in and transfers out are recognized at the end of the reporting period. For the three months ended May 31, 2013, the Fund did not have any transfers into/out of Level 1 or Level 2.

Wells Fargo Advantage Dow Jones Target Today Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name			Value
Investment Companies : 100.16%
Affiliated Master Portfolios : 100.16%
Wells Fargo Advantage Diversified Fixed Income Portfolio			$	720,845,385
Wells Fargo Advantage Diversified Stock Portfolio				138,796,900
Wells Fargo Advantage Short-Term Investment Portfolio				46,099,069
Total Investment Companies (Cost $864,679,523)				905,741,354
Total investments in securities (Cost $864,679,523)*	100.16	%		905,741,354
Other assets and liabilities, net	(0.16	)		(1,412,415	)
Total net assets	100.00	%	$	904,328,939

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

1

Wells Fargo Advantage Dow Jones Target Today Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2013 (unaudited)

Securities valuation

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

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

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to significant unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1 –	quoted prices in active markets for identical securities
Level 2 –	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, 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.

At May 31, 2013, Level 2 inputs were used in valuing the Fund’s investments in each affiliated Master Portfolio.

Transfers in and transfers out are recognized at the end of the reporting period. For the three months ended May 31, 2013, the Fund did not have any transfers into/out of Level 1 or Level 2.

Wells Fargo Advantage Adjustable Rate Government Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities : 95.94%
FDIC Series 2010-S1 Class 1A ±144A		0.75	%	2-25-2048	$	9,392,792	$	9,399,649
Federal Agricultural Mortgage Corporation Series 2000-A Class A ±		2.01		12-15-2039		368,174		366,407
FHLMC ±		1.92		2-1-2037		17,471		18,537
FHLMC ±		2.06		1-1-2024		56,073		56,371
FHLMC ±		2.09		1-1-2023		68,288		70,763
FHLMC ±		2.13		5-1-2028		588,373		626,936
FHLMC ±		2.14		6-1-2020		2,801		2,813
FHLMC ±		2.14		5-1-2020		1,807		1,818
FHLMC ±		2.18		3-1-2025		152,048		156,728
FHLMC ±		2.19		5-1-2020		973		990
FHLMC ±		2.21		9-1-2016		6,736		6,823
FHLMC ±		2.21		11-1-2016		127,735		133,186
FHLMC ±		2.21		7-1-2018		3,334		3,403
FHLMC ±		2.21		1-1-2019		9,264		9,692
FHLMC ±		2.21		2-1-2019		16,068		16,811
FHLMC ±		2.21		2-1-2035		504,843		529,520
FHLMC ±		2.22		1-1-2037		4,562,263		4,879,761
FHLMC ±		2.22		7-1-2030		30,717		32,337
FHLMC ±		2.23		8-1-2033		3,696,480		3,937,943
FHLMC ±		2.23		6-1-2037		1,757,231		1,845,067
FHLMC ±		2.24		3-1-2020		2,967		2,989
FHLMC ±		2.24		12-1-2017		7,781		7,827
FHLMC ±		2.25		5-1-2019		8,935		9,039
FHLMC ±		2.26		7-1-2019		2,252		2,266
FHLMC ±		2.28		1-1-2030		35,990		38,460
FHLMC ±		2.28		7-1-2034		17,490,129		18,566,838
FHLMC ±		2.31		8-1-2034		2,498,723		2,637,667
FHLMC ±		2.31		7-1-2024		58,233		60,500
FHLMC ±		2.31		2-1-2035		2,284,913		2,420,691
FHLMC ±		2.32		4-1-2023		544,939		559,497
FHLMC ±		2.32		1-1-2030		10,543		11,036
FHLMC ±		2.32		1-1-2030		18,395		19,377
FHLMC ±		2.32		7-1-2030		210,600		223,067
FHLMC ±		2.32		8-1-2036		6,449,164		6,889,785
FHLMC ±		2.33		6-1-2036		9,993,079		10,617,150
FHLMC ±		2.33		6-1-2037		7,562,648		8,051,195
FHLMC ±		2.34		7-1-2036		1,028,311		1,093,158
FHLMC ±		2.35		8-1-2033		780,516		820,548
FHLMC ±		2.35		10-1-2033		69,798		72,485
FHLMC ±		2.35		5-1-2032		82,397		84,070
FHLMC ±		2.35		5-1-2034		5,363,911		5,727,714
FHLMC ±		2.36		9-1-2035		3,862,201		4,127,800
FHLMC ±		2.36		10-1-2037		2,464,081		2,628,519
FHLMC ±		2.36		12-1-2034		1,195,373		1,268,429
FHLMC ±		2.36		3-1-2035		9,396,676		10,032,703
FHLMC ±		2.36		7-1-2036		7,556,614		8,082,905
FHLMC ±		2.36		4-1-2034		1,903,226		2,033,375
FHLMC ±		2.36		7-1-2034		367,712		389,876
FHLMC ±		2.37		2-1-2036		1,898,631		2,032,282
FHLMC ±		2.37		5-1-2036		2,821,428		3,004,452
FHLMC ±		2.37		1-1-2036		4,318,658		4,616,886
FHLMC ±		2.38		12-1-2017		40,976		42,996
FHLMC ±		2.38		5-1-2018		1,165		1,221
FHLMC ±		2.38		6-1-2018		14,906		15,630
FHLMC ±		2.38		9-1-2018		2,762		2,906
FHLMC ±		2.38		1-1-2029		10,795		11,079
FHLMC ±		2.38		12-1-2032		3,239,162		3,460,063
FHLMC ±		2.38		5-1-2034		1,516,712		1,621,738
FHLMC ±		2.38		7-1-2035		6,222,229		6,649,379
FHLMC ±		2.38		12-1-2032		5,594,332		5,969,847
FHLMC ±		2.38		3-1-2036		1,999,553		2,137,292
FHLMC ±		2.38		8-1-2035		6,885,483		7,360,930
FHLMC ±		2.39		8-1-2027		12,071		12,276
FHLMC ±		2.39		12-1-2035		5,048,750		5,381,856
FHLMC ±		2.39		4-1-2034		6,415,180		6,899,028

1

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage Adjustable Rate Government Fund

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FHLMC ±		2.39	%	2-1-2036	$	1,984,638	$	2,101,740
FHLMC ±		2.40		11-1-2029		213,382		228,097
FHLMC ±		2.40		3-1-2027		343,758		367,032
FHLMC ±		2.40		2-1-2035		8,595,771		9,187,509
FHLMC ±		2.40		9-1-2030		775,374		825,301
FHLMC ±		2.41		8-1-2018		315		316
FHLMC ±		2.41		1-1-2033		1,723,859		1,827,934
FHLMC ±		2.41		11-1-2022		509,846		524,731
FHLMC ±		2.41		12-1-2034		7,238,999		7,758,404
FHLMC ±		2.41		10-1-2035		6,907,105		7,424,688
FHLMC ±		2.41		5-1-2034		210,309		223,010
FHLMC ±		2.41		11-1-2029		435,444		464,270
FHLMC ±		2.41		4-1-2035		1,768,875		1,894,882
FHLMC ±		2.42		9-1-2034		1,529,886		1,633,409
FHLMC ±		2.42		2-1-2036		3,281,108		3,502,715
FHLMC ±		2.42		4-1-2034		8,673,618		9,245,395
FHLMC ±		2.42		11-1-2036		2,298,419		2,465,687
FHLMC ±		2.42		9-1-2033		666,581		706,241
FHLMC ±		2.42		10-1-2036		2,198,117		2,334,574
FHLMC ±		2.42		10-1-2034		2,698,424		2,885,016
FHLMC ±		2.43		5-1-2038		4,413,294		4,711,137
FHLMC ±		2.43		10-1-2030		26,052		27,411
FHLMC ±		2.43		9-1-2033		2,277,154		2,444,045
FHLMC ±		2.43		3-1-2037		8,183,005		8,761,071
FHLMC ±		2.43		2-1-2035		4,062,350		4,329,376
FHLMC ±		2.43		2-1-2031		1,689,923		1,773,184
FHLMC ±		2.43		5-1-2034		3,894,408		4,145,231
FHLMC ±		2.44		10-1-2036		1,314,329		1,406,731
FHLMC ±		2.44		7-1-2031		435,952		465,284
FHLMC ±		2.44		6-1-2035		3,090,893		3,299,899
FHLMC ±		2.44		10-1-2033		3,665,329		3,895,403
FHLMC ±		2.45		9-1-2032		3,980,949		4,246,934
FHLMC ±		2.45		10-1-2033		958,362		1,020,918
FHLMC ±		2.45		2-1-2034		2,205,945		2,368,253
FHLMC ±		2.45		11-1-2027		1,186,538		1,269,908
FHLMC ±		2.46		2-1-2034		5,107,759		5,483,328
FHLMC ±		2.46		6-1-2035		4,698,605		4,961,703
FHLMC ±		2.46		8-1-2018		4,445		4,713
FHLMC ±		2.46		6-1-2035		4,843,163		5,171,913
FHLMC ±		2.47		11-1-2030		1,744,480		1,805,362
FHLMC ±		2.47		11-1-2035		3,070,815		3,292,098
FHLMC ±		2.48		1-1-2033		262,361		263,968
FHLMC ±		2.48		2-1-2036		2,823,908		3,036,869
FHLMC ±		2.48		7-1-2038		4,164,545		4,485,539
FHLMC ±		2.49		1-1-2019		1,294		1,304
FHLMC ±		2.49		9-1-2030		16,446,971		17,584,106
FHLMC ±		2.49		9-1-2038		1,505,831		1,609,356
FHLMC ±		2.49		2-1-2036		355,581		378,581
FHLMC ±		2.49		10-1-2033		3,747,374		3,993,830
FHLMC ±		2.49		8-1-2036		5,347,944		5,683,293
FHLMC ±		2.49		12-1-2032		1,602,033		1,705,262
FHLMC ±		2.49		6-1-2020		142,989		152,384
FHLMC ±		2.50		1-1-2028		44,058		47,215
FHLMC ±		2.50		9-1-2033		1,775,240		1,904,808
FHLMC ±		2.50		3-1-2018		22,866		23,201
FHLMC ±		2.50		12-1-2034		7,549,479		8,104,215
FHLMC ±		2.51		6-1-2024		26,886		28,777
FHLMC ±		2.51		5-1-2025		118,929		127,201
FHLMC ±		2.52		1-1-2028		8,376		9,001
FHLMC ±		2.52		7-1-2034		1,479,780		1,597,441
FHLMC ±		2.53		7-1-2029		115,485		123,376
FHLMC ±		2.53		4-1-2035		790,162		838,555
FHLMC ±		2.53		6-1-2026		2,275,303		2,441,986
FHLMC ±		2.54		10-1-2029		150,826		160,443
FHLMC ±		2.54		6-1-2035		1,555,781		1,671,726

2

Wells Fargo Advantage Adjustable Rate Government Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FHLMC ±		2.54	%	10-1-2030	$	3,833,249	$	4,101,201
FHLMC ±		2.55		7-1-2037		1,536,512		1,644,909
FHLMC ±		2.55		6-1-2025		120,649		122,382
FHLMC ±		2.55		8-1-2029		184,483		187,814
FHLMC ±		2.55		6-1-2028		534,344		559,036
FHLMC ±		2.57		9-1-2031		257,339		263,271
FHLMC ±		2.58		10-1-2024		268,817		285,995
FHLMC ±		2.58		4-1-2034		1,488,070		1,584,672
FHLMC ±		2.58		4-1-2029		348,761		364,053
FHLMC ±		2.58		2-1-2035		3,423,739		3,678,352
FHLMC ±		2.59		7-1-2027		946,581		1,016,635
FHLMC ±		2.59		5-1-2023		98,293		98,769
FHLMC ±		2.60		7-1-2034		3,036,269		3,254,794
FHLMC ±		2.60		10-1-2025		152,163		154,656
FHLMC ±		2.60		10-1-2025		48,937		49,302
FHLMC ±		2.60		2-1-2030		96,776		103,269
FHLMC ±		2.60		6-1-2030		172,364		175,845
FHLMC ±		2.60		6-1-2030		670,448		719,910
FHLMC ±		2.62		9-1-2035		7,554,286		8,118,550
FHLMC ±		2.62		1-1-2022		34,911		35,292
FHLMC ±		2.63		11-1-2018		19,366		19,576
FHLMC ±		2.63		11-1-2029		1,588,442		1,685,351
FHLMC ±		2.64		6-1-2030		153,076		163,839
FHLMC ±		2.65		5-1-2037		168,126		178,460
FHLMC ±		2.66		11-1-2029		341,924		350,243
FHLMC ±		2.66		4-1-2035		4,673,637		4,961,120
FHLMC ±		2.69		7-1-2017		38,646		41,210
FHLMC ±		2.69		8-1-2035		403,500		413,092
FHLMC ±		2.70		4-1-2035		3,173,143		3,396,237
FHLMC ±		2.71		4-1-2020		44,412		47,364
FHLMC ±		2.72		5-1-2028		482,046		496,942
FHLMC ±		2.72		8-1-2030		8,689,278		9,259,691
FHLMC ±		2.72		10-1-2036		1,761,102		1,877,420
FHLMC ±		2.72		11-1-2026		408,090		420,102
FHLMC ±		2.73		6-1-2032		263,337		266,090
FHLMC ±		2.73		5-1-2035		818,622		870,408
FHLMC ±		2.74		3-1-2032		2,039,042		2,187,001
FHLMC ±		2.74		5-1-2033		476,485		490,175
FHLMC ±		2.74		1-1-2035		958,493		1,018,746
FHLMC ±		2.74		12-1-2036		859,534		917,317
FHLMC ±		2.75		2-1-2036		9,772,933		10,435,844
FHLMC ±		2.75		6-1-2033		3,676,758		3,947,580
FHLMC ±		2.76		4-1-2037		2,191,156		2,351,378
FHLMC ±		2.77		4-1-2036		5,048,230		5,385,836
FHLMC ±		2.77		6-1-2035		3,486,427		3,731,446
FHLMC ±		2.77		3-1-2037		4,157,355		4,442,268
FHLMC ±		2.77		4-1-2037		1,017,076		1,092,421
FHLMC ±		2.77		9-1-2030		191,443		195,992
FHLMC ±		2.79		10-1-2035		4,209,676		4,509,459
FHLMC ±		2.80		11-1-2035		6,004,240		6,415,581
FHLMC ±		2.80		6-1-2033		854,866		907,574
FHLMC ±		2.80		10-1-2018		90,933		96,208
FHLMC ±		2.84		2-1-2037		1,008,764		1,078,024
FHLMC ±		2.85		10-1-2035		4,940,140		5,271,595
FHLMC ±		2.85		11-1-2035		966,146		1,027,249
FHLMC ±		2.86		2-1-2036		8,018,678		8,611,136
FHLMC ±		2.88		6-1-2019		138,759		140,055
FHLMC ±		2.90		7-1-2036		1,521,355		1,634,132
FHLMC ±		2.90		2-1-2024		37,860		38,014
FHLMC ±		2.91		2-1-2018		6,259		6,299
FHLMC ±		2.92		5-1-2032		309,730		324,820
FHLMC ±		2.93		4-1-2035		1,972,245		2,110,797
FHLMC ±		2.93		6-1-2019		136,377		145,188
FHLMC ±		2.94		12-1-2018		36,002		36,060
FHLMC ±		2.98		11-1-2032		365,694		382,300

3

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage Adjustable Rate Government Fund

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FHLMC ±		2.98	%	12-1-2018	$	40,941	$	41,196
FHLMC ±		2.99		3-1-2025		4,755,985		5,058,117
FHLMC ±		3.00		10-1-2019		36,258		36,344
FHLMC ±		3.00		5-1-2039		3,465,379		3,714,401
FHLMC ±		3.03		8-1-2029		266,053		272,229
FHLMC ±		3.04		6-1-2029		1,702,755		1,816,327
FHLMC ±		3.10		9-1-2016		60,159		60,509
FHLMC ±		3.12		2-1-2027		202,871		212,223
FHLMC ±		3.17		6-1-2022		2,101		2,126
FHLMC ±		3.18		12-1-2025		655,803		682,304
FHLMC ±		3.24		4-1-2019		32,751		32,872
FHLMC ±		3.25		8-1-2019		24,161		24,315
FHLMC ±		3.43		1-1-2026		14,984		14,984
FHLMC ±		3.45		7-1-2028		105,511		107,302
FHLMC ±		3.49		7-1-2018		114,334		115,840
FHLMC ±		3.50		6-1-2021		197,723		211,314
FHLMC ±		3.53		6-1-2035		2,696,319		2,906,101
FHLMC ±		3.63		12-1-2025		972,764		1,046,769
FHLMC ±		3.76		11-1-2026		207,964		217,063
FHLMC ±		3.77		2-1-2021		50,555		51,220
FHLMC ±		3.92		1-1-2017		1,145		1,179
FHLMC		4.00		12-15-2023		386,054		400,024
FHLMC		4.00		3-15-2039		759,610		769,618
FHLMC ±		4.01		4-1-2023		236,640		242,178
FHLMC ±		4.07		5-1-2031		260,773		266,510
FHLMC ±		4.38		8-1-2029		45,867		47,132
FHLMC ±		4.47		10-1-2029		7,812		7,842
FHLMC ±		4.50		2-1-2029		289,088		294,545
FHLMC ±		4.71		4-1-2032		150,345		152,753
FHLMC ±		4.72		8-1-2027		86,042		86,289
FHLMC ±		5.50		8-1-2024		772,145		833,828
FHLMC		6.50		4-1-2018		119,359		127,531
FHLMC		7.00		9-1-2035		70,435		79,161
FHLMC		7.50		1-1-2016		23,349		24,448
FHLMC		7.50		6-1-2016		8,940		9,239
FHLMC		8.50		5-1-2020		160,694		174,393
FHLMC		8.50		9-1-2022		31,724		32,432
FHLMC Series 0020 Class F ±		1.16		7-1-2029		34,340		35,797
FHLMC Series 1671 Class QA ±		1.92		2-15-2024		590,190		611,709
FHLMC Series 1686 Class FE ±		2.07		2-15-2024		57,056		58,311
FHLMC Series 1730 Class FA ±		1.13		5-15-2024		432,596		445,356
FHLMC Series 2315 Class FW ±		0.75		4-15-2027		252,795		254,420
FHLMC Series 2391 Class EF ±		0.70		6-15-2031		236,412		237,320
FHLMC Series 2454 Class SL ±(c)		7.80		3-15-2032		546,872		104,742
FHLMC Series 2461 Class FI ±		0.70		4-15-2028		348,479		351,071
FHLMC Series 2464 Class FE ±		1.20		3-15-2032		356,437		364,729
FHLMC Series 2466 Class FV ±		0.75		3-15-2032		563,023		567,896
FHLMC Series T-48 Class 2A ±		3.36		7-25-2033		3,760,592		3,938,171
FHLMC Series T-54 Class 4A ±		3.08		2-25-2043		2,709,425		2,846,823
FHLMC Series T-55 Class 1A1		6.50		3-25-2043		128,031		145,234
FHLMC Series T-62 Class 1A1 ±		1.38		10-25-2044		43,382		42,499
FHLMC Series T-63 Class 1A1 ±		1.38		2-25-2045		226,085		225,375
FHLMC Series T-66 Class 2A1 ±		2.87		1-25-2036		4,879,684		5,057,432
FHLMC Series T-67 Class 1A1C ±		3.04		3-25-2036		17,211,861		17,902,142
FHLMC Series T-67 Class 2A1C ±		3.04		3-25-2036		10,029,584		10,498,938
FHLMC Series T-75 Class A1 ±		0.23		12-25-2036		3,758,781		3,734,823
FNMA ±		2.30		12-1-2034		2,794,912		2,968,093
FNMA ±		1.32		6-1-2021		105,282		107,586
FNMA ±		1.33		12-1-2020		60,828		61,317
FNMA ±		1.38		1-1-2021		5,942		6,140
FNMA ±		1.38		1-1-2021		7,051		7,142
FNMA ±		1.58		9-1-2032		68,990		69,823
FNMA ±		1.58		12-1-2030		233,414		242,592
FNMA ±		1.63		12-1-2016		1,531		1,541
FNMA ±		1.63		7-1-2017		1,873		1,877

4

Wells Fargo Advantage Adjustable Rate Government Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA ±		1.65	%	8-1-2032	$	285,410	$	287,317
FNMA ±		1.69		3-1-2015		13,318		13,379
FNMA ±		1.71		3-1-2034		853,111		881,269
FNMA ±		1.79		4-1-2033		955,866		1,013,247
FNMA ±		1.80		1-1-2035		200,433		208,187
FNMA ±		1.82		3-1-2030		25,525		26,058
FNMA ±		1.86		1-1-2032		472,726		481,550
FNMA ±		1.87		5-1-2018		9,593		9,633
FNMA ±		1.88		7-1-2020		18,472		18,693
FNMA ±		1.88		8-1-2031		168,871		173,461
FNMA ±		1.88		12-1-2031		29,209		29,585
FNMA ±		1.88		8-1-2032		175,674		184,049
FNMA ±		1.89		5-1-2029		464,024		494,103
FNMA ±		1.92		8-1-2031		151,524		152,511
FNMA ±		1.92		9-1-2031		283,156		299,232
FNMA ±		1.92		12-1-2031		415,796		438,561
FNMA ±		1.92		12-1-2022		17,865		17,971
FNMA ±		1.96		10-1-2017		12,868		13,144
FNMA ±		1.99		1-1-2032		38,873		39,148
FNMA ±		2.00		8-1-2033		4,270		4,317
FNMA ±		2.00		12-1-2031		175,510		185,448
FNMA ±		2.00		1-1-2022		14,409		14,495
FNMA ±		2.01		8-1-2031		79,718		81,375
FNMA ±		2.01		7-1-2032		229,357		230,463
FNMA ±		2.02		6-1-2032		160,272		161,979
FNMA ±		2.04		8-1-2033		711,058		732,281
FNMA ±		2.05		2-1-2035		5,732,061		6,086,275
FNMA ±		2.05		1-1-2035		4,551,337		4,838,055
FNMA ±		2.06		2-1-2033		277,017		292,077
FNMA ±		2.07		10-1-2035		12,000,187		12,608,732
FNMA ±		2.07		6-1-2031		346,649		368,382
FNMA ±		2.08		12-1-2035		10,600,925		11,174,390
FNMA ±		2.12		1-1-2036		6,089,176		6,430,381
FNMA ±		2.13		10-1-2018		146,278		153,231
FNMA ±		2.15		7-1-2018		3,054		3,057
FNMA ±		2.16		6-1-2018		2,367		2,442
FNMA ±		2.17		12-1-2032		1,546,196		1,620,447
FNMA ±		2.18		4-1-2030		193,233		205,559
FNMA ±		2.19		11-1-2027		67,324		71,499
FNMA ±		2.20		6-1-2034		1,119,161		1,190,969
FNMA ±		2.20		7-1-2035		2,787,095		2,936,923
FNMA ±		2.21		11-1-2017		198,978		211,526
FNMA ±		2.21		1-1-2035		1,712,566		1,781,169
FNMA ±		2.21		8-1-2025		54,672		57,912
FNMA ±		2.21		1-1-2018		88,549		91,286
FNMA ±		2.21		11-1-2023		48,048		49,735
FNMA ±		2.21		10-1-2017		74,724		76,527
FNMA ±		2.23		9-1-2036		2,112,156		2,256,924
FNMA ±		2.24		10-1-2024		65,621		69,778
FNMA ±		2.24		12-1-2025		26,271		26,465
FNMA ±		2.24		8-1-2026		119,424		120,946
FNMA ±		2.25		3-1-2031		46,044		48,554
FNMA ±		2.25		4-1-2042		4,571,120		4,807,853
FNMA ±		2.25		10-1-2044		2,673,477		2,814,510
FNMA ±		2.25		7-1-2017		4,110		4,166
FNMA ±		2.25		8-1-2017		1,501		1,508
FNMA ±		2.25		1-1-2018		852,986		895,794
FNMA ±		2.25		2-1-2020		19,423		20,328
FNMA ±		2.25		3-1-2021		1,348		1,402
FNMA ±		2.25		10-1-2025		175,655		184,451
FNMA ±		2.25		1-1-2027		48,251		51,453
FNMA ±		2.25		3-1-2030		45,953		48,291
FNMA ±		2.25		4-1-2018		511,269		538,255
FNMA ±		2.25		5-1-2033		1,600,474		1,709,862
FNMA ±		2.25		1-1-2019		4,592		4,597

5

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage Adjustable Rate Government Fund

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA ±		2.25	%	4-1-2035	$	4,634,237	$	4,927,946
FNMA ±		2.26		4-1-2019		8,146		8,214
FNMA ±		2.26		7-1-2036		5,170,158		5,516,853
FNMA ±		2.26		8-1-2035		846,713		886,295
FNMA ±		2.26		7-1-2035		2,404,366		2,560,402
FNMA ±		2.26		7-1-2038		2,022,344		2,149,689
FNMA ±		2.26		9-1-2032		9,278,093		9,872,318
FNMA ±		2.27		7-1-2018		599,160		632,241
FNMA ±		2.27		4-1-2040		410,192		436,878
FNMA ±		2.28		3-1-2034		1,000,054		1,067,017
FNMA ±		2.28		12-1-2033		2,378,973		2,543,124
FNMA ±		2.28		9-1-2035		4,161,737		4,425,561
FNMA ±		2.29		4-1-2028		49,139		49,536
FNMA ±		2.29		7-1-2035		2,468,827		2,591,003
FNMA ±		2.29		10-1-2035		674,983		721,001
FNMA ±		2.30		8-1-2036		5,720,346		6,047,825
FNMA ±		2.30		12-1-2024		40,702		42,698
FNMA ±		2.30		6-1-2035		792,707		848,292
FNMA ±		2.30		1-1-2036		1,865,363		1,985,939
FNMA ±		2.30		1-1-2037		13,146,113		13,999,640
FNMA ±		2.30		10-1-2033		1,065,867		1,131,713
FNMA ±		2.31		11-1-2024		15,672		16,403
FNMA ±		2.31		4-1-2034		6,235,232		6,645,517
FNMA ±		2.31		10-1-2035		4,894,204		5,198,494
FNMA ±		2.31		12-1-2039		455,632		484,934
FNMA ±		2.31		12-1-2035		1,213,650		1,289,738
FNMA ±		2.32		6-1-2023		900		909
FNMA ±		2.32		3-1-2033		334,163		347,704
FNMA ±		2.32		3-1-2035		2,116,415		2,269,130
FNMA ±		2.32		2-1-2036		1,852,245		1,965,784
FNMA ±		2.32		6-1-2033		1,590,465		1,691,143
FNMA ±		2.33		4-1-2021		108,398		113,413
FNMA ±		2.33		5-1-2034		4,999,910		5,307,222
FNMA ±		2.33		12-1-2040		14,643,104		15,623,267
FNMA ±		2.33		7-1-2048		7,658,134		8,161,278
FNMA ±		2.34		7-1-2033		270,144		282,855
FNMA ±		2.34		6-1-2035		2,120,560		2,257,845
FNMA ±		2.34		7-1-2035		2,956,462		3,165,799
FNMA ±		2.34		4-1-2030		20,628		21,856
FNMA ±		2.34		9-1-2032		148,125		148,823
FNMA ±		2.34		2-1-2033		5,939		5,966
FNMA ±		2.34		4-1-2033		2,979,239		3,168,166
FNMA ±		2.34		7-1-2038		1,648,535		1,762,886
FNMA ±		2.34		5-1-2033		912,113		973,630
FNMA ±		2.35		8-1-2031		143,047		144,353
FNMA ±		2.35		5-1-2037		2,851,954		3,040,923
FNMA ±		2.35		12-1-2017		95,144		96,747
FNMA ±		2.35		7-1-2035		2,889,360		3,103,082
FNMA ±		2.35		2-1-2035		6,985,421		7,453,969
FNMA ±		2.35		1-11-2035		3,468,153		3,698,671
FNMA ±		2.35		5-1-2035		3,905,083		4,151,051
FNMA ±		2.36		7-1-2025		6,138		6,331
FNMA ±		2.36		6-1-2037		486,593		518,664
FNMA ±		2.36		1-1-2027		1,014,995		1,085,388
FNMA ±		2.36		7-1-2028		326		347
FNMA ±		2.36		7-1-2035		8,570,105		9,131,504
FNMA ±		2.36		4-1-2043		6,855,292		7,311,616
FNMA ±		2.36		7-1-2033		132,548		140,466
FNMA ±		2.36		10-1-2034		741,671		795,912
FNMA ±		2.36		12-1-2040		4,738,276		5,055,120
FNMA ±		2.36		1-1-2038		980,389		1,025,538
FNMA ±		2.37		12-1-2024		102,844		108,380
FNMA ±		2.37		9-1-2030		318,953		341,225
FNMA ±		2.37		4-1-2018		7,465		7,709
FNMA ±		2.37		1-1-2038		9,190,562		9,825,026

6

Wells Fargo Advantage Adjustable Rate Government Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA ±		2.37	%	5-1-2042	$	9,307,038	$	9,914,398
FNMA ±		2.37		7-1-2038		4,805,052		5,129,670
FNMA ±		2.37		6-1-2027		125,425		133,607
FNMA ±		2.37		6-1-2034		7,163,363		7,656,561
FNMA ±		2.37		7-1-2038		9,147,279		9,835,454
FNMA ±		2.38		9-1-2019		12,015		12,148
FNMA ±		2.38		6-1-2025		10,420		10,502
FNMA ±		2.38		5-1-2035		1,128,670		1,189,187
FNMA ±		2.39		8-1-2026		1,106,072		1,176,336
FNMA ±		2.39		2-1-2034		5,099,867		5,458,068
FNMA ±		2.39		6-1-2034		1,857,291		1,981,729
FNMA ±		2.39		2-1-2035		689,207		731,056
FNMA ±		2.39		9-1-2034		12,157,241		12,943,907
FNMA ±		2.39		4-1-2033		1,341,527		1,426,819
FNMA ±		2.40		1-1-2031		1,226,756		1,298,050
FNMA ±		2.40		9-1-2039		10,686,450		11,481,479
FNMA ±		2.40		4-1-2024		85,897		91,718
FNMA ±		2.40		7-1-2024		17,864		18,817
FNMA ±		2.40		9-1-2026		124,731		127,502
FNMA ±		2.40		6-1-2027		3,668		3,871
FNMA ±		2.40		5-1-2033		8,025,864		8,539,151
FNMA ±		2.41		11-1-2034		1,808,433		1,921,779
FNMA ±		2.42		5-1-2018		190,658		191,569
FNMA ±		2.42		3-1-2035		7,535,794		8,035,235
FNMA ±		2.42		8-1-2035		1,816,202		1,899,073
FNMA ±		2.42		7-1-2048		9,928,532		10,585,221
FNMA ±		2.42		6-1-2035		3,413,012		3,645,465
FNMA ±		2.43		1-1-2035		517,160		553,389
FNMA ±		2.43		9-1-2037		1,465,184		1,566,859
FNMA ±		2.43		10-1-2036		6,922,223		7,388,441
FNMA ±		2.43		6-1-2026		105,072		112,537
FNMA ±		2.43		4-1-2033		1,106,252		1,184,431
FNMA ±		2.44		1-1-2034		4,557,904		4,847,916
FNMA ±		2.44		5-1-2035		3,326,499		3,569,024
FNMA ±		2.44		4-1-2024		31,639		33,195
FNMA ±		2.44		5-1-2025		70,602		75,405
FNMA ±		2.44		12-1-2040		8,139,706		8,722,532
FNMA ±		2.44		12-1-2042		2,516,927		2,683,127
FNMA ±		2.44		10-1-2036		1,913,176		2,037,121
FNMA ±		2.45		4-1-2028		395,243		423,486
FNMA ±		2.45		6-1-2032		56,721		56,733
FNMA ±		2.45		5-1-2034		1,933,910		2,068,969
FNMA ±		2.45		4-1-2020		12,965		13,116
FNMA ±		2.45		9-1-2028		123,933		126,682
FNMA ±		2.45		1-1-2028		11,172		11,839
FNMA ±		2.45		10-1-2029		273,445		279,921
FNMA ±		2.46		4-1-2036		7,523,384		8,089,380
FNMA ±		2.46		12-1-2028		87,196		92,935
FNMA ±		2.46		2-1-2033		517,616		552,403
FNMA ±		2.46		12-1-2034		1,885,342		2,005,569
FNMA ±		2.46		2-1-2035		2,452,994		2,624,048
FNMA ±		2.46		2-1-2032		2,466,173		2,596,724
FNMA ±		2.46		6-1-2036		6,731,194		7,142,477
FNMA ±		2.47		8-1-2017		622,620		637,539
FNMA ±		2.48		9-1-2033		66,941		70,636
FNMA ±		2.48		9-1-2033		72,988		73,600
FNMA ±		2.48		6-1-2027		104,745		111,163
FNMA ±		2.49		3-1-2033		3,146,523		3,374,848
FNMA ±		2.49		1-1-2029		1,003,933		1,055,921
FNMA ±		2.49		6-1-2030		232,264		248,071
FNMA ±		2.49		11-1-2034		4,421,272		4,757,904
FNMA ±		2.49		2-1-2036		13,762,062		14,692,170
FNMA ±		2.49		5-1-2032		240,268		244,033
FNMA ±		2.49		12-1-2030		1,324,121		1,414,009
FNMA ±		2.50		7-1-2027		128,631		137,808

7

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage Adjustable Rate Government Fund

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA ±		2.50	%	6-1-2035	$	4,445,823	$	4,718,656
FNMA ±		2.50		5-1-2017		74,307		76,085
FNMA ±		2.50		1-1-2019		166,879		173,271
FNMA ±		2.50		2-1-2019		2,519		2,548
FNMA ±		2.50		12-1-2021		152,639		157,353
FNMA ±		2.50		7-1-2027		452,557		486,221
FNMA ±		2.50		12-1-2030		90,287		91,754
FNMA ±		2.51		11-1-2024		210,491		224,779
FNMA ±		2.51		2-1-2037		4,440,312		4,760,847
FNMA ±		2.51		10-1-2024		451,761		484,202
FNMA ±		2.52		6-1-2032		379,836		383,735
FNMA ±		2.53		6-1-2024		65,077		68,616
FNMA ±		2.53		6-1-2033		719,397		770,212
FNMA ±		2.53		6-1-2019		1,209		1,214
FNMA ±		2.53		8-1-2035		2,779,622		2,959,970
FNMA ±		2.54		9-1-2030		1,474,839		1,568,674
FNMA ±		2.54		1-1-2032		184,398		196,891
FNMA ±		2.55		7-1-2017		186,708		191,540
FNMA ±		2.55		5-1-2035		2,522,235		2,705,962
FNMA ±		2.55		6-1-2032		48,691		49,425
FNMA ±		2.56		12-1-2023		13,586		13,678
FNMA ±		2.56		4-1-2018		834,122		860,416
FNMA ±		2.56		11-1-2020		1,308,606		1,370,415
FNMA ±		2.56		1-1-2036		687,546		714,171
FNMA ±		2.57		5-1-2036		7,417,284		7,955,662
FNMA ±		2.57		9-1-2022		751,847		805,162
FNMA ±		2.57		5-1-2019		2,214		2,236
FNMA ±		2.57		5-1-2036		1,021,133		1,086,935
FNMA ±		2.58		3-1-2033		8,405		8,451
FNMA ±		2.58		4-1-2024		4,020,003		4,280,842
FNMA ±		2.58		3-1-2027		209,584		211,070
FNMA ±		2.59		5-1-2027		109,679		117,379
FNMA ±		2.59		3-1-2035		5,454,730		5,885,253
FNMA ±		2.59		12-1-2033		3,423,082		3,630,632
FNMA ±		2.60		2-1-2036		8,020,955		8,580,585
FNMA ±		2.60		1-1-2040		893,096		950,945
FNMA ±		2.60		8-1-2040		1,529,960		1,641,870
FNMA ±		2.61		9-1-2035		222,691		236,981
FNMA ±		2.62		2-1-2018		10,477		10,779
FNMA ±		2.62		4-1-2032		47,007		49,882
FNMA ±		2.63		7-1-2017		6,802		7,022
FNMA ±		2.63		1-1-2035		4,176,819		4,424,985
FNMA ±		2.63		7-1-2020		206,935		218,918
FNMA ±		2.63		3-1-2033		1,049,069		1,112,552
FNMA ±		2.63		10-1-2029		633,085		678,421
FNMA ±		2.64		11-1-2024		100,320		102,825
FNMA ±		2.64		4-1-2034		2,171,954		2,304,555
FNMA ±		2.64		9-1-2035		2,061,305		2,203,541
FNMA ±		2.64		9-1-2033		1,524,507		1,624,287
FNMA ±		2.64		5-1-2036		6,468,780		6,975,775
FNMA ±		2.65		10-1-2024		57,460		57,979
FNMA ±		2.65		5-1-2039		6,495,964		6,915,984
FNMA ±		2.65		2-1-2035		2,433,170		2,587,689
FNMA ±		2.65		6-1-2040		1,365,173		1,443,165
FNMA ±		2.66		9-1-2030		1,076,433		1,157,915
FNMA ±		2.67		11-1-2017		100,515		103,344
FNMA ±		2.67		2-1-2038		1,937,983		2,060,103
FNMA ±		2.67		5-1-2036		4,157,148		4,419,741
FNMA ±		2.68		5-1-2035		4,588,078		4,960,931
FNMA ±		2.68		8-1-2039		8,857,644		9,442,604
FNMA ±		2.68		7-1-2035		5,081,078		5,439,419
FNMA ±		2.69		9-1-2030		1,025,263		1,079,826
FNMA ±		2.69		6-1-2032		254,847		272,637
FNMA ±		2.69		10-1-2018		880,635		915,491
FNMA ±		2.69		5-1-2035		3,233,333		3,455,000

8

Wells Fargo Advantage Adjustable Rate Government Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA ±		2.70	%	3-1-2032	$	149,245	$	160,017
FNMA ±		2.71		6-1-2017		23,991		24,049
FNMA ±		2.71		7-1-2035		1,864,488		1,997,411
FNMA ±		2.72		2-1-2028		51,897		55,435
FNMA ±		2.72		4-1-2026		9,771		9,794
FNMA ±		2.72		12-1-2033		3,502,979		3,730,099
FNMA ±		2.73		4-1-2030		41,546		44,136
FNMA ±		2.74		10-1-2018		160,781		166,353
FNMA ±		2.74		9-1-2017		546,515		567,478
FNMA ±		2.75		6-1-2016		124,715		131,137
FNMA ±		2.75		7-1-2016		21,743		22,865
FNMA ±		2.75		5-1-2017		62,479		62,547
FNMA ±		2.75		8-1-2018		93,059		98,419
FNMA ±		2.75		12-1-2028		219,298		231,930
FNMA ±		2.75		1-1-2029		30,542		32,319
FNMA ±		2.75		4-1-2035		3,489,761		3,728,431
FNMA ±		2.76		9-1-2036		1,625,700		1,742,133
FNMA ±		2.76		5-1-2018		534,248		557,789
FNMA ±		2.77		4-1-2033		781,243		833,060
FNMA ±		2.78		11-1-2022		93,165		98,924
FNMA ±		2.78		9-1-2032		189,671		196,546
FNMA ±		2.79		9-1-2034		2,953,996		3,151,991
FNMA ±		2.79		7-1-2020		2,833,288		2,924,780
FNMA ±		2.79		7-1-2039		3,607,271		3,933,887
FNMA ±		2.80		7-1-2036		4,036,654		4,325,273
FNMA ±		2.80		1-1-2036		167,199		175,306
FNMA ±		2.81		11-1-2034		3,190,821		3,444,282
FNMA ±		2.81		10-1-2025		16,276		17,466
FNMA ±		2.82		11-1-2035		18,668,762		20,228,758
FNMA ±		2.84		12-1-2046		2,053,034		2,195,665
FNMA ±		2.85		1-1-2033		3,296,900		3,536,425
FNMA ±		2.88		9-1-2037		8,368,531		8,958,964
FNMA ±		2.89		1-1-2036		13,292,384		14,208,823
FNMA ±		2.89		7-1-2028		391,321		420,183
FNMA ±		2.89		10-1-2028		308,104		330,444
FNMA ±		2.89		8-1-2035		4,907,792		5,234,825
FNMA ±		2.89		5-1-2028		100,083		104,122
FNMA ±		2.90		4-1-2035		3,267,621		3,492,928
FNMA ±		2.91		7-1-2019		3,950		4,119
FNMA ±		2.92		7-1-2033		1,917,928		2,056,015
FNMA ±		2.93		1-1-2025		76,661		77,034
FNMA ±		2.94		9-1-2032		2,134,029		2,331,871
FNMA ±		2.95		10-1-2033		20,769,604		22,281,456
FNMA ±		2.96		4-1-2040		3,165,085		3,426,764
FNMA ±		2.97		10-1-2024		19,644		21,065
FNMA ±		2.98		9-1-2019		80,783		81,341
FNMA ±		2.98		1-1-2033		178,546		180,363
FNMA ±		2.98		9-1-2033		44,391		44,551
FNMA ±		2.99		10-1-2017		9,361		9,359
FNMA ±		3.00		8-1-2030		264,116		273,952
FNMA ±		3.00		6-1-2018		43,514		43,371
FNMA ±		3.00		8-1-2035		5,106,133		5,481,636
FNMA ±		3.01		3-1-2019		1,033,505		1,088,330
FNMA ±		3.02		5-1-2028		335,930		349,413
FNMA ±		3.03		10-1-2034		931,626		996,538
FNMA ±		3.05		5-1-2017		102,691		109,657
FNMA ±		3.06		11-1-2024		179,235		180,196
FNMA ±		3.08		3-1-2030		175,617		188,609
FNMA ±		3.09		8-1-2031		74,539		78,475
FNMA ±		3.09		9-1-2021		137,120		137,755
FNMA ±		3.10		1-1-2031		88,144		88,355
FNMA ±		3.10		8-1-2029		1,094,185		1,172,634
FNMA ±		3.11		2-1-2029		167,377		179,370
FNMA ±		3.11		11-1-2031		82,148		82,794
FNMA ±		3.12		1-1-2029		45,488		47,728

9

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage Adjustable Rate Government Fund

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA ±		3.12	%	9-1-2035	$	1,286,758	$	1,376,268
FNMA ±		3.13		11-1-2028		262,599		278,923
FNMA ±		3.17		4-1-2020		2,292,347		2,425,035
FNMA ±		3.22		7-1-2017		147,333		149,001
FNMA ±		3.23		4-1-2034		4,032,654		4,340,476
FNMA ±		3.25		9-1-2017		3,446		3,472
FNMA ±		3.28		7-1-2033		29,604		29,670
FNMA ±		3.29		9-1-2033		195,945		196,277
FNMA ±		3.29		4-1-2024		495,061		527,505
FNMA ±		3.30		1-1-2033		74,625		74,903
FNMA ±		3.31		7-1-2028		129,341		134,253
FNMA ±		3.44		11-1-2029		11,711		12,445
FNMA ±		3.46		2-1-2029		2,883,087		3,097,279
FNMA ±		3.48		1-1-2021		858,460		900,774
FNMA ±		3.54		5-1-2018		1,257		1,262
FNMA ±		3.57		11-1-2031		47,689		47,789
FNMA ±		3.58		10-1-2017		564,217		577,694
FNMA ±		3.59		7-1-2021		280,954		285,549
FNMA ±		3.60		9-1-2033		63,873		63,920
FNMA ±		3.62		10-1-2034		652,551		680,120
FNMA ±		3.66		4-1-2018		11		11
FNMA ±		3.73		1-1-2017		2,032		2,056
FNMA ±		3.80		4-1-2019		457		456
FNMA ±		3.90		12-1-2050		228,962		230,347
FNMA ±		3.91		4-1-2034		2,150,062		2,296,585
FNMA ±		3.98		9-1-2028		10,067		10,481
FNMA ±		3.98		12-1-2032		182,516		193,535
FNMA ±		3.99		7-1-2017		59,010		62,922
FNMA ±		4.00		3-1-2023		9,345		9,430
FNMA ±		4.01		10-1-2025		15,755		17,004
FNMA ±		4.04		2-1-2033		104,434		105,350
FNMA ±		4.04		4-1-2032		268,024		271,300
FNMA ±		4.08		5-1-2034		702,747		755,415
FNMA ±		4.20		9-1-2017		4,282		4,317
FNMA ±		4.23		6-1-2034		606,414		643,003
FNMA ±		4.26		8-1-2017		39,787		41,346
FNMA ±		4.30		1-1-2018		1,180		1,180
FNMA ±		4.31		10-1-2018		78		78
FNMA ±		4.32		11-1-2031		167,969		168,557
FNMA ±		4.36		9-1-2031		363,760		371,017
FNMA ±		4.40		5-1-2017		2,091		2,106
FNMA ±		4.47		12-1-2036		209,852		222,396
FNMA ±		4.58		6-1-2028		121,139		129,765
FNMA		4.60		9-1-2016		477,013		498,210
FNMA ±		4.61		2-1-2019		540,540		578,381
FNMA ±		4.65		3-1-2014		82		83
FNMA ±		4.86		1-1-2023		16,482		17,783
FNMA ±		4.87		1-1-2019		833,315		893,856
FNMA ±		4.87		6-1-2019		6,011		6,105
FNMA ±		4.96		5-1-2025		1,335		1,348
FNMA ±		5.00		4-1-2018		330,346		353,158
FNMA ±		5.15		6-1-2024		47,425		47,939
FNMA ±		5.16		6-1-2028		61,515		61,512
FNMA ±		5.20		9-1-2023		8,760		8,812
FNMA ±		5.25		10-1-2021		19,188		19,269
FNMA ±		5.36		11-1-2014		2,086		2,112
FNMA		5.50		9-1-2019		322,601		344,752
FNMA ±		5.51		7-1-2037		2,164,395		2,305,284
FNMA ±		5.56		1-1-2019		168,384		182,965
FNMA ±		5.56		11-1-2019		457		457
FNMA ±		5.85		3-1-2014		7,825		8,335
FNMA ±		6.00		2-1-2017		4,337		4,370
FNMA ±		6.00		1-1-2020		19,280		19,918
FNMA ±		6.11		9-1-2017		744		769
FNMA ±		6.45		2-1-2034		85,391		86,060

10

Wells Fargo Advantage Adjustable Rate Government Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA		6.50	%	8-1-2028	$	307,243	$	331,448
FNMA		6.50		5-1-2031		218,310		245,474
FNMA ±		6.72		3-1-2023		6,863		6,876
FNMA		7.00		11-1-2014		3,696		3,799
FNMA		7.00		11-1-2017		38,098		41,150
FNMA		7.06		11-1-2024		55,564		62,419
FNMA		7.06		12-1-2024		37,153		41,736
FNMA		7.06		1-1-2025		34,650		38,925
FNMA		7.06		3-1-2025		70,473		79,167
FNMA		7.06		3-1-2025		13,274		14,912
FNMA		7.06		4-1-2025		25,152		28,409
FNMA		7.06		1-1-2027		64,814		75,803
FNMA		7.50		2-1-2016		226,200		237,465
FNMA		7.50		1-1-2031		254,620		293,337
FNMA		7.50		1-1-2033		371,390		425,350
FNMA		7.50		5-1-2033		365,630		419,743
FNMA		7.50		5-1-2033		226,803		258,269
FNMA		7.50		6-1-2033		259,435		296,639
FNMA		7.50		7-1-2033		297,296		342,402
FNMA		7.50		8-1-2033		267,483		307,514
FNMA ±		7.75		1-1-2026		232		234
FNMA		8.00		12-1-2026		166,153		192,660
FNMA		8.00		2-1-2030		777		890
FNMA		8.00		3-1-2030		451		517
FNMA		8.00		7-1-2031		50,116		51,614
FNMA		8.00		5-1-2033		339,430		394,390
FNMA		8.50		10-1-2026		20,401		23,504
FNMA		8.50		2-1-2027		67,558		72,860
FNMA		8.50		6-1-2030		71,302		75,740
FNMA		8.51		8-1-2024		112,877		121,294
FNMA		9.00		7-1-2030		18,120		18,184
FNMA ±		9.10		10-1-2024		1,094		1,098
FNMA		9.50		8-1-2021		58,948		65,186
FNMA		9.50		12-1-2024		36,385		37,352
FNMA		10.00		1-1-2021		28,862		29,951
FNMA		10.50		4-1-2019		3,669		3,682
FNMA		11.00		1-1-2018		11,109		12,612
FNMA		12.50		7-1-2015		555		558
FNMA Series 1989-74 Class J		9.80		10-25-2019		45,767		52,614
FNMA Series 1989-96 Class H		9.00		12-25-2019		16,610		18,711
FNMA Series 1992-39 Class FA ±		1.30		3-25-2022		321,106		332,757
FNMA Series 1992-45 Class F ±		1.30		4-25-2022		58,675		58,222
FNMA Series 1992-87 Class Z		8.00		5-25-2022		41,086		46,914
FNMA Series 1993-113 Class FA ±		1.28		7-25-2023		233,264		240,478
FNMA Series 1994-14 Class F ±		2.57		10-25-2023		517,913		534,574
FNMA Series 1998-T2 Class A5 ±		2.42		1-25-2032		1,251,423		1,281,939
FNMA Series 2001-50 Class BA		7.00		10-25-2041		367,970		428,191
FNMA Series 2001-63 Class FD ±		0.80		12-18-2031		287,922		290,419
FNMA Series 2001-81 Class F ±		0.74		1-25-2032		191,505		193,420
FNMA Series 2001-T08 Class A1		7.50		7-25-2041		249,585		307,155
FNMA Series 2001-T10 Class A2		7.50		12-25-2041		5,517,574		6,597,976
FNMA Series 2001-T12 Class A2		7.50		8-25-2041		402,071		467,632
FNMA Series 2001-T12 Class A4 ±		3.37		8-25-2041		9,957,686		10,668,048
FNMA Series 2001-W03 Class A ±		7.00		9-25-2041		1,287,784		1,500,792
FNMA Series 2002-05 Class FD ±		1.09		2-25-2032		500,462		508,684
FNMA Series 2002-66 Class A3 ±		3.12		4-25-2042		13,899,301		14,937,482
FNMA Series 2002-T12 Class A3		7.50		5-25-2042		1,704,682		2,089,013
FNMA Series 2002-T12 Class A5 ±		3.42		10-25-2041		3,362,397		3,447,210
FNMA Series 2002-T18 Class A5 ±		3.56		5-25-2042		679,887		714,708
FNMA Series 2002-T19 Class A4 ±		3.34		3-25-2042		203,914		213,904
FNMA Series 2002-W1 Class 3A ±		3.18		4-25-2042		2,248,814		2,301,954
FNMA Series 2002-W4 Class A6 ±		3.31		5-25-2042		3,618,157		3,882,152
FNMA Series 2003-07 Class A2 ±		2.46		5-25-2042		1,642,435		1,727,758
FNMA Series 2003-63 Class A8 ±		2.61		1-25-2043		2,412,380		2,593,241
FNMA Series 2003-W02 Class 1A3		7.50		7-25-2042		571,623		695,227

11

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage Adjustable Rate Government Fund

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA Series 2003-W04 Class 5A ±		3.18	%	10-25-2042	$	2,160,970	$	2,310,598
FNMA Series 2003-W08 Class 4A ±		3.14		11-25-2042		2,641,060		2,769,213
FNMA Series 2003-W10 Class 2A ±		3.18		6-25-2043		5,156,509		5,458,928
FNMA Series 2003-W18 Class 2A ±		3.38		6-25-2043		18,759,135		19,975,440
FNMA Series 2004-T3 Class 1A3		7.00		2-25-2044		952,586		1,112,476
FNMA Series 2004-T3 Class 2A ±		3.15		8-25-2043		3,220,930		3,407,476
FNMA Series 2004-W02 Class 5A		7.50		3-25-2044		392,826		465,465
FNMA Series 2004-W1 Class 2A2		7.00		12-25-2033		451,002		528,078
FNMA Series 2004-W1 Class 3A ±		3.33		1-25-2043		157,653		168,164
FNMA Series 2004-W12 Class 2A ±		3.38		6-25-2044		9,397,544		10,042,564
FNMA Series 2004-W15 Class 3A ±		2.76		6-25-2044		12,390,575		13,191,241
FNMA Series 2005-W3 Class 3A ±		2.75		4-25-2045		2,519,006		2,687,291
FNMA Series 2006-W1 Class 3A ±		2.20		10-25-2045		13,530,014		14,306,732
FNMA Series 2007-104 Class AB		5.50		5-25-2035		1,330,108		1,332,023
FNMA Series 2009-95 Class AY		4.00		6-25-2023		43,159		43,587
FNMA Series G92-20 Class FB ±		1.30		4-25-2022		225,160		224,065
FNMA Series G93-1 Class K		6.68		1-25-2023		956,862		1,077,462
FNMA Series G93-19 Class FD ±		1.28		4-25-2023		868,162		897,033
GNMA ±		1.63		2-20-2017		14,844		15,320
GNMA ±		1.63		3-20-2017		20,399		21,338
GNMA ±		1.63		9-20-2017		28,689		29,733
GNMA ±		1.63		12-20-2021		12,303		12,854
GNMA ±		1.63		1-20-2022		145,002		151,675
GNMA ±		1.63		2-20-2022		51,427		53,447
GNMA ±		1.63		2-20-2022		125,099		130,856
GNMA ±		1.63		2-20-2022		7,720		8,075
GNMA ±		1.63		3-20-2022		146,156		152,883
GNMA ±		1.63		3-20-2022		254,529		266,244
GNMA ±		1.63		10-20-2022		45,110		47,132
GNMA ±		1.63		10-20-2022		155,815		162,798
GNMA ±		1.63		11-20-2022		95,808		100,102
GNMA ±		1.63		11-20-2022		121,791		127,249
GNMA ±		1.63		12-20-2022		35,599		37,194
GNMA ±		1.63		12-20-2022		464,642		485,465
GNMA ±		1.63		12-20-2022		9,581		10,010
GNMA ±		1.63		1-20-2023		1,081,445		1,131,216
GNMA ±		1.63		1-20-2023		76,145		79,649
GNMA ±		1.63		2-20-2023		94,522		98,873
GNMA ±		1.63		2-20-2023		53,933		56,415
GNMA ±		1.63		2-20-2023		98,819		103,367
GNMA ±		1.63		3-20-2023		105,396		110,246
GNMA ±		1.63		10-20-2023		1,052,034		1,099,180
GNMA ±		1.63		11-20-2023		780,066		815,024
GNMA ±		1.63		11-20-2023		793,122		828,665
GNMA ±		1.63		12-20-2023		34,434		35,977
GNMA ±		1.63		12-20-2023		134,777		140,817
GNMA ±		1.63		12-20-2023		1,029,266		1,075,393
GNMA ±		1.63		11-20-2024		121,754		127,210
GNMA ±		1.63		10-20-2025		722,051		754,410
GNMA ±		1.63		1-20-2026		778,959		814,809
GNMA ±		1.63		2-20-2026		627,541		656,422
GNMA ±		1.63		10-20-2026		133,853		139,851
GNMA ±		1.63		1-20-2027		301,022		314,876
GNMA ±		1.63		1-20-2027		10,649		11,036
GNMA ±		1.63		10-20-2027		8,812		9,207
GNMA ±		1.63		1-20-2028		9,310		9,739
GNMA ±		1.63		12-20-2029		269,449		281,524
GNMA ±		1.63		1-20-2030		146,024		152,745
GNMA ±		1.63		10-20-2030		204,061		213,206
GNMA ±		1.63		11-20-2031		6,452		6,687
GNMA ±		1.63		11-20-2032		607,801		635,040
GNMA ±		1.63		2-20-2033		4,580		4,791
GNMA ±		1.63		3-20-2033		53,428		55,887
GNMA ±		1.75		5-20-2017		43,697		45,816
GNMA ±		1.75		5-20-2017		20,191		21,170

12

Wells Fargo Advantage Adjustable Rate Government Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
GNMA ±		1.75	%	6-20-2017	$	5,171	$	5,422
GNMA ±		1.75		9-20-2017		2,685		2,809
GNMA ±		1.75		6-20-2021		73,569		77,136
GNMA ±		1.75		8-20-2021		27,521		28,787
GNMA ±		1.75		8-20-2021		60,448		63,227
GNMA ±		1.75		4-20-2022		399,141		418,492
GNMA ±		1.75		4-20-2022		397,972		417,266
GNMA ±		1.75		5-20-2022		36,126		37,877
GNMA ±		1.75		5-20-2022		375,365		393,564
GNMA ±		1.75		5-20-2022		105,785		110,914
GNMA ±		1.75		6-20-2022		31,013		32,517
GNMA ±		1.75		7-20-2022		15,204		15,903
GNMA ±		1.75		9-20-2022		124,729		124,972
GNMA ±		1.75		9-20-2022		60,017		62,777
GNMA ±		1.75		9-20-2022		12,739		13,324
GNMA ±		1.75		4-20-2023		16,872		17,690
GNMA ±		1.75		4-20-2023		40,899		42,882
GNMA ±		1.75		5-20-2023		37,152		38,953
GNMA ±		1.75		5-20-2023		14,394		15,091
GNMA ±		1.75		6-20-2023		377,082		395,363
GNMA ±		1.75		6-20-2023		167,355		175,469
GNMA ±		1.75		7-20-2023		5,639		5,898
GNMA ±		1.75		9-20-2023		504,569		527,770
GNMA ±		1.75		9-20-2023		109,920		114,974
GNMA ±		1.75		9-20-2023		431,070		450,891
GNMA ±		1.75		4-20-2024		54,058		56,678
GNMA ±		1.75		4-20-2024		300,909		315,497
GNMA ±		1.75		5-20-2024		250,301		262,436
GNMA ±		1.75		5-20-2024		23,057		24,175
GNMA ±		1.75		6-20-2024		27,244		28,565
GNMA ±		1.75		6-20-2024		39,335		41,242
GNMA ±		1.75		6-20-2024		141,651		148,518
GNMA ±		1.75		7-20-2024		100,156		104,762
GNMA ±		1.75		7-20-2024		747,169		781,525
GNMA ±		1.75		8-20-2024		49,534		51,812
GNMA ±		1.75		4-20-2025		169,606		177,829
GNMA ±		1.75		9-20-2025		210,943		220,643
GNMA ±		1.75		5-20-2027		30,138		31,599
GNMA ±		1.75		8-20-2027		23,240		24,309
GNMA ±		1.75		9-20-2027		4,585		4,795
GNMA ±		1.75		4-20-2032		92,452		96,934
GNMA ±		1.75		5-20-2032		231,794		243,032
GNMA ±		1.75		6-20-2032		537,963		564,044
GNMA ±		2.00		1-20-2017		11,566		12,073
GNMA ±		2.00		2-20-2017		66,188		69,088
GNMA ±		2.00		3-20-2017		11,201		11,692
GNMA ±		2.00		9-20-2017		3,592		3,761
GNMA ±		2.00		7-20-2018		570		596
GNMA ±		2.00		8-20-2018		8,492		8,891
GNMA ±		2.00		1-20-2021		24,963		26,057
GNMA ±		2.00		2-20-2021		60,555		63,208
GNMA ±		2.00		8-20-2021		13,478		14,111
GNMA ±		2.00		10-20-2021		290,619		303,788
GNMA ±		2.00		11-20-2021		36,577		38,235
GNMA ±		2.00		2-20-2022		5,454		5,693
GNMA ±		2.00		3-20-2022		46,614		48,656
GNMA ±		2.00		5-20-2022		23,667		24,637
GNMA ±		2.00		7-20-2022		7,782		8,147
GNMA ±		2.00		12-20-2022		77,759		81,282
GNMA ±		2.00		2-20-2023		6,476		6,759
GNMA ±		2.00		10-20-2024		1,336,933		1,397,516
GNMA ±		2.00		11-20-2024		640,676		669,708
GNMA ±		2.00		7-20-2025		8,679		9,087
GNMA ±		2.00		9-20-2026		128,429		134,463
GNMA ±		2.00		11-20-2026		12,136		12,686

13

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage Adjustable Rate Government Fund

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
GNMA ±		2.00	%	2-20-2027	$	7,956	$	8,305
GNMA ±		2.00		7-20-2027		3,150		3,298
GNMA ±		2.00		8-20-2027		4,875		5,104
GNMA ±		2.00		11-20-2027		7,365		7,699
GNMA ±		2.09		8-20-2062		9,516,800		10,149,039
GNMA ±		2.11		9-20-2062		3,045,634		3,256,510
GNMA ±		2.13		1-20-2022		5,369		5,613
GNMA ±		2.25		7-20-2022		5,890		6,145
GNMA ±		2.25		7-20-2022		7,102		7,408
GNMA ±		2.50		7-20-2016		13,111		13,724
GNMA ±		2.50		8-20-2017		20,295		21,243
GNMA ±		2.50		10-20-2017		8,369		8,752
GNMA ±		2.50		11-20-2017		22,432		23,456
GNMA ±		2.50		12-20-2017		18,730		19,585
GNMA ±		2.50		7-20-2018		49,638		51,957
GNMA ±		2.50		8-20-2018		26,025		27,241
GNMA ±		2.50		3-20-2019		3,286		3,450
GNMA ±		2.50		11-20-2020		19,864		20,771
GNMA ±		2.50		12-20-2020		13,825		14,456
GNMA ±		2.50		5-20-2021		13,002		13,581
GNMA ±		2.50		12-20-2021		37,135		38,526
GNMA ±		2.50		7-20-2022		10,924		11,434
GNMA ±		2.50		7-20-2024		374,272		391,756
GNMA ±		2.50		8-20-2024		66,614		69,726
GNMA ±		2.50		10-20-2024		631,301		660,118
GNMA ±		2.50		12-20-2024		437,705		457,685
GNMA ±		2.50		4-20-2025		6,738		7,038
GNMA ±		2.75		10-20-2017		49,674		51,987
GNMA ±		3.00		2-20-2016		9,697		10,180
GNMA ±		3.00		3-20-2016		20,415		21,431
GNMA ±		3.00		4-20-2016		15,663		16,422
GNMA ±		3.00		5-20-2016		1,623		1,702
GNMA ±		3.00		7-20-2017		11,501		11,988
GNMA ±		3.00		8-20-2017		106,591		111,669
GNMA ±		3.00		8-20-2017		10,457		10,895
GNMA ±		3.00		9-20-2017		113,380		118,782
GNMA ±		3.00		11-20-2017		23,459		24,597
GNMA ±		3.00		12-20-2017		134,691		141,221
GNMA ±		3.00		1-20-2018		44,424		46,637
GNMA ±		3.00		6-20-2018		8,591		9,007
GNMA ±		3.00		11-20-2018		4,598		4,794
GNMA ±		3.00		12-20-2018		1,219		1,271
GNMA ±		3.00		1-20-2019		3,588		3,766
GNMA ±		3.00		2-20-2019		8,387		8,804
GNMA ±		3.00		3-20-2019		12,076		12,677
GNMA ±		3.00		5-20-2019		19,920		20,886
GNMA ±		3.00		6-20-2019		43,982		46,114
GNMA ±		3.00		8-20-2019		14,873		15,504
GNMA ±		3.00		6-20-2020		9,526		9,988
GNMA ±		3.00		1-20-2021		288		303
GNMA ±		3.00		2-20-2021		414		435
GNMA ±		3.50		9-20-2017		19,098		20,103
GNMA ±		3.50		10-20-2017		314		330
GNMA ±		3.50		11-20-2017		51,916		54,563
GNMA ±		3.50		2-20-2018		34,662		36,458
GNMA ±		3.50		3-20-2018		4,362		4,588
GNMA ±		3.50		4-20-2018		6,864		7,215
GNMA ±		3.50		5-20-2018		2,633		2,767
GNMA ±		3.50		9-20-2018		5,384		5,667
GNMA ±		3.50		2-20-2019		30,621		32,208
GNMA ±		3.50		9-20-2019		50,362		53,014
GNMA ±		3.50		1-20-2020		13,582		14,201
GNMA ±		4.00		1-20-2016		153,621		162,221
GNMA ±		4.00		3-20-2016		26,652		28,144
GNMA ±		4.00		4-20-2016		3,816		4,023

14

Wells Fargo Advantage Adjustable Rate Government Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
GNMA ±		4.00	%		5-20-2016	$	521	$	549
GNMA ±		4.00			11-20-2017		19,233		20,265
GNMA ±		4.00			4-20-2018		12,538		13,217
GNMA ±		4.00			11-20-2018		78,792		83,019
GNMA ±		4.00			1-20-2019		104,168		106,192
GNMA ±		4.00			5-20-2019		5,051		5,324
GNMA ±		4.50			12-20-2017		3,297		3,501
GNMA ±		5.00			8-20-2015		3,429		3,654
GNMA ±		5.00			9-20-2015		5,651		6,022
GNMA ±		5.00			10-20-2015		5,826		6,210
GNMA		6.45			4-20-2025		83,491		92,545
GNMA		6.45			5-20-2025		40,692		43,891
GNMA		6.45			9-20-2025		52,337		59,857
GNMA		6.50			6-20-2034		86,365		96,776
GNMA		6.50			8-20-2034		1,440,944		1,614,655
GNMA		6.50			8-20-2034		89,668		93,372
GNMA		6.50			8-20-2034		125,387		133,678
GNMA		6.75			2-15-2029		139,467		163,676
GNMA		7.00			7-20-2034		69,368		80,547
GNMA		7.25			7-15-2017		19,509		21,300
GNMA		7.25			8-15-2017		43,098		46,317
GNMA		7.25			8-15-2017		22,137		22,688
GNMA		7.25			9-15-2017		32,723		35,239
GNMA		7.25			10-15-2017		60,091		64,376
GNMA		7.25			10-15-2017		33,639		35,960
GNMA		7.25			11-15-2017		26,778		28,656
GNMA		7.25			1-15-2018		14,839		16,445
GNMA		7.25			1-15-2018		9,928		9,955
GNMA		7.25			2-15-2018		24,739		25,538
GNMA		7.25			5-15-2018		12,978		13,014
GNMA		9.00			5-15-2016		7,685		7,715
GNMA		9.00			7-15-2016		991		994
GNMA		9.00			8-15-2016		10,730		10,772
GNMA		9.00			11-15-2016		6,344		6,370
GNMA		9.00			11-15-2016		4,306		4,651
GNMA		9.00			12-15-2016		250		251
GNMA		9.00			2-15-2017		6,948		7,554
GNMA		9.00			5-15-2017		1,293		1,298
GNMA		9.00			7-15-2017		10,042		10,083
GNMA		9.00			3-15-2020		4,648		4,848
GNMA		9.00			8-15-2021		787		790
GNMA		9.00			7-20-2024		1,098		1,133
GNMA		9.00			8-20-2024		490		567
GNMA		9.00			9-20-2024		2,705		3,179
GNMA		9.00			10-20-2024		12,364		14,093
GNMA		9.00			11-20-2024		620		682
GNMA		9.00			1-20-2025		9,119		10,785
GNMA		9.00			2-20-2025		27,976		32,852
GNMA Series 2011-H12 Class FA ±		0.69			2-20-2061		3,557,189		3,557,121
GNMA Series 2011-H17 Class FA ±		0.73			6-20-2061		2,002,424		2,005,841
SBA ±		4.01			9-25-2037		13,004,375		15,295,958
Total Agency Securities (Cost $1,420,695,762)									1,450,076,999
	Yield					Shares
Short-Term Investments : 2.66%
Investment Companies : 2.65%
Wells Fargo Advantage Government Money Market Fund, Institutional Class (l)(u)		0.01					39,987,412		39,987,412
						Principal
U.S. Treasury Securities : 0.01%
U.S. Treasury Bill #(z)		0.02			6-20-2013	$	200,000		199,998

15

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage Adjustable Rate Government Fund

Total Short-Term Investments (Cost $40,187,406)				40,187,410
Total investments in securities (Cost $1,460,883,168)*	98.60	%		1,490,264,409
Other assets and liabilities, net	1.40			21,172,570
Total net assets	100.00	%	$	1,511,436,979

± 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.

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

(l) Investment in an affiliate

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

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

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

* Cost for federal income tax purposes is $1,461,853,296 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	30,526,444
Gross unrealized depreciation		(2,115,331	)
Net unrealized appreciation	$	28,411,113

16

Wells Fargo Advantage Adjustable Rate Government Fund (the “Fund”)

Notes to Portfolio of Investments – May 31, 2013 (unaudited)

Securities valuation

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

Fixed income securities acquired with maturities exceeding 60 days are valued based on evaluated bid prices received from an independent pricing service which may utilize both transaction data and market information such as yield, prices of securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data. If valuations are not available from the independent pricing service or values received are deemed not representative of market value, values will be obtained from a broker-dealer or otherwise determined based on the Fund’s Valuation Procedures.

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

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

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

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

Futures contracts

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

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

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to significant unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1  –	quoted prices in active markets for identical securities
Level 2  –	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, 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 May 31, 2013, the inputs used in valuing investments in securities were as follows:

Investments in securities	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Agency securities	$	0	$	1,450,076,999	$	0	$	1,450,076,999
Short-term investments
Investment companies		39,987,412		0		0		39,987,412
U.S. Treasury securities		199,998		0		0		199,998
	$	40,187,410	$	1,450,076,999	$	0	$	1,490,264,409

As of May 31, 2013, the inputs used in valuing the Fund’s other financial instruments were as follows:

Other financial instruments	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Futures contracts+	$	58,516	$	0	$	0	$	58,516

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

Transfers in and transfers out are recognized at the end of the reporting period. For the nine months ended May 31, 2013, the Fund did not have any transfers into/out of Level 1 or Level 2

Derivative transactions

As of May 31, 2013, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio.

At May 31, 2013, the Fund had short futures contracts outstanding as follows:

Expiration date	Contracts		Type	Contract value at May 31, 2013		Unrealized gains
9-19-2013		70 Short	10-Year U.S. Treasury Notes	$	9,045,313	$	31,844
9-30-2013		115 Short	5-Year U.S. Treasury Notes		14,077,617		26,672

Wells Fargo Advantage Government Securities Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities : 66.49%
FDIC Series 2010-S1 Class 1A ±144A		0.75	%	2-25-2048	$	13,077,034	$	13,086,570
FHLB		5.63		3-14-2036		6,150,000		7,952,454
FHLMC ±		0.65		2-15-2033		87,011		87,027
FHLMC ±		2.28		10-1-2026		301,834		320,845
FHLMC ±		2.38		6-1-2032		124,259		130,432
FHLMC ±		2.53		7-1-2029		254,127		269,809
FHLMC ±		3.03		9-1-2031		10,219		10,412
FHLMC ±		3.03		9-1-2031		148,014		149,952
FHLMC ±		3.20		7-1-2032		2,291,080		2,348,769
FHLMC %%		3.50		6-1-2043		92,285,000		95,385,204
FHLMC ±		3.60		5-1-2026		96,254		102,335
FHLMC %%		4.00		6-1-2043		29,010,000		30,528,494
FHLMC ±		4.08		1-1-2038		1,098,990		1,193,131
FHLMC		4.50		3-1-2042		1,520,809		1,616,325
FHLMC		5.00		5-1-2018		506,509		536,679
FHLMC		5.00		4-1-2019		458,716		489,910
FHLMC		5.00		4-1-2019		419,845		448,789
FHLMC		5.00		6-1-2019		581,908		622,026
FHLMC		5.00		8-1-2019		2,313,629		2,457,225
FHLMC		5.00		10-1-2019		701,827		750,212
FHLMC		5.00		2-1-2020		2,143,603		2,291,385
FHLMC		5.00		8-1-2040		4,726,363		5,095,921
FHLMC		5.50		11-1-2023		382,177		416,061
FHLMC		5.50		7-1-2035		13,238,161		14,376,682
FHLMC		5.50		12-1-2038		10,284,383		11,066,027
FHLMC		6.00		1-1-2024		5,768,058		6,343,018
FHLMC		6.00		10-1-2032		110,723		123,005
FHLMC		6.00		5-25-2043		8,051,734		8,972,828
FHLMC ±		6.38		1-1-2026		86,901		87,784
FHLMC		6.50		4-1-2018		48,841		51,189
FHLMC		6.50		4-1-2021		113,067		116,043
FHLMC		6.50		4-1-2022		195,928		217,594
FHLMC		6.50		4-1-2026		1,304		1,506
FHLMC		6.50		9-1-2028		24,862		28,890
FHLMC		6.50		9-1-2028		61,396		71,344
FHLMC		6.50		7-1-2031		9		11
FHLMC		6.50		8-1-2037		213,461		235,565
FHLMC		7.00		11-17-2013		1,218		1,220
FHLMC		7.00		10-1-2014		220,339		226,848
FHLMC		7.00		12-1-2023		8,972		10,371
FHLMC		7.00		5-1-2024		12,479		14,426
FHLMC		7.00		12-1-2026		2,548		2,991
FHLMC		7.00		12-1-2026		4,598		5,397
FHLMC		7.00		12-1-2026		398		467
FHLMC		7.00		12-1-2026		1,094		1,284
FHLMC		7.00		4-1-2029		2,115		2,492
FHLMC		7.00		4-1-2029		4,853		5,738
FHLMC		7.00		5-1-2029		38,897		45,834
FHLMC		7.00		4-1-2032		309,258		359,666
FHLMC		7.50		11-1-2031		315,062		369,637
FHLMC		7.50		4-1-2032		321,052		377,141
FHLMC		8.00		2-1-2017		11,187		12,042
FHLMC		8.00		8-1-2023		48,900		55,171
FHLMC		8.00		6-1-2024		13,431		15,887
FHLMC		8.00		6-1-2024		4,300		4,461
FHLMC		8.00		6-1-2024		14,387		16,444
FHLMC		8.00		8-1-2026		35,069		42,262
FHLMC		8.00		11-1-2026		37,048		44,702
FHLMC		8.00		11-1-2028		27,142		31,794
FHLMC		8.50		7-1-2022		6,022		6,917
FHLMC		8.50		12-1-2025		30,457		36,939
FHLMC		8.50		5-1-2026		4,059		4,712
FHLMC		8.50		8-1-2026		8,114		8,585
FHLMC		8.50		8-1-2026		30,561		30,781
FHLMC		9.00		6-1-2016		6,939		7,201

1

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage Government Securities Fund

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FHLMC		9.00	%	1-1-2017	$	13,525	$	13,771
FHLMC		9.00		4-1-2017		19,337		20,892
FHLMC		9.00		11-1-2018		71,301		76,892
FHLMC		9.00		8-1-2019		652		723
FHLMC		9.00		8-1-2019		106		107
FHLMC		9.00		8-1-2019		283		292
FHLMC		9.00		12-1-2019		293		330
FHLMC		9.00		1-1-2020		76		82
FHLMC		9.00		2-1-2020		195		223
FHLMC		9.00		2-1-2020		4,196		4,207
FHLMC		9.00		3-1-2020		2,398		2,466
FHLMC		9.00		3-1-2020		323		339
FHLMC		9.00		9-1-2020		925		978
FHLMC		9.00		9-1-2020		365		414
FHLMC		9.00		12-1-2020		76		79
FHLMC		9.00		2-1-2021		151		151
FHLMC		9.00		3-1-2021		7,192		8,131
FHLMC		9.00		4-1-2021		7,528		8,288
FHLMC		9.00		4-1-2021		445		526
FHLMC		9.00		4-1-2021		101,377		110,540
FHLMC		9.00		7-1-2021		5,765		5,788
FHLMC		9.00		7-1-2021		4,763		4,972
FHLMC		9.00		8-1-2021		900		1,064
FHLMC		9.00		4-1-2022		3,076		3,087
FHLMC		9.00		7-1-2022		1,087		1,229
FHLMC		9.00		9-1-2024		1,902		2,190
FHLMC		9.50		9-1-2016		58		63
FHLMC		9.50		10-1-2016		401		436
FHLMC		9.50		8-1-2018		43		43
FHLMC		9.50		8-1-2019		255		289
FHLMC		9.50		2-1-2020		12		14
FHLMC		9.50		6-1-2020		111		127
FHLMC		9.50		8-1-2020		694		802
FHLMC		9.50		9-1-2020		11,157		12,328
FHLMC		9.50		9-1-2020		24		24
FHLMC		9.50		9-1-2020		87		101
FHLMC		9.50		10-1-2020		53		60
FHLMC		9.50		10-1-2020		93		107
FHLMC		9.50		11-1-2020		113		130
FHLMC		9.50		5-1-2021		313		365
FHLMC		9.50		9-17-2022		1,009,736		1,163,291
FHLMC		9.50		4-1-2025		111,569		131,294
FHLMC		10.00		8-1-2017		29		32
FHLMC		10.00		1-1-2019		21		24
FHLMC		10.00		8-1-2019		32		33
FHLMC		10.00		12-1-2019		345		400
FHLMC		10.00		3-1-2020		31		35
FHLMC		10.00		6-1-2020		55		63
FHLMC		10.00		7-1-2020		59		65
FHLMC		10.00		8-1-2020		63		73
FHLMC		10.00		10-1-2021		106,353		120,860
FHLMC		10.00		8-17-2022		465,080		502,259
FHLMC		10.00		2-17-2025		920,795		1,010,721
FHLMC		10.50		2-1-2019		34		35
FHLMC		10.50		5-1-2019		147		150
FHLMC		10.50		6-1-2019		22		25
FHLMC		10.50		8-1-2019		26,783		30,665
FHLMC		10.50		12-1-2019		38,739		41,535
FHLMC		10.50		5-1-2020		7,028		7,322
FHLMC		10.50		5-1-2020		66,044		76,571
FHLMC		10.50		8-1-2020		17,412		17,503
FHLMC		10.50		8-1-2020		38,913		41,203
FHLMC Series 16 Class D		10.00		10-15-2019		23,749		26,209
FHLMC Series 1671 Class 1671-TA ±		0.75		2-15-2024		3,147		3,147

2

Wells Fargo Advantage Government Securities Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FHLMC Series 2882 Class TF ±		0.45	%	10-15-2034	$	4,281,180	$	4,280,671
FHLMC Series 3221 Class VA		5.00		9-15-2017		5,972,391		6,326,172
FHLMC Series 3706 Class C		2.00		8-15-2020		8,254,494		8,442,994
FHLMC Series 3767 Class PD		4.00		7-15-2040		880,910		921,329
FHLMC Series K020 Class X1 ±(c)		1.48		5-25-2022		48,848,650		5,050,120
FHLMC Series R008 Class FK ±		0.60		7-15-2023		6,333		6,333
FHLMC Series T-57 Class 1A1		6.50		7-25-2043		1,992,036		2,259,773
FHLMC Series T-57 Class 2A1 ±		3.32		7-25-2043		4,022,571		4,161,941
FHLMC Series T-67 Class 1A1C ±		3.04		3-25-2036		2,287,271		2,379,002
FHLMC Series T-67 Class 2A1C ±		3.04		3-25-2036		3,888,964		4,070,956
FHLMC Series T-75 Class A1 ±		0.23		12-25-2036		7,975,843		7,925,005
FHLMC Structured Pass-Through Securities Series T-15 Class A6 ±		0.65		11-25-2028		291,049		278,664
FHLMC Structured Pass-Through Securities Series T-23 Class A ±		0.47		5-25-2030		1,200,490		1,136,988
FHLMC Structured Pass-Through Securities Series T-35 Class A ±		0.47		9-25-2031		532,469		492,825
FHLMC Structured Pass-Through Securities Series T-42 Class A6		9.50		2-25-2042		1,485,995		1,795,454
FHLMC Structured Pass-Through Securities Series T-55 Class 2A1 ±		2.62		3-25-2043		767,140		774,232
FHLMC ±		0.64		11-15-2033		6,194,272		6,202,250
FNMA		1.75		5-30-2019		19,000,000		19,305,121
FNMA ±		2.31		9-1-2031		116,342		123,280
FNMA ±		2.37		11-1-2031		243,123		257,981
FNMA		2.38		1-13-2022		10,415,000		10,605,615
FNMA ±		2.40		9-1-2031		511,542		543,106
FNMA ±		2.41		12-1-2034		2,186,290		2,327,127
FNMA ±		2.42		6-1-2032		239,699		246,213
FNMA ±		2.42		6-1-2034		953,438		1,009,601
FNMA ±		2.44		4-1-2032		217,851		231,275
FNMA ±		2.45		12-1-2040		98,619		105,316
FNMA ±		2.47		5-1-2036		4,545,792		4,755,626
FNMA		2.50		4-25-2039		548,806		569,468
FNMA ±		2.51		12-1-2035		2,689,398		2,854,764
FNMA ±		2.52		5-1-2036		2,739,606		2,905,235
FNMA ±		2.55		10-1-2027		341,727		365,903
FNMA ±		2.83		9-1-2027		948,494		1,009,228
FNMA ±		2.86		9-1-2036		2,037,707		2,179,586
FNMA ±		2.87		8-1-2036		3,387,116		3,609,754
FNMA		3.00		4-1-2022		1,934,374		2,030,754
FNMA		3.00		5-1-2027		1,460,496		1,522,083
FNMA %%		3.00		6-1-2028		2,810,000		2,924,156
FNMA %%		3.00		6-1-2043		88,395,000		88,906,029
FNMA ±		3.17		7-1-2026		645,604		695,404
FNMA ±		3.17		2-1-2027		1,468,509		1,521,121
FNMA ±		3.17		4-1-2033		140,146		149,422
FNMA ±		3.21		5-1-2036		2,078,131		2,197,052
FNMA ±		3.41		1-1-2033		102,885		103,143
FNMA		3.50		2-1-2026		6,320,572		6,653,577
FNMA %%		3.50		6-1-2028		9,465,000		9,957,845
FNMA %%		3.50		6-1-2043		23,315,000		24,156,527
FNMA		3.69		6-1-2017		14,084,624		15,316,586
FNMA ±		3.98		9-1-2028		595,056		619,545
FNMA		4.00		5-1-2021		2,271,842		2,420,910
FNMA %%		4.00		6-1-2028		16,645,000		17,680,111
FNMA %%		4.00		6-1-2043		58,655,000		61,881,025
FNMA		4.15		7-1-2014		10,420,881		10,644,574
FNMA ±		4.24		7-1-2033		169,724		171,111
FNMA		4.50		8-1-2018		2,309,764		2,467,095
FNMA		4.50		12-1-2018		1,794,721		1,916,970
FNMA %%		4.50		6-1-2028		14,130,000		15,052,866
FNMA %%		4.50		6-1-2043		71,092,000		75,935,143
FNMA		4.62		7-1-2013		337,488		336,196
FNMA		4.68		2-1-2020		3,335,395		3,812,002
FNMA		4.79		5-1-2019		2,217,187		2,521,660
FNMA		5.00		4-1-2014		467,559		469,998
FNMA		5.00		12-1-2018		1,393,730		1,490,849
FNMA		5.00		6-1-2019		1,432,319		1,532,127
FNMA		5.00		6-1-2023		3,369,905		3,627,898

3

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage Government Securities Fund

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA		5.00	%	3-1-2034	$	2,061,424	$	2,237,196
FNMA		5.00		8-1-2040		9,775,547		10,738,459
FNMA		5.00		8-1-2040		58,041,679		63,462,530
FNMA		5.03		5-1-2015		6,384,333		6,813,610
FNMA		5.12		1-1-2017		11,700,000		12,944,430
FNMA		5.22		10-1-2015		3,302,429		3,548,654
FNMA		5.38		5-1-2017		732,146		809,736
FNMA		5.39		1-1-2024		2,880,603		3,304,129
FNMA		5.50		6-1-2016		346,618		369,589
FNMA		5.50		1-1-2025		443,464		482,782
FNMA		5.50		1-1-2025		1,708,515		1,859,996
FNMA		5.50		9-1-2033		6,205,707		6,788,868
FNMA		5.50		9-1-2033		3,079,517		3,368,905
FNMA		5.50		6-1-2034		13,652,243		14,954,012
FNMA		5.50		8-1-2035		3,022,406		3,295,093
FNMA		5.50		1-1-2037		2,978,567		3,247,299
FNMA		5.55		5-1-2016		3,131,649		3,469,533
FNMA		5.55		9-1-2019		3,578,834		3,761,515
FNMA		5.61		2-1-2021		3,121,319		3,541,525
FNMA		5.63		2-1-2018		1,101,812		1,255,844
FNMA		5.67		3-1-2016		6,231,166		6,848,866
FNMA		5.67		11-1-2021		5,632,627		6,372,638
FNMA		5.70		3-1-2016		953,543		1,048,390
FNMA		5.75		5-1-2021		3,592,255		4,188,718
FNMA		5.79		10-1-2017		1,093,423		1,247,044
FNMA		5.95		6-1-2024		1,815,585		2,139,975
FNMA		6.00		12-1-2013		6,046		6,067
FNMA		6.00		5-1-2016		300,803		302,928
FNMA		6.00		3-1-2024		203,570		222,638
FNMA		6.00		2-1-2035		2,801,674		3,120,128
FNMA		6.00		11-1-2037		3,053,053		3,327,570
FNMA %%		6.00		6-1-2043		21,385,000		23,278,742
FNMA		6.08		1-1-2019		1,340,477		1,403,340
FNMA		6.26		9-1-2013		10,000,000		10,019,877
FNMA		6.50		6-1-2017		262,774		279,350
FNMA		6.50		1-1-2024		96,235		109,566
FNMA		6.50		3-1-2028		51,758		57,953
FNMA		6.50		12-1-2029		719,316		832,730
FNMA		6.50		11-1-2031		180,372		208,114
FNMA		6.50		7-1-2036		1,677,053		1,884,080
FNMA		6.50		7-1-2036		1,225,194		1,377,790
FNMA		6.50		9-1-2037		458,357		507,538
FNMA		6.50		7-25-2042		2,829,253		3,222,844
FNMA		6.65		5-1-2016		1,451,238		1,618,977
FNMA		7.00		11-1-2026		20,939		24,328
FNMA		7.00		9-1-2031		6,615		6,686
FNMA		7.00		1-1-2032		7,167		8,465
FNMA		7.00		2-1-2032		237,855		280,949
FNMA		7.00		2-1-2032		32,802		38,764
FNMA		7.00		10-1-2032		517,052		610,233
FNMA		7.00		2-1-2034		5,231		6,159
FNMA		7.00		4-1-2034		448,098		529,376
FNMA		7.00		12-1-2034		71,641		84,347
FNMA		7.00		1-1-2036		39,794		46,780
FNMA		7.00		9-1-2036		587,306		691,125
FNMA		7.48		1-1-2025		954,759		957,562
FNMA		7.50		7-1-2015		9,286		9,392
FNMA		7.50		9-1-2031		177,755		215,192
FNMA		7.50		11-25-2031		923,049		1,042,646
FNMA		7.50		2-1-2032		68,911		83,518
FNMA		7.50		10-1-2037		3,967,984		4,584,686
FNMA		8.00		8-1-2020		9,601		9,627
FNMA		8.00		5-1-2027		65,846		69,514
FNMA		8.00		10-1-2027		15,005		15,048
FNMA		8.00		6-1-2028		11,075		12,848

4

Wells Fargo Advantage Government Securities Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA		8.00	%	1-1-2030	$	18,616	$	18,667
FNMA		8.00		2-1-2030		248,912		289,155
FNMA		8.00		9-1-2040		2,313,235		2,782,526
FNMA		8.50		12-1-2014		396		397
FNMA		8.50		5-1-2017		331,837		362,339
FNMA		8.50		5-1-2017		6,864		7,442
FNMA		8.50		8-1-2024		40,285		46,690
FNMA		8.50		5-1-2026		280,931		327,089
FNMA		8.50		7-1-2026		35,389		38,245
FNMA		8.50		8-1-2026		17,931		18,500
FNMA		8.50		9-1-2026		712		831
FNMA		8.50		10-1-2026		38,746		39,758
FNMA		8.50		10-1-2026		404		429
FNMA		8.50		10-1-2026		10,607		10,642
FNMA		8.50		11-1-2026		37,568		38,932
FNMA		8.50		11-1-2026		12,781		14,037
FNMA		8.50		11-1-2026		6,717		6,739
FNMA		8.50		12-1-2026		327,933		398,770
FNMA		8.50		12-1-2026		25,466		29,744
FNMA		8.50		12-1-2026		355		359
FNMA		8.50		2-1-2027		604		708
FNMA		8.50		2-1-2027		9,649		9,785
FNMA		8.50		3-1-2027		1,571		1,841
FNMA		8.50		3-1-2027		3,150		3,180
FNMA		8.50		6-1-2027		676,380		800,763
FNMA		8.50		7-1-2029		1,002		1,017
FNMA		9.00		3-1-2021		65,283		72,932
FNMA		9.00		6-1-2021		287		329
FNMA		9.00		7-1-2021		117,461		130,067
FNMA		9.00		8-1-2021		388		452
FNMA		9.00		10-1-2021		65,502		72,039
FNMA		9.00		1-1-2025		3,129		3,218
FNMA		9.00		1-1-2025		31,436		36,940
FNMA		9.00		2-1-2025		11,503		11,544
FNMA		9.00		3-1-2025		1,513		1,589
FNMA		9.00		3-1-2025		4,361		4,644
FNMA		9.00		3-1-2025		11,514		11,552
FNMA		9.00		3-1-2025		1,742		1,748
FNMA		9.00		4-1-2025		4,403		4,448
FNMA		9.00		7-1-2028		60,289		69,755
FNMA		9.50		11-1-2020		242		281
FNMA		9.50		12-15-2020		103,607		111,816
FNMA		9.50		1-1-2021		35,277		37,208
FNMA		9.50		6-1-2022		7,326		8,360
FNMA		9.50		7-1-2028		82,295		97,649
FNMA		10.00		12-1-2020		144,829		164,220
FNMA		11.00		2-1-2019		18,782		18,875
FNMA		11.00		10-15-2020		15,336		16,230
FNMA		11.25		2-1-2016		4,135		4,156
FNMA		12.00		7-15-2014		16,473		16,535
FNMA Grantor Trust Series 2000-T6 Class A2		9.50		6-25-2030		1,529,406		1,770,425
FNMA Grantor Trust Series 2001-T10 Class A3		9.50		12-25-2041		2,311,463		2,716,743
FNMA Grantor Trust Series 2001-T12 Class A3		9.50		8-25-2041		579,354		691,131
FNMA Grantor Trust Series 2001-T8 Class A3 ±		3.69		7-25-2041		1,641,575		1,657,861
FNMA Grantor Trust Series 2002-T19 Class A1		6.50		7-25-2042		7,476,426		8,949,147
FNMA Grantor Trust Series 2002-T5 Class A1 ±		0.43		5-25-2032		499,209		480,089
FNMA Grantor Trust Series 2003-T2 Class A1 ±		0.47		3-25-2033		410,829		396,226
FNMA Grantor Trust Series 2004-T1 Class 1A2		6.50		1-25-2044		1,208,542		1,421,400
FNMA Series 1988-2 Class Z		10.10		2-25-2018		31,560		34,028
FNMA Series 1988-7 Class Z		9.25		4-25-2018		38,712		42,573
FNMA Series 1989-10 Class Z		9.50		3-25-2019		263,749		300,144
FNMA Series 1989-100 Class Z		8.75		12-25-2019		213,097		238,731
FNMA Series 1989-12 Class Y		10.00		3-25-2019		410,185		467,495
FNMA Series 1989-22 Class G		10.00		5-25-2019		261,962		300,750
FNMA Series 1989-63 Class Z		9.40		10-25-2019		44,458		49,176

5

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage Government Securities Fund

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA Series 1989-98 Class E		9.20	%	12-25-2019	$	90,820	$	101,582
FNMA Series 1990-144 Class W		9.50		12-25-2020		157,717		182,151
FNMA Series 1990-75 Class Z		9.50		7-25-2020		176,753		204,141
FNMA Series 1990-84 Class Y		9.00		7-25-2020		44,354		50,366
FNMA Series 1990-96 Class Z		9.67		8-25-2020		243,747		282,191
FNMA Series 1991-5 Class Z		8.75		1-25-2021		85,612		97,001
FNMA Series 1991-85 Class Z		8.00		6-25-2021		227,294		248,273
FNMA Series 1992-45 Class Z		8.00		4-25-2022		214,764		251,913
FNMA Series 2001-T4 Class A1		7.50		7-25-2041		1,317,061		1,545,620
FNMA Series 2002-T12 Class A5 ±		3.42		10-25-2041		1,896,263		1,944,095
FNMA Series 2003-90 Class FL ±		0.64		3-25-2031		782,540		782,770
FNMA Series 2003-W1 Class 1A1 ±		6.08		12-25-2042		1,099,033		1,252,038
FNMA Series 2003-W19 Class 1A6		5.29		11-25-2033		1,070,013		1,088,097
FNMA Series 2004-79 Class FA ±		0.48		8-25-2032		2,097,090		2,096,467
FNMA Series 2004-W1 Class 2A2		7.00		12-25-2033		2,407,966		2,819,485
FNMA Series 2004-W15 Class 1A3		7.00		8-25-2044		2,302,526		2,641,884
FNMA Series 2005-71 Class DB		4.50		8-25-2025		2,991,201		3,254,254
FNMA Series 2006-9 Class BM		6.00		10-25-2033		9,486,001		9,722,108
FNMA Series 2007-2 Class FA ±		0.39		2-25-2037		880,042		876,983
FNMA Series 2007-W10 Class 2A ±		6.27		8-25-2047		1,463,078		1,684,913
FNMA Series 2009-108 Class DE		4.50		8-25-2027		515,776		526,353
FNMA Series G-8 Class E		9.00		4-25-2021		220,153		250,824
FNMA Series G92-30 Class Z		7.00		6-25-2022		433,003		476,419
FNMA Series G93-39 Class ZQ		6.50		12-25-2023		3,944,691		4,431,040
FNMA STRIPS Series 161 Class 2		8.50		7-25-2022		92,413		21,314
FNMA STRIPS Series 265 Class 2		9.00		3-1-2024		251,140		293,299
FNMA Whole Loan Series 1999-W6 Class A ±		9.49		9-25-2028		46,403		49,075
FNMA Whole Loan Series 2002-W4 Class A4		6.25		5-25-2042		1,223,738		1,380,518
FNMA Whole Loan Series 2003-W06 Class PT4 ±		9.12		10-25-2042		2,944,346		3,549,928
FNMA Whole Loan Series 2003-W11 Class A1 ±		3.11		6-25-2033		227,807		226,743
FNMA Whole Loan Series 2003-W3 Class 1A4 ±		3.39		8-25-2042		4,499,898		4,883,469
FNMA Whole Loan Series 2003-W5 Class A ±		0.41		4-25-2033		527,904		518,900
FNMA Whole Loan Series 2003-W6 Class 6A ±		3.06		8-25-2042		3,347,399		3,524,473
FNMA Whole Loan Series 2003-W8 Class PT1 ±		9.62		12-25-2042		1,246,380		1,454,458
FNMA Whole Loan Series 2003-W9 Class A ±		0.43		6-25-2033		172,062		163,914
GNMA ±		3.00		8-20-2020		265,454		278,102
GNMA ±		3.00		11-20-2020		179,108		187,792
GNMA		4.00		6-20-2042		23,088,278		24,671,924
GNMA		4.00		9-20-2042		555,774		593,544
GNMA %%		4.50		6-1-2043		57,530,000		62,004,304
GNMA		5.00		7-20-2040		11,756,255		12,971,224
GNMA		6.00		8-20-2034		619,946		691,966
GNMA		6.50		12-15-2025		47,380		54,501
GNMA		6.50		4-15-2029		645		680
GNMA		6.50		5-15-2029		4,296		4,782
GNMA		6.50		5-15-2031		3,227		3,645
GNMA		6.50		7-15-2032		2,083		2,268
GNMA		6.50		9-20-2033		129,455		147,967
GNMA		7.00		12-15-2022		62,419		71,673
GNMA		7.00		5-15-2026		6,356		7,460
GNMA		7.00		3-15-2028		78,925		93,320
GNMA		7.00		1-15-2031		502		592
GNMA		7.00		4-15-2031		3,979		4,693
GNMA		7.00		4-15-2031		1,368		1,614
GNMA		7.00		8-15-2031		23,194		27,352
GNMA		7.00		3-15-2032		17,235		20,291
GNMA		7.34		10-20-2021		71,021		81,594
GNMA		7.34		12-20-2021		25,348		29,122
GNMA		7.34		2-20-2022		23,335		27,033
GNMA		7.34		4-20-2022		30,181		34,963
GNMA		7.34		9-20-2022		84,009		97,321
GNMA		8.00		4-15-2023		2,379		2,387
GNMA		8.00		6-15-2023		7,553		8,626
GNMA		8.00		12-15-2023		719,644		852,415
GNMA		8.00		2-15-2024		1,613		1,859

6

Wells Fargo Advantage Government Securities Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
GNMA		8.00	%	9-15-2024	$	5,400	$	5,710
GNMA		8.00		6-15-2025		105		106
GNMA		8.00		6-15-2025		20,313		20,382
GNMA		8.35		4-15-2020		558,018		602,049
GNMA		8.40		5-15-2020		255,685		276,311
GNMA		8.50		7-15-2016		1,022		1,026
GNMA		9.00		12-15-2016		5,337		5,358
GNMA		9.00		4-15-2021		3,367		3,449
GNMA		9.50		10-20-2019		129,738		139,310
GNMA		10.00		12-15-2018		9,116		9,160
GNMA		12.50		4-15-2019		19,880		20,820
GNMA		13.00		11-15-2014		715		732
GNMA Series 2002-53 Class IO ±(c)		0.02		4-16-2042		9,005,004		819
GNMA Series 2003-110 Class FT ±		1.45		12-16-2030		924,729		927,961
GNMA Series 2005-23 Class IO ±(c)		0.48		6-17-2045		62,356,138		834,138
GNMA Series 2006-32 Class C ±		5.52		11-16-2038		12,510,000		13,764,278
GNMA Series 2006-32 Class XM ±(c)		0.13		11-16-2045		38,229,379		285,497
GNMA Series 2006-68 Class D ±		5.31		12-16-2037		12,520,000		13,691,371
GNMA Series 2007-35 Class NF ±		0.30		10-16-2035		13,267,918		13,272,390
GNMA Series 2007-44 Class FP ±		0.37		3-20-2036		10,386,402		10,395,085
GNMA Series 2007-69 Class D ±		5.25		6-16-2041		1,000,000		1,100,460
GNMA Series 2008-22 Class XM ±(c)		0.60		2-16-2050		104,099,468		3,652,954
GNMA Series 2009-29 Class CN		4.50		2-20-2032		192,502		192,541
SBA (a)(c)(i)		1.93		2-15-2018		404,051		4,552
SBA Series 1992- 6 Class A (a)(c)(i)		1.15		10-15-2017		1,345,041		14,655
TVA		5.38		4-1-2056		3,670,000		4,525,903
Total Agency Securities (Cost $1,148,378,279)								1,159,868,709
Municipal Obligations : 0.47%
Arkansas : 0.00%
Arkansas Development Finance Authority (Housing Revenue, GNMA Insured)		9.75		11-15-2014		61,494		64,255
Texas : 0.47%
Retama TX Development Corporation (Miscellaneous Revenue)		10.00		12-15-2020		5,405,000		8,225,059
Total Municipal Obligations (Cost $7,040,749)								8,289,314
Non-Agency Mortgage Backed Securities : 5.64%
Bear Stearns Commercial Mortgage Securities Incorporated Series 2005-PWR-7 Class A3 ±		5.12		2-11-2041		6,450,000		6,841,992
Citigroup Commercial Mortgage Trust Series 2006-C4 Class A3 ±		5.74		3-15-2049		10,188,000		11,321,741
Citigroup Commercial Mortgage Trust Series 2006-C5 Class A4		5.43		10-15-2049		11,280,000		12,622,207
Commercial Mortgage Trust Pass-Through Certificates Series 2004-LB4A Class A4		4.58		10-15-2037		2,801,457		2,807,805
FDIC Series 2013-R1 Class A 144A		1.15		3-25-2033		7,610,327		7,529,045
GE Capital Commercial Mortgage Corporation Series 2005-C3 Class A7A ±		4.97		7-10-2045		9,360,000		10,064,845
Lehman Brothers UBS Commercial Mortgage Trust Series 2006-C1 Class A4		5.16		2-15-2031		13,165,000		14,370,756
Morgan Stanley Capital I Series 2004-HQ4 Class A7		4.97		4-14-2040		7,485,786		7,723,137
Morgan Stanley Capital I Series 2006-HQ8 Class A4 ±		5.42		3-12-2044		1,995,000		2,170,155
Morgan Stanley Dean Witter Capital I Series 2004-T15 Class A3		5.03		6-13-2041		1,671,769		1,674,957
National Credit Union Administration Board Guaranteed Notes Series 2010-C1 Class A2		2.90		10-29-2020		1,310,000		1,381,058
National Credit Union Administration Board Guaranteed Notes Series 2010-C1 Class APT		2.65		10-29-2020		8,995,832		9,410,063
National Credit Union Administration Board Guaranteed Notes Series 2011-R4 Class 1A ±		0.58		3-6-2020		4,161,697		4,170,812
National Credit Union Administration Board Guaranteed Notes Series 2011-R6 Class 1A ±		0.58		5-7-2020		4,984,104		4,993,254
Vendee Mortgage Trust Series 1995-1 Class 4 ±		8.77		2-15-2025		444,555		522,798

7

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage Government Securities Fund

Security name	Interest rate			Maturity date	Principal		Value
Non-Agency Mortgage Backed Securities (continued)
Vendee Mortgage Trust Series 1995-2C Class 3A		8.79	%	6-15-2025	$	622,427	$	765,734
Total Non-Agency Mortgage Backed Securities (Cost $97,703,228)								98,370,359
U.S. Treasury Securities : 27.41%
U.S. Treasury Bond		2.75		8-15-2042		11,050,000		9,934,635
U.S. Treasury Bond		3.75		8-15-2041		29,900,000		32,801,227
U.S. Treasury Bond		4.50		2-15-2036		21,635,000		26,715,850
U.S. Treasury Bond		4.63		2-15-2040		20,150,000		25,451,969
U.S. Treasury Note		0.25		1-31-2014		28,380,000		28,404,378
U.S. Treasury Note		0.38		3-15-2015		82,035,000		82,169,619
U.S. Treasury Note		0.38		11-15-2015		25,000,000		24,990,225
U.S. Treasury Note ##		0.50		10-15-2014		124,500,000		124,996,008
U.S. Treasury Note		0.88		1-31-2018		23,865,000		23,766,175
U.S. Treasury Note		2.00		11-15-2021		17,010,000		17,189,404
U.S. Treasury Note		2.25		7-31-2018		15,740,000		16,675,790
U.S. Treasury Note		6.25		8-15-2023		25,060,000		34,653,269
U.S. Treasury Note		7.25		8-15-2022		20,950,000		30,421,684
Total U.S. Treasury Securities (Cost $470,281,028)								478,170,233
Yankee Corporate Bonds and Notes : 4.76%
Financials : 4.76%
Commercial Banks : 4.04%
Bank of Nova Scotia 144A		1.65		10-29-2015		13,235,000		13,559,853
Canadian Imperial Bank 144A		0.90		9-19-2014		8,355,000		8,406,609
Kommunalbanken AS 144A		2.38		1-19-2016		10,135,000		10,579,825
Landwirtschaftliche Rentenbank		2.50		2-15-2016		14,125,000		14,818,820
Nordea Eiendomskreditt 144A		1.88		4-7-2015		10,430,000		10,555,264
Swedbank Hypotek 144A		2.13		8-31-2016		12,110,000		12,535,775
								70,456,146
Diversified Financial Services : 0.72%
FMS Wertmanagement		1.00		11-21-2017		12,660,000		12,540,680
Total Yankee Corporate Bonds and Notes (Cost $80,960,326)								82,996,826
	Yield				Shares
Short-Term Investments : 24.78%
Investment Companies : 24.73%
Wells Fargo Advantage Government Money Market Fund, Institutional Class (u)(l)##		0.01	%			431,329,117		431,329,117
					Principal
U.S. Treasury Securities : 0.05%
U.S. Treasury Bill (z)#		0.02		6-20-2013	$	700,000		699,992
U.S. Treasury Bill (z)#		0.02		6-20-2013		200,000		199,998
								899,990
Total Short-Term Investments (Cost $432,229,095)								432,229,107

8

Wells Fargo Advantage Government Securities Fund Portfolio of investments — May 31, 2013 (unaudited)

Total investments in securities (Cost $2,236,592,705)*	129.55	%	$	2,259,924,548
Other assets and liabilities, net	(29.55	)		(515,537,854	)
Total net assets	100.00	%	$	1,744,386,694

± 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.

%% Security issued on a when-issued basis.

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

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

(i) Illiquid security

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

(l) Investment in an affiliate

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

(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 $2,241,833,288 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	46,730,080
Gross unrealized depreciation		(28,638,820	)
Net unrealized appreciation		$18,091,260

9

Wells Fargo Advantage Government Securities Fund (the “Fund”)

Notes to Portfolio of Investments – May 31, 2013 (unaudited)

Securities valuation

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

Fixed income securities acquired with maturities exceeding 60 days are valued based on evaluated bid prices received from an independent pricing service which may utilize both transaction data and market information such as yield, prices of securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data. If valuations are not available from the independent pricing service or values received are deemed not representative of market value, values will be obtained from a broker-dealer or otherwise determined based on the Fund’s Valuation Procedures.

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

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

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

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

When-issued transactions

The Fund may purchase securities on a forward commitment or ‘when-issued’ basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Futures contracts

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

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

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to significant unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1 –	quoted prices in active markets for identical securities
Level 2 –	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, 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 May 31, 2013, the inputs used in valuing investments in securities were as follows:

Investments in securities	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Agency securities	$	0	$	1,159,849,502	$	19,207	$	1,159,868,709
Municipal obligations		0		8,289,314		0		8,289,314
Non-agency mortgage backed securities		0		98,370,359		0		98,370,359
U.S. Treasury securities		478,170,233		0		0		478,170,233
Yankee corporate bonds and notes		0		82,996,826		0		82,996,826
Short-term investments
Investment companies		431,329,117		0		0		431,329,117
U.S. Treasury securities		699,992		199,998		0		899,990
	$	910,199,342	$	1,349,705,999	$	19,207	$	2,259,924,548

As of May 31, 2013, the inputs used in valuing the Fund’s other financial instruments were as follows:

Other financial instruments	Quoted prices (Level 1)			Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Futures contracts+	$	(767,456	)	$	0	$	0	$	(767,456	)

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

Transfers in and transfers out are recognized at the end of the reporting period. For the nine months ended May 31, 2013, the Fund did not have any transfers into/out of Level 1 or Level 2.

Derivative transactions

As of May 31, 2013, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio.

At May 31, 2013, the Fund had long and short futures contracts outstanding as follows:

Expiration date	Contracts	Type	Contract value at May 31, 2013		Unrealized gains (losses)
9-19-2013	357 Long	10-Year U.S. Treasury Notes	$	46,131,094	$	(284,178	)
9-30-2013	945 Long	5-Year U.S. Treasury Notes		115,681,290		(561,678	)
9-30-2013	316 Short	2-Year U.S. Treasury Notes		69,564,438		78,400

Wells Fargo Advantage High Income Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Corporate Bonds and Notes : 85.31%
Consumer Discretionary : 25.48%
Auto Components : 4.42%
American Axle Manufacturing Incorporated «		6.63	%	10-15-2022	$	6,000,000	$	6,457,500
Delphi Corporation		5.00		2-15-2023		5,850,000		6,208,309
Goodyear Tire & Rubber Company		6.50		3-1-2021		5,000,000		5,262,500
Lear Corporation 144A		4.75		1-15-2023		6,650,000		6,550,250
Tenneco Automotive Incorporated		7.75		8-15-2018		3,000,000		3,247,500
TRW Automotive Incorporated 144A		4.50		3-1-2021		8,000,000		8,220,000
								35,946,059
Diversified Consumer Services : 1.62%
Service Corporation International		4.50		11-15-2020		7,517,000		7,578,076
Service Corporation International		7.50		4-1-2027		200,000		225,000
Stewart Enterprises Incorporated		6.50		4-15-2019		5,000,000		5,375,000
								13,178,076
Hotels, Restaurants & Leisure : 3.54%
Caesars Entertainment Corporation		8.50		2-15-2020		1,000,000		952,500
Caesars Entertainment Corporation 144A		9.00		2-15-2020		5,000,000		4,812,500
CKE Restaurants Incorporated		11.38		7-15-2018		487,000		507,094
MGM Resorts International Company		6.63		12-15-2021		4,000,000		4,335,000
MGM Resorts International Company		8.63		2-1-2019		1,000,000		1,182,500
Seminole Indian Tribe of Florida 144A		7.75		10-1-2017		4,900,000		5,230,750
Tunica-Biloxi Gaming Authority 144A		9.00		11-15-2015		6,260,000		5,634,000
Yonkers Racing Corporation 144A		11.38		7-15-2016		5,770,000		6,130,625
								28,784,969
Household Durables : 2.23%
Beazer Homes USA Company		6.63		4-15-2018		1,000,000		1,083,750
Beazer Homes USA Company 144A		7.25		2-1-2023		5,000,000		5,293,750
Lennar Corporation 144A		4.13		12-1-2018		5,000,000		5,050,000
Meritage Homes Corporation		7.00		4-1-2022		1,500,000		1,683,750
Meritage Homes Corporation		7.15		4-15-2020		4,500,000		5,073,750
								18,185,000
Media : 9.21%
CCO Holdings LLC		5.13		2-15-2023		7,300,000		7,154,000
CCO Holdings LLC		6.50		4-30-2021		2,000,000		2,150,000
CCO Holdings LLC		6.63		1-31-2022		2,000,000		2,150,000
Cequel Communications Holdings 144A		6.38		9-15-2020		5,000,000		5,225,000
Cinemark USA Incorporated		5.13		12-15-2022		6,000,000		6,090,000
Clear Channel Communications Incorporated 144A		6.50		11-15-2022		6,000,000		6,300,000
Clear Channel Communications Incorporated		9.00		3-1-2021		7,250,000		7,195,625
DISH DBS Corporation		7.88		9-1-2019		4,500,000		5,045,625
Lynx I Corporation 144A		5.38		4-15-2021		6,000,000		6,240,000
Lynx II Corporation 144A		6.38		4-15-2023		2,000,000		2,085,000
National CineMedia LLC		6.00		4-15-2022		3,000,000		3,217,500
Regal Cinemas Corporation		8.63		7-15-2019		5,000,000		5,550,000
Regal Entertainment Group		5.75		2-1-2025		1,000,000		997,500
Sinclair Television Group 144A		5.38		4-1-2021		5,000,000		4,975,000
Sirius XM Radio Incorporated 144A		5.25		8-15-2022		7,000,000		7,192,500
Visant Corporation		10.00		10-1-2017		3,500,000		3,351,250
								74,919,000
Specialty Retail : 2.57%
Limited Brands Incorporated		5.63		2-15-2022		1,000,000		1,068,750
Limited Brands Incorporated		6.63		4-1-2021		6,500,000		7,426,250

1

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage High Income Fund

Security name	Interest rate			Maturity date	Principal		Value
Specialty Retail (continued)
Sally Beauty Holdings Incorporated		5.75	%	6-1-2022	$	1,000,000	$	1,052,500
Sally Beauty Holdings Incorporated		6.88		11-15-2019		5,500,000		6,098,125
Toys “R” Us Property Company II LLC		8.50		12-1-2017		5,000,000		5,293,750
								20,939,375
Textiles, Apparel & Luxury Goods : 1.89%
Hanesbrands Incorporated		6.38		12-15-2020		5,000,000		5,512,500
Levi Strauss & Company 144A		6.88		5-1-2022		1,000,000		1,108,750
Levi Strauss & Company		6.88		5-1-2022		7,000,000		7,761,250
Springs Industries Incorporated 144A%%		6.25		6-1-2021		1,000,000		995,000
								15,377,500
Consumer Staples : 1.08%
Food Products : 1.08%
Del Monte Foods Company		7.63		2-15-2019		4,000,000		4,145,000
TreeHouse Foods Incorporated		7.75		3-1-2018		4,305,000		4,638,638
								8,783,638
Energy : 15.83%
Energy Equipment & Services : 2.67%
Basic Energy Services Company		7.75		10-15-2022		4,000,000		4,210,000
Energy Future Intermediate Holding Company LLC 144A		10.00		12-1-2020		4,000,000		4,535,000
Gulfmark Offshore Incorporated		6.38		3-15-2022		4,000,000		4,160,000
Hercules Offshore Incorporated 144A		7.13		4-1-2017		3,500,000		3,762,500
Key Energy Services Incorporated		6.75		3-1-2021		5,000,000		5,062,500
								21,730,000
Oil, Gas & Consumable Fuels : 13.16%
Arch Coal Incorporated «		7.25		6-15-2021		5,000,000		4,425,000
Athlon Holdings LP 144A		7.38		4-15-2021		1,000,000		1,040,000
Atlas Pipeline Partners LP 144A		5.88		8-1-2023		5,000,000		5,100,000
Bill Barrett Corporation		7.63		10-1-2019		1,600,000		1,720,000
BreitBurn Energy Partners LP		8.63		10-15-2020		4,000,000		4,400,000
Chesapeake Energy Corporation		5.75		3-15-2023		3,000,000		3,120,000
Chesapeake Energy Corporation		6.63		8-15-2020		3,000,000		3,337,500
CITGO Petroleum Corporation 144A		11.50		7-1-2017		6,000,000		6,780,000
Comstock Resources Incorporated		9.50		6-15-2020		5,500,000		6,105,000
Continental Resources Incorporated 144A		4.50		4-15-2023		750,000		757,500
El Paso Corporation		6.50		9-15-2020		3,500,000		3,955,294
Energy Transfer Equity LP		7.50		10-15-2020		5,000,000		5,737,500
Energy XXI Gulf Coast Incorporated		7.75		6-15-2019		1,450,000		1,551,500
Energy XXI Gulf Coast Incorporated		9.25		12-15-2017		4,000,000		4,440,000
Halcon Resources Corporation		8.88		5-15-2021		5,000,000		5,087,500
James River Coal Company		7.88		4-1-2019		5,000,000		2,600,000
Murray Energy Corporation 144A		8.63		6-15-2021		1,500,000		1,545,000
Newfield Exploration Company		6.88		2-1-2020		4,950,000		5,296,500
Oasis Petroleum Incorporated		6.88		1-15-2023		4,000,000		4,360,000
Peabody Energy Corporation		6.00		11-15-2018		1,000,000		1,070,000
Peabody Energy Corporation «		6.25		11-15-2021		5,000,000		5,225,000
Penn Virginia Corporation 144A		6.50		5-15-2021		1,750,000		1,756,563
Plains Exploration & Production Company		8.63		10-15-2019		4,600,000		5,186,500
Regency Energy Partners		6.88		12-1-2018		6,000,000		6,435,000
Sabine Pass LNG LLC 144A		5.63		4-15-2023		4,775,000		4,775,000
Sandridge Energy Incorporated «		7.50		2-15-2023		6,000,000		6,180,000
Targa Resources Partners Incorporated		6.38		8-1-2022		750,000		813,750
Targa Resources Partners Incorporated		6.88		2-1-2021		4,000,000		4,320,000
								107,120,107

2

Wells Fargo Advantage High Income Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Financials : 6.26%
Commercial Banks : 2.17%
CIT Group Incorporated		4.25	%	8-15-2017	$	1,000,000	$	1,030,000
CIT Group Incorporated		5.25		3-15-2018		5,000,000		5,375,000
CIT Group Incorporated		5.38		5-15-2020		3,000,000		3,232,500
CIT Group Incorporated 144A		6.63		4-1-2018		3,500,000		3,937,500
Regions Bank		7.50		5-15-2018		3,350,000		4,065,155
								17,640,155
Consumer Finance : 2.81%
Ally Financial Incorporated		5.50		2-15-2017		1,500,000		1,605,968
Ally Financial Incorporated		6.25		12-1-2017		2,000,000		2,202,658
Ally Financial Incorporated		8.00		3-15-2020		5,500,000		6,545,000
General Motors Financial Company Incorporated 144A		4.25		5-15-2023		4,550,000		4,436,250
SLM Corporation		5.50		1-25-2023		4,000,000		3,772,548
SLM Corporation		8.00		3-25-2020		4,000,000		4,355,000
								22,917,424
Real Estate Management & Development : 1.28%
Ashtead Capital Incorporated 144A		6.50		7-15-2022		5,000,000		5,400,000
CBRE Services Incorporated		5.00		3-15-2023		5,000,000		4,987,500
								10,387,500
Health Care : 7.68%
Health Care Equipment & Supplies : 0.53%
Hanger Orthopedic Group		7.13		11-15-2018		4,000,000		4,335,000
Health Care Providers & Services : 7.15%
Community Health Systems Incorporated		7.13		7-15-2020		2,000,000		2,195,000
Davita Incorporated		6.63		11-1-2020		7,000,000		7,472,500
Fresenius Medical Care Holdings Incorporated 144A		5.63		7-31-2019		2,500,000		2,743,750
Fresenius Medical Care Holdings Incorporated 144A		5.88		1-31-2022		2,500,000		2,800,000
Fresenius Medical Care Holdings Incorporated		6.88		7-15-2017		3,000,000		3,420,000
HCA Incorporated		4.75		5-1-2023		4,000,000		3,990,000
HCA Incorporated		5.88		3-15-2022		3,000,000		3,292,500
HCA Incorporated		5.88		5-1-2023		3,250,000		3,436,875
Health Management Association		7.38		1-15-2020		2,000,000		2,182,500
HealthSouth Corporation		8.13		2-15-2020		6,200,000		6,866,500
Iasis Healthcare Corporation		8.38		5-15-2019		5,000,000		5,225,000
Lifepoint Hospitals Incorporated		6.63		10-1-2020		3,750,000		4,134,375
Select Medical Corporation 144A		6.38		6-1-2021		5,000,000		4,978,125
Tenet Healthcare Corporation 144A		4.50		4-1-2021		1,000,000		982,500
Tenet Healthcare Corporation		6.25		11-1-2018		4,000,000		4,430,000
								58,149,625
Industrials : 11.98%
Aerospace & Defense : 1.37%
BE Aerospace Incorporated		5.25		4-1-2022		4,500,000		4,702,500
Digitalglobe Incorporated 144A		5.25		2-1-2021		2,300,000		2,317,250
Esterline Technologies Corporation		7.00		8-1-2020		3,750,000		4,106,250
								11,126,000
Building Products : 2.09%
Griffon Corporation		7.13		4-1-2018		4,500,000		4,837,500
Masco Corporation		5.95		3-15-2022		6,000,000		6,697,974

3

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage High Income Fund

Security name	Interest rate			Maturity date	Principal		Value
Building Products (continued)
Nortek Incorporated		8.50	%	4-15-2021	$	5,000,000	$	5,475,000
								17,010,474
Commercial Services & Supplies : 3.06%
ARAMARK Corporation 144A		5.75		3-15-2020		1,000,000		1,035,000
Clean Harbors Incorporated		5.13		6-1-2021		5,000,000		5,150,000
Deluxe Corporation		6.00		11-15-2020		1,000,000		1,065,000
Deluxe Corporation		7.00		3-15-2019		6,300,000		6,851,250
Iron Mountain Incorporated		5.75		8-15-2024		5,000,000		5,062,500
Swift Services Holdings Incorporated		10.00		11-15-2018		5,000,000		5,712,500
								24,876,250
Machinery : 2.35%
Briggs & Stratton Corporation		6.88		12-15-2020		2,970,000		3,356,100
Manitowoc Company Incorporated		5.88		10-15-2022		1,000,000		1,063,750
Manitowoc Company Incorporated		8.50		11-1-2020		4,000,000		4,550,000
RSC Equipment Rental Incorporated		8.25		2-1-2021		6,000,000		6,645,000
United Rentals North America Incorporated		8.38		9-15-2020		3,250,000		3,542,500
								19,157,350
Professional Services : 1.80%
Checkout Holdings Corporation 144A¤		0.00		11-15-2015		3,000,000		2,370,000
FTI Consulting Incorporated 144A		6.00		11-15-2022		1,000,000		1,057,500
FTI Consulting Incorporated		6.75		10-1-2020		5,900,000		6,313,000
West Corporation		7.88		1-15-2019		2,000,000		2,170,000
West Corporation		8.63		10-1-2018		2,500,000		2,743,750
								14,654,250
Road & Rail : 0.36%
Hertz Corporation		5.88		10-15-2020		2,750,000		2,901,250
Trading Companies & Distributors : 0.95%
International Lease Finance Corporation		6.25		5-15-2019		1,000,000		1,092,500
International Lease Finance Corporation		8.25		12-15-2020		5,500,000		6,668,750
								7,761,250
Information Technology : 2.11%
Internet Software & Services : 0.83%
Equinix Incorporated		5.38		4-1-2023		4,775,000		4,930,188
Verisign Incorporated 144A		4.63		5-1-2023		1,855,000		1,864,275
								6,794,463
IT Services : 0.66%
Neustar Incorporated 144A		4.50		1-15-2023		5,500,000		5,362,500
Semiconductors & Semiconductor Equipment : 0.62%
Amkor Technology Incorporated 144A		6.38		10-1-2022		5,000,000		5,050,000
Materials : 6.05%
Chemicals : 1.40%
Axiall Corporation 144A		4.88		5-15-2023		4,250,000		4,271,250
Huntsman International LLC		4.88		11-15-2020		2,000,000		2,020,000
Rentech Nitrogen Partners LP 144A		6.50		4-15-2021		5,000,000		5,062,500
								11,353,750

4

Wells Fargo Advantage High Income Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Containers & Packaging : 3.37%
Berry Plastics Corporation		9.75	%	1-15-2021	$	5,500,000	$	6,352,500
BOE Intermediate Holding Corporation 144A¥		9.00		11-1-2017		2,000,000		1,970,000
BWAY Corporation		10.00		6-15-2018		4,000,000		4,430,000
Crown Americas LLC 144A		4.50		1-15-2023		1,500,000		1,466,250
Reynolds Group Holdings		5.75		10-15-2020		7,000,000		7,105,000
Reynolds Group Holdings		8.25		2-15-2021		6,000,000		6,120,000
								27,443,750
Metals & Mining : 0.56%
US Steel Corporation «		6.88		4-1-2021		4,500,000		4,545,000
Paper & Forest Products : 0.72%
Appleton Papers Incorporated		11.25		12-15-2015		1,634,000		1,875,015
Boise Paper Holdings LLC		9.00		11-1-2017		3,750,000		3,993,750
								5,868,765
Telecommunication Services : 6.81%
Diversified Telecommunication Services : 4.15%
CenturyLink Incorporated		5.63		4-1-2020		5,000,000		5,168,750
Cincinnati Bell Incorporated		8.38		10-15-2020		3,000,000		3,187,500
Cincinnati Bell Incorporated		8.75		3-15-2018		4,000,000		4,100,000
Frontier Communications Corporation		8.75		4-15-2022		2,000,000		2,255,000
Intelsat Jackson Holdings Limited		8.50		11-1-2019		3,025,000		3,319,938
Level 3 Financing Incorporated		7.00		6-1-2020		5,000,000		5,262,500
PAETEC Holding Corporation		9.88		12-1-2018		3,750,000		4,265,625
TW Telecommunications Holdings Incorporated		5.38		10-1-2022		6,000,000		6,210,000
								33,769,313
Wireless Telecommunication Services : 2.66%
Cricket Communications Incorporated		7.75		10-15-2020		4,000,000		3,990,000
Crown Castle International Corporation		5.25		1-15-2023		5,000,000		5,062,500
MetroPCS Wireless Incorporated 144A		6.25		4-1-2021		3,000,000		3,142,500
MetroPCS Wireless Incorporated 144A		6.63		4-1-2023		2,000,000		2,115,000
Sprint Nextel Corporation		6.00		11-15-2022		7,100,000		7,313,000
								21,623,000
Utilities : 2.03%
Independent Power Producers & Energy Traders : 2.03%
Calpine Corporation 144A		7.88		1-15-2023		5,400,000		5,940,000
NRG Energy Incorporated 144A		6.63		3-15-2023		10,000,000		10,575,000
								16,515,000
Total Corporate Bonds and Notes (Cost $669,190,435)								694,205,793
Municipal Obligations : 0.59%
Florida : 0.59%
Florida Development Financial Corporation Renaissance Charter School Project Series 2011B (Resource Recovery Revenue)		8.00		12-15-2018		3,180,000		3,165,849
Florida Development Financial Corporation Renaissance Charter School Project Series 2012B (Resource Recovery Revenue)		7.50		6-15-2018		1,665,000		1,642,389
Total Municipal Obligations (Cost $4,845,000)								4,808,238

5

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage High Income Fund

Security name	Interest rate			Maturity date	Principal		Value
Term Loans : 0.62%
JCPenney Company Incorporated <		5.19	%	4-30-2018	$	5,000,000	$	5,065,650
Total Term Loans (Cost $5,025,000)								5,065,650
Yankee Corporate Bonds and Notes : 9.44%
Consumer Discretionary : 1.55%
Automobiles : 0.92%
Jaguar Land Rover plc 144A		5.63		2-1-2023		3,500,000		3,578,750
Jaguar Land Rover plc 144A		8.13		5-15-2021		3,500,000		3,946,250
								7,525,000
Media : 0.63%
Quebecor Media Incorporated		5.75		1-15-2023		5,000,000		5,125,000
Energy : 0.63%
Oil, Gas & Consumable Fuels : 0.63%
Petrobakken Energy Limited 144A		8.63		2-1-2020		5,000,000		5,125,000
Financials : 0.72%
Consumer Finance : 0.72%
National Money Mart Company		10.38		12-15-2016		5,500,000		5,891,875
Industrials : 0.51%
Aerospace & Defense : 0.51%
Bombardier Incorporated 144A		6.13		1-15-2023		4,000,000		4,180,000
Information Technology : 1.69%
Electronic Equipment, Instruments & Components : 0.53%
Sensata Technologies BV 144A		6.50		5-15-2019		4,000,000		4,320,000
Semiconductors & Semiconductor Equipment : 1.16%
Magnachip Semiconductor Limited		10.50		4-15-2018		5,175,000		5,731,313
NXP Funding LLC 144A		5.75		2-15-2021		2,000,000		2,100,000
NXP Funding LLC 144A		5.75		3-15-2023		1,500,000		1,560,000
								9,391,313
Materials : 2.69%
Chemicals : 0.88%
Ineos Finance plc 144A		7.50		5-1-2020		1,000,000		1,097,500
Ineos Group Holdings plc 144A		6.13		8-15-2018		5,000,000		4,925,000
Ineos Group Holdings plc 144A		8.38		2-15-2019		1,000,000		1,115,000
								7,137,500
Metals & Mining : 1.31%
ArcelorMittal «		6.75		2-25-2022		10,000,000		10,700,000
Paper & Forest Products : 0.50%
Sappi Papier Holding GmbH 144A		6.63		4-15-2021		4,000,000		4,080,000
Telecommunication Services : 1.65%
Diversified Telecommunication Services : 1.65%
Intelsat Bermuda Limited 144A		7.75		6-1-2021		4,000,000		4,205,000
Intelsat Bermuda Limited 144A		8.13		6-1-2023		4,000,000		4,280,000

6

Wells Fargo Advantage High Income Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name			Interest rate			Maturity date	Principal		Value
Diversified Telecommunication Services (continued)
Intelsat Jackson Holdings Limited 144A%%				5.50	%	8-1-2023	$	5,000,000	$	4,900,000
										13,385,000
Total Yankee Corporate Bonds and Notes (Cost $74,598,214)										76,860,688
			Yield				Shares
Short-Term Investments : 5.89%
Investment Companies : 5.89%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)##				0.10				25,373,417		25,373,417
Wells Fargo Securities Lending Cash Investments, LLC (l)(r)(u)(v)				0.16				22,526,665		22,526,665
Total Short-Term Investments (Cost $47,900,082)										47,900,082
Total investments in securities (Cost $801,558,731)*	101.85	%								828,840,451
Other assets and liabilities, net	(1.85	)								(15,092,165	)
Total net assets	100.00	%							$	813,748,286

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

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.

%% Security issued on a when-issued basis.

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

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

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

(l) Investment in an affiliate

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

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

(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 $802,185,761 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	33,571,824
Gross unrealized depreciation		(6,917,134	)
Net unrealized appreciation	$	26,654,690

7

Wells Fargo Advantage High Income Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2013 (unaudited)

Securities valuation

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

Fixed income securities acquired with maturities exceeding 60 days are valued based on evaluated bid prices received from an independent pricing service which may utilize both transaction data and market information such as yield, prices of securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data. If valuations are not available from the independent pricing service or values received are deemed not representative of market value, values will be obtained from a broker-dealer or otherwise determined based on the Fund’s Valuation Procedures.

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

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

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

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

Security loans

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund 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 Fund has the right under the lending agreement to recover the securities from the borrower on demand.

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

When-issued transactions

The Fund may purchase securities on a forward commitment or ‘when-issued’ basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Term loans

The Fund may invest in term loans. The Fund begins earning interest when the loans are funded. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. The Fund assumes the credit risk of the borrower and there could be potential loss to the Fund in the event of default by the borrower.

As of May 31, 2013, the Fund had unfunded loan commitments of $5,025,000.

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to significant unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1	–	quoted prices in active markets for identical securities
Level 2	–	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, 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 May 31, 2013, the inputs used in valuing investments in securities were as follows:

Investments in securities	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Corporate bonds and notes	$	0	$	694,205,793	$	0	$	694,205,793
Municipal obligations		0		4,808,238		0		4,808,238
Term loans		0		5,065,650		0		5,065,650
Yankee corporate bonds and notes		0		76,860,688		0		76,860,688
Short-term investments
Investment companies		25,373,417		22,526,665		0		47,900,082
	$	25,373,417	$	803,467,034	$	0	$	828,840,451

Transfers in and transfers out are recognized at the end of the reporting period. For the nine months ended May 31, 2013, the Fund did not have any transfers into/out of Level 1 or Level 2.

Wells Fargo Advantage High Yield Bond Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Shares		Value
Common Stocks : 6.14%
Consumer Discretionary : 0.41%
Distributors : 0.41%
Genuine Parts Company «		20,000	$	1,554,800
Hotels, Restaurants & Leisure : 0.00%
Trump Entertainment Resorts Incorporated †(a)(i)		1,840		0
Consumer Staples : 0.20%
Food Products : 0.15%
Kraft Foods Group Incorporated		10,000		551,300
Household Products : 0.05%
Kimberly-Clark Corporation		2,000		193,660
Energy : 1.83%
Oil, Gas & Consumable Fuels : 1.83%
ConocoPhillips Company		5,000		306,700
Kinder Morgan Incorporated		50,000		1,899,000
Phillips 66 Company		45,000		2,995,650
The Williams Companies Incorporated		50,000		1,759,000
				6,960,350
Financials : 2.11%
Commercial Banks : 0.06%
PNC Financial Services Group Incorporated		3,000		214,920
REITs : 2.05%
American Tower Corporation		10,000		778,400
HCP Incorporated		45,000		2,132,100
Health Care REIT Incorporated		30,000		2,040,900
Plum Creek Timber Company		60,000		2,862,000
				7,813,400
Health Care : 0.75%
Pharmaceuticals : 0.75%
Eli Lilly & Company		45,000		2,392,200
Merck & Company Incorporated		10,000		467,000
				2,859,200
Information Technology : 0.14%
IT Services : 0.14%
Automatic Data Processing Incorporated		8,000		549,760
Materials : 0.70%
Chemicals : 0.70%
LyondellBasell Industries NV Class A		40,000		2,666,000
Total Common Stocks (Cost $20,762,311)				23,363,390

1

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage High Yield Bond Fund

Security name	Interest rate			Maturity date	Principal		Value
Corporate Bonds and Notes : 85.82%
Consumer Discretionary : 7.72%
Auto Components : 5.57%
Allison Transmission Incorporated 144A		7.13	%	5-15-2019	$	2,250,000	$	2,418,750
American Axle Manufacturing Incorporated «		6.63		10-15-2022		2,250,000		2,421,563
Cooper Tire & Rubber Company		7.63		3-15-2027		1,935,000		2,097,056
Lear Corporation 144A		4.75		1-15-2023		3,000,000		2,955,000
Penske Automotive Group Incorporated 144A		5.75		10-1-2022		10,702,000		11,277,233
								21,169,602
Diversified Consumer Services : 0.91%
Service Corporation International		7.50		4-1-2027		3,080,000		3,465,000
Hotels, Restaurants & Leisure : 0.50%
Speedway Motorsports Incorporated		6.75		2-1-2019		1,775,000		1,890,375
Media : 0.74%
Dish DBS Corporation		5.00		3-15-2023		3,000,000		2,835,000
Energy : 12.01%
Energy Equipment & Services : 2.92%
Dresser-Rand Group Incorporated		6.50		5-1-2021		1,225,000		1,326,063
Gulfmark Offshore Incorporated		6.38		3-15-2022		1,635,000		1,700,400
NGPL PipeCo LLC 144A		9.63		6-1-2019		1,950,000		2,174,250
Oil States International Incorporated		6.50		6-1-2019		1,900,000		2,047,250
PHI Incorporated		8.63		10-15-2018		3,550,000		3,860,625
								11,108,588
Oil, Gas & Consumable Fuels : 9.09%
Atlas Pipeline Partners LP 144A		5.88		8-1-2023		7,250,000		7,395,000
Denbury Resources Incorporated		4.63		7-15-2023		2,000,000		1,935,000
Energy Transfer Equity LP		7.50		10-15-2020		3,475,000		3,987,563
QEP Resources Incorporated		5.25		5-1-2023		2,000,000		2,020,000
Sabine Pass LNG LP 144A		5.63		2-1-2021		7,000,000		7,026,250
Sabine Pass LNG LP		7.50		11-30-2016		4,750,000		5,296,250
Suburban Propane Partners LP		7.38		3-15-2020		2,550,000		2,728,500
Tesoro Logistics Corporation 144A		5.88		10-1-2020		4,000,000		4,170,000
								34,558,563
Financials : 1.42%
REITs : 1.42%
Sabra Health Care Incorporated		5.38		6-1-2023		4,000,000		4,065,000
Sabra Health Care Incorporated		8.13		11-1-2018		1,219,000		1,325,663
								5,390,663
Health Care : 14.81%
Health Care Equipment & Supplies : 2.27%
Hologic Incorporated		6.25		8-1-2020		8,062,000		8,616,263
Health Care Providers & Services : 9.12%
Aviv HealthCare Properties LP		7.75		2-15-2019		1,150,000		1,256,375
DaVita HealthCare Partners Incorporated		5.75		8-15-2022		14,425,000		15,362,625
Fresenius Medical Care Holdings Incorporated 144A		5.88		1-31-2022		14,529,000		16,272,480

2

Wells Fargo Advantage High Yield Bond Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Health Care Providers & Services (continued)
MPT Operating Partnership LP		6.88	%	5-1-2021	$	1,625,000	$	1,795,625
								34,687,105
Pharmaceuticals : 3.42%
Valeant Pharmaceuticals International Incorporated 144A		7.25		7-15-2022		12,000,000		13,020,000
Industrials : 20.43%
Air Freight & Logistics : 3.99%
Bristow Group Incorporated		6.25		10-15-2022		13,990,000		15,179,150
Building Products : 0.57%
Dycom Investments Incorporated		7.13		1-15-2021		2,000,000		2,160,000
Commercial Services & Supplies : 5.06%
Iron Mountain Incorporated		5.75		8-15-2024		19,000,000		19,237,500
Electrical Equipment : 5.06%
Belden Incorporated 144A		5.50		9-1-2022		2,850,000		2,928,375
General Cable Corporation 144A		5.75		10-1-2022		15,850,000		16,325,500
								19,253,875
Machinery : 0.26%
Columbus McKinnon Corporation		7.88		2-1-2019		525,000		564,375
Titan International Incorporated		7.88		10-1-2017		400,000		428,000
								992,375
Marine : 0.66%
Hornbeck Offshore Services Incorporated		1.63		11-15-2026		975,000		1,109,745
Hornbeck Offshore Services Incorporated		5.88		4-1-2020		1,350,000		1,407,375
								2,517,120
Road & Rail : 4.83%
Hertz Corporation		6.25		10-15-2022		16,921,000		18,380,436
Information Technology : 1.28%
IT Services : 1.28%
Neustar Incorporated 144A		4.50		1-15-2023		5,000,000		4,875,000
Materials : 17.17%
Chemicals : 10.37%
Celanese U.S. Holdings LLC		4.63		11-15-2022		2,000,000		2,055,000
Huntsman International LLC		4.88		11-15-2020		1,000,000		1,010,000
Kraton Polymers LLC		6.75		3-1-2019		2,105,000		2,204,988
Olin Corporation		5.50		8-15-2022		16,000,000		16,960,000
Tronox Finance LLC 144A		6.38		8-15-2020		17,500,000		17,193,750
								39,423,738
Containers & Packaging : 5.51%
Ball Corporation		5.00		3-15-2022		7,995,000		8,274,825
Owens-Brockway Glass Container Incorporated		3.00		6-1-2015		1,775,000		1,812,719
Sealed Air Corporation 144A		5.25		4-1-2023		1,150,000		1,161,500
Sealed Air Corporation 144A«		6.50		12-1-2020		7,135,000		7,937,688

3

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage High Yield Bond Fund

Security name	Interest rate			Maturity date	Principal		Value
Containers & Packaging (continued)
Silgan Holdings Incorporated		5.00	%	4-1-2020	$	1,750,000	$	1,789,375
								20,976,107
Paper & Forest Products : 1.29%
P.H. Glatfelter Company		5.38		10-15-2020		4,630,000		4,907,800
Telecommunication Services : 4.14%
Diversified Telecommunication Services : 0.91%
GCI Incorporated		8.63		11-15-2019		3,235,000		3,453,363
Wireless Telecommunication Services : 3.23%
Crown Castle International Corporation		5.25		1-15-2023		2,000,000		2,025,000
MetroPCS Wireless Incorporated		6.63		11-15-2020		1,575,000		1,685,250
SBA Telecommunications Incorporated 144A		5.63		10-1-2019		6,700,000		6,901,000
SBA Telecommunications Incorporated 144A		5.75		7-15-2020		1,625,000		1,690,000
								12,301,250
Utilities : 6.84%
Electric Utilities : 1.24%
DPL Incorporated		7.25		10-15-2021		4,375,000		4,725,000
Gas Utilities : 0.46%
AmeriGas Finance LLC		6.75		5-20-2020		1,600,000		1,744,000
Independent Power Producers & Energy Traders : 5.14%
NRG Energy Incorporated 144A		6.63		3-15-2023		18,000,000		19,035,000
Reliant Energy Incorporated		9.68		7-2-2026		460,000		501,400
								19,536,400
Total Corporate Bonds and Notes (Cost $315,902,533)								326,404,273
Yankee Corporate Bonds and Notes : 6.77%
Consumer Discretionary : 0.83%
Leisure Equipment & Products : 0.83%
VPI Escrow Corporation 144A		6.38		10-15-2020		3,000,000		3,150,000
Financials : 0.53%
Consumer Finance : 0.53%
Elan Financial plc 144A		6.25		6-15-2021		2,000,000		2,010,000
Diversified Financial Services : 0.00%
Preferred Term Securities XII Limited (s)(i)		0.00		12-24-2033		720,000		7
Information Technology : 4.66%
Computers & Peripherals : 4.66%
Seagate Technology HDD Holdings 144A		4.75		6-1-2023		2,000,000		1,940,000
Seagate Technology HDD Holdings		7.00		11-1-2021		14,350,000		15,785,000
								17,725,000
Telecommunication Services : 0.75%
Diversified Telecommunication Services : 0.75%
Intelsat Jackson Holdings SA		7.25		10-15-2020		2,625,000		2,848,125

4

Wells Fargo Advantage High Yield Bond Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Yield					Shares		Value
Total Yankee Corporate Bonds and Notes (Cost $25,403,155)								$	25,733,132
Short-Term Investments : 1.58%
Investment Companies : 1.56%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.10	%				1,610,827		1,610,827
Wells Fargo Securities Lending Cash Investments, LLC (v)(r)(l)(u)		0.16					4,320,225		4,320,225
									5,931,052
				Maturity date		Principal
U.S. Treasury Securities : 0.02%
U.S. Treasury Bill #(z)		0.06			8-1-2013	$	72,000		71,993
Total Short-Term Investments (Cost $6,003,052)									6,003,045
Total investments in securities (Cost $368,071,051)*		100.31	%						381,503,840
Other assets and liabilities, net		(0.31	)						(1,162,793	)
Total net assets		100.00	%					$	380,341,047

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

† Non-income-earning security

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

(i) Illiquid security

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

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

(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.

# 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 $368,078,765 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	15,452,880
Gross unrealized depreciation		(2,027,805	)
Net unrealized appreciation	$	13,425,075

5

Wells Fargo Advantage High Yield Bond Fund (the “Fund”)

Notes to Portfolio of Investments – May 31, 2013 (unaudited)

Securities valuation

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

Fixed income securities acquired with maturities exceeding 60 days are valued based on evaluated bid prices received from an independent pricing service which may utilize both transaction data and market information such as yield, prices of securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data. If valuations are not available from the independent pricing service or values received are deemed not representative of market value, values will be obtained from a broker-dealer or otherwise determined based on the Fund’s Valuation Procedures.

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

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

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

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

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

Foreign currency translation

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

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

Security loans

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund 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 Fund has the right under the lending agreement to recover the securities from the borrower on demand.

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

Futures contracts

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

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

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to significant unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1	–	quoted prices in active markets for identical securities
Level 2	–	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, 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 May 31, 2013, the inputs used in valuing investments in securities were as follows:

Investments in securities	Quoted prices (Level 1)		Significant other observable  inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	23,363,390	$	0	$	0	$	23,363,390
Corporate bonds and notes		0		326,404,273		0		326,404,273
Yankee corporate bonds and notes		0		25,733,132		0		25,733,132
Short-term investments
Investment companies		1,610,827		4,320,225		0		5,931,052
U.S. Treasury securities		71,993		0		0		71,993
	$	25,046,210	$	356,457,630	$	0	$	381,503,840

As of May 31, 2013, the inputs used in valuing the Fund’s other financial instruments were as follows:

Other financial instruments	Quoted prices (Level 1)		Significant other observable  inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Futures contracts+	$	13,983	$	0	$	0	$	13,983

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

Transfers in and transfers out are recognized at the end of the reporting period. For the nine months ended May 31, 2013, the Fund did not have any transfers into/out of Level 1 or Level 2.

Derivative transactions

As of May 31, 2013, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio.

At May 31, 2013, the Fund had short futures contracts outstanding as follows:

Expiration date	Contracts		Type	Contract value at May 31, 2013		Unrealized gains
9-19-2013		60 Short	10-Year U.S. Treasury Notes	$	7,753,125	$	13,983

Wells Fargo Advantage Income Plus Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities : 33.39%
FHLB		5.46	%	11-27-2015	$	1,214,546	$	1,301,419
FHLMC ±		2.26		1-1-2036		95,798		101,304
FHLMC		3.50		12-15-2020		795,656		840,504
FHLMC %%		3.50		6-1-2043		21,815,000		22,547,849
FHLMC %%		4.00		6-1-2043		6,310,000		6,640,289
FHLMC		5.00		6-1-2036		1,222,795		1,310,855
FHLMC		5.00		8-1-2040		1,011,513		1,090,604
FHLMC		5.50		10-1-2017		573,247		608,734
FHLMC		5.50		11-1-2023		258,088		280,970
FHLMC		5.50		8-1-2038		306,197		329,469
FHLMC		5.50		12-1-2038		2,569,349		2,764,627
FHLMC		5.50		6-1-2040		2,176,321		2,346,489
FHLMC		7.50		5-1-2038		7,960		8,726
FHLMC		7.50		2-25-2042		2,807,540		3,330,894
FHLMC		8.00		2-1-2030		683		789
FHLMC Series K020 Class X1 ±(c)		1.48		5-25-2022		14,676,968		1,517,349
FHLMC Series K021 Class X1 ±(c)		1.51		6-25-2022		13,036,462		1,404,627
FHLMC Series M009 Class A ±(i)		5.40		10-15-2021		405,488		405,488
FHLMC Series T-57 Class 2A1 ±		3.32		7-25-2043		90,724		93,868
FHLMC Series T-59 Class 2A1 ±		2.92		10-25-2043		80,615		81,758
FNMA ±		2.41		1-1-2036		283,629		302,087
FNMA		2.75		10-1-2022		2,250,000		2,229,129
FNMA ±		2.86		9-1-2036		74,809		80,018
FNMA ±		2.87		8-1-2036		129,554		138,069
FNMA %%		3.00		6-1-2028		2,510,000		2,611,969
FNMA %%		3.00		6-1-2043		20,290,000		20,407,301
FNMA		3.27		7-1-2022		1,328,280		1,403,122
FNMA		3.50		2-1-2026		2,542,082		2,676,014
FNMA %%		3.50		6-1-2028		1,350,000		1,420,295
FNMA %%		3.50		6-1-2043		3,000,000		3,108,281
FNMA		3.69		6-1-2017		3,634,742		3,952,667
FNMA		3.95		9-1-2021		445,724		493,267
FNMA		4.00		9-1-2024		315,216		335,702
FNMA %%		4.00		6-1-2028		2,570,000		2,729,822
FNMA %%		4.00		6-1-2043		8,630,000		9,104,650
FNMA		4.26		4-1-2021		2,919,852		3,289,329
FNMA		4.39		1-1-2020		1,576,204		1,780,927
FNMA		4.46		5-1-2020		1,895,740		2,151,310
FNMA %%		4.50		6-1-2028		3,760,000		4,005,575
FNMA %%		4.50		6-1-2043		15,720,000		16,790,925
FNMA		5.00		1-1-2024		526,907		567,246
FNMA		5.00		2-1-2036		116,683		126,818
FNMA		5.00		6-1-2040		349,042		384,116
FNMA		5.00		8-1-2040		10,190,894		11,142,682
FNMA		5.50		8-1-2034		393,880		431,879
FNMA		5.50		2-1-2035		122,088		133,866
FNMA		5.50		8-1-2038		1,203,028		1,315,891
FNMA		5.50		8-1-2038		1,715,562		1,865,478
FNMA		6.00		10-1-2037		2,568,852		2,799,832
FNMA		6.00		11-1-2037		236,539		257,807
FNMA %%		6.00		6-1-2043		795,000		865,401
FNMA		6.50		7-1-2036		110,141		123,738
FNMA		6.50		7-1-2036		44,015		49,497
FNMA		6.50		11-1-2036		38,192		42,898
FNMA		6.50		7-1-2037		3,121,869		3,506,596
FNMA		7.00		3-1-2024		1,455,551		1,525,277
FNMA		7.00		7-1-2036		42,214		49,676
FNMA		7.00		11-1-2037		63,067		68,366
FNMA		7.50		5-1-2038		2,102		2,142
FNMA		7.87		7-1-2026		2,584,232		2,707,746
FNMA Series 2002-T12 Class A3		7.50		5-25-2042		11,177		13,696
FNMA Series 2003-W08 Class 4A ±		3.14		11-25-2042		238,146		249,702
FNMA Series 2003-W14 Class 2A ±		2.29		6-25-2035		209,263		216,072
FNMA Series 2003-W14 Class 2A ±		3.47		1-25-2043		117,131		126,551
FNMA Series 2004-W11 Class 1A3		7.00		5-25-2044		2,384,825		2,802,531

1

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage Income Plus Fund

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA Series 2004-W15 Class 1A3		7.00	%	8-25-2044	$	1,812,346	$	2,079,459
GNMA		4.00		6-20-2042		5,617,379		6,002,680
GNMA %%		4.50		6-1-2043		10,425,000		11,235,788
GNMA		5.00		7-20-2040		2,610,044		2,879,783
GNMA		7.50		12-15-2029		894		1,026
GNMA Series 2007-12 Class A		3.96		6-16-2031		368,514		370,447
GNMA Series 2008-22 Class XM ±(c)		0.60		2-16-2050		7,608,646		266,995
GNMA Series 2008-86 Class D		5.46		6-16-2040		4,365,000		4,992,028
Total Agency Securities (Cost $183,214,397)								185,220,781
Asset-Backed Securities : 1.74%
Citibank Credit Card Issuance Trust Series 2005-C1 Class C1		5.50		3-24-2017		285,000		306,437
CVS Pass-Through Trust First Lien		6.04		12-10-2028		1,924,837		2,209,424
Discover Card Master Trust Series 2008-A4 Class A4		5.65		12-15-2015		2,345,000		2,349,824
Nissan Auto Lease Trust Series 2013-A Class A2A		0.45		9-15-2015		3,775,000		3,772,648
Nissan Auto Receivables Owner Trust Series 2011-B Class A2		0.74		9-15-2014		980,392		981,051
Total Asset-Backed Securities (Cost $9,300,611)								9,619,384
Corporate Bonds and Notes : 25.90%
Consumer Discretionary : 5.91%
Auto Components : 0.67%
Delphi Corporation		5.00		2-15-2023		1,825,000		1,936,781
TRW Automotive Incorporated 144A		4.50		3-1-2021		1,750,000		1,798,125
								3,734,906
Automobiles : 0.38%
Ford Motor Company		7.45		7-16-2031		1,645,000		2,076,447
Diversified Consumer Services : 0.33%
Service Corporation International		8.00		11-15-2021		1,500,000		1,845,000
Hotels, Restaurants & Leisure : 0.80%
Agua Caliente Band of Cahuilla Indians 144A		6.44		10-1-2016		562,000		523,615
Darden Restaurants Incorporated		6.80		10-15-2037		2,050,000		2,372,586
Seminole Indian Tribe of Florida 144A		7.75		10-1-2017		1,450,000		1,547,875
								4,444,076
Household Durables : 0.31%
D.R. Horton Incorporated		4.75		2-15-2023		1,650,000		1,683,000
Internet & Catalog Retail : 0.49%
Expedia Incorporated		5.95		8-15-2020		2,460,000		2,734,265
Media : 1.94%
CBS Corporation		7.88		7-30-2030		1,820,000		2,408,402
CCO Holdings LLC		8.13		4-30-2020		1,650,000		1,843,875
Lynx I Corporation 144A		5.38		4-15-2021		1,755,000		1,825,200
National CineMedia LLC		6.00		4-15-2022		1,500,000		1,608,750
News America Incorporated		7.85		3-1-2039		2,275,000		3,089,696
								10,775,923
Multiline Retail : 0.32%
Macy’s Retail Holdings Incorporated		6.65		7-15-2024		1,440,000		1,759,082
Specialty Retail : 0.67%
Limited Brands Incorporated		6.63		4-1-2021		1,650,000		1,885,125

2

Wells Fargo Advantage Income Plus Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Specialty Retail (continued)
Sally Beauty Holdings Incorporated		6.88	%	11-15-2019	$	1,650,000	$	1,829,438
								3,714,563
Consumer Staples : 0.85%
Food Products : 0.39%
H.J. Heinz Finance Company 144A		7.13		8-1-2039		1,935,000		2,181,713
Tobacco : 0.46%
Altria Group Incorporated		4.25		8-9-2042		1,490,000		1,317,856
Lorillard Incorporated		8.13		6-23-2019		975,000		1,234,252
								2,552,108
Energy : 1.78%
Energy Equipment & Services : 0.29%
SESI LLC		7.13		12-15-2021		1,410,000		1,582,725
Oil, Gas & Consumable Fuels : 1.49%
Consol Energy Incorporated		8.25		4-1-2020		1,650,000		1,823,250
Energy Transfer Equity LP		7.50		10-15-2020		1,450,000		1,663,875
Enterprise Products Operating LLC		4.45		2-15-2043		1,805,000		1,700,826
Newfield Exploration Company		6.88		2-1-2020		1,500,000		1,605,000
Sabine Pass Liquefaction LLC 144A		5.63		4-15-2023		1,500,000		1,500,000
								8,292,951
Financials : 9.23%
Capital Markets : 0.45%
Alterra Finance LLC		6.25		9-30-2020		2,150,000		2,507,446
Commercial Banks : 1.80%
Australia and New Zealand Banking Group Limited 144A		2.40		11-23-2016		3,320,000		3,474,642
Banco Santander Brasil SA 144A		4.63		2-13-2017		2,110,000		2,215,500
CBA Capital Trust II ±144A		6.02		12-31-2049		1,300,000		1,363,960
CIT Group Incorporated		5.38		5-15-2020		1,650,000		1,777,875
PNC Financial Services Group Incorporated ±		4.49		12-31-2049		1,165,000		1,159,175
								9,991,152
Consumer Finance : 1.50%
Discover Financial Services		5.20		4-27-2022		1,960,000		2,160,561
General Motors Financial Company Incorporated 144A		4.25		5-15-2023		1,385,000		1,350,375
HSBC Finance Corporation		6.68		1-15-2021		2,185,000		2,593,514
SLM Corporation		8.00		3-25-2020		2,045,000		2,226,494
								8,330,944
Diversified Financial Services : 2.76%
Bank of America Corporation		6.50		8-1-2016		2,300,000		2,630,172
Bank of America Corporation		7.63		6-1-2019		2,480,000		3,126,496
Blackstone Holdings Finance Company LLC 144A		5.88		3-15-2021		1,110,000		1,296,226
Citigroup Incorporated		5.88		1-30-2042		1,555,000		1,817,185
General Electric Capital Corporation ±		6.38		11-15-2067		2,200,000		2,345,750
JPMorgan Chase & Company Series 1 ±		7.90		12-31-2049		1,440,000		1,681,200
Moody’s Corporation		5.50		9-1-2020		2,165,000		2,389,974
								15,287,003

3

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage Income Plus Fund

Security name	Interest rate			Maturity date	Principal		Value
Insurance : 2.41%
ING US Incorporated 144A		2.90	%	2-15-2018	$	2,535,000	$	2,583,206
National Life Insurance Company of Vermont 144A		10.50		9-15-2039		1,315,000		1,858,779
Platinum Underwriters Finance Incorporated Series B		7.50		6-1-2017		1,730,000		1,973,920
Protective Life Corporation		8.45		10-15-2039		2,060,000		2,769,186
Prudential Financial Incorporated ±		8.88		6-15-2038		1,645,000		2,043,913
Torchmark Corporation		9.25		6-15-2019		1,600,000		2,133,253
								13,362,257
REITs : 0.31%
American Tower Corporation		7.00		10-15-2017		1,455,000		1,739,304
Health Care : 1.59%
Health Care Equipment & Supplies : 0.44%
Boston Scientific Corporation		6.00		1-15-2020		2,060,000		2,402,364
Health Care Providers & Services : 1.15%
Cardinal Health Incorporated		4.60		3-15-2043		1,805,000		1,732,177
Fresenius Medical Care Holdings Incorporated		6.88		7-15-2017		1,250,000		1,425,000
HCA Incorporated		6.50		2-15-2020		1,450,000		1,634,875
Lifepoint Hospitals Incorporated		6.63		10-1-2020		1,450,000		1,598,625
								6,390,677
Industrials : 3.47%
Aerospace & Defense : 0.10%
Digitalglobe Incorporated 144A		5.25		2-1-2021		570,000		574,275
Building Products : 0.59%
Masco Corporation		5.95		3-15-2022		1,450,000		1,618,677
Owens Corning Incorporated		4.20		12-15-2022		1,615,000		1,662,466
								3,281,143
Commercial Services & Supplies : 0.58%
Clean Harbors Incorporated		5.25		8-1-2020		1,650,000		1,720,125
Penske Truck Leasing Company LP 144A		3.13		5-11-2015		1,445,000		1,497,599
								3,217,724
Machinery : 0.98%
Briggs & Stratton Corporation		6.88		12-15-2020		1,450,000		1,638,500
Case New Holland Incorporated		7.88		12-1-2017		1,650,000		1,938,750
SPX Corporation		6.88		9-1-2017		1,650,000		1,835,625
								5,412,875
Professional Services : 0.86%
FTI Consulting Incorporated		6.75		10-1-2020		1,650,000		1,765,500
Verisk Analytics Incorporated		5.80		5-1-2021		2,650,000		3,006,762
								4,772,262
Trading Companies & Distributors : 0.36%
International Lease Finance Corporation		8.25		12-15-2020		1,650,000		2,000,625
Information Technology : 0.78%
Electronic Equipment, Instruments & Components : 0.48%
Corning Incorporated		7.25		8-15-2036		2,092,000		2,661,727

4

Wells Fargo Advantage Income Plus Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Internet Software & Services : 0.30%
Equinix Incorporated		5.38	%	4-1-2023	$	1,500,000	$	1,548,750
Verisign Incorporated 144A		4.63		5-1-2023		125,000		125,625
								1,674,375
Materials : 0.80%
Chemicals : 0.27%
Rockwood Specialties Group Incorporated		4.63		10-15-2020		1,475,000		1,504,500
Paper & Forest Products : 0.53%
International Paper Company		7.30		11-15-2039		2,195,000		2,900,745
Telecommunication Services : 0.73%
Diversified Telecommunication Services : 0.41%
CenturyLink Incorporated		5.63		4-1-2020		725,000		749,469
Windstream Corporation		7.75		10-15-2020		1,450,000		1,547,875
								2,297,344
Wireless Telecommunication Services : 0.32%
SBA Tower Trust 144A		3.72		4-15-2048		1,820,000		1,772,525
Utilities : 0.76%
Independent Power Producers & Energy Traders : 0.76%
Calpine Corporation 144A		7.88		1-15-2023		990,000		1,089,000
Harper Lake Solar Funding Corporation 144A		7.65		12-31-2018		1,554,421		1,668,340
NRG Energy Incorporated		7.63		1-15-2018		1,300,000		1,465,750
								4,223,090
Total Corporate Bonds and Notes (Cost $134,530,021)								143,681,116
Municipal Obligations : 1.45%
California : 0.86%
California Build America Bonds Stem Cell Research and Cures Series A (GO)		4.99		4-1-2039		1,505,000		1,513,895
San Jose CA Series B (Airport Revenue, AGM Insured)		6.60		3-1-2041		3,000,000		3,282,810
								4,796,705
Illinois : 0.57%
Illinois (GO)		4.51		3-1-2015		3,000,000		3,160,200
Other : 0.02%
Seneca Nation Indians Capital Improvements Authority Series 07-B (Miscellaneous Revenue) 144A(i)		6.75		12-1-2013		100,000		99,860
Total Municipal Obligations (Cost $7,563,347)								8,056,765
Non-Agency Mortgage Backed Securities : 3.97%
Bear Stearns Commercial Mortgage Securities Incorporated Series 2005-PWR-7 Class A3 ±		5.12		2-11-2041		1,940,000		2,057,902
Bear Stearns Commercial Mortgage Securities Incorporated Series 2005-T20 Class A4A ±		5.15		10-12-2042		2,480,000		2,693,597
Commercial Mortgage Trust Pass-Through Certificates Series 2004-LB4A Class A4		4.58		10-15-2037		626,891		628,312
Commercial Mortgage Trust Pass-Through Certificates Series 2005-C6 Class A5A ±		5.12		6-10-2044		1,715,000		1,849,156

5

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage Income Plus Fund

Security name	Interest rate			Maturity date	Principal		Value
Non-Agency Mortgage Backed Securities (continued)
Credit Suisse First Boston Mortgage Securities Corporation Series 1998-C2 Class AX ±(c)		0.40	%	11-15-2030	$	512,774	$	1,988
Financial Asset Securitization Incorporated Series 1997-NAM2 Class B2		7.88		7-25-2027		94,144		90,242
GE Capital Commercial Mortgage Corporation Series 2005-C3 Class A7A ±		4.97		7-10-2045		2,695,000		2,897,944
Lehman Brothers UBS Commercial Mortgage Trust Series 2006-C1 Class A4		5.16		2-15-2031		3,545,000		3,869,679
Mach One Trust Commercial Mortgage Backed Series 2004-1 Class X ±144A(c)(i)		0.63		5-28-2040		837,274		14,209
Morgan Stanley Capital I Series 2004-HQ4 Class A7		4.97		4-14-2040		2,160,492		2,228,995
Morgan Stanley Capital I Series 2004-RR2 Class X ±144A(c)		0.63		10-28-2033		725,017		5,075
Morgan Stanley Capital I Series 2005-T19 Class A4A		4.89		6-12-2047		2,570,000		2,758,957
Morgan Stanley Capital I Series 2007-HQ11 Class AM ±		5.48		2-12-2044		2,615,000		2,934,088
Total Non-Agency Mortgage Backed Securities (Cost $21,837,625)								22,030,144
U.S. Treasury Securities : 32.44%
U.S. Treasury Bond		2.75		11-15-2042		4,435,000		3,983,184
U.S. Treasury Bond		3.13		2-15-2043		2,505,000		2,432,981
U.S. Treasury Bond		4.25		11-15-2040		5,685,000		6,782,916
U.S. Treasury Bond		4.38		5-15-2040		4,115,000		5,006,153
U.S. Treasury Bond		4.50		2-15-2036		4,415,000		5,451,836
U.S. Treasury Bond		6.38		8-15-2027		9,020,000		13,056,450
U.S. Treasury Note ##		0.25		1-31-2014		580,000		580,498
U.S. Treasury Note		0.25		12-15-2015		11,350,000		11,303,896
U.S. Treasury Note		0.38		3-15-2015		24,345,000		24,384,950
U.S. Treasury Note		0.38		11-15-2015		5,820,000		5,817,724
U.S. Treasury Note		0.38		3-15-2016		2,250,000		2,244,375
U.S. Treasury Note ##		0.50		8-15-2014		37,625,000		37,767,561
U.S. Treasury Note		0.88		1-31-2018		31,945,000		31,812,716
U.S. Treasury Note ##		1.75		5-15-2023		3,240,000		3,127,105
U.S. Treasury Note		2.25		7-31-2018		17,585,000		18,630,481
U.S. Treasury Note		6.25		8-15-2023		5,450,000		7,536,325
Total U.S. Treasury Securities (Cost $178,117,545)								179,919,151
Yankee Corporate Bonds and Notes : 7.26%
Consumer Discretionary : 0.73%
Media : 0.73%
British Sky Broadcasting Group plc 144A		9.50		11-15-2018		1,785,000		2,407,767
Myriad International Holdings BV 144A		6.38		7-28-2017		1,445,000		1,620,134
								4,027,901
Consumer Staples : 0.26%
Food Products : 0.26%
BRF SA 144A		3.95		5-22-2023		1,525,000		1,464,000
Energy : 0.94%
Oil, Gas & Consumable Fuels : 0.94%
CNOOC Finance 2013 Limited		3.00		5-9-2023		1,755,000		1,668,996
Petrobras International Finance Company		6.75		1-27-2041		1,645,000		1,746,330
Weatherford International Limited		9.63		3-1-2019		1,370,000		1,782,147
								5,197,473

6

Wells Fargo Advantage Income Plus Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Financials : 3.11%
Capital Markets : 0.16%
Macquarie Group Limited 144A		6.00	%	1-14-2020	$	825,000	$	901,881
Commercial Banks : 2.67%
Banco Santander Brasil SA 144A		4.00		1-16-2020		2,495,000		2,361,518
BBVA Bancomer SA 144A		4.50		3-10-2016		1,720,000		1,801,700
Export Import Bank of Korea		5.13		6-29-2020		2,140,000		2,397,074
Kommunalbanken AS 144A		2.38		1-19-2016		2,330,000		2,432,264
Landwirtschaftliche Rentenbank		2.50		2-15-2016		3,150,000		3,304,728
Rabobank Nederland		3.95		11-9-2022		2,545,000		2,536,808
								14,834,092
Consumer Finance : 0.28%
Inmarsat Finance plc 144A		7.38		12-1-2017		1,450,000		1,522,500
Information Technology : 0.31%
Internet Software & Services : 0.31%
Tencent Holdings Limited 144A		4.63		12-12-2016		1,595,000		1,725,632
Materials : 0.57%
Chemicals : 0.27%
LyondellBasell Industries NV		5.00		4-15-2019		1,325,000		1,496,949
Metals & Mining : 0.30%
ArcelorMittal «		6.13		6-1-2018		1,565,000		1,658,900
Telecommunication Services : 0.83%
Diversified Telecommunication Services : 0.42%
Telefonos de Mexico SAB de CV		5.50		11-15-2019		2,045,000		2,335,059
Wireless Telecommunication Services : 0.41%
Globo Communicacoes Participacoes SA 144A		4.88		4-11-2022		2,145,000		2,273,700
Utilities : 0.51%
Electric Utilities : 0.51%
Western Power Distributions Holdings Limited 144A		7.38		12-15-2028		2,265,000		2,823,961
Total Yankee Corporate Bonds and Notes (Cost $37,527,769)								40,262,048
Yankee Government Bonds : 0.41%
Banco Nacional de Desenvolvimento Economico e Social 144A		5.50		7-12-2020		2,065,000		2,292,150
Total Yankee Government Bonds (Cost $2,048,982)								2,292,150
	Yield				Shares
Short-Term Investments : 11.26%
Investment Companies : 11.22%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class ##(l)(u)		0.10				62,140,310		62,140,310
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)		0.16				111,250		111,250
								62,251,560

7

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage Income Plus Fund

Security name			Yield			Maturity date		Principal		Value
U.S. Treasury Securities : 0.04%
U.S. Treasury Bill (z)#				0.02	%		6-20-2013	$	200,000	$	199,998
Total Short-Term Investments (Cost $62,451,554)											62,451,558
Total investments in securities (Cost $636,591,851)*	117.82	%									653,533,097
Other assets and liabilities, net	(17.82	)									(98,827,853	)
Total net assets	100.00	%								$	554,705,244

±	Variable rate investment. The rate shown is the rate in effect at period end.
%%	Security issued on a when-issued basis.
(c)	Interest-only securities entitle holders to receive only the interest payments on the underlying mortgages. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents the coupon rate.
(i)	Illiquid security
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.
«	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 $636,793,628 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	22,793,957
Gross unrealized depreciation		(6,054,488	)
Net unrealized appreciation	$	16,739,469

8

Wells Fargo Advantage Income Plus Fund (the “Fund”)

Notes to Portfolio of Investments – May 31, 2013 (unaudited)

Securities valuation

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

Fixed income securities acquired with maturities exceeding 60 days are valued based on evaluated bid prices received from an independent pricing service which may utilize both transaction data and market information such as yield, prices of securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data. If valuations are not available from the independent pricing service or values received are deemed not representative of market value, values will be obtained from a broker-dealer or otherwise determined based on the Fund’s Valuation Procedures.

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

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

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

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

Security loans

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund 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 Fund has the right under the lending agreement to recover the securities from the borrower on demand.

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

When-issued transactions

The Fund may purchase securities on a forward commitment or ‘when-issued’ basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Futures contracts

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

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

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to significant unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1	–	quoted prices in active markets for identical securities
Level 2	–	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, 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 May 31, 2013, the inputs used in valuing investments in securities were as follows:

Investments in securities	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Agency securities	$	0	$	185,220,781	$	0	$	185,220,781
Asset-backed securities		0		9,619,384		0		9,619,384
Corporate bonds and notes		0		143,681,116		0		143,681,116
Municipal obligations		0		8,056,765		0		8,056,765
Non-agency mortgage backed securities		0		22,030,144		0		22,030,144
U.S. Treasury securities		179,919,151		0		0		179,919,151
Yankee corporate bonds and notes		0		40,262,048		0		40,262,048
Yankee government bonds		0		2,292,150		0		2,292,150
Short-term investments
Investment companies		62,140,310		111,250		0		62,251,560
U.S. Treasury securities		199,998		0		0		199,998
	$	242,259,459	$	411,273,638	$	0	$	653,533,097

As of May 31, 2013, the inputs used in valuing the Fund’s other financial instruments were as follows:

Other financial instruments	Quoted prices (Level 1)		Significant other observable  inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Futures contracts+	$	2,372	$	0	$	0	$	2,372

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

Transfers in and transfers out are recognized at the end of the reporting period. For the nine months ended May 31, 2013, the Fund did not have any transfers into/out of Level 1 or Level 2.

Derivative transactions

As of May 31, 2013, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio.

At May 31, 2013, the Fund had long and short futures contracts outstanding as follows:

Expiration date	Contracts		Type	Contract value at May 31, 2013		Unrealized gains (losses)
9-19-2013		95 Short	10-Year U.S. Treasury Notes	$	12,275,781	$	43,429
9-19-2013		20 Short	U.S. Treasury Bonds		2,800,625		4,962
9-30-2013		50 Long	5-Year U.S. Treasury Notes		6,120,703		(37,986	)
9-30-2013		34 Long	2-Year U.S. Treasury Notes		7,484,781		(8,033	)

Wells Fargo Advantage Short Duration Government Bond Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities : 49.21%
FHLMC ±		2.58	%	11-1-2042	$	5,300,332	$	5,515,146
FHLMC ±		2.73		6-1-2042		3,022,211		3,157,274
FHLMC ±		2.88		7-1-2042		4,970,175		5,208,874
FHLMC ±		3.03		9-1-2042		1,539,521		1,603,184
FHLMC ±		3.07		10-1-2042		1,530,237		1,591,589
FHLMC ±		3.11		7-1-2042		3,112,684		3,237,969
FHLMC ±		3.56		8-1-2041		1,736,839		1,831,518
FHLMC ±		3.62		10-1-2041		7,458,667		7,805,166
FHLMC		5.50		12-15-2039		17,497,357		19,853,271
FHLMC		5.50		7-1-2041		2,200,626		2,538,428
FHLMC ±		5.86		7-1-2038		10,948,409		11,821,973
FHLMC		6.00		2-1-2035		2,937,063		3,189,448
FHLMC		6.00		5-15-2039		6,660,380		7,359,094
FHLMC ±		6.06		6-1-2037		2,158,893		2,340,649
FHLMC		6.50		11-1-2037		1,315,045		1,480,188
FHLMC		6.50		12-1-2038		2,633,347		2,906,026
FHLMC		7.00		5-1-2035		3,484,345		4,089,332
FHLMC		7.00		3-25-2044		2,424,977		2,726,741
FHLMC Series 3035 Class PA		5.50		9-15-2035		2,883,024		3,194,324
FHLMC Series 3704 Class CT		7.00		12-15-2036		3,428,881		4,107,649
FHLMC Series 3980 Class EP		5.00		1-15-2042		3,475,446		3,926,253
FHLMC Series T-11 Class A8		6.50		1-25-2028		2,226,783		2,513,396
FHLMC Series T-57 Class 1A3		7.50		7-25-2043		487,093		569,411
FHLMC Series T-59 Class 1A3		7.50		10-25-2043		202,617		235,744
FHLMC Series T-60 Class 1A3		7.50		3-25-2044		75,265		87,915
FHLMC Structured Pass-Through Securities Series T-41 Class 3A ±		6.62		7-25-2032		150,500		181,061
FHLMC Structured Pass-Through Securities Series T-51 Class 2A ±		7.50		8-25-2042		2,180,345		2,669,599
FHLMC Structured Pass-Through Securities Series T-55 Class 1A2		7.00		3-25-2043		704,679		796,647
FNMA ±		2.24		1-1-2043		4,325,742		4,469,900
FNMA ±		2.48		11-1-2042		4,399,373		4,565,160
FNMA ±		2.50		2-1-2043		4,597,406		4,699,215
FNMA ±		2.56		1-1-2043		1,977,033		2,025,583
FNMA ±		2.80		12-1-2042		1,541,274		1,592,643
FNMA ±		2.83		11-1-2042		1,546,008		1,600,137
FNMA ±		2.93		3-1-2042		895,891		938,796
FNMA ±		2.94		4-1-2042		2,590,329		2,715,127
FNMA ±		2.94		10-1-2042		1,972,923		2,051,382
FNMA ±		2.96		12-1-2041		3,213,488		3,368,784
FNMA ±		3.05		10-1-2041		1,510,976		1,585,235
FNMA ±		3.09		6-1-2042		483,463		503,306
FNMA ±		3.14		6-1-2042		3,144,049		3,274,620
FNMA ±		3.23		3-1-2042		9,517,860		9,979,756
FNMA ±		3.31		11-1-2041		7,436,591		7,813,755
FNMA ±		3.35		7-1-2041		3,890,848		4,092,567
FNMA ±		3.54		7-1-2041		4,973,103		5,254,786
FNMA ±		3.66		7-1-2041		2,520,107		2,665,001
FNMA		5.00		10-1-2035		4,617,000		5,195,335
FNMA		5.00		2-1-2038		2,315,587		2,605,654
FNMA		5.00		3-1-2039		3,487,883		3,924,800
FNMA		5.00		2-1-2040		53,305,665		59,983,111
FNMA		5.00		2-1-2040		6,506,419		7,321,460
FNMA		5.00		3-1-2042		7,770,159		8,697,368
FNMA		5.50		11-1-2033		16,305,656		18,555,376
FNMA		5.50		2-1-2038		6,983,418		7,814,248
FNMA		5.50		4-1-2038		5,352,276		5,989,046
FNMA		5.50		5-25-2040		24,196,399		27,523,719
FNMA		5.50		8-1-2040		44,138,698		49,389,957
FNMA		5.50		8-1-2040		1,960,301		2,202,440
FNMA		5.50		4-1-2041		1,411,632		1,585,999
FNMA		5.50		4-1-2041		903,491		1,005,786
FNMA		5.50		8-1-2041		4,872,394		5,567,840
FNMA		5.50		12-1-2041		72,144,922		80,615,404
FNMA		6.00		3-25-2035		1,821,000		1,986,503

1

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage Short Duration Government Bond Fund

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA		6.00	%	4-1-2035	$	2,205,801	$	2,444,128
FNMA		6.00		7-1-2036		10,215,927		11,675,023
FNMA		6.00		8-1-2037		28,143,246		31,482,881
FNMA		6.00		10-1-2038		10,659,552		11,924,474
FNMA		6.00		7-1-2039		21,447,094		23,992,126
FNMA		6.00		10-1-2039		21,069,000		23,495,173
FNMA		6.00		6-1-2041		11,116,014		12,907,728
FNMA		6.50		8-1-2037		14,551,363		16,481,032
FNMA		6.50		6-1-2038		7,455,864		8,743,479
FNMA		6.50		8-1-2039		9,994,897		11,292,219
FNMA		6.50		2-1-2041		3,376,138		3,814,355
FNMA		7.00		4-1-2035		2,541,248		3,001,674
FNMA		7.50		7-1-2029		510,330		612,422
FNMA		7.50		7-1-2032		342,235		396,877
FNMA Grantor Trust Series 2000-T6 Class A1		7.50		6-25-2030		777,472		956,822
FNMA Grantor Trust Series 2001-T1 Class A1		7.50		10-25-2040		3,756,039		4,625,848
FNMA Grantor Trust Series 2001-T16 Class A2		7.00		7-25-2042		322,559		376,269
FNMA Grantor Trust Series 2001-T3 Class A1		7.50		11-25-2040		832,519		1,023,867
FNMA Series 1999-T2 Class A1 ±		7.50		1-19-2039		509,534		573,549
FNMA Series 2001-T08 Class A1		7.50		7-25-2041		948,079		1,166,764
FNMA Series 2001-T4 Class A1		7.50		7-25-2041		111,540		130,896
FNMA Series 2001-W03 Class A ±		7.00		9-25-2041		871,386		1,015,519
FNMA Series 2002-14 Class A2		7.00		1-25-2042		797,806		905,015
FNMA Series 2002-14 Class A2		7.50		1-25-2042		1,707,691		1,989,735
FNMA Series 2002-26 Cass A2		7.50		1-25-2048		1,941,771		2,204,972
FNMA Series 2002-26 Class A1		7.00		1-25-2048		1,067,107		1,207,466
FNMA Series 2002-33 Class A2		7.50		6-25-2032		259,742		316,718
FNMA Series 2002-80 Class A1		6.50		11-25-2042		1,691,319		1,888,693
FNMA Series 2002-90 Class A1		6.50		6-25-2042		31,170		36,421
FNMA Series 2002-T12 Class A3		7.50		5-25-2042		4,162,558		5,101,032
FNMA Series 2002-W1 Class 2A ±		6.81		2-25-2042		664,611		760,927
FNMA Series 2002-W6 Class 2A1 ±		6.55		6-25-2042		14,104		16,275
FNMA Series 2003-W1 Class 2A ±		6.85		12-25-2042		343,592		403,242
FNMA Series 2003-W12 Class 1A8		4.55		6-25-2043		4,864,648		5,203,519
FNMA Series 2003-W2 Class 1A1		6.50		7-25-2042		21,039		24,823
FNMA Series 2003-W4 Class 4A ±		7.17		10-25-2042		951,984		1,109,366
FNMA Series 2004-W2 Class 5A		7.50		3-25-2044		186,725		221,254
FNMA Series 2004-W8 Class 3A		7.50		6-25-2044		1,626,679		2,004,335
FNMA Series 2004-W9 Class 1A3		6.05		2-25-2044		5,329,195		6,113,552
FNMA Series 2004-W9 Class 2A3		7.50		2-25-2044		938,390		1,155,948
FNMA Series 2005-W3 Class 1A		7.50		3-25-2045		302,306		372,233
FNMA Series 2006-114 Class PD		6.00		12-25-2036		5,408,139		6,040,756
FNMA Series 2009-14 Class A		7.00		6-25-2035		2,366,418		2,757,916
FNMA Series 2010-111 Class WA ±		6.05		10-25-2040		1,250,790		1,448,350
FNMA Series 2010-71 Class HJ		5.50		7-25-2040		1,494,215		1,701,910
FNMA Series 2011-M2 Class A1		2.02		7-25-2021		4,295,267		4,405,539
FNMA Series 2012-28 Class PT		4.00		3-25-2042		14,204,304		14,860,414
FNMA Whole Loan Series 2002-W8 Class A3		7.50		6-25-2042		143,329		162,526
FNMA Whole Loan Series 2004-W11 Class 1A2		6.50		5-25-2044		5,808,887		6,641,795
FNMA Whole Loan Series 2004-W14 Class 2A		7.50		7-25-2044		173,587		198,202
FNMA Whole Loan Series 2005-W1 Class 1A4		7.50		10-25-2044		488,831		599,887
GNMA		5.00		8-15-2039		2,253,465		2,521,642
GNMA		5.00		8-15-2039		710,369		781,389
GNMA		5.00		10-15-2039		2,147,397		2,362,086
GNMA		5.00		11-15-2039		3,602,294		3,962,439
GNMA		5.00		1-15-2040		2,684,007		2,952,345
GNMA		5.00		5-15-2040		3,768,085		4,144,805
GNMA		5.50		3-15-2033		2,004,998		2,321,991
GNMA		6.00		9-15-2035		13,520,836		15,228,285
GNMA Series 2002-47 Class PY		6.00		7-20-2032		3,548,177		4,045,873
GNMA Series 2009-42 Class CT		6.00		8-16-2035		1,808,018		2,105,614
Total Agency Securities (Cost $745,956,315)								742,110,083

2

Wells Fargo Advantage Short Duration Government Bond Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Asset-Backed Securities : 9.48%
American Express Credit Account Master Trust Series 2012-4 Class A ±		0.44	%	5-15-2020	$	17,302,000	$	17,294,387
American Express Issuance Trust II Series 2013-1 Class A ±		0.48		2-15-2019		8,456,000		8,456,000
Chase Issuance Trust Series 2013-A3 Class A3 ±		0.48		4-15-2020		8,374,000		8,374,000
Developers Diversified Realty Corporation Trust Series 2009-DDR1 Class A 144A		3.81		10-14-2022		8,529,343		8,798,640
Discover Card Master Trust I Series 2013-A1 Class A1 ±		0.50		8-17-2020		2,815,000		2,822,429
Greenwich Capital Commercial Funding Corporation Series 2005-GGS Class A4 ±		5.24		4-10-2037		8,210,000		8,204,023
Hertz Vehicle Financing LLC 2013-1A Class A1 144A		1.12		8-25-2017		11,592,000		11,568,063
MMCA Automobile Trust Series 2009-A Class A4 144A		6.25		11-16-2015		154,943		155,286
Nelnet Student Loan Trust Series 2006-2 Class A4 ±		0.36		10-26-2026		6,480,519		6,463,339
Nelnet Student Loan Trust Series 2007-1 Class A1 ±		0.28		11-27-2018		1,439,188		1,434,063
Santander Drive Auto Receivables Trust Series 2012-5 Class A2		0.57		12-15-2015		5,652,032		5,654,123
Santander Drive Auto Receivables Trust Series 2012-5 Class A3		0.83		12-15-2016		1,850,000		1,853,652
SLM Student Loan Trust Series 2002-6 Class A4 ±		0.47		3-15-2019		1,775,439		1,775,618
SLM Student Loan Trust Series 2004-8A Class A5 ±144A		0.78		4-25-2024		7,526,000		7,546,244
SLM Student Loan Trust Series 2005-6 Class A5 ±		1.48		7-27-2026		2,166,825		2,213,932
SLM Student Loan Trust Series 2007-2 Class A2 ±		0.68		5-15-2028		4,713,312		4,728,027
SLM Student Loan Trust Series 2008-4 Class A3 ±		1.53		10-25-2017		3,358,000		3,433,914
SLM Student Loan Trust Series 2010-1 Class A ±		0.59		3-25-2025		6,275,585		6,293,313
SLM Student Loan Trust Series 2011-B Class A4 ±144A		1.05		12-16-2024		3,796,271		3,818,175
SLM Student Loan Trust Series 2011-C Class A1 ±144A		1.60		12-15-2023		3,712,836		3,750,043
SLM Student Loan Trust Series 2012-C Class A1 ±144A		1.30		8-15-2023		6,447,041		6,506,953
SLM Student Loan Trust Series 2012-E Class A1 ±144A		0.95		10-16-2023		4,536,687		4,557,374
SLM Student Loan Trust Series 2012-E Class A2 ±144A		1.95		6-15-2045		3,636,000		3,747,731
SLM Student Loan Trust Series 2013-1 Class A2 ±		0.44		9-25-2019		2,171,000		2,169,665
SLM Student Loan Trust Series 2013-B Class A1 ±144A		0.85		7-15-2022		6,173,000		6,180,519
SLM Student Loan Trust Series 2013-B Class A2A 144A		1.85		6-17-2030		5,257,000		5,175,632
Total Asset-Backed Securities (Cost $143,361,548)								142,975,145
Non-Agency Mortgage Backed Securities : 3.85%
Bank of America Commercial Mortgage Trust Series 2004-6 Class A3		4.51		12-10-2042		116,679		117,148
CFCRE Commercial Mortgage Trust Series 2011-C1 Class A1 144A		1.87		4-15-2044		3,838,960		3,891,070
CFCRE Commercial Mortgage Trust Series 2011-C2 Class A1		1.56		12-15-2047		2,692,875		2,720,539
Citigroup Commercial Mortgage Trust Series 2005-C3 Class A4		4.86		5-15-2043		2,819,000		2,976,783
Credit Suisse First Boston Mortgage Securities Corporation Series 2005-C1 Class A4 ±		5.01		2-15-2038		3,528,698		3,701,618
Credit Suisse First Boston Mortgage Securities Corporation Series 2005-C6 Class A4 ±		5.23		12-15-2040		4,319,705		4,665,878
DBUBS Mortgage Trust Series 2011 Class C2 144A		3.53		7-10-2044		1,265,581		1,361,612
DBUBS Mortgage Trust Series 2011-LC3A Class A1		2.24		8-10-2044		2,704,985		2,745,000
GS Mortgage Securities Corporation II Series 2010-C2 Class A1 144A		3.85		12-10-2043		7,732,402		8,277,482
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2010-CNTR Class A1 144A		3.30		8-5-2032		2,030,178		2,145,330
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2011-C3 Class A1 144A		1.87		2-15-2046		1,582,803		1,597,154
Lehman Brothers UBS Commercial Mortgage Trust Series 2004-C6 Class A6 ±		5.02		8-15-2029		4,578,000		4,737,539
Lehman Brothers UBS Commercial Mortgage Trust Series 2005-C7 Class A3 ±		5.45		11-15-2030		3,106,000		3,207,594
Merrill Lynch Mortgage Trust Series 2005-CIP1 Class A3A ±		4.95		7-12-2038		1,968,000		2,043,329
Morgan Stanley Capital I Trust Series 2011-C2 Class A1 144A		1.48		6-15-2044		5,124,439		5,165,977
Motel 6 Trust Series 2012-MTL6 Class A2 144A		1.95		10-5-2025		8,786,000		8,736,333
Total Non-Agency Mortgage Backed Securities (Cost $58,915,149)								58,090,386
U.S. Treasury Securities : 33.32%
U.S. Treasury Note		0.13		12-31-2014		2,722,000		2,717,533
U.S. Treasury Note		0.13		4-30-2015		17,531,000		17,474,848
U.S. Treasury Note		0.25		2-28-2014		98,744,000		98,832,672
U.S. Treasury Note		0.25		3-31-2015		25,406,000		25,389,130

3

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage Short Duration Government Bond Fund

Security name	Interest rate			Maturity date	Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note%%		0.25	%	5-31-2015	$	56,314,000	$	56,256,785
U.S. Treasury Note		0.25		5-15-2016		12,893,000		12,799,319
U.S. Treasury Note		0.38		1-15-2016		21,667,000		21,638,226
U.S. Treasury Note%%		0.38		3-15-2016		84,453,000		84,241,868
U.S. Treasury Note		0.50		11-15-2013		64,924,000		65,040,668
U.S. Treasury Note ##		1.75		3-31-2014		116,558,000		118,101,461
Total U.S. Treasury Securities (Cost $503,722,938)								502,492,510
Yankee Corporate Bonds and Notes : 1.69%
Financials : 1.69%
Commercial Banks : 0.63%
Commonwealth Bank Australia 144A		0.75		1-15-2016		9,600,000		9,577,978
Diversified Financial Services : 1.06%
UBS AG (London) 144A		0.75		3-24-2016		16,070,000		15,977,308
Total Yankee Corporate Bonds and Notes (Cost $25,618,145)								25,555,286

	Yield			Shares
Short-Term Investments : 1.70%
Investment Companies : 1.70%
Wells Fargo Advantage Government Money Market Fund, Institutional Class (l)(u)##		0.01			25,665,932		25,665,932
Total Short-Term Investments (Cost $25,665,932)							25,665,932
Total investments in securities (Cost $1,503,240,027)*		99.25	%				1,496,889,342
Other assets and liabilities, net		0.75					11,258,990
Total net assets		100.00	%			$	1,508,148,332

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

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

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.

%% Security issued on a when-issued basis.

(l) Investment in an affiliate

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

* Cost for federal income tax purposes is $1,503,977,484 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	4,369,599
Gross unrealized depreciation		(11,457,741	)
Net unrealized depreciation	$	(7,088,142	)

4

Wells Fargo Advantage Short Duration Government Bond Fund (the “Fund”)

Notes to Portfolio of Investments – May 31, 2013 (unaudited)

Securities valuation

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

Fixed income securities acquired with maturities exceeding 60 days are valued based on evaluated bid prices received from an independent pricing service which may utilize both transaction data and market information such as yield, prices of securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data. If valuations are not available from the independent pricing service or values received are deemed not representative of market value, values will be obtained from a broker-dealer or otherwise determined based on the Fund’s Valuation Procedures.

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

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

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

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

When-issued transactions

The Fund may purchase securities on a forward commitment or ‘when-issued’ basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to significant unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1 –	quoted prices in active markets for identical securities
Level 2 –	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, 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 May 31, 2013, the inputs used in valuing investments in securities were as follows:

Investments in securities	Quoted prices (Level 1)		Significant other observable  inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Agency securities	$	0	$	742,110,083	$	0	$	742,110,083
Asset-backed securities		0		142,975,145		0		142,975,145
Non-agency mortgage backed securities		0		58,090,386		0		58,090,386
U.S. Treasury securities		502,492,510		0		0		502,492,510
Yankee corporate bonds and notes		0		25,555,286		0		25,555,286
Short-term investments
Investment companies		25,665,932		0		0		25,665,932
	$	528,158,442	$	968,730,900	$	0	$	1,496,889,342

Transfers in and transfers out are recognized at the end of the reporting period. For the nine months ended May 31, 2013, the Fund did not have any transfers into/out of Level 1 or Level 2.

Wells Fargo Advantage Short-Term Bond Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities : 13.37%
FHLMC ±		2.38	%	4-1-2032	$	75,896	$	80,981
FHLMC ±		2.53		7-1-2029		6,125		6,503
FHLMC		3.00		2-15-2024		2,243,352		2,294,536
FHLMC ±		3.03		9-1-2031		7,664		7,809
FHLMC ±		3.60		5-1-2026		173,976		184,966
FHLMC		4.50		7-15-2022		826,157		849,927
FHLMC		5.00		10-15-2032		1,269,201		1,324,336
FHLMC		6.00		10-1-2021		821,081		899,370
FHLMC		7.00		11-17-2013		372		372
FHLMC		8.50		9-1-2017		149,574		160,861
FHLMC		9.00		8-1-2018		124,084		136,077
FHLMC		9.00		6-1-2019		157,032		172,249
FHLMC		9.00		10-1-2019		303,566		342,382
FHLMC		9.50		12-1-2022		240,764		269,462
FHLMC		10.50		1-1-2016		2,548		2,746
FHLMC		10.50		11-1-2017		1,129		1,268
FHLMC		10.50		8-1-2018		97,827		110,632
FHLMC		10.50		2-1-2019		1,397		1,607
FHLMC		10.50		4-1-2019		560		648
FHLMC		10.50		5-1-2019		628		726
FHLMC		10.50		6-1-2019		5,921		6,750
FHLMC		10.50		7-1-2019		1,277		1,483
FHLMC Series 2301 Class MO		6.00		10-15-2013		99,508		100,035
FHLMC Series 2958 Class QD		4.50		4-15-2020		3,143,071		3,339,456
FHLMC Series T-57 Class 2A1 ±		3.32		7-25-2043		30,998		32,071
FHLMC Series T-59 Class 2A1 ±		2.92		10-25-2043		1,253,948		1,271,720
FHLMC Structured Pass-Through Securities Series T-42 Class A6		9.50		2-25-2042		600,773		725,885
FNMA 144A		2.18		5-25-2050		2,893,118		2,940,432
FNMA ±		2.37		11-1-2031		81,041		85,994
FNMA		3.00		4-1-2022		3,861,026		4,053,401
FNMA		3.25		4-1-2015		4,471,377		4,667,001
FNMA		3.34		4-1-2016		987,580		1,043,645
FNMA		3.69		6-1-2017		3,422,386		3,721,737
FNMA		4.00		5-25-2019		801,025		844,802
FNMA		4.00		12-15-2024		1,224,980		1,293,649
FNMA		4.00		6-25-2026		2,081,665		2,192,826
FNMA		4.00		8-25-2037		2,667,386		2,802,822
FNMA		4.44		9-1-2015		1,744,651		1,886,235
FNMA		4.88		1-1-2014		3,356,903		3,409,793
FNMA		5.00		1-15-2022		3,420,717		3,705,977
FNMA		5.00		3-25-2034		1,608,979		1,649,706
FNMA		5.09		2-1-2016		889,998		960,276
FNMA		5.16		1-1-2018		3,015,666		3,300,346
FNMA		5.29		8-1-2015		2,728,985		2,948,631
FNMA		5.50		8-25-2034		1,295,000		1,366,418
FNMA		6.00		4-1-2021		1,812,565		1,943,341
FNMA		6.00		3-1-2033		1,215,365		1,353,510
FNMA		6.50		8-1-2031		664,042		754,799
FNMA		8.00		4-1-2017		210,544		227,102
FNMA		8.00		9-1-2019		145,452		157,140
FNMA		8.00		9-1-2023		15,103		16,516
FNMA		8.33		7-15-2020		50,539		58,069
FNMA		8.50		7-1-2018		93,520		101,292
FNMA		8.50		2-1-2023		102,384		111,057
FNMA		9.00		2-15-2020		1,872		2,200
FNMA		9.00		11-1-2024		164,406		190,978
FNMA		11.00		10-15-2020		98,720		104,470
FNMA		12.00		3-1-2017		10,936		11,191
FNMA Grantor Trust Series 2002-T1 Class A4		9.50		11-25-2031		85,712		100,332
FNMA Grantor Trust Series 2002-T12 Class A4		9.50		5-25-2042		942,247		1,188,760
FNMA Series 1989-29 Class Z		10.00		6-25-2019		160,722		181,655
FNMA Series 1989-63 Class Z		9.40		10-25-2019		95,268		105,377
FNMA Series 2004-90 Class XY		4.00		9-25-2034		1,842,453		1,903,203
FNMA Series 2006-9 Class BM		6.00		10-25-2033		3,081,657		3,158,360
FNMA Series G95-2 Class ±(c)		10.00		5-25-2020		213,127		25,547

1

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage Short-Term Bond Fund

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA Whole Loan Series 2003-W06 Class PT4 ±		9.12	%	10-25-2042	$	133,990	$	161,548
FNMA Whole Loan Series 2003-W11 Class A1 ±		3.11		6-25-2033		31,291		31,144
FNMA Whole Loan Series 2003-W6 Class 6A ±		3.06		8-25-2042		1,566,861		1,649,746
FNMA Whole Loan Series 2004-W6 Class 1A4		5.50		7-25-2034		1,768,073		1,806,454
GNMA		1.83		3-16-2039		5,338,161		5,396,470
GNMA		4.00		8-16-2023		1,375,878		1,464,450
GNMA		4.50		4-20-2035		1,140,449		1,229,051
GNMA		8.00		12-15-2023		55,279		65,477
GNMA		9.00		11-15-2017		76,906		81,965
GNMA		9.00		11-15-2024		39,511		43,123
GNMA		10.00		2-20-2018		10,498		11,786
GNMA		12.50		4-15-2019		138,895		145,466
SBA (c)(a)(i)		6.99		10-6-2015		15,884		383
Total Agency Securities (Cost $78,094,738)								78,980,511
Asset-Backed Securities : 8.33%
Ally Auto Receivables Trust Series 2012-2 Class A2		0.56		10-15-2014		870,999		871,317
Ally Auto Receivables Trust Series 2012-3 Class A2		0.70		1-15-2015		1,892,489		1,894,554
ASG Resecuritization Trust Series 2009-4 Class A60 144A		6.00		6-28-2037		1,050,766		1,088,114
Citigroup Commercial Mortgage Trust Series 2004-C1 Class A4 ±		5.44		4-15-2040		3,300,000		3,387,770
CNH Equipment Trust Series 2013-A Class A2		0.44		7-15-2016		4,365,000		4,365,288
DBRR Trust Series 2012-EZ1 Class A 144A		0.95		9-25-2045		1,630,747		1,634,783
Ford Credit Auto Lease Trust Series 2012-A Class A2		0.63		4-15-2014		1,207,862		1,208,557
Ford Credit Auto Owner Trust Series 201- D Class A2		0.40		9-15-2015		1,982,468		1,982,692
Ford Credit Auto Owner Trust Series 2012-B Class A2		0.57		1-15-2015		965,342		965,805
Ford Credit Auto Owner Trust Series 2013-A Class A2		0.38		11-15-2015		2,000,000		1,999,354
GE Equipment Transportation LLC Series 2013-1 Class A2		0.50		11-24-2015		1,695,000		1,694,820
Home Equity Asset Trust Series 2003-6 Class M1 ±		1.70		2-25-2034		1,825,010		1,734,139
Honda Auto Receivables Owner Trust Series 2012-1 Class A2		0.57		8-15-2014		1,373,112		1,373,594
Honda Auto Receivables Owner Trust Series 2012-2 Class A2		0.56		11-17-2014		1,486,450		1,487,669
Hyundai Auto Lease Securitization Trust Series 2012-A Class A2 144A		0.68		1-15-2015		1,705,428		1,706,791
Hyundai Auto Lease Securitization Trust Series 2013-A Class A2 144A		0.51		9-15-2015		3,120,000		3,120,122
Hyundai Auto Receivables Trust Hart Series 2012-B Class A2		0.54		1-15-2015		352,925		353,174
Hyundai Auto Receivables Trust Hart Series 2013-A Class A2		0.40		12-15-2015		2,205,000		2,205,406
John Deere Owner Trust Series 2012-A Class A2		0.59		6-16-2014		664,473		664,624
Mercedes-Benz Auto Lease Trust Series 2013-A Class A2		0.49		6-15-2015		4,225,000		4,223,952
Mercedes-Benz Auto Receivables Trust Series 2012-1 Class A2		0.37		3-16-2015		914,031		914,316
Newcastle Investment Trust Series 2011-MH1 Class A 144A		2.45		12-10-2033		919,969		938,920
Nissan Auto Lease Trust Series 2013-A Class A2A		0.45		9-15-2015		3,550,000		3,547,788
Porsche Innovative Lease Owner Pilot Trust Series 2012-1 Class A2 144A		0.44		2-23-2015		3,086,761		3,087,724
Residential Asset Securities Corporation Series 2001-KS1 Class AII ±		0.66		3-25-2032		11,982		11,889
Volvo Financial Equipment LLC Series 2013-1A Class A2 144A		0.53		11-16-2015		2,750,000		2,750,470
Total Asset-Backed Securities (Cost $49,258,691)								49,213,632
Corporate Bonds and Notes : 45.82%
Consumer Discretionary : 5.05%
Automobiles : 0.79%
Daimler Finance LLC 144A		1.25		1-11-2016		1,490,000		1,490,413
Hyundai Motor Company 144A		4.50		4-15-2015		3,006,000		3,163,238
								4,653,651
Hotels, Restaurants & Leisure : 0.54%
Yum Brands Incorporation		4.25		9-15-2015		3,000,000		3,201,861
Leisure Equipment & Products : 0.48%
Hasbro Incorporated		6.13		5-15-2014		2,725,000		2,862,730

2

Wells Fargo Advantage Short-Term Bond Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Media : 2.14%
Interpublic Group of Companies Incorporated		6.25	%	11-15-2014	$	2,860,000	$	3,053,050
TCM Sub LLC 144A		3.55		1-15-2015		4,000,000		4,159,704
Time Warner Cable Incorporated		8.25		2-14-2014		3,000,000		3,153,492
Viacom Incorporated		6.25		4-30-2016		2,000,000		2,281,154
								12,647,400
Multiline Retail : 0.58%
Macys Retail Holding Incorporated		7.88		7-15-2015		3,000,000		3,420,624
Specialty Retail : 0.52%
Best Buy Company Incorporated		7.25		7-15-2013		3,035,000		3,050,175
Consumer Staples : 3.59%
Beverages : 0.51%
Miller Brewing Corporation 144A		5.50		8-15-2013		3,000,000		3,029,052
Food & Staples Retailing : 1.02%
Safeway Incorporated		5.63		8-15-2014		3,000,000		3,156,021
Tyson Foods Incorporated		6.60		4-1-2016		2,495,000		2,841,618
								5,997,639
Food Products : 0.51%
Cadbury Schweppes Company 144A		5.13		10-1-2013		3,000,000		3,043,170
Household Products : 0.57%
Newell Rubbermaid Incorporated		2.00		6-15-2015		3,290,000		3,346,285
Tobacco : 0.98%
Lorillard Tobacco Company		2.30		8-21-2017		3,000,000		3,012,198
Reynolds American Incorporated		1.05		10-30-2015		1,950,000		1,954,895
Reynolds American Incorporated		7.30		7-15-2015		730,000		822,638
								5,789,731
Energy : 3.97%
Oil, Gas & Consumable Fuels : 3.97%
El Paso Pipeline Partners Operating LLC		4.10		11-15-2015		3,000,000		3,209,394
Energy Transfer Partners LP		5.95		2-1-2015		5,205,000		5,605,041
Petrohawk Energy Corporation		7.88		6-1-2015		3,000,000		3,066,000
Pioneer Natural Resources Company		5.88		7-15-2016		2,940,000		3,305,689
Valero Energy Corporation		4.75		4-1-2014		2,820,000		2,913,350
Weatherford Bermuda Company		5.50		2-15-2016		2,000,000		2,176,670
Williams Partners LP		3.80		2-15-2015		3,000,000		3,144,177
								23,420,321
Financials : 12.83%
Capital Markets : 1.02%
Goldman Sachs Group Incorporated		3.63		2-7-2016		3,000,000		3,173,703
Janus Capital Group Incorporated		6.70		6-15-2017		2,500,000		2,863,983
								6,037,686
Commercial Banks : 1.21%
Australia and New Zealand Banking Group Limited 144A		2.40		11-23-2016		3,000,000		3,139,737
Inter-American Development Bank ±		0.72		5-20-2014		4,000,000		4,018,156
								7,157,893

3

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage Short-Term Bond Fund

Security name	Interest rate			Maturity date	Principal		Value
Consumer Finance : 2.17%
Discover Financial Services Company		6.45	%	6-12-2017	$	3,000,000	$	3,479,364
Ford Motor Credit Company LLC		3.88		1-15-2015		3,000,000		3,111,789
General Motors Financial Company 144A		2.75		5-15-2016		1,500,000		1,497,750
Harley-Davidson Funding Corporation 144A		5.75		12-15-2014		3,000,000		3,214,368
SLM Corporation		3.88		9-10-2015		1,500,000		1,530,000
								12,833,271
Diversified Financial Services : 5.54%
Bank of America Corporation		7.38		5-15-2014		3,000,000		3,183,873
Citigroup Incorporated		1.25		1-15-2016		2,500,000		2,496,855
Citigroup Incorporated		1.30		4-1-2016		1,000,000		998,366
ERAC USA Finance Company 144A		2.25		1-10-2014		3,000,000		3,027,762
HSBC Finance Corporation		5.25		4-15-2015		3,000,000		3,224,412
Morgan Stanley		4.75		4-1-2014		3,000,000		3,082,554
PNC Funding Corporation		5.25		11-15-2015		3,221,000		3,547,110
Raymond James Financial Incorporated		4.25		4-15-2016		2,000,000		2,116,628
Santander Holdings USA		4.63		4-19-2016		2,000,000		2,140,060
Toll Road Investment Part II 144A¤		0.00		2-15-2016		2,500,000		2,270,800
Twins Ballpark LLC ±144A		1.20		10-1-2034		3,500,000		3,500,000
Woodside Finance Limited 144A		4.50		11-10-2014		3,000,000		3,146,817
								32,735,237
Insurance : 0.59%
American International Group Incorporated		5.85		1-16-2018		3,000,000		3,456,777
REITs : 2.30%
American Tower Corporation		4.50		1-15-2018		2,700,000		2,949,996
Digital Realty Trust LP		4.50		7-15-2015		3,000,000		3,167,388
Federal Realty Investment Trust		5.95		8-15-2014		1,000,000		1,059,921
Health Care Incorporated		3.63		3-15-2016		2,380,000		2,520,465
WEA Finance LLC 144A		7.50		6-2-2014		3,630,000		3,860,186
								13,557,956
Health Care : 3.61%
Biotechnology : 0.63%
Biogen Idec Incorporated		6.88		3-1-2018		3,045,000		3,697,772
Health Care Equipment & Supplies : 0.64%
Boston Scientific Corporation		4.50		1-15-2015		1,500,000		1,583,832
Boston Scientific Corporation		6.25		11-15-2015		2,000,000		2,225,930
								3,809,762
Health Care Providers & Services : 0.95%
Coventry Health Care Incorporated		6.30		8-15-2014		3,000,000		3,190,719
Express Scripts Holding Company		2.10		2-12-2015		2,375,000		2,424,823
								5,615,542
Life Sciences Tools & Services : 0.57%
Life Technologies Corporation		4.40		3-1-2015		3,170,000		3,338,704
Pharmaceuticals : 0.82%
Mylan Incorporated 144A		7.63		7-15-2017		3,000,000		3,305,289
Watson Pharmaceuticals Incorporated		5.00		8-15-2014		1,500,000		1,569,315
								4,874,604

4

Wells Fargo Advantage Short-Term Bond Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Industrials : 5.28%
Aerospace & Defense : 0.53%
BAE Systems Holdings Incorporated 144A		4.95	%	6-1-2014	$	3,000,000	$	3,116,496
Airlines : 0.53%
Delta Air Lines Incorporated		4.75		11-7-2021		2,892,876		3,153,235
Building Products : 0.87%
Owens Corning Incorporated		6.50		12-1-2016		4,575,000		5,150,297
Commercial Services & Supplies : 1.42%
Boardwalk Pipelines LLC		5.20		6-1-2018		2,179,000		2,414,705
Brambles USA Incorporated 144A		3.95		4-1-2015		2,000,000		2,095,700
Equifax Incorporated		4.45		12-1-2014		2,000,000		2,097,030
Penske Truck Leasing Company LP 144A		3.13		5-11-2015		1,740,000		1,803,338
								8,410,773
Electrical Equipment : 0.65%
Roper Industries Incorporated		6.63		8-15-2013		3,800,000		3,842,898
Machinery : 0.45%
SPX Corporation		7.63		12-15-2014		2,450,000		2,652,125
Road & Rail : 0.83%
JB Hunt Transportation Services Company		3.38		9-15-2015		3,700,000		3,870,522
Ryder System Incorporated		2.50		3-1-2018		1,000,000		1,012,400
								4,882,922
Information Technology : 4.20%
Communications Equipment : 0.83%
Agilent Technologies Incorporated		5.50		9-14-2015		1,300,000		1,429,256
Motorola Incorporated		6.00		11-15-2017		3,000,000		3,470,760
								4,900,016
Computers & Peripherals : 0.56%
Hewlett Packard Company		2.63		12-9-2014		3,225,000		3,300,265
IT Services : 0.46%
Western Union Company		2.38		12-10-2015		2,700,000		2,739,720
Office Electronics : 0.53%
Xerox Corporation		8.25		5-15-2014		2,940,000		3,140,008
Software : 1.82%
Autodesk Incorporated		1.95		12-15-2017		3,000,000		2,978,340
CA Incorporated		6.13		12-1-2014		3,000,000		3,215,343
Fidelity National Information Services Incorporated		2.00		4-15-2018		2,000,000		1,978,168
Symantec Corporation		2.75		9-15-2015		1,000,000		1,034,165
Symantec Corporation		2.75		6-15-2017		1,500,000		1,538,567
								10,744,583
Materials : 0.68%
Metals & Mining : 0.68%
Arcelormittal Company		4.25		2-25-2015		1,000,000		1,027,500
Glencore Funding LLC 144A		1.70		5-27-2016		3,000,000		2,991,426
								4,018,926

5

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage Short-Term Bond Fund

Security name	Interest rate			Maturity date	Principal		Value
Telecommunication Services : 1.93%
Diversified Telecommunication Services : 1.75%
Crown Castle Towers LLC 144A		3.21	%	8-15-2035	$	2,650,000	$	2,742,517
Qwest Corporation ±		3.53		6-15-2013		2,500,000		2,501,138
SBA Tower Trust 144A		4.25		4-15-2040		2,000,000		2,074,266
Verizon New England Incorporated		4.75		10-1-2013		3,000,000		3,041,442
								10,359,363
Wireless Telecommunication Services : 0.18%
Verizon Wireless Capital LLC		7.38		11-15-2013		1,000,000		1,029,617
Utilities : 4.68%
Electric Utilities : 4.51%
Ameren Corporation		8.88		5-15-2014		3,738,000		4,010,829
FPL Group Capital Incorporation		2.60		9-1-2015		3,000,000		3,096,255
Great Plains Energy Incorporated		2.75		8-15-2013		1,000,000		1,003,938
Interstate Power & Light Company		3.30		6-15-2015		3,750,000		3,920,846
Monongahela Power Company 144A		5.70		3-15-2017		3,000,000		3,330,384
Niagara Mohawk Power Corporation 144A		3.55		10-1-2014		3,667,000		3,803,735
PECO Energy Company		5.00		10-1-2014		2,000,000		2,112,040
PPL Capital Funding Incorporated		1.90		6-1-2018		2,000,000		1,996,394
Progress Energy Incorporated		5.63		1-15-2016		3,000,000		3,346,866
								26,621,287
Multi-Utilities : 0.17%
CMS Energy Corporation		2.75		5-15-2014		1,000,000		1,017,023
Total Corporate Bonds and Notes (Cost $267,602,788)								270,657,397
Municipal Obligations : 5.69%
Alabama : 0.27%
Courtland AL Industrial Development Board International Paper Company Project Series A (IDR)		5.00		11-1-2013		1,570,000		1,597,397
California : 1.76%
California PCFA Waste Management Services Incorporated Series A1 (Resource Recovery Revenue) ±		1.88		4-1-2025		2,000,000		2,029,440
California Public Works Board Lease Series E (Health Revenue)		3.68		12-1-2015		2,960,000		3,052,056
Irvine Ranch CA Water District (Water & Sewer Revenue)		2.39		3-15-2014		2,365,000		2,367,909
San Bernardino County CA Financing Authority (Port Authority Revenue) ¤		0.00		8-1-2017		3,500,000		2,939,825
								10,389,230
Florida : 0.21%
Miami-Dade County FL IDA Waste Management Incorporated Florida Project (Resource Recovery Revenue) ±		2.63		8-1-2023		1,200,000		1,221,360
Georgia : 0.54%
Georgia Municipal Gas Authority Taxable Gas Portfolio III Series F (Energy Revenue, GO of Authority Insured)		4.77		8-1-2015		3,000,000		3,213,450
Louisiana : 0.51%
Louisiana Gas & Fuels Tax Build America Bonds Series A-4 (Tax Revenue) ±		2.70		5-1-2043		3,000,000		3,004,320
Michigan : 0.33%
Michigan Strategic Fund Limited (Resource Recovery Revenue) ±		4.25		8-1-2031		1,885,000		1,928,374

6

Wells Fargo Advantage Short-Term Bond Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
New Jersey : 0.51%
Atlantic City NJ Tax Appeal (Tax Revenue, AGM Insured)		2.13	%	12-15-2013	$	3,000,000	$	3,005,220
Ohio : 0.50%
Columbus Franklin County OH Finance Authority R&D (IDR)		3.45		2-15-2015		2,885,000		2,969,473
Oregon : 0.72%
Portland OR Taxable Pension (GO) ±		0.08		6-1-2019		4,525,000		4,253,500
Wisconsin : 0.34%
Menomonee Falls WI (Tax Revenue)		4.25		11-1-2014		2,000,000		2,006,600
Total Municipal Obligations (Cost $33,396,795)								33,588,924
Non-Agency Mortgage Backed Securities : 9.03%
Bank of America Commercial Mortgage Incorporated Series 2004-1 Class A4		4.76		11-10-2039		1,983,646		2,010,786
Bank of America Mortgage Securities Series 2002-K Class 3A1 ±		2.75		10-20-2032		23,879		24,540
Bear Stearns Commercial Mortgage Securities Incorporated Series 2004-T14 Class A4 ±		5.20		1-12-2041		1,184,439		1,204,838
Bear Stearns Commercial Mortgage Securities Incorporated Series 2005-PWR 9 Class A4A		4.87		9-11-2042		2,827,000		3,031,587
Bear Stearns Commercial Mortgage Securities Incorporated Series 2005-PWR-7 Class A3 ±		5.12		2-11-2041		2,055,000		2,179,891
Bear Stearns Commercial Mortgage Securities Incorporated Series 2005-T18 Class A4 ±		4.93		2-13-2042		2,563,994		2,721,831
Bear Stearns Commercial Mortgage Securities Incorporated Series 2005-T20 Class A4A ±		5.15		10-12-2042		1,100,000		1,194,741
Citigroup Deutsche Bank Commercial Mortgage Trust Series 2005-CD1 Class A4 ±		5.22		7-15-2044		2,500,000		2,715,825
CNH Equipment Trust Series 2011-C Class A2		0.90		4-15-2015		191,518		191,620
Commercial Mortgage Pass-Through Trust Series 2005-C6 Class A5A ±		5.12		6-10-2044		2,794,000		3,012,561
Commercial Mortgage Pass-Through Trust Series 2010-C1 Class A1 144A		3.16		7-10-2046		2,774,672		2,894,879
Commercial Mortgage Pass-Through Trust Series 2012-CR2 Class A1		0.82		8-15-2045		2,158,987		2,157,987
ContiMortgage Home Equity Trust Series 1996-2 (c)(i)		0.00		7-15-2027		1,154,947		3,084
Countrywide Home Loans Mortgage Pass-Through Trust Series 2001-HYB1 Class 2A1 ±		1.95		6-19-2031		348,298		352,791
Countrywide Home Loans Mortgage Pass-Through Trust Series 2004-20 Class 3A1 ±		2.25		9-25-2034		103,995		87,237
Credit Suisse First Boston Mortgage Securities Corporation Series 2006-C1 Class AAB ±		5.40		2-15-2039		1,281,643		1,316,766
Drexel Burnham Lambert CMO Trust Series T Class 4		8.45		9-20-2019		148,119		148,572
EquiFirst Mortgage Loan Trust Series 2003-2 Class 3A3 ±		1.32		9-25-2033		734,388		733,109
FDIC Series 2013-R1 Class A 144A		1.15		3-25-2033		2,378,227		2,352,827
GE Capital Commercial Mortgage Corporation Series 2004-C2 Class A4		4.89		3-10-2040		2,955,000		3,019,868
Golden National Mortgage Asset-Backed Certificates Series 1998-GN1 Class M2 (i)		8.02		2-25-2027		61,118		61,102
GSMPS Mortgage Loan Trust Series 1998-1 Class A ±144A		8.00		9-19-2027		438,404		453,046
GSMPS Mortgage Loan Trust Series 2006-RP2 Class 1AF1 ±144A		0.59		4-25-2036		1,405,173		1,175,911
Lehman Brothers UBS Commercial Mortgage Trust Series 2004-C6 Class A6 ±		5.02		8-15-2029		400,000		413,940
Lehman Brothers UBS Commercial Mortgage Trust Series 2005-C1 Class A4		4.74		2-15-2030		3,062,000		3,214,797
Lehman Brothers UBS Commercial Mortgage Trust Series 2005-C5 Class 4		4.95		9-15-2030		3,530,000		3,776,338
Master Mortgages Trust Series 2002-3 Class 4A1 ±		2.50		10-25-2032		16,878		16,984
Merrill Lynch Mortgage Trust Series 2004-KEY 2 Class A4 ±		4.86		8-12-2039		1,190,000		1,242,183
Morgan Stanley Capital I Series 2005-IQ10 Class A4A ±		5.23		9-15-2042		3,247,537		3,482,172
Morgan Stanley Capital I Series 2005-T19 Class A4A		4.89		6-12-2047		2,555,000		2,742,854
Morgan Stanley Dean Witter Capital I Series 2005-IQ9 Class A5		4.70		7-15-2056		1,000,000		1,051,388
National Credit Union Administration Board Guaranteed Notes Series 2010-C1 Class APT		2.65		10-29-2020		2,540,321		2,657,295

7

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage Short-Term Bond Fund

Security name	Interest rate			Maturity date	Principal		Value
Non-Agency Mortgage Backed Securities (continued)
Nomura Asset Acceptance Corporation Series 2005-AR1 Class 1A1 ±		2.83	%	2-25-2035	$	1,366,352	$	1,371,681
Salomon Brothers Mortgage Securities VI Series 1987-3 Class A ¤		0.00		10-23-2017		1,123		1,123
Structured Mortgage Asset Residential Trust Series 1992-5B Class BO ¤(i)		0.00		6-25-2023		8,641		7,699
Terwin Mortgage Trust Series 2004-21HE Class 1A1 ±		1.15		12-25-2034		34,139		32,364
Wilshire Funding Corporation Series 1996-3 Class M2 ±		5.84		8-25-2032		117,686		115,300
Wilshire Funding Corporation Series 1996-3 Class M3 ±		5.84		8-25-2032		119,622		114,616
Wilshire Funding Corporation Series 1998-2 Class M1 ±		2.00		12-28-2037		39,039		35,622
Total Non-Agency Mortgage Backed Securities (Cost $53,889,412)								53,321,755
	Dividend yield				Shares
Preferred Stocks : 0.28%
Financials : 0.28%
Commercial Banks : 0.28%
Huntington Bancshares ±		3.75				80,000		1,647,504
Total Preferred Stocks (Cost $1,958,484)								1,647,504
	Interest rate				Principal
U.S. Treasury Securities : 1.62%
U.S. Treasury Note		0.25		7-15-2015	$	2,580,000		2,575,565
U.S. Treasury Note		0.88		1-31-2018		6,370,000		6,343,622
U.S. Treasury Note		1.88		2-28-2014		665,000		673,598
Total U.S. Treasury Securities (Cost $9,612,468)								9,592,785
Yankee Corporate Bonds and Notes : 14.09%
Consumer Discretionary : 0.88%
Auto Components : 0.34%
Autoliv Incorporated		3.85		4-30-2014		2,000,000		2,023,360
Diversified Consumer Services : 0.54%
Anglo American Capital Company 144A		9.38		4-8-2014		3,000,000		3,199,656
Consumer Staples : 0.53%
Food Products : 0.53%
Tate & Lyle International Finance plc 144A		5.00		11-15-2014		3,000,000		3,147,027
Energy : 1.57%
Oil, Gas & Consumable Fuels : 1.57%
CNOOC Finance 2013 Limited		1.13		5-9-2016		1,500,000		1,498,103
Husky Energy Incorporated		5.90		6-15-2014		3,000,000		3,152,943
Petrobras International Finance Company		2.88		2-6-2015		3,000,000		3,040,416
Sinopec Capital 2013 144A		1.25		4-24-2016		1,560,000		1,553,662
								9,245,124
Financials : 9.62%
Capital Markets : 0.87%
Macquarie Group Limited 144A		7.30		8-1-2014		2,005,000		2,133,464
Nomura Holdings Incorporated		2.00		9-13-2016		3,000,000		3,003,843
								5,137,307

8

Wells Fargo Advantage Short-Term Bond Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Commercial Banks: 7.25%
ABN Amro Bank NV 144A		3.00	%	1-31-2014	$	2,630,000	$	2,668,551
ANZ New Zealand International Limited 144A		1.13		3-24-2016		2,500,000		2,496,280
Bank of Montreal 144A«		1.30		10-31-2014		2,500,000		2,530,463
Bank of Nova Scotia 144A		1.65		10-29-2015		3,430,000		3,514,189
Canadian Imperial Bank 144A«		0.90		9-19-2014		4,100,000		4,125,326
Canadian Imperial Bank 144A«		2.75		1-27-2016		3,000,000		3,158,448
Commonwealth Bank of Australia ±		0.73		7-23-2014		4,000,000		4,010,848
Corporacion Andina De Fomento		3.75		1-15-2016		3,385,000		3,593,245
KFW Bankengruppe ±		0.27		11-28-2014		3,000,000		3,000,012
Nordea Eiendomskreditt 144A		1.88		4-7-2015		6,500,000		6,578,065
Swedbank Hypotek 144A		2.13		8-31-2016		3,000,000		3,105,477
Toronto Dominion Bank 144A«		0.88		9-12-2014		4,000,000		4,023,104
								42,804,008
Diversified Financial Services : 0.53%
WPP Finance		8.00		9-15-2014		2,885,000		3,133,947
Insurance : 0.97%
Endurance Specialty Holdings Limited		6.15		10-15-2015		2,500,000		2,756,095
Qbe Insurance Group Limited 144A		2.40		5-1-2018		2,985,000		2,970,621
								5,726,716
Industrials : 0.25%
Machinery : 0.25%
Pentair Finance SA		1.35		12-1-2015		1,500,000		1,505,721
Materials : 0.44%
Construction Materials : 0.23%
Lafarge SA 144A		6.20		7-9-2015		1,255,000		1,355,400
Metals & Mining : 0.21%
Arcelormittal Company		5.38		6-1-2013		1,250,000		1,250,000
Telecommunication Services : 0.80%
Diversified Telecommunication Services : 0.45%
Telefonos de Mexico SA		5.50		1-27-2015		2,510,000		2,674,591
Wireless Telecommunication Services : 0.35%
Telefonica Moviles Chile SA 144A		2.88		11-9-2015		2,000,000		2,035,341
Total Yankee Corporate Bonds and Notes (Cost $82,151,182)								83,238,198
Short-Term Investments : 5.18%
	Yield				Shares
Investment Companies : 5.15%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.10				17,265,030		17,265,030
Wells Fargo Securities Lending Cash Investments, LLC (v)(r)(l)(u)		0.16				13,155,895		13,155,895
								30,420,925
					Principal
U.S. Treasury Securities : 0.03%
U.S. Treasury Bill #(z)		0.04		6-20-2013	$	200,000		199,998
Total Short-Term Investments (Cost $30,620,919)								30,620,923

9

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage Short-Term Bond Fund

Total investments in securities (Cost $606,585,477)*	103.41	%		610,861,629
Other assets and liabilities, net	(3.41	)		(20,126,769	)
Total net assets	100.00	%	$	590,734,860

± 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.

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

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

(i) Illiquid security

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

« 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.

# 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 $606,685,406 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$6,533,402
Gross unrealized depreciation	(2,357,179)
Net unrealized appreciation	$4,176,223

10

Wells Fargo Advantage Short Term Bond Fund (the “Fund”)

Notes to Portfolio of Investments – May 31, 2013 (unaudited)

Securities valuation

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

Fixed income securities acquired with maturities exceeding 60 days are valued based on evaluated bid prices received from an independent pricing service which may utilize both transaction data and market information such as yield, prices of securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data. If valuations are not available from the independent pricing service or values received are deemed not representative of market value, values will be obtained from a broker-dealer or otherwise determined based on the Fund’s Valuation Procedures.

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

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

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

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

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

Security loans

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund 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 Fund has the right under the lending agreement to recover the securities from the borrower on demand.

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

Futures contracts

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

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

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to significant unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1 –	quoted prices in active markets for identical securities
Level 2 –	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, 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 May 31, 2013 the inputs used in valuing investments in securities were as follows:

Investments in securities	Quoted prices (Level 1)		Significant other observable  inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Agency securities	$	0	$	78,980,128	$	383	$	78,980,511
Asset-backed securities		0		49,213,632		0		49,213,632
Corporate bonds and notes		0		270,657,397		0		270,657,397
Municipal obligations		0		29,335,424		4,253,500		33,588,924
Non-agency mortgage backed securities		0		53,321,755		0		53,321,755
Equity securities
Preferred stocks		0		1,647,504		0		1,647,504
U.S Treasury securities		9,592,785		0		0		9,592,785
Yankee corporate bonds and notes		0		83,238,198		0		83,238,198
Short-term investments
Investment companies		17,265,030		13,155,895		0		30,420,925
U.S. Treasury securities		199,998		0		0		199,998
	$	27,057,813	$	579,549,933	$	4,253,883	$	610,861,629

As of May 31, 2013, the inputs used in valuing the Fund’s other financial instruments were as follows:

Other financial instruments	Quoted prices      (Level 1)			Significant other observable  inputs     (Level 2)		Significant unobservable inputs     (Level 3)		Total
Futures contracts+	$	(44,957	)	$	0	$	0	$	(44,957	)

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

Transfers in and transfers out are recognized at the end of the reporting period. For the nine months ended May 31, 2013, the Fund did not have any transfers into/out of Level 1 or Level 2.

Derivative transactions

As of May 31, 2013, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio.

At May 31, 2013 the Fund had long and short futures contracts outstanding as follows:

Expiration         date	Contracts		Type		Contract value at May 31, 2013		Unrealized gains (losses)
9-30-2013		400 Short		5-Year U.S. Treasury Notes	$	48,965,625	$	93,803
9-30-2013		746 Long		2-Year U.S. Treasury Notes		164,224,907		(138,760	)

Wells Fargo Advantage Short-Term High Yield Bond Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Corporate Bonds and Notes : 67.27%
Consumer Discretionary : 19.77%
Auto Components : 2.36%
American Axle & Manufacturing Holdings Incorporated 144A		9.25	%	1-15-2017	$	7,444,000	$	8,058,130
Lear Corporation		7.88		3-15-2018		5,693,000		6,091,510
Tenneco Automotive Incorporated		7.75		8-15-2018		5,870,000		6,354,275
TRW Automotive Incorporated 144A		7.25		3-15-2017		7,400,000		8,500,750
TRW Automotive Incorporated 144A		8.88		12-1-2017		3,325,000		3,549,438
								32,554,103
Automobiles : 0.60%
Chrysler Group LLC		8.00		6-15-2019		7,415,000		8,212,113
Diversified Consumer Services : 0.73%
Service Corporation International		7.00		6-15-2017		8,800,000		10,054,000
Hotels, Restaurants & Leisure : 1.21%
Burger King Corporation		9.88		10-15-2018		3,075,000		3,474,750
MGM Resorts International		6.63		7-15-2015		6,000,000		6,510,000
MGM Resorts International		7.50		6-1-2016		925,000		1,039,469
Seminole Indian Tribe of Florida 144A		7.75		10-1-2017		5,340,000		5,700,450
								16,724,669
Household Durables : 3.13%
DR Horton Incorporated		3.63		2-15-2018		2,000,000		2,035,000
DR Horton Incorporated		4.75		5-15-2017		5,750,000		6,152,500
DR Horton Incorporated		6.13		1-15-2014		3,000,000		3,067,500
Jarden Corporation		7.50		5-1-2017		10,000,000		11,375,000
Lennar Corporation 144A		4.13		12-1-2018		7,000,000		7,070,000
Mohawk Industries Incorporated		6.38		1-15-2016		6,900,000		7,673,614
Pulte Group Incorporated		7.63		10-15-2017		4,880,000		5,666,900
								43,040,514
Leisure Equipment & Products : 0.46%
Easton Bell Sports Incorporated		9.75		12-1-2016		5,830,000		6,281,883
Media : 6.32%
Allbritton Communications Company		8.00		5-15-2018		7,655,000		8,267,400
Belo Corporation		8.00		11-15-2016		2,080,000		2,204,800
CC Holdings GS V LLC 144A		2.38		12-15-2017		6,000,000		6,028,998
Cequel Communications Holdings 144A		8.63		11-15-2017		4,483,000		4,783,361
Cinemark USA Incorporated		8.63		6-15-2019		6,500,000		7,293,000
CSC Holdings LLC		7.63		7-15-2018		7,750,000		9,106,250
DISH DBS Corporation		4.63		7-15-2017		12,500,000		12,500,000
Gannett Companies Incorporated		8.75		11-15-2014		5,000,000		5,525,000
Lamar Media Corporation Series C		9.75		4-1-2014		7,500,000		7,931,250
Sinclair Television Group 144A		9.25		11-1-2017		10,750,000		11,502,500
Sirius XM Radio Incorporated 144A		7.63		11-1-2018		4,217,000		4,638,700
Sirius XM Radio Incorporated 144A		8.75		4-1-2015		6,500,000		7,231,250
								87,012,509
Multiline Retail : 0.64%
Dollar General Corporation		4.13		7-15-2017		5,750,000		6,244,529
Macy’s Retail Holdings Incorporated		5.75		7-15-2014		2,500,000		2,633,895
								8,878,424
Specialty Retail : 3.43%
AutoNation Incorporated		6.75		4-15-2018		357,000		410,104

1

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage Short-Term High Yield Bond Fund

Security name	Interest rate			Maturity date	Principal		Value
Specialty Retail (continued)
Avis Budget Car Rental LLC ±		2.78	%	5-15-2014	$	7,900,000	$	7,900,079
Avis Budget Finance Incorporated 144A«		4.88		11-15-2017		7,880,000		8,155,800
Best Buy Company Incorporated		7.25		7-15-2013		3,880,000		3,899,400
Limited Brands Incorporated		6.90		7-15-2017		11,725,000		13,454,438
Sally Beauty Holdings Incorporated		6.88		11-15-2019		12,030,000		13,338,263
								47,158,084
Textiles, Apparel & Luxury Goods : 0.89%
Hanesbrands Incorporated		8.00		12-15-2016		3,375,000		3,611,250
Jones Group Incorporated		5.13		11-15-2014		8,250,000		8,600,625
								12,211,875
Consumer Staples : 4.26%
Beverages : 1.98%
Constellation Brands Incorporated		7.25		9-1-2016		12,750,000		14,694,375
Cott Beverages Incorporated		8.38		11-15-2017		11,768,000		12,518,210
								27,212,585
Food Products : 1.70%
B&G Foods Incorporated		7.63		1-15-2018		8,325,000		8,959,781
Dean Foods Company		7.00		6-1-2016		5,000,000		5,643,750
TreeHouse Foods Incorporated		7.75		3-1-2018		8,205,000		8,840,888
								23,444,419
Household Products : 0.58%
Spectrum Brands		9.50		6-15-2018		7,250,000		8,020,313
Energy : 12.34%
Energy Equipment & Services : 1.96%
Exterran Holdings Incorporated		7.25		12-1-2018		3,300,000		3,531,000
Hercules Offshore Incorporated 144A		7.13		4-1-2017		9,455,000		10,164,125
SESI LLC		6.38		5-1-2019		9,370,000		10,119,600
Targa Resources Partners LP		7.88		10-15-2018		2,950,000		3,193,375
								27,008,100
Oil, Gas & Consumable Fuels : 10.38%
Arch Coal Incorporated «		8.75		8-1-2016		6,235,000		6,429,844
Berry Petroleum Companies Class A		10.25		6-1-2014		5,194,000		5,583,550
Bill Barrett Corporation		9.88		7-15-2016		6,000,000		6,330,000
Chesapeake Energy Corporation		3.25		3-15-2016		965,000		957,763
Chesapeake Energy Corporation		9.50		2-15-2015		7,700,000		8,585,500
CITGO Petroleum Corporation 144A		11.50		7-1-2017		9,500,000		10,735,000
Comstock Resources Incorporated		8.38		10-15-2017		9,250,000		9,828,125
Concho Resources Incorporated		8.63		10-1-2017		4,640,000		4,947,400
Consol Energy Incorporated		8.00		4-1-2017		5,000,000		5,350,000
Energy XXI Gulf Coast Incorporated		9.25		12-15-2017		12,295,000		13,647,450
HollyFrontier Corporation		9.88		6-15-2017		11,155,000		11,726,136
Kinder Morgan Finance Company LLC 144A		6.00		1-15-2018		2,000,000		2,209,510
Kinder Morgan Incorporated		5.15		3-1-2015		7,000,000		7,394,037
Kodiak Oil & Gas Corporation		8.13		12-1-2019		8,335,000		9,376,875
Peabody Energy Corporation		7.38		11-1-2016		6,800,000		7,752,000
Petrohawk Energy Corporation		10.50		8-1-2014		5,500,000		5,827,250
Plains Exploration & Production Company		6.13		6-15-2019		5,375,000		5,899,063
Regency Energy Partners Company		6.88		12-1-2018		6,526,000		6,999,135
Regency Energy Partners Company		9.38		6-1-2016		3,730,000		3,904,862
Tesoro Corporation		4.25		10-1-2017		4,000,000		4,160,000

2

Wells Fargo Advantage Short-Term High Yield Bond Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Oil, Gas & Consumable Fuels (continued)
Tesoro Corporation		9.75	%	6-1-2019	$	1,000,000	$	1,110,000
Whiting Petroleum Corporation		7.00		2-1-2014		4,000,000		4,120,000
								142,873,500
Financials : 8.90%
Commercial Banks : 1.92%
AmSouth Bancorporation		5.20		4-1-2015		5,370,000		5,699,573
CIT Group Incorporated		4.25		8-15-2017		9,700,000		9,991,000
CIT Group Incorporated 144A		4.75		2-15-2015		3,000,000		3,127,500
Zions Bancorporation		7.75		9-23-2014		7,000,000		7,558,250
								26,376,323
Consumer Finance : 6.09%
Ally Financial Incorporated		5.50		2-15-2017		9,500,000		10,171,128
Discover Financial Services Company		6.45		6-12-2017		7,900,000		9,162,325
Ford Motor Credit Company LLC		3.88		1-15-2015		2,000,000		2,074,526
Ford Motor Credit Company LLC		8.00		12-15-2016		8,000,000		9,606,152
Ford Motor Credit Company LLC		8.70		10-1-2014		3,500,000		3,829,347
General Motors Financial Company Incorporated 144A		2.75		5-15-2016		200,000		199,700
General Motors Financial Company Incorporated 144A		4.75		8-15-2017		10,890,000		11,488,950
General Motors Financial Company Incorporated 144A		3.25		5-15-2018		880,000		872,300
JBS USA Finance Incorporated		11.63		5-1-2014		6,000,000		6,450,000
Nielsen Finance LLC		11.63		2-1-2014		6,975,000		7,393,500
SLM Corporation		3.88		9-10-2015		8,000,000		8,160,000
SLM Corporation Series A		5.00		4-15-2015		5,000,000		5,200,000
Toll Brothers Finance Corporation		8.91		10-15-2017		7,450,000		9,200,750
								83,808,678
Diversified Financial Services : 0.81%
PHH Corporation		9.25		3-1-2016		9,640,000		11,206,500
REITs : 0.08%
Host Marriott LP Series Q		6.75		6-1-2016		1,100,000		1,113,616
Health Care : 4.37%
Health Care Equipment & Supplies : 0.59%
Fresenius US Finance II Incorporated 144A		9.00		7-15-2015		7,000,000		8,050,000
Health Care Providers & Services : 3.54%
Community Health Systems Incorporated		5.13		8-15-2018		4,000,000		4,170,000
DaVita HealthCare Partners Incorporated		6.38		11-1-2018		7,100,000		7,543,750
Fresenius Medical Care Holdings Incorporated		6.88		7-15-2017		5,820,000		6,634,800
Hanger Incorporated		7.13		11-15-2018		2,190,000		2,373,413
Health Management Associates Incorporated		6.13		4-15-2016		11,341,000		12,418,395
HealthSouth Corporation		7.25		10-1-2018		8,000,000		8,630,000
Universal Health Services Incorporated		7.00		10-1-2018		6,500,000		7,003,750
								48,774,108
Pharmaceuticals : 0.24%
Mylan Incorporated 144A		7.63		7-15-2017		3,000,000		3,305,289
Industrials : 7.10%
Aerospace & Defense : 0.47%
TransDigm Group Incorporated		7.75		12-15-2018		5,920,000		6,460,200

3

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage Short-Term High Yield Bond Fund

Security name	Interest rate			Maturity date	Principal		Value
Building Products : 0.74%
Masco Corporation		6.13	%	10-3-2016	$	9,109,000	$	10,197,471
Commercial Services & Supplies : 2.80%
Case Corporation		7.25		1-15-2016		5,500,000		6,091,250
Deluxe Corporation		5.13		10-1-2014		5,000,000		5,156,250
International Lease Finance Corporation		4.88		4-1-2015		5,000,000		5,212,500
International Lease Finance Corporation		5.65		6-1-2014		5,000,000		5,175,000
RR Donnelley & Sons Company		5.50		5-15-2015		6,250,000		6,687,500
Swift Services Holdings Incorporated		10.00		11-15-2018		6,475,000		7,397,688
West Corporation		8.63		10-1-2018		2,550,000		2,798,625
								38,518,813
Electrical Equipment : 0.36%
General Cable Corporation ±		2.66		4-1-2015		5,000,000		4,937,500
Machinery : 1.76%
Case New Holland Incorporated		7.75		9-1-2013		3,500,000		3,539,375
CNH Capital America LLC Company		3.88		11-1-2015		2,000,000		2,045,000
Manitowoc Company Incorporated		9.50		2-15-2018		1,625,000		1,775,313
Oshkosh Corporation		8.25		3-1-2017		1,050,000		1,128,750
SPX Corporation		6.88		9-1-2017		5,245,000		5,835,063
SPX Corporation		7.63		12-15-2014		5,470,000		5,921,275
Westinghouse Air Brake Technology Corporation		6.88		7-31-2013		4,000,000		4,030,000
								24,274,776
Trading Companies & Distributors : 0.97%
United Rentals Incorporated		5.75		7-15-2018		12,430,000		13,269,025
Information Technology : 2.11%
Electronic Equipment, Instruments & Components : 0.67%
Jabil Circuit Incorporated		7.75		7-15-2016		8,000,000		9,200,000
IT Services : 1.44%
Cardtronics Incorporated		8.25		9-1-2018		8,340,000		9,028,050
iGATE Corporation		9.00		5-1-2016		10,000,000		10,750,000
								19,778,050
Materials : 2.86%
Chemicals : 0.24%
Celanese US Holdings LLC		6.63		10-15-2018		2,999,000		3,238,920
Containers & Packaging : 1.30%
Greif Incorporated		6.75		2-1-2017		4,400,000		4,950,000
Owens Brockway Glass Container Incorporated		7.38		5-15-2016		10,050,000		11,507,250
Owens-Illinois Incorporated		7.80		5-15-2018		1,185,000		1,398,300
								17,855,550
Paper & Forest Products : 1.32%
Appleton Papers Incorporated 144A		10.50		6-15-2015		7,000,000		7,393,750
Boise Paper Holdings LLC		9.00		11-1-2017		9,000,000		9,585,000
Neenah Paper Incorporated		7.38		11-15-2014		1,255,000		1,257,510
								18,236,260

4

Wells Fargo Advantage Short-Term High Yield Bond Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Telecommunication Services : 3.49%
Diversified Telecommunication Services : 2.13%
Centurylink Incorporated		6.00	%	4-1-2017	$	9,250,000	$	10,198,125
Cincinnati Bell Incorporated		8.25		10-15-2017		9,635,000		10,140,838
Windstream Corporation		7.88		11-1-2017		7,750,000		8,912,500
								29,251,463
Wireless Telecommunication Services : 1.36%
CCO Holdings LLC		7.25		10-30-2017		8,500,000		9,073,750
MetroPCS Wireless Incorporated		7.88		9-1-2018		3,350,000		3,651,500
TW Telecommunications Holdings Incorporated		8.00		3-1-2018		5,641,000		6,064,075
								18,789,325
Utilities : 2.07%
Independent Power Producers & Energy Traders : 1.39%
AES Corporation		7.75		10-15-2015		3,146,000		3,492,060
AES Corporation		8.00		10-15-2017		5,000,000		5,862,500
NRG Energy Incorporated		7.63		5-15-2019		9,250,000		9,828,125
								19,182,685
Multi-Utilities : 0.68%
Calpine Construction Finance Company 144A		8.00		6-1-2016		9,000,000		9,360,000
Total Corporate Bonds and Notes (Cost $919,060,408)								925,871,643
Municipal Obligations : 0.73%
California : 0.60%
California Judgment Trust (Miscellaneous Revenue) ±		1.63		6-1-2015		3,175,000		3,154,267
Oakland CA Redevelopment Agency Refunding Bond Subordinated Housing Set Aside Series 2006A (Tax Revenue, Ambac Insured)		5.38		9-1-2016		5,000,000		5,109,650
								8,263,917
Michigan : 0.13%
Wayne County MI (Tax Revenue)		5.00		9-15-2013		1,711,000		1,713,498
Total Municipal Obligations (Cost $9,844,294)								9,977,415
Non-Agency Mortgage Backed Securities : 0.00%
Salomon Brothers Mortgage Securities VII Series 1994-5 Class B2 ±		2.92		4-25-2024		73,614		61,584
Total Non-Agency Mortgage Backed Securities (Cost $74,194)								61,584
Term Loans : 22.82%
Allison Transmission Incorporated		3.20		8-7-2017		9,725,625		9,827,744
ARAMARK Corporation		3.70		7-26-2016		253,281		255,621
ARAMARK Corporation		3.75		7-26-2016		2,612,497		2,636,636
Berry Plastics Group Incorporated		3.50		2-8-2020		9,150,000		9,150,000
Biomet Incorporated		3.19		3-25-2015		1,050,383		1,054,847
Biomet Incorporated		3.97		7-25-2017		7,960,000		8,003,780
Burger King Corporation		3.75		9-27-2019		7,665,739		7,725,915
BWAY Corporation		4.50		8-6-2017		10,074,750		10,181,845
CDW LLC <		0.00		4-29-2020		12,000,000		11,955,000
Chrysler Group LLC		6.00		5-24-2017		7,889,698		7,978,457
Cinemark USA Incorporated		3.20		12-18-2019		997,500		1,000,493
Community Health Systems Incorporated		3.77		1-25-2017		6,000,000		6,044,340
DaVita Incorporated		4.50		10-20-2016		4,887,500		4,929,044
DigitalGlobe Incorporated		3.75		1-31-2020		500,000		502,750

5

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage Short-Term High Yield Bond Fund

Security name	Interest rate			Maturity date	Principal		Value
Term Loans (continued)
Generac Power Systems Incorporated <		0.00	%	5-30-2020	$	11,585,000	$	11,580,134
HCA Incorporated		2.69		2-2-2016		6,826,832		6,831,132
HCA Incorporated		3.03		3-31-2017		5,000,000		5,016,400
Iasis Healthcare LLC		4.50		5-3-2018		7,870,199		7,892,314
Ineos US Finance LLC<		4.25		5-4-2018		9,310,000		9,303,669
Intelsat Jackson Holdings Limited		4.25		4-2-2018		9,907,731		9,966,583
Interactive Data Corporation		3.75		2-11-2018		500,000		501,245
KAR Auction Services Incorporated		3.75		5-19-2017		7,310,682		7,408,134
Lifepoint Hospitals Incorporated		2.70		7-24-2017		6,982,500		7,026,141
Manitowoc Company Incorporated		4.25		11-13-2017		942,950		950,965
Michaels Stores Incorporated		3.75		1-28-2020		11,000,000		11,046,640
NBTY Incorporated		3.50		10-1-2017		8,172,889		8,227,403
Neiman Marcus Group Incorporated		4.00		5-16-2018		10,000,000		9,989,600
Novelis Incorporated		3.75		3-10-2017		8,398,228		8,513,703
Omnova Solutions Incorporated		4.25		5-31-2018		2,315,625		2,338,781
Phillips Van Heusen Corporation		3.25		2-13-2020		7,500,000		7,531,875
Pinnacle Foods Finance LLC		3.25		4-29-2020		3,000,000		3,000,000
Progressive Waste Solutions Limited		3.50		10-24-2019		8,478,750		8,549,378
Rexnord LLC <		0.00		4-1-2018		2,900,000		2,931,900
Reynolds Group Holdings Incorporated		4.75		9-28-2018		7,414,496		7,473,960
SBA Senior Finance II LLC		3.75		9-20-2019		2,980,220		3,000,098
Scientific Games International Incorporated		3.45		6-30-2015		8,420,579		8,436,410
Select Medical Corporation		3.54		2-19-2016		997,500		1,003,734
Select Medical Corporation		5.50		6-1-2018		2,796,684		2,812,988
Select Medical Corporation		5.50		6-1-2018		2,093,243		2,105,447
Sensata Technologies Finance Company		3.75		5-12-2018		1,730,682		1,744,631
Serta Simmons Holdings LLC		5.00		10-1-2019		1,995,000		2,005,593
SunGard Data Systems Incorporated		4.00		3-8-2020		6,100,435		6,176,690
Swift Transportation Company LLC		2.95		12-21-2016		1,378,133		1,390,192
Swift Transportation Company LLC		4.00		12-21-2017		4,422,287		4,474,248
Terex Corporation		4.50		4-28-2017		5,056,029		5,125,550
The Hertz Corporation		3.00		3-11-2018		9,151,028		9,165,303
The Hertz Corporation		3.75		3-11-2018		2,244,375		2,256,001
Transdigm Group Incorporated		3.50		2-14-2017		498,750		505,089
Transdigm Group Incorporated		3.75		2-28-2020		6,830,476		6,900,488
UCI International Incorporated		5.50		7-26-2017		3,562,702		3,572,714
Universal Health Services Incorporated		2.45		11-15-2016		4,642,852		4,669,502
Vanguard Health Holding Company LLC		3.75		1-29-2016		6,861,477		6,924,946
Virgin Media Investment Holdings Limited <		0.00		2-17-2020		13,950,000		13,923,077
Wendy’s International Incorporated		3.25		5-15-2019		2,051,667		2,063,915
West Corporation		3.75		6-30-2018		8,464,884		8,526,593
Total Term Loans (Cost $313,791,796)								314,109,638
Yankee Corporate Bonds and Notes : 3.73%
Industrials : 1.51%
Building Products : 0.77%
ArcelorMittal		4.25		8-5-2015		10,250,000		10,583,125
Professional Services : 0.74%
FMG Resources Limited 144A		7.00		11-1-2015		9,860,000		10,155,800
Information Technology : 1.43%
Computers & Peripherals : 0.58%
Seagate Technology HDD Holdings		6.80		10-1-2016		7,000,000		8,006,250
Electronic Equipment, Instruments & Components : 0.77%
Sensata Technologies BV 144A		6.50		5-15-2019		9,779,000		10,561,314
Semiconductors & Semiconductor Equipment : 0.08%
Magnachip Semiconductor Limited		10.50		4-15-2018		1,000,000		1,107,500

6

Wells Fargo Advantage Short-Term High Yield Bond Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name			Interest rate			Maturity date		Principal		Value
Materials : 0.79%
Paper & Forest Products : 0.79%
Smurfit Kappa Acquisitions 144A				4.88	%		9-15-2018	$	8,000,000	$	8,280,000
UPM Kymmene Corporation 144A				5.63			12-1-2014		2,500,000		2,600,000
											10,880,000
Total Yankee Corporate Bonds and Notes (Cost $50,617,603)											51,293,989
			Yield					Shares
Short-Term Investments : 9.76%
Investment Companies : 9.76%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)##				0.10					125,975,589		125,975,589
Wells Fargo Securities Lending Cash Investments, LLC(l)(r)(u)(v)				0.16					8,309,500		8,309,500
Total Short-Term Investments (Cost $134,285,089)											134,285,089
Total investments in securities (Cost $1,427,673,384)*	104.31	%									1,435,599,358
Other assets and liabilities, net	(4.31	)									(59,343,416	)
Total net assets	100.00	%								$	1,376,255,942

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.
±	Variable rate investment. The rate shown is the rate in effect at period end.
«	All or a portion of this security is on loan.
<	All or a portion of the position represents an unfunded loan commitment.
(l)	Investment in an affiliate
(u)	Rate shown is the 7-day annualized yield at period end.
##	All or a portion of this security has been segregated for unfunded loans.
(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 $1,427,938,521 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	14,359,375
Gross unrealized depreciation		(6,698,538	)
Net unrealized appreciation	$	7,660,837

7

Wells Fargo Advantage Short-Term High Yield Bond Fund (the “Fund”)

Notes to Portfolio of Investments – May 31, 2013 (unaudited)

Securities valuation

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

Fixed income securities acquired with maturities exceeding 60 days are valued based on evaluated bid prices received from an independent pricing service which may utilize both transaction data and market information such as yield, prices of securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data. If valuations are not available from the independent pricing service or values received are deemed not representative of market value, values will be obtained from a broker-dealer or otherwise determined based on the Fund’s Valuation Procedures.

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

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

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

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

Security loans

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund 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 Fund has the right under the lending agreement to recover the securities from the borrower on demand.

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

Term loans

The Fund may invest in term loans. The Fund begins earning interest when the loans are funded. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. The Fund assumes the credit risk of the borrower and there could be potential loss to the Fund in the event of default by the borrower.

As of May 31, 2013, the Fund had unfunded loan commitments of $48,144,163.

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to significant unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1	–	quoted prices in active markets for identical securities
Level 2	–	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, 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 May 31, 2013, the inputs used in valuing investments in securities were as follows:

Investments in securities	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Corporate bonds and notes	$	0	$	925,871,643	$	0	$	925,871,643
Municipal obligations		0		9,977,415		0		9,977,415
Non-agency mortgage back securities		0		61,584		0		61,584
Term loans		0		313,105,904		1,003,734		314,109,638
Yankee corporate bonds and notes		0		51,293,989		0		51,293,989
Short-term investments
Investment companies		125,975,589		8,309,500		0		134,285,089
	$	125,975,589	$	1,308,620,035	$	1,003,734	$	1,435,599,358

Transfers in and transfers out are recognized at the end of the reporting period. For the nine months ended May 31, 2013, the Fund did not have any transfers into/out of Level 1 or Level 2.

Wells Fargo Advantage Ultra Short-Term Income Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities : 11.68%
FHLMC ±		2.38	%	6-1-2032	$	9,598	$	10,075
FHLMC ±		2.38		4-1-2032		180,267		192,353
FHLMC ±		2.46		1-1-2029		87,611		88,115
FHLMC ±		2.53		7-1-2029		6,125		6,503
FHLMC ±		2.69		10-1-2031		83,760		84,102
FHLMC		5.50		8-1-2018		1,270,699		1,361,528
FHLMC		6.00		4-1-2016		302,792		317,088
FHLMC		6.00		5-1-2017		529,946		562,389
FHLMC		6.00		1-1-2024		3,884,638		4,271,859
FHLMC		7.00		6-1-2031		451,987		534,423
FHLMC		9.00		11-1-2016		99,298		107,928
FHLMC		9.00		12-1-2016		577,634		624,274
FHLMC		9.00		8-1-2018		137,805		151,124
FHLMC		9.00		10-1-2019		87,443		98,624
FHLMC		9.50		12-1-2016		52,414		57,227
FHLMC		9.50		5-1-2020		27,069		29,481
FHLMC		9.50		9-1-2020		194,378		221,716
FHLMC		9.50		12-1-2022		411,697		460,769
FHLMC		10.00		11-1-2021		60,321		62,919
FHLMC		10.50		5-1-2020		148,007		172,769
FHLMC Series 2582 Class CW		4.50		11-15-2017		38,777		39,157
FHLMC Series 2617 Class GR		4.50		5-15-2018		1,025,239		1,090,773
FHLMC Series 2684 Class PE		5.00		1-15-2033		195,418		202,713
FHLMC Series 2690 Class TG		4.50		4-15-2032		1,104,130		1,138,204
FHLMC Series 2707 Class QE		4.50		11-15-2018		918,791		980,903
FHLMC Series 2843 Class BC		5.00		8-15-2019		2,168,567		2,350,315
FHLMC Series 2855 Class WN		4.00		9-15-2019		959,271		1,014,197
FHLMC Series 2911 Class UE		5.00		6-15-2033		3,551,398		3,625,441
FHLMC Series 2937 Class HJ		5.00		10-15-2019		965,703		1,000,849
FHLMC Series 2948 Class KB		4.50		7-15-2019		1,666,427		1,710,170
FHLMC Series 3647 Class BG		4.00		12-15-2027		2,369,784		2,416,205
FHLMC Series 3834 Class EA		3.50		6-15-2029		1,382,339		1,443,065
FHLMC Series 3842 Class CJ		2.00		9-15-2018		851,607		868,480
FHLMC Series 3952 Class MK		3.00		11-15-2021		3,138,571		3,220,538
FHLMC Series 4157 Class MP		2.50		12-15-2015		516,222		517,049
FHLMC Structured Pass-Through Securities Series T-42 Class A6		9.50		2-25-2042		1,155,334		1,395,932
FNMA ±		1.89		10-1-2031		161,588		168,179
FNMA ±		1.98		1-1-2023		24,723		24,908
FNMA ±		2.25		5-1-2032		62,095		65,929
FNMA ±		2.37		11-1-2031		116,480		123,598
FNMA ±		2.42		6-1-2032		201,347		206,819
FNMA ±		2.45		12-1-2040		517,752		552,906
FNMA		3.03		1-1-2015		2,600,000		2,670,862
FNMA		3.09		5-1-2016		1,189,111		1,248,700
FNMA ±		3.17		4-1-2033		9,343		9,961
FNMA ±		3.58		7-1-2033		68,081		68,248
FNMA		3.93		8-1-2014		4,041,901		4,100,386
FNMA		4.00		5-25-2019		340,436		359,041
FNMA		4.00		12-15-2024		1,904,583		2,011,348
FNMA		4.22		5-1-2016		2,313,455		2,492,471
FNMA		4.44		9-1-2015		4,069,199		4,399,429
FNMA		4.88		1-1-2014		7,243,842		7,357,973
FNMA		5.16		1-1-2018		3,087,468		3,378,926
FNMA		5.23		7-1-2018		1,770,767		1,893,794
FNMA		5.24		1-1-2015		2,827,924		2,968,883
FNMA		5.29		8-1-2015		5,829,738		6,298,954
FNMA		5.42		11-1-2013		263,068		262,960
FNMA		6.00		4-1-2021		3,366,192		3,609,062
FNMA		6.50		8-1-2031		1,068,365		1,214,382
FNMA		7.00		11-1-2014		62,405		64,152
FNMA		7.84		4-1-2018		4,897,310		5,289,750
FNMA		8.33		7-15-2020		70,365		80,849
FNMA		8.50		7-1-2017		376,890		408,765

1

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage Ultra Short-Term Income Fund

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA		9.00	%	12-1-2016	$	373,361	$	405,723
FNMA		9.00		2-15-2020		212,151		249,324
FNMA		9.00		10-1-2021		134,651		154,923
FNMA		9.00		6-1-2024		172,138		195,043
FNMA		9.50		12-1-2020		148,405		169,826
FNMA		9.50		3-1-2021		38,888		43,080
FNMA		10.00		3-1-2018		58,559		60,851
FNMA		10.25		9-1-2021		153,462		175,897
FNMA		10.50		10-1-2014		21,885		22,229
FNMA		10.50		8-1-2020		7,555		8,638
FNMA		10.50		4-1-2022		244,912		273,749
FNMA Grantor Trust Series 2000-T6 Class A2		9.50		6-25-2030		734,539		850,295
FNMA Grantor Trust Series 2001-T10 Class A3		9.50		12-25-2041		1,518,188		1,784,380
FNMA Grantor Trust Series 2001-T12 Class A3		9.50		8-25-2041		1,273,349		1,519,021
FNMA Grantor Trust Series 2001-T8 Class A3 ±		3.69		7-25-2041		3,097,485		3,128,215
FNMA Grantor Trust Series 2002-T1 Class A4		9.50		11-25-2031		1,598,998		1,871,744
FNMA Series 1988-4 Class Z		9.25		3-25-2018		78,832		87,361
FNMA Series 1988-9 Class Z		9.45		4-25-2018		43,491		48,244
FNMA Series 1989-30 Class Z		9.50		6-25-2019		222,036		249,158
FNMA Series 1989-49 Class E		9.30		8-25-2019		33,739		37,101
FNMA Series 1990-111 Class Z		8.75		9-25-2020		46,105		50,293
FNMA Series 1990-119 Class J		9.00		10-25-2020		131,052		150,197
FNMA Series 1990-124 Class Z		9.00		10-25-2020		85,697		98,228
FNMA Series 1990-21 Class Z		9.00		3-25-2020		189,758		215,458
FNMA Series 1990-27 Class Z		9.00		3-25-2020		137,282		156,835
FNMA Series 1990-30 Class D		9.75		3-25-2020		66,803		76,900
FNMA Series 1990-77 Class D		9.00		6-25-2020		61,628		69,514
FNMA Series 1991-132 Class Z		8.00		10-25-2021		270,704		313,456
FNMA Series 1992-71 Class X		8.25		5-25-2022		102,638		121,289
FNMA Series 2002-W4 Class A6 ±		3.31		5-25-2042		1,465,871		1,572,826
FNMA Series 2003-125 Class AY		4.00		12-25-2018		4,706,751		4,990,112
FNMA Series 2003-129 Class AP		4.00		1-25-2019		1,472,207		1,547,486
FNMA Series 2003-15 Class CN		5.00		3-25-2018		911,681		973,276
FNMA Series 2003-35 Class ME		5.00		5-25-2018		909,778		969,580
FNMA Series 2005-22 Class KJ		5.00		7-25-2033		1,089,990		1,095,702
FNMA Series 2006-9 Class BM		6.00		10-25-2033		7,024,471		7,199,310
FNMA Series 2007-2 Class FA ±		0.39		2-25-2037		506,572		504,811
FNMA Series 2007-79 Class A		6.00		10-25-2036		2,865,889		2,954,568
FNMA Series 2007-B2 Class AB		5.50		12-25-2020		165,094		165,589
FNMA Series 2010-153 Class AB		2.00		11-25-2018		903,936		924,870
FNMA Series 2010-153 Class BG		2.50		11-25-2018		1,419,180		1,466,771
FNMA Series 2011-115 Class DP		3.50		4-25-2034		1,599,809		1,640,361
FNMA Series 2011-129 Class LG		3.00		3-25-2037		1,702,127		1,743,616
FNMA Series 2011-35 Class PA		4.00		2-25-2039		2,501,264		2,553,465
FNMA Series 2011-56 Class AC		2.00		7-25-2018		900,356		917,098
FNMA Series 2011-99 Class AB		4.00		12-25-2038		683,902		699,178
FNMA Series 2012-80 Class NA		2.75		6-25-2042		4,756,213		4,806,453
FNMA Series 2013-M1 Class ASQ1		0.49		11-25-2016		4,809,479		4,808,445
FNMA Series 2013-M5 Class ASQ2		0.59		8-25-2015		5,000,000		4,988,935
FNMA Series G-22 Class ZT		8.00		12-25-2016		433,355		469,022
FNMA Whole Loan Series 2003-W11 Class A1 ±		3.11		6-25-2033		80,674		80,297
FNMA Whole Loan Series 2003-W3 Class 1A4 ±		3.39		8-25-2042		62,958		68,324
FNMA Whole Loan Series 2003-W6 Class 6A ±		3.06		8-25-2042		4,308,867		4,536,802
FNMA Whole Loan Series 2004-W6 Class 1A4		5.50		7-25-2034		5,282,004		5,396,666
GNMA		7.00		6-15-2033		984,855		1,164,026
GNMA		9.00		11-15-2017		134,747		143,612
GNMA		9.50		11-15-2017		35,405		37,634
GNMA		10.00		10-20-2017		96,730		102,461
GNMA Series 2010-84 Class PA		2.00		2-20-2033		468,805		472,621
GNMA Series 2011-29 Class AG		3.00		8-16-2037		806,668		823,580
Total Agency Securities (Cost $154,092,395)								156,164,961
Asset-Backed Securities : 9.83%
Ally Auto Receivables Trust Series 2012-2 Class A2		0.56		10-15-2014		2,612,997		2,613,951

2

Wells Fargo Advantage Ultra Short-Term Income Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Asset-Backed Securities (continued)
Citigroup Commercial Mortgage Trust Series 2004-C1 Class A4 ±		5.44	%	4-15-2040	$	6,200,000	$	6,364,901
CNH Equipment Trust Series 2012-A Class A2		0.65		7-15-2015		352,631		352,708
CNH Equipment Trust Series 2012-C Class A2		0.44		2-16-2016		8,500,000		8,502,525
CNH Equipment Trust Series 2013-A Class A2		0.44		7-15-2016		9,645,000		9,645,637
Countrywide Asset-Backed Certificates Series 2004-AB2 Class A3 ±		0.60		5-25-2036		1,705,527		1,690,676
DBRR Trust Series 2012-EZ1 Class A 144A		0.95		9-25-2045		3,208,265		3,216,205
Ford Credit Auto Lease Trust Series 2012-A Class A2		0.63		4-15-2014		2,155,569		2,156,809
Ford Credit Auto Owner Trust Series 2012-A Class A2		0.62		9-15-2014		198,123		198,148
Ford Credit Auto Owner Trust Series 2012-B Class A2		0.57		1-15-2015		2,896,027		2,897,414
Ford Credit Auto Owner Trust Series 2012-C Class A2		0.47		4-15-2015		2,428,909		2,430,274
Ford Credit Auto Owner Trust Series 2013-A Class A2		0.38		11-15-2015		4,000,000		3,998,708
GE Equipment Transportation LLC Series 2013-1 Class A2		0.50		11-24-2015		4,400,000		4,399,534
Honda Auto Receivables Owner Trust Series 2012-1 Class A2		0.57		8-15-2014		2,781,532		2,782,508
Honda Auto Receivables Owner Trust Series 2012-2 Class A2		0.56		11-17-2014		4,459,350		4,463,006
Honda Auto Receivables Owner Trust Series 2012-3 Class A2		0.46		12-15-2014		4,266,029		4,268,043
Honda Auto Receivables Owner Trust Series 2012-4 Class A2		0.40		4-20-2015		4,050,000		4,050,806
Hyundai Auto Lease Securitization Trust Series 2012-A Class A2 144A		0.68		1-15-2015		2,623,736		2,625,832
Hyundai Auto Lease Securitization Trust Series 2013-A Class A2 144A		0.51		9-15-2015		6,755,000		6,755,263
Hyundai Auto Receivables Trust Hart Series 2011-C Class A2		0.62		7-15-2014		37,291		37,295
Hyundai Auto Receivables Trust Hart Series 2012-A Class A2		0.55		6-16-2014		409,457		409,506
Hyundai Auto Receivables Trust Hart Series 2012-B Class A2		0.54		1-15-2015		3,176,321		3,178,564
Hyundai Auto Receivables Trust Hart Series 2013-A Class A2		0.40		12-15-2015		5,310,000		5,310,977
John Deere Owner Trust Series 2012-A Class A2		0.59		6-16-2014		1,279,585		1,279,876
Mercedes Benz Auto Lease Trust Series 2013-A Class A2		0.49		6-15-2015		9,140,000		9,137,733
Mercedes-Benz Auto Receivables Trust Series 2012-1 Class A2		0.37		3-16-2015		4,480,545		4,481,939
Nissan Auto Lease Trust Series 2013-A Class A2A		0.45		9-15-2015		8,375,000		8,369,782
Nissan Auto Receivables Owner Trust Series 2011-B Class A2		0.74		9-15-2014		340,216		340,444
Nissan Auto Receivables Owner Trust Series 2012-B Class A2		0.39		4-15-2015		5,346,526		5,346,911
Porsche Innovative Lease Owner Pilot Trust Series 2012-1 Class A2 144A		0.44		2-23-2015		5,005,559		5,007,121
Residential Asset Securities Corporation Series 2001-KS1 Class AII ±		0.66		3-25-2032		28,807		28,582
Structured Asset Investment Loan Trust Series 2005-10 Class A4 ±		0.39		12-25-2035		2,361,087		2,350,729
Volkswagen Auto Lease Trust Series 2012-A Class A2		0.66		11-20-2014		4,335,814		4,340,605
Volkswagen Auto Loan Enhanced Valet Series 2012-1 Class A2		0.61		10-20-2014		901,137		901,613
Volvo Financial Equipment LLC Series 2013-1A Class A2 144A		0.53		11-16-2015		5,900,000		5,901,009
World Omni Automobile Lease Trust Series 2012-A Class A2		0.71		1-15-2015		1,624,061		1,625,656
Total Asset-Backed Securities (Cost $131,462,476)								131,461,290
Corporate Bonds and Notes : 42.68%
Consumer Discretionary : 5.33%
Leisure Equipment & Products : 0.39%
Hasbro Incorporated		6.13		5-15-2014		5,000,000		5,252,715
Media : 4.05%
DIRECTV Holdings LLC		4.75		10-1-2014		7,000,000		7,352,023
EchoStar DBS Corporation		7.00		10-1-2013		3,000,000		3,047,400
Interpublic Group of Companies Incorporated		6.25		11-15-2014		7,093,000		7,571,778
News America Incorporated		7.60		10-11-2015		5,618,000		6,435,262
TCI Communications Incorporated		8.75		8-1-2015		6,000,000		6,996,912
TCM Sub LLC 144A		3.55		1-15-2015		9,071,000		9,433,169
Time Warner Cable Incorporated		6.20		7-1-2013		3,320,000		3,333,077
Time Warner Cable Incorporated		8.25		2-14-2014		2,455,000		2,580,608
Viacom Incorporated		6.25		4-30-2016		6,500,000		7,413,751
								54,163,980
Multiline Retail : 0.47%
Macy’s Retail Holdings Incorporated		5.75		7-15-2014		6,000,000		6,321,348

3

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage Ultra Short-Term Income Fund

Security name	Interest rate			Maturity date	Principal		Value
Specialty Retail : 0.42%
Best Buy Company Incorporated		7.25	%	7-15-2013	$	5,500,000	$	5,527,500
Consumer Staples : 2.90%
Food & Staples Retailing : 0.97%
Safeway Incorporated		5.63		8-15-2014		6,600,000		6,943,246
Tyson Foods Incorporated		6.60		4-1-2016		5,245,000		5,973,662
								12,916,908
Food Products : 0.92%
Cadbury Schweppes Company 144A		5.13		10-1-2013		6,545,000		6,639,183
Conagra Foods Incorporated		5.88		4-15-2014		5,500,000		5,736,847
								12,376,030
Household Products : 0.56%
Newell Rubbermaid Incorporated		2.00		6-15-2015		7,360,000		7,485,915
Tobacco : 0.45%
Reynolds American Incorporated		1.05		10-30-2015		4,050,000		4,060,166
Reynolds American Incorporated		7.30		7-15-2015		1,770,000		1,994,615
								6,054,781
Energy : 5.02%
Energy Equipment & Services : 1.02%
Enbridge Energy Partners LP		4.75		6-1-2013		7,350,000		7,350,000
Enterprise Products Operating LLC		3.70		6-1-2015		6,000,000		6,331,152
								13,681,152
Oil, Gas & Consumable Fuels : 4.00%
Apache Corporation		6.00		9-15-2013		6,175,000		6,267,088
Colorado Interstate Gas Company		5.95		3-15-2015		8,450,000		9,146,855
Energy Transfer Partners LP		5.95		2-1-2015		2,795,000		3,009,815
Magellan Midstream Partners LP		6.45		6-1-2014		6,929,000		7,306,457
Marathon Oil Corporation		0.90		11-1-2015		4,000,000		3,996,764
Marathon Petroleum Corporation		3.50		3-1-2016		7,029,000		7,455,583
Phillips 66 Company		1.95		3-5-2015		4,600,000		4,686,554
Valero Energy Corporation		4.75		4-1-2014		5,125,000		5,294,653
Williams Partners LP		3.80		2-15-2015		6,000,000		6,288,354
								53,452,123
Financials : 14.39%
Capital Markets : 0.99%
Goldman Sachs Group Incorporated		5.13		1-15-2015		6,000,000		6,376,170
Morgan Stanley		1.75		2-25-2016		4,000,000		4,007,492
Morgan Stanley		6.00		4-28-2015		2,660,000		2,885,951
								13,269,613
Commercial Banks : 0.93%
Associated Banc-Corp		1.88		3-12-2014		4,000,000		4,014,444
Fifth Third Bank		4.75		2-1-2015		7,000,000		7,426,986
Union Bank NA		2.13		12-16-2013		1,000,000		1,009,184
								12,450,614

4

Wells Fargo Advantage Ultra Short-Term Income Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Consumer Finance : 3.86%
American Express Company		7.25	%	5-20-2014	$	6,000,000	$	6,385,980
Capital One Financial Corporation		7.38		5-23-2014		7,000,000		7,445,130
Daimler Finance North America LLC 144A		1.25		1-11-2016		3,510,000		3,510,972
Daimler Finance North America LLC 144A		1.65		4-10-2015		3,000,000		3,036,471
Ford Motor Credit Company LLC		3.88		1-15-2015		6,000,000		6,223,578
General Motors Financial Company 144A		2.75		5-15-2016		3,500,000		3,494,750
Harley-Davidson Funding Corporation 144A		5.75		12-15-2014		4,866,000		5,213,705
Hyundai Capital America Company 144A		3.75		4-6-2016		7,331,000		7,703,811
Nisource Finance Corporation		5.40		7-15-2014		4,797,000		5,029,918
SLM Corporation		3.88		9-10-2015		3,500,000		3,570,000
								51,614,315
Diversified Financial Services : 4.34%
Bank of America Corporation		7.38		5-15-2014		7,000,000		7,429,037
Citigroup Incorporated		6.38		8-12-2014		7,000,000		7,442,064
General Electric Capital Corporation		1.00		1-8-2016		6,000,000		6,007,806
HSBC Finance Corporation		4.75		7-15-2013		6,000,000		6,028,194
HSBC Finance Corporation		5.50		1-19-2016		2,165,000		2,391,598
JPMorgan Chase & Company		1.13		2-26-2016		6,000,000		5,994,522
PNC Funding Corporation		5.25		11-15-2015		7,500,000		8,259,338
Toll Road Investment Part II 144A¤		0.00		2-15-2016		6,000,000		5,449,920
Twins Ballpark LLC ±144A		1.20		10-1-2034		9,000,000		9,000,000
								58,002,479
Insurance : 2.16%
American International Group Incorporated		3.00		3-20-2015		8,000,000		8,287,112
MetLife Global Funding I 144A		2.00		1-10-2014		3,000,000		3,028,365
MetLife Institutional Funding III 144A		1.63		4-2-2015		3,500,000		3,549,389
Principal Life Global Funding II 144A		1.00		12-11-2015		5,000,000		5,013,160
Prudential Covered Trust Company 144A		3.00		9-30-2015		6,003,000		6,228,094
W.R. Berkley Corporation		5.60		5-15-2015		2,620,000		2,811,250
								28,917,370
REITs : 2.11%
American Tower Corporation		4.63		4-1-2015		6,300,000		6,689,561
Camden Property Trust		5.00		6-15-2015		6,490,000		6,990,184
Digital Realty Trust LP		4.50		7-15-2015		5,875,000		6,202,802
Health Care Incorporated		3.63		3-15-2016		5,470,000		5,792,834
Ventas Realty LP		3.13		11-30-2015		2,400,000		2,528,316
								28,203,697
Health Care : 2.94%
Health Care Equipment & Supplies : 0.80%
Boston Scientific Corporation		4.50		1-15-2015		4,500,000		4,751,496
Boston Scientific Corporation		5.45		6-15-2014		1,750,000		1,833,080
CareFusion Corporation		5.13		8-1-2014		4,000,000		4,196,456
								10,781,032
Health Care Providers & Services : 0.49%
Express Scripts Holding Company		2.10		2-12-2015		6,400,000		6,534,259
Life Sciences Tools & Services : 1.00%
Life Technologies Corporation		4.40		3-1-2015		5,830,000		6,140,267
Thermo Fisher Scientific Incorporated		3.20		3-1-2016		4,823,000		5,059,530

5

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage Ultra Short-Term Income Fund

Security name	Interest rate			Maturity date	Principal		Value
Life Sciences Tools & Services (continued)
Thermo Fisher Scientific Incorporated		5.00	%	6-1-2015	$	2,000,000	$	2,142,614
								13,342,411
Pharmaceuticals : 0.65%
AbbVie Incorporated 144A		1.20		11-6-2015		5,000,000		5,020,965
Watson Pharmaceuticals Incorporated		5.00		8-15-2014		3,500,000		3,661,735
								8,682,700
Industrials : 3.21%
Commercial Services & Supplies : 1.10%
Penske Truck Leasing Company LP 144A		2.50		7-11-2014		2,000,000		2,031,756
Penske Truck Leasing Company LP 144A		2.50		3-15-2016		2,720,000		2,797,525
Penske Truck Leasing Company LP 144A		3.13		5-11-2015		3,310,000		3,430,487
Pitney Bowes Incorporated		3.88		6-15-2013		6,412,000		6,416,642
								14,676,410
Electrical Equipment : 1.35%
Dayton Power & Light Company		5.13		10-1-2013		6,000,000		6,087,444
Eaton Corporation 144A		0.95		11-2-2015		5,000,000		5,000,705
Roper Industries Incorporated		6.63		8-15-2013		6,895,000		6,972,838
								18,060,987
Machinery : 0.38%
Case New Holland Incorporated		7.75		9-1-2013		5,000,000		5,056,250
Road & Rail : 0.38%
Ryder System Incorporated		3.15		3-2-2015		5,000,000		5,172,420
Information Technology : 2.40%
Communications Equipment : 0.61%
Agilent Technologies Incorporated		5.50		9-14-2015		7,456,000		8,197,335
IT Services : 0.53%
Electronic Data Systems Corporation Series B		6.00		8-1-2013		7,000,000		7,058,674
Office Electronics : 0.48%
Xerox Corporation		8.25		5-15-2014		6,000,000		6,408,180
Semiconductors & Semiconductor Equipment : 0.30%
Broadcom Corporation		1.50		11-1-2013		4,000,000		4,016,276
Software : 0.48%
CA Incorporated		6.13		12-1-2014		6,000,000		6,430,686
Materials : 1.70%
Chemicals : 0.53%
Eastman Chemical Company		3.00		12-15-2015		6,760,000		7,076,895
Metals & Mining : 0.53%
Barrick Gold Corporation		1.75		5-30-2014		7,000,000		7,051,793
Paper & Forest Products : 0.64%
Georgia-Pacific LLC		7.70		6-15-2015		7,570,000		8,563,578

6

Wells Fargo Advantage Ultra Short-Term Income Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Telecommunication Services : 2.37%
Diversified Telecommunication Services : 1.86%
AT&T Incorporated		0.88	%	2-13-2015	$	6,445,000	$	6,462,376
Crown Castle Towers LLC 144A		3.21		8-15-2035		6,000,000		6,209,472
Qwest Corporation ±		3.53		6-15-2013		3,000,000		3,001,365
Qwest Corporation		7.50		10-1-2014		3,274,000		3,547,589
SBA Tower Trust 144A		4.25		4-15-2040		5,415,000		5,616,075
								24,836,877
Wireless Telecommunication Services : 0.51%
Verizon Wireless Capital LLC		7.38		11-15-2013		6,688,000		6,886,079
Utilities : 2.42%
Electric Utilities : 1.23%
Ameren Corporation		8.88		5-15-2014		6,000,000		6,437,928
Exelon Corporation		4.90		6-15-2015		2,000,000		2,155,594
LG&E & KU Energy LLC		2.13		11-15-2015		7,635,000		7,824,333
								16,417,855
Gas Utilities : 0.45%
Atmos Energy Corporation		4.95		10-15-2014		5,640,000		5,961,401
Multi-Utilities : 0.74%
CMS Energy Corporation		4.25		9-30-2015		6,500,000		6,952,985
DTE Energy Company ±		0.99		6-3-2013		3,000,000		3,000,000
								9,952,985
Total Corporate Bonds and Notes (Cost $569,661,105)								570,855,623
Municipal Obligations : 3.99%
California : 1.41%
California PCFA Waste Management Services Incorporated Series A (Resource Recovery Revenue) ±		0.85		11-1-2038		4,000,000		4,002,120
California PCFA Waste Management Services Incorporated Series A1 (Resource Recovery Revenue) ±		1.88		4-1-2025		4,000,000		4,058,880
California Public Works Board Lease Series E (Health Revenue)		3.68		12-1-2015		5,000,000		5,155,500
Irvine Ranch CA Water District (Water & Sewer Revenue)		2.39		3-15-2014		5,680,000		5,686,986
								18,903,486
Florida : 0.21%
Miami-Dade County FL IDA Waste Management Incorporated Florida Project (Resource Recovery Revenue) ±		2.63		8-1-2023		2,800,000		2,849,840
Illinois : 0.44%
Illinois (Tax Revenue)		4.42		1-1-2015		5,635,000		5,899,676
Louisiana : 0.39%
Louisiana Gas & Fuels Tax Build America Bonds Series A-4 (Tax Revenue) ±		2.70		5-1-2043		5,250,000		5,257,560
Michigan : 0.24%
Michigan Housing Development Authority Series A (Housing Revenue) ±		0.85		12-1-2014		3,200,000		3,200,096

7

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage Ultra Short-Term Income Fund

Security name	Interest rate			Maturity date	Principal		Value
Minnesota : 0.12%
Minnesota Tobacco Securitization Authority Series A (Tobacco Revenue)		2.64	%	3-1-2014	$	1,500,000	$	1,521,210
New Jersey : 0.11%
Atlantic City NJ (Tax Revenue, AGM Insured)		4.00		12-15-2013		1,375,000		1,391,115
New York : 0.13%
Dutchess County NY Local Development Corporation (Health Revenue)		1.35		7-1-2014		1,775,000		1,778,231
Ohio : 0.23%
Ohio Water Development Authority Solid Waste Management Incorporated Project (Resource Recovery Revenue) ±		1.75		6-1-2013		3,000,000		3,000,000
Texas : 0.71%
Houston TX Airport Services Sub-Lien Series A (Airport Revenue)		5.00		7-1-2013		2,500,000		2,509,650
Mission TX Economic Development Corporation Republic Services Incorporated Project (Solid Waste Revenue) ø		0.57		1-1-2026		7,000,000		7,000,000
								9,509,650
Total Municipal Obligations (Cost $53,054,368)								53,310,864
Non-Agency Mortgage Backed Securities : 9.70%
Bank of America Commercial Mortgage Incorporated Series 2004-1 Class A4		4.76		11-10-2039		6,572,971		6,662,902
Bank of America Commercial Mortgage Incorporated Series 2004-3 Class A5 ±		5.56		6-10-2039		6,355,780		6,569,556
Bank of America Commercial Mortgage Incorporated Series 2004-5 Class A4 ±		4.94		11-10-2041		5,700,618		5,919,300
Bank of America Mortgage Securities Series 2002-K Class 3A1 ±		2.75		10-20-2032		2,653		2,727
Bear Stearns Commercial Mortgage Securities Incorporated Series 2004-PWR3 Class A4		4.72		2-11-2041		1,309,475		1,326,337
Bear Stearns Commercial Mortgage Securities Incorporated Series 2005-PWR 9 Class A4A		4.87		9-11-2042		5,850,000		6,273,359
Bear Stearns Commercial Mortgage Securities Incorporated Series 2005-PWR-7 Class A3 ±		5.12		2-11-2041		3,700,000		3,924,864
Bear Stearns Commercial Mortgage Securities Incorporated Series 2005-PWR8 Class A4		4.67		6-11-2041		2,130,000		2,259,953
Bear Stearns Commercial Mortgage Securities Incorporated Series 2005-T18 Class A4 ±		4.93		2-13-2042		5,893,099		6,255,873
Citigroup Deutsche Bank Commercial Mortgage Trust Series 2005-CD1 Class A4 ±		5.22		7-15-2044		3,500,000		3,802,155
Collateralized Mortgage Obligation Trust Series 66 Class Z		8.00		9-20-2021		112,966		125,647
Commercial Mortgage Pass-Through Trust Certificates Series 2005-C6 Class A5A ±		5.12		6-10-2044		5,585,000		6,021,887
Commercial Mortgage Trust Pass-Through Certificates Series 2004-LB4A Class A4		4.58		10-15-2037		829,535		831,414
Commercial Mortgage Trust Pass-Through Certificates Series 2010-C1 Class A1 144A		3.16		7-10-2046		5,621,884		5,865,441
Countrywide Home Loans Mortgage Pass-Through Trust Series 2001-HYB1 Class 1A1 ±		2.11		6-19-2031		651,935		656,302
Countrywide Home Loans Mortgage Pass-Through Trust Series 2001-HYB1 Class 2A1 ±		1.95		6-19-2031		297,363		301,199
Countrywide Home Loans Mortgage Pass-Through Trust Series 2004-20 Class 3A1 ±		2.25		9-25-2034		250,166		209,852
Credit Suisse First Boston Mortgage Securities Corporation Series 2005-C3 Class A4		4.69		7-15-2037		1,168,000		1,244,217
Credit Suisse First Boston Mortgage Securities Corporation Series 2005-C5 Class A4 ±		5.10		8-15-2038		2,850,000		3,055,519
Credit Suisse Mortgage Capital Certificates Series 2010-12R Class 11A1 ±144A		4.00		7-26-2036		1,007,175		1,009,024
DLJ Mortgage Acceptance Corporation Series 1990-2 Class A ±(i)		3.35		1-25-2022		127,581		130,528
DLJ Mortgage Acceptance Corporation Series 1991-3 Class A1 ±(i)		1.98		1-25-2021		44,557		45,394

8

Wells Fargo Advantage Ultra Short-Term Income Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Non-Agency Mortgage Backed Securities (continued)
EquiFirst Mortgage Loan Trust Series 2003-2 Class 3A3 ±		1.32	%	9-25-2033	$	847,884	$	846,408
FDIC Series 2013-R1 Class A 144A		1.15		3-25-2033		5,232,100		5,176,219
GE Capital Commercial Mortgage Corporation Series 2004-C1 Class A3		4.60		11-10-2038		426,033		430,882
GE Capital Commercial Mortgage Corporation Series 2004-C2 Class A4		4.89		3-10-2040		5,636,000		5,759,721
GE Capital Commercial Mortgage Corporation Series 2004-C3 Class A4 ±		5.19		7-10-2039		3,782,973		3,928,655
GE Capital Commercial Mortgage Corporation Series 2005-C3 Class A7A ±		4.97		7-10-2045		5,430,000		5,838,901
GSMPS Mortgage Loan Trust Series 1998-1 Class A ±144A		8.00		9-19-2027		100,833		104,201
Housing Securities Incorporated Series 1992-8 Class E ±		3.60		6-25-2024		161,540		162,396
Lehman Brothers UBS Commercial Mortgage Trust Series 2005-C1 Class A4		4.74		2-15-2030		6,210,000		6,519,885
Lehman Brothers UBS Commercial Mortgage Trust Series 2005-C5 Class 4		4.95		9-15-2030		6,950,000		7,434,999
Master Mortgages Trust Series 2002-3 Class 4A1 ±		2.50		10-25-2032		33,755		33,968
Morgan Stanley Capital I Series 2005-IQ10 Class A4A ±		5.23		9-15-2042		6,316,856		6,773,249
Morgan Stanley Capital I Series 2005-T19 Class A4A		4.89		6-12-2047		4,815,000		5,169,018
Morgan Stanley Dean Witter Capital I Series 2004-T15 Class A3		5.03		6-13-2041		948,801		950,610
Morgan Stanley Dean Witter Capital I Series 2005-IQ9 Class A5		4.70		7-15-2056		1,000,000		1,051,388
Morgan Stanley Mortgage Trust Series 35 Class 2 ±(i)(w)		15,279.23		4-20-2021		25		4,909
NCUA Guaranteed Notes Series 2010-C1 Class A1		1.60		10-29-2020		7,119,135		7,222,740
Prudential Home Mortgage Securities Series 1988-1 Class A ±		2.50		4-25-2018		25,203		25,750
Resecuritization Mortgage Trust Series 1998-B Class A ±144A		0.44		4-26-2021		10,541		9,898
Salomon Brothers Mortgage Securities VII Series 1990-2 Class A ±		2.04		11-25-2020		468,074		481,086
Springleaf Mortgage Loan Trust Series 2012-2A Class A ±144A		2.22		10-25-2057		3,269,748		3,384,509
Structured Asset Mortgage Investments Incorporated Series 2001-4 Class A2 ±		9.60		10-25-2024		183,757		193,697
Structured Asset Securities Corporation Series 1998-2 Class A ±		0.71		2-25-2028		341,138		337,610
Terwin Mortgage Trust Series 2004-21HE Class 1A1 ±		1.15		12-25-2034		71,884		68,147
UBS Barclays Commercial Mortgage Trust Series 2012-C2 Class A1		1.01		5-10-2063		4,316,053		4,330,870
Wilshire Funding Corporation Series 1996-3 Class M2 ±		5.84		8-25-2032		194,517		190,574
Wilshire Funding Corporation Series 1996-3 Class M3 ±		5.84		8-25-2032		174,306		167,011
Wilshire Funding Corporation Series 1998-2 Class M1 ±		2.00		12-28-2037		745,625		680,368
Total Non-Agency Mortgage Backed Securities (Cost $130,017,504)								129,771,119
Yankee Corporate Bonds and Notes : 18.30%
Consumer Discretionary : 1.02%
Auto Components : 0.30%
Autoliv Incorporated		3.85		4-30-2014		4,000,000		4,046,720
Diversified Consumer Services : 0.49%
Anglo American Capital Company 144A		9.38		4-8-2014		6,130,000		6,537,964
Media : 0.23%
Thomson Reuters Corporation		5.95		7-15-2013		3,000,000		3,017,754
Consumer Staples : 0.76%
Food Products : 0.55%
Tate & Lyle International Finance plc 144A		5.00		11-15-2014		7,000,000		7,343,063
Tobacco : 0.21%
BAT International Finance plc 144A		1.40		6-5-2015		2,750,000		2,774,186
Energy : 3.00%
Oil, Gas & Consumable Fuels : 3.00%
CNOOC Finance 2013 Limited		1.13		5-9-2016		3,500,000		3,495,573

9

Portfolio of investments — May 31, 2013 (unaudited) Wells Fargo Advantage Ultra Short-Term Income Fund

Security name	Interest rate			Maturity date	Principal		Value
Oil, Gas & Consumable Fuels (continued)
Husky Energy Incorporated		5.90	%	6-15-2014	$	6,000,000	$	6,305,886
Noble Corporation		5.88		6-1-2013		7,420,000		7,420,000
Petrobras International Finance Company		2.88		2-6-2015		7,000,000		7,094,304
Sinopec Capital 2013 144A		1.25		4-24-2016		3,440,000		3,426,023
Weatherford International Limited		4.95		10-15-2013		6,000,000		6,087,246
Woodside Finance Limited 144A		8.13		3-1-2014		6,000,000		6,301,800
								40,130,832
Financials : 9.84%
Commercial Banks : 8.46%
ABN AMRO Bank NV 144A		1.38		1-22-2016		6,935,000		6,943,322
ANZ New Zealand International Limited 144A		1.13		3-24-2016		6,500,000		6,490,328
Bank Nederlandse Gemeenten		5.00		5-16-2014		14,000,000		14,599,354
Bank of Montreal 144A«		1.30		10-31-2014		5,500,000		5,567,018
Bank of Nova Scotia 144A		1.45		7-26-2014		12,000,000		12,018,816
Canadian Imperial Bank 144A		0.90		9-19-2014		4,000,000		4,024,708
ING Bank NV 144A		1.38		3-7-2016		6,000,000		5,976,450
KFW Bankengruppe ±		0.27		11-28-2014		7,000,000		7,000,028
Macquarie Bank Limited 144A		3.45		7-27-2015		5,000,000		5,207,645
Nordea Eiendomskreditt 144A		1.88		4-7-2015		12,500,000		12,650,125
SpareBank 1 Boligkreditt 144A		1.25		10-25-2014		14,000,000		14,045,080
Stadshypotek AB 144A		1.45		9-30-2013		12,500,000		12,549,075
Xstrata Finance Canada Limited 144A		2.85		11-10-2014		6,000,000		6,131,874
								113,203,823
Diversified Financial Services : 0.87%
Abbey National Treasury Service plc 144A		3.88		11-10-2014		4,400,000		4,560,420
WPP Finance		8.00		9-15-2014		6,500,000		7,060,885
								11,621,305
Insurance : 0.51%
Endurance Specialty Holdings Limited		6.15		10-15-2015		6,180,000		6,813,067
Industrials : 0.46%
Machinery : 0.46%
Pentair Finance SA		1.35		12-1-2015		6,075,000		6,098,170
Information Technology : 0.25%
Semiconductors & Semiconductor Equipment : 0.25%
TSMC Global Limited 144A		0.95		4-3-2016		3,385,000		3,361,623
Materials : 1.03%
Construction Materials : 0.22%
Lafarge SA 144A		6.20		7-9-2015		2,745,000		2,964,600
Metals & Mining : 0.81%
Arcelormittal Company		5.38		6-1-2013		5,500,000		5,500,000
RioTinto Finance USA Limited		8.95		5-1-2014		5,000,000		5,369,840
								10,869,840
Telecommunication Services : 1.94%
Diversified Telecommunication Services : 1.46%
Deutsche Telekom International Finance BV		5.25		7-22-2013		7,000,000		7,042,371
Telefonos de Mexico SA		5.50		1-27-2015		6,000,000		6,393,444

10

Wells Fargo Advantage Ultra Short-Term Income Fund Portfolio of investments — May 31, 2013 (unaudited)

Security name			Interest rate			Maturity date	Principal		Value
Diversified Telecommunication Services (continued)
Vivendi SA 144A				2.40	%	4-10-2015	$	6,000,000	$	6,115,500
										19,551,315
Wireless Telecommunication Services : 0.48%
Rogers Cable Incorporated				5.50		3-15-2014		2,000,000		2,075,014
Rogers Wireless Incorporated				6.38		3-1-2014		4,200,000		4,375,426
										6,450,440
Total Yankee Corporate Bonds and Notes (Cost $243,757,886)										244,784,702
Short-Term Investments : 5.04%
			Yield				Shares
Investment Companies : 4.98%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)				0.10				61,848,062		61,848,062
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(v)(r)				0.16				4,786,875		4,786,875
										66,634,937
							Principal
U.S. Treasury Securities : 0.06%
U.S. Treasury Bill (z)#				0.02		6-20-2013	$	750,000		749,992
U.S. Treasury Bill (z)#				0.01		6-20-2013	$	50,000		50,000
										799,992
Total Short-Term Investments (Cost $67,434,916)										67,434,929
Total investments in securities (Cost $1,349,480,650)*	101.22	%								1,353,783,488
Other assets and liabilities, net	(1.22	)								(16,311,348	)
Total net assets	100.00	%							$	1,337,472,140

±	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.
¤	Security issued in zero coupon form with no periodic interest payments.
ø	Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The interest rate shown is the rate in effect at period end.
(i)	Illiquid security
(w)	This security is a structured note which generates income based on a coupon formula (-1,500 * 1 month LIBOR + 15,573.5%) and the repayment behavior of the underlying collateral. The coupon is subject to a mandatory cap of 15,573.5% and a mandatory floor of 11%.
«	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.
(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 $1,349,284,204 and unrealized appreciation (depreciation) consists of: Gross unrealized appreciation $ 7,303,975 Gross unrealized depreciation (2,804,691) Net unrealized appreciation $ 4,499,284

Gross unrealized appreciation	$	7,303,975
Gross unrealized depreciation		(2,804,691	)
Net unrealized appreciation	$	4,499,284

11

Wells Fargo Advantage Ultra Short-Term Income Fund (the “Fund”)

Notes to Portfolio of Investments – May 31, 2013 (unaudited)

Securities valuation

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

Fixed income securities acquired with maturities exceeding 60 days are valued based on evaluated bid prices received from an independent pricing service which may utilize both transaction data and market information such as yield, prices of securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data. If valuations are not available from the independent pricing service or values received are deemed not representative of market value, values will be obtained from a broker-dealer or otherwise determined based on the Fund’s Valuation Procedures.

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

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

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

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

Security loans

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund 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 Fund has the right under the lending agreement to recover the securities from the borrower on demand.

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

Futures contracts

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

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

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to significant unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, 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 May 31, 2013, the inputs used in valuing investments in securities were as follows:

Investments in securities	Quoted prices (Level 1)		Significant other observable  inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Agency securities	$	0	$	156,164,961	$	0	$	156,164,961
Asset-backed securities		0		131,461,290		0		131,461,290
Corporate bonds and notes		0		570,855,623		0		570,855,623
Municipal obligations		0		53,310,864		0		53,310,864
Non-agency mortgage backed securities		0		129,771,119		0		129,771,119
Yankee corporate bonds and notes		0		244,784,702		0		244,784,702
Short-term investments
Investment companies		61,848,062		4,786,875		0		66,634,937
U.S. Treasury securities		749,992		50,000		0		799,992
	$	62,598,054	$	1,291,185,434	$	0	$	1,353,783,488

As of May 31, 2013, the inputs used in valuing the Fund’s other financial instruments were as follows:

Other financial instruments	Quoted prices (Level 1)		Significant other observable  inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Futures contracts+	$	593,210	$	0	$	0	$	593,210

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

Transfers in and transfers out are recognized at the end of the reporting period. For the nine months ended May 31, 2013, the Fund did not have any transfers into/out of Level 1 or Level 2.

Derivative transactions

As of May 31, 2013, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio.

At May 31, 2013, the Fund had short futures contracts outstanding as follows:

Expiration         date	Contracts		Type	Contract value at May 31, 2013		Unrealized gains
9-30-2013		2,167 Short	2-Year U.S. Treasury Notes	$	477,044,737	$	525,851
9-30-2013		288 Short	5-Year U.S. Treasury Notes		35,255,250		67,359

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

COP — Certificate of participation

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 — Industrial development revenue

IEP — Irish pound

JPY — Japanese yen

KRW — Republic of Korea won

LIBOR — London Interbank Offered Rate

LIQ — Liquidity agreement

LLC — Limited liability company

LLP — Limited liability partnership

LOC — Letter of credit

LP — Limited partnership

MBIA — Municipal Bond Insurance Association

MFHR — Multifamily housing revenue

MSTR — Municipal securities trust receipts

MTN — Medium-term note

MUD — Municipal Utility District

MXN — Mexican peso

MYR — Malaysian ringgit

National — National Public Finance Guarantee Corporation

NOK — Norwegian krone

NZD — New Zealand dollar

PCFA — Pollution Control Financing Authority

PCL — Public Company Limited

PCR — Pollution control revenue

PFA — Public Finance Authority

PFFA — Public Facilities Financing Authority

PFOTER — Puttable floating option tax-exempt receipts

plc — Public limited company

PLN — Polish zloty

PUTTER — Puttable tax-exempt receipts

R&D — Research & development

Radian — Radian Asset Assurance

RAN — Revenue anticipation notes

RDA — Redevelopment Authority

RDFA — Redevelopment Finance Authority

REIT — Real estate investment trust

ROC — Reset option certificates

SAVRS — Select auction variable rate securities

SBA — Small Business Authority

SEK — Swedish krona

SFHR — Single-family housing revenue

SFMR — Single-family mortgage revenue

SGD — Singapore dollar

SKK — Slovakian koruna

SPA — Standby purchase agreement

SPDR — Standard & Poor’s Depositary Receipts

STRIPS — Separate trading of registered interest and principal securities

TAN — Tax anticipation notes

TBA — To be announced

TIPS — Treasury inflation-protected securities

TRAN — Tax revenue anticipation notes

TRY — Turkish lira

TTFA — Transportation Trust Fund Authority

TVA — Tennessee Valley Authority

ZAR — South African rand

ITEM 2. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the Trust’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the 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.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Wells Fargo Funds Trust
By:	/s/ Karla M. Rabusch
	Karla M. Rabusch
	President
Date: July 26, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

Wells Fargo Funds Trust
By:	/s/ Karla M. Rabusch
	Karla M. Rabusch
	President
Date: July 26, 2013

By:	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date: July 26, 2013

By:	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
Date: July 26, 2013