Allspring Special Mid Cap Value Fund NCSRS Certified semi-annual shareholder report (management investment company)

Allspring Special Mid Cap Value Fund (WFMDX) N-CSRSCertified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

Wells Fargo Funds Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105
(Address of principal executive offices) (Zip code)

C. David Messman
Wells Fargo Funds Management, LLC
525 Market St., San Francisco, CA 94105
(Name and address of agent for service)

Registrant’s telephone number, including area code: 800-643-9691

Date of fiscal year end: July 31, 2010

Date of reporting period: January 31, 2011

TABLE OF CONTENTS


	ITEM 1. REPORT TO SHAREHOLDERS
	ITEM 2. CODE OF ETHICS
	ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
	ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
	ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
	ITEM 6. SCHEDULE OF INVESTMENTS
	ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
	ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
	ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT INVESTMENT COMPANY AND AFFILIATED PURCHASES
	ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
	ITEM 11. CONTROLS AND PROCEDURES
	ITEM 12. EXHIBITS
SIGNATURES

ITEM 1. REPORT TO SHAREHOLDERS

WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS

§ Wells Fargo Advantage Index Fund

Reduce clutter. Save trees.

Contents


Letter to Shareholders			2

Performance Highlights			6

Fund Expenses			8

Portfolio of Investments			9

Financial Statements
Statement of Assets and Liabilities			10
Statement of Operations			11
Statements of Changes in Net Assets			12
Financial Highlights			14

Notes to Financial Statements			16

Wells Fargo Advantage Index Portfolio
Portfolio of Investments — January 31, 2011			20
Statement of Assets and Liabilities — January 31, 2011			37

Other Information			38

List of Abbreviations			41

The views expressed are as of January 31, 2011, and are those of the Fund managers. Any reference to a specific security in this report is not a recommendation to purchase or sell any specific security or adopt any investment strategy. The views are subject to change at any time in response to changing circumstances in the market and are not intended to predict or guarantee the future performance of any individual security, market sector or the markets generally, or the Wells Fargo Advantage Index Fund.

NOT FDIC INSURED § NO BANK GUARANTEE § MAY LOSE VALUE

WELLS FARGO


		INVESTMENT HISTORY

1932		Keystone creates one of the first mutual fund families.

1971		Wells Fargo & Company introduces one of the first institutional index funds.

1978		Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.

1984		Wells Fargo Stagecoach Funds launches its first asset allocation fund.

1989		The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.

1994		Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the *Wells Fargo Advantage Dow Jones Target Date Funds*^SM).

1996		Evergreen Investments and Keystone Funds merge.

1997		Wells Fargo launches *Wells Fargo Advantage WealthBuilder Portfolios*^SM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.

1999		Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.

2002		Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.

2005		The integration of Strong Funds with Wells Fargo Funds creates *Wells Fargo Advantage Funds,* resulting in one of the top 20 mutual fund companies in the United States.

2006		*Wells Fargo Advantage Funds* relaunches the target date product line as *Wells Fargo Advantage Dow Jones Target Date Funds.*

2010		The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of *Wells Fargo Advantage Funds.*

Wells Fargo Advantage Funds ^®

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

Strength

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

Expertise

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

Partnership

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

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

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds^®. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

The “Dow Jones Target Date Indexes” are a product of Dow Jones Indexes, a licensed trademark of CME Group Index Services LLC (“CME”). “Dow Jones” and “Dow Jones Target Date Indexes” are service marks of Dow Jones Trademark Holdings, LLC, and have been licensed for use for certain purposes by CME and sublicensed for use by Global Index Advisors, Inc., and Wells Fargo Funds Management, LLC. The Dow Jones Target Date Indexes are based in part on the Barclays Capital Bond Indexes, which are published by Barclays Capital Inc. The Wells Fargo Advantage Dow Jones Target Date Funds, based on the Dow Jones Target Date Indexes, are not sponsored, endorsed, sold, or promoted by Dow Jones, CME or Barclays Capital or any of their respective affiliates, and neither Dow Jones, CME nor Barclays Capital nor any of their respective affiliates makes any representation regarding the advisability of investing in such product(s) and/or about the quality, accuracy, and/or completeness of the Dow Jones Target Date Indexes or the Barclays Capital Bond Indexes. IN NO EVENT SHALL DOW JONES, CME, BARCLAYS CAPITAL, OR ANY OF THEIR LICENSORS HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

NOT FDIC INSURED § NO BANK GUARANTEE § MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 120 mutual funds across a wide range of asset classes, representing over $232 billion in assets under management, as of January 31, 2011.


Equity Funds

Asia Pacific Fund	Enterprise Fund^†	Opportunity Fund^†
C&B Large Cap Value Fund	Equity Value Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Global Opportunities Fund	Premier Large Company Growth Fund
Capital Growth Fund	Growth Fund	Small Cap Growth Fund
Classic Value Fund	Growth Opportunities Fund	Small Cap Opportunities Fund
Common Stock Fund	Health Care Fund	Small Cap Value Fund
Core Equity Fund	Index Fund	Small Company Growth Fund
Disciplined Global Equity Fund	International Equity Fund	Small Company Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small/Mid Cap Core Fund
Disciplined Value Fund	Intrinsic Small Cap Value Fund	Small/Mid Cap Value Fund
Discovery Fund^†	Intrinsic Value Fund	Social Sustainability Fund^†
Diversified Equity Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified International Fund	Large Cap Core Fund	Special Small Cap Value Fund
Diversified Small Cap Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Growth Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Emerging Markets Equity Fund	Mid Cap Growth Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund^†	Omega Growth Fund	Utility and Telecommunications Fund

Bond Funds

Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund

Asset Allocation Funds

Asset Allocation Fund	WealthBuilder Equity Portfolio^†	Target 2020 Fund^†
Conservative Allocation Fund	WealthBuilder Growth Allocation Portfolio^†	Target 2025 Fund^†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio^†	Target 2030 Fund^†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio^†	Target 2035 Fund^†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio^†	Target 2040 Fund^†
Index Asset Allocation Fund	Target Today Fund^†	Target 2045 Fund^†
Moderate Balanced Fund	Target 2010 Fund^†	Target 2050 Fund^†
WealthBuilder Conservative Allocation Portfolio^†	Target 2015 Fund^†

Money Market Funds

100% Treasury Money Market Fund	Minnesota Money Market Fund	New Jersey Municipal Money Market Fund
California Municipal Money Market Fund	Money Market Fund	New York Municipal Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Pennsylvania Municipal Money Market Fund
Government Money Market Fund	Municipal Money Market Fund	Prime Investment Money Market Fund
Heritage Money Market Fund^†	National Tax-Free Money Market Fund	Treasury Plus Money Market Fund

Variable Trust Funds¹

VT Core Equity Fund	VT Intrinsic Value Fund	VT Small Cap Value Fund
VT Discovery Fund^†	VT Omega Growth Fund	VT Total Return Bond Fund
VT Index Asset Allocation Fund	VT Opportunity Fund^†
VT International Equity Fund	VT Small Cap Growth Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.


1.		The Variable Trust Funds are generally available only through insurance company variable contracts.

†		In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage Social Sustainability Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SMare referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, Social Sustainability Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.


2 Wells Fargo Advantage Index Fund		Letter to Shareholders

Karla M. Rabusch,
President
Wells Fargo Advantage Funds

Dear Valued Shareholder,

We are pleased to provide you with this semiannual report for the Wells Fargo Advantage Index Fund for the six-month period that ended January 31, 2011.

While the equity markets delivered strong six-month returns against the backdrop of a strengthening economy, the period was not without its share of macroeconomic challenges, domestic and international political uncertainty, and market volatility—once again highlighting the value of a well-diversified investment strategy. As always, we believe that having such a strategy may enable investors to balance risks and opportunities as they pursue long-term financial goals in a dynamic market environment.

The economic recovery stayed on track.

The U.S. economic recovery that began in the summer of 2009 gained momentum, particularly toward the end of 2010. After expanding by 2.6% in the third quarter of 2010, gross domestic product (GDP) accelerated to an annualized rate of 3.2% in the fourth quarter of 2010. Although the path of recovery has been uneven at times and growth remains subpar compared with previous recoveries, the general consensus among economists is that the economy will likely avoid a double-dip recession. That said, persistent weakness in the labor and housing markets bears close watching in the months ahead.

Jobs and housing remained troublesome.

At the end of the year, the unemployment rate stood at 9.4%—down from 9.9% a year earlier but still stubbornly high. The rate fell even further in January 2011 to 9.0%. Unfortunately, the drop may be more attributable to a decline in the labor force than to a meaningful uptick in hiring. In fact, employers added only 1.1 million jobs for all of 2010, suggesting that the improving economy has yet to translate into widespread hiring. Meanwhile, the beleaguered housing market was an ongoing source of concern, despite some tentative late-year signs of stabilization.

Other economic data were more encouraging, reflecting greater confidence in the recovery on the part of both consumers and businesses. Retail sales came in strong at certain points during the year—including the critical holiday shopping season—while industrial production and new orders have picked up. Although still reluctant to hire, businesses have gradually increased spending in other areas, such as equipment and technology. Core inflation, which excludes volatile food and energy prices, remained benign.

The Fed continued to do its part.

With inflation subdued, the Federal Reserve (Fed) held its target range for the federal funds rate—a proxy for short-term interest rates—steady at 0% to 0.25%. In its first statement of 2011, released on January 26, the Fed explained that the most recent economic data “confirms that the economic recovery is continuing, though at a rate that has been insufficient to bring about significant improvement in labor market conditions.” The statement noted that, while consumer and business spending has risen, activity remains constrained due to modest income growth, lower housing wealth, and tight credit. As a result, the Fed indicated that it intends to keep short-term rates at historically low levels for as long as needed to promote a more robust recovery.


Letter to Shareholders		Wells Fargo Advantage Index Fund 3

The Fed also stated that it plans to proceed with other stimulus measures, including its second round of quantitative easing (QE2)—a plan to purchase $600 billion in long-term Treasury securities by mid-2011. The introduction of QE2 in November 2010 marked a turning point for equity markets in that it ushered in a favorable shift in investor sentiment. By and large, investors interpreted the plan as further evidence of the Fed’s commitment to stabilizing the rate of inflation and spurring economic growth.

The second half of 2010 was a solid year for equities.

QE2 was certainly not the only catalyst for equity markets over the six-month period that ended January 31, 2011. Along with more upbeat economic data, better-than-expected corporate earnings played a role in driving stock prices higher. Throughout the past year, quarterly earnings per share for the majority of companies in the S&P 500 Index consistently exceeded Wall Street estimates. As 2010 drew to a close, the midterm congressional elections and the extension of the Bush-era tax cuts provided additional tailwinds, helping the markets finish the six-month period on a strong note.

For the six-month period, the broad equity market indexes posted exceptionally strong returns. The S&P 500 Index and the Dow Jones Industrial Average advanced 17.9% and 15.2%, respectively, and the tech-heavy NASDAQ Composite Index returned 20.5%. Investors were generally rewarded across the market-capitalization spectrum, with small- and mid-cap stocks outpacing large-cap stocks. In terms of investment style, growth stocks outperformed their value counterparts for the period.

To be sure, the gains were hard-earned, as the markets had to contend with numerous issues along the way, including the European sovereign debt crisis, civilian unrest and political upheaval in Tunisia and Egypt, China’s efforts to slow growth and manage inflation, and doubts about the sustainability of a domestic economic expansion. In particular, the early part of the third quarter witnessed bouts of heightened market volatility as economic data, although expanding, remained tepid. This led to increased fears that the U.S. economy was losing momentum and falling back into a recession. As the third and fourth quarters progressed, however, volatility—as measured by the Chicago Board Options Exchange Volatility Index—abated amid reduced fears of a double-dip recession. This renewed optimism was bolstered by improving corporate earnings, additional stimulus from the Fed, and the midterm elections, which provided more clarity around tax policy and the regulatory environment.

Investors should keep a long-term perspective.

In our view, the equity markets’ dramatic rebound over the past two years from a severe downturn underscores the importance of maintaining a disciplined, long-term investment strategy through changing market cycles. By staying focused on your long-term goals, you may be better positioned to both navigate falling markets and participate in rising markets.

To help you build a well-diversified strategy based on your personal objectives and risk tolerance, Wells Fargo Advantage Funds^® offers more than 120 mutual funds and other investments covering a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance.


4 Wells Fargo Advantage Index Fund		Letter to Shareholders

Thank you for choosing Wells Fargo Advantage Funds. We appreciate your continued confidence in us and are committed to helping you meet your financial needs. If you have any questions about your investments, please contact your investment professional, call us at 1-800-222-8222, or visit www.wellsfargo.com/advantagefunds.

Sincerely,

Karla M. Rabusch
President
Wells Fargo Advantage Funds

This page is intentionally left blank.


6 Wells Fargo Advantage Index Fund		Performance Highlights

Wells Fargo Advantage Index Fund¹

INVESTMENT OBJECTIVE

The Fund seeks to replicate the total rate of return of the S&P 500 Index, before fees and expenses.

INVESTMENT ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGER

Amit Chandra, CFA (Effective March 1, 2011)

FUND INCEPTION

February 14, 1985

TEN LARGEST EQUITY HOLDINGS³
(AS OF JANUARY 31, 2011)


Exxon Mobile Corporation	3.18	%
Apple Incorporated	2.44	%
General Electric Company	1.68	%
Microsoft Corporation	1.63	%
International Business Machines Corporation	1.57	%
Chevron Corporation	1.49	%
Procter & Gamble Company	1.38	%
JPMorgan Chase & Company	1.37	%
Wells Fargo & Company	1.33	%
Johnson & Johnson	1.28	%


1.		The Fund is a gateway fund in a Master/Gateway structure that invests all of its assets in a single master portfolio of the Wells Fargo Master Trust with a substantially similar investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the Master Portfolio in which it invests.

2.		Sector distribution is subject to change and represents the sector distribution of the Wells Fargo Advantage Index Portfolio, which is calculated based on total investments of the Wells Fargo Advantage Index Portfolio, excluding cash and cash equivalents. See Portfolio of Investments of Wells Fargo Advantage Index Portfolio at January 31, 2011 for further details.

3.		The ten largest equity holdings are calculated based on the value of the portfolio securities of the Wells Fargo Advantage Index Portfolio allocable to the Fund divided by the total investments of the Fund. Holdings are subject to change and may have changed since the date specified. See Portfolio of Investments of Wells Fargo Advantage Index Portfolio at January 31, 2011 for further details.

Performance Highlights

Wells Fargo Advantage Index Fund 7

Wells Fargo Advantage Index Fund (continued)

AVERAGE ANNUAL TOTAL RETURN⁴(%) (AS OF JANUARY 31, 2011)


			Including Sales Charge								Excluding Sales Charge								Expense Ratio⁵
	Inception Date		6 Month*		1 Year		5 Year		10 Year		6 Month*		1 Year		5 Year		10 Year		Gross			Net⁶
Class A (WFILX)**		11/04/1998		10.86		14.64		0.52		0.16		17.63		21.61		1.72		0.75		0.73	%		0.56	%
Class B (WFIMX)**		11/03/1998		12.18		15.67		0.65		0.23		17.18		20.67		0.95		0.23		1.48	%		1.31	%
Class C (WFINX)**		04/30/1999		16.19		19.69		0.95		0.00		17.19		20.69		0.95		0.00		1.48	%		1.31	%
Administrator Class (WFIOX)		02/14/1985										17.82		21.96		1.98		1.01		0.42	%		0.25	%
Investor Class (WFIRX)		07/16/2010										17.71		21.50		1.74		0.79		0.80	%		0.45	%
S&P 500 Index⁷												17.93		22.19		2.24		1.30


*		Returns for periods of less than one year are not annualized.

**		Class A and C shares are closed to new investors. Class B shares are closed to new investors and additional investment from existing shareholders, except in connection with the reinvestment of any distributions and permitted exchanges.

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted. Current month-end performance is available on the Fund’s Web site — www.wellsfargo.com/advantagefunds.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including sales charge assumes the sales charge for the corresponding time period. Administrator Class and Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.


4.		Performance shown for the Investor Class shares prior to its inception reflects the performance of the Administrator Class shares, adjusted to include the higher expenses applicable to the Investor Class. Performance shown for all classes of the Fund prior to July 19, 2010 is based on the performance of the Fund’s predecessor, Evergreen Equity Index Fund.

5.		Reflects the expense ratio as stated in the December 1, 2010 prospectuses.

6.		The investment adviser has contractually committed through July 18, 2013 to waive fees and/or reimburse expenses to the extent necessary to maintain the Fund’s contractual expense ratios shown, including underlying master portfolio fees and expenses, but excluding certain other expenses. Without these reductions, the Fund’s returns would have been lower.

7.		The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.


8 Wells Fargo Advantage Index Fund		Fund Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees (if any) and exchange fees (if any); and (2) ongoing costs, including management fees; distribution (12b-1) and/or shareholder service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2010 to January 31, 2011.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses Paid During Period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	Beginning		Ending		Expenses
	Account Value		Account Value		Paid During		Net Annual
	08-01-2010		01-31-2011		the Period¹		Expense Ratio
Class A
Actual	$	1,000.00	$	1,176.32	$	3.07		0.56	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.38	$	2.85		0.56	%
Class B
Actual	$	1,000.00	$	1,171.78	$	7.17		1.31	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.67		1.31	%
Class C
Actual	$	1,000.00	$	1,171.93	$	7.17		1.31	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.67		1.31	%
Administrator Class
Actual	$	1,000.00	$	1,178.18	$	1.37		0.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.95	$	1.28		0.25	%
Investor Class
Actual	$	1,000.00	$	1,177.10	$	2.47		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.94	$	2.29		0.45	%


1.		Expenses paid is equal to each class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half year period.)


Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Index Fund 9


Face/Share					Value
Amount		Security Name
Investments in Affiliated Master Portfolios: 100.13%
	N/A	Wells Fargo Advantage Index Portfolio			$	2,246,298,830

Total Investments in Affiliated Master Portfolios (Cost $1,666,449,616)						2,246,298,830


Total Investments in Securities (Cost $1,666,449,616)*			100.13	%		2,246,298,830
Other Assets and Liabilities, Net			(0.13	)		(2,826,050	)

Total Net Assets			100.00	%	$	2,243,472,780


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

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



10 Wells Fargo Advantage Index Fund		Statement of Assets and Liabilities—January 31, 2011 (Unaudited)


Assets
Investments in affiliated Master Portfolio, at value (see cost below)	$	2,246,298,830
Receivable for Fund shares sold		2,564,402
Receivable from investment adviser		256,216

Total assets		2,249,119,448

Liabilities
Payable for Fund shares redeemed		4,705,666
Distribution fees payable		67,920
Shareholder servicing fees payable		264,025
Due to other related parties		363,716
Accrued expenses and other liabilities		245,341

Total liabilities		5,646,668

Total net assets	$	2,243,472,780


NET ASSETS CONSIST OF
Paid-in capital	$	1,671,321,800
Overdistributed net investment income		(14,894,494	)
Accumulated net realized gains on investments		7,196,260
Net unrealized gains on investments		579,849,214

Total net assets	$	2,243,472,780


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE¹
Net assets — Class A	$	382,668,343
Shares outstanding — Class A		8,528,992
Net asset value per share — Class A	$	44.87
Maximum offering price per share — Class A²	$	47.61
Net assets — Class B	$	24,127,061
Shares outstanding — Class B		535,757
Net asset value per share — Class B	$	45.03
Net assets — Class C	$	81,706,848
Shares outstanding — Class C		1,812,568
Net asset value per share — Class C	$	45.08
Net assets — Administrator Class	$	1,628,372,489
Shares outstanding — Administrator Class		36,114,438
Net asset value per share — Administrator Class	$	45.09
Net assets — Investor Class	$	126,598,039
Shares outstanding — Investor Class		2,814,769
Net asset value per share — Investor	$	44.98

Total investments in affiliated Master Portfolio, at cost	$	1,666,449,616


1.		The Fund has an unlimited number of authorized shares.

2.		Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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



Statement of Operations—For the Six Months Ended January 31, 2011(Unaudited)		Wells Fargo Advantage Index Fund 11


Investment income
Dividends allocated from affiliated Master Portfolio	$	21,330,228
Interest allocated from affiliated Master Portfolio		190,241
Expenses allocated from affiliated Master Portfolio		(991,420	)

Total investment income		20,529,049


Expenses
Administration fees
Fund level		523,608
Class A		480,954
Class B		32,860
Class C		105,737
Administrator Class		750,012
Investor Class		194,425
Custody and accounting fees		45,370
Shareholder servicing fees
Class A		459,299
Class B		31,597
Class C		101,670
Administrator Class		749,724
Investor Class		146,465
Distribution fees
Class B		94,790
Class C		305,009
Professional fees		24,548
Registration fees		47,575
Shareholder report expenses		53,312
Trustees’ fees and expenses		5,311
Other fees and expenses		127,241

Total expenses		4,279,507

Less: Fee waivers and/or expense reimbursements		(1,379,208	)

Net expenses		2,900,299

Net investment income		17,628,750


NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS
Net realized gains on transactions allocated from affiliated Master Portfolio		92,722,767
Net change in unrealized gains (losses) on securities transactions allocated from Master Portfolio		232,188,783

Net realized and unrealized gains (losses) on investments		324,911,550

Net increase in net assets resulting from operations	$	342,540,300

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



12 Wells Fargo Advantage Index Fund		Statements of Changes in Net Assets


	Six Months Ended
	January 31, 2011				Year Ended
	(Unaudited)				July 31, 2010¹

Operations
Net investment income		$	17,628,750			$	6,360,683
Net realized gains on investments			92,722,767				53,489,100
Net change in unrealized gains (losses) on investments			232,188,783				47,380,378

Net increase in net assets resulting from operations			342,540,300				107,230,161


Distributions to shareholders from
Net investment income
Class A			(5,990,737	)			(2,552,524	)
Class B			(146,090	)			(150,761	)
Class C			(405,403	)			(555,354	)
Administrator Class			(25,714,932	)			(1,399,498	)
Investor Class²			(1,939,313	)			0
Net realized gains
Class A			(15,427,460	)			(23,941,525	)
Class B			(1,014,960	)			(3,168,657	)
Class C			(3,406,030	)			(11,695,734	)
Administrator Class			(64,910,014	)			(10,932,398	)
Investor Class²			(5,013,997	)			0

Total distributions to shareholders			(123,968,936	)			(54,396,451	)


Capital share transactions	Shares					Shares
Proceeds from shares sold
Class A		205,965		8,957,339			457,458		17,425,394
Class B		2,281		98,912			6,545		229,997
Class C		56,260		2,443,280			203,992		7,199,785
Administrator Class		3,165,860		138,689,438			388,445		14,997,963
Investor Class²		166,773		7,251,504			9,277		354,268

				157,440,473					40,207,407

Net asset value of shares issued in reinvestment of distributions
Class A		474,452		20,776,489			727,108		25,316,591
Class B		24,298		1,061,258			85,488		2,948,152
Class C		50,056		2,186,539			196,474		6,792,994
Administrator Class		1,945,615		85,599,082			282,690		9,823,982
Investor Class²		155,290		6,814,704			0		0

				116,438,072					44,881,719

Automatic conversion of Class B shares to Class A shares
Class A		0		0			63,039		2,346,964
Class B		0		0			(63,344	)	(2,346,964	)

				0					0

Payment for shares redeemed
Class A		(1,032,563	)	(44,533,069	)		(1,296,458	)	(49,395,879	)
Class B		(142,979	)	(6,179,319	)		(166,413	)	(6,278,636	)
Class C		(323,730	)	(13,800,775	)		(526,940	)	(20,071,405	)
Administrator Class		(3,614,045	)	(155,900,906	)		(2,134,548	)	(81,660,652	)
Investor Class²		(252,435	)	(10,882,472	)		(31,231	)	(1,257,957	)

				(231,296,541	)				(158,664,529	)


1.		After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Equity Index Fund, which became the accounting and performance survivor in this transaction. The information for the period prior to July 19, 2010 are those of Evergreen Equity Index Fund.

2.		Class commenced operations on July 19, 2010.

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



Statements of Changes in Net Assets		Wells Fargo Advantage Index Fund 13


	Six Months Ended
	January 31, 2011				Year Ended
	(Unaudited)				July 31, 2010¹

Capital share transactions (continued)
Net asset value of shares issued on acquisition
Class A		$	0		$	182,347,223
Class B			0			3,697,966
Administrator Class			0			1,298,002,962
Investor Class			0			108,248,512

			0			1,592,296,663


Net increase in net assets resulting from capital share transactions			42,582,004			1,518,721,260

Total increase in net assets			261,153,368			1,571,554,970

Net assets
Beginning of period			1,982,319,412			410,764,442

End of period		$	2,243,472,780		$	1,982,319,412

Undistributed (overdistributed) net investment income		$	(14,894,494	)	$	1,673,231

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



14 Wells Fargo Advantage Index Fund³		Financial Highlights


	Beginning					Net Realized			Distributions
	Net Asset		Net			and Unrealized			from Net
	Value Per		Investment			Gains (Losses)			Investment
	Share		Income			on Investments			Income

Class A
August 1, 2010 to January 31, 2011 (Unaudited)	$	40.42		0.33			6.70			(0.70	)
August 1, 2009 to July 31, 2010	$	41.72		0.64			4.89			(0.63	)
August 1, 2008 to July 31, 2009	$	56.53		0.91			(12.80	)		(0.91	)
August 1, 2007 to July 31, 2008	$	65.01		1.04			(8.50	)		(1.02	)
August 1, 2006 to July 31, 2007	$	57.04		0.86			7.96			(0.85	)
August 1, 2005 to July 31, 2006	$	55.13		0.76			1.88			(0.73	)

Class B
August 1, 2010 to January 31, 2011 (Unaudited)	$	40.32		0.16	⁵		6.69			(0.26	)
August 1, 2009 to July 31, 2010	$	41.63		0.28			4.88			(0.27	)
August 1, 2008 to July 31, 2009	$	56.42		0.63	⁵		(12.82	)		(0.59	)
August 1, 2007 to July 31, 2008	$	64.86		0.57	⁵		(8.48	)		(0.53	)
August 1, 2006 to July 31, 2007	$	56.90		0.41	⁵		7.91			(0.36	)
August 1, 2005 to July 31, 2006	$	55.01		0.34	⁵		1.89			(0.34	)

Class C
August 1, 2010 to January 31, 2011 (Unaudited)	$	40.32		0.15			6.71			(0.22	)
August 1, 2009 to July 31, 2010	$	41.62		0.30			4.88			(0.28	)
August 1, 2008 to July 31, 2009	$	56.36		0.59			(12.76	)		(0.56	)
August 1, 2007 to July 31, 2008	$	64.80		0.55			(8.44	)		(0.55	)
August 1, 2006 to July 31, 2007	$	56.87		0.40	⁵		7.90			(0.37	)
August 1, 2005 to July 31, 2006	$	54.99		0.33			1.89			(0.34	)

Administrator Class
August 1, 2010 to January 31, 2011 (Unaudited)	$	40.56		0.38			6.75			(0.72	)
August 1, 2009 to July 31, 2010	$	41.88		0.87	⁵		4.76			(0.75	)
August 1, 2008 to July 31, 2009	$	56.88		1.02	⁵		(12.90	)		(1.11	)
August 1, 2007 to July 31, 2008	$	65.42		1.20	⁵		(8.54	)		(1.20	)
August 1, 2006 to July 31, 2007	$	57.40		1.02			8.01			(1.01	)
August 1, 2005 to July 31, 2006	$	55.47		0.90	⁵		1.90			(0.87	)

Investor Class⁴
August 1, 2010 to January 31, 2011 (Unaudited)	$	40.48		0.34			6.74			(0.70	)
July 16, 2010 to July 31, 2010	$	39.19		0.03			1.26			0.00


1.		Total return calculations do not include any sales charges, and would have been lower had certain expenses not been waived or reimbursed during the periods shown. Returns for periods of less than one year are not annualized.

2.		Portfolio turnover rate represents the activity from the Fund’s investment in the Master Portfolio and the predecessor fund’s investments in securities.

3.		After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Equity Index Fund, which became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 are those of the predecessor fund. The per share information has been adjusted to give effect to this transaction.

4.		Investor Class of Evergreen Equity Index Fund, the accounting and performance survivor, did not exist prior to the reorganization. As a result, accounting and performance information for Investor Class commenced operation on July 16, 2010.

5.		Per share amount is based on the average shares outstanding during the period.

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



Financial Highlights		Wells Fargo Advantage Index Fund 15


	Ending
Distributions	Net Asset		Ratio to Average Net Assets (Annualized)												Portfolio			Net Assets at
from Net	Value Per		Net Investment			Gross			Net			Total			Turnover			End of Period
Realized Gains	Share		Income			Expenses			Expenses			Return¹			Rate²			(000’s omitted)


(1.88)	$	44.87		1.50	%		0.68	%		0.56	%		17.63	%		2	%	$	382,668
(6.20)	$	40.42		1.49	%		1.00	%		0.60	%		13.29	%		7	%	$	358,953
(2.01)	$	41.72		2.22	%		1.05	%		0.52	%		(20.30	)%		6	%	$	172,687
0.00	$	56.53		1.64	%		0.90	%		0.50	%		(11.60	)%		7	%	$	262,336
0.00	$	65.01		1.35	%		0.88	%		0.57	%		15.51	%		14	%	$	366,413
0.00	$	57.04		1.35	%		0.96	%		0.57	%		4.82	%		6	%	$	241,553


(1.88)	$	45.03		0.76	%		1.43	%		1.31	%		17.18	%		2	%	$	24,127
(6.20)	$	40.32		0.69	%		1.76	%		1.35	%		12.44	%		7	%	$	26,295
(2.01)	$	41.63		1.51	%		1.79	%		1.26	%		(20.91	)%		6	%	$	28,008
0.00	$	56.42		0.89	%		1.66	%		1.26	%		(12.26	)%		7	%	$	68,025
0.00	$	64.86		0.65	%		1.63	%		1.32	%		14.65	%		14	%	$	113,488
0.00	$	56.90		0.60	%		1.69	%		1.32	%		4.05	%		6	%	$	141,090


(1.88)	$	45.08		0.75	%		1.43	%		1.31	%		17.19	%		2	%	$	81,707
(6.20)	$	40.32		0.68	%		1.76	%		1.35	%		12.44	%		7	%	$	81,848
(2.01)	$	41.62		1.48	%		1.80	%		1.27	%		(20.91	)%		6	%	$	89,159
0.00	$	56.36		0.89	%		1.65	%		1.25	%		(12.25	)%		7	%	$	137,044
0.00	$	64.80		0.63	%		1.63	%		1.32	%		14.63	%		14	%	$	175,657
0.00	$	56.87		0.60	%		1.69	%		1.32	%		4.04	%		6	%	$	173,515


(1.88)	$	45.09		1.80	%		0.37	%		0.25	%		17.82	%		2	%	$	1,628,372
(6.20)	$	40.56		1.94	%		0.63	%		0.31	%		13.55	%		7	%	$	1,404,098
(2.01)	$	41.88		2.49	%		0.80	%		0.27	%		(20.09	)%		6	%	$	115,745
0.00	$	56.88		1.89	%		0.65	%		0.25	%		(11.37	)%		7	%	$	212,661
0.00	$	65.42		1.62	%		0.63	%		0.32	%		15.80	%		14	%	$	340,321
0.00	$	57.40		1.60	%		0.69	%		0.32	%		5.08	%		6	%	$	255,492


(1.88)	$	44.98		1.60	%		0.75	%		0.45	%		17.71	%		2	%	$	126,598
0.00	$	40.48		2.13	%		0.79	%		0.45	%		3.29	%		7	%	$	111,126



16 Wells Fargo Advantage Index Fund		Notes to Financial Statements (Unaudited)

1. ORGANIZATION

After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Equity Index Fund. Evergreen Equity Index Fund became the accounting and performance survivor in the transaction. As a result, the accounting and performance history of Evergreen Equity Index Fund has been carried forward in the financial statements contained herein. Evergreen Equity Index Fund invested in a portfolio of securities and did not operate as a gateway fund in a master/gateway structure.

The Fund seeks to achieve its investment objective by investing all investable assets in Wells Fargo Advantage Index Portfolio, a diversified portfolio of Wells Fargo Master Trust, a registered open-end management investment company. As of January 31, 2010, the Fund owns 92% of Wells Fargo Advantage Index Portfolio (the “Master Portfolio”). The Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the Master Portfolio as a partnership investment and records daily its share of the Master Portfolio’s income, expense and realized and unrealized gains and losses. Included in this report is the unaudited Portfolio of Investments and Statement of Assets and Liabilities of the Master Portfolio as of January 31, 2011. The audited financial statements of the Master Portfolio for the year ended September 30, 2010 is available on the Fund’s web site at www.wellsfargo.com/advantagefunds and is also available by visiting the SEC web site at www.sec.gov.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management has considered the circumstances under which the Fund should recognize or make disclosures regarding events or transactions occurring subsequent to the balance sheet date through the date the financial statements are issued. Adjustments or additional disclosures, if any, have been included in these financial statements.

Securities valuation

Investments in the Master Portfolio are valued daily based on the Fund’s proportionate share of the Master Portfolio’s net assets, which are also valued daily. The valuation of securities held in the Master Portfolio are valued as discussed in the notes to the unaudited Portfolio of Investments of the Master Portfolio, which is included elsewhere in this report. The valuation technique used by the Fund to measure fair value is consistent with the market approach.

Security transactions and income recognition

The Fund records daily its proportionate share of the Master Portfolio’s interest and dividend income.

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from generally accepted accounting principles.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities.



Notes to Financial Statements (Unaudited)		Wells Fargo Advantage Index Fund 17

As of May 31, 2010, the Fund’s tax year end, the Fund had estimated net capital loss carryforwards, which are available to offset future net realized capital gains, in the amount of $2,552,691 with $112,768 expiring in 2011 and $2,439,923 expiring in 2012.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing, and administration fees.

3. FAIR VALUATION MEASUREMENTS

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

§		Level 1 — quoted prices in active markets for identical securities

§		Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

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

At January 31, 2011, all of the investments of the Fund were in the Master Portfolio which was carried at fair value and designated as Level 2 inputs.

Further details on the investments of the Master Portfolio can be found in the Portfolio of Investments for the Master Portfolio which is included in this report.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Investment advisory fee

The Trust has entered into an investment advisory contract with Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The investment adviser is responsible for implementing investment policies and guidelines and for supervising the investment sub-adviser, who is responsible for day-to-day portfolio management of the Fund.

Since the Fund invests all of its assets in the Master Portfolio, Funds Management does not currently receive an investment advisory fee.



18 Wells Fargo Advantage Index Fund		Notes to Financial Statements (Unaudited)

The Fund may withdraw all of its investments from the Master Portfolio and invest directly in securities at any time if the Board of Trustees determines that it is in the best interest of the Fund to do so. Upon such redemption and subsequent direct investment in a portfolio of securities, Funds Management (and the corresponding sub-adviser, if any) may receive an investment advisory fee for the direct management of those assets.

Funds Management also acts as investment adviser to the Master Portfolio and is entitled to receive fees from the Master Portfolio for those services.

Administration and transfer agent fees

The Trust has entered into an Administration Agreement with Funds Management. Under this Agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund the following annual fees:


		Administration Fees
	Average Daily	(% of Average
	Net Assets	Daily Net Assets)

Fund level	First $5 billion		0.05	%
	Next $5 billion		0.04
	Over $10 billion		0.03
Class A, Class B, Class C	All asset levels		0.26
Administrator Class	All asset levels		0.10
Investor Class	All asset levels		0.33

Funds Management has contractually waived and/or reimbursed investment advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses.

Distribution fees

The Trust has adopted a Distribution Plan for Class B and Class C of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to the Class B and Class C shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter of the Fund, at an annual rate of 0.75% of the average daily net assets of Class B and Class C shares.

For the six months ended January 31, 2011, Wells Fargo Funds Distributor, LLC received $2,455 from the sale of Class A shares and $628, $9,238 and $34 in contingent deferred sales charges from redemptions of Class A, Class B and Class C shares, respectively.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class B, Class C and Investor Class of the Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. Administrator Class of the Fund is charged a fee at an annual rate of 0.10% of its average daily net assets.

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments related to investments in the Master Portfolio, exclusive of short-term securities (securities with maturities of one year or less at purchase date), for the six months ended January 31, 2011 were $42,700,129 and $217,925,040, respectively. Purchases and sales related to investments in the Master Portfolio have been calculated by aggregating the results of multiplying the Fund’s ownership percentage of the Master Portfolio by the corresponding Master Portfolio’s purchases and sales.



Notes to Financial Statements (Unaudited)		Wells Fargo Advantage Index Fund 19

6. ACQUISITION

After the close of business on July 16, 2010, the Fund, which is the legal survivor, acquired the net assets of Evergreen Equity Index Fund, the accounting and performance survivor. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. The acquisition was accomplished by a tax-free exchange of all of the shares of Evergreen Equity Index Fund. Shareholders holding Class A, Class B, Class C, Class I and Class IS shares of Evergreen Equity Index Fund received Class A, Class B, Class C, Administrator Class and Class A, respectively, of the Fund in the reorganization. The exchange ratio and number of shares issued to the Evergreen Equity Index Fund were as follows:


	Exchange		Number of
Acquired Fund	Ratio		Shares Issued

Evergreen Equity Index Fund		0.84	4,268,353 Class A
		0.83	559,413 Class B
		0.84	2,053,271 Class C
		0.83	1,774,390 Administrator Class

The investment portfolio of the Fund with a fair value of $1,591,379,476, identified cost of $1,453,712,899 and unrealized appreciation of $137,666,577 at July 16, 2010 were the principal assets acquired by the accounting and performance survivor. The shares and net assets of the Fund immediately prior to the acquisition were 40,646,939 shares and $1,592,296,663, respectively. The aggregate net assets of Evergreen Equity Index Fund immediately prior to the acquisition were $338,122,147. The aggregate net assets of the Fund immediately after the acquisition were $1,930,418,810. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Fund was carried forward to align ongoing reporting the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed August 1, 2009, the beginning of the annual reporting period for the Fund, the Fund’s pro forma results of operations for the year ended July 31, 2010 would have been:


Net investment income	$	33,097,370
Net realized and unrealized gains on investments	$	219,667,075
Net increase in net assets resulting from operations	$	252,764,445

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Fund that have been included in the Statement of Operations since July 19, 2010.

7. BANK BORROWINGS

The Trust (excluding the money market funds) and Wells Fargo Variable Trust are parties to a $125,000,000 revolving credit agreement with State Street Bank and Trust Company, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, under the credit agreement, the Fund pays an annual commitment fee equal to 0.125% of the unused balance, which is allocated pro rata. Prior to September 7, 2010, the annual commitment fee paid by the Fund was 0.15% of the unused balance.

For the six months ended January 31, 2011, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION

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



20 Wells Fargo Advantage Index Portfolio		Portfolio of Investments—January 31, 2011 (Unaudited)


Shares		Security Name	Value
Common Stocks: 98.29%

Consumer Discretionary: 10.05%

Auto Components: 0.24%
	138,477	Johnson Controls Incorporated	$	5,316,132
	49,880	The Goodyear Tire & Rubber Company†		592,574

				5,908,706


Automobiles: 0.58%
	769,344	Ford Motor Company«†		12,271,037
	48,365	Harley-Davidson Incorporated		1,917,672

				14,188,709


Distributors: 0.07%
	32,348	Genuine Parts Company		1,674,009


Diversified Consumer Services: 0.10%
	26,102	Apollo Group Incorporated Class A†		1,077,230
	12,803	DeVry Incorporated		667,164
	63,351	H&R Block Incorporated«		793,155

				2,537,549


Hotels, Restaurants & Leisure: 1.60%
	88,434	Carnival Corporation		3,953,884
	28,422	Darden Restaurants Incorporated		1,338,960
	61,233	International Game Technology«		1,051,371
	59,088	Marriott International Incorporated Class A		2,333,385
	216,945	McDonald’s Corporation		15,982,338
	152,179	Starbucks Corporation		4,798,204
	39,148	Starwood Hotels & Resorts Worldwide Incorporated«		2,308,558
	35,928	Wyndham Worldwide Corporation		1,010,655
	15,525	Wynn Resorts Limited		1,806,023
	96,220	Yum! Brands Incorporated		4,499,247

				39,082,625


Household Durables: 0.41%
	57,622	D.R. Horton Incorporated«		713,937
	31,331	Fortune Brands Incorporated		1,932,496
	14,286	Harman International Industries Incorporated		618,870
	30,069	Leggett & Platt Incorporated«		677,455
	32,661	Lennar Corporation«		632,317
	59,611	Newell Rubbermaid Incorporated		1,147,512
	69,069	Pulte Homes Incorporated«		544,954
	34,071	Stanley Black & Decker Incorporated		2,476,280
	15,610	Whirlpool Corporation		1,334,655

				10,078,476


Internet & Catalog Retail: 0.73%
	72,810	Amazon.com Incorporated†		12,351,488
	41,531	Expedia Incorporated		1,044,920
	10,081	Priceline.com Incorporated†		4,319,910

				17,716,318


Leisure Equipment & Products: 0.12%
	27,967	Hasbro Incorporated		1,233,065
	73,683	Mattel Incorporated		1,744,813

				2,977,878



Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Index Portfolio 21


Shares		Security Name	Value
Media: 3.06%
	49,290	Cablevision Systems Corporation New York Group Class A	$	1,668,467
	139,816	CBS Corporation Class B		2,772,551
	572,926	Comcast Corporation Class A		13,034,067
	171,198	DIRECTV Group Incorporated†		7,257,083
	58,382	Discovery Communications Incorporated Class C«†		2,276,898
	49,062	Gannett Company Incorporated		723,174
	100,358	Interpublic Group of Companies Incorporated†		1,072,827
	63,040	McGraw-Hill Companies Incorporated«		2,457,299
	468,933	News Corporation Class A		7,043,374
	61,857	Omnicom Group Incorporated		2,776,142
	18,497	Scripps Networks Interactive Incorporated		860,111
	73,047	Time Warner Cable Incorporated		4,954,778
	227,785	Time Warner Incorporated		7,163,838
	124,137	Viacom Incorporated Class B		5,157,892
	388,832	Walt Disney Company		15,113,900
	1,127	Washington Post Company Class B«		482,750

				74,815,151


Multiline Retail: 0.75%
	15,514	Big Lots Incorporated«†		493,190
	25,850	Family Dollar Stores Incorporated		1,098,108
	48,552	JCPenney Company Incorporated		1,557,063
	60,039	Kohl’s Corporation†		3,048,780
	86,957	Macy’s Incorporated		2,013,055
	34,564	Nordstrom Incorporated		1,423,346
	9,036	Sears Holdings Corporation«†		681,043
	145,399	Target Corporation		7,972,227

				18,286,812


Specialty Retail: 1.87%
	18,038	Abercrombie & Fitch Company Class A		909,296
	13,068	AutoNation Incorporated«†		375,182
	5,590	AutoZone Incorporated†		1,417,233
	53,206	Bed Bath & Beyond Incorporated†		2,553,888
	67,805	Best Buy Company Incorporated		2,305,370
	46,172	CarMax Incorporated«†		1,507,516
	31,082	GameStop Corporation Class A«†		654,898
	90,229	Gap Incorporated		1,738,713
	336,518	Home Depot Incorporated«		12,373,767
	54,311	Limited Brands Incorporated		1,588,054
	283,372	Lowe’s Companies Incorporated		7,027,626
	28,673	O’Reilly Automotive Incorporated†		1,629,487
	23,373	RadioShack Corporation«		354,101
	24,735	Ross Stores Incorporated		1,612,722
	148,502	Staples Incorporated		3,313,080
	25,955	Tiffany & Company		1,508,764
	81,275	TJX Companies Incorporated		3,851,622
	26,441	Urban Outfitters Incorporated†		894,235

				45,615,554


Textiles, Apparel & Luxury Goods: 0.52%
	60,859	Coach Incorporated		3,291,863
	78,502	Nike Incorporated Class B		6,474,845
	13,274	Polo Ralph Lauren Corporation		1,422,707
	17,818	VF Corporation«		1,473,905

				12,663,320



22 Wells Fargo Advantage Index Portfolio		Portfolio of Investments—January 31, 2011 (Unaudited)


Shares		Security Name	Value
Consumer Staples: 10.03%

Beverages: 2.37%
	21,311	Brown-Forman Corporation Class B	$	1,413,985
	69,567	Coca-Cola Enterprises Incorporated		1,750,306
	36,609	Constellation Brands Incorporated Class A†		703,625
	46,631	Dr Pepper Snapple Group Incorporated		1,652,136
	32,484	Molson Coors Brewing Company		1,522,525
	325,434	PepsiCo Incorporated		20,928,661
	476,810	The Coca-Cola Company		29,967,509

				57,938,747


Food & Staples Retailing: 2.29%
	88,776	Costco Wholesale Corporation«		6,377,668
	279,018	CVS Caremark Corporation		9,542,416
	130,953	Kroger Company		2,802,394
	76,551	Safeway Incorporated		1,583,840
	43,567	SUPERVALU Incorporated«		317,603
	120,142	Sysco Corporation«		3,500,938
	402,284	Wal-Mart Stores Incorporated		22,556,064
	190,098	Walgreen Company		7,687,563
	30,187	Whole Foods Market Incorporated		1,560,970

				55,929,456


Food Products: 1.63%
	131,191	Archer Daniels Midland Company		4,286,010
	39,327	Campbell Soup Company«		1,342,624
	90,293	ConAgra Foods Incorporated		2,016,243
	37,410	Dean Foods Company«†		379,712
	131,480	General Mills Incorporated		4,572,874
	65,863	H.J. Heinz Company		3,128,493
	14,221	Hormel Foods Corporation«		702,517
	24,539	JM Smucker Company		1,525,344
	52,171	Kellogg Company		2,624,201
	358,685	Kraft Foods Incorporated Class A		10,965,000
	27,299	McCormick & Company Incorporated		1,206,616
	42,008	Mead Johnson & Company		2,435,204
	131,268	Sara Lee Corporation		2,227,618
	31,762	The Hershey Company«		1,482,968
	61,194	Tyson Foods Incorporated Class A		1,006,641

				39,902,065


Household Products: 2.09%
	28,633	Clorox Company		1,800,729
	99,115	Colgate-Palmolive Company		7,609,059
	83,737	Kimberly-Clark Corporation		5,420,296
	574,791	Procter & Gamble Company		36,286,556

				51,116,640


Personal Products: 0.18%
	88,129	Avon Products Incorporated		2,494,932
	23,317	Estee Lauder Companies Incorporated Class A«		1,877,019

				4,371,951



Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Index Portfolio 23


Shares		Security Name	Value
Tobacco: 1.47%
	428,718	Altria Group Incorporated	$	10,079,160
	30,721	Lorillard Incorporated		2,311,448
	372,571	Philip Morris International		21,325,964
	69,440	Reynolds American Incorporated		2,208,886

				35,925,458


Energy: 12.49%

Energy Equipment & Services: 2.44%
	88,559	Baker Hughes Incorporated		6,067,177
	49,809	Cameron International Corporation†		2,654,820
	14,274	Diamond Offshore Drilling Incorporated«		1,023,589
	24,582	FMC Technologies Incorporated«†		2,310,708
	186,765	Halliburton Company«		8,404,425
	21,763	Helmerich & Payne Incorporated		1,278,141
	58,603	Nabors Industries Limited†		1,429,913
	86,169	National Oilwell Varco Incorporated		6,367,889
	52,541	Noble Corporation		2,009,693
	23,839	Pioneer Natural Resources Company		2,268,519
	25,918	Rowan Companies Incorporated		888,469
	280,164	Schlumberger Limited		24,931,794

				59,635,137


Oil, Gas & Consumable Fuels: 10.05%
	101,766	Anadarko Petroleum Corporation		7,844,123
	78,475	Apache Corporation		9,366,776
	21,350	Cabot Oil & Gas Corporation«		888,801
	134,276	Chesapeake Energy Corporation		3,965,170
	413,235	Chevron Corporation		39,228,399
	301,693	ConocoPhillips		21,558,982
	46,375	CONSOL Energy Incorporated		2,304,838
	82,071	Denbury Resources Incorporated†		1,670,145
	88,687	Devon Energy Corporation		7,865,650
	144,590	El Paso Corporation		2,296,089
	52,160	EOG Resources Incorporated		5,549,302
	30,625	EQT Corporation«		1,475,819
	1,035,447	Exxon Mobil Corporation		83,539,864
	61,607	Hess Corporation		5,182,381
	145,775	Marathon Oil Corporation		6,661,918
	20,970	Massey Energy Company		1,318,174
	39,501	Murphy Oil Corporation		2,618,916
	27,490	Newfield Exploration Company†		2,011,443
	35,954	Noble Energy Incorporated		3,275,409
	166,858	Occidental Petroleum Corporation		16,131,831
	55,368	Peabody Energy Corporation		3,511,439
	36,062	QEP Resources Incorporated		1,465,560
	32,869	Range Resources Corporation«		1,639,177
	71,209	Southwestern Energy Company†		2,812,756
	133,107	Spectra Energy Corporation		3,491,397
	24,760	Sunoco Incorporated		1,051,062
	29,397	Tesoro Petroleum Corporation«		565,892
	120,079	The Williams Companies Incorporated		3,240,932
	116,267	Valero Energy Corporation		2,948,531

				245,480,776



24 Wells Fargo Advantage Index Portfolio		Portfolio of Investments—January 31, 2011 (Unaudited)


Shares		Security Name	Value
Financials: 15.86%

Capital Markets: 2.48%
	50,917	Ameriprise Financial Incorporated	$	3,139,033
	254,717	Bank of New York Mellon Corporation«		7,954,812
	203,639	Charles Schwab Corporation		3,675,684
	40,809	ETRADE Financial Corporation†*		675,797
	18,810	Federated Investors Incorporated Class B«		509,375
	29,897	Franklin Resources Incorporated		3,607,073
	104,979	Goldman Sachs Group Incorporated		17,176,664
	94,879	Invesco Limited		2,347,306
	37,731	Janus Capital Group Incorporated«		487,107
	31,417	Legg Mason Incorporated«		1,040,845
	310,657	Morgan Stanley		9,133,316
	49,733	Northern Trust Corporation		2,585,121
	103,087	State Street Corporation		4,816,225
	52,657	T. Rowe Price Group Incorporated«		3,471,149

				60,619,507


Commercial Banks: 2.96%
	142,452	Branch Banking & Trust Corporation«		3,937,373
	36,241	Comerica Incorporated«		1,384,406
	188,444	Fifth Third Bancorp		2,802,162
	53,568	First Horizon National Corporation		606,921
	177,244	Huntington Bancshares Incorporated		1,283,247
	180,797	KeyCorp		1,609,093
	24,513	M&T Bank Corporation		2,119,639
	108,416	Marshall & Ilsley Corporation		757,828
	107,968	PNC Financial Services Group Incorporated		6,478,080
	257,926	Regions Financial Corporation		1,831,275
	102,662	SunTrust Banks Incorporated		3,124,005
	393,908	US Bancorp		10,635,516
	1,077,788	Wells Fargo & Company(l)		34,941,887
	36,542	Zions Bancorporation«		861,660

				72,373,092


Consumer Finance: 1.40%
	215,049	American Express Company		9,328,826
	93,826	Capital One Financial Corporation		4,518,660
	111,827	Discover Financial Services		2,302,518
	99,712	SLM Corporation†		1,436,850
	19,888	MasterCard Incorporated		4,703,711
	66,097	Paychex Incorporated«		2,115,104
	100,063	Visa Incorporated Class A«		6,989,401
	134,677	Western Union Company		2,731,250

				34,126,320


Diversified Financial Services: 5.46%
	2,070,901	Bank of America Corporation		28,433,471
	355,327	Berkshire Hathaway Incorporated Class B†		29,047,982
	5,965,210	Citigroup Incorporated		28,752,312
	13,761	CME Group Incorporated		4,246,094
	15,021	InterContinental Exchange Incorporated†		1,809,880
	802,718	JPMorgan Chase & Company		36,074,147
	40,470	Leucadia National Corporation«		1,316,084
	41,839	Moody’s Corporation		1,228,811
	30,553	NASDAQ Stock Market Incorporated«†		747,937
	53,594	NYSE Euronext Incorporated		1,704,825

				133,361,543



Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Index Portfolio 25


Shares		Security Name	Value
Insurance: 2.60%
	69,691	ACE Limited	$	4,292,269
	96,770	AFLAC Incorporated		5,572,017
	110,512	Allstate Corporation		3,441,344
	29,488	American International Group Incorporated«†		1,189,841
	67,745	AON Corporation		3,098,656
	21,880	Assurant Incorporated		858,352
	62,615	Chubb Corporation		3,627,287
	33,416	Cincinnati Financial Corporation«		1,070,649
	100,534	Genworth Financial Incorporated†		1,364,246
	91,283	Hartford Financial Services Group Incorporated		2,535,842
	65,044	Lincoln National Corporation		1,875,869
	64,954	Loews Corporation		2,601,408
	111,593	Marsh & McLennan Companies Incorporated«		3,111,213
	186,099	MetLife Incorporated		8,517,751
	65,782	Principal Financial Group Incorporated«		2,155,676
	99,662	Prudential Financial Incorporated		6,130,210
	136,244	The Progressive Corporation		2,698,994
	94,261	The Travelers Companies Incorporated		5,303,124
	16,438	Torchmark Corporation		1,024,087
	65,123	UnumProvident Corporation		1,624,168
	66,372	XL Group plc		1,521,246

				63,614,249


Real Estate Investment Trusts (REITs): 1.49%
	24,032	Apartment Investment & Management Company Class A		614,258
	17,513	AvalonBay Communities Incorporated		2,030,282
	28,770	Boston Properties Incorporated		2,715,025
	58,409	Equity Residential«		3,165,184
	74,813	HCP Incorporated«		2,774,814
	29,801	Health Care REIT Incorporated«		1,462,633
	136,744	Host Hotels & Resorts Incorporated«		2,531,131
	83,359	Kimco Realty Corporation«		1,507,964
	33,185	Plum Creek Timber Company«		1,389,456
	116,846	ProLogis		1,743,342
	28,679	Public Storage Incorporated«		3,125,437
	60,145	Simon Property Group Incorporated		6,101,710
	32,258	Ventas Incorporated«		1,789,029
	33,384	Vornado Realty Trust		2,940,797
	110,051	Weyerhaeuser Company		2,550,982

				36,442,044


Real Estate Management & Development: 0.06%
	59,673	CB Richard Ellis Group Incorporated Class A†		1,324,144


Thrifts & Mortgage Finance: 0.09%
	108,134	Hudson City Bancorp Incorporated«		1,187,311
	75,761	People’s United Financial Incorporated«		978,075

				2,165,386


Health Care: 10.39%

Biotechnology: 1.23%
	194,010	Amgen Incorporated†		10,686,071
	48,933	Biogen Idec Incorporated«†		3,203,644
	96,642	Celgene Corporation†		4,979,962



26 Wells Fargo Advantage Index Portfolio		Portfolio of Investments—January 31, 2011 (Unaudited)


Shares		Security Name	Value
Biotechnology (continued)
	15,448	Cephalon Incorporated«†	$	912,668
	53,182	Genzyme Corporation†		3,900,900
	166,710	Gilead Sciences Incorporated†		6,398,330

				30,081,575


Health Care Equipment & Supplies: 1.63%
	119,658	Baxter International Incorporated		5,802,216
	47,221	Becton Dickinson & Company«		3,916,982
	312,135	Boston Scientific Corporation†		2,178,702
	19,077	C.R. Bard Incorporated		1,799,915
	45,779	CareFusion Corporation†		1,177,894
	29,179	DENTSPLY International Incorporated		1,035,271
	34,308	Hospira Incorporated†		1,894,831
	8,068	Intuitive Surgical Incorporated†		2,605,238
	221,746	Medtronic Incorporated		8,497,307
	70,398	St. Jude Medical Incorporated†		2,851,119
	70,129	Stryker Corporation«		4,036,625
	24,433	Varian Medical Systems Incorporated†		1,650,938
	40,543	Zimmer Holdings Incorporated†		2,398,524

				39,845,562


Health Care Providers & Services: 2.00%
	82,157	Aetna Incorporated«		2,706,252
	56,746	AmerisourceBergen Corporation		2,034,912
	71,656	Cardinal Health Incorporated		2,974,441
	55,631	CIGNA Corporation		2,337,615
	30,491	Coventry Health Care Incorporated†		913,815
	19,959	DaVita Incorporated†		1,473,972
	108,225	Express Scripts Incorporated†		6,096,314
	34,563	Humana Incorporated†		2,003,617
	20,883	Laboratory Corporation of America Holdings«†		1,877,591
	51,964	McKesson Corporation		3,906,134
	87,147	Medco Health Solutions Incorporated†		5,317,710
	19,859	Patterson Companies Incorporated«		656,539
	29,043	Quest Diagnostics Incorporated		1,653,999
	99,700	Tenet Healthcare Corporation†		663,005
	225,863	UnitedHealth Group Incorporated		9,271,676
	80,825	WellPoint Incorporated†		5,020,849

				48,908,441


Health Care Technology: 0.06%
	14,631	Cerner Corporation«†		1,446,274


Life Sciences Tools & Services: 0.36%
	38,343	Life Technologies Corporation†		2,081,641
	24,240	PerkinElmer Incorporated		620,059
	81,619	Thermo Fisher Scientific Incorporated†		4,674,320
	18,754	Waters Corporation†		1,432,618

				8,808,638


Pharmaceuticals: 5.11%
	317,420	Abbott Laboratories		14,334,687
	63,145	Allergan Incorporated		4,458,668
	351,480	Bristol-Myers Squibb Company		8,850,266
	208,374	Eli Lilly & Company		7,245,164
	58,649	Forest Laboratories Incorporated†		1,892,017



Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Index Portfolio 27


Shares		Security Name	Value
Pharmaceuticals (continued)
	563,920	Johnson & Johnson	$	33,705,498
	632,633	Merck & Company Incorporated		20,984,437
	89,369	Mylan Laboratories Incorporated†		2,069,786
	1,644,777	Pfizer Incorporated		29,967,837
	25,731	Watson Pharmaceuticals Incorporated†		1,402,854

				124,911,214


Industrials: 10.96%

Aerospace & Defense: 2.70%
	150,635	Boeing Company		10,466,120
	77,567	General Dynamics Corporation		5,848,552
	25,745	Goodrich Corporation		2,333,012
	160,202	Honeywell International Incorporated		8,972,914
	37,701	ITT Corporation		2,221,343
	23,242	L-3 Communications Holdings Incorporated		1,818,687
	60,638	Lockheed Martin Corporation«		4,826,785
	59,958	Northrop Grumman Corporation		4,155,089
	29,285	Precision Castparts Corporation		4,187,462
	74,856	Raytheon Company		3,742,051
	32,207	Rockwell Collins Incorporated		2,065,757
	189,614	United Technologies Corporation		15,415,618

				66,053,390


Air Freight & Logistics: 1.03%
	34,090	C.H. Robinson Worldwide Incorporated		2,627,998
	43,606	Expeditors International of Washington Incorporated		2,209,516
	64,609	FedEx Corporation		5,835,485
	203,070	United Parcel Service Incorporated Class B		14,543,873

				25,216,872


Airlines: 0.08%
	153,410	Southwest Airlines Company«		1,817,909


Building Products: 0.04%
	73,615	Masco Corporation		980,552


Commercial Services & Supplies: 0.58%
	22,170	Avery Dennison Corporation		933,135
	25,957	Cintas Corporation		728,353
	10,228	Dun & Bradstreet Corporation		868,869
	25,340	Equifax Incorporated		905,145
	41,095	Iron Mountain Incorporated		1,002,307
	41,757	Pitney Bowes Incorporated«		1,013,860
	63,122	Republic Services Incorporated		1,946,682
	30,217	Robert Half International Incorporated«		947,605
	42,362	RR Donnelley & Sons Company		750,655
	17,563	Stericycle Incorporated«†		1,378,520
	97,702	Waste Management Incorporated«		3,699,975

				14,175,106


Construction & Engineering: 0.20%
	36,713	Fluor Corporation«		2,540,172
	25,894	Jacobs Engineering Group Incorporated†		1,330,175
	44,254	Quanta Services Incorporated«†		1,050,147

				4,920,494



28 Wells Fargo Advantage Index Portfolio		Portfolio of Investments—January 31, 2011 (Unaudited)


Shares		Security Name	Value
Electrical Equipment: 0.53%
	154,552	Emerson Electric Company	$	9,100,022
	29,115	Rockwell Automation Incorporated		2,358,606
	19,440	Roper Industries Incorporated		1,510,294

				12,968,922


Industrial Conglomerates: 2.58%
	146,790	3M Company		12,905,777
	2,187,857	General Electric Company		44,063,440
	56,449	Textron Incorporated«		1,484,044
	100,503	Tyco International Limited		4,505,549

				62,958,810


Machinery: 2.26%
	130,331	Caterpillar Incorporated«		12,643,410
	40,619	Cummins Incorporated		4,300,740
	110,113	Danaher Corporation		5,071,805
	87,037	Deere & Company		7,911,663
	38,356	Dover Corporation		2,458,620
	34,559	Eaton Corporation		3,730,990
	11,464	Flowserve Corporation		1,432,885
	101,835	Illinois Tool Works Incorporated		5,447,154
	66,533	Ingersoll-Rand plc«		3,140,358
	74,888	Paccar Incorporated		4,230,423
	23,652	Pall Corporation		1,310,557
	33,128	Parker Hannifin Corporation		2,961,974
	11,942	Snap-On Incorporated«		676,275

				55,316,854


Road & Rail: 0.82%
	76,836	CSX Corporation«		5,424,622
	74,615	Norfolk Southern Corporation		4,565,692
	10,624	Ryder System Incorporated		510,802
	101,264	Union Pacific Corporation		9,582,612

				20,083,728


Trading Companies & Distributors: 0.14%
	30,274	Fastenal Company«		1,757,708
	11,912	W.W. Grainger Incorporated«		1,566,071

				3,323,779


Information Technology: 18.85%

Communications Equipment: 2.23%
	1,138,160	Cisco Systems Incorporated†		24,072,084
	16,602	F5 Networks Incorporated†		1,799,325
	26,341	Harris Corporation		1,225,910
	45,721	JDS Uniphase Corporation†		775,885
	107,435	Juniper Networks Incorporated†		3,987,987
	60,303	Motorola Mobility Holdings Incorporated†		1,680,645
	68,918	Motorola Solutions Incorporated		2,671,951
	332,184	QUALCOMM Incorporated		17,981,120
	75,757	Tellabs Incorporated		401,512

				54,596,419



Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Index Portfolio 29


Shares		Security Name	Value
Computers & Peripherals: 4.45%
	188,361	Apple Incorporated†	$	63,914,655
	344,841	Dell Incorporated†		4,538,108
	423,085	EMC Corporation†		10,530,586
	465,662	Hewlett-Packard Company		21,276,097
	16,132	Lexmark International Incorporated†		562,039
	74,215	NetApp Incorporated†		4,061,787
	48,153	SanDisk Corporation†		2,184,702
	47,188	Western Digital Corporation†		1,605,336

				108,673,310


Electronic Equipment & Instruments: 0.60%
	71,124	Agilent Technologies Incorporated†		2,975,117
	35,855	Amphenol Corporation Class A		1,984,216
	320,924	Corning Incorporated		7,127,722
	32,566	FLIR Systems Incorporated«†		1,010,849
	40,255	Jabil Circuit Incorporated		813,554
	28,369	Molex Incorporated«		741,849

				14,653,307


Internet Software & Services: 1.95%
	37,442	Akamai Technologies Incorporated†		1,809,197
	235,586	eBay Incorporated†		7,152,391
	51,217	Google Incorporated Class A†		30,748,638
	26,702	Monster Worldwide Incorporated†		444,588
	8,906	Netflix Incorporated†		1,906,596
	35,316	VeriSign Incorporated		1,188,383
	267,663	Yahoo! Incorporated«†		4,314,728

				47,564,521


IT Services: 2.42%
	101,277	Automatic Data Processing Incorporated		4,851,168
	62,317	Cognizant Technology Solutions Corporation Class A†		4,546,025
	31,722	Computer Sciences Corporation«		1,690,465
	54,384	Fidelity National Information Services Incorporated«		1,654,905
	30,538	Fiserv Incorporated†		1,886,332
	255,108	International Business Machines Corporation		41,327,496
	60,295	SAIC Incorporated«†		999,088
	34,395	Teradata Corporation†		1,478,641
	33,519	Total System Services Incorporated«		583,566

				59,017,686


Office Electronics: 0.12%
	284,849	Xerox Corporation		3,025,096


Semiconductors & Semiconductor Equipment: 2.58%
	117,595	Advanced Micro Devices Incorporated«†		920,769
	64,182	Altera Corporation		2,411,318
	61,326	Analog Devices Incorporated		2,381,289
	274,350	Applied Materials Incorporated		4,304,552
	93,515	Broadcom Corporation Class A		4,216,591
	11,089	First Solar Incorporated«†		1,714,138



30 Wells Fargo Advantage Index Portfolio		Portfolio of Investments—January 31, 2011 (Unaudited)


Shares		Security Name	Value
Semiconductors & Semiconductor Equipment (continued)
	1,145,396	Intel Corporation	$	24,580,198
	34,305	KLA-Tencor Corporation«		1,512,164
	46,285	Linear Technology Corporation«		1,610,255
	126,602	LSI Logic Corporation†		783,666
	46,700	MEMC Electronic Materials Incorporated«†		517,903
	38,363	Microchip Technology Incorporated«		1,399,099
	175,931	Micron Technology Incorporated†		1,854,313
	49,193	National Semiconductor Corporation		745,766
	18,519	Novellus Systems Incorporated†		667,980
	119,303	NVIDIA Corporation†		2,853,728
	37,249	Teradyne Incorporated«†		621,313
	241,103	Texas Instruments Incorporated		8,175,803
	53,207	Xilinx Incorporated«		1,713,265

				62,984,110


Software: 3.83%
	104,461	Adobe Systems Incorporated†		3,452,436
	46,694	Autodesk Incorporated†		1,899,512
	36,484	BMC Software Incorporated†		1,740,287
	78,793	CA Incorporated		1,875,273
	38,558	Citrix Systems Incorporated†		2,436,094
	44,976	Compuware Corporation†		482,143
	68,140	Electronic Arts Incorporated†		1,062,303
	57,403	Intuit Incorporated†		2,693,923
	31,652	McAfee Incorporated†		1,516,131
	1,545,989	Microsoft Corporation		42,862,545
	72,193	Novell Incorporated†		434,602
	794,852	Oracle Corporation		25,459,110
	39,134	Red Hat Incorporated†		1,617,017
	24,284	Salesforce.com Incorporated†		3,136,036
	159,397	Symantec Corporation†		2,806,981

				93,474,393


Materials: 3.59%

Chemicals: 2.06%
	44,000	Air Products & Chemicals Incorporated		3,839,000
	15,365	Airgas Incorporated		962,925
	14,606	CF Industries Holdings Incorporated		1,972,394
	238,343	Dow Chemical Company		8,456,410
	187,455	E.I. du Pont de Nemours & Company		9,500,219
	14,811	Eastman Chemical Company		1,375,349
	47,667	Ecolab Incorporated		2,368,573
	14,895	FMC Corporation		1,132,914
	16,417	International Flavors & Fragrances Incorporated		936,590
	110,144	Monsanto Company		8,082,367
	33,475	PPG Industries Incorporated«		2,821,273
	62,913	Praxair Incorporated		5,853,426
	18,396	Sherwin-Williams Company		1,558,693
	24,908	Sigma-Aldrich Corporation«		1,585,394

				50,445,527


Construction Materials: 0.05%
	26,364	Vulcan Materials Company«		1,122,052



Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Index Portfolio 31


Shares		Security Name	Value
Containers & Packaging: 0.16%
	18,136	Ball Corporation	$	1,290,014
	22,217	Bemis Company Incorporated		723,163
	33,601	Owens-Illinois Incorporated†		990,893
	32,789	Sealed Air Corporation		875,138

				3,879,208


Metals & Mining: 1.17%
	22,586	AK Steel Holding Corporation«		359,117
	209,745	Alcoa Incorporated«		3,475,475
	20,245	Allegheny Technologies Incorporated«		1,319,772
	27,815	Cliffs Natural Resources Incorporated		2,377,070
	96,691	Freeport-McMoRan Copper & Gold Incorporated Class B		10,515,146
	101,247	Newmont Mining Corporation		5,575,672
	64,832	Nucor Corporation«		2,976,437
	18,499	Titanium Metals Corporation«		348,706
	29,490	United States Steel Corporation«		1,700,688

				28,648,083


Paper & Forest Products: 0.15%
	89,828	International Paper Company		2,594,233
	34,550	MeadWestvaco Corporation«		989,167

				3,583,400


Telecommunication Services: 2.87%

Diversified Telecommunication Services: 2.56%
	1,213,569	AT&T Incorporated		33,397,419
	62,269	CenturyTel Incorporated«		2,692,512
	204,084	Frontier Communications Corporation«		1,871,450
	357,852	Qwest Communications International Incorporated		2,551,485
	580,456	Verizon Communications Incorporated		20,675,843
	99,324	Windstream Corporation		1,272,340

				62,461,049


Wireless Telecommunication Services: 0.31%
	81,948	American Tower Corporation Class A†		4,167,875
	53,854	MetroPCS Communications Incorporated†		696,332
	613,365	Sprint Nextel Corporation«†		2,772,410

				7,636,617


Utilities: 3.20%

Electric Utilities: 1.83%
	34,896	Allegheny Energy Incorporated		899,619
	98,621	American Electric Power Company Incorporated		3,518,797
	59,659	Consolidated Edison Incorporated«		2,977,581
	271,985	Duke Energy Corporation«		4,863,092
	66,903	Edison International		2,427,241
	37,149	Entergy Corporation		2,681,043
	135,816	Exelon Corporation		5,773,538
	62,595	FirstEnergy Corporation«		2,448,716
	85,390	Nextera Energy Incorporated		4,564,949
	36,205	Northeast Utilities		1,191,869
	46,099	Pepco Holdings Incorporated		856,058
	22,323	Pinnacle West Capital Corporation		908,769



32 Wells Fargo Advantage Index Portfolio		Portfolio of Investments—January 31, 2011 (Unaudited)


Shares		Security Name	Value
Electric Utilities (continued)
	99,240	PPL Corporation	$	2,559,400
	60,152	Progress Energy Incorporated		2,702,028
	172,214	The Southern Company		6,478,691

				44,851,391


Gas Utilities: 0.07%
	9,350	Nicor Incorporated«		471,895
	21,867	ONEOK Incorporated		1,287,748

				1,759,643


Independent Power Producers & Energy Traders: 0.17%
	135,937	AES Corporation†		1,685,619
	41,028	Constellation Energy Group Incorporated		1,323,153
	50,760	NRG Energy Incorporated†		1,053,270

				4,062,042


Multi-Utilities: 1.13%
	49,247	Ameren Corporation		1,397,137
	86,897	CenterPoint Energy Incorporated		1,403,387
	50,222	CMS Energy Corporation«		979,329
	119,202	Dominion Resources Incorporated«		5,190,055
	34,727	DTE Energy Company		1,606,471
	15,931	Integrys Energy Group Incorporated		758,156
	57,148	NiSource Incorporated«		1,064,096
	80,507	PG&E Corporation		3,725,864
	103,889	Public Service Enterprise Group Incorporated		3,369,120
	23,251	SCANA Corporation«		982,820
	49,293	Sempra Energy		2,566,687
	44,095	TECO Energy Incorporated«		811,789
	24,004	Wisconsin Energy Corporation		1,447,201
	94,480	Xcel Energy Incorporated		2,226,886
				27,528,998


Total Common Stocks (Cost $2,021,394,589)				2,401,656,594


Principal			Interest Rate			Maturity Date
Short-Term Investments: 9.13%

Corporate Bonds & Notes: 0.24%
$	4,909,119	Gryphon Funding Limited(a)(i)(v)		0.00	%		08/05/2011	2,089,812
	6,456,258	VFNC Corporation(a)(i)(v)±††		0.23			09/29/2011	3,744,629

								5,834,441


Shares			Yield
Investment Companies: 8.76%
	33,787,749	Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)		0.12	33,787,749
	180,193,211	Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)		0.26	180,193,211

					213,980,960



Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Index Portfolio 33


Principal		Security Name			Interest Rate			Maturity Date		Value
US Treasury Bills: 0.13%
$	2,500,000	US Treasury Bill#^				0.08	%		02/03/2011	$	2,499,985
	750,000	US Treasury Bill#^				0.01			03/03/2011		749,912
											3,249,897


Total Short-Term Investments (Cost $220,709,410)											223,065,298


Total Investments in Securities (Cost $2,242,103,999)*			107.42	%							2,624,721,892
Other Assets and Liabilities, Net			(7.42	)							(181,253,499	)


Total Net Assets			100.00	%						$	2,443,468,393


#		Security pledged as collateral for futures transactions.

^		Zero coupon security. Rate represents yield to maturity.

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

(i)		Illiquid security.

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

±		Variable rate investments.

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

(l)		Investment in an affiliate. The total cost of affiliated investments is $255,376,655.

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

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

†		Non-income earning securities.

*		Cost for federal income tax purposes is $2,257,831,468 and net unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	603,954,894
Gross unrealized depreciation		(237,064,470	)

Net unrealized appreciation	$	366,890,424



34 Wells Fargo Advantage Index Portfolio		Notes to Portfolio of Investments (Unaudited)

Notes to Portfolio of Investments

Investments in securities are valued each business day as of the close of regular trading on the New York Stock Exchange, which is usually 4:00 p.m. (Eastern Time). Securities which are traded on a national or foreign securities exchange are valued at the last reported sales price, except that securities listed on the The Nasdaq Stock Market, Inc. (“Nasdaq”) are valued at the Nasdaq Official Closing Price (“NOCP”), and if no NOCP is available, then at the last reported sales price. If no sales price is shown on the Nasdaq, the bid price will be used. In the absence of any sale of securities listed on the Nasdaq, and in the case of other securities, including U.S. Government obligations, but excluding debt securities maturing in 60 days or less, the price will be deemed “stale” and the valuations will be determined in accordance with the Fair Valuation Procedures of Wells Fargo Advantage Index Portfolio (the “Portfolio”).

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

Investments in open-end mutual funds and non-registered investment companies are generally valued at net asset value.

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

The valuation techniques used to measure fair value are consistent with the market approach, income approach and/or cost approach, where applicable, for each security type.

Security loans

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

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

In a securities lending transaction, the net asset value of the Portfolio will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of instruments in which cash collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. After the occurrence of a default or impairment of structured investment vehicles purchased in a joint account by the Portfolios’ former securities lending agent, as the various participating funds’ lending activity fluctuated, their ratable interest in the joint account, including their ratable exposure to the defaulted or impaired structured investment vehicles fluctuated depending on the relative activity of each participating fund. In order to eliminate the fluctuation of the various funds’ ratable exposure to the defaulted or impaired structured investment vehicles, the investment adviser to the funds recommended to the Board of Trustees, and the Board of Trustees approved, actions designed to fix the allocation of percentage ownership in defaulted or impaired structured investment vehicles among all funds participating in



Notes to Portfolio of Investments (Unaudited)		Wells Fargo Advantage Index Portfolio 35

securities lending (“side pocketing”) based on each fund’s percentage ownership of the total cash collateral investment joint account as of the date the fixed allocation is implemented. Accordingly, on February 13, 2009 a side pocketing occurred, which fixed each fund’s ownership of defaulted or impaired structured investment vehicle in the joint account based on each such fund’s percentage ownership of the joint account as of such date.

Futures contracts

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

Futures contracts are valued based upon their quoted daily settlement prices. 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 Portfolio 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 Portfolio’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Portfolio’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1 — quoted prices in active markets for identical securities

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

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

As of January 31, 2011, the inputs used in valuing the Portfolio’s assets, which are carried at fair value, were as follows:


			Significant Other		Significant
	Quoted Prices		Observable Inputs		Unobservable Inputs
Investments in Securities	(Level 1)		(Level 2)		(Level 3)		Total

Equity securities
Common stocks	$	2,401,656,594	$	0	$	0	$	2,401,656,594
Short-term investments
Corporate bonds and notes		0		0		5,834,441		5,834,441
Investment companies		33,787,749		180,193,211		0		213,980,960
US Treasury securities		0		3,249,897		0		3,249,897
	$	2,435,444,343	$	183,443,108	$	5,834,441	$	2,624,721,892



36 Wells Fargo Advantage Index Portfolio		Notes to Portfolio of Investments (Unaudited)

As of January 31, 2010, the inputs used in valuing the Portfolio’s other financial instruments, which are carried at fair value, were as follows:


			Significant Other		Significant
	Quoted Prices		Observable Inputs		Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total

Futures contracts	$	487,642	$	0	$	0	$	487,642

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


	Corporate bonds
	and notes

Balance as of September 30, 2010	$	6,006,178
Realized gains (losses)		0
Change in unrealized gains (losses)		531,089
Purchases		0
Sales		(702,826	)
Transfers into Level 3		0
Transfers out of Level 3		0
Balance as of January 31, 2011	$	5,834,441
Change in unrealized gains or losses included in earnings relating to securities still held at January 31, 2011.	$	155,886

DERIVATIVE TRANSACTIONS

During the four months ended January 31, 2011, the Portfolio entered into futures contracts to gain market exposure.

At January 31, 2011, the Portfolio had long futures contracts outstanding as follows:


			Initial Contract	Value at	Net Unrealized
Expiration Date	Contracts	Type	Amount	January 31, 2011	Gains

March 2011	123 Long	S&P 500 Index	$38,946,158	$39,433,800	$487,642

The Portfolio had an average contract amount of $26,152,399 in long futures contracts during the four months ended January 31, 2011.

On January 31, 2011, the receivable for daily variation margin on open futures contracts reflected in the Statement of Assets and Liabilities only represents the current day’s variation margin.



Statement of Assets and Liabilities—January 31, 2011 (Unaudited)		Wells Fargo Advantage Index Portfolio 37


Assets
Investments
In unaffiliated securities (including securities on loan), at value	$	2,375,799,045
In affiliated securities, at value		248,922,847

Total investments, at value (see cost below)		2,624,721,892
Receivable for investment sold		5,826
Receivable for dividends and interest		2,295,283
Receivable for daily variation margin on open futures contracts		337,620
Receivable for securities lending income		9,498
Prepaid expenses and other assets		17,991

Total assets		2,627,388,110


Liabilities
Payable upon receipt of securities loaned		183,671,763
Investment advisory fee payable		142,743
Accrued expenses and other liabilities		105,211

Total liabilities		183,919,717

Total net assets	$	2,443,468,393


Total investments, at cost	$	2,242,103,999

Securities on loan, at value	$	179,342,915


38 Wells Fargo Advantage Index Fund		Other Information (Unaudited)

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s Web site ( www.wellsfargo.com/advantagefunds ) on a monthly, 30-day or more delayed basis. In addition, top ten holdings information for the Fund is publicly available on the Fund’s Web site on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC Web site at www.sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of the Wells Fargo Funds Trust (the “Trust”) and Officers of the Trust. This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹of the Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 152 funds comprising the Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees


Name and	Position Held and
Year of Birth	Length of Service	Principal Occupations During Past Five Years	Other Directorships

Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005 (Lead Trustee since 2001)	Co-Founder, Chairman, President and CEO of Crystal Geyser. Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust

Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust

Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust

Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction), Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 45 portfolios as of 12/31/10); Director, Diversapack Co. (packaging company); Asset Allocation Trust

David F. Larcker (Born 1951)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of Corporate Governance Research Program and Co-Director of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust



Other Information (Unaudited)		Wells Fargo Advantage Index Fund 39


Name and	Position Held and
Year of Birth	Length of Service	Principal Occupations During Past Five Years	Other Directorships

Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor and Chair of the Department of Insurance and Risk Management, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust

Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust

Michael S. Scofield (Born 1943)	Trustee, since 2010	Currently serves on the Investment Company Institute’s Board of Governors and Executive Committee as well the Independent Director’s Counsel Board of Governors and Executive Committee. Former Chairman of the Independent Directors Counsel. Trustee of the Evergreen Funds from 1984 to 2010. Retired Attorney, Law Offices of Michael S. Scofield and former Director and Chairman, Branded Media Corporation (multi-media branding company).	Asset Allocation Trust

Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010.	Asset Allocation Trust

Officers


Name and	Position Held and
Year of Birth	Length of Service	Principal Occupations During Past Five Years

Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.

C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.

Kasey Phillips (Born 1970)	Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010. Vice President and Assistant Vice President of Evergreen Investment Services, Inc. from 1999 to 2006.

David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

Jeremy DePalma (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Assistant Vice President, Evergreen Investment Services, Inc. from 2000 to 2004 and the head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.



40 Wells Fargo Advantage Index Fund		Other Information (Unaudited)


1.		The Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the Fund’s Web site at www.wellsfargo.com/advantagefunds.



List of Abbreviations		Wells Fargo Advantage Index Fund 41

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


ABAG	—	Association of Bay Area Governments
ACB	—	Agricultural Credit Bank
ADR	—	American Depositary Receipt
ADS	—	American Depository Shares
AGC - ICC	—	Assured Guaranty Corporation — Insured Custody Certificates
AGM	—	Assured Guaranty Municipal
AMBAC	—	American Municipal Bond Assurance Corporation
AMT	—	Alternative Minimum Tax
ARM	—	Adjustable Rate Mortgages
AUD	—	Australian Dollar
BAN	—	Bond Anticipation Notes
BART	—	Bay Area Rapid Transit
BHAC	—	Berkshire Hathaway Assurance Corporation
BRL	—	Brazil Real
CAD	—	Canadian Dollar
CDA	—	Community Development Authority
CDO	—	Collateralized Debt Obligation
CDSC	—	Contingent Deferred Sales Charge
CGIC	—	Capital Guaranty Insurance Company
CGY	—	Capital Guaranty Corporation
CHF	—	Swiss Franc
CIFG	—	CDC (Caisse des Dépôts et Consignations) IXIS Financial Guarantee
COP	—	Certificate of Participation
CP	—	Commercial Paper
CR	—	Custody Receipts
CTF	—	Common Trust Fund
DEM	—	Deutsche Mark
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
EDFA	—	Economic Development Finance Authority
ETET	—	Eagle Tax-Exempt Trust
ETF	—	Exchange-Traded Fund
EUR	—	Euro
FFCB	—	Federal Farm Credit Bank
FGIC	—	Financial Guaranty Insurance Corporation
FHA	—	Federal Housing Authority
FHAG	—	Federal Housing Agency
FHLB	—	Federal Home Loan Bank
FHLMC	—	Federal Home Loan Mortgage Corporation
FNMA	—	Federal National Mortgage Association
FRF	—	French Franc
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	—	Housing & 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
LLC	—	Limited Liability Company
LLP	—	Limited Liability Partnership
LOC	—	Letter of Credit
LP	—	Limited Partnership
MBIA	—	Municipal Bond Insurance Association
MFHR	—	Multi-Family Housing Revenue
MFMR	—	Multi-Family Mortgage Revenue
MMD	—	Municipal Market Data
MSTR	—	Municipal Securities Trust Receipts
MTN	—	Medium Term Note
MUD	—	Municipal Utility District
MXN	—	Mexican Peso
MYR	—	Malaysian Ringgit
NATL-RE	—	National Public Finance Guarantee Corporation
NLG	—	Netherlands Guilder
NOK	—	Norwegian Krone
NZD	—	New Zealand Dollar
PCFA	—	Pollution Control Finance Authority
PCR	—	Pollution Control Revenue
PFA	—	Public Finance Authority
PFFA	—	Public Facilities Financing Authority
PFOTER	—	Puttable Floating Option Tax-Exempt Receipts
plc	—	Public Limited Company
PLN	—	Polish Zloty
PSFG	—	Public School Fund Guaranty
PUTTER	—	Puttable Tax-Exempt Receipts
R&D	—	Research & Development
RDA	—	Redevelopment Authority
RDFA	—	Redevelopment Finance Authority
REITS	—	Real Estate Investment Trusts
ROC	—	Reset Option Certificates
SEK	—	Swedish Krona
SFHR	—	Single Family Housing Revenue
SFMR	—	Single Family Mortgage Revenue
SGD	—	Singapore Dollar
SKK	—	Slovakian Koruna
SLMA	—	Student Loan Marketing Association
SPDR	—	Standard & Poor’s Depositary Receipts
STIT	—	Short-Term Investment Trust
TAN	—	Tax Anticipation Notes
TBA	—	To Be Announced
TRAN	—	Tax Revenue Anticipation Notes
TRC	—	Transferable Custody Receipts
TRY	—	Turkish Lira
TTFA	—	Transportation Trust Fund Authority
USD	—	Unified School District
XLCA	—	XL Capital Assurance
ZAR	—	South African Rand

This page is intentionally left blank.

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, e-mail, visit the Funds’ Web site, or call:

Wells Fargo Advantage Funds
P.O. Box 8266
Boston, MA 02266-8266
E-mail: wfaf@wellsfargo.com

Web site: www.wellsfargo.com/advantagefunds
Individual Investors: 1-800-222-8222
Retail Investment Professionals: 1-888-877-9275
Institutional Investment Professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s Web site at www.wellsfargo.com/advantagefunds. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. Read the prospectus carefully before you invest or send money.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED § NO BANK GUARANTEE § MAY LOSE VALUE




© 2011 Wells Fargo Funds Management, LLC. All rights reserved.	www.wellsfargo.com/advantagefunds	201104 03-11 SEGFNLD/SAR112

WELLS FARGO ADVANTAGE LARGE CAP STOCK FUNDS

§		Wells Fargo Advantage Capital Growth Fund

§		Wells Fargo Advantage Endeavor Select Fund^SM

§		Wells Fargo Advantage Growth Fund

§		Wells Fargo Advantage Large Cap Growth Fund

§		Wells Fargo Advantage Omega Growth Fund

§		Wells Fargo Advantage Premier Large Company Growth Fund

§		Wells Fargo Advantage Strategic Large Cap Growth Fund

Reduce clutter. Save trees.

Contents


Letter to Shareholders			2

Performance Highlights
Wells Fargo Advantage Capital Growth Fund			6
Wells Fargo Advantage Endeavor Select Fund			8
Wells Fargo Advantage Growth Fund			10
Wells Fargo Advantage Large Cap Growth Fund			12
Wells Fargo Advantage Omega Growth Fund			14
Wells Fargo Advantage Premier Large Company Growth Fund			16
Wells Fargo Advantage Strategic Large Cap Growth Fund			18

Fund Expenses			20

Portfolio of Investments
Wells Fargo Advantage Capital Growth Fund			24
Wells Fargo Advantage Endeavor Select Fund			28
Wells Fargo Advantage Growth Fund			31
Wells Fargo Advantage Large Cap Growth Fund			36
Wells Fargo Advantage Omega Growth Fund			40
Wells Fargo Advantage Premier Large Company Growth Fund			44
Wells Fargo Advantage Strategic Large Cap Growth Fund			48

Financial Statements

Statements of Assets and Liabilities			52
Statements of Operations			54
Statements of Changes in Net Assets			56
Financial Highlights			64

Notes to Financial Statements			75

Other Information			85

List of Abbreviations			88

NOT FDIC INSURED § NO BANK GUARANTEE § MAY LOSE VALUE

WELLS FARGO
INVESTMENT HISTORY


1932		Keystone creates one of the first mutual fund families.

1971		Wells Fargo & Company introduces one of the first institutional index funds.

1978		Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.

1984		Wells Fargo Stagecoach Funds launches its first asset allocation fund.

1989		The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.

1994		Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the *Wells Fargo Advantage Dow Jones Target Date Funds*^SM).

1996		Evergreen Investments and Keystone Funds merge.

1997		Wells Fargo launches *Wells Fargo Advantage WealthBuilder Portfolios*^SM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.

1999		Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.

2002		Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.

2005		The integration of Strong Funds with Wells Fargo Funds creates *Wells Fargo Advantage Funds, resulting in one of* the top 20 mutual fund companies in the United States.

2006		*Wells Fargo Advantage Funds* relaunches the target date product line as *Wells Fargo Advantage Dow Jones Target Date Funds.*

2010		The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of *Wells Fargo Advantage Funds.*

Wells Fargo Advantage Funds^®

Strength

Expertise

Partnership

NOT FDIC INSURED § NO BANK GUARANTEE § MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 120 mutual funds across a wide range of asset classes, representing over $232 billion in assets under management, as of January 31, 2011.


Equity Funds

Asia Pacific Fund	Enterprise Fund^†	Opportunity Fund^†
C&B Large Cap Value Fund	Equity Value Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Global Opportunities Fund	Premier Large Company Growth Fund
Capital Growth Fund	Growth Fund	Small Cap Growth Fund
Classic Value Fund	Growth Opportunities Fund	Small Cap Opportunities Fund
Common Stock Fund	Health Care Fund	Small Cap Value Fund
Core Equity Fund	Index Fund	Small Company Growth Fund
Disciplined Global Equity Fund	International Equity Fund	Small Company Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small/Mid Cap Core Fund
Disciplined Value Fund	Intrinsic Small Cap Value Fund	Small/Mid Cap Value Fund
Discovery Fund^†	Intrinsic Value Fund	Social Sustainability Fund^†
Diversified Equity Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified International Fund	Large Cap Core Fund	Special Small Cap Value Fund
Diversified Small Cap Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Growth Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Emerging Markets Equity Fund	Mid Cap Growth Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund^†	Omega Growth Fund	Utility and Telecommunications Fund

Bond Funds

Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund

Asset Allocation Funds

Asset Allocation Fund	WealthBuilder Equity Portfolio^†	Target 2020 Fund^†
Conservative Allocation Fund	WealthBuilder Growth Allocation Portfolio^†	Target 2025 Fund^†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio^†	Target 2030 Fund^†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio^†	Target 2035 Fund^†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio^†	Target 2040 Fund^†
Index Asset Allocation Fund	Target Today Fund^†	Target 2045 Fund^†
Moderate Balanced Fund	Target 2010 Fund^†	Target 2050 Fund^†
WealthBuilder Conservative Allocation Portfolio^†	Target 2015 Fund^†

Money Market Funds

100% Treasury Money Market Fund	Minnesota Money Market Fund	New Jersey Municipal Money Market Fund
California Municipal Money Market Fund	Money Market Fund	New York Municipal Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Pennsylvania Municipal Money Market Fund
Government Money Market Fund	Municipal Money Market Fund	Prime Investment Money Market Fund
Heritage Money Market Fund^†	National Tax-Free Money Market Fund	Treasury Plus Money Market Fund

Variable Trust Funds¹

VT Core Equity Fund	VT Intrinsic Value Fund	VT Small Cap Value Fund
VT Discovery Fund^†	VT Omega Growth Fund	VT Total Return Bond Fund
VT Index Asset Allocation Fund	VT Opportunity Fund^†
VT International Equity Fund	VT Small Cap Growth Fund


1.		The Variable Trust Funds are generally available only through insurance company variable contracts.

†		In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage Social Sustainability Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SMare referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, Social Sustainability Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.



2 Wells Fargo Advantage Large Cap Stock Funds		Letter to Shareholders

Dear Valued Shareholder,

We are pleased to provide you with this semiannual report for the Wells Fargo Advantage Large Cap Stock Funds for the six-month period that ended January 31, 2011.

While the equity markets delivered strong six-month returns against the backdrop of a strengthening economy, the period was not without its share of macroeconomic challenges, domestic and international political uncertainty, and market volatility—once again highlighting the value of a well-diversified investment strategy. As always, we believe that such a strategy can enable investors to balance risks and opportunities as they pursue long-term financial goals in a dynamic market environment.

The economic recovery stayed on track.

The U.S. economic recovery that began in the summer of 2009 gained momentum, particularly toward the end of 2010. After expanding by 2.6% in the third quarter of 2010, gross domestic product (GDP) accelerated to an annualized rate of 3.2% in the fourth quarter. Although the path of recovery has been uneven at times and growth remains subpar compared with previous recoveries, the general consensus among economists is that the economy will likely avoid a double-dip recession. That said, persistent weakness in the labor and housing markets bears close watching in the months ahead.

Jobs and housing remained troublesome.

The Fed continued to do its part.



Letter to Shareholders		Wells Fargo Advantage Large Cap Stock Funds 3

The second half of 2010 was a solid year for equities.

QE2 was certainly not the only catalyst for the equity markets over the six-month period that ended January 31, 2011. Along with more upbeat economic data, better-than-expected corporate earnings played a role in driving stock prices higher. Throughout the past year, quarterly earnings per share for the majority of companies in the S&P 500 Index consistently exceeded Wall Street estimates. As 2010 drew to a close, the midterm congressional elections and the extension of the Bush-era tax cuts provided additional tailwinds, helping the markets finish the six-month period on a strong note.

To be sure, the gains were hard-earned, as the markets had to contend with numerous issues along the way, including the European sovereign debt crisis, civilian unrest and political upheaval in Tunisia and Egypt, China’s efforts to slow growth and manage inflation, and doubts about the sustainability of a domestic economic expansion. In particular, the early part of the third quarter witnessed bouts of heightened market volatility as economic data, although expanding remained tepid. This led to increased fears that the U.S. economy was losing momentum and falling back into a recession. As the third and fourth quarters progressed, however, volatility—as measured by the Chicago Board Options Exchange Volatility Index—abated amid reduced fears of a double-dip recession. This renewed optimism was bolstered by improving corporate earnings, additional stimulus from the Fed, and the midterm elections, which provided more clarity around tax policy and the regulatory environment.

Investors should keep a long-term perspective.



4 Wells Fargo Advantage Large Cap Stock Funds		Letter to Shareholders

or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance.

Thank you for choosing Wells Fargo Advantage Funds. We appreciate your continued confidence in us and are committed to helping you meet your financial needs. If you have any questions about your investments, please contact your investment professional, call us at 1-800-222-8222, or visit www.wellsfargo.com/advantagefunds.

Sincerely,

Karla M. Rabusch
President
Wells Fargo Advantage Funds

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6 Wells Fargo Advantage Large Cap Stock Funds		Performance Highlights

Wells Fargo Advantage Capital Growth Fund

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

INVESTMENT ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

Michael Harris, CFA
Thomas J. Pence, CFA

FUND INCEPTION

November 3, 1997

TEN LARGEST EQUITY HOLDINGS²
(AS OF JANUARY 31, 2011)


Apple Incorporated	5.27	%
Ford Motor Company	2.54	%
Walt Disney Company	2.49	%
Precision Castparts Corporation	2.23	%
Oracle Corporation	2.12	%
Amazon.com Incorporated	2.09	%
Eaton Corporation	2.04	%
Google Incorporated Class A	2.01	%
DIRECTV Group Incorporated	1.95	%
American Tower Corporation Class A	1.95	%


1.		Sector distribution is subject to change and is calculated based on the total common stock investments of the Fund.

2.		The ten largest equity holdings are calculated based on the value of the securities divided by total investments of the Fund. Holdings are subject to change and may have changed since the date specified.



Performance Highlights		Wells Fargo Advantage Large Cap Stock Funds 7

Wells Fargo Advantage Capital Growth Fund (continued)

AVERAGE ANNUAL TOTAL RETURN³(%) (AS OF JANUARY 31, 2011)


			Including Sales Charge									Excluding Sales Charge									Expense Ratios⁴
	Inception Date		6 Month*		1 Year		5 Year			10 Year		6 Month*		1 Year		5 Year		10 Year			Gross			Net⁵
Class A (WFCGX)		07/31/2007		15.66		19.27		(0.40	)		1.59		22.74		26.52		0.78		2.20			1.23	%		1.20	%
Class C (WFCCX)		07/31/2007		21.24		24.58		0.09			1.57		22.24		25.58		0.09		1.57			1.98	%		1.95	%
Administrator Class (WFCDX)		06/30/2003											22.83		26.88		1.12		2.50			1.07	%		0.94	%
Institutional Class (WWCIX)		04/08/2005											23.01		27.13		1.31		2.61			0.80	%		0.70	%
Investor Class (SLGIX)		11/03/1997											22.67		26.47		0.70		2.15			1.30	%		1.27	%
Russell 1000^® Growth Index⁶													20.96		25.14		3.91		(0.40	)


*		Returns for periods of less than one year are not annualized.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including sales charge assumes the sales charge for the corresponding time period. Administrator Class, Institutional Class, and Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not expect that such favorable returns can be consistently achieved. A Fund’s performance, especially for very short time periods, should not be the sole factor in making your investment decision.

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to active trading risk and foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.


3.		Performance shown for Class A and Administrator Class shares prior to their inception reflects the performance of the Investor Class shares, and includes the higher expenses applicable to the Investor Class shares. If these expenses had not been included, returns would be higher. Performance shown for Class C shares prior to its inception reflects the performance of the Investor Class shares, adjusted to reflect the higher expenses applicable to Class C shares. Performance shown for the Institutional Class shares prior to its inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns would be higher.

4.		Reflects the expense ratios as stated in the December 1, 2010 prospectuses.

5.		The investment adviser has contractually committed through July 18, 2013 to waive fees and/or reimburse expenses to the extent necessary to maintain the contractual expense ratios shown, excluding acquired fund fees and certain other expenses. Without these reductions, the Fund’s returns would have been lower.

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



8 Wells Fargo Advantage Large Cap Stock Funds		Performance Highlights

Wells Fargo Advantage Endeavor Select Fund

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

INVESTMENT ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

Michael Harris, CFA
Thomas J. Pence, CFA
Michael T. Smith, CFA

FUND INCEPTION

December 29, 2000

TEN LARGEST EQUITY HOLDINGS²
(AS OF JANUARY 31, 2011)


Apple Incorporated	6.50	%
Oracle Corporation	3.05	%
Walt Disney Company	3.05	%
Ford Motor Company	2.93	%
Eaton Corporation	2.84	%
American Tower Corporation Class A	2.79	%
Amazon.com Incorporated	2.71	%
Cummins Incorporated	2.63	%
Halliburton Company	2.62	%
DIRECTV Group Incorporated	2.55	%


1.		Sector distribution is subject to change and is calculated based on the total common stock investments of the Fund.

2.		The ten largest equity holdings are calculated based on the value of the securities divided by total investments of the Fund. Holdings are subject to change and may have changed since the date specified.



Performance Highlights		Wells Fargo Advantage Large Cap Stock Funds 9

Wells Fargo Advantage Endeavor Select Fund (continued)

AVERAGE ANNUAL TOTAL RETURN³(%) (AS OF JANUARY 31, 2011)


			Including Sales Charge										Excluding Sales Charge										Expense Ratios⁴
	Inception Date		6 Month*		1 Year		5 Year			10 Year			6 Month*		1 Year		5 Year			10 Year			Gross			Net⁵
Class A (STAEX)		12/29/2000		14.39		20.24		(0.58	)		0.07			21.43		27.55		0.60			0.66			1.25	%		1.25	%
Class B (WECBX)**		12/29/2000		15.93		21.50		(0.60	)		0.14			20.93		26.50		(0.19	)		0.14			2.00	%		2.00	%
Class C (WECCX)		12/29/2000		19.93		25.50		(0.17	)		(0.10	)		20.93		26.50		(0.17	)		(0.10	)		2.00	%		2.00	%
Administrator Class (WECDX)		04/08/2005												21.53		27.75		0.85			0.80			1.09	%		1.01	%
Institutional Class (WFCIX)		04/08/2005												21.74		28.08		1.06			0.92			0.82	%		0.81	%
Russell 1000^® Growth Index⁶														20.96		25.14		3.91			(0.40	)


*		Returns for periods of less than one year are not annualized.

**		Class B shares are closed to investment, except in connection with the reinvestment of any distributions and permitted exchanges.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including sales charge assumes the sales charge for the corresponding time period. Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses or any taxes. It is not possible to invest directly in an index.

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to active trading risk, foreign investment risk, and non-diversification risk. Consult the Fund’s prospectus for additional information on these and other risks.


3.		Performance shown for the Administrator Class and Institutional Class shares prior to their inception reflects the performance of the Fund’s Class A shares, and includes the higher expenses applicable to the Class A shares. If these expenses had not been included, returns would be higher.

4.		Reflects the expense ratios as stated in the December 1, 2010 prospectuses.

5.		The investment adviser has contractually committed through November 30, 2011 to waive fees and/or reimburse expenses to the extent necessary to maintain the contractual expense ratio at 1.25% for Class A shares, 2.00% for Class B shares, 2.00% for Class C shares, 1.00% for Administrator Class shares and 0.80% for Institutional Class shares, excluding acquired fund fees and certain other expenses. Without these reductions, the Fund’s returns would have been lower.

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



10 Wells Fargo Advantage Large Cap Stock Funds		Performance Highlights

Wells Fargo Advantage Growth Fund

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

INVESTMENT ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

Joseph M. Eberhardy, CFA, CPA
Thomas C. Ognar, CFA
Bruce C. Olson, CFA

FUND INCEPTION

December 31, 1993

TEN LARGEST EQUITY HOLDINGS²
(AS OF JANUARY 31, 2011)


Apple Incorporated	4.31	%
Alexion Pharmaceuticals Incorporated	2.82	%
Google Incorporated Class A	2.53	%
Praxair Incorporated	2.52	%
Priceline.com Incorporated	2.19	%
Tractor Supply Company	1.80	%
Mettler-Toledo International Incorporated	1.66	%
NII Holdings Incorporated	1.45	%
Brigham Exploration Company	1.45	%
CarMax Incorporated	1.40	%


1.		Sector distribution is subject to change and is calculated based on the total common stock investments of the Fund.

2.		The ten largest equity holdings are calculated based on the value of the securities divided by total investments of the Fund. Holdings are subject to change and may have changed since the date specified.



Performance Highlights		Wells Fargo Advantage Large Cap Stock Funds 11

Wells Fargo Advantage Growth Fund (continued)

AVERAGE ANNUAL TOTAL RETURN³(%) (AS OF JANUARY 31, 2011)


			Including Sales Charge								Excluding Sales Charge									Expense Ratios⁴
	Inception Date		6 Month*		1 Year		5 Year		10 Year		6 Month*		1 Year		5 Year		10 Year			Gross			Net⁵
Class A (SGRAX)		02/24/2000		19.00		29.52		6.72		1.97		26.25		37.41		8.00		2.58			1.29	%		1.29	%
Class C (WGFCX)		12/26/2002		24.76		35.42		7.19		1.78		25.76		36.42		7.19		1.78			2.04	%		2.04	%
Administrator Class (SGRKX)		08/30/2002										26.39		37.83		8.36		2.99			1.13	%		0.96	%
Institutional Class (SGRNX)		02/24/2000										26.51		38.04		8.51		3.19			0.86	%		0.80	%
Investor Class (SGROX)		12/31/1993										26.14		37.30		7.85		2.52			1.36	%		1.36	%
Russell 3000^® Growth Index⁶												21.14		25.83		3.85		(0.15	)


*		Returns for periods of less than one year are not annualized.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses or any taxes. It is not possible to invest directly in an index.

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.


3.		Performance shown for the Administrator Class shares prior to its inception reflects the performance of the Investor Class shares, and includes the higher expenses applicable to the Investor Class shares. If these expenses had not been included, returns would be higher. Performance shown for the Class C shares prior to its inception reflects the performance of the Investor Class shares, adjusted to reflect the higher expenses applicable to Class C shares. Effective June 20, 2008, the Advisor Class was renamed Class A and modified to assume the features and attributes of Class A. Performance shown for Class A shares from February 24, 2000 through June 19, 2008 includes Advisor Class expenses.

4.		Reflects the expense ratios as stated in the December 1, 2010 prospectuses.

5.		The investment adviser has contractually committed through November 30, 2011 to waive fees and/or reimburse expenses to the extent necessary to maintain the Fund’s contractual expense ratio for Class A shares at 1.30%, Class C shares at 2.05% Administrator Class shares at 0.96%, Institutional Class shares at 0.80% and Investor Class shares at 1.37%, excluding acquired fund fees and certain other expenses. Without these reductions, the Fund’s returns would have been lower.

6.		The Russell 3000^® Growth Index measures the performance of those Russell 3000^® Index companies with higher price-to-book ratios and higher forecasted growth values. The stocks in this index are also members of either the Russell 1000^® Growth Index or the Russell 2000^® Growth Index. You cannot invest directly in an index.



12 Wells Fargo Advantage Large Cap Stock Funds		Performance Highlights

Wells Fargo Advantage Large Cap Growth Fund

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

INVESTMENT ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

Joseph M. Eberhardy, CFA, CPA
Thomas C. Ognar, CFA
Bruce C. Olson, CFA

FUND INCEPTION

December 30, 1981

TEN LARGEST EQUITY HOLDINGS²
(AS OF JANUARY 31, 2011)


Apple Incorporated	4.84	%
Google Incorporated Class A	3.20	%
Praxair Incorporated	2.18	%
Cognizant Technology Solutions Corporation Class A	1.99	%
Emerson Electric Company	1.97	%
QUALCOMM Incorporated	1.94	%
Amazon.com Incorporated	1.85	%
Schlumberger Limited	1.62	%
Alexion Pharmaceuticals Incorporated	1.62	%
EMC Corporation	1.45	%


1.		Sector distribution is subject to change and is calculated based on the total common stock investments of the Fund.

2.		The ten largest equity holdings are calculated based on the value of the securities divided by total investments of the Fund. Holdings are subject to change and may have changed since the date specified.



Performance Highlights		Wells Fargo Advantage Large Cap Stock Funds 13

Wells Fargo Advantage Large Cap Growth Fund (continued)

AVERAGE ANNUAL TOTAL RETURN³(%) (AS OF JANUARY 31, 2011)


			Including Sales Charge									Excluding Sales Charge									Expense Ratios⁴
	Inception Date		6 Month*		1 Year		5 Year		10 Year			6 Month*		1 Year		5 Year		10 Year			Gross			Net⁵
Class A (STAFX)		07/30/2010		14.22		17.50		1.87		(1.52	)		21.19		24.70		3.08		(0.93	)		1.27	%		1.12	%
Class C (STOFX)		07/30/2010		19.70		22.77		2.37		(1.61	)		20.70		23.77		2.37		(1.61	)		2.02	%		1.87	%
Administrator Class (STDFX)		07/30/2010											21.27		24.78		3.10		(0.92	)		1.11	%		0.95	%
Institutional Class (STNFX)		07/30/2010											21.39		24.91		3.12		(0.91	)		0.84	%		0.75	%
Investor Class (STRFX)		12/30/1981											21.11		24.61		3.07		(0.94	)		1.34	%		1.19	%
Russell 1000^® Growth Index⁶													20.96		25.14		3.91		(0.40	)


*		Returns for periods of less than one year are not annualized.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including sales charge assumes the sales charge for the corresponding time period. Administrator Class, Institutional Class and Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses or any taxes. It is not possible to invest directly in an index.

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to foreign investment risk. Consult the fund’s prospectus for additional information on these and other risks.


3.		Performance shown for the Class A, Administrator Class and Institutional Class shares prior to their inception reflects the performance of the Investor Class shares, and includes the higher expenses applicable to Investor Class shares. If these expenses had not been included, returns would be higher. Performance shown for Class C shares prior to its inception reflects the performance of the Investor Class shares, adjusted to reflect the higher expenses applicable to Class C shares.

4.		Reflects the expense ratios as stated in the December 1, 2010 prospectuses.

5.		The investment adviser has contractually committed through November 30, 2011 to waive fees and/or reimburse expenses to the extent necessary to maintain the Fund’s contractual expense ratios shown, excluding acquiring fund fees and certain other expenses. Without these reductions, the Fund’s returns would have been lower.

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



14 Wells Fargo Advantage Large Cap Stock Funds		Performance Highlights

Wells Fargo Advantage Omega Growth Fund

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

INVESTMENT ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

Thomas J. Pence, CFA
Michael T. Smith, CFA

FUND INCEPTION

April 29, 1968

TEN LARGEST EQUITY HOLDINGS²
(AS OF JANUARY 31, 2011)


Apple Incorporated	4.38	%
Oracle Corporation	2.24	%
NetLogic Microsystems Incorporated	1.78	%
Cummins Incorporated	1.60	%
Express Scripts Incorporated	1.59	%
Eaton Corporation	1.59	%
Halliburton Company	1.54	%
SBA Communications Corporation Class A	1.47	%
Amazon.com Incorporated	1.46	%
Precision Castparts Corporation	1.43	%


1.		Sector distribution is subject to change and is calculated based on the total common stock investments of the Fund.

2.		The ten largest equity holdings are calculated based on the value of the securities divided by total investments of the Fund. Holdings are subject to change and may have changed since the date specified.



Performance Highlights		Wells Fargo Advantage Large Cap Stock Funds 15

Wells Fargo Advantage Omega Growth Fund (continued)

AVERAGE ANNUAL TOTAL RETURN³(%) (AS OF JANUARY 31, 2011)


			Including Sales Charge								Excluding Sales Charge									Expense Ratios⁴
	Inception Date		6 Month*		1 Year		5 Year		10 Year		6 Month*		1 Year		5 Year		10 Year			Gross			Net⁵
Class A (EKOAX)		04/29/1968		18.32		21.51		5.62		2.48		25.54		28.92		6.88		3.09			1.38	%		1.30	%
Class B (EKOBX)**		08/02/1993		20.07		22.93		5.77		2.57		25.07		27.93		6.08		2.57			2.13	%		2.05	%
Class C (EKOCX)		08/02/1993		24.10		26.96		6.09		2.34		25.10		27.96		6.09		2.34			2.13	%		2.05	%
Class R (EKORX)		10/10/2003										25.40		28.61		7.19		3.38			1.63	%		1.55	%
Administrator Class (EOMYX)		01/13/1997										25.67		29.25		7.15		3.37			1.22	%		1.05	%
Institutional Class (EKONX)		07/30/2010										25.87		29.44		7.19		3.38			0.95	%		0.80	%
Russell 3000^® Growth Index⁶												21.14		25.83		3.85		(0.15	)


*		Returns for periods of less than one year are not annualized.

**		Class B shares are closed to investment, except in connection with the reinvestment of any distributions and permitted exchanges.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including sales charge assumes the sales charge for the corresponding time period. Administrator Class, Institutional Class and Class R shares are sold without a front-end sales charge or contingent deferred sales charge.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses or any taxes. It is not possible to invest directly in an index.

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to active trading, foreign investment risk and smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.


3.		Performance shown for Class R shares prior to its inception reflects the performance of the Class A shares, adjusted to reflect the higher expenses applicable to Class R shares. Performance shown for the Institutional Class shares prior to its inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for all classes of the Fund prior to July 19, 2010 is based on the performance of the Fund’s predecessor, Evergreen Omega Fund.

4.		Reflects the expense ratios as stated in the December 1, 2010 prospectuses.

5.		The investment adviser has contractually committed through July 18, 2013 to waive fees and/or reimburse expenses to the extent necessary to maintain the Fund’s contractual expense ratios shown, excluding acquired fund fees and certain other expenses. Without these reductions, the Fund’s returns would have been lower.

6.		The Russell 3000^® Growth Index measures the performance of those Russell 3000 Growth Index companies with higher price-to-book ratios and higher forecasted growth values. The stocks in this index are also members of either the Russell 1000^® Growth Index or the Russell 2000^® Growth Index. You cannot invest directly in an index.



16 Wells Fargo Advantage Large Cap Stock Funds		Performance Highlights

Wells Fargo Advantage Premier Large Company Growth Fund

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

INVESTMENT ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

Joseph M. Eberhardy, CFA, CPA
Thomas C. Ognar, CFA
Bruce C. Olson, CFA

FUND INCEPTION

September 11, 1935

TEN LARGEST EQUITY HOLDINGS²
(AS OF JANUARY 31, 2011)


Apple Incorporated	5.24	%
Google Incorporated Class A	3.49	%
Praxair Incorporated	2.47	%
QUALCOMM Incorporated	2.15	%
Emerson Electric Company	2.15	%
Cognizant Technology Solutions Corporation Class A	2.13	%
Amazon.com Incorporated	1.99	%
Schlumberger Limited	1.74	%
Alexion Pharmaceuticals Incorporated	1.73	%
EMC Corporation	1.55	%


1.		Sector distribution is subject to change and is calculated based on the total common stock investments of the Fund.

2.		The ten largest equity holdings are calculated based on the value of the securities divided by total investments of the Fund. Holdings are subject to change and may have changed since the date specified.


Performance Highlights		Wells Fargo Advantage Large Cap Stock Funds 17

Wells Fargo Advantage Premier Large Company Growth Fund (continued)

AVERAGE ANNUAL TOTAL RETURN³(%) (AS OF JANUARY 31, 2011)


			Including Sales Charge								Excluding Sales Charge									Expense Ratios⁴
	Inception Date		6 Month*		1 Year		5 Year		10 Year		6 Month*		1 Year		5 Year		10 Year			Gross			Net⁵

Class A (EKJAX)		01/20/1998		14.05		15.66		4.52		1.23		20.97		22.77		5.77		1.83			1.29	%		1.12	%
Class B (EKJBX)**		09/11/1935		15.42		16.79		4.67		1.31		20.42		21.79		5.00		1.31			2.04	%		1.87	%
Class C (EKJCX)		01/22/1998		19.48		20.86		4.99		1.08		20.48		21.86		4.99		1.08			2.04	%		1.87	%
Administrator Class (WFPDX)		07/16/2010										21.03		22.82		5.84		1.91			1.13	%		0.95	%
Institutional Class (EKJYX)		06/30/1999										21.18		23.08		6.06		2.11			0.86	%		0.75	%
Investor Class (WFPNX)		07/16/2010										20.90		22.66		5.69		1.75			1.36	%		1.19	%
Russell 1000^® Growth Index⁶												20.96		25.14		3.91		(0.40	)


*		Returns for periods of less than one year are not annualized.

**		Class B shares are closed to investment, except in connection with the reinvestment of any distributions and permitted exchanges.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including sales charge assumes the sales charge for the corresponding time period. Administrator Class, Institutional Class and Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses or any taxes. It is not possible to invest directly in an index.

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to foreign investment risk. Consult the fund’s prospectus for additional information on these and other risks.


3.		Performance shown for the Administrator Class shares prior to its inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to the Administrator Class shares. Performance shown for the Investor Class shares prior to its inception reflects the performance of the Class A shares, adjusted to reflect the higher expenses applicable to the Investor Class shares. Historical performance shown for all classes of the Fund prior to July 19, 2010 is based on the performance of the Fund’s predecessor, Evergreen Large Company Growth Fund.

4.		Reflects the expense ratios as stated in the December 1, 2010 prospectuses.

5.		The investment adviser has contractually committed through July 18, 2013 to waive fees and/or reimburse expenses to the extent necessary to maintain the Fund’s contractual expense ratios shown, excluding acquired fund fees and certain other expenses. Without these reductions, the Fund’s returns would have been lower.

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


18 Wells Fargo Advantage Large Cap Stock Funds		Performance Highlights

Wells Fargo Advantage Strategic Large Cap Growth Fund

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

INVESTMENT ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

W. Shannon Reid, CFA
David M. Chow, CFA
Jay Zelko

FUND INCEPTION

December 31, 1994

TEN LARGEST EQUITY HOLDINGS²
(AS OF JANUARY 31, 2011)


Apple Incorporated	5.77	%
Google Incorporated Class A	3.18	%
Schlumberger Limited	2.90	%
Philip Morris International Incorporated	2.63	%
QUALCOMM Incorporated	2.56	%
Starbucks Corporation	2.20	%
United Parcel Service Incorporated Class B	2.02	%
Oracle Corporation	1.98	%
EMC Corporation	1.92	%
General Electric Company	1.90	%


1.		Sector distribution is subject to change and is calculated based on the total common stock investments of the Fund.

2.		The ten largest equity holdings are calculated based on the value of the securities divided by total investments of the Fund. Holdings are subject to change and may have changed since the date specified.


Performance Highlights		Wells Fargo Advantage Large Cap Stock Funds 19

Wells Fargo Advantage Strategic Large Cap Growth Fund (continued)

AVERAGE ANNUAL TOTAL RETURN³(%) (AS OF JANUARY 31, 2011)


			Including Sales Charge									Excluding Sales Charge									Expense Ratios⁴
	Inception Date		6 Month*		1 Year		5 Year		10 Year			6 Month*		1 Year		5 Year		10 Year			Gross			Net⁵

Class A (ESGAX)		05/11/2001		15.39		18.90		3.14		(0.42	)		22.43		26.15		4.37		0.17			1.29	%		1.07	%
Class C (ESGTX)		05/11/2001		20.97		24.18		3.59		(0.56	)		21.97		25.18		3.59		(0.56	)		2.04	%		1.82	%
Class R (ESGRX)		10/10/2003											22.29		25.81		4.12		(0.04	)		1.54	%		1.32	%
Administrator Class (ESGDX)		07/30/2010											22.54		26.33		4.50		0.29			1.13	%		0.95	%
Institutional Class (ESGIX)		12/31/1994											22.60		26.49		4.65		0.44			0.86	%		0.80	%
Russell 1000^® Growth Index⁶													20.96		25.14		3.91		(0.40	)


*		Returns for periods of less than one year are not annualized.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including sales charge assumes the sales charge for the corresponding time period. Class R, Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses or any taxes. It is not possible to invest directly in an index.

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to active trading risk. Consult the Fund’s prospectus for additional information on these and other risks.


3.		Performance shown for Class A, Class C, Class R and Administrator Class shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to Class A, Class C, Class R and Administrator Class shares. Historical performance shown for all classes of the Fund prior to July 19, 2010 is based on the performance of the Fund’s predecessor, Evergreen Strategic Growth Fund.

4.		Reflects the expense ratios as stated in the December 1, 2010 prospectuses.

5.		The investment adviser has contractually committed through July 18, 2013 to waive fees and/or reimburse expenses to the extent necessary to maintain the Fund’s contractual expense ratio shown, excluding acquired fund fees and certain other expenses. Without these reductions, the Fund’s returns would have been lower.

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


20 Wells Fargo Advantage Large Cap Stock Funds		Fund Expenses

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2010 to January 31, 2011.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning		Ending		Expenses
	Account Value		Account Value		Paid During		Net Annual
	08-01-2010		01-31-2011		the Period¹		Expense Ratio

Wells Fargo Advantage Capital Growth Fund
Class A
Actual	$	1,000.00	$	1,227.41	$	6.74		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.16	$	6.11		1.20	%
Class C
Actual	$	1,000.00	$	1,222.40	$	10.92		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.38	$	9.91		1.95	%
Administrator Class
Actual	$	1,000.00	$	1,228.25	$	5.28		0.94	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.47	$	4.79		0.94	%
Institutional Class
Actual	$	1,000.00	$	1,230.09	$	3.93		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57		0.70	%
Investor Class
Actual	$	1,000.00	$	1,226.75	$	7.13		1.27	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.80	$	6.46		1.27	%


Fund Expenses		Wells Fargo Advantage Large Cap Stock Funds 21


	Beginning		Ending		Expenses
	Account Value		Account Value		Paid During		Net Annual
	08-01-2010		01-31-2011		the Period¹		Expense Ratio

Wells Fargo Advantage Endeavor Select Fund™
Class A
Actual	$	1,000.00	$	1,214.29	$	6.86		1.23	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.00	$	6.26		1.23	%
Class B
Actual	$	1,000.00	$	1,209.33	$	11.03		1.98	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.22	$	10.06		1.98	%
Class C
Actual	$	1,000.00	$	1,209.33	$	11.03		1.98	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.22	$	10.06		1.98	%
Administrator Class
Actual	$	1,000.00	$	1,215.33	$	5.58		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.16	$	5.09		1.00	%
Institutional Class
Actual	$	1,000.00	$	1,217.39	$	4.42		0.79	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.22	$	4.02		0.79	%

Wells Fargo Advantage Growth Fund

Class A
Actual	$	1,000.00	$	1,262.45	$	7.19		1.26	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.85	$	6.41		1.26	%
Class C
Actual	$	1,000.00	$	1,257.56	$	11.44		2.01	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.07	$	10.21		2.01	%
Administrator Class
Actual	$	1,000.00	$	1,263.95	$	5.48		0.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.37	$	4.89		0.96	%
Institutional Class
Actual	$	1,000.00	$	1,265.06	$	4.57		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	4.08		0.80	%
Investor Class
Actual	$	1,000.00	$	1,261.40	$	7.58		1.33	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.50	$	6.77		1.33	%

Wells Fargo Advantage Large Cap Growth Fund

Class A
Actual	$	1,000.00	$	1,211.90	$	6.24		1.12	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.56	$	5.70		1.12	%
Class C
Actual	$	1,000.00	$	1,207.01	$	10.40		1.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.78	$	9.50		1.87	%
Administrator Class
Actual	$	1,000.00	$	1,212.71	$	5.35		0.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.37	$	4.89		0.96	%
Institutional Class
Actual	$	1,000.00	$	1,213.94	$	4.19		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Investor Class
Actual	$	1,000.00	$	1,211.08	$	6.63		1.19	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.21	$	6.06		1.19	%


22 Wells Fargo Advantage Large Cap Stock Funds		Fund Expenses


	Beginning		Ending		Expenses
	Account Value		Account Value		Paid During		Net Annual
	08-01-2010		01-31-2011		the Period¹		Expense Ratio

Wells Fargo Advantage Omega Growth Fund
Class A
Actual	$	1,000.00	$	1,255.40	$	7.39		1.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.65	$	6.61		1.30	%
Class B
Actual	$	1,000.00	$	1,250.68	$	11.63		2.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.87	$	10.41		2.05	%
Class C
Actual	$	1,000.00	$	1,250.96	$	11.63		2.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.87	$	10.41		2.05	%
Class R
Actual	$	1,000.00	$	1,254.04	$	8.81		1.55	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.39	$	7.88		1.55	%
Administrator Class
Actual	$	1,000.00	$	1,256.75	$	5.97		1.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.91	$	5.35		1.05	%
Institutional Class
Actual	$	1,000.00	$	1,258.68	$	4.55		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	4.08		0.80	%

Wells Fargo Advantage Premier Large Company Growth Fund

Class A
Actual	$	1,000.00	$	1,209.66	$	6.24		1.12	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.56	$	5.70		1.12	%
Class B
Actual	$	1,000.00	$	1,204.23	$	10.39		1.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.78	$	9.50		1.87	%
Class C
Actual	$	1,000.00	$	1,204.80	$	10.39		1.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.78	$	9.50		1.87	%
Administrator Class
Actual	$	1,000.00	$	1,210.33	$	5.29		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.42	$	4.84		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,211.80	$	4.18		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Investor Class
Actual	$	1,000.00	$	1,208.95	$	6.63		1.19	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.21	$	6.06		1.19	%


Fund Expenses		Wells Fargo Advantage Large Cap Stock Funds 23


	Beginning		Ending		Expenses
	Account Value		Account Value		Paid During		Net Annual
	08-01-2010		01-31-2011		the Period¹		Expense Ratio

Wells Fargo Advantage Strategic Large Cap Growth Fund
Class A
Actual	$	1,000.00	$	1,224.30	$	6.00		1.07	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.81	$	5.45		1.07	%
Class C
Actual	$	1,000.00	$	1,219.70	$	10.18		1.82	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.03	$	9.25		1.82	%
Class R
Actual	$	1,000.00	$	1,222.93	$	7.40		1.32	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.55	$	6.72		1.32	%
Administrator Class
Actual	$	1,000.00	$	1,225.40	$	5.33		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.42	$	4.84		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,225.97	$	4.49		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	4.08		0.80	%


1.		Expenses paid is equal to each class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half year period).


24 Wells Fargo Advantage Large Cap Stock Funds		Portfolio of Investments—January 31, 2011 (Unaudited)

CAPITAL GROWTH FUND


Shares		Security Name	Value
Common Stocks: 99.08%

Consumer Discretionary: 20.95%

Auto Components: 1.90%
	725,650	Johnson Controls Incorporated	$	27,857,704


Automobiles: 3.75%
	192,560	Daimler AG		14,079,987
	2,566,540	Ford Motor Company«†		40,936,313

				55,016,300


Hotels, Restaurants & Leisure: 1.48%
	549,032	Marriott International Incorporated Class A«		21,681,274


Internet & Catalog Retail: 4.04%
	197,810	Amazon.com Incorporated†		33,556,488
	59,910	Priceline.com Incorporated†		25,672,633

				59,229,121


Media: 6.39%
	1,123,370	CBS Corporation Class B«		22,276,427
	740,234	DIRECTV Group Incorporated†		31,378,519
	1,029,625	Walt Disney Company		40,021,524

				93,676,470


Multiline Retail: 1.51%
	958,150	Macy’s Incorporated		22,181,173


Textiles, Apparel & Luxury Goods: 1.88%
	510,570	Coach Incorporated		27,616,731


Consumer Staples: 1.78%

Food & Staples Retailing: 1.78%
	363,450	Costco Wholesale Corporation«		26,110,248


Energy: 9.58%

Energy Equipment & Services: 4.24%
	685,200	Halliburton Company		30,834,000
	328,480	Pioneer Natural Resources Company		31,258,157

				62,092,157


Oil, Gas & Consumable Fuels: 5.34%
	285,598	Hess Corporation		24,024,504
	330,170	Newfield Exploration Company†		24,158,539
	312,150	Occidental Petroleum Corporation		30,178,662

				78,361,705


Financials: 6.54%

Capital Markets: 3.38%
	85,969	BlackRock Incorporated		17,023,581
	104,700	Goldman Sachs Group Incorporated		17,131,014
	625,830	Invesco Limited		15,483,034

				49,637,629


Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 25

CAPITAL GROWTH FUND


Shares		Security Name	Value
Commercial Banks: 1.01%
	687,560	Itau Unibanco Holding SA	$	14,782,540


Consumer Finance: 0.85%
	288,300	American Express Company		12,506,454


Diversified Financial Services: 1.30%
	3,945,660	Citigroup Incorporated		19,018,081


Health Care: 7.98%

Health Care Equipment & Supplies: 1.80%
	391,650	Varian Medical Systems Incorporated«†		26,463,791


Health Care Providers & Services: 4.75%
	440,770	Express Scripts Incorporated«†		24,828,574
	194,200	Laboratory Corporation of America Holdings«†		17,460,522
	665,810	UnitedHealth Group Incorporated		27,331,501

				69,620,597


Pharmaceuticals: 1.43%
	296,690	Allergan Incorporated«		20,949,281


Industrials: 16.00%

Aerospace & Defense: 2.44%
	250,750	Precision Castparts Corporation		35,854,743


Electrical Equipment: 2.82%
	370,700	Cooper Industries plc		22,709,082
	516,400	Tyco Electronics Limited		18,709,172

				41,418,254


Industrial Conglomerates: 1.53%
	1,110,498	General Electric Company		22,365,430


Machinery: 7.24%
	396,400	AGCO Corporation«†		20,097,480
	277,661	Cummins Incorporated		29,398,747
	303,700	Eaton Corporation		32,787,452
	266,570	Parker Hannifin Corporation		23,834,024

				106,117,703


Road & Rail: 1.97%
	305,050	Union Pacific Corporation		28,866,882


Information Technology: 31.20%

Communications Equipment: 2.85%
	142,950	F5 Networks Incorporated†		15,492,921
	707,760	Juniper Networks Incorporated†		26,272,051

				41,764,972


Computers & Peripherals: 9.09%
	249,725	Apple Incorporated†		84,736,687
	1,091,920	EMC Corporation†		27,177,889
	391,100	NetApp Incorporated«†		21,404,903

				133,319,479


26 Wells Fargo Advantage Large Cap Stock Funds		Portfolio of Investments—January 31, 2011 (Unaudited)

CAPITAL GROWTH FUND


Shares		Security Name						Value
Electronic Equipment & Instruments: 1.85%
	649,000	Agilent Technologies Incorporated†						$	27,147,670


Internet Software & Services: 4.76%
	244,860	Baidu.com Incorporated ADR†							26,599,142
	122,392	Equinix Incorporated†							10,821,901
	53,900	Google Incorporated Class A†							32,359,404

									69,780,447


IT Services: 2.07%
	128,260	MasterCard Incorporated							30,334,773


Semiconductors & Semiconductor Equipment: 3.81%
	479,000	ARM Holdings plc ADR«							11,994,160
	728,600	Marvell Technology Group Limited†							13,850,686
	1,445,650	Micron Technology Incorporated†							15,237,151
	438,250	Texas Instruments Incorporated							14,861,058

									55,943,055


Software: 6.77%
	331,900	Citrix Systems Incorporated†							20,969,442
	1,066,200	Oracle Corporation							34,150,386
	199,680	Salesforce.com Incorporated†							25,786,675
	214,870	VMware Incorporated†							18,375,682

									99,282,185


Materials: 1.28%

Chemicals: 1.28%
	524,350	LyondellBasell Class A†							18,845,139


Telecommunication Services: 3.77%

Wireless Telecommunication Services: 3.77%
	615,434	American Tower Corporation Class A†							31,300,973
	442,050	QUALCOMM Incorporated							23,928,163

									55,229,136


Total Common Stocks (Cost $1,191,793,055)									1,453,071,124


Principal			Interest Rate			Maturity Date
Short-Term Investments: 10.65%

Corporate Bonds & Notes: 0.38%
$	4,635,696	Gryphon Funding Limited(v)(a)(i)		0.00	%		08/05/2011		1,973,416
	6,094,664	VFNC Corporation(v)††±(a)(i)		0.23			09/29/2011		3,536,065

									5,509,481


Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 27

CAPITAL GROWTH FUND


Shares		Security Name			Yield			Value
Investment Companies: 10.27%
	1,941,038	Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)				0.12	%	$	1,941,038
	148,731,901	Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)				0.26			148,731,901

									150,672,939


Total Short-Term Investments (Cost $153,957,746)									156,182,420


Total Investments in Securities (Cost $1,345,750,801)*			109.73	%					1,609,253,544
Other Assets and Liabilities, Net			(9.73	)					(142,722,625	)


Total Net Assets			100.00	%				$	1,466,530,919


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

†		Non-income earning securities.

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

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

(i)		Illiquid security.

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

±		Variable rate investments.

(l)		Investment in an affiliate.

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

*		Cost for federal income tax purposes is $1,346,335,039 and net unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	267,845,978
Gross unrealized depreciation		(4,927,473	)

Net unrealized appreciation	$	262,918,505

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


28 Wells Fargo Advantage Large Cap Stock Funds		Portfolio of Investments—January 31, 2011(Unaudited)

ENDEAVOR SELECT FUND


Shares		Security Name	Value
Common Stocks: 97.64%

Consumer Discretionary: 20.16%

Automobiles: 4.91%
	291,600	Daimler AG	$	21,321,792
	2,573,500	Ford Motor Company«†		41,047,325

				62,369,117


Hotels, Restaurants & Leisure: 1.64%
	528,500	Marriott International Incorporated Class A«		20,870,465


Internet & Catalog Retail: 5.59%
	224,400	Amazon.com Incorporated†		38,067,216
	76,800	Priceline.com Incorporated†		32,910,336

				70,977,552


Media: 6.18%
	843,400	DIRECTV Group Incorporated†		35,751,726
	1,099,812	Walt Disney Company		42,749,692

				78,501,418


Multiline Retail: 1.84%
	1,005,800	Macy’s Incorporated		23,284,270


Energy: 9.90%

Energy Equipment & Services: 2.89%
	815,100	Halliburton Company		36,679,500


Oil, Gas & Consumable Fuels: 7.01%
	317,097	Hess Corporation		26,674,200
	396,153	Newfield Exploration Company†		28,986,515
	344,300	Occidental Petroleum Corporation		33,286,924

				88,947,639


Financials: 5.58%

Commercial Banks: 1.60%
	944,700	Itau Unibanco Holding		20,311,050


Consumer Finance: 1.91%
	557,700	American Express Company		24,193,026


Diversified Financial Services: 2.07%
	5,463,751	Citigroup Incorporated		26,335,280


Health Care: 9.36%

Health Care Providers & Services: 4.86%
	550,300	Express Scripts Incorporated«†		30,998,399
	748,500	UnitedHealth Group Incorporated		30,725,925

				61,724,324


Life Sciences Tools & Services: 2.58%
	783,000	Agilent Technologies Incorporated†		32,752,890


Pharmaceuticals: 1.92%
	345,200	Allergan Incorporated«		24,374,572


Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 29

ENDEAVOR SELECT FUND


Shares		Security Name	Value
Industrials: 15.38%

Aerospace & Defense: 2.55%
	225,900	Precision Castparts Corporation«	$	32,301,441


Industrial Conglomerates: 2.17%
	1,368,811	General Electric Company		27,567,854


Machinery: 8.27%
	348,494	Cummins Incorporated		36,898,545
	368,800	Eaton Corporation		39,815,648
	316,100	Parker Hannifin Corporation		28,262,501

				104,976,694


Road & Rail: 2.39%
	321,089	Union Pacific Corporation		30,384,652


Information Technology: 32.57%

Communications Equipment: 6.67%
	174,900	F5 Networks Incorporated«†		18,955,662
	825,400	Juniper Networks Incorporated†		30,638,848
	649,600	QUALCOMM Incorporated		35,162,848

				84,757,358


Computers & Peripherals: 10.97%
	268,749	Apple Incorporated†		91,191,911
	1,045,000	EMC Corporation†		26,010,050
	403,200	NetApp Incorporated«†		22,067,136

				139,269,097


Internet Software & Services: 4.73%
	302,000	Baidu.com Incorporated ADR«†		32,806,260
	45,400	Google Incorporated Class A†		27,256,344

				60,062,604


Semiconductors & Semiconductor Equipment: 0.97%
	490,832	ARM Holdings plc ADR«		12,290,433


Software: 9.23%
	314,100	Citrix Systems Incorporated†		19,844,838
	1,539,746	Oracle Corporation		49,318,064
	191,400	Salesforce.com Incorporated†		24,717,396
	272,388	VMware Incorporated«†		23,294,622

				117,174,920


Materials: 1.60%

Chemicals: 1.60%
	564,800	LyondellBasell Class A†		20,298,912


Telecommunication Services: 3.09%

Wireless Telecommunication Services: 3.09%
	770,447	American Tower Corporation Class A†		39,184,935


Total Common Stocks (Cost $926,838,475)				1,239,590,003


30 Wells Fargo Advantage Large Cap Stock Funds		Portfolio of Investments—January 31, 2011 (Unaudited)

ENDEAVOR SELECT FUND


Principal		Security Name			Interest Rate			Maturity Date		Value
Short-Term Investments: 12.82%

Corporate Bonds & Notes: 0.58%
$	6,198,115	Gryphon Funding Limited(v)(a)(i)				0.00	%		08/05/2011	$	2,638,538
	8,151,489	VFNC Corporation††±(v)(a)(i)				0.23			09/29/2011		4,727,863

											7,366,401


Shares					Yield
Investment Companies: 12.24%
	15,911,870	Wells Fargo Advantage Cash Investment Money Market Fund (l)(u)				0.12					15,911,870
	139,450,769	Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)				0.26					139,450,769

											155,362,639

Total Short-Term Investments (Cost $159,754,560)											162,729,040


Total Investments in Securities (Cost $1,086,593,035)*			110.46	%							1,402,319,043

Other Assets and Liabilities, Net			(10.46	)							(132,748,968	)


Total Net Assets			100.00	%						$	1,269,570,075


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

†		Non-income earning securities.

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

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

(i)		Illiquid security.

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

±		Variable rate investments.

(l)		Investment in an affiliate.

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

*		Cost for federal income tax purposes is $1,088,491,064 and net unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	315,894,559
Gross unrealized depreciation		(2,066,580	)

Net unrealized appreciation	$	313,827,979

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


Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 31

GROWTH FUND


Shares			Security Name	Value
Common Stocks: 98.87%

Consumer Discretionary: 19.81%

Auto Components: 0.74%
	200,000		Gentex Corporation«	$	6,414,000
	450,000		Johnson Controls Incorporated		17,275,500

					23,689,500


Hotels, Restaurants & Leisure: 2.65%
	24,500		Chipotle Mexican Grill Incorporated«†		5,363,539
	1,303,000		Life Time Fitness Incorporated«†		51,963,640
	606,000		P.F. Chang’s China Bistro Incorporated«		27,900,240

					85,227,419


Internet & Catalog Retail: 5.80%
	239,000		Amazon.com Incorporated†		40,543,960
	133,000		Netflix Incorporated«†		28,472,640
	200,000		Priceline.com Incorporated†		85,704,000
	950,000		Shutterfly Incorporated«†		31,625,500
		��
					186,346,100


Multiline Retail: 0.81%
	515,000		Dollar Tree Incorporated†		26,048,700


Specialty Retail: 9.81%
	1,670,000		CarMax Incorporated«†		54,525,500
	1,240,000		Ctrip.com International Limited ADR«†		51,038,400
	360,000		Dick’s Sporting Goods Incorporated«†		12,992,400
	489,000		Green Mountain Coffee Roasters Incorporated«†		16,420,620
	1,070,000		Hibbett Sports Incorporated«†		34,261,400
	1,373,000		Tractor Supply Company		70,448,630
	1,395,000		Ulta Salon Cosmetics & Fragrance Incorporated«†		51,670,800
	50,000		Urban Outfitters Incorporated«†		1,691,000
	700,000		Vitamin Shoppe Incorporated†		22,211,000

					315,259,750


Consumer Staples: 1.56%

Food & Staples Retailing: 1.56%
	970,000		Whole Foods Market Incorporated«		50,158,700


Energy: 8.38%

Energy Equipment & Services: 1.19%
	402,000		Pioneer Natural Resources Company		38,254,320


Oil, Gas & Consumable Fuels: 7.19%
	1,909,000		Brigham Exploration Company«†		56,525,490
	490,000		Concho Resources Incorporated«†		47,162,500
	757,000		Continental Resources Incorporated«†		48,606,970
	102,847		Northern Oil & Gas Incorporated†		2,835,492
	537,250		Oasis Petroleum Incorporated«†		17,175,883
	815,000		Southwestern Energy Company†		32,192,500
	211,000		Whiting Petroleum Corporation†		26,645,080

					231,143,915


32 Wells Fargo Advantage Large Cap Stock Funds		Portfolio of Investments—January 31, 2011 (Unaudited)

GROWTH FUND


Shares		Security Name	Value
Financials: 5.24%

Capital Markets: 3.43%
	300,000	Charles Schwab Corporation	$	5,415,000
	1,235,000	Financial Engines Incorporated«†		28,009,800
	64,000	Goldman Sachs Group Incorporated		10,471,680
	205,000	LPL Investment Holdings Incorporated†		7,023,300
	303,000	State Street Corporation		14,156,160
	2,207,000	TD Ameritrade Holding Corporation«		45,066,940

				110,142,880


Consumer Finance: 0.53%
	393,000	American Express Company		17,048,340


Diversified Financial Services: 1.28%
	134,000	CME Group Incorporated		41,347,040


Health Care: 16.30%

Biotechnology: 3.43%
	1,315,000	Alexion Pharmaceuticals Incorporated«†		110,223,300


Health Care Equipment & Supplies: 4.51%
	432,243	DexCom Incorporated†		6,096,788
	252,000	Heartware International Incorporated«†		23,438,520
	151,000	Intuitive Surgical Incorporated«†		48,759,410
	275,000	Masimo Corporation«		8,243,125
	1,250,000	St. Jude Medical Incorporated†		50,625,000
	300,000	Volcano Corporation«†		7,878,000

				145,040,843


Health Care Providers & Services: 0.49%
	277,000	Express Scripts Incorporated†		15,603,410


Health Care Technology: 0.49%
	160,000	Cerner Corporation«†		15,816,000


Life Sciences Tools & Services: 2.98%
	565,000	Life Technologies Corporation†		30,673,850
	435,000	Mettler-Toledo International Incorporated†		64,897,650

				95,571,500


Pharmaceuticals: 4.40%
	100,000	Abbott Laboratories		4,516,000
	220,000	Allergan Incorporated«		15,534,200
	306,000	Salix Pharmaceuticals Limited«†		12,536,820
	675,000	Shire plc ADR«		53,534,250
	405,000	Teva Pharmaceutical Industries Limited ADR		22,133,250
	610,000	Watson Pharmaceuticals Incorporated†		33,257,200

				141,511,720


Industrials: 5.70%

Aerospace & Defense: 0.63%
	251,000	United Technologies Corporation		20,406,300


Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 33

GROWTH FUND


Shares		Security Name	Value
Electrical Equipment: 1.62%
	362,000	ABB Limited ADR«	$	8,568,540
	535,000	Emerson Electric Company		31,500,800
	250,000	Polypore International Incorporated«†		12,037,500

				52,106,840


Machinery: 1.55%
	691,000	Danaher Corporation		31,827,460
	205,000	Joy Global Incorporated		17,871,900

				49,699,360


Road & Rail: 1.90%
	400,000	Norfolk Southern Corporation		24,476,000
	386,000	Union Pacific Corporation		36,527,180

				61,003,180


Information Technology: 35.94%

Communications Equipment: 1.73%
	825,000	Aruba Networks Incorporated«†		17,778,750
	55,000	F5 Networks Incorporated†		5,960,900
	241,000	Juniper Networks Incorporated†		8,945,920
	425,000	QUALCOMM Incorporated		23,005,250

				55,690,820


Computers & Peripherals: 8.19%
	496,000	Apple Incorporated†		168,302,720
	1,950,000	EMC Corporation†		48,535,500
	850,000	NetApp Incorporated«†		46,520,500

				263,358,720


Electronic Equipment & Instruments: 1.65%
	1,268,000	Agilent Technologies Incorporated†		53,040,440


Internet Software & Services: 6.66%
	145,000	Baidu.com Incorporated ADR†		15,751,350
	164,500	Google Incorporated Class A†		98,759,220
	1,246,000	LoopNet Incorporated†		12,796,420
	166,000	Mercadolibre Incorporated«†		11,251,480
	390,000	Rackspace Hosting Incorporated«†		13,068,900
	725,000	VistaPrint NV«†		36,714,000
	490,000	WebMD Health Corporation«†		25,617,200

				213,958,570


IT Services: 3.28%
	480,000	Alliance Data Systems Corporation«†		33,955,200
	729,000	Cognizant Technology Solutions Corporation Class A†		53,180,550
	65,000	MasterCard Incorporated		15,373,150
	75,000	VeriFone Holdings Incorporated		2,995,500

				105,504,400


34 Wells Fargo Advantage Large Cap Stock Funds		Portfolio of Investments—January 31, 2011 (Unaudited)

GROWTH FUND


Shares		Security Name						Value
Semiconductors & Semiconductor Equipment: 5.06%
	100,000	Analog Devices Incorporated						$	3,883,000
	400,000	Avago Technologies Limited							11,484,000
	293,000	Broadcom Corporation Class A							13,211,370
	168,000	Cavium Networks Incorporated†							6,642,720
	339,000	Ezchip Semiconductor Limited							10,085,250
	1,322,000	Microchip Technology Incorporated«							48,213,340
	1,030,000	NetLogic Microsystems Incorporated«†							35,905,800
	746,000	Silicon Laboratories Incorporated«†							33,182,080

									162,607,560


Software: 9.37%
	1,685,000	Ariba Incorporated«†							47,331,650
	350,000	Check Point Software Technologies Limited«†							15,592,500
	323,000	Citrix Systems Incorporated†							20,407,140
	438,000	Concur Technologies Incorporated«†							22,351,140
	1,246,900	Fortinet Incorporated«†							47,943,305
	80,000	PROS Holdings Incorporated							798,400
	600,000	Realpage Incorporated†							16,434,000
	761,000	Red Hat Incorporated†							31,444,520
	101,000	Salesforce.com Incorporated†							13,043,140
	1,445,000	SuccessFactors Incorporated«†							42,078,400
	350,000	Vanceinfo Technologies Incorporated ADR«†							12,215,000
	2,215,000	Velti plc†							31,497,300

									301,136,495


Materials: 4.18%

Chemicals: 4.18%
	411,000	Air Products & Chemicals Incorporated							35,859,750
	1,059,000	Praxair Incorporated							98,529,360

									134,389,110


Telecommunication Services: 1.76%

Wireless Telecommunication Services: 1.76%
	1,350,000	NII Holdings Incorporated†							56,673,000


Total Common Stocks (Cost $2,441,681,239)									3,178,008,232


Short-Term Investments: 22.67%

Principal			Interest Rate			Maturity Date
Corporate Bonds & Notes: 0.22%
$	5,916,285	Gryphon Funding Limited(v)(a)(i)		0.00	%		08/05/2011		2,518,563
	7,780,839	VFNC Corporation(v)††(a)(i)		0.23			09/29/2011		4,512,886

									7,031,449


Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 35

GROWTH FUND


Shares		Security Name			Yield			Value
Investment Companies: 22.45%
	54,706,867	Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)				0.12	%	$	54,706,867
	666,888,682	Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)				0.26			666,888,682

									721,595,549


Total Short-Term Investments (Cost $725,787,768)									728,626,998


Total Investments in Securities (Cost $3,167,469,007)*			121.54	%					3,906,635,230


Other Assets and Liabilities, Net			(21.54	)					(692,465,593	)


Total Net Assets			100.00	%				$	3,214,169,637


(v)		Security represents investment of cash collateral received from securities on loan. (l) Investment in an affiliate.

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

†		Non-income earning securities.

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

(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.

*		Cost for federal income tax purposes is $3,170,636,638 and net unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	743,515,925
Gross unrealized depreciation		(7,517,333	)

Net unrealized appreciation	$	735,998,592

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



36 Wells Fargo Advantage Large Cap Stock Funds		Portfolio of Investments—January 31, 2011 (Unaudited)

LARGE CAP GROWTH FUND


Shares		Security Name	Value
Common Stocks: 99.19%

Consumer Discretionary: 19.23%

Auto Components: 0.51%
	43,000	Johnson Controls Incorporated«	$	1,650,770


Hotels, Restaurants & Leisure: 5.31%
	83,000	Carnival Corporation		3,710,930
	57,000	McDonald’s Corporation		4,199,190
	150,000	Starbucks Corporation«		4,729,500
	40,000	Wynn Resorts Limited		4,653,200

				17,292,820


Internet & Catalog Retail: 4.12%
	45,000	Amazon.com Incorporated†		7,633,800
	13,500	Priceline.com Incorporated«†		5,785,020

				13,418,820


Media: 1.62%
	38,000	Viacom Incorporated Class B		1,578,900
	95,000	Walt Disney Company		3,692,650

				5,271,550


Multiline Retail: 2.76%
	80,000	Dollar Tree Incorporated†		4,046,400
	90,000	Target Corporation		4,934,700

				8,981,100


Specialty Retail: 2.47%
	40,000	CarMax Incorporated«†		1,306,000
	65,000	Ctrip.com International Limited ADR«†		2,675,400
	120,000	Urban Outfitters Incorporated«†		4,058,400

				8,039,800


Textiles, Apparel & Luxury Goods: 2.44%
	75,000	Coach Incorporated		4,056,750
	47,000	Nike Incorporated Class B«		3,876,560

				7,933,310


Consumer Staples: 1.64%

Beverages: 1.09%
	55,000	PepsiCo Incorporated		3,537,050


Food & Staples Retailing: 0.55%
	35,000	Whole Foods Market Incorporated«		1,809,850


Energy: 8.52%

Energy Equipment & Services: 3.76%
	75,000	National Oilwell Varco Incorporated		5,542,500
	75,000	Schlumberger Limited		6,674,250

				12,216,750



Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 37

LARGE CAP GROWTH FUND


Shares		Security Name	Value
Oil, Gas & Consumable Fuels: 4.76%
	29,000	Apache Corporation	$	3,461,440

	45,000	Occidental Petroleum Corporation		4,350,600
	31,000	Pioneer Natural Resources Company		2,949,960
	120,000	Southwestern Energy Company†		4,740,000

				15,502,000


Financials: 4.02%

Capital Markets: 2.74%
	55,000	Ameriprise Financial Incorporated		3,390,750
	30,000	Northern Trust Corporation«		1,559,400
	195,000	TD Ameritrade Holding Corporation		3,981,900

				8,932,050


Diversified Financial Services: 1.28%
	13,500	CME Group Incorporated		4,165,560


Health Care: 14.39%

Biotechnology: 2.06%
	80,000	Alexion Pharmaceuticals Incorporated«†		6,705,600


Health Care Equipment & Supplies: 2.76%
	11,000	Intuitive Surgical Incorporated«†		3,552,010
	134,000	St. Jude Medical Incorporated†		5,427,000

				8,979,010


Health Care Providers & Services: 2.93%
	125,000	AmerisourceBergen Corporation«		4,482,500
	90,000	Express Scripts Incorporated«†		5,069,700

				9,552,200


Life Sciences Tools & Services: 1.93%
	94,000	Agilent Technologies Incorporated†		3,932,020
	43,000	Life Technologies Corporation†		2,334,470

				6,266,490


Pharmaceuticals: 4.71%
	50,000	Abbott Laboratories		2,258,000
	64,000	Allergan Incorporated«		4,519,040
	70,000	Shire plc ADR«		5,551,700
	55,000	Teva Pharmaceutical Industries Limited ADR		3,005,750

				15,334,490


Industrials: 11.68%

Aerospace & Defense: 1.55%
	62,000	United Technologies Corporation		5,040,600


Air Freight & Logistics: 0.83%
	35,000	C.H. Robinson Worldwide Incorporated«		2,698,150


Electrical Equipment: 3.15%
	90,000	ABB Limited ADR«		2,130,300
	138,000	Emerson Electric Company		8,125,440

				10,255,740



38 Wells Fargo Advantage Large Cap Stock Funds		Portfolio of Investments—January 31, 2011 (Unaudited)

LARGE CAP GROWTH FUND


Shares		Security Name	Value
Industrial Conglomerates: 0.46%
	17,000	3M Company	$	1,494,640


Machinery: 3.27%
	32,000	Caterpillar Incorporated		3,104,320
	75,000	Danaher Corporation		3,454,500
	47,000	Joy Global Incorporated		4,097,460

				10,656,280


Road & Rail: 2.42%
	48,000	Norfolk Southern Corporation		2,937,120
	52,000	Union Pacific Corporation		4,920,760

				7,857,880


Information Technology: 33.94%

Communications Equipment: 3.99%
	9,000	F5 Networks Incorporated†		975,420
	60,000	Juniper Networks Incorporated†		2,227,200
	148,000	QUALCOMM Incorporated		8,011,240
	50,000	Riverbed Technology Incorporated«†		1,793,500

				13,007,360


Computers & Peripherals: 9.25%
	59,000	Apple Incorporated†		20,019,880
	240,000	EMC Corporation«†		5,973,600
	75,000	NetApp Incorporated«†		4,104,750

				30,098,230


Internet Software & Services: 5.39%
	50,000	Akamai Technologies Incorporated†		2,416,000
	22,000	Google Incorporated Class A†		13,207,920
	9,000	Netflix Incorporated«†		1,926,720

				17,550,640


IT Services: 4.04%
	48,000	Accenture plc		2,470,560
	113,000	Cognizant Technology Solutions Corporation Class A†		8,243,350
	7,000	MasterCard Incorporated		1,655,570
	11,000	Visa Incorporated Class A«		768,350

				13,137,830


Semiconductors & Semiconductor Equipment: 5.49%
	86,000	Analog Devices Incorporated«		3,339,380
	120,000	Broadcom Corporation Class A«		5,410,800
	145,000	Microchip Technology Incorporated«		5,288,150
	110,000	NetLogic Microsystems Incorporated«†		3,834,600

				17,872,930


Software: 5.78%
	91,000	Check Point Software Technologies Limited«†		4,054,050
	35,000	Citrix Systems Incorporated†		2,211,300
	100,000	Red Hat Incorporated†		4,132,000
	44,000	Salesforce.com Incorporated«†		5,682,160
	32,000	VMware Incorporated«†		2,736,640

				18,816,150



Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 39

LARGE CAP GROWTH FUND


Shares		Security Name	Value
Materials: 4.52%

Chemicals: 4.52%
	30,000	Air Products & Chemicals Incorporated	$	2,617,500
	62,000	Ecolab Incorporated		3,080,780
	97,000	Praxair Incorporated		9,024,880

				14,723,160


Telecommunication Services: 1.25%

Wireless Telecommunication Services: 1.25%
	97,000	NII Holdings Incorporated†		4,072,060


Total Common Stocks (Cost $258,228,296)				322,870,870


Principal			Interest Rate	Maturity Date
Short-Term Investments: 27.75%

Corporate Bonds and Notes: 0.49%
$	1,345,832	Gryphon Funding Limited(v)(a)(i)	0.00%		08/05/2011	572,921
	1,769,979	VFNC Corporation(v)(a)(i)††±	0.23		09/29/2011	1,026,588

						1,599,509


Shares			Yield
Investment Companies: 27.26%
	2,595,004	Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)		0.12	2,595,004
	86,153,596	Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)		0.26	86,153,596

					88,748,600


Total Short-Term Investments (Cost $89,702,243)					90,348,109


Total Investments in Securities (Cost $347,930,539)*	126.94	%		413,218,979

Other Assets and Liabilities, Net	(26.94	)		(87,707,898	)


Total Net Assets	100.00	%	$	325,511,081


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

†		Non-income earning securities. (v) Security represents investment of cash collateral received from securities on loan.

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

(i)		Illiquid security.

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

±		Variable rate investments.

(l)		Investment in an affiliate.

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

*		Cost for federal income tax purposes is $348,207,718 and net unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	68,646,824
Gross unrealized depreciation		(3,635,563	)

Net unrealized appreciation	$	65,011,261

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



40 Wells Fargo Advantage Large Cap Stock Funds		Portfolio of Investments—January 31, 2011 (Unaudited)

OMEGA GROWTH FUND


Shares		Security Name	Value
Common Stocks: 98.63%

Consumer Discretionary: 13.58%

Auto Components: 2.85%
	149,100	BorgWarner Incorporated«	$	10,049,340
	167,515	TRW Automotive Holdings Corporation†		9,993,945

				20,043,285


Automobiles: 0.95%
	91,800	Daimler AG«		6,712,416


Hotels, Restaurants & Leisure: 1.16%
	205,600	Marriott International Incorporated Class A«		8,119,144


Internet & Catalog Retail: 3.48%
	73,900	Amazon.com Incorporated†		12,536,396
	27,700	Priceline.com Incorporated«†		11,870,004

				24,406,400


Media: 1.13%
	170,708	Scripps Networks Interactive Incorporated		7,937,922


Multiline Retail: 2.63%
	342,660	Dollar General Corporation«†		9,529,375
	385,300	Macy’s Incorporated		8,919,695

				18,449,070


Specialty Retail: 1.38%
	267,800	Dick’s Sporting Goods Incorporated«†		9,664,902


Energy: 9.32%

Energy Equipment & Services: 2.20%
	78,304	Complete Production Services Incorporated†		2,187,814
	294,000	Halliburton Company		13,230,000

				15,417,814


Oil, Gas & Consumable Fuels: 7.12%
	365,200	Brigham Exploration Company«†		10,813,572
	95,219	Concho Resources Incorporated«†		9,164,829
	77,437	Hess Corporation		6,514,000
	155,514	Newfield Exploration Company†		11,378,959
	127,300	Pioneer Natural Resources Company		12,113,868

				49,985,228


Financials: 4.24%

Capital Markets: 1.13%
	40,028	BlackRock Incorporated		7,926,345


Commercial Banks: 0.92%
	301,200	Itau Unibanco Holding SA«		6,475,800


Consumer Finance: 0.92%
	148,800	American Express Company		6,454,944



Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 41

OMEGA GROWTH FUND


Shares		Security Name	Value
Diversified Financial Services: 1.27%
	1,845,017	Citigroup Incorporated	$	8,892,982


Health Care: 12.34%

Biotechnology: 1.62%
	136,025	Alexion Pharmaceuticals Incorporated†		11,401,616


Health Care Equipment & Supplies: 5.12%
	242,700	Alere Incorporated«†		9,506,559
	248,207	Sirona Dental Systems Incorporated«†		10,873,949
	134,600	Varian Medical Systems Incorporated«†		9,094,922
	246,400	Volcano Corporation«†		6,470,464

				35,945,894


Health Care Providers & Services: 2.97%
	242,700	Express Scripts Incorporated«†		13,671,291
	79,400	Laboratory Corporation of America Holdings«†		7,138,854

				20,810,145


Health Care Technology: 1.59%
	112,900	Cerner Corporation«†		11,160,165


Life Sciences Tools & Services: 1.04%
	417,700	Bruker BioSciences Corporation†		7,309,750


Industrials: 18.37%

Aerospace & Defense: 4.67%
	283,300	Embraer SA ADR«		9,348,900
	85,900	Precision Castparts Corporation«		12,282,841
	143,500	Transdigm Group Incorporated		11,118,380

				32,750,121


Industrial Conglomerates: 1.50%
	524,501	General Electric Company		10,563,450


Machinery: 6.70%
	179,400	AGCO Corporation«†		9,095,580
	129,905	Cummins Incorporated		13,754,341
	126,500	Eaton Corporation		13,656,940
	118,100	Parker Hannifin Corporation		10,559,321

				47,066,182


Professional Services: 1.03%
	111,700	Manpower Incorporated		7,212,469


Road & Rail: 2.85%
	593,700	Hertz Global Holdings Incorporated†		8,733,327
	224,900	Kansas City Southern†		11,240,502

				19,973,829


Trading Companies & Distributors: 1.62%
	203,400	Wesco International Incorporated«†		11,400,570



42 Wells Fargo Advantage Large Cap Stock Funds		Portfolio of Investments—January 31, 2011 (Unaudited)

OMEGA GROWTH FUND


Shares		Security Name	Value
Information Technology: 34.50%

Communications Equipment: 3.55%
	75,000	F5 Networks Incorporated†	$	8,128,500

	220,666	Finisar Corporation«†		7,348,178
	253,500	Juniper Networks Incorporated†		9,409,920

				24,886,598


Computers & Peripherals: 8.27%
	111,000	Apple Incorporated†		37,664,517
	450,200	EMC Corporation†		11,205,478
	167,400	NetApp Incorporated«†		9,161,802

				58,031,797


Electronic Equipment & Instruments: 1.01%
	195,200	Tyco Electronics Limited		7,072,096


Internet Software & Services: 1.19%
	98,100	Sina Corporation«†		8,363,025


IT Services: 2.42%
	301,726	Gartner Incorporated«†		10,687,135
	210,089	Hisoft Technology International Limited«†		6,327,881

				17,015,016


Semiconductors & Semiconductor Equipment: 5.98%
	497,700	Atmel Corporation†		6,738,858
	858,400	Micron Technology Incorporated†		9,047,536
	439,181	NetLogic Microsystems Incorporated†		15,309,850
	455,800	NVIDIA Corporation«†		10,902,736

				41,998,980


Software: 12.08%
	133,100	Citrix Systems Incorporated†		8,409,258
	146,900	Concur Technologies Incorporated«†		7,496,307
	212,467	Longtop Financial Technologies Limited ADR«†		6,990,164
	600,800	Oracle Corporation		19,243,624
	243,667	Reald Incorporated«†		5,767,598
	183,800	Red Hat Incorporated†		7,594,616
	79,000	Salesforce.com Incorporated«†		10,202,060
	239,472	SuccessFactors Incorporated«†		6,973,425
	530,500	TIBCO Software Incorporated†		11,660,390
	31,290	Velti plc†		444,944

				84,782,386


Materials: 1.26%

Chemicals: 1.26%
	246,100	LyondellBasell Class A†		8,844,834


Telecommunication Services: 5.02%

Wireless Telecommunication Services: 5.02%
	234,800	American Tower Corporation Class A†		11,941,928
	253,800	NII Holdings Incorporated†		10,654,524
	310,526	SBA Communications Corporation Class A«†		12,669,461

				35,265,913


Total Common Stocks (Cost $552,680,410)				692,341,088



Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 43

OMEGA GROWTH FUND


Shares		Security Name	Yield			Value
Short-Term Investments: 23.73%

Investment Companies: 23.73%
	6,663,793	Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)		0.12	%	$	6,663,793
	159,943,568	Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(v)		0.26			159,943,568

Total Short-Term Investments (Cost $166,607,361)							166,607,361


Total Investments in Securities (Cost $719,287,771)*	122.36	%		858,948,449

Other Assets and Liabilities, Net	(22.36	)		(156,951,620	)


Total Net Assets	100.00	%	$	701,996,829


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

†		Non-income earning securities.

(l)		Investment in an affiliate.

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

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

*		Cost for federal income tax purposes is $719,493,103 and net unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	141,554,906
Gross unrealized depreciation		(2,099,560	)

Net unrealized appreciation	$	139,455,346

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



44 Wells Fargo Advantage Large Cap Stock Funds		Portfolio of Investments—January 31, 2011 (Unaudited)

PREMIER LARGE COMPANY GROWTH FUND


Shares		Security Name	Value
Common Stocks: 99.32%

Consumer Discretionary: 20.12%

Auto Components: 0.51%
	100,700	Johnson Controls Incorporated«	$	3,865,873


Hotels, Restaurants & Leisure: 6.24%
	210,000	Carnival Corporation		9,389,100
	158,700	Ctrip.com International Limited ADR«†		6,532,092
	135,000	McDonald’s Corporation		9,945,450
	350,000	Starbucks Corporation		11,035,500
	93,000	Wynn Resorts Limited		10,818,690

				47,720,832


Internet & Catalog Retail: 4.65%
	105,000	Amazon.com Incorporated†		17,812,200
	20,000	Netflix Incorporated«†		4,281,600
	31,500	Priceline.com Incorporated«†		13,498,380

				35,592,180


Media: 1.63%
	90,000	Viacom Incorporated Class B		3,739,500
	225,000	Walt Disney Company		8,745,750

				12,485,250


Multiline Retail: 2.83%
	195,000	Dollar Tree Incorporated†		9,863,100
	215,000	Target Corporation		11,788,450

				21,651,550


Specialty Retail: 1.87%
	93,200	CarMax Incorporated†		3,042,980
	80,000	Lowe’s Companies Incorporated		1,984,000
	275,000	Urban Outfitters Incorporated«†		9,300,500

				14,327,480


Textiles, Apparel & Luxury Goods: 2.39%
	170,000	Coach Incorporated		9,195,300
	110,000	Nike Incorporated Class B«		9,072,800

				18,268,100


Consumer Staples: 1.63%

Beverages: 1.09%
	130,000	PepsiCo Incorporated		8,360,300


Food & Staples Retailing: 0.54%
	80,000	Whole Foods Market Incorporated«		4,136,800


Energy: 8.58%

Energy Equipment & Services: 3.79%
	182,000	National Oilwell Varco Incorporated		13,449,800
	175,000	Schlumberger Limited		15,573,250

				29,023,050



Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 45

PREMIER LARGE COMPANY GROWTH FUND


Shares		Security Name	Value
Oil, Gas & Consumable Fuels: 4.79%
	68,000	Apache Corporation	$	8,116,480

	105,000	Occidental Petroleum Corporation		10,151,400
	78,500	Pioneer Natural Resources Company		7,470,060
	275,000	Southwestern Energy Company†		10,862,500

				36,600,440


Financials: 4.05%

Capital Markets: 2.76%
	135,000	Ameriprise Financial Incorporated		8,322,750
	65,000	Northern Trust Corporation«		3,378,700
	460,000	TD Ameritrade Holding Corporation		9,393,200

				21,094,650


Diversified Financial Services: 1.29%
	32,000	CME Group Incorporated		9,873,920


Health Care: 13.05%

Biotechnology: 2.02%
	184,200	Alexion Pharmaceuticals Incorporated«†		15,439,644


Health Care Equipment & Supplies: 2.76%
	26,000	Intuitive Surgical Incorporated«†		8,395,660
	314,600	St. Jude Medical Incorporated†		12,741,300

				21,136,960


Health Care Providers & Services: 2.84%
	285,000	AmerisourceBergen Corporation«		10,220,100
	205,000	Express Scripts Incorporated«†		11,547,650

				21,767,750


Life Sciences Tools & Services: 0.78%
	110,000	Life Technologies Corporation†		5,971,900


Pharmaceuticals: 4.65%
	116,800	Abbott Laboratories		5,274,688
	150,700	Allergan Incorporated«		10,640,927
	159,900	Shire plc ADR		12,681,669
	127,200	Teva Pharmaceutical Industries Limited ADR		6,951,480

				35,548,764


Industrials: 11.65%

Aerospace & Defense: 1.44%
	135,000	United Technologies Corporation		10,975,500


Air Freight & Logistics: 0.86%
	85,000	C.H. Robinson Worldwide Incorporated«		6,552,650


Electrical Equipment: 3.13%
	200,000	ABB Limited ADR«		4,734,000
	326,100	Emerson Electric Company		19,200,768

				23,934,768


Industrial Conglomerates: 0.48%
	42,000	3M Company		3,692,640



46 Wells Fargo Advantage Large Cap Stock Funds		Portfolio of Investments—January 31, 2011 (Unaudited)

PREMIER LARGE COMPANY GROWTH FUND


Shares		Security Name	Value
Machinery: 3.32%
	80,000	Caterpillar Incorporated	$	7,760,800

	175,000	Danaher Corporation		8,060,500
	110,000	Joy Global Incorporated		9,589,800

				25,411,100


Road & Rail: 2.42%
	114,400	Norfolk Southern Corporation		7,000,136
	121,900	Union Pacific Corporation		11,535,397

				18,535,533


Information Technology: 34.40%

Communications Equipment: 4.00%
	22,200	F5 Networks Incorporated†		2,406,036
	135,000	Juniper Networks Incorporated†		5,011,200
	355,000	QUALCOMM Incorporated		19,216,150
	110,000	Riverbed Technology Incorporated†		3,945,700

				30,579,086


Computers & Peripherals: 9.22%
	138,000	Apple Incorporated†		46,826,160
	556,600	EMC Corporation†		13,853,774
	180,000	NetApp Incorporated«†		9,851,400

				70,531,334


Electronic Equipment & Instruments: 1.21%
	220,700	Agilent Technologies Incorporated†		9,231,881


Internet Software & Services: 4.90%
	130,000	Akamai Technologies Incorporated†		6,281,600
	52,000	Google Incorporated Class A†		31,218,720

				37,500,320


IT Services: 4.00%
	118,800	Accenture plc		6,114,636
	261,400	Cognizant Technology Solutions Corporation Class A†		19,069,130
	15,000	MasterCard Incorporated		3,547,650
	27,000	Visa Incorporated Class A«		1,885,950

				30,617,366


Semiconductors & Semiconductor Equipment: 5.36%
	203,500	Analog Devices Incorporated«		7,901,905
	277,000	Broadcom Corporation Class A		12,489,930
	340,000	Microchip Technology Incorporated«		12,399,800
	235,000	NetLogic Microsystems Incorporated«†		8,192,100

				40,983,735


Software: 5.71%
	215,000	Check Point Software Technologies Limited«†		9,578,250
	80,000	Citrix Systems Incorporated†		5,054,400
	230,000	Red Hat Incorporated†		9,503,600
	102,000	Salesforce.com Incorporated«†		13,172,280
	75,000	VMware Incorporated†		6,414,000

				43,722,530



Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 47

PREMIER LARGE COMPANY GROWTH FUND


Shares		Security Name	Value
Materials: 4.60%

Chemicals: 4.60%
	70,500	Air Products & Chemicals Incorporated	$	6,151,125
	140,000	Ecolab Incorporated		6,956,600
	237,400	Praxair Incorporated		22,087,696

				35,195,421


Telecommunication Services: 1.24%

Wireless Telecommunication Services: 1.24%
	226,600	NII Holdings Incorporated†		9,512,668


Total Common Stocks (Cost $579,960,626)				759,841,975


Principal			Interest Rate			Maturity date
Short-Term Investments: 17.44%

Corporate Bonds & Notes: 0.23%
$	1,464,430	Gryphon Funding Limited(v)(a)(i)		0.00	%		08/05/2011	623,408
	1,925,954	VFNC Corporation(v)(a)(i)††±		0.23			09/29/2011	1,117,053

								1,740,461


Shares			Yield
Investment Companies: 17.21%
	8,284,576	Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)		0.12	8,284,576
	123,419,210	Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)		0.26	123,419,210

					131,703,786


Total Short-Term Investments (Cost $132,741,466)					133,444,247


Total Investments in Securities (Cost $712,702,092)*	116.76	%		893,286,222

Other Assets and Liabilities, Net	(16.76	)		(128,238,297	)


Total Net Assets	100.00	%	$	765,047,925


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

†		Non-income earning securities.

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

(i)		Illiquid security.

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

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

±		Variable rate investments.

(l)		Investment in an affiliate.

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

*		Cost for federal income tax purposes is $712,895,111 and net unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	180,638,107
Gross unrealized depreciation		(246,996	)

Net unrealized appreciation	$	180,391,111

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



48 Wells Fargo Advantage Large Cap Stock Funds		Portfolio of Investments—January 31, 2011 (Unaudited)

STRATEGIC LARGE CAP GROWTH FUND


Shares		Security Name	Value
Common Stocks: 93.67%

Consumer Discretionary: 18.18%

Auto Components: 1.36%
	98,475	Autoliv Incorporated«	$	7,562,880


Automobiles: 1.64%
	572,475	Ford Motor Company«†		9,130,976


Hotels, Restaurants & Leisure: 4.80%
	280,250	Cheesecake Factory Incorporated«†		8,270,178
	83,250	Las Vegas Sands Corporation†		3,870,293
	462,100	Starbucks Corporation		14,570,013

				26,710,484


Household Durables: 1.47%
	95,650	Whirlpool Corporation«		8,178,075


Internet & Catalog Retail: 2.74%
	48,700	Amazon.com Incorporated†		8,261,468
	16,225	Priceline.com Incorporated«†		6,952,737

				15,214,205


Multiline Retail: 1.01%
	186,125	NU Skin Enterprises Incorporated Class A«		5,598,640


Specialty Retail: 5.16%
	147,175	Abercrombie & Fitch Company Class A«		7,419,092
	230,500	Dick’s Sporting Goods Incorporated«†		8,318,745
	269,450	Limited Brands Incorporated		7,878,718
	87,650	Tiffany & Company«		5,095,095

				28,711,650


Consumer Staples: 3.61%

Personal Products: 0.49%
	42,200	Herbalife Limited		2,756,926


Tobacco: 3.12%
	303,122	Philip Morris International Incorporated		17,350,703


Energy: 10.59%

Energy Equipment & Services: 4.22%
	125,525	Rowan Companies Incorporated		4,302,997
	215,350	Schlumberger Limited		19,163,997

				23,466,994


Oil, Gas & Consumable Fuels: 6.37%
	83,325	Apache Corporation		9,945,672
	167,850	ConocoPhillips		11,994,561
	123,375	Hess Corporation		10,378,305
	48,700	Peabody Energy Corporation		3,088,554

				35,407,092



Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 49

STRATEGIC LARGE CAP GROWTH FUND


Shares		Security Name	Value
Financials: 6.63%

Commercial Banks: 3.30%
	230,500	Comerica Incorporated«	$	8,805,100

	352,775	US Bancorp		9,524,925

				18,330,025


Diversified Financial Services: 1.64%
	203,450	JPMorgan Chase & Company		9,143,043


Insurance: 1.69%
	205,600	MetLife Incorporated		9,410,312


Health Care: 5.22%

Biotechnology: 1.91%
	205,600	Celgene Corporation†		10,594,568


Health Care Providers & Services: 1.27%
	125,525	Express Scripts Incorporated†		7,070,823


Pharmaceuticals: 2.04%
	207,775	Teva Pharmaceutical Industries Limited ADR		11,354,904


Industrials: 10.99%

Aerospace & Defense: 1.43%
	87,650	Goodrich Corporation		7,942,843


Air Freight & Logistics: 2.40%
	186,125	United Parcel Service Incorporated Class B		13,330,273


Industrial Conglomerates: 2.26%
	623,175	General Electric Company		12,550,745


Machinery: 4.90%
	43,550	Cummins Incorporated		4,611,074
	105,250	Deere & Company		9,567,225
	82,250	Eaton Corporation		8,879,710
	48,475	Joy Global Incorporated		4,226,051

				27,284,060


Information Technology: 31.79%

Communications Equipment: 6.16%
	65,925	Acme Packet Incorporated†		3,545,447
	131,975	Aruba Networks Incorporated†		2,844,061
	284,600	Cisco Systems Incorporated†		6,019,290
	312,725	QUALCOMM Incorporated		16,927,804
	137,075	Riverbed Technology Incorporated†		4,916,880

				34,253,482


Computers & Peripherals: 11.15%
	112,315	Apple Incorporated†		38,110,726
	510,775	EMC Corporation«†		12,713,190
	204,525	NetApp Incorporated«†		11,193,653

				62,017,569



50 Wells Fargo Advantage Large Cap Stock Funds		Portfolio of Investments—January 31, 2011 (Unaudited)

STRATEGIC LARGE CAP GROWTH FUND


Shares		Security Name	Value
Internet Software & Services: 4.43%
	75,375	Akamai Technologies Incorporated«†	$	3,642,120
	34,974	Google Incorporated Class A†		20,996,991

				24,639,111


Semiconductors & Semiconductor Equipment: 0.58%
	128,350	ARM Holdings plc ADR«		3,213,884


Software: 9.47%
	209,500	Check Point Software Technologies Limited†		9,333,225
	274,850	Microsoft Corporation		7,620,216
	408,095	Oracle Corporation		13,071,283
	220,050	Red Hat Incorporated†		9,092,466
	45,500	Salesforce.com Incorporated«†		5,875,870
	127,275	SuccessFactors Incorporated«†		3,706,248
	46,225	VMware Incorporated†		3,953,162

				52,652,470


Materials: 6.66%

Chemicals: 4.01%
	36,125	Agrium Incorporated		3,193,089
	244,550	E.I. du Pont de Nemours & Company		12,393,794
	37,600	Potash Corporation of Saskatchewan Incorporated ADR		6,684,528

				22,271,411


Metals & Mining: 2.65%
	105,825	Freeport-McMoRan Copper & Gold Incorporated Class B		11,508,469
	56,275	United States Steel Corporation«		3,245,375

				14,753,844


Total Common Stocks (Cost $428,876,540)				520,901,992


			Yield
Short-Term Investments: 25.18%

Investment Companies: 25.18%
	52,000,619	Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)		0.12	%	52,000,619
	87,996,373	Wells Fargo Securities Lending Cash Investments, LLC(l)(u)(v)		0.26		87,996,373
						139,996,992


Total Short-Term Investments (Cost $139,996,992)				139,996,992

Total Investments in Securities (Cost $568,873,532)*	118.85	%		660,898,984

Other Assets and Liabilities, Net	(18.85	)		(104,817,083	)


Total Net Assets	100.00	%	$	556,081,901


Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 51

STRATEGIC LARGE CAP GROWTH FUND


«		All or a portion of this security is on loan. † Non-income earning securities.

(l)		Investment in an affiliate.

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

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

*		Cost for federal income tax purposes is $571,647,300 and net unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	93,893,980
Gross unrealized depreciation		(4,642,296	)

Net unrealized appreciation	$	89,251,684

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



52 Wells Fargo Advantage Large Cap Stock Funds		Statement of Assets and Liabilities—January 31, 2011 (Unaudited)


	Capital			Endeavor
	Growth			Select
	Fund			Fund

Assets
Investments
In unaffiliated securities (including securities on loan), at value	$	1,458,580,605		$	1,246,956,404
In affiliated securities, at value		150,672,939			155,362,639

Total investments, at value (see cost below)		1,609,253,544			1,402,319,043
Receivable for investments sold		61,716,073			69,679,307
Receivable for Fund shares sold		1,653,190			2,114,344
Receivable for dividends		297,291			338,476
Receivable for securities lending income		18,077			13,655
Prepaid expenses and other assets		72,475			52,283

Total assets		1,673,010,650			1,474,517,108


Liabilities
Payable for investments purchased		50,818,920			57,220,543
Payable for Fund shares redeemed		2,367,979			2,632,135
Payable upon receipt of securities loaned		152,016,708			143,842,690
Investment advisory fee payable		672,727			685,181
Distribution fees payable		5,533			6,542
Due to other related parties		175,328			161,926
Accrued expenses and other liabilities		422,536			398,016

Total liabilities		206,479,731			204,947,033

Total net assets	$	1,466,530,919		$	1,269,570,075


NET ASSETS CONSIST OF
Paid-in capital	$	1,517,124,420		$	1,303,609,610
Undistributed (overdistributed) net investment income (loss)		(1,052,775	)		(1,287,767	)
Accumulated net realized gains (losses) on investments		(313,043,469	)		(348,477,776	)
Net unrealized gains on investments		263,502,743			315,726,008

Total net assets	$	1,466,530,919		$	1,269,570,075


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE¹
Net assets — Class A	$	24,579,333		$	141,440,385
Shares outstanding — Class A		1,533,943			14,353,032
Net asset value per share — Class A	$	16.02		$	9.85
Maximum offering price per share — Class A²	$	17.00		$	10.45
Net assets — Class B	NA			$	1,956,430
Shares outstanding — Class B	NA				215,693
Net asset value per share — Class B	NA			$	9.07
Net assets — Class C	$	8,592,317		$	8,068,727
Shares outstanding — Class C		550,542			889,675
Net asset value per share — Class C	$	15.61		$	9.07
Net assets — Class R	NA			NA
Shares outstanding — Class R	NA			NA
Net asset value per share — Class R	NA			NA
Net assets — Administrator Class	$	386,879,664		$	242,109,485
Shares outstanding — Administrator Class		23,427,507			24,230,676
Net asset value per share — Administrator Class	$	16.51		$	9.99
Net assets — Institutional Class	$	942,586,194		$	875,995,048
Shares outstanding — Institutional Class		56,514,419			86,942,514
Net asset value per share — Institutional Class	$	16.68		$	10.08
Net assets — Investor Class	$	103,893,411		NA
Shares outstanding — Investor Class		6,511,622		NA
Net asset value per share — Investor Class	$	15.96		NA


Total investments, at cost	$	1,345,750,801		$	1,086,593,035

Securities on loan, at value	$	148,332,212		$	140,343,130


1.		Each Fund has an unlimited number of authorized shares.

2.		Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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



Statement of Assets and Liabilities—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 53


			Large Cap			Omega			Premier Large			Strategic
Growth			Growth			Growth			Company			Large Cap
Fund			Fund			Fund			Growth Fund			Growth Fund



$	3,185,039,681		$	324,470,379		$	692,341,088		$	761,582,436		$	520,901,992
	721,595,549			88,748,600			166,607,361			131,703,786			139,996,992

	3,906,635,230			413,218,979			858,948,449			893,286,222			660,898,984
	38,933,581			3,049,397			26,694,677			5,967,586			7,075,627
	33,215,491			160,163			1,712,831			876,650			684,064
	480,514			73,818			141,022			180,582			118,699
	86,851			9,087			18,530			12,863			9,304
	7,363			16,187			78,000			123,011			39,612

	3,979,359,030			416,527,631			887,593,509			900,446,914			668,826,290



	88,128,418			3,258,557			22,536,538			8,644,239			23,102,876
	2,864,719			249,586			1,976,032			833,250			1,164,395
	671,080,901			87,107,239			159,943,568			124,456,890			87,996,373
	1,656,872			148,965			418,596			333,801			272,460
	38,991			41			69,925			26,697			3,852
	704,936			66,151			184,151			171,016			63,478
	714,556			186,011			467,870			933,096			140,955

	765,189,393			91,016,550			185,596,680			135,398,989			112,744,389

$	3,214,169,637		$	325,511,081		$	701,996,829		$	765,047,925		$	556,081,901



$	2,478,084,835		$	319,717,539		$	725,497,557		$	672,218,924		$	528,461,948
	(8,159,087	)		(53,839	)		(2,837,971	)		(449,444	)		750,837
	5,077,666			(59,441,059	)		(160,323,435	)		(87,305,685	)		(65,156,336	)
	739,166,223			65,288,440			139,660,678			180,584,130			92,025,452

$	3,214,169,637		$	325,511,081		$	701,996,829		$	765,047,925		$	556,081,901



$	481,611,321		$	273,832		$	556,099,293		$	578,410,226		$	25,888,194
	14,617,589			9,208			14,713,182			61,757,987			842,427
$	32.95		$	29.74		$	37.80		$	9.37		$	30.73
$	34.96		$	31.55		$	40.11		$	9.94		$	32.60
NA			NA			$	50,037,386		$	13,059,907		NA
NA			NA				1,545,331			1,526,883		NA
NA			NA			$	32.38		$	8.55		NA
$	71,248,131		$	81,123		$	56,772,081		$	27,183,121		$	5,848,090
	2,283,505			2,739			1,749,941			3,186,598			201,764
$	31.20		$	29.62		$	32.44		$	8.53		$	28.98
NA			NA			$	3,137,670		NA			$	665,413
NA			NA				84,315		NA				21,740
NA			NA			$	37.21		NA			$	30.61
$	794,150,164		$	325,291		$	35,937,829		$	45,434,518		$	1,485,023
	23,065,203			10,931			918,932			4,850,556			47,911
$	34.43		$	29.76		$	39.11		$	9.37		$	31.00
$	539,083,663		$	12,125		$	12,570		$	24,639,482		$	522,195,181
	15,283,430			407			321			2,628,091			16,824,550
$	35.27		$	29.79		$	39.16		$	9.38		$	31.04
$	1,328,076,358		$	324,818,710		NA			$	76,320,671		NA
	40,351,267			10,929,781		NA				8,155,760		NA
$	32.91		$	29.72		NA			$	9.36		NA


$	3,167,469,007		$	347,930,539		$	719,287,771		$	712,702,092		$	568,873,532

$	656,083,705		$	85,254,749		$	156,351,436		$	121,704,088		$	85,872,774



54 Wells Fargo Advantage Large Cap Stock Funds		Statement of Operations—For the Six Months Ended January 31, 2011 (Unaudited)


	Capital			Endeavor
	Growth			Select
	Fund			Fund

Investment income
Dividends*	$	4,570,689		$	4,115,881
Income from affiliated securities		11,356			27,547
Securities lending income, net		134,374			106,334

Total investment income		4,716,419			4,249,762


Expenses
Investment advisory fee		4,348,648			3,933,081
Administration fees
Fund level		346,720			312,089
Class A		31,212			172,233
Class B	NA				3,102
Class C		10,281			10,455
Class R	NA			NA
Administrator Class		210,522			117,657
Institutional Class		331,194			348,050
Investor Class		174,787		NA
Shareholder servicing fees
Class A		30,011			165,609
Class B	NA				2,982
Class C		9,886			10,053
Class R	NA			NA
Administrator Class		524,595			293,787
Investor Class		132,414		NA
Distribution fees
Class B	NA				8,947
Class C		29,658			30,159
Class R	NA			NA
Custody and accounting fees		36,686			34,176
Professional fees		6,950			20,747
Registration fees		17,163			45,124
Shareholder report expenses		27,118			102,324
Trustees’ fees and expenses		7,296			5,303
Other fees and expenses		14,675			21,022

Total expenses		6,289,816			5,636,900
Less: Fee waivers and/or expense reimbursements		(520,622	)		(99,371	)

Net expenses		5,769,194			5,537,529

Net investment income (loss)		(1,052,775	)		(1,287,767	)


NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on unaffiliated securities		70,394,663			79,330,629

Net change in unrealized gains (losses) on unaffiliated securities		213,444,425			163,734,476

Net realized and unrealized gains (losses) on investments		283,839,088			243,065,105

Net increase in net assets resulting from operations	$	282,786,313		$	241,777,338


* Net of foreign withholding taxes of	$	27,369		$	48,912

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



Statement of Operations—For the Six Months Ended January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 55


			Large Cap			Omega			Premier Large			Strategic
Growth			Growth			Growth			Company			Large Cap
Fund			Fund			Fund			Growth Fund			Growth Fund


$	5,242,188		$	1,693,528		$	1,409,593		$	3,963,471		$	2,564,474
	60,513			3,217			5,112			8,682			14,095
	581,277			59,581			252,914			108,575			54,818

	5,883,978			1,756,326			1,667,619			4,080,728			2,633,387



	8,261,349			988,837			2,349,077			2,275,369			1,447,146

	610,957			76,064			158,838			177,016			111,375
	374,788			105			657,892			697,562			30,587
NA			NA				63,734			17,664		NA
	44,362			31			63,974			31,975			7,466
NA			NA				2,454		NA				677
	279,399			58			14,573			19,491			288
	175,877			4			5			9,320			166,050
	1,852,811			501,645		NA				117,171		NA

	360,373			101			632,043			670,733			29,412
NA			NA				61,283			16,984		NA
	42,655			30			61,514			30,745			7,179
NA			NA				2,360		NA				661
	698,498			144			36,012			48,727			719
	1,399,942			380,033		NA				88,766		NA

NA			NA				183,847			50,953		NA
	127,966			91			184,542			92,236			21,537
NA			NA				2,360		NA				661
	64,544			11,016			31,159			34,143			20,463
	20,536			18,882			10,973			19,773			13,573
	34,093			9,776			36,327			39,133			41,363
	110,301			31,227			75,966			23,751			18,592
	5,303			5,303			22,755			25,501			16,590
	17,014			4,718			234,990			114,375			21,649

	14,480,768			2,028,065			4,886,678			4,601,388			1,955,988
	(437,703	)		(217,840	)		(422,600	)		(550,500	)		(117,908	)

	14,043,065			1,810,225			4,464,078			4,050,888			1,838,080

	(8,159,087	)		(53,899	)		(2,796,459	)		29,840			795,307



	12,464,559			2,463,430			43,246,053			5,614,194			40,440,621

	553,604,861			55,250,512			102,439,807			127,104,491			44,802,539

	566,069,420			57,713,942			145,685,860			132,718,685			85,243,160

$	557,910,333		$	57,660,043		$	142,889,401		$	132,748,525		$	86,038,467


$	11,319		$	2,216		$	24,131		$	5,155		$	9,116



56 Wells Fargo Advantage Large Cap Stock Funds		Statements of Changes in Net Assets


	Capital Growth Fund
	Six Months Ended
	January 31, 2011				Year Ended
	(Unaudited)				July 31, 2010

Operations
Net investment loss		$	(1,052,775	)		$	(3,587,085	)
Net realized gains on investments			70,394,663				162,223,615
Net change in unrealized gains (losses) on investments			213,444,425				(7,236,999	)

Net increase in net assets resulting from operations			282,786,313				151,399,531


Distributions to shareholders from
Net investment income
Administrator Class			0				(1,796,241	)
Institutional Class			0				(1,989,485	)

Total distributions to shareholders			0				(3,785,726	)


	Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		56,129			838,816			157,394			2,028,453
Class B	NA			NA			NA			NA
Class C		31,605			457,693			83,017			1,043,920
Administrator Class		3,380,456			50,799,197			23,765,072			315,845,859
Institutional Class		27,917,498			387,241,005			6,440,100			86,256,409
Investor Class		338,871			5,087,091			3,166,153			41,319,232

					444,423,802						446,493,873

Reinvestment of distributions
Administrator Class		0			0			103,940			1,403,195
Institutional Class		0			0			143,093			1,946,063

					0						3,349,258

Payment for shares redeemed
Class A		(376,108	)		(5,296,390	)		(516,717	)		(6,738,627	)
Class B	NA			NA			NA			NA
Class C		(39,063	)		(559,805	)		(125,512	)		(1,585,782	)
Administrator Class		(30,820,158	)		(425,116,477	)		(30,649,284	)		(414,904,651	)
Institutional Class		(6,327,508	)		(96,126,298	)		(7,832,283	)		(104,387,950	)
Investor Class		(1,833,389	)		(27,113,704	)		(13,814,442	)		(177,008,436	)

					(554,212,674	)					(704,625,446	)

Net asset value of shares issued in acquisitions
Class A		0			0			432,622			5,473,469
Class C		0			0			19,391			239,920
Administrator Class		0			0			1,715,025			22,336,540
Institutional Class		0			0			642			8,427

					0						28,058,356

Net increase (decrease) in net assets resulting from capital share transactions					(109,788,872	)					(226,723,959	)

Total increase (decrease) in net assets					172,997,441						(79,110,154	)

Net assets
Beginning of period					1,293,533,478						1,372,643,632

End of period				$	1,466,530,919					$	1,293,533,478

Undistributed (overdistributed) net investment loss				$	(1,052,775	)				$	0


1.		Class commenced operations on July 30, 2010.

2.		Effective at the close of business on July 16, 2010, the Fund acquired the net assets of an Evergreen fund, which became the accounting and the transaction. The information for the periods prior to July 19, 2010 is that of the predecessor fund.

3.		For the ten months ended July 31, 2010. The Fund changed its fiscal year end from September 30 to July 31, effective July 31, 2010.

4.		Class IS shares of the predecessor fund became Class A shares on July 16, 2010.

5.		Class B shares of the predecessor fund became Class A shares on July 16, 2010.

6.		Class I of the predecessor fund became Administrator Class on July 19, 2010.

7.		Class commenced operations on July 16, 2010.

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



Statements of Changes in Net Assets		Wells Fargo Advantage Large Cap Stock Funds 57


Endeavor Select Fund												Growth Fund
Six Months Ended												Six Months Ended
January 31, 2011						Year Ended						January 31, 2011						Year Ended
(Unaudited)						July 31, 2010						(Unaudited)						July 31, 2010


			$	(1,287,767	)				$	(2,193,222	)				$	(8,159,087	)				$	(8,177,287	)
				79,330,629						158,502,908						12,464,559						137,614,003
				163,734,476						2,119,488						553,604,861						166,064,598

				241,777,338						158,429,174						557,910,333						295,501,314




				0						(355,488	)					0						0
				0						(3,063,991	)					0						0

				0						(3,419,479	)					0						0


Shares						Shares						Shares						Shares
																					��

	1,663,161			15,625,360			3,415,874			27,191,901			9,539,885			289,398,534			5,162,185			131,882,183
	4,474			40,845			3,652			24,823		NA			NA			NA			NA
	30,463			268,640			151,118			1,119,379			1,734,068			50,639,750			522,403			12,632,374
	3,831,567			35,603,860			7,765,878			62,834,674			10,358,729			330,929,158			8,511,076			226,937,191
	10,690,915			99,719,624			28,340,278			227,252,714			3,446,303			111,306,454			4,163,211			113,941,728
NA			NA			NA			NA				7,450,472			224,560,070			4,913,992			126,018,182

				151,258,329						318,423,491						1,006,833,966						611,411,658


	0			0			39,132			318,536			0			0			0			0
	0			0			275,455			2,255,974			0			0			0			0

				0						2,574,510						0						0


	(2,737,585	)		(24,680,240	)		(9,458,711	)		(75,229,101	)		(1,185,052	)		(35,730,587	)		(1,087,771	)		(27,488,193	)
	(138,241	)		(1,175,237	)		(243,174	)		(1,795,652	)	NA			NA			NA			NA
	(184,044	)		(1,539,296	)		(462,208	)		(3,457,087	)		(44,542	)		(1,265,409	)		(46,378	)		(1,111,266	)
	(6,756,976	)		(62,474,989	)		(14,363,101	)		(115,504,314	)		(2,510,168	)		(78,176,049	)		(2,225,580	)		(58,611,703	)
	(36,450,904	)		(326,217,228	)		(33,296,910	)		(270,645,094	)		(1,337,736	)		(41,095,495	)		(2,352,443	)		(61,389,437	)
NA			NA			NA			NA				(3,196,341	)		(96,038,047	)		(4,206,997	)		(105,020,809	)

				(416,086,990	)					(466,631,248	)					(252,305,587	)					(253,621,408	)


	0			0			0			0			0			0			0			0
	0			0			0			0			0			0			0			0
	0			0			0			0			0			0			0			0
	0			0			0			0			0			0			0			0

				0						0						0						0

				(264,828,661	)					(145,633,247	)					754,528,379						357,790,250

				(23,051,323	)					9,376,448						1,312,438,712						653,291,564


				1,292,621,398						1,283,244,950						1,901,730,925						1,248,439,361

			$	1,269,570,075					$	1,292,621,398					$	3,214,169,637					$	1,901,730,925

			$	(1,287,767	)				$	0					$	(8,159,087	)				$	0



58 Wells Fargo Advantage Large Cap Stock Funds		Statements of Changes in Net Assets


	Large Cap Growth Fund
	Six Months Ended
	January 31, 2011				Year Ended
	(Unaudited)				July 31, 2010

Operations
Net investment income (loss)		$	(53,899	)		$	(194,825	)
Net realized gains (losses) on investments			2,463,430				5,430,599
Net change in unrealized gains (losses) on investments			55,250,512				28,669,063

Net increase in net assets resulting from operations			57,660,043				33,904,837


Distributions to shareholders from
Net investment income
Class A			0				0	¹
Class C			0				0	¹
Class R		NA				NA
Administrator Class			0				0	¹
Institutional Class			0				0	¹
Investor Class			0				(200,041	)

Total distributions to shareholders			0				(200,041	)


	Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		9,054			260,657			407	¹		9,989	¹
Class B	NA			NA			NA			NA
Class C		2,614			76,035			407	¹		9,989	¹
Class R	NA			NA			NA			NA
Administrator Class		11,156			319,305			407	¹		9,989	¹
Institutional Class		0			0			407	¹		9,989	¹
Investor Class		215,121			6,034,263			480,861			11,479,462

					6,690,260						11,519,418

Reinvestment of distributions
Class A		0			0			0	¹		0	¹
Class C		0			0			0	¹		0	¹
Class R	NA			NA			NA			NA
Administrator Class		0			0			0	¹		0	¹
Investor Class		0			0			7,905			192,961

					0						192,961

Automatic conversion of Class B shares to Class A shares
Class A	NA			NA				0			0
Class B	NA			NA				0			0

				NA							0

Payment for shares redeemed
Class A		(253	)		(7,537	)		0	¹		0	¹
Class B	NA			NA			NA			NA
Class C		(282	)		(8,254	)		0	¹		0	¹
Class R	NA			NA			NA			NA
Administrator Class		(632	)		(18,597	)		0	¹		0	¹
Investor Class		(638,160	)		(17,429,434	)		(1,301,026	)		(31,569,000	)

					(17,463,822	)					(31,569,000	)

Net decrease in net assets resulting from capital share transactions					(10,773,562	)					(19,856,621	)

Total increase (decrease) in net assets					46,886,481						13,848,175

Net assets
Beginning of period					278,624,600						264,776,425

End of period				$	325,511,081					$	278,624,600

Undistributed (overdistributed) net investment income (loss)				$	(53,839	)				$	60

Please see footnotes on page 56

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



Statements of Changes in Net Assets		Wells Fargo Advantage Large Cap Stock Funds 59


Omega Growth Fund
Six Months Ended
January 31, 2011						Period Ended						Year Ended
(Unaudited)						July 31, 2010^2,3						September 30, 2009²


			$	(2,796,459	)				$	(2,581,648	)				$	3,302,572
				43,246,053						54,533,378						(37,534,588	)
				102,439,807						(13,918,614	)					47,129,070

				142,889,401						38,033,116						12,897,054




				0						(3,039,360	)					0
				0						(38,380	)					0
				0						(8,005	)					0
				0						(216,128	)					0
				0						0	¹				NA
			NA						NA						NA

				0						(3,301,873	)					0


Shares						Shares						Shares


	720,740			25,417,010			1,165,224			35,561,768			1,147,772			27,740,191
	16,466			494,869			29,504			791,682			181,477			3,496,619
	152,910			4,789,410			190,779			5,033,734			412,479			8,601,221
	47,088			1,712,153			34,386			1,022,157			102,631			2,415,251
	248,228			9,224,476			517,528	⁶		16,048,215	⁶		448,507	⁶		11,306,125
	0			0			321	¹		9,990	¹	NA			NA
NA			NA			NA			NA			NA			NA

				41,637,918						58,467,546						53,559,407


	0			0			92,412			2,785,288			0			0
	0			0			1,150			30,010			0			0
	0			0			169			5,026			0			0
	0			0			6,244	⁶		194,202	⁶		0	⁶		0	⁶
NA			NA			NA			NA			NA			NA

				0						3,014,526						0


	109,295			3,978,827			80,952			2,359,815			826,492			18,988,798
	(127,452	)		(3,978,827	)		(94,167	)		(2,359,815	)		(957,225	)		(18,988,798	)

				0						0						0


	(1,399,993	)		(47,695,613	)		(2,231,894	)		(68,171,333	)		(2,889,525	)		(65,971,047	)
	(136,951	)		(3,946,722	)		(267,288	)		(7,005,660	)		(697,389	)		(13,569,375	)
	(133,303	)		(3,771,928	)		(247,564	)		(6,518,391	)		(350,181	)		(6,917,725	)
	(14,068	)		(501,312	)		(13,102	)		(396,992	)		(75,911	)		(1,804,408	)
	(284,494	)		(9,384,943	)		(672,318	)⁶		(20,499,118	)⁶		(195,688	)⁶		(4,830,031	)⁶
NA			NA			NA			NA			NA			NA

				(65,300,518	)					(102,591,494	)					(93,092,586	)

				(23,662,600	)					(41,109,422	)					(39,533,179	)

				119,226,801						(6,378,179	)					(26,636,125	)


				582,770,028						589,148,207						615,784,332

			$	701,996,829					$	582,770,028					$	589,148,207

			$	(2,837,971	)				$	(41,512	)				$	3,259,162



60 Wells Fargo Advantage Large Cap Stock Funds		Statements of Changes in Net Assets


	Premier Large Company
	Growth Fund
	Six Months Ended
	January 31, 2011				Period Ended
	(Unaudited)				July 31, 2010^2,3

Operations
Net investment income		$	29,840			$	46,982
Net realized gains (losses) on investments			5,614,194				7,830,147
Net change in unrealized gains (losses) on investments			127,104,491				23,541,815

Net increase (decrease) in net assets resulting from operations			132,748,525				31,418,944


Distributions to shareholders from
Net investment income
Class A			(292,826	)			(2,026,802	)
Class C			0				(34,306	)
Class R		NA				NA
Administrator Class			(47,613	)			0	⁷
Institutional Class			(31,262	)			(160,368	)
Investor Class			(75,138	)			0	⁷
Class IS		NA				NA
Net realized gains
Class A		NA					0
Class B		NA					0
Class C		NA					0
Class R		NA					0
Institutional Class		NA					0
Class IS		NA					0

Total distributions to shareholders			(446,839	)			(2,221,476	)


	Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		2,690,187			24,149,465			4,543,921			36,329,799
Class B		37,474			317,690			44,267			322,756
Class C		295,002			2,381,655			719,888			5,240,608
Class R	NA			NA			NA			NA
Administrator Class		978,770			8,914,928			5,917	⁷		45,944	⁷
Institutional Class		853,279			7,401,430			1,535,645			12,105,152
Investor Class		279,758			2,490,418			2,330	⁷		18,583	⁷
Class IS	NA			NA			NA			NA

					45,655,586						54,062,842

Reinvestment of distributions
Class A		28,108			259,155			221,060			1,727,514
Class B		0			0			0			0
Class C		0			0			3,541			25,385
Class R	NA			NA			NA			NA
Administrator Class		2,993			27,596			0	⁷		0	⁷
Institutional Class		2,785			25,680			16,573			129,185
Investor Class		7,938			73,111			0	⁷		0	⁷
Class IS	NA			NA			NA			NA

					385,542						1,882,084

Automatic conversion of Class B shares to Class A shares
Class A		270,753			2,369,764			22,285			167,756
Class B		(295,953	)		(2,369,764	)		(24,349	)		(167,756	)

					0						0

Please see footnotes on page 56

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



Statements of Changes in Net Assets		Wells Fargo Advantage Large Cap Stock Funds 61


Premier Large Company
Growth Fund (continued)						Strategic Large Cap Growth Fund
						Six Months Ended
Year Ended						January 31, 2011					Period Ended						Year Ended
September 30, 2009²						(Unaudited)					July 31, 2010^2,3						September 30, 2009²


			$	2,020,263				$	795,307					$	849,855					$	3,587,548
				(14,374,848	)				40,440,621						47,239,376						(148,950,249	)
				13,220,743					44,802,539						(27,179,941	)					125,846,819

				866,158					86,038,467						20,909,290						(19,515,882	)




				(1,331,237	)				0						(105,494	)					(27,885	)
				0					0						(3,965	)					0
			NA						0						(2,162	)					(14	)
			NA						(4,618	)					0	¹				NA
				(42,823	)				(844,105	)					(3,209,936	)					(2,957,101	)
			NA					NA						NA						NA
			NA					NA							(30,744	)⁴					(17,986	)⁴

			NA						0						0						(610,142	)
			NA						0						0	⁵					(157,145	)⁵
			NA						0						0						(320,402	)
			NA						0						0						(752	)
			NA					NA							0						(37,155,258	)
			NA					NA							0	⁴					(617,266	)⁴

				(1,374,060	)				(848,723	)					(3,352,301	)					(41,863,951	)


Shares						Shares					Shares						Shares


	3,041,606			18,812,931			128,052		3,850,813			537,236			13,334,352			431,010			8,939,109
	339,029			1,819,345		NA		NA				7,976	⁵		202,658	⁵		12,320	⁵		245,758	⁵
	1,350,015			7,559,367			20,025		552,231			74,604			1,810,213			125,077			2,480,261
NA			NA				4,881		141,703			8,576			220,548			11,638			245,553
NA			NA				55,893		1,648,236			394	¹		10,000	¹	NA			NA
	1,145,464			7,437,548			4,317,581		133,563,895			1,397,270			36,096,742			4,801,164			99,295,930
NA			NA			NA		NA			NA			NA			NA			NA
NA			NA			NA		NA				381	⁴		9,627	⁴		518	⁴		9,865	⁴

				35,629,191					139,756,878						51,684,140						111,216,476


	200,939			1,141,331			0		0			3,479			87,439			32,012			590,345
	0			0			0		0			0	⁵		0	⁵		8,3305			145,7695
NA			NA				0		0			132			3,123			15,607			273,127
NA			NA				0		0			82			2,062			37			683
NA			NA				104		3,154			0	¹		0	¹	NA			NA
	1,223			6,945			12,025		365,447			56,561			1,434,394			900,707			16,805,239
NA			NA			NA		NA			NA			NA			NA			NA
NA			NA			NA		NA				1,006	⁴		25,207	⁴		30,375	⁴		556,890	⁴

				1,148,276					368,601						1,552,225						18,372,053


	284,079			1,710,249			0		0			1,601			39,689			18,618			387,731
	(309,654	)		(1,710,249	)		0		0			(1,686	)		(39,689	)		(19,567	)		(387,731	)

				0					0						0						0



62 Wells Fargo Advantage Large Cap Stock Funds		Statements of Changes in Net Assets


	Premier Large Company
	Growth Fund
	Six Months Ended
	January 31, 2011						Period Ended
	(Unaudited)						July 31, 2010^2,3
	Shares						Shares
Capital share transactions (continued)
Payment for shares redeemed
Class A		(4,641,638	)	$	(40,217,746	)		(4,456,636	)	$	(35,172,137	)
Class B		(180,722	)		(1,420,590	)		(187,496	)		(1,340,189	)
Class C		(250,734	)		(1,947,677	)		(336,795	)		(2,427,883	)
Class R	NA			NA			NA			NA
Administrator Class		(844,235	)		(7,037,627	)		(57,396	)⁷		(444,938	)⁷
Institutional Class		(660,013	)		(6,016,969	)		(787,265	)		(6,066,573	)
Investor Class		(493,410	)		(4,277,179	)		(41,184	)⁷		(318,823	)⁷
Class IS	NA			NA			NA			NA

					(60,917,788	)					(45,770,543	)

Net asset value of shares issued in acquisition
Class A		0			0			25,965,456			195,693,807
Class B		0			0			933,034			6,444,460
Class C		0			0			683,245			4,706,607
Administrator Class		0			0			4,764,507			35,899,089
Institutional Class		0			0			102,415			771,666
Investor Class		0			0			8,400,328			63,310,758

					0						306,826,387

Net increase (decrease) in net assets resulting from capital share transactions					(14,876,660	)					317,000,770

Total increase (decrease) in net assets					117,425,026						346,198,238

Net assets
Beginning of period					647,622,899						301,424,661

End of period				$	765,047,925					$	647,622,899

Undistributed (overdistributed) net investment income				$	(449,444	)				$	(32,445	)

Please see footnotes on page 56

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



Statements of Changes in Net Assets		Wells Fargo Advantage Large Cap Stock Funds 63


Premier Large Company
Growth Fund(continued)						Strategic Large Cap Growth Fund
						Six Months Ended
Year Ended						January 31, 2011						Period Ended						Year Ended
September 30, 2009²						(Unaudited)						July 31, 2010^2,3						September 30, 2009²
Shares						Shares						Shares						Shares


	(4,869,216	)	$	(29,318,435	)		(239,088	)	$	(6,552,272	)		(217,575	)	$	(5,647,598	)		(186,686	)	$	(3,909,410	)
	(419,246	)		(2,281,784	)		0			0			(74,806	)⁵		(1,748,431	)⁵		(22,428	)⁵		(436,097	)⁵
	(801,008	)		(4,251,455	)		(70,890	)		(1,842,426	)		(68,388	)		(1,654,013	)		(69,650	)		(1,337,699	)
NA			NA				(599	)		(16,819	)		(3,107	)		(78,319	)		(120	)		(2,825	)
NA			NA				(8,480	)		(263,727	)		0¹			0¹		NA			NA
	(457,675	)		(2,621,319	)		(2,795,619	)		(78,836,843	)		(4,201,535	)		(108,824,456	)		(8,941,013	)		(185,070,949	)
NA			NA			NA			NA			NA			NA			NA			NA
NA			NA			NA			NA				(271,338	)⁴		(6,651,248	)⁴		(117,673	)⁴		(2,322,342	)⁴

				(38,472,993	)					(87,512,087	)					(124,604,065	)					(193,079,322	)


	0			0			0			0			0			0			0			0
	0			0		NA			NA			NA			NA			NA			NA
	0			0			0			0			0			0			0			0
NA			NA				0			0			0			0			0			0
	0			0			0			0			0			0			0			0
NA			NA			NA			NA			NA			NA			NA			NA

				0					NA						NA						NA


				(1,695,526	)					52,613,392						(71,367,700	)					(63,490,793	)

				(2,203,428	)					137,803,136						(53,810,711	)					(124,870,626	)


				303,628,089						418,278,765						472,089,476						596,960,102

			$	301,424,661					$	556,081,901					$	418,278,765					$	472,089,476

			$	1,986,654					$	750,837					$	804,253					$	3,306,699



64 Wells Fargo Advantage Large Cap Stock Funds		Financial Highlights


	Beginning					Net Realized			Distributions
	Net Asset		Net			and Unrealized			from Net
	Value Per		Investment			Gains (Losses)			Investment
	Share		Income (Loss)			on Investments			Income

Capital Growth Fund
Class A
August 1, 2010 to January 31, 2011 (unaudited)	$	13.07		(0.04	)		2.99			0.00
August 1, 2009 to July 31, 2010	$	11.83		(0.06	)		1.30			0.00
August 1, 2008 to July 31, 2009	$	17.60		0.00	^3,4		(5.26	)		0.00
August 1, 2007 to July 31, 2008	$	18.64		(0.08	)³		0.08			0.00
July 31, 2007¹²	$	18.64		0.00			0.00			0.00

Class C
August 1, 2010 to January 31, 2011 (unaudited)	$	12.77		(0.09	)		2.93			0.00
August 1, 2009 to July 31, 2010	$	11.65		(0.17	)		1.29			0.00
August 1, 2008 to July 31, 2009	$	17.47		(0.08	)³		(5.23	)		0.00
August 1, 2007 to July 31, 2008	$	18.64		(0.22	)³		0.09			0.00
July 31, 2007¹²	$	18.64		0.00			0.00			0.00

Administrator Class
August 1, 2010 to January 31, 2011 (unaudited)	$	13.45		(0.02	)³		3.08			0.00
August 1, 2009 to July 31, 2010	$	12.17		(0.03	)		1.35			(0.04	)
August 1, 2008 to July 31, 2009	$	18.03		0.04	³		(5.39	)		0.00
August 1, 2007 to July 31, 2008	$	19.03		(0.02	)³		0.06			0.00
August 1, 2006 to July 31, 2007	$	16.07		(0.02	)³		3.08			0.00
August 1, 2005 to July 31, 2006	$	16.70		(0.03	)³		(0.12	)		0.00

Institutional Class
August 1, 2010 to January 31, 2011 (unaudited)	$	13.57		(0.04	)		3.15			0.00
August 1, 2009 to July 31, 2010	$	12.27		0.00			1.36			(0.06	)
August 1, 2008 to July 31, 2009	$	18.14		0.06	³		(5.42	)		0.00
August 1, 2007 to July 31, 2008	$	19.10		0.01	³		0.07			0.00
August 1, 2006 to July 31, 2007	$	16.10		0.02	³		3.08			0.00
August 1, 2005 to July 31, 2006	$	16.71		0.00	³		(0.13	)		0.00

Investor Class
August 1, 2010 to January 31, 2011 (unaudited)	$	13.02		(0.04	)³		2.98			0.00
August 1, 2009 to July 31, 2010	$	11.79		(0.08	)³		1.31			0.00
August 1, 2008 to July 31, 2009	$	17.56		(0.01	)³		(5.25	)		0.00
August 1, 2007 to July 31, 2008	$	18.64		(0.10	)³		0.06			0.00
August 1, 2006 to July 31, 2007	$	15.81		(0.10	)³		3.03			0.00
August 1, 2005 to July 31, 2006	$	16.52		(0.11	)³		(0.12	)		0.00

Endeavor Select Fund
Class A
August 1, 2010 to January 31, 2011 (unaudited)	$	8.12		(0.04	)		1.77			0.00
August 1, 2009 to July 31, 2010	$	7.25		(0.04	)³		0.91			0.00
August 1, 2008 to July 31, 2009	$	10.81		(0.01	)³		(3.29	)		0.00
August 1, 2007 to July 31, 2008	$	10.85		(0.04	)³		0.10			0.00
August 1, 2006 to July 31, 2007	$	9.35		(0.04	)³		1.54			0.00
August 1, 2005 to July 31, 2006	$	9.47		(0.05	)³		0.02			0.00

Class B
August 1, 2010 to January 31, 2011 (unaudited)	$	7.50		(0.05	)³		1.62			0.00
August 1, 2009 to July 31, 2010	$	6.75		(0.09	)³		0.84			0.00
August 1, 2008 to July 31, 2009	$	10.18		(0.06	)³		(3.11	)		0.00
August 1, 2007 to July 31, 2008	$	10.29		(0.12	)³		0.11			0.00
August 1, 2006 to July 31, 2007	$	8.94		(0.11	)³		1.46			0.00
August 1, 2005 to July 31, 2006	$	9.12		(0.12	)³		0.03			0.00

Class C
August 1, 2010 to January 31, 2011 (unaudited)	$	7.50		(0.05	)³		1.62			0.00
August 1, 2009 to July 31, 2010	$	6.75		(0.09	)³		0.84			0.00
August 1, 2008 to July 31, 2009	$	10.18		(0.05	)³		(3.12	)		0.00
August 1, 2007 to July 31, 2008	$	10.28		(0.12	)³		0.12			0.00
August 1, 2006 to July 31, 2007	$	8.93		(0.11	)³		1.46			0.00
August 1, 2005 to July 31, 2006	$	9.11		(0.12	)³		0.03			0.00

Please see footnotes p. 74

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



Financial Highlights		Wells Fargo Advantage Large Cap Stock Funds 65


			Ending
Distributions			Net Asset		Ratio to Average Net Assets (Annualized)												Portfolio			Net Assets at
from Net			Value Per		Net Investment			Gross			Net			Total			Turnover			End of Period
Realized Gains			Share		Income (Loss)			Expenses			Expenses			Return¹			Rate²			(000’s omitted)



	0.00		$	16.02		(0.51	)%		1.20	%		1.20	%		22.74	%		57	%	$	24,579
	0.00		$	13.07		(0.55	)%		1.27	%		1.25	%		10.40	%		128	%	$	24,222
	(0.51	)	$	11.83		(0.01	)%		1.31	%		1.25	%		(29.23	)%		172	%	$	21,064
	(1.04	)	$	17.60		(0.45	)%		1.22	%		1.22	%		(0.46	)%		151	%	$	33,756
	0.00		$	18.64		0.00	%		0.00	%		0.00	%		0.00	%		114	%	$	10


	0.00		$	15.61		(1.27	)%		1.95	%		1.95	%		22.24	%		57	%	$	8,592
	0.00		$	12.77		(1.31	)%		2.02	%		2.00	%		9.61	%		128	%	$	7,127
	(0.51	)	$	11.65		(0.70	)%		2.02	%		1.96	%		(29.75	)%		172	%	$	6,772
	(1.04	)	$	17.47		(1.21	)%		2.14	%		2.00	%		(1.18	)%		151	%	$	7,835
	0.00		$	18.64		0.00	%		0.00	%		0.00	%		0.00	%		114	%	$	10


	0.00		$	16.51		(0.22	)%		1.04	%		0.94	%		22.83	%		57	%	$	386,880
	0.00		$	13.45		(0.25	)%		1.09	%		0.94	%		10.81	%		128	%	$	684,207
	(0.51	)	$	12.17		0.33	%		1.13	%		0.94	%		(29.02	)%		172	%	$	680,869
	(1.04	)	$	18.03		(0.11	)%		1.12	%		0.94	%		(0.24	)%		151	%	$	678,414
	(0.10	)	$	19.03		(0.09	)%		1.18	%		0.94	%		19.08	%		114	%	$	500,499
	(0.48	)	$	16.07		(0.19	)%		1.21	%		0.94	%		(1.10	)%		89	%	$	380,588


	0.00		$	16.68		(0.04	)%		0.77	%		0.70	%		23.01	%		57	%	$	942,586
	0.00		$	13.57		(0.06	)%		0.82	%		0.75	%		10.97	%		128	%	$	473,777
	(0.51	)	$	12.27		0.51	%		0.86	%		0.75	%		(28.90	)%		172	%	$	443,931
	(1.04	)	$	18.14		0.07	%		0.85	%		0.75	%		(0.02	)%		151	%	$	539,373
	(0.10	)	$	19.10		0.11	%		0.91	%		0.76	%		19.36	%		114	%	$	281,353
	(0.48	)	$	16.10		(0.03	)%		0.94	%		0.80	%		(0.98	)%		89	%	$	109,801


	0.00		$	15.96		(0.58	)%		1.27	%		1.27	%		22.67	%		57	%	$	103,893
	0.00		$	13.02		(0.64	)%		1.36	%		1.35	%		10.35	%		128	%	$	104,200
	(0.51	)	$	11.79		(0.12	)%		1.41	%		1.36	%		(29.30	)%		172	%	$	220,008
	(1.04	)	$	17.56		(0.54	)%		1.42	%		1.39	%		(0.68	)%		151	%	$	379,966
	(0.10	)	$	18.64		(0.56	)%		1.53	%		1.42	%		18.63	%		114	%	$	374,723
	(0.48	)	$	15.81		(0.64	)%		1.55	%		1.42	%		(1.61	)%		89	%	$	236,878



	0.00		$	9.85		(0.56	)%		1.23	%		1.23	%		21.43	%		54	%	$	141,440
	0.00		$	8.12		(0.51	)%		1.28	%		1.25	%		12.00	%		139	%	$	125,266
	(0.26	)	$	7.25		(0.08	)%		1.32	%		1.25	%		(30.10	)%		173	%	$	155,666
	(0.10	)	$	10.81		(0.38	)%		1.31	%		1.25	%		0.50	%		154	%	$	237,689
	0.00⁴		$	10.85		(0.40	)%		1.36	%		1.25	%		16.05	%		91	%	$	162,421
	(0.09	)	$	9.35		(0.53	)%		1.40	%		1.25	%		(0.33	)%		84	%	$	148,765


	0.00		$	9.07		(1.28	)%		1.98	%		1.98	%		20.93	%		54	%	$	1,956
	0.00		$	7.50		(1.25	)%		2.02	%		2.00	%		11.11	%		139	%	$	2,622
	(0.26	)	$	6.75		(0.85	)%		2.07	%		2.00	%		(30.71	)%		173	%	$	3,976
	(0.10	)	$	10.18		(1.12	)%		2.06	%		2.00	%		(0.15	)%		154	%	$	9,097
	0.00⁴		$	10.29		(1.16	)%		2.11	%		2.00	%		15.11	%		91	%	$	10,596
	(0.09	)	$	8.94		(1.28	)%		2.15	%		2.00	%		(1.01	)%		84	%	$	11,353


	0.00		$	9.07		(1.30	)%		1.98	%		1.98	%		20.93	%		54	%	$	8,069
	0.00		$	7.50		(1.26	)%		2.03	%		2.00	%		11.11	%		139	%	$	7,825
	(0.26	)	$	6.75		(0.82	)%		2.07	%		2.00	%		(30.70	)%		173	%	$	9,139
	(0.10	)	$	10.18		(1.13	)%		2.06	%		2.00	%		(0.06	)%		154	%	$	12,297
	0.00⁴		$	10.28		(1.14	)%		2.11	%		2.00	%		15.12	%		91	%	$	9,805
	(0.09	)	$	8.93		(1.30	)%		2.15	%		2.00	%		(1.01	)%		84	%	$	6,890



66 Wells Fargo Advantage Large Cap Stock Funds		Financial Highlights


	Beginning					Net Realized			Distributions
	Net Asset		Net			and Unrealized			from Net
	Value Per		Investment			Gains (Losses)			Investment
	Share		Income (Loss)			on Investments			Income

Endeavor Select Fund (continued)
Administrator Class
August 1, 2010 to January 31, 2011 (unaudited)	$	8.22		(0.02	)		1.79			0.00
August 1, 2009 to July 31, 2010	$	7.34		(0.02	)³		0.91			(0.01	)
August 1, 2008 to July 31, 2009	$	10.91		0.01	³		(3.32	)		0.00
August 1, 2007 to July 31, 2008	$	10.91		(0.01	)³		0.11			0.00
August 1, 2006 to July 31, 2007	$	9.37		(0.01	)³		1.55			0.00
August 1, 2005 to July 31, 2006	$	9.47		(0.02	)³		0.01			0.00

Institutional Class
August 1, 2010 to January 31, 2011 (unaudited)	$	8.28		(0.01	)³		1.81			0.00
August 1, 2009 to July 31, 2010	$	7.39		(0.01	)³		0.93			(0.03	)
August 1, 2008 to July 31, 2009	$	10.97		0.03	³		(3.35	)		0.00
August 1, 2007 to July 31, 2008	$	10.96		0.01	³		0.11			(0.01	)
August 1, 2006 to July 31, 2007	$	9.40		0.01	³		1.55			0.00
August 1, 2005 to July 31, 2006	$	9.47		(0.01	)³		0.03			0.00

Growth Fund
Class A
August 1, 2010 to January 31, 2011 (unaudited)	$	26.10		(0.12	)³		6.97			0.00
August 1, 2009 to July 31, 2010	$	21.13		(0.16	)³		5.13			0.00
August 1, 2008 to July 31, 2009	$	25.20		(0.08	)³		(3.99	)		0.00
August 1, 2007 to July 31, 2008¹³	$	26.36		(0.16	)³		(1.00	)		0.00
August 1, 2006 to July 31, 2007	$	20.45		(0.15	)³		6.06			0.00
August 1, 2005 to July 31, 2006	$	19.84		(0.16	)³		0.77			0.00

Class C
August 1, 2010 to January 31, 2011 (unaudited)	$	24.81		(0.23	)³		6.62			0.00
August 1, 2009 to July 31, 2010	$	20.24		(0.34	)³		4.91			0.00
August 1, 2008 to July 31, 2009	$	24.30		(0.21	)³		(3.85	)		0.00
August 1, 2007 to July 31, 2008	$	27.23		(0.35	)³		(0.97	)		0.00
August 1, 2006 to July 31, 2007	$	20.03		(0.31	)³		5.90			0.00
August 1, 2005 to July 31, 2006	$	19.57		(0.32	)³		0.78			0.00

Administrator Class
August 1, 2010 to January 31, 2011 (unaudited)	$	27.24		(0.08	)³		7.27			0.00
August 1, 2009 to July 31, 2010	$	21.98		(0.08	)³		5.34			0.00
August 1, 2008 to July 31, 2009	$	26.12		(0.01	)³		(4.13	)		0.00
August 1, 2007 to July 31, 2008	$	27.23		(0.07	)³		(1.04	)		0.00
August 1, 2006 to July 31, 2007	$	21.06		(0.07	)³		6.24			0.00
August 1, 2005 to July 31, 2006	$	20.35		(0.10	)³		0.81			0.00

Institutional Class
August 1, 2010 to January 31, 2011 (unaudited)	$	27.88		(0.05	)³		7.44			0.00
August 1, 2009 to July 31, 2010	$	22.46		(0.03	)³		5.45			0.00
August 1, 2008 to July 31, 2009	$	26.65		0.01	³		(4.20	)		0.00
August 1, 2007 to July 31, 2008	$	27.74		(0.03	)³		(1.06	)		0.00
August 1, 2006 to July 31, 2007	$	21.42		(0.04	)³		6.36			0.00
August 1, 2005 to July 31, 2006	$	20.68		(0.07	)³		0.81			0.00

Investor Class
August 1, 2010 to January 31, 2011 (unaudited)	$	26.09		(0.12	)³		6.94			0.00
August 1, 2009 to July 31, 2010	$	21.14		(0.17	)³		5.12			0.00
August 1, 2008 to July 31, 2009	$	26.43		(0.10	)³		(3.99	)		0.00
August 1, 2006 to July 31, 2007	$	20.55		(0.20	)³		(1.00	)		0.00
August 1, 2005 to July 31, 2006	$	19.96		(0.19	)³		6.07			0.00

Please see footnotes p. 74

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



Financial Highlights		Wells Fargo Advantage Large Cap Stock Funds 67


			Ending
Distributions			Net Asset		Ratio to Average Net Assets (Annualized)												Portfolio			Net Assets at
from Net			Value Per		Net Investment			Gross			Net			Total			Turnover			End of Period
Realized Gains			Share		Income (Loss)			Expenses			Expenses			Return¹			Rate²			(000’s omitted)



	0.00		$	9.99		(0.32	)%		1.07	%		1.00	%		21.53	%		54	%	$	242,109
	0.00		$	8.22		(0.26	)%		1.10	%		1.00	%		12.16	%		139	%	$	223,320
	(0.26	)	$	7.34		0.20	%		1.14	%		1.00	%		(29.91	)%		173	%	$	247,298
	(0.10	)	$	10.91		(0.12	)%		1.12	%		1.00	%		0.87	%		154	%	$	276,388
	0.00⁴		$	10.91		(0.14	)%		1.17	%		1.00	%		16.44	%		91	%	$	108,062
	(0.09	)	$	9.37		(0.25	)%		1.22	%		1.00	%		(0.12	)%		84	%	$	74,520


	0.00		$	10.08		(0.11	)%		0.80	%		0.79	%		21.74	%		54	%	$	875,995
	0.00		$	8.28		(0.07	)%		0.83	%		0.80	%		12.41	%		139	%	$	933,587
	(0.26	)	$	7.39		0.38	%		0.88	%		0.80	%		(29.84	)%		173	%	$	867,167
	(0.10	)	$	10.97		0.07	%		0.86	%		0.80	%		1.06	%		154	%	$	1,158,997
	0.00⁴		$	10.96		0.06	%		0.91	%		0.80	%		16.60	%		91	%	$	1,099,424
	(0.09	)	$	9.40		(0.12	)%		0.95	%		0.80	%		0.20	%		84	%	$	534,868



	0.00		$	32.95		(0.79	)%		1.26	%		1.26	%		26.25	%		29	%	$	481,611
	0.00		$	26.10		(0.64	)%		1.31	%		1.30	%		23.52	%		72	%	$	163,485
	0.00		$	21.13		(0.44	)%		1.35	%		1.29	%		(16.15	)%		88	%	$	46,250
	0.00		$	25.20		(0.60	)%		1.35	%		1.30	%		(4.40	)%		122	%	$	34,992
	0.00		$	26.36		(0.63	)%		1.34	%		1.30	%		28.85	%		117	%	$	23,142
	0.00		$	20.45		(0.77	)%		1.33	%		1.30	%		3.07	%		123	%	$	16,468


	0.00		$	31.20		(1.56	)%		2.01	%		2.01	%		25.76	%		29	%	$	71,248
	0.00		$	24.81		(1.40	)%		2.06	%		2.05	%		22.58	%		72	%	$	14,737
	0.00		$	20.24		(1.17	)%		2.07	%		2.02	%		(16.71	)%		88	%	$	2,387
	0.00		$	24.30		(1.36	)%		2.11	%		2.05	%		(5.15	)%		122	%	$	109,958
	0.00		$	25.62		(1.35	)%		2.09	%		2.05	%		27.86	%		117	%	$	325
	0.00		$	20.03		(1.52	)%		2.08	%		2.05	%		2.35	%		123	%	$	170


	0.00		$	34.43		(0.48	)%		1.10	%		0.96	%		26.39	%		29	%	$	794,150
	0.00		$	27.24		(0.29	)%		1.13	%		0.96	%		23.93	%		72	%	$	414,489
	0.00		$	21.98		(0.07	)%		1.18	%		0.96	%		(15.85	)%		88	%	$	196,301
	0.00		$	26.12		(0.25	)%		1.17	%		0.96	%		(4.08	)%		122	%	$	260,671
	0.00		$	27.23		(0.29	)%		1.16	%		0.96	%		29.25	%		117	%	$	128,523
	0.00		$	21.06		(0.44	)%		1.16	%		0.96	%		3.49	%		123	%	$	110,565


	0.00		$	35.27		(0.31	)%		0.83	%		0.80	%		26.51	%		29	%	$	539,084
	0.00		$	27.88		(0.12	)%		0.86	%		0.80	%		24.13	%		72	%	$	367,360
	0.00		$	22.46		0.07	%		0.91	%		0.80	%		(15.72	)%		88	%	$	255,282
	0.00		$	26.65		(0.10	)%		0.90	%		0.80	%		(3.93	)%		122	%	$	958,160
	0.00		$	27.74		(0.14	)%		0.89	%		0.82	%		29.46	%		117	%	$	264,648
	0.00		$	21.42		(0.33	)%		0.88	%		0.85	%		3.58	%		123	%	$	179,549


	0.00		$	32.91		(0.84	)%		1.33	%		1.33	%		26.14	%		29	%	$	1,328,076
	0.00		$	26.09		(0.71	)%		1.41	%		1.40	%		23.42	%		72	%	$	941,660
	0.00		$	21.14		(0.54	)%		1.46	%		1.40	%		(16.21	)%		88	%	$	748,218
	0.00		$	25.23		(0.73	)%		1.49	%		1.44	%		(4.54	)%		122	%	$	1,063,168
	0.00		$	26.43		(0.80	)%		1.51	%		1.47	%		28.61	%		117	%	$	974,189



68 Wells Fargo Advantage Large Cap Stock Funds		Financial Highlights


	Beginning					Net Realized			Distributions
	Net Asset		Net			and Unrealized			from Net
	Value Per		Investment			Gains (Losses)			Investment
	Share		Income (Loss)			on Investments			Income

Large Cap Growth Fund
Class A
August 1, 2010 to January 31, 2011 (unaudited)	$	24.54		(0.01	)		5.21			0.00
July 30, 2010⁶ to July 31, 2010	$	24.54		0.00			0.00			0.00

Class C
August 1, 2010 to January 31, 2011 (unaudited)	$	24.54		(0.04	)		5.12			0.00
July 30, 2010⁶ to July 31, 2010	$	24.54		0.00			0.00			0.00

Administrator Class
August 1, 2010 to January 31, 2011 (unaudited)	$	24.54		(0.01	)		5.23			0.00
July 30, 2010⁶ to July 31, 2010	$	24.54		0.00			0.00			0.00

Institutional Class
August 1, 2010 to January 31, 2011 (unaudited)	$	24.54		0.05			5.20			0.00
July 30, 2010⁶ to July 31, 2010	$	24.54		0.00			0.00			0.00

Investor Class
August 1, 2010 to January 31, 2011 (unaudited)	$	24.54		0.00			5.18			0.00
August 1, 2009 to July 31, 2010	$	21.77		(0.02	)³		2.81			(0.02	)
August 1, 2008 to July 31, 2009	$	26.62		0.02	³		(4.87	)		0.00
August 1, 2007 to July 31, 2008	$	27.18		(0.04	)³		(0.52	)		0.00
August 1, 2006 to July 31, 2007	$	23.18		(0.07	)³		4.07			0.00
August 1, 2005 to July 31, 2006	$	23.57		(0.10	)³		(0.29	)		0.00

Omega Growth Fund
Class A⁷
August 1, 2010 to January 31, 2011 (unaudited)	$	30.11		(0.13	)³		7.82			0.00
October 1, 2009 to July 31, 2010⁵	$	28.44		(0.10	)³		1.96			(0.19	)
October 1, 2008 to September 30, 2009	$	27.26		0.18	³		1.00			0.00
October 1, 2007 to September 30, 2008	$	31.44		0.05	³		(4.23	)		0.00
October 1, 2006 to September 30, 2007	$	25.60		(0.11	)³		5.95			0.00
October 1, 2005 to September 30, 2006	$	25.54		(0.15	)³		0.21			0.00
October 1, 2004 to September 30, 2005	$	23.00		(0.12	)³		2.66			0.00

Class B⁸
August 1, 2010 to January 31, 2011 (unaudited)	$	25.89		(0.22	)³		6.71			0.00
October 1, 2009 to July 31, 2010⁵	$	24.46		(0.25	)³		1.68			0.00
October 1, 2008 to September 30, 2009	$	23.62		0.02	³		0.82			0.00
October 1, 2007 to September 30, 2008	$	27.45		(0.15	)³		(3.68	)		0.00
October 1, 2006 to September 30, 2007	$	22.51		(0.27	)³		5.21			0.00
October 1, 2005 to September 30, 2006	$	22.62		(0.29	)³		0.18			0.00
October 1, 2004 to September 30, 2005	$	20.51		(0.25	)³		2.36			0.00

Class C⁹
August 1, 2010 to January 31, 2011 (unaudited)	$	25.94		(0.22	)³		6.72			0.00
October 1, 2009 to July 31, 2010⁵	$	24.53		(0.25	)³		1.68			(0.02	)
October 1, 2008 to September 30, 2009	$	23.69		0.00	³		0.84			0.00
October 1, 2007 to September 30, 2008	$	27.52		(0.15	)³		(3.68	)		0.00
October 1, 2006 to September 30, 2007	$	22.57		(0.27	)³		5.22			0.00
October 1, 2005 to September 30, 2006	$	22.67		(0.29	)³		0.19			0.00
October 1, 2004 to September 30, 2005	$	20.57		(0.25	)³		2.35			0.00

Class R¹¹
August 1, 2010 to January 31, 2011 (unaudited)	$	29.69		(0.18	)³		7.70			0.00
October 1, 2009 to July 31, 2010⁵	$	28.09		(0.16	)³		1.94			(0.18	)
October 1, 2008 to September 30, 2009	$	26.99		0.08	³		1.02			0.00
October 1, 2007 to September 30, 2008	$	31.20		(0.02	)³		(4.19	)		0.00
October 1, 2006 to September 30, 2007	$	25.47		(0.14	)³		5.87			0.00
October 1, 2005 to September 30, 2006	$	25.46		(0.19	)³		0.20			0.00
October 1, 2004 to September 30, 2005	$	22.97		(0.24	)³		2.73			0.00

Please see footnotes p. 74

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



Financial Highlights		Wells Fargo Advantage Large Cap Stock Funds 69


		Ending
Distributions		Net Asset		Ratio to Average Net Assets (Annualized)												Portfolio			Net Assets at
from Net		Value Per		Net Investment			Gross			Net			Total			Turnover			End of Period
Realized Gains		Share		Income (Loss)			Expenses			Expenses			Return¹			Rate²			(000’s omitted)



	0.00	$	29.74		(0.20	)%		1.27	%		1.12	%		21.19	%		23	%	$	274
	0.00	$	24.54		0.00	%		0.00	%		0.00	%		0.00	%		60	%	$	10


	0.00	$	29.62		(0.98	)%		2.02	%		1.87	%		20.70	%		23	%	$	81
	0.00	$	24.54		0.00	%		0.00	%		0.00	%		0.00	%		60	%	$	10


	0.00	$	29.76		(0.22	)%		1.12	%		0.96	%		21.27	%		23	%	$	325
	0.00	$	24.54		0.00	%		0.00	%		0.00	%		0.00	%		60	%	$	10


	0.00	$	29.79		0.40	%		0.82	%		0.75	%		21.39	%		23	%	$	12
	0.00	$	24.54		0.00	%		0.00	%		0.00	%		0.00	%		60	%	$	10


	0.00	$	29.72		(0.04	)%		1.33	%		1.19	%		21.11	%		23	%	$	324,819
	0.00	$	24.54		(0.07	)%		1.43	%		1.19	%		12.80	%		60	%	$	278,585
	0.00	$	21.77		0.07	%		1.46	%		1.19	%		(18.22	)%		81	%	$	264,776
	0.00	$	26.62		(0.13	)%		1.47	%		1.19	%		(2.06	)%		131	%	$	350,352
	0.00	$	27.18		(0.26	)%		1.53	%		1.19	%		17.26	%		113	%	$	388,700
	0.00	$	23.18		(0.37	)%		1.51	%		1.19	%		(1.65	)%		98	%	$	395,581



	0.00	$	37.80		(0.78	)%		1.43	%		1.30	%		25.54	%		66	%	$	556,099
	0.00	$	30.11		(0.40	)%		1.35	%		1.34	%		6.53	%		116	%	$	460,187
	0.00	$	28.44		0.79	%		1.48	%		1.39	%		4.33	%		26	%	$	460,082
	0.00	$	27.26		0.16	%		1.44	%		1.37	%		(13.30	)%		44	%	$	465,952
	0.00	$	31.44		(0.38	)%		1.46	%		1.40	%		22.81	%		23	%	$	595,296
	0.00	$	25.60		(0.57	)%		1.51	%		1.42	%		0.23	%		128	%	$	520,421
	0.00	$	25.54		(0.49	)%		1.48	%		1.44	%		11.04	%		134	%	$	499,639


	0.00	$	32.38		(1.52	)%		2.18	%		2.05	%		25.07	%		66	%	$	50,037
	0.00	$	25.89		(1.14	)%		2.10	%		2.09	%		5.85	%		116	%	$	46,434
	0.00	$	24.46		0.10	%		2.22	%		2.13	%		3.56	%		26	%	$	51,984
	0.00	$	23.62		(0.61	)%		2.16	%		2.11	%		(13.95	)%		44	%	$	85,008
	0.00	$	27.45		(1.08	)%		2.15	%		2.11	%		21.95	%		23	%	$	183,129
	0.00	$	22.51		(1.27	)%		2.21	%		2.12	%		(0.49	)%		128	%	$	311,011
	0.00	$	22.62		(1.17	)%		2.18	%		2.14	%		10.29	%		134	%	$	437,122


	0.00	$	32.44		(1.53	)%		2.18	%		2.05	%		25.10	%		66	%	$	56,772
	0.00	$	25.94		(1.15	)%		2.10	%		2.09	%		5.83	%		116	%	$	44,892
	0.00	$	24.53		0.02	%		2.23	%		2.14	%		3.55	%		26	%	$	43,806
	0.00	$	23.69		(0.58	)%		2.16	%		2.11	%		(13.92	)%		44	%	$	40,829
	0.00	$	27.52		(1.09	)%		2.15	%		2.11	%		21.93	%		23	%	$	54,982
	0.00	$	22.57		(1.27	)%		2.21	%		2.12	%		(0.44	)%		128	%	$	64,042
	0.00	$	22.67		(1.15	)%		2.18	%		2.14	%		10.21	%		134	%	$	92,223


	0.00	$	37.21		(1.06	)%		1.67	%		1.55	%		25.40	%		66	%	$	3,138
	0.00	$	29.69		(0.65	)%		1.60	%		1.59	%		6.29	%		116	%	$	1,523
	0.00	$	28.09		0.35	%		1.76	%		1.67	%		4.08	%		26	%	$	838
	0.00	$	26.99		(0.08	)%		1.66	%		1.61	%		(13.49	)%		44	%	$	84
	0.00	$	31.20		(0.53	)%		1.65	%		1.61	%		22.50	%		23	%	$	63
	0.00	$	25.47		(0.75	)%		1.71	%		1.62	%		0.04	%		128	%	$	445
	0.00	$	25.46		(0.98	)%		1.67	%		1.63	%		10.84	%		134	%	$	385



70 Wells Fargo Advantage Large Cap Stock Funds		Financial Highlights


	Beginning					Net Realized			Distributions
	Net Asset		Net			and Unrealized			from Net
	Value Per		Investment			Gains (Losses)			Investment
	Share		Income (Loss)			on Investments			Income

Omega Growth Fund (continued)
Administrator Class¹⁰
August 1, 2010 to January 31, 2011 (unaudited)	$	31.12		(0.09	)³		8.08			0.00
October 1, 2009 to July 31, 2010⁵	$	29.39		(0.04	)³		2.02			(0.25	)
October 1, 2008 to September 30, 2009	$	28.10		0.24	³		1.05			0.00
October 1, 2007 to September 30, 2008	$	32.32		0.13	³		(4.35	)		0.00
October 1, 2006 to September 30, 2007	$	26.25		(0.03	)³		6.10			0.00
October 1, 2005 to September 30, 2006	$	26.10		(0.08	)³		0.23			0.00
October 1, 2004 to September 30, 2005	$	23.44		(0.04	)³		2.70			0.00

Institutional Class
August 1, 2010 to January 31, 2011 (unaudited)	$	31.12		(0.05	)³		8.09			0.00
July 30, 2010⁶ to July 31, 2010	$	31.12		0.00			0.00			0.00

Premier Large Company Growth Fund
Class A⁷
August 1, 2010 to January 31, 2011 (unaudited)	$	7.75		0.00			1.62			0.004
October 1, 2009 to July 31, 2010⁵	$	7.23		0.00	³		0.57			(0.05	)
October 1, 2008 to September 30, 2009	$	7.20		0.05	³		0.029			(0.04	)⁴
October 1, 2007 to September 30, 2008	$	8.50		0.03	³		(1.33	)		0.00
October 1, 2006 to September 30, 2007	$	6.96		0.01	³		1.53			0.00
October 1, 2005 to September 30, 2006	$	6.66		0.00	³		0.31			(0.01	)
October 1, 2004 to September 30, 2005	$	5.96		0.01	³		0.69			0.00

Class B⁸
August 1, 2010 to January 31, 2011 (unaudited)	$	7.10		(0.03	)³		1.48			0.00
October 1, 2009 to July 31, 2010⁵	$	6.62		(0.04	)³		0.52			0.00
October 1, 2008 to September 30, 2009	$	6.60		0.01	³		0.019			0.00
October 1, 2007 to September 30, 2008	$	7.85		(0.02	)³		(1.23	)		0.00
October 1, 2006 to September 30, 2007	$	6.47		(0.04	)³		1.42			0.00
October 1, 2005 to September 30, 2006	$	6.23		(0.05	)³		0.29			0.00
October 1, 2004 to September 30, 2005	$	5.61		(0.03	)³		0.65			0.00

Class C⁹
August 1, 2010 to January 31, 2011 (unaudited)	$	7.08		(0.03	)		1.48			0.00
October 1, 2009 to July 31, 2010⁵	$	6.62		(0.04	)³		0.52			(0.02	)
October 1, 2008 to September 30, 2009	$	6.59		0.00	³		0.039			0.00
October 1, 2007 to September 30, 2008	$	7.84		(0.02	)³		(1.23	)		0.00
October 1, 2006 to September 30, 2007	$	6.47		(0.04	)³		1.41			0.00
October 1, 2005 to September 30, 2006	$	6.23		(0.05	)³		0.29			0.00
October 1, 2004 to September 30, 2005	$	5.61		(0.03	)³		0.65			0.00

Administrator Class
August 1, 2010 to January 31, 2011 (unaudited)	$	7.75		0.01			1.62			(0.01	)
July 16, 2010⁶ to July 31, 2010⁵	$	7.53		0.00			0.22			0.00

Institutional Class¹⁰
August 1, 2010 to January 31, 2011 (unaudited)	$	7.75		0.00			1.64			(0.01	)
October 1, 2009 to July 31, 2010⁵	$	7.24		0.02			0.57			(0.08	)
October 1, 2008 to September 30, 2009	$	7.22		0.06	³		0.029			(0.06	)
October 1, 2007 to September 30, 2008	$	8.53		0.05	³		(1.33	)		(0.03	)
October 1, 2006 to September 30, 2007	$	6.96		0.03	³		1.54			0.00
October 1, 2005 to September 30, 2006	$	6.67		0.02	³		0.30			(0.03	)
October 1, 2004 to September 30, 2005	$	5.94		0.03	³		0.70			0.00

Investor Class
August 1, 2010 to January 31, 2011 (unaudited)	$	7.75		0.00			1.62			(0.01	)
July 16, 2010⁶ to July 31, 2010⁵	$	7.54		0.00	⁴		0.21			0.00

Please see footnotes p. 74

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



Financial Highlights		Wells Fargo Advantage Large Cap Stock Funds 71


		Ending
Distributions		Net Asset		Ratio to Average Net Assets (Annualized)												Portfolio			Net Assets at
from Net		Value Per		Net Investment			Gross			Net			Total			Turnover			End of Period
Realized Gains		Share		Income (Loss)			Expenses			Expenses			Return¹			Rate²			(000’s omitted)



	0.00	$	39.11		(0.53	)%		1.26	%		1.05	%		25.67	%		66	%	$	35,938
	0.00	$	31.12		(0.16	)%		1.11	%		1.09	%		6.75	%		116	%	$	29,724
	0.00	$	29.39		1.00	%		1.23	%		1.14	%		4.59	%		26	%	$	32,437
	0.00	$	28.10		0.42	%		1.17	%		1.12	%		(13.06	)%		44	%	$	23,910
	0.00	$	32.32		(0.09	)%		1.15	%		1.11	%		23.12	%		23	%	$	16,503
	0.00	$	26.25		(0.30	)%		1.21	%		1.12	%		0.57	%		128	%	$	16,344
	0.00	$	26.10		(0.15	)%		1.18	%		1.14	%		11.35	%		134	%	$	10,526


	0.00	$	39.16		(0.27	)%		1.00	%		0.80	%		25.87	%		66	%	$	13
	0.00	$	31.12		0.00	%		0.00	%		0.00	%		0.00	%		116	%	$	10



	0.00	$	9.37		0.04	%		1.28	%		1.12	%		20.97	%		24	%	$	578,410
	0.00	$	7.75		0.06	%		1.09	%		1.08	%		7.93	%		89	%	$	491,290
	0.00	$	7.23		0.86	%		1.12	%		1.12	%		1.04	%		24	%	$	268,422
	0.00	$	7.20		0.44	%		1.09	%		1.07	%		(15.25	)%		39	%	$	276,771
	0.00	$	8.50		0.10	%		1.12	%		1.10	%		22.13	%		21	%	$	361,051
	0.00	$	6.96		(0.01	)%		1.14	%		1.14	%		4.65	%		117	%	$	341,511
	0.00	$	6.66		0.18	%		1.15	%		1.15	%		11.74	%		120	%	$	370,926


	0.00	$	8.55		(0.70	)%		2.03	%		1.87	%		20.42	%		24	%	$	13,060
	0.00	$	7.10		(0.69	)%		1.84	%		1.83	%		7.25	%		89	%	$	13,957
	0.00	$	6.62		0.11	%		1.87	%		1.87	%		0.30	%		24	%	$	7,951
	0.00	$	6.60		(0.31	)%		1.81	%		1.81	%		(15.92	)%		39	%	$	10,489
	0.00	$	7.85		(0.61	)%		1.82	%		1.82	%		21.33	%		21	%	$	16,694
	0.00	$	6.47		(0.71	)%		1.84	%		1.84	%		3.85	%		117	%	$	17,986
	0.00	$	6.23		(0.50	)%		1.85	%		1.85	%		11.05	%		120	%	$	21,949


	0.00	$	8.53		(0.72	)%		2.03	%		1.87	%		20.48	%		24	%	$	27,183
	0.00	$	7.08		(0.68	)%		1.84	%		1.83	%		7.18	%		89	%	$	22,246
	0.00	$	6.62		0.08	%		1.87	%		1.87	%		0.46	%		24	%	$	13,717
	0.00	$	6.59		(0.30	)%		1.82	%		1.82	%		(15.94	)%		39	%	$	10,046
	0.00	$	7.84		(0.61	)%		1.82	%		1.82	%		21.17	%		21	%	$	10,058
	0.00	$	6.47		(0.71	)%		1.84	%		1.84	%		3.85	%		117	%	$	8,397
	0.00	$	6.23		(0.53	)%		1.85	%		1.85	%		11.05	%		120	%	$	8,799


	0.00	$	9.37		0.18	%		1.11	%		0.95	%		21.03	%		24	%	$	45,435
	0.00	$	7.75		(0.34	)%		1.13	%		0.95	%		2.92	%		89	%	$	36,508


	0.00	$	9.38		0.43	%		0.84	%		0.75	%		21.18	%		24	%	$	24,639
	0.00	$	7.75		0.34	%		0.83	%		0.82	%		8.20	%		89	%	$	18,841
	0.00	$	7.24		1.04	%		0.87	%		0.87	%		1.28	%		24	%	$	11,335
	0.00	$	7.22		0.68	%		0.81	%		0.81	%		(15.07	)%		39	%	$	6,321
	0.00	$	8.53		0.39	%		0.82	%		0.82	%		22.56	%		21	%	$	11,197
	0.00	$	6.96		0.29	%		0.84	%		0.84	%		4.81	%		117	%	$	13,605
	0.00	$	6.67		0.49	%		0.85	%		0.85	%		12.29	%		120	%	$	14,685


	0.00	$	9.36		(0.03	)%		1.35	%		1.19	%		20.90	%		24	%	$	76,321
	0.00	$	7.75		(0.59	)%		1.36	%		1.19	%		2.79	%		89	%	$	64,781



72 Wells Fargo Advantage Large Cap Stock Funds		Financial Highlights


	Beginning					Net Realized			Distributions
	Net Asset		Net			and Unrealized			from Net
	Value Per		Investment			Gains (Losses)			Investment
	Share		Income (Loss)			on Investments			Income

Strategic Large Cap Growth Fund

Class A⁷
August 1, 2010 to January 31, 2011 (unaudited)	$	25.10		0.00			5.63			0.00
October 1, 2009 to July 31, 2010⁵	$	24.30		0.00	³		0.95			(0.15	)
October 1, 2008 to September 30, 2009	$	26.61		0.15			(0.50	)		(0.08	)
October 1, 2007 to September 30, 2008	$	34.16		0.11	³		(6.82	)		(0.13	)
October 1, 2006 to September 30, 2007	$	27.57		0.02			6.57			0.00
October 1, 2005 to September 30, 2006	$	26.70		(0.02	)		0.89			0.00
October 1, 2004 to September 30, 2005	$	23.65		0.11			3.06			(0.12	)

Class C⁹
August 1, 2010 to January 31, 2011 (unaudited)	$	23.76		(0.08	)³		5.30			0.00
October 1, 2009 to July 31, 2010⁵	$	23.03		(0.15	)		0.90			(0.02	)
October 1, 2008 to September 30, 2009	$	25.43		(0.03	)³		(0.49	)		0.00
October 1, 2007 to September 30, 2008	$	32.79		(0.12	)³		(6.53	)		0.00
October 1, 2006 to September 30, 2007	$	26.67		(0.20	)³		6.32			0.00
October 1, 2005 to September 30, 2006	$	26.00		(0.20	)³		0.87			0.00
October 1, 2004 to September 30, 2005	$	23.16		(0.06	)³		2.97			(0.07	)

Class R¹¹
August 1, 2010 to January 31, 2011 (unaudited)	$	25.03		(0.02	)³		5.60			0.00
October 1, 2009 to July 31, 2010⁵	$	24.30		(0.06	)³		0.95			(0.16	)
October 1, 2008 to September 30, 2009	$	26.61		0.05	³		(0.45	)		(0.03	)
October 1, 2007 to September 30, 2008	$	34.13		0.03	³		(6.82	)		(0.02	)
October 1, 2006 to September 30, 2007	$	27.61		(0.06	)³		6.58			0.00
October 1, 2005 to September 30, 2006	$	26.79		(0.07	)³		0.89			0.00
October 1, 2004 to September 30, 2005	$	23.77		0.13			3.00			(0.11	)

Administrator Class
August 1, 2010 to January 31, 2011 (unaudited)	$	25.37		0.00			5.72			(0.09	)
July 30, 20106 to July 31, 2010⁵	$	25.37		0.00			0.00			0.00

Institutional Class¹⁰
August 1, 2010 to January 31, 2011 (unaudited)	$	25.37		0.05			5.68			(0.06	)
October 1, 2009 to July 31, 2010⁵	$	24.54		0.07			0.94			(0.18	)
October 1, 2008 to September 30, 2009	$	26.88		0.20			(0.52	)		(0.14	)
October 1, 2007 to September 30, 2008	$	34.49		0.22			(6.91	)		(0.21	)
October 1, 2006 to September 30, 2007	$	27.83		0.12			6.62			(0.08	)
October 1, 2005 to September 30, 2006	$	26.89		0.07			0.89			(0.02	)
October 1, 2004 to September 30, 2005	$	23.81		0.18			3.08			(0.18	)

Please see footnotes p. 74

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



Financial Highlights		Wells Fargo Advantage Large Cap Stock Funds 73


			Ending
Distributions			Net Asset		Ratio to Average Net Assets (Annualized)												Portfolio			Net Assets at
from Net			Value Per		Net Investment			Gross			Net			Total			Turnover			End of Period
Realized Gains			Share		Income (Loss)			Expenses			Expenses			Return¹			Rate²			(000’s omitted)




	0.00		$	30.73		0.13	%		1.27	%		1.07	%		22.43	%		87	%	$	25,888
	0.00		$	25.10		(0.01	)%		1.09	%		1.08	%		3.90	%		105	%	$	23,932
	(1.88	)	$	24.30		0.59	%		1.07	%		1.07	%		1.02	%		182	%	$	15,280
	(0.71	)	$	26.61		0.35	%		1.06	%		1.04	%		(20.09	)%		139	%	$	8,883
	0.00		$	34.16		0.04	%		1.10	%		1.08	%		23.90	%		97	%	$	7,379
	0.00		$	27.57		(0.06	)%		1.07	%		1.07	%		3.26	%		97	%	$	5,395
	0.00		$	26.70		0.38	%		1.08	%		1.08	%		13.42	%		173	%	$	5,259


	0.00		$	28.98		(0.62	)%		2.02	%		1.82	%		21.97	%		87	%	$	5,848
	0.00		$	23.76		(0.76	)%		1.84	%		1.83	%		3.24	%		105	%	$	6,003
	(1.88	)	$	23.03		(0.15	)%		1.82	%		1.82	%		0.25	%		182	%	$	5,672
	(0.71	)	$	25.43		(0.39	)%		1.79	%		1.79	%		(20.70	)%		139	%	$	4,457
	0.00		$	32.79		(0.68	)%		1.79	%		1.79	%		22.98	%		97	%	$	2,845
	0.00		$	26.67		(0.76	)%		1.77	%		1.77	%		2.58	%		97	%	$	1,742
	0.00		$	26.00		(0.25	)%		1.77	%		1.77	%		12.57	%		173	%	$	1,705


	0.00		$	30.61		(0.14	)%		1.52	%		1.32	%		22.29	%		87	%	$	665
	0.00		$	25.03		(0.27	)%		1.33	%		1.32	%		3.65	%		105	%	$	437
	(1.88	)	$	24.30		0.23	%		1.34	%		1.34	%		0.81	%		182	%	$	289
	(0.71	)	$	26.61		0.23	%		1.29	%		1.29	%		20.32	%		139	%	$	289
	0.00		$	34.13		(0.02	)%		1.31	%		1.31	%		23.61	%		97	%	$	10
	0.00		$	27.61		(0.27	)%		1.28	%		1.28	%		3.06	%		97	%	$	6
	0.00		$	26.79		(0.03	)%		1.26	%		1.26	%		13.18	%		173	%	$	7


	0.00		$	31.00		0.09	%		1.11	%		0.95	%		22.54	%		87	%	$	1,485
	0.00		$	25.37		0.00	%		0.00	%		0.00	%		0.00	%		105	%	$	10


	0.00		$	31.04		0.39	%		0.84	%		0.80	%		22.60	%		87	%	$	522,195
	0.00		$	25.37		0.25	%		0.83	%		0.83	%		4.14	%		105	%	$	387,896
	(1.88	)	$	24.54		0.87	%		0.82	%		0.82	%		1.27	%		182	%	$	442,736
	(0.71	)	$	26.88		0.60	%		0.79	%		0.79	%		(19.91	)%		139	%	$	571,879
	0.00		$	34.49		0.33	%		0.79	%		0.79	%		24.28	%		97	%	$	978,930
	0.00		$	27.83		0.24	%		0.77	%		0.77	%		3.56	%		97	%	$	1,389,589
	0.00		$	26.89		0.69	%		0.77	%		0.77	%		13.74	%		173	%	$	1,653,361



74 Wells Fargo Advantage Large Cap Stock Funds		Financial Highlights


1.		Total return calculations would have been lower had certain expenses not been waived or reimbursed during the periods shown. Returns for periods of less than one year are not annualized.

2.		Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued. Portfolio turnover rates presented to periods of less than one year are not annualized.

3.		Calculated based on average shares outstanding.

4.		Amount represents less than $0.005 per share.

5.		For the ten months ended July 31, 2010. The Fund changed its fiscal year end from September 30 to July 31, effective July 31, 2010.

6.		Commencement of class operations.

7.		The financial highlights for the periods prior to July 19, 2010 are those of Class A of the predecessor Evergreen Fund.

8.		The financial highlights for the periods prior to July 19, 2010 are those of Class B of the predecessor Evergreen Fund.

9.		The financial highlights for the periods prior to July 19, 2010 are those of Class C of the predecessor Evergreen Fund.

10.		The financial highlights for the periods prior to July 19, 2010 are those of Class I of the predecessor Evergreen Fund.

11.		The financial highlights for the periods prior to July 19, 2010 are those of Class R of the predecessor Evergreen Fund.

12.		Class A and Class C commenced operations on July 31, 2007 and had no activity during the year.

13.		Effective June 20, 2008, the Advisor Class was renamed Class A.

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



Notes to Financial Statements (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 75

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on the following funds: Wells Fargo Advantage Capital Growth Fund (“Capital Growth Fund”), Wells Fargo Advantage Endeavor Select Fund (“Endeavor Select”), Wells Fargo Advantage Growth Fund (“Growth Fund” ), Wells Fargo Advantage Large Cap Growth Fund (“Large Cap Growth Fund”), Wells Fargo Advantage Omega Growth Fund (“Omega Growth Fund”), Wells Fargo Advantage Premier Large Company Growth Fund (“Premier Large Company Growth Fund”) and Wells Fargo Advantage Strategic Large Cap Growth Fund (“Strategic Large Cap Growth Fund”) (each, a “Fund”, collectively, the “Funds”). Each Fund, except for Endeavor Select Fund, is a diversified series of the Trust. Endeavor Select Fund is a non-diversified series of the Trust.

After the close of business on July 16, 2010, the net assets of various Evergreen Funds were acquired by various Wells Fargo Advantage Funds, which were created to receive the assets of the respective Evergreen Fund, in an exchange for shares of the Wells Fargo Advantage Fund. As the various Evergreen Funds contributed all of the net assets and shareholders to the newly created Wells Fargo Advantage Fund, the accounting and performance history of the Evergreen Fund has been carried forward in the financial statements contained herein.


Wells Fargo Advantage Fund		Acquired Evergreen Fund
Omega Growth Fund		Evergreen Omega Fund
Strategic Large Cap Growth Fund		Evergreen Strategic Growth Fund

Class A, Class B, Class C, Class R and Class I shares of Evergreen Omega Fund received Class A, Class B, Class C, Class R and Administrator Class shares, respectively, of Omega Growth Fund in the reorganization.

Class A, Class B, Class C, Class R and Class I shares of Evergreen Strategic Growth Fund received Class A, Class A, Class C, Class R and Institutional Class shares, respectively, of Strategic Large Cap Growth Fund in the reorganization.

Also, after the close of business on July 16, 2010, the net assets of Evergreen Large Company Growth Fund and Wells Fargo Advantage Large Company Growth Fund were acquired by Premier Large Company Growth Fund, which was created to receive the assets of Evergreen Large Company Growth Fund and Wells Fargo Advantage Large Company Growth Fund, in an exchange for shares of the newly created Premier Large Company Growth Fund. In each reorganization transaction, Evergreen Large Company Growth Fund became the accounting and performance survivor. As a result, the accounting and performance history of Evergreen Large Company Growth Fund has been carried forward in the financial statements contained herein.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of each Fund, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management has considered the circumstances under which the Funds should recognize or make disclosures regarding events or transactions occurring subsequent to the balance sheet date through the date the financial statements are issued. Adjustments or additional disclosures, if any, have been included in these financial statements.

Securities valuation

Investments in securities are valued each business day as of the close of regular trading on the New York Stock Exchange, which is usually 4:00 p.m. (Eastern Time). Securities which are traded on a national or foreign securities exchange are valued at the last reported sales price, except that securities listed on The Nasdaq Stock Market, Inc. (“Nasdaq”) are valued at the Nasdaq Official Closing Price (“NOCP”), and if no NOCP is available, then at the last reported sales price. If no sales price is shown on the Nasdaq, the bid price will be used. In the absence of any sale of securities listed on the Nasdaq, and in the case of other securities, including U.S. Government obligations, but excluding debt



76 Wells Fargo Advantage Large Cap Stock Funds		Notes to Financial Statements (Unaudited)

securities maturing in 60 days or less, the price will be deemed “stale” and the valuations will be determined in accordance with the Funds’ Fair Valuation Procedures.

Securities denominated in foreign currencies are translated into U.S. dollars using the closing rates of exchange in effect on the day of valuation.

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign investments are traded but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of the investments, then those investments are fair valued following procedures approved by the Board of Trustees. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in NAVs that are higher or lower than NAVs based on the closing price or latest quoted bid price.

Certain fixed income securities with maturities exceeding 60 days are valued based on available market quotations received from an independent pricing service approved by the Trust’s Board of Trustees which may utilize both transaction data and market information such as yield, prices of securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data. If valuations are not available from the pricing service or values received are deemed not representative of market value, values will be obtained from a third party broker-dealer or determined based on the Funds’ Fair Value Procedures.

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

Investments in open-end mutual funds and non-registered investment companies are generally valued at net asset value.

The valuation techniques used by the Funds to measure fair value are consistent with the market approach, income approach and/or cost approach, where applicable, for each security type.

Foreign currency translation

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

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

Security loans

The Funds may lend their securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. A Fund continues to receive interest or dividends on the securities loaned. A Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In the event of default or bankruptcy by the borrower, a Fund could experience delays and costs in recovering the loaned securities or



Notes to Financial Statements (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 77

in gaining access to the collateral. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

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

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

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are reported on the basis of identified cost of securities delivered.

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the Fund is informed of the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

Federal and other taxes

Each Fund is treated as a separate entity for federal income tax purposes. Each Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

Each Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities.



78 Wells Fargo Advantage Large Cap Stock Funds		Notes to Financial Statements (Unaudited)

At July 31, 2010, estimated net capital loss carryforwards, which were available to offset future net realized capital gains, were as follows:


	Expiration
	2011		2015		2016		2017		2018
Capital Growth Fund	$	0	$	5,643,879	$	173,417,734	$	0	$	19,571,148
Endeavor Select Fund		0		0		0		103,386,322		314,641,511
Growth Fund		0		0		0		1,167,638		0
Large Cap Growth Fund		0		0		0		27,454,768		31,246,310
Omega Growth Fund		199,421,027		0		0		4,068,979		0
Premier Large Company Growth Fund		0		13,272,209		56,320,883		18,028,148		5,078,730
Strategic Large Cap Growth Fund		0		0		0		62,822,731		38,626,028

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

At July 31, 2010, Large Cap Growth Fund had $2,157,665 of current year deferred post-October capital losses, which would be treated as realized for tax purposes on the first day of the succeeding year.

Class allocations

The separate classes of shares offered by each Fund differ principally in applicable sales charges, distribution, shareholder servicing and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of a Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing, and administration fees.

3. FAIR VALUATION MEASUREMENTS

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

§		Level 1 — quoted prices in active markets for identical securities

§		Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

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



Notes to Financial Statements (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 79

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

As of January 31, 2011, the inputs used in valuing each Fund’s assets, which are carried at fair value, were as follows:


			Significant Other		Significant
	Quoted Prices		Observable Inputs		Unobservable Inputs
Investments in Securities	(Level 1)		(Level 2)		(Level 3)		Total
Capital Growth Fund
Equity securities
Common Stocks	$	1,453,071,124	$	0	$	0	$	1,453,071,124
Short-term investments
Corporate bonds and notes		0		0		5,509,481		5,509,481
Investment companies		1,941,038		148,731,901		0		150,672,939
Total	$	1,455,012,162	$	148,731,901	$	5,509,481	$	1,609,253,544

Endeavor Select Fund
Equity securities
Common stocks	$	1,239,590,003	$	0	$	0	$	1,239,590,003
Short-term investments
Corporate bonds and notes		0		0		7,366,401		7,366,401
Investment companies		15,911,870		139,450,769		0		155,362,639
Total	$	1,255,501,873	$	139,450,769	$	7,366,401	$	1,402,319,043

Growth Fund
Equity securities
Common stocks	$	3,178,008,232	$	0	$	0	$	3,178,008,232
Short-term investments
Corporate bonds and notes		0		0		7,031,449		7,031,449
Investment companies		54,706,867		666,888,682		0		721,595,549
Total	$	3,232,715,099	$	666,888,682	$	7,031,449	$	3,906,635,230

Large Cap Growth Fund
Equity securities
Common stocks	$	322,870,870	$	0	$	0	$	322,870,870
Short-term investments
Corporate bonds and notes		0		0		1,599,509		1,599,509
Investment companies		2,595,004		86,153,596		0		88,748,600
Total	$	325,465,874	$	86,153,596	$	1,599,509	$	413,218,979

Omega Growth Fund
Equity securities
Common stocks	$	692,341,088	$	0	$	0	$	692,341,088
Short-term investments
Corporate bonds and notes		0		0		0		0
Investment companies		6,663,793		159,943,568		0		166,607,361
Total	$	699,004,881	$	159,943,568	$	0	$	858,948,449

Premier Large Company Growth Fund
Equity securities
Common stocks	$	759,841,975	$	0	$	0	$	759,841,975
Short-term investments
Corporate bonds and notes		0		0		1,740,461		1,740,461
Investment companies		8,284,576		123,419,210		0		131,703,786
Total	$	768,126,551	$	123,419,210	$	1,740,461	$	893,286,222



80 Wells Fargo Advantage Large Cap Stock Funds		Notes to Financial Statements (Unaudited)


			Significant Other		Significant
	Quoted Prices		Observable Inputs		Unobservable Inputs
Investments in Securities	(Level 1)		(Level 2)		(Level 3)		Total
Strategic Large Cap Growth Fund
Equity securities
Common stocks	$	520,901,992	$	0	$	0	$	520,901,992
Short-term investments
Investment companies		52,000,619		87,996,373		0		139,996,992
Total	$	572,902,611	$	87,996,373	$	0	$	660,898,984

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

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


	Capital			Endeavor						Large Cap			Premier Large
	Growth			Select			Growth			Growth			Company
	Fund			Fund			Fund			Fund			Growth Fund
Corporate bonds and notes
Balance as of July 31, 2010	$	5,674,630		$	7,587,211		$	7,242,219		$	1,647,455		$	1,792,632
Realized gain (loss)		0			0			0			0		��	0
Change in unrealized gains (losses)		693,439			927,156			884,998			201,319			219,059
Purchases		0			0			0			0			0
Sales		(858,588	)		(1,147,966	)		(1,095,768	)		(249,265	)		(271,230	)
Transfers in to Level 3		0			0			0			0			0
Transfers out of Level 3		0			0			0			0			0
Balance as of January 31, 2011	$	5,509,481		$	7,366,401		$	7,031,449		$	1,599,509		$	1,740,461

Change in unrealized gains (losses) included in earnings relating to securities still held at January 31, 2011	$	249,415		$	333,478		$	318,315		$	72,410		$	78,791

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Investment advisory fees

The Trust has entered into an investment advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The investment adviser is responsible for implementing investment policies and guidelines and for supervising the sub-adviser, who is responsible for day-to-day portfolio management of the Funds. Pursuant to the contract, Funds Management is paid an annual investment advisory fee which is calculated based on the average daily net assets of each Fund as follows:


							Effective rate for
	Annual investment advisory fee						six months ended
	starting at			declining to			January 31, 2011
Capital Growth Fund		0.65	%		0.55	%		0.63	%
Endeavor Select Fund		0.65			0.55			0.63
Growth Fund		0.75			0.60			0.68
Large Cap Growth Fund		0.65			0.55			0.65
Omega Growth Fund		0.75			0.60			0.74
Premier Large Company Growth Fund		0.65			0.55			0.64
Strategic Large Cap Growth Fund		0.65			0.55			0.65

Funds Management may retain the services of certain investment sub-advisers to provide daily portfolio management to the Funds. Wells Capital Management, an affiliate of Funds Management, is the investment sub-adviser for each Fund. The fees related to investment sub-advisory services are borne directly by the investment adviser and do not increase the overall fees paid by a Fund to the investment adviser. The investment sub-adviser is paid an annual investment sub-advisory fee starting at 0.35% and declining to 0.15% as the average daily net assets of each Fund increase.



Notes to Financial Statements (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 81

Administration and transfer agent fees


		Administration Fees
	Average Daily	(% of Average
	Net Assets	Daily Net Assets)
Fund level	First $5 billion		0.05	%
	Next $5 billion		0.04
	Over $10 billion		0.03
Class A, Class B, Class C and Class R	All asset levels		0.26
Administrator Class	All asset levels		0.10
Institutional Class	All asset levels		0.08
Investor Class	All asset levels		0.33

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Funds. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses.

Distribution fees

The Trust has adopted a Distribution Plan for Class B, Class C and Class R shares of the applicable Funds pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to the Class B, Class C and Class R shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter of each Fund, at an annual rate of 0.75% of the average daily net assets of Class B and Class C shares and 0.25% of the average daily net assets for Class R shares.

For the six months ended January 31, 2011, Wells Fargo Funds Distributor, LLC received the following amounts in front-end sales charges and contingent deferred sales charges.


	Front-end
	sales charges		Contingent deferred sales charges
	Class A		Class A		Class B		Class C
Capital Growth Fund	$	750	$	0	$	NA	$	353
Endeavor Select Fund		2,595		19		1,663		51
Growth Fund		55,658		0		NA		2,516
Large Cap Growth Fund		28		0		NA		0
Omega Growth Fund		14,973		104		21,927		928
Premier Large Company Growth Fund		8,088		160		4,321		578
Strategic Large Cap Growth Fund		480		1,109		NA		11

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class B, Class C, Class R, Administrator Class and Investor Class of each applicable Fund is charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.



82 Wells Fargo Advantage Large Cap Stock Funds		Notes to Financial Statements

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, exclusive of short-term securities (securities with maturities of one year or less at purchase date), for the six months ended January 31, 2011 were as follows:


	Purchases at Cost		Sales Proceeds
Capital Growth Fund	$	773,450,673	$	859,793,358
Endeavor Select Fund		643,746,106		880,539,421
Growth Fund		1,476,381,220		684,672,597
Large Cap Growth Fund		68,521,437		76,768,065
Omega Growth Fund		413,285,206		435,607,221
Premier Large Company Growth Fund		164,838,688		174,562,820
Strategic Large Cap Growth Fund		395,079,995		371,678,313

6. ACQUISITIONS

After the close of business on July 16, 2010, Capital Growth Fund acquired the net assets of Wells Fargo Advantage Large Cap Appreciation Fund. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. Shareholders holding Class A, Class B, Class C, Administrator Class and Institutional Class shares of Wells Fargo Advantage Large Cap Appreciation Fund received Class A, Class A, Class C, Administrator Class and Institutional Class shares, respectively, of Capital Growth Fund in the reorganization. The acquisition was accomplished by a tax-free exchange of all of the shares of Wells Fargo Advantage Large Cap Appreciation Fund for 2,167,680 shares of Capital Growth Fund valued at $28,058,356 at an exchange ratio of 0.63, 0.59, 0.60, 0.38, and 0.62 for Class A, Class A, Class C, Institutional Class and Administrator Class shares, respectively. The investment portfolio of Wells Fargo Advantage Large Cap Appreciation Fund with a fair value of $28,005,044, identified cost of $25,947,445 and unrealized gains of $2,057,599 at July 16, 2010 were the principal assets acquired by Capital Growth Fund. The aggregate net assets of Wells Fargo Advantage Large Cap Appreciation Fund and Capital Growth Fund immediately prior to the acquisition were $28,058,356 and $1,224,216,103, respectively. The aggregate net assets of Capital Growth Fund immediately after the acquisition were $1,252,274,459. For financial reporting purposes, assets received and shares issued by Capital Growth Fund were recorded at fair value; however, the cost basis of the investments received from Wells Fargo Advantage Large Cap Appreciation Fund was carried forward to align ongoing reporting of Capital Growth Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed August 1, 2009, the beginning of the annual reporting period for Capital Growth Fund, the pro forma results of operations for the year ended July 31, 2010 would have been:


Net investment loss	$	(3,026,839	)
Net realized and unrealized gains on investments	$	158,025,382
Net increase in net assets resulting from operations	$	154,998,543

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Wells Fargo Advantage Large Cap Appreciation Fund that have been included in Capital Growth Fund’s Statement of Operations since July 19, 2010.

After the close of business on July 16, 2010, Premier Large Company Growth Fund acquired the net assets of Evergreen Large Company Growth Fund and Wells Fargo Advantage Large Company Growth Fund. The purpose of the transactions was to combine three funds with similar investment objectives and strategies. The acquisitions were accomplished by a tax-free exchange of all of the shares of Evergreen Large Company Growth Fund and Wells Fargo Advantage Large Company Growth Fund. Shareholders holding Class A, Class B and Class C shares of Evergreen Large Company Growth Fund and Wells Fargo Advantage Large Company Growth Fund received Class A, Class B and Class C shares, respectively, of Premier Large Company Growth Fund in the reorganizations. Class I shares of Evergreen Large Company Growth Fund received Institutional shares of Premier Large Company Growth



Notes to Financial Statements		Wells Fargo Advantage Large Cap Stock Funds 83

Fund. Investor Class, Administrator Class and Institutional Class shares of Wells Fargo Advantage Large Company Growth Fund received Investor Class, Administrator Class and Institutional Class shares, respectively, of Premier Large Company Growth Fund. The investment portfolio of Evergreen Large Company Growth Fund and Wells Fargo Advantage Large Company Growth Fund with fair values of $324,396,527 and $307,032,344, respectively, and identified costs of $302,535,741 and $298,318,862, respectively, at July 16, 2010, were the principal assets acquired Premier Large Company Growth Fund. For financial reporting purposes, assets received and shares issued by Premier Large Company Growth Fund were recorded at fair value; however, the cost basis of the investments received from Evergreen Large Company Growth Fund and Wells Fargo Advantage Large Company Growth Fund were carried forward to align ongoing reporting of Premier Large Company Growth Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The value of net assets acquired, unrealized gains acquired, exchange ratio and number of shares issued were as follows:


	Value of Net		Unrealized		Exchange		Number of
Acquired Fund	Assets Acquired		Gains		Ratio		Shares Issued
Evergreen Large Company Growth Fund	$	325,362,596	$	21,860,786		1.00		37,607,839	Class A
						1.00		1,051,662	Class B
						1.00		2,455,846	Class C
						1.00		2,354,656	Institutional Class
Wells Fargo Advantage Large Company Growth Fund		306,826,387		8,713,482		5.87		25,965,456	Class A
						5.65		933,034	Class B
						5.66		683,245	Class C
						5.66		4,764,507	Administrator Class
						5.57		102,415	Institutional Class
						5.52		8,400,328	Investor Class

The aggregate net assets of the Premier Large Company Growth Fund immediately after the acquisitions were $632,188,983.

Assuming the acquisitions had been completed October 1, 2009, the beginning of the annual reporting period for Premier Large Company Growth Fund, the pro forma results of operations for the period ended July 31, 2010 would have been.


Net investment income	$	338,936
Net realized and unrealized gains on investments	$	11,137,832
Net increase in net assets resulting from operations	$	11,476,768

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Wells Fargo Advantage Large Company Growth Fund that have been included in Premier Large Company Growth Fund’s Statement of Operations since July 19, 2010.

7. BANK BORROWINGS

The Trust (excluding the money market funds) and Wells Fargo Variable Trust are parties to a $125,000,000 revolving credit agreement with State Street Bank and Trust Company, whereby the Funds are permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to each Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, under the credit agreement, the Funds pay an annual commitment fee equal to 0.125% of the unused balance, which is allocated pro rata. Prior to September 7, 2010, the annual commitment fee paid by the Funds was 0.15% of the unused balance.



84 Wells Fargo Advantage Large Cap Stock Funds		Notes to Financial Statements

For the six months ended January 31, 2011, there were no borrowings by the Funds under the agreement.

8. INDEMNIFICATION



Other Information (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 85

PROXY VOTING INFORMATION

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our Web site at www.wellsfargo.com/advantagefunds, or visiting the SEC Web site at www.sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Funds’ Web site at wellsfargo.com/advantagefunds or by visiting the SEC Web site at www.sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for each Fund are publicly available on the Funds’ Web site (www.wellsfargo.com/advantagefunds) on a monthly, 30-day or more delayed basis. In addition, top ten holdings information for each Fund is publicly available on the Funds’ Web site on a monthly, seven-day or more delayed basis. Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC Web site at www.sec.gov. In addition, each Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of the Wells Fargo Funds Trust (the “Trust”) and Officers of the Trust. This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹of each Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 152 funds comprising the Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees


Name and	Position Held and
Year of Birth	Length of Service	Principal Occupations During Past Five Years	Other Directorships
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005 (Lead Trustee since 2001)	Co-Founder, Chairman, President and CEO of Crystal Geyser. Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust

Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust

Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust

Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction), Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 45 portfolios as of 12/31/10); Director, Diversapack Co. (packaging company); Asset Allocation Trust



86 Wells Fargo Advantage Large Cap Stock Funds		Other Information (Unaudited)


Name and		Position Held and
Year of Birth	Length of Service	Principal Occupations During Past Five Years	Other Directorships
David F. Larcker (Born 1951)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of Corporate Governance Research Program and Co-Director of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor and Chair of the Department of Insurance and Risk Management, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust

Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust

Michael S. Scofield (Born 1943)	Trustee, since 2010	Currently serves on the Investment Company Institute’s Board of Governors and Executive Committee as well the Independent Director’s Counsel Board of Governors and Executive Committee. Former Chairman of the Independent Directors Counsel. Trustee of the Evergreen Funds from 1984 to 2010. Retired Attorney, Law Offices of Michael S. Scofield and former Director and Chairman, Branded Media Corporation (multi-media branding company).	Asset Allocation Trust

Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010.	Asset Allocation Trust

Officers


Name and	Position Held and
Year of Birth	Length of Service	Principal Occupations During Past Five Years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.

C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.

Kasey Phillips (Born 1970)	Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010. Vice President and Assistant Vice President of Evergreen Investment Services, Inc. from 1999 to 2006.

David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.



Other Information (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 87


Name and	Position Held and
Year of Birth	Length of Service	Principal Occupations During Past Five Years
Jeremy DePalma (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Assistant Vice President, Evergreen Investment Services, Inc. from 2000 to 2004 and the head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.


1.		The Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the Funds’ Web site at www.wellsfargo.com/advantagefunds.



88 Wells Fargo Advantage Large Cap Stock Funds		List of Abbreviations

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


ABAG	—	Association of Bay Area Governments
ACB	—	Agricultural Credit Bank
ADR	—	American Depositary Receipt
ADS	—	American Depository Shares
AGC - ICC	—	Assured Guaranty Corporation — Insured Custody Certificates
AGM	—	Assured Guaranty Municipal
AMBAC	—	American Municipal Bond Assurance Corporation
AMT	—	Alternative Minimum Tax
ARM	—	Adjustable Rate Mortgages
AUD	—	Australian Dollar
BAN	—	Bond Anticipation Notes
BART	—	Bay Area Rapid Transit
BHAC	—	Berkshire Hathaway Assurance Corporation
BRL	—	Brazil Real
CAD	—	Canadian Dollar
CDA	—	Community Development Authority
CDO	—	Collateralized Debt Obligation
CDSC	—	Contingent Deferred Sales Charge
CGIC	—	Capital Guaranty Insurance Company
CGY	—	Capital Guaranty Corporation
CHF	—	Swiss Franc
CIFG	—	CDC (Caisse des Dépôts et Consignations) IXIS Financial Guarantee
COP	—	Certificate of Participation
CP	—	Commercial Paper
CR	—	Custody Receipts
CTF	—	Common Trust Fund
DEM	—	Deutsche Mark
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
EDFA	—	Economic Development Finance Authority
ETET	—	Eagle Tax-Exempt Trust
ETF	—	Exchange-Traded Fund
EUR	—	Euro
FFCB	—	Federal Farm Credit Bank
FGIC	—	Financial Guaranty Insurance Corporation
FHA	—	Federal Housing Authority
FHAG	—	Federal Housing Agency
FHLB	—	Federal Home Loan Bank
FHLMC	—	Federal Home Loan Mortgage Corporation
FNMA	—	Federal National Mortgage Association
FRF	—	French Franc
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	—	Housing & 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
LLC	—	Limited Liability Company
LLP	—	Limited Liability Partnership
LOC	—	Letter of Credit
LP	—	Limited Partnership
MBIA	—	Municipal Bond Insurance Association
MFHR	—	Multi-Family Housing Revenue
MFMR	—	Multi-Family Mortgage Revenue
MMD	—	Municipal Market Data
MSTR	—	Municipal Securities Trust Receipts
MTN	—	Medium Term Note
MUD	—	Municipal Utility District
MXN	—	Mexican Peso
MYR	—	Malaysian Ringgit
NATL-RE	—	National Public Finance Guarantee Corporation
NLG	—	Netherlands Guilder
NOK	—	Norwegian Krone
NZD	—	New Zealand Dollar
PCFA	—	Pollution Control Finance Authority
PCR	—	Pollution Control Revenue
PFA	—	Public Finance Authority
PFFA	—	Public Facilities Financing Authority
PFOTER	—	Puttable Floating Option Tax-Exempt Receipts
plc	—	Public Limited Company
PLN	—	Polish Zloty
PSFG	—	Public School Fund Guaranty
PUTTER	—	Puttable Tax-Exempt Receipts
R&D	—	Research & Development
RDA	—	Redevelopment Authority
RDFA	—	Redevelopment Finance Authority
REITS	—	Real Estate Investment Trusts
ROC	—	Reset Option Certificates
SEK	—	Swedish Krona
SFHR	—	Single Family Housing Revenue
SFMR	—	Single Family Mortgage Revenue
SGD	—	Singapore Dollar
SKK	—	Slovakian Koruna
SLMA	—	Student Loan Marketing Association
SPDR	—	Standard & Poor’s Depositary Receipts
STIT	—	Short-Term Investment Trust
TAN	—	Tax Anticipation Notes
TBA	—	To Be Announced
TRAN	—	Tax Revenue Anticipation Notes
TRC	—	Transferable Custody Receipts
TRY	—	Turkish Lira
TTFA	—	Transportation Trust Fund Authority
USD	—	Unified School District
XLCA	—	XL Capital Assurance
ZAR	—	South African Rand

This page is intentionally left blank.

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, e-mail, visit the Funds’ Web site, or call:

Wells Fargo Advantage Funds
P.O. Box 8266
Boston, MA 02266-8266
E-mail:wfaf@wellsfargo.com

Web site:www.wellsfargo.com/advantagefunds
Individual Investors: 1-800-222-8222
Retail Investment Professionals: 1- 888-877-9275
Institutional Investment Professionals: 1- 866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Funds’ Web site at www.wellsfargo.com/advantagefunds. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. Read the prospectus carefully before you invest or send money.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC § INSURES NO BANK GURANTEE § MAY LOSE VALUE




		Printed on Recycled paper

© 2011 Wells Fargo Funds Management, LLC, All rights reserved.	www.wellsfargo.com/advantagefunds	201101 03-11 SLCFLD/SAR120 01-11

WELLS FARGO ADVANTAGE LARGE CAP STOCK FUNDS

§ Wells Fargo Advantage Classic Value Fund

§ Wells Fargo Advantage Core Equity Fund

§ Wells Fargo Advantage Disciplined U.S. Core Fund

§ Wells Fargo Advantage Disciplined Value Fund

§ Wells Fargo Advantage Intrinsic Value Fund

§ Wells Fargo Advantage Large Cap Core Fund

§ Wells Fargo Advantage Large Company Value Fund

Reduce clutter. Save trees.

Contents


Letter to Shareholders			2

Performance Highlights
Wells Fargo Advantage Classic Value Fund			6
Wells Fargo Advantage Core Equity Fund			8
Wells Fargo Advantage Disciplined U.S. Core Fund			10
Wells Fargo Advantage Disciplined Value Fund			12
Wells Fargo Advantage Intrinsic Value Fund			14
Wells Fargo Advantage Large Cap Core Fund			16
Wells Fargo Advantage Large Company Value Fund			18

Fund Expenses			20
Portfolio of Investments
Wells Fargo Advantage Classic Value Fund			23
Wells Fargo Advantage Core Equity Fund			27
Wells Fargo Advantage Disciplined U.S. Core Fund			31
Wells Fargo Advantage Disciplined Value Fund			38
Wells Fargo Advantage Intrinsic Value Fund			45
Wells Fargo Advantage Large Cap Core Fund			48
Wells Fargo Advantage Large Company Value Fund			52

Financial Statements
Statements of Assets and Liabilities			56
Statements of Operations			58
Statements of Changes in Net Assets			60
Financial Highlights			70
Notes to Financial Statements			79
Other Information			91
List of Abbreviations			94

NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

WELLS FARGO INVESTMENT HISTORY


1932		Keystone creates one of the first mutual fund families.

1971		Wells Fargo & Company introduces one of the first institutional index funds.

1978		Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.

1984		Wells Fargo Stagecoach Funds launches its first asset allocation fund.

1989		The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.

1994		Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo *Advantage Dow Jones Target Date Funds*^SM).

1996		Evergreen Investments and Keystone Funds merge.

1997		Wells Fargo launches Wells Fargo *Advantage WealthBuilder Portfolios*^SM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.

1999		Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.

2002		Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.

2005		The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo *Advantage Funds, resulting in one of* the top 20 mutual fund companies in the United States.

2006		*Wells Fargo Advantage Funds* relaunches the target date product line as Wells Fargo Advantage Dow Jones *Target Date Funds.*

2010		The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of *Wells Fargo Advantage Funds.*

Wells Fargo Advantage Funds^®

Strength

Expertise

Partnership

NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 120 mutual funds across a wide range of asset classes, representing over $232 billion in assets under management, as of January 31, 2011.


Equity Funds
Asia Pacific Fund	Enterprise Fund^†	Opportunity Fund^†
C&B Large Cap Value Fund	Equity Value Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Global Opportunities Fund	Premier Large Company Growth Fund
Capital Growth Fund	Growth Fund	Small Cap Growth Fund
Classic Value Fund	Growth Opportunities Fund	Small Cap Opportunities Fund
Common Stock Fund	Health Care Fund	Small Cap Value Fund
Core Equity Fund	Index Fund	Small Company Growth Fund
Disciplined Global Equity Fund	International Equity Fund	Small Company Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small/Mid Cap Core Fund
Disciplined Value Fund	Intrinsic Small Cap Value Fund	Small/Mid Cap Value Fund
Discovery Fund^†	Intrinsic Value Fund	Social Sustainability Fund^†
Diversified Equity Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified International Fund	Large Cap Core Fund	Special Small Cap Value Fund
Diversified Small Cap Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Growth Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Emerging Markets Equity Fund	Mid Cap Growth Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund^†	Omega Growth Fund	Utility and Telecommunications Fund

Bond Funds
Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund

Asset Allocation Funds
Asset Allocation Fund	WealthBuilder Equity Portfolio^†	Target 2020 Fund^†
Conservative Allocation Fund	WealthBuilder Growth Allocation Portfolio^†	Target 2025 Fund^†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio^†	Target 2030 Fund^†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio^†	Target 2035 Fund^†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio^†	Target 2040 Fund^†
Index Asset Allocation Fund	Target Today Fund^†	Target 2045 Fund^†
Moderate Balanced Fund	Target 2010 Fund^†	Target 2050 Fund^†
WealthBuilder Conservative Allocation Portfolio^†	Target 2015 Fund^†

Money Market Funds
100% Treasury Money Market Fund	Minnesota Money Market Fund	New Jersey Municipal Money Market Fund
California Municipal Money Market Fund	Money Market Fund	New York Municipal Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Pennsylvania Municipal Money Market Fund
Government Money Market Fund	Municipal Money Market Fund	Prime Investment Money Market Fund
Heritage Money Market Fund^†	National Tax-Free Money Market Fund	Treasury Plus Money Market Fund

Variable Trust Funds¹
VT Core Equity Fund	VT Intrinsic Value Fund	VT Small Cap Value Fund
VT Discovery Fund^†	VT Omega Growth Fund	VT Total Return Bond Fund
VT Index Asset Allocation Fund	VT Opportunity Fund^†
VT International Equity Fund	VT Small Cap Growth Fund


An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1.		The Variable Trust Funds are generally available only through insurance company variable contracts.

†		In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage Social Sustainability Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SMare referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, Social Sustainability Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.



2 Wells Fargo Advantage Large Cap Stock Funds		Letter to Shareholders

Karla M. Rabusch,
President
Wells Fargo Advantage Funds

Dear Valued Shareholder,

We are pleased to provide you with this semiannual report for the Wells Fargo Advantage Large Cap Stock Funds for the six-month period that ended January 31, 2011.

While the equity markets delivered strong six-month returns against the backdrop of a strengthening economy, the period was not without its share of macroeconomic challenges, domestic and international political uncertainty, and market volatility—once again highlighting the value of a well-diversified investment strategy. As always, we believe that such a strategy can enable investors to balance risks and opportunities as they pursue long-term financial goals in a dynamic market environment.

The economic recovery stayed on track.

The U.S. economic recovery that began in the summer of 2009 gained momentum, particularly toward the end of 2010. After expanding by 2.6% in the third quarter of 2010, gross domestic product (GDP) accelerated to an annualized rate of 3.2% in the fourth quarter. Although the path of recovery has been uneven at times and growth remains subpar compared with previous recoveries, the general consensus among economists is that the economy will likely avoid a double-dip recession. That said, persistent weakness in the labor and housing markets bears close watching in the months ahead.

Jobs and housing remained troublesome.

The Fed continued to do its part.



Letter to Shareholders		Wells Fargo Advantage Large Cap Stock Funds 3

though at a rate that has been insufficient to bring about significant improvement in labor market conditions.” The statement noted that, while consumer and business spending has risen, activity remains constrained due to modest income growth, lower housing wealth, and tight credit. As a result, the Fed indicated that it intends to keep short-term rates at historically low levels for as long as needed to promote a more robust recovery.

The second half of 2010 was a solid year for equities.

To be sure, the gains were hard-earned, as the markets had to contend with numerous issues along the way, including the European sovereign debt crisis, civilian unrest and political upheaval in Tunisia and Egypt, China’s efforts to slow growth and manage inflation, and doubts about the sustainability of a domestic economic expansion. In particular, the early part of the third quarter witnessed bouts of heightened market volatility as economic data, although expanding remained tepid. This led to increased fears that the U.S. economy was losing momentum and falling back into a recession. As the third and fourth quarters progressed, however, volatility—as measured by the Chicago Board Options Exchange Volatility Index—abated amid reduced fears of a double-dip recession. This renewed optimism was bolstered by improving corporate earnings, additional stimulus from the Fed, and the midterm elections, which provided more clarity around tax policy and the regulatory environment.



4 Wells Fargo Advantage Large Cap Stock Funds		Letter to Shareholders

Investors should keep a long-term perspective.

To help you build a well-diversified strategy based on your personal objectives and risk tolerance, Wells Fargo Advantage Funds^® offers more than 120 mutual funds and other investments covering a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance.

Sincerely,

Karla M. Rabusch
President
Wells Fargo Advantage Funds

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6 Wells Fargo Advantage Large Cap Stock Funds		Performance Highlights

Wells Fargo Advantage Classic Value Fund

INVESTMENT OBJECTIVE
The Fund seeks long-term capital appreciation.

INVESTMENT ADVISER
Wells Fargo Funds Management, LLC

SUB-ADVISER
Wells Capital Management Incorporated

PORTFOLIO MANAGERS
James M. Tringas, CFA, CPA

FUND INCEPTION
August 31, 1978


TEN LARGEST EQUITY HOLDINGS²
(AS OF JANUARY 31, 2011)

Exxon Mobil Corporation	3.86	%
Moody’s Corporation	3.82	%
JPMorgan Chase & Company	3.67	%
Bank of America Corporation	3.63	%
Home Depot Incorporated	3.56	%
Carnival Corporation	3.38	%
Diego plc	3.38	%
QUALCOMM Incorporated	3.16	%
Pfizer Incorporated	3.03	%
Avery Dennison Corporation	2.98	%


1.		Sector distribution is subject to change and is calculated based on the total common stock investments of the Fund.

2.		The ten largest equity holdings are calculated based on the value of the securities divided by total investments of the Fund. Holdings are subject to change and may have changed since the date specified.



Performance Highlights		Wells Fargo Advantage Large Cap Stock Funds 7

Wells Fargo Advantage Classic Value Fund (continued)

AVERAGE ANNUAL TOTAL RETURN³(%) (AS OF JANUARY 31, 2011)

					��
			Including Sales Charge									Excluding Sales Charge								Expense Ratios⁴
	Inception Date		6 Month*			1 Year		5 Year		10 Year		6 Month*		1 Year		5 Year		10 Year		Gross			Net⁵

Class A (ETRAX)		01/03/1995		10.91			12.26		0.77		2.60		17.67		19.11		1.97		3.21		1.27	%		1.25	%
Class B (ETRBX)**		01/03/1995		12.23			13.20		0.89		2.68		17.23		18.20		1.21		2.68		2.02	%		2.00	%
Class C (ETRCX)		01/03/1995		16.26			17.23		1.22		2.45		17.26		18.23		1.22		2.45		2.02	%		2.00	%
Administrator Class (EVTRX)		08/31/1978											17.75		19.42		2.23		3.48		1.11	%		1.00	%
Institutional Class (ETRNX)		07/30/2010											17.92		19.59		2.26		3.50		0.84	%		0.75	%
Class R (ETRRX)		10/10/2003											17.53		18.81		1.73		2.96		1.52	%		1.50	%
Russell 1000^® Value Index⁶													16.60		21.54		0.96		3.45


*		Returns for periods of less than one year are not annualized.

**		Class B shares are closed to investment, except in connection with the reinvestment of any distributions and permitted exchanges.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including sales charge assumes the sales charge for the corresponding time period. Administrator Class, Institutional Class and Class R shares are sold without a front-end sales charge or contingent deferred sales charge.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses or any taxes. It is not possible to invest directly in an index.

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.


3.		Performance shown for Class R shares prior to its inception reflects the performance of the Administrator Class, adjusted to reflect the higher expenses applicable to Class R shares. Performance shown for the Institutional Class shares prior to its inception reflects the performance of the Administrator Class shares and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for all classes of the Fund prior to July 19, 2010 is based on the performance of the Fund’s predecessor, Evergreen Equity Income Fund.

4.		Reflects the expense ratios as stated in the December 1, 2010 prospectuses.

5.		The investment adviser has contractually committed through July 18, 2013 to waive fees and/or reimburse expenses to the extent necessary to maintain the Fund’s contractual expense ratios shown, excluding acquired fund fees and certain other expenses. Without these reductions, the Fund’s returns would have been lower.

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



8 Wells Fargo Advantage Large Cap Stock Funds		Performance Highlights

Wells Fargo Advantage Core Equity Fund

INVESTMENT OBJECTIVE
The Fund seeks long-term capital appreciation.

INVESTMENT ADVISER
Wells Fargo Funds Management, LLC

SUB-ADVISER
Wells Capital Management Incorporated

PORTFOLIO MANAGER
Ann M. Miletti
(Effective December 28, 2010)

FUND INCEPTION
October 15, 1986


TEN LARGEST EQUITY HOLDINGS²
(AS OF JANUARY 31, 2011)

Exxon Mobil Corporation	2.70	%
Moody’s Corporation	2.51	%
Schlumberger Limited	2.37	%
State Street Corporation	2.35	%
Avery Dennison Corporation	1.96	%
QUALCOMM Incorporated	1.94	%
Goldman Sachs Group Incorporated	1.91	%
Chevron Corporation	1.90	%
General Electric Company	1.87	%
CBS Corporation Class B	1.82	%


1.		Sector distribution is subject to change and is calculated based on the total common stock investments of the Fund.

2.		The ten largest equity holdings are calculated based on the value of the securities divided by total investments of the Fund. Holdings are subject to change and may have changed since the date specified.



Performance Highlights		Wells Fargo Advantage Large Cap Stock Funds 9

Wells Fargo Advantage Core Equity Fund (continued)

AVERAGE ANNUAL TOTAL RETURN³(%) (AS OF JANUARY 31, 2011)


			Including Sales Charge								Excluding Sales Charge								Expense Ratios⁴
	Inception Date		6 Month*		1 Year		5 Year		10 Year		6 Month*		1 Year		5 Year		10 Year		Gross			Net⁵

Class A (EGIAX)		01/03/1995		13.91		15.58		3.50		2.49		20.86		22.63		4.74		3.10		1.27	%		1.25	%
Class B (EGIBX)**		01/03/1995		15.39		16.67		3.62		2.58		20.39		21.67		3.96		2.58		2.02	%		2.00	%
Class C (EGICX)		01/03/1995		19.43		20.71		3.97		2.35		20.43		21.71		3.97		2.35		2.02	%		2.00	%
Administrator Class (EVVTX)		10/15/1986										21.05		22.90		5.01		3.38		1.11	%		1.00	%
Institutional Class (EGIEX)		07/30/2010										21.16		23.01		5.03		3.39		0.84	%		0.75	%
S&P 500 Index⁶												17.93		22.19		2.24		1.30


*		Returns for periods of less than one year are not annualized.

**		Class B shares are closed to investment, except in connection with the reinvestment of any distributions and permitted exchanges.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including sales charge assumes the sales charge for the corresponding time period. Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses or any taxes. It is not possible to invest directly in an index.

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.


3.		Performance shown for the Institutional Class shares prior to its inception reflects the performance of the fund’s Administrator Class shares and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for all classes of the Fund prior to July 19, 2010 is based on the performance of the Fund’s predecessor, Evergreen Fundamental Large Cap Fund.

4.		Reflects the expense ratios as stated in the December 1, 2010 prospectuses.

5.		The investment adviser has contractually committed through July 18, 2013 to waive fees and/or reimburse expenses to the extent necessary to maintain the fund’s contractual expense ratios shown, excluding acquired fund fees and certain other expenses. Without these reductions, the Fund’s returns would have been lower.

6.		The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.



10 Wells Fargo Advantage Large Cap Stock Funds		Performance Highlights

Wells Fargo Advantage Disciplined U.S. Core Fund

INVESTMENT OBJECTIVE
The Fund seeks long-term capital appreciation.

INVESTMENT ADVISER
Wells Fargo Funds Management, LLC

SUB-ADVISER
Wells Capital Management Incorporated

PORTFOLIO MANAGER
Amit Chandra, CFA, Ph. D (Effective March 1, 2011)

FUND INCEPTION
February 28, 1990


TEN LARGEST EQUITY HOLDINGS²
(AS OF JANUARY 31, 2011)

Exxon Mobil Corporation	3.07	%
Apple Incorporated	2.45	%
International Business Machines Corporation	2.42	%
Microsoft Corporation	2.32	%
ChevronTexaco Corporation	2.27	%
JPMorgan Chase & Company	2.17	%
General Electric Company	2.00	%
AT&T Incorporated	1.80	%
Pfizer Incorporated	1.70	%
Google Incorporated	1.64	%


1.		Sector distribution is subject to change and is calculated based on the total common stock investments of the Fund.

2.		The ten largest equity holdings are calculated based on the value of the securities divided by total investments of the Fund. Holdings are subject to change and may have changed since the date specified.



Performance Highlights		Wells Fargo Advantage Large Cap Stock Funds 11

Wells Fargo Advantage Disciplined U.S. Core Fund (continued)

AVERAGE ANNUAL TOTAL RETURN³(%) (AS OF JANUARY 31, 2011)


			Including Sales Charge								Excluding Sales Charge								Expense Ratios⁴
	Inception Date		6 Month*		1 Year		5 Year		10 Year		6 Month*		1 Year		5 Year		10 Year		Gross			Net⁵

Class A (EVSAX)		02/28/1990		10.24		12.75		0.83		0.89		16.99		19.66		2.04		1.49		0.93	%		0.92	%
Class C (EVSTX)		06/30/1999		15.55		17.72		1.27		0.73		16.55		18.72		1.27		0.73		1.68	%		1.67	%
Administrator Class (EVSYX)		02/21/1995										17.17		19.89		2.28		1.75		0.77	%		0.74	%
Institutional Class (EVSIX)		07/30/2010										17.35		20.07		2.31		1.76		0.50	%		0.48	%
S&P 500 Index⁶												17.93		22.19		2.24		1.30


*		Returns for periods of less than one year are not annualized.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including sales charge assumes the sales charge for the corresponding time period. Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses or any taxes. It is not possible to invest directly in an index.


3.		Performance shown for the Institutional Class shares prior to its inception reflects the performance of the Administrator Class shares and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for all classes of the Fund prior to July 19, 2010 is based on the performance of the Fund’s predecessor, Evergreen Enhanced S&P 500 Fund.

4.		Reflects the expense ratios as stated in the December 1, 2010 prospectuses.

5.		The investment adviser has contractually committed through July 18, 2013 to waive fees and/or reimburse expenses to the extent necessary to maintain the contractual expense ratios shown, excluding acquired fund fees and certain other expenses. Without these reductions, the Fund’s returns would have been lower.

6.		The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.



12 Wells Fargo Advantage Large Cap Stock Funds		Performance Highlights

Wells Fargo Advantage Disciplined Value Fund

INVESTMENT OBJECTIVE
The Fund seeks long-term capital appreciation.

INVESTMENT ADVISER
Wells Fargo Funds Management, LLC

SUB-ADVISER
Wells Capital Management Incorporated

PORTFOLIO MANAGER
Amit Chandra, CFA, Ph. D (Effective March 1, 2011)

FUND INCEPTION
May 8, 1992


TEN LARGEST EQUITY HOLDINGS²
(AS OF JANUARY 31, 2011)

Chevron Corporation	3.20	%
JPMorgan Chase & Company	3.19	%
A T & T Incorporated	2.82	%
General Electric Company	2.37	%
Pfizer Incorporated	2.11	%
Bank of America Corporation	1.99	%
Procter & Gamble Company	1.74	%
Verizon Communications Incorporated	1.67	%
Comcast Corporation Class A	1.50	%
Microsoft Corporation	1.48	%


1.		Sector distribution is subject to change and is calculated based on the total common stock investments of the Fund.

2.		The ten largest equity holdings are calculated based on the value of the securities divided by total investments of the Fund. Holdings are subject to change and may have changed since the date specified.



Performance Highlights		Wells Fargo Advantage Large Cap Stock Funds 13

Wells Fargo Advantage Disciplined Value Fund (continued)

AVERAGE ANNUAL TOTAL RETURN³(%) (AS OF JANUARY 31, 2011)


			Including Sales Charge									Excluding Sales Charge									Expense Ratios⁴
	Inception Date		6 Month*		1 Year		5 Year			10 Year		6 Month*		1 Year		5 Year			10 Year		Gross			Net⁵

Class A (EDSAX)		03/18/2005		9.33		12.15		(0.49	)		1.93		16.00		18.99		0.70			2.53		1.24	%		1.10	%
Class C (EDSCX)		03/18/2005		14.65		17.06		(0.09	)		1.74		15.65		18.06		(0.09	)		1.74		1.99	%		1.85	%
Administrator Class (EDSIX)		05/08/1992											16.29		19.25		0.93			2.76		1.08	%		0.85	%
Institutional Class (EDSNX)		07/30/2010											16.39		19.35		0.94			2.77		0.81	%		0.65	%
Investor Class (WFDVX)		07/16/2010											16.04		18.81		0.60			2.43		1.31	%		1.17	%
Russell 1000^® Value Index⁶													16.60		21.54		0.96			3.45


*		Returns for periods of less than one year are not annualized.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including sales charge assumes the sales charge for the corresponding time period. Administrator Class, Institutional Class and Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses or any taxes. It is not possible to invest directly in an index.


3.		Performance shown for Class A and Class C shares prior to their inception reflects the performance of the Administrator Class, adjusted to reflect the higher expenses applicable to Class A and Class C shares. Performance shown for the Investor Class shares prior to its inception reflects the performance of the Administrator Class shares, adjusted to reflect the higher expenses applicable to Investor Class shares. Performance shown for the Institutional Class shares prior to its inception reflects the performance of the Administrator Class shares and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for all classes of the Fund prior to July 19, 2010 is based on the performance of the Fund’s predecessor, Evergreen Disciplined Value Fund.

4.		Reflects the expense ratios as stated in the December 1, 2010 prospectuses.

5.		The investment adviser has contractually committed through July 18, 2013 to waive fees and/or reimburse expenses to the extent necessary to maintain the contractual expense ratios shown, excluding acquired fund fees and certain other expenses. Without these reductions, the Fund’s returns would have been lower.

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



14 Wells Fargo Advantage Large Cap Stock Funds		Performance Highlights

Wells Fargo Advantage Intrinsic Value Fund

INVESTMENT OBJECTIVE
The Fund seeks long-term capital appreciation.

INVESTMENT ADVISER
Wells Fargo Funds Management, LLC

SUB-ADVISER
Metropolitan West Capital Management, LLC

PORTFOLIO MANAGERS
Gary Lisenbee David M. Graham Jeffrey Peck

FUND INCEPTION
August 1, 2006


TEN LARGEST EQUITY HOLDINGS²
(AS OF JANUARY 31, 2011)

International Business Machines Corporation	3.21	%
Hess Corporation	2.85	%
EMC Corporation	2.75	%
Oracle Corporation	2.71	%
Banco Santander Central Hispano SA ADR	2.52	%
ConocoPhillips	2.48	%
Northrop Grumman Corporation	2.47	%
eBay Incorporated	2.46	%
JPMorgan Chase & Company	2.41	%
Home Depot Incorporated	2.41	%


1.		Sector distribution is subject to change and is calculated based on the total common stock investments of the Fund.

2.		The ten largest equity holdings are calculated based on the value of the securities divided by total investments of the Fund. Holdings are subject to change and may have changed since the date specified.



Performance Highlights		Wells Fargo Advantage Large Cap Stock Funds 15

Wells Fargo Advantage Intrinsic Value Fund (continued)

AVERAGE ANNUAL TOTAL RETURN³(%) (AS OF JANUARY 31, 2011)


			Including Sales Charge						Excluding Sales Charge						Expense Ratios⁴
	Inception Date		6 Month*		1 Year		Life of Fund		6 Month*		1 Year		Life of Fund		Gross			Net⁵

Class A (EIVAX)		08/01/2006		9.36		16.84		3.08		16.04		23.97		4.44		1.27	%		1.18	%
Class B (EIVBX)**		08/01/2006		10.69		18.03		3.31		15.69		23.03		3.71		2.02	%		1.93	%
Class C (EIVCX)		08/01/2006		14.64		22.12		3.70		15.64		23.12		3.70		2.02	%		1.93	%
Administrator Class (EIVDX)		07/30/2010								16.29		24.29		4.61		1.11	%		0.96	%
Institutional Class (EIVIX)		08/01/2006								16.27		24.34		4.70		0.84	%		0.84	%
Russell 1000^® Value Index⁶										16.60		21.54		0.01


*		Returns for periods of less than one year are not annualized.

**		Class B shares are closed to investment, except in connection with the reinvestment of any distributions and permitted exchanges.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class B, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including sales charge assumes the sales charge for the corresponding time period. Administrator and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses or any taxes. It is not possible to invest directly in an index.

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.


3.		Performance shown for the Administrator Class shares prior to its inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to the Administrator Class shares. Historical performance shown for all classes of the Fund prior to July 19, 2010 is based on the performance of the Fund’s predecessor, Evergreen Intrinsic Value Fund.

4.		Reflects the expense ratios as stated in the December 1, 2010 prospectuses.

5.		The investment adviser has contractually committed through July 18, 2013 to waive fees and/or reimburse expenses to the extent necessary to maintain the contractual expense ratios at 1.17% for Class A shares, 1.92% for Class B shares, 1.92% for Class C shares, 0.95% for Administrator Class shares and 0.85% for Institutional Class shares, excluding acquired fund fees and certain other expenses. Without these reductions, the Fund’s returns would have been lower.

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



16 Wells Fargo Advantage Large Cap Stock Funds		Performance Highlights

Wells Fargo Advantage Large Cap Core Fund

INVESTMENT OBJECTIVE
The Fund seeks long-term capital appreciation.

INVESTMENT ADVISER
Wells Fargo Funds Management, LLC

SUB-ADVISER
Golden Capital Management, LLC

PORTFOLIO MANAGER
Jeff C. Moser, CFA

FUND INCEPTION
December 17, 2007


TEN LARGEST EQUITY HOLDINGS²
(AS OF JANUARY 31, 2011)

Halliburton Company	2.53	%
Tyco Electronics Limited	2.31	%
Cimarex Energy Company	2.28	%
Texas Instruments Incorporated	2.27	%
Ameriprise Financial Incorporated	2.25	%
ConocoPhillips	2.24	%
Ross Stores Incorporated	2.24	%
General Electric Company	2.23	%
Oracle Corporation	2.22	%
Chevron Corporation	2.17	%


1.		Sector distribution is subject to change and is calculated based on the total common stock investments of the Fund.

2.		The ten largest equity holdings are calculated based on the value of the securities divided by total investments of the Fund. Holdings are subject to change and may have changed since the date specified.



Performance Highlights		Wells Fargo Advantage Large Cap Stock Funds 17

Wells Fargo Advantage Large Cap Core Fund (continued)

AVERAGE ANNUAL TOTAL RETURN³(%) (AS OF JANUARY 31, 2011)


			Including Sales Charge							Excluding Sales Charge							Expense Ratios⁴
	Inception Date		6 Month*		1 Year		Life of Fund			6 Month*		1 Year		Life of Fund			Gross			Net⁵

Class A (EGOAX)		12/17/2007		11.53		12.26		(5.32	)		18.34		19.13		(3.51	)		2.19	%		1.15	%
Class C (EGOCX)		12/17/2007		16.91		17.23		(4.16	)		17.91		18.23		(4.16	)		2.94	%		1.90	%
Administrator Class (WFLLX)		07/16/2010									18.49		19.46		(3.42	)		2.03	%		0.91	%
Institutional Class (EGOIX)		12/17/2007									18.69		19.80		(3.18	)		1.76	%		0.67	%
Investor Class (WFLNX)		07/16/2010									18.15		18.95		(3.76	)		2.26	%		1.22	%
S&P 500 Index⁶											17.93		22.19		(1.50	)


*		Returns for periods of less than one year are not annualized.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses or any taxes. It is not possible to invest directly in an index.

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.


3.		Performance shown for the Administrator Class and Investor Class shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect higher expenses applicable to the Administrator Class and Investor Class shares. Historical performance shown for all classes of the Fund prior to July 19, 2010 is based on the performance of the Fund’s predecessor, Evergreen Golden Large Cap Core Fund.

4.		Reflects the expense ratios as stated in the December 1, 2010 prospectuses.

5.		The investment adviser has contractually committed through July 18, 2013 to waive fees and/or reimburse expenses to the extent necessary to maintain the contractual expense ratio for Class A shares at 1.14%, Class C shares at 1.89%, Administrator Class shares at 0.90%, Institutional Class shares at 0.66% and Investor Class shares at 1.21%, excluding acquired fund fees and certain other expenses. Without these reductions, the Fund’s returns would have been lower.

6.		The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.



18 Wells Fargo Advantage Large Cap Stock Funds		Performance Highlights

Wells Fargo Advantage Large Company Value Fund

INVESTMENT OBJECTIVE
The Fund seeks long-term capital appreciation.

INVESTMENT ADVISER
Wells Fargo Funds Management, LLC

SUB-ADVISER
Phocas Financial Corporation

PORTFOLIO MANAGERS
Stephen L. Block, CFA William F.K. Schaff, CFA

FUND INCEPTION
July 1, 1993


TEN LARGEST EQUITY HOLDINGS²
(AS OF JANUARY 31, 2011)

General Electric Company	3.38	%
JPMorgan Chase & Company	2.49	%
Bank of America Corporation	2.27	%
Eaton Corporation	2.12	%
Chevron Corporation	2.02	%
MetLife Incorporated	1.75	%
Devon Energy Corporation	1.72	%
Dover Corporation	1.71	%
Norfolk Southern Corporation	1.69	%
Berkshire Hathaway Incorporated Class B	1.66	%


1.		Sector distribution is subject to change and is calculated based on the total common stock investments of the Fund.

2.		The ten largest equity holdings are calculated based on the value of the securities divided by total investments of the Fund. Holdings are subject to change and may have changed since the date specified.



Performance Highlights		Wells Fargo Advantage Large Cap Stock Funds 19

Wells Fargo Advantage Large Company Value Fund (continued)

AVERAGE ANNUAL TOTAL RETURN³(%) (AS OF JANUARY 31, 2011)


			Including Sales Charge								Excluding Sales Charge								Expense Ratios⁴
	Inception Date		6 Month*		1 Year		5 Year		10 Year		6 Month*		1 Year		5 Year		10 Year		Gross			Net⁵

Class A (WLCAX)		03/31/2008		8.98		11.23		0.60		2.07		15.59		17.97		1.79		2.67		1.36	%		1.26	%
Class C (WFLVX)		03/31/2008		14.09		16.10		1.10		2.00		15.09		17.10		1.10		2.00		2.11	%		2.01	%
Administrator Class (WWIDX)		12/31/2001										15.76		18.33		2.15		3.05		1.20	%		0.97	%
Institutional Class (WLCIX)		03/31/2008										15.90		18.54		2.26		3.10		0.93	%		0.76	%
Investor Class (SDVIX)		07/01/1993										15.55		17.83		1.74		2.67		1.43	%		1.33	%
Russell 1000^® Value Index⁶												16.60		21.54		0.96		3.45


*		Returns for periods of less than one year are not annualized.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including sales charge assumes the sales charge for the corresponding time period. Administrator Class, Institutional Class and Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses or any taxes. It is not possible to invest directly in an index.

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.


3.		Performance shown for the Class A shares prior to its inception reflects the performance of the Investor Class shares, and includes the higher expenses applicable to the Investor Class shares from March 1, 2002 to March 30, 2008. If these expenses had not been included, returns would be higher. Performance shown for Class A shares prior to March 1, 2002, and for Class C shares prior to its inception reflects the performance of the Investor Class shares, adjusted to reflect the higher expenses applicable to Class A and Class C shares. Performance shown for the Administrator Class and Institutional Class shares prior to their inception reflects the performance of the Investor Class shares, and includes the higher expenses applicable to the Investor Class shares. If these expenses had not been included, returns would be higher. Performance shown prior to March 21, 2008 does not reflect the Fund’s current investment objective and strategies.

4.		Reflects the expense ratios as stated in the December 1, 2010 prospectuses.

5.		The investment adviser has contractually committed through November 30, 2011, to waive fees and/or reimburse expenses to the extent necessary to maintain the contractual expense ratio for Class A shares at 1.25%, Class C shares at 2.00%, Administrator Class shares at 0.96%, Institutional Class shares at 0.75% and Investor Class shares at 1.32%, excluding acquired fund fees and certain other expenses. Without these reductions, the Fund’s returns would have been lower.

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



20 Wells Fargo Advantage Large Cap Stock Funds		Fund Expenses

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2010 to January 31, 2011.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning		Ending		Expenses
	Account Value		Account Value		Paid During		Net Annual
Wells Fargo Advantage Classic Value Fund	08-01-2010		01-31-2011		the Period¹		Expense Ratio

Class A
Actual	$	1,000.00	$	1,176.75	$	6.86		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.90	$	6.36		1.25	%
Class B
Actual	$	1,000.00	$	1,172.32	$	10.95		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.12	$	10.16		2.00	%
Class C
Actual	$	1,000.00	$	1,172.59	$	10.95		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.12	$	10.16		2.00	%
Class R
Actual	$	1,000.00	$	1,175.32	$	8.22		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.64	$	7.63		1.50	%
Administrator Class
Actual	$	1,000.00	$	1,177.50	$	5.49		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.16	$	5.09		1.00	%
Institutional Class
Actual	$	1,000.00	$	1,179.18	$	4.12		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82		0.75	%


Fund Expenses		Wells Fargo Advantage Large Cap Stock Funds 21


	Beginning		Ending		Expenses
	Account Value		Account Value		Paid During		Net Annual
	08-01-2010		01-31-2011		the Period¹		Expense Ratio
Wells Fargo Advantage Core Equity Fund
Class A
Actual	$	1,000.00	$	1,208.56	$	6.90		1.24	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.31		1.24	%
Class B
Actual	$	1,000.00	$	1,203.86	$	11.05		1.99	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.17	$	10.11		1.99	%
Class C
Actual	$	1,000.00	$	1,204.32	$	11.06		1.99	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.17	$	10.11		1.99	%
Administrator Class
Actual	$	1,000.00	$	1,210.50	$	5.57		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.16	$	5.09		1.00	%
Institutional Class
Actual	$	1,000.00	$	1,211.61	$	4.18		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82		0.75	%

Wells Fargo Advantage Disciplined U.S. Core Fund
Class A
Actual	$	1,000.00	$	1,169.85	$	5.03		0.92	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.57	$	4.69		0.92	%
Class C
Actual	$	1,000.00	$	1,165.51	$	9.12		1.67	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.79	$	8.49		1.67	%
Administrator Class
Actual	$	1,000.00	$	1,171.71	$	4.05		0.74	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.48	$	3.77		0.74	%
Institutional Class
Actual	$	1,000.00	$	1,173.47	$	2.57		0.47	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.84	$	2.40		0.47	%

Wells Fargo Advantage Disciplined Value Fund
Class A
Actual	$	1,000.00	$	1,159.98	$	5.99		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.66	$	5.60		1.10	%
Class C
Actual	$	1,000.00	$	1,156.54	$	10.06		1.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.88	$	9.40		1.85	%
Administrator Class
Actual	$	1,000.00	$	1,162.90	$	4.63		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.92	$	4.33		0.85	%
Institutional Class
Actual	$	1,000.00	$	1,163.90	$	3.55		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	3.31		0.65	%
Investor Class
Actual	$	1,000.00	$	1,160.37	$	6.37		1.17	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.31	$	5.96		1.17	%


22 Wells Fargo Advantage Large Cap Stock Funds		Fund Expenses (Unaudited)


	Beginning		Ending		Expenses
	Account Value		Account Value		Paid During		Net Annual
	08-01-2010		01-31-2011		the Period¹		Expense Ratio
Wells Fargo Advantage Intrinsic Value Fund
Class A
Actual	$	1,000.00	$	1,160.35	$	6.37		1.17	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.31	$	5.96		1.17	%
Class B
Actual	$	1,000.00	$	1,156.89	$	10.44		1.92	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.53	$	9.75		1.92	%
Class C
Actual	$	1,000.00	$	1,156.42	$	10.44		1.92	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.53	$	9.75		1.92	%
Administrator Class
Actual	$	1,000.00	$	1,162.86	$	5.23		0.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.37	$	4.89		0.96	%
Institutional Class
Actual	$	1,000.00	$	1,162.74	$	4.31		0.79	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.22	$	4.02		0.79	%

Wells Fargo Advantage Large Cap Core Fund
Class A
Actual	$	1,000.00	$	1,183.39	$	6.27		1.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.46	$	5.80		1.14	%
Class C
Actual	$	1,000.00	$	1,179.10	$	10.38		1.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.68	$	9.60		1.89	%
Administrator Class
Actual	$	1,000.00	$	1,184.87	$	5.01		0.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.51	$	4.61		0.91	%
Institutional Class
Actual	$	1,000.00	$	1,186.92	$	3.58		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	3.31		0.65	%
Investor Class
Actual	$	1,000.00	$	1,181.52	$	6.65		1.21	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.00	$	6.12		1.21	%

Wells Fargo Advantage Large Company Value Fund
Class A
Actual	$	1,000.00	$	1,155.91	$	6.79		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.90	$	6.36		1.25	%
Class C
Actual	$	1,000.00	$	1,150.92	$	10.84		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.12	$	10.16		2.00	%
Administrator Class
Actual	$	1,000.00	$	1,157.58	$	5.22		0.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.37	$	4.89		0.96	%
Institutional Class
Actual	$	1,000.00	$	1,159.05	$	4.08		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Investor Class
Actual	$	1,000.00	$	1,155.51	$	7.17		1.32	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.55	$	6.72		1.32	%


1.		Expenses paid is equal to each class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period divided by 365 (to reflect the one-half year period).


Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 23

CLASSIC VALUE FUND


Shares		Security Name	Value
Common Stocks: 98.88%

Consumer Discretionary: 15.61%

Hotels, Restaurants & Leisure: 3.72%
	632,283	Carnival Corporation	$	28,269,373


Media: 2.82%
	471,204	Comcast Corporation Class A		10,719,891
	237,345	Omnicom Group Incorporated«		10,652,044
				21,371,935


Multiline Retail: 0.95%
	131,399	Target Corporation«		7,204,607


Specialty Retail: 6.64%
	809,235	Home Depot Incorporated«		29,755,571
	519,164	Lowe’s Companies Incorporated		12,875,267
	347,823	Staples Incorporated«		7,759,931
				50,390,769


Textiles, Apparel & Luxury Goods: 1.48%
	421,349	Timberland Company Class A†		11,262,659


Consumer Staples: 9.94%

Beverages: 4.64%
	1,465,403	Diageo plc		28,215,225
	108,779	PepsiCo Incorporated		6,995,577
				35,210,802


Food & Staples Retailing: 2.24%
	351,530	Safeway Incorporated«		7,273,156
	241,669	Walgreen Company«		9,773,094
				17,046,250


Household Products: 1.83%
	110,043	Clorox Company		6,920,604
	110,017	Procter & Gamble Company		6,945,373
				13,865,977


Tobacco: 1.23%
	162,702	Philip Morris International		9,313,062


Energy: 13.23%

Oil, Gas & Consumable Fuels: 13.23%
	248,800	Chevron Corporation		23,618,584
	347,389	ConocoPhillips		24,824,418
	399,709	Exxon Mobil Corporation		32,248,522
	203,945	Occidental Petroleum Corporation		19,717,403
				100,408,927


Financials: 25.49%

Capital Markets: 4.96%
	207,975	Legg Mason Incorporated«		6,890,212
	251,450	Northern Trust Corporation«		13,070,371
	377,790	State Street Corporation		17,650,349
				37,610,932


24 Wells Fargo Advantage Large Cap Stock Funds		Portfolio of Investments—January 31, 2011 (Unaudited)

CLASSIC VALUE FUND


Shares		Security Name	Value
Commercial Banks: 2.30%
	647,290	US Bancorp	$	17,476,830


Consumer Finance: 0.92%
	160,345	American Express Company		6,955,766


Diversified Financial Services: 12.94%
	605,421	Apollo Global Management LLC Class A††(i)†		5,448,790
	2,205,462	Bank of America Corporation		30,280,993
	681,497	JPMorgan Chase & Company		30,626,475
	1,085,702	Moody’s Corporation		31,887,068
				98,243,326


Insurance: 4.37%
	329,812	Prudential Financial Incorporated		20,286,736
	1,132,220	Stewart Information Services Corporation«		12,918,630
				33,205,366


Health Care: 15.26%

Biotechnology: 2.72%
	375,043	Amgen Incorporated†		20,657,368


Health Care Equipment & Supplies: 2.36%
	468,699	Medtronic Incorporated		17,960,546


Health Care Providers & Services: 2.66%
	324,899	WellPoint Incorporated†		20,182,726


Pharmaceuticals: 7.52%
	385,519	Merck & Company Incorporated		12,787,665
	339,908	Novartis AG ADR«		18,987,261
	1,388,557	Pfizer Incorporated		25,299,509
				57,074,435


Industrials: 9.88%

Aerospace & Defense: 0.97%
	105,930	Boeing Company		7,360,016


Air Freight & Logistics: 1.99%
	166,855	FedEx Corporation		15,070,344


Commercial Services & Supplies: 4.54%
	591,700	Avery Dennison Corporation«		24,904,653
	340,803	Cintas Corporation		9,562,932
				34,467,585


Industrial Conglomerates: 2.38%
	897,264	General Electric Company		18,070,897


Information Technology: 8.32%

Communications Equipment: 3.48%
	487,973	QUALCOMM Incorporated		26,413,978


Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 25

CLASSIC VALUE FUND


Shares		Security Name	Value
Computers & Peripherals: 2.17%
	1,252,533	Dell Incorporated†	$	16,483,334


IT Services: 1.05%
	166,173	Automatic Data Processing Incorporated		7,959,687


Software: 1.62%
	383,036	Oracle Corporation		12,268,643


Utilities: 1.15%

Electric Utilities: 1.15%
	121,160	Entergy Corporation		8,744,117


Total Common Stocks (Cost $673,349,953)				750,550,257


Principal			Interest Rate			Maturity Date
Short-Term Investments: 11.15%

Corporate Bonds and Notes: 0.03%
$	219,785	Gryphon Funding Limited(a)(i)(v)		0.00	%		08/05/2011	93,563
	289,052	VFNC Corporation(a)††(i)(v)±		0.23			09/29/2011	167,650

								261,213


Shares					Yield
Investment Companies: 11.12%
	8,346,013	Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)				0.12		8,346,013
	76,068,539	Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)				0.26		76,068,539
								84,414,552


Total Short-Term Investments (Cost $84,570,290)								84,675,765


Total Investments in Securities (Cost $757,920,243)*			110.03	%				835,226,022
Other Assets and Liabilities, Net			(10.03	)				(76,151,495	)

Total Net Assets			100.00	%			$	759,074,527


26 Wells Fargo Advantage Large Cap Stock Funds		Portfolio of Investments—January 31, 2011 (Unaudited)

CLASSIC VALUE FUND


†		Non-income earning securities.

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

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

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

(i)		Illiquid security.

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

(l)		Investment in an affiliate.

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

±		Variable rate investments.

*		Cost for federal income tax purposes is $761,560,923 and net unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	122,781,265
Gross unrealized depreciation		(49,116,166	)

Net unrealized appreciation	$	73,665,099

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


Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 27

CORE EQUITY FUND


Shares		Security Name	Value
Common Stocks: 93.14%

Consumer Discretionary: 16.96%

Diversified Consumer Services: 0.01%
	1,034	Apollo Group Incorporated Class A†	$	42,673


Hotels, Restaurants & Leisure: 1.01%
	172,692	Darden Restaurants Incorporated«		8,135,520


Household Durables: 1.73%
	51,900	Nintendo Company Limited		14,024,635


Internet & Catalog Retail: 2.48%
	63,841	Amazon.com Incorporated†		10,829,987
	161,700	Blue Nile Incorporated†«		9,192,645
				20,022,632


Media: 6.39%
	804,188	CBS Corporation Class B		15,947,048
	737,600	Comcast Corporation Class A		15,814,144
	151,443	Discovery Communications Incorporated Class A†		5,143,004
	328,803	Omnicom Group Incorporated«		14,756,679
				51,660,875


Multiline Retail: 2.27%
	216,933	Kohl’s Corporation†		11,015,858
	133,473	Target Corporation		7,318,325
				18,334,183


Specialty Retail: 3.07%
	256,648	Best Buy Company Incorporated		8,726,032
	229,766	Home Depot Incorporated		8,448,496
	342,056	Staples Incorporated«		7,631,269
				24,805,797


Consumer Staples: 7.38%

Beverages: 2.30%
	595,373	Diageo plc		11,463,456
	110,884	PepsiCo Incorporated		7,130,950
				18,594,406


Food Products: 1.76%
	243,425	General Mills Incorporated		8,466,322
	129,283	McCormick & Company Incorporated		5,714,309
				14,180,631


Household Products: 2.16%
	165,710	Clorox Company		10,421,502
	111,295	Procter & Gamble Company		7,026,053
				17,447,555


Tobacco: 1.16%
	163,875	Philip Morris International		9,380,205


28 Wells Fargo Advantage Large Cap Stock Funds		Portfolio of Investments—January 31, 2011 (Unaudited)

CORE EQUITY FUND


Shares		Security Name	Value
Energy: 11.93%

Energy Equipment & Services: 2.57%
	232,959	Schlumberger Limited	$	20,731,021


Oil, Gas & Consumable Fuels: 9.36%
	78,907	Apache Corporation		9,418,340
	175,663	Chevron Corporation		16,675,689
	293,775	Exxon Mobil Corporation		23,701,767
	147,005	Occidental Petroleum Corporation		14,212,443
	244,152	Ultra Petroleum Corporation†«		11,653,375
				75,661,614


Financials: 19.72%

Capital Markets: 7.24%
	102,297	Goldman Sachs Group Incorporated		16,737,835
	412,258	INVESCO Limited		10,199,263
	440,390	State Street Corporation		20,575,021
	537,050	TD Ameritrade Holding Corporation		10,966,561
				58,478,680


Commercial Banks: 2.12%
	403,686	Branch Banking & Trust Corporation		11,157,881
	401,887	Fifth Third Bancorp		5,976,060
				17,133,941


Consumer Finance: 3.39%
	253,967	American Express Company		11,017,088
	44,792	MasterCard Incorporated		10,593,756
	82,448	Visa Incorporated Class A		5,758,993
				27,369,837


Diversified Financial Services: 5.01%
	612,041	Apollo Global Management LLC Class A††(i)†		5,508,369
	289,775	JPMorgan Chase & Company		13,022,489
	748,127	Moody’s Corporation«		21,972,490
				40,503,348


Insurance: 1.59%
	208,953	Prudential Financial Incorporated		12,852,699


Real Estate Investment Trusts (REITs): 0.37%
	166,050	BioMed Realty Trust Incorporated		2,963,993


Health Care: 11.44%

Biotechnology: 1.34%
	195,831	Amgen Incorporated†		10,786,371


Health Care Equipment & Supplies: 2.89%
	283,619	Covidien Limited		13,463,394
	259,020	Medtronic Incorporated«		9,925,646
				23,389,040


Life Sciences Tools & Services: 1.54%
	216,808	Thermo Fisher Scientific Incorporated†		12,416,594


Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 29

CORE EQUITY FUND


Shares		Security Name	Value
Pharmaceuticals: 5.67%
	120,161	Johnson & Johnson	$	7,182,023
	359,780	Merck & Company Incorporated		11,933,903
	251,185	Novartis AG ADR«		14,031,194
	694,503	Pfizer Incorporated		12,653,845
				45,800,965


Industrials: 11.44%

Aerospace & Defense: 2.09%
	127,813	Boeing Company		8,880,447
	98,138	United Technologies Corporation		7,978,619
				16,859,066


Air Freight & Logistics: 1.30%
	146,310	United Parcel Service Incorporated Class B		10,478,722


Airlines: 1.10%
	762,377	Delta Air Lines Incorporated†		8,896,940


Commercial Services & Supplies: 2.12%
	408,180	Avery Dennison Corporation«		17,180,296


Industrial Conglomerates: 2.02%
	811,993	General Electric Company		16,353,539


Machinery: 1.37%
	207,378	Illinois Tool Works Incorporated«		11,092,649


Professional Services: 1.44%
	179,793	Manpower Incorporated«		11,609,234


Information Technology: 11.71%

Communications Equipment: 3.43%
	506,001	Cisco Systems Incorporated†		10,701,921
	314,824	QUALCOMM Incorporated		17,041,423
				27,743,344


Internet Software & Services: 3.29%
	300,132	Ancestry.com Incorporated†«		10,684,699
	26,488	Google Incorporated Class A†		15,902,336
				26,587,035


Semiconductors & Semiconductor Equipment: 2.65%
	221,369	Altera Corporation		8,316,833
	1,182,677	ON Semiconductor Corporation†		13,068,581
				21,385,414


Software: 2.34%
	61,510	FactSet Research Systems Incorporated«		6,200,208
	396,727	Oracle Corporation		12,707,166
				18,907,374


Materials: 1.68%

Chemicals: 1.68%
	155,160	Air Products & Chemicals Incorporated		13,537,710


30 Wells Fargo Advantage Large Cap Stock Funds		Portfolio of Investments—January 31, 2011 (Unaudited)

CORE EQUITY FUND


Shares		Security Name	Value
Telecommunication Services: 0.88%

Wireless Telecommunication Services: 0.88%
	139,857	American Tower Corporation Class A†	$	7,113,126


Total Common Stocks (Cost $615,420,778)				752,461,664


Principal			Interest Rate			Maturity Date
Short-Term Investments: 15.32%

Corporate Bonds and Notes: 0.32%
$	6,477,776	Gryphon Funding Limited(i)(a)		0.00	%		08/05/2011	2,631,273


Shares					Yield
Investment Companies: 15.00%
	50,383,377	Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)				0.12		50,383,377
	70,799,832	Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)				0.26		70,799,832

								121,183,209


Total Short-Term Investments (Cost $126,862,617)								123,814,482


Total Investments in Securities (Cost $742,283,395)*			108.46	%				876,276,146
Other Assets and Liabilities, Net			(8.46	)				(68,362,165	)

Total Net Assets			100.00	%			$	807,913,981


†		Non-income earning securities.

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

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

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

(i)		Illiquid security.

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

(l)		Investment in an affiliate.

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

*		Cost for federal income tax purposes is $743,707,492 and net unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	152,938,185
Gross unrealized depreciation		(20,369,531	)

Net unrealized appreciation	$	132,568,654

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


Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 31

DISCIPLINED U.S. CORE FUND


Shares		Security Name	Value
Common Stocks: 98.16%

Consumer Discretionary: 10.38%

Auto Components: 0.53%
	16,322	Autoliv Incorporated«	$	1,253,530
	33,117	TRW Automotive Holdings Corporation†		1,975,760
				3,229,290


Automobiles: 0.96%
	367,410	Ford Motor Company«†		5,860,190


Hotels, Restaurants & Leisure: 1.08%
	113,220	Carnival Corporation		5,062,066
	21,168	McDonald’s Corporation		1,559,447
				6,621,513


Household Durables: 0.69%
	49,232	Whirlpool Corporation«		4,209,336


Media: 2.83%
	346,652	Comcast Corporation Class A		7,886,333
	31,717	DIRECTV Group Incorporated†		1,344,484
	81,063	Dish Network Corporation		1,711,240
	107,123	Time Warner Incorporated		3,369,018
	71,274	Viacom Incorporated Class B		2,961,435
				17,272,510


Multiline Retail: 1.62%
	21,674	Dollar Tree Incorporated†		1,096,271
	160,235	Macy’s Incorporated		3,709,440
	92,992	Target Corporation«		5,098,751
				9,904,462


Specialty Retail: 2.21%
	11,581	AutoZone Incorporated†		2,936,131
	57,578	Best Buy Company Incorporated		1,957,652
	86,638	GameStop Corporation Class A«†		1,825,463
	40,964	Home Depot Incorporated		1,506,246
	56,799	Ross Stores Incorporated		3,703,295
	32,742	TJX Companies Incorporated		1,551,643
				13,480,430


Textiles, Apparel & Luxury Goods: 0.46%
	34,166	VF Corporation«		2,826,212


Consumer Staples: 10.10%

Beverages: 1.05%
	60,583	Coca-Cola Enterprises Incorporated		1,524,268
	22,263	PepsiCo Incorporated		1,431,734
	54,679	The Coca-Cola Company		3,436,575
				6,392,577


Food & Staples Retailing: 3.05%
	109,797	CVS Caremark Corporation		3,755,057
	172,701	Kroger Company		3,695,801


32 Wells Fargo Advantage Large Cap Stock Funds		Portfolio of Investments—January 31, 2011 (Unaudited)

DISCIPLINED U.S. CORE FUND


Shares		Security Name	Value
Food & Staples Retailing (continued)

	47,961	Safeway Incorporated	$	992,313
	181,379	Wal-Mart Stores Incorporated		10,169,921
				18,613,092

Food Products: 1.60%
	52,939	Archer Daniels Midland Company		1,729,517
	27,226	Bunge Limited		1,853,274
	24,692	Corn Products International Incorporated		1,139,042
	36,948	Hormel Foods Corporation		1,825,231
	198,477	Tyson Foods Incorporated Class A«		3,264,947
				9,812,011

Household Products: 1.27%
	23,148	Energizer Holdings Incorporated†		1,683,786
	96,026	Procter & Gamble Company		6,062,121
				7,745,907


Personal Products: 0.37%
	34,750	Herbalife Limited		2,270,218
		��

Tobacco: 2.76%
	177,831	Altria Group Incorporated		4,180,807
	28,890	Lorillard Incorporated		2,173,684
	153,387	Philip Morris International		8,779,872
	54,423	Reynolds American Incorporated		1,731,196
				16,865,559


Energy: 11.99%

Energy Equipment & Services: 1.07%
	37,326	Halliburton Company		1,679,670
	44,792	National Oilwell Varco Incorporated		3,310,129
	17,546	Schlumberger Limited		1,561,419
				6,551,218


Oil, Gas & Consumable Fuels: 10.92%
	39,909	Apache Corporation		4,763,538
	155,983	ChevronTexaco Corporation		14,807,466
	94,477	ConocoPhillips		6,751,326
	248,768	Exxon Mobil Corporation		20,070,602
	53,710	Hess Corporation		4,518,085
	141,461	Marathon Oil Corporation		6,464,768
	95,068	Tesoro Petroleum Corporation		1,830,059
	223,466	Valero Energy Corporation		5,667,098
	14,525	Whiting Petroleum Corporation†		1,834,217
				66,707,159

Financials: 15.25%

Capital Markets: 1.66%
	63,969	Ameriprise Financial Incorporated		3,943,689
	37,895	Goldman Sachs Group Incorporated		6,200,380
				10,144,069


Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 33

DISCIPLINED U.S. CORE FUND


Shares		Security Name	Value
Commercial Banks: 1.99%
	100,968	Fifth Third Bancorp	$	1,501,394
	175,613	Huntington Bancshares Incorporated		1,271,438
	85,052	PNC Financial Services Group Incorporated		5,103,120
	158,355	US Bancorp		4,275,585
				12,151,537


Consumer Finance: 1.73%
	118,085	Capital One Financial Corporation«		5,686,974
	102,992	Discover Financial Services		2,120,605
	189,661	SLM Corporation†		2,733,015
				10,540,594


Diversified Financial Services: 4.53%
	526,184	Bank of America Corporation		7,224,506
	1,300,085	Citigroup Incorporated		6,266,410
	314,958	JPMorgan Chase & Company		14,154,213
				27,645,129


Insurance: 4.26%
	60,385	ACE Limited		3,719,112
	59,840	Assurant Incorporated		2,347,523
	45,290	Berkshire Hathaway Incorporated Class B†		3,702,458
	36,185	Chubb Corporation		2,096,197
	37,642	Endurance Specialty Holdings Limited«		1,749,977
	113,295	Hartford Financial Services Group Incorporated		3,147,335
	24,453	Prudential Financial Incorporated		1,504,104
	41,066	Reinsurance Group of America Incorporated		2,363,759
	96,151	The Travelers Companies Incorporated		5,409,455
				26,039,920


Real Estate Investment Trusts (REITs): 0.75%
	109,889	Annaly Capital Management Incorporated		1,959,321
	48,296	CommonWealth REIT		1,288,054
	54,958	Hospitality Properties Trust		1,366,805
				4,614,180


Thrifts & Mortgage Finance: 0.33%
	183,646	Hudson City Bancorp Incorporated«		2,016,433


Health Care: 10.23%

Biotechnology: 1.14%
	35,066	Biogen Idec Incorporated«†		2,295,771
	23,903	Cephalon Incorporated«†		1,412,189
	85,498	Gilead Sciences Incorporated†		3,281,413
				6,989,373


Health Care Equipment & Supplies: 0.79%
	46,221	St. Jude Medical Incorporated†		1,871,951
	49,648	Zimmer Holdings Incorporated†		2,937,176
				4,809,127


Health Care Providers & Services: 2.54%
	126,660	Aetna Incorporated		4,172,180
	59,445	CIGNA Corporation		2,497,879


34 Wells Fargo Advantage Large Cap Stock Funds		Portfolio of Investments—January 31, 2011 (Unaudited)

DISCIPLINED U.S. CORE FUND


Shares		Security Name	Value
Health Care Providers & Services (continued)
	21,193	McKesson Corporation	$	1,593,078
	176,981	UnitedHealth Group Incorporated		7,265,070
				15,528,207


Life Sciences Tools & Services: 0.41%
	43,221	Thermo Fisher Scientific Incorporated†		2,475,267


Pharmaceuticals: 5.35%
	94,743	Abbott Laboratories		4,278,594
	163,642	Eli Lilly & Company		5,689,832
	89,827	Forest Laboratories Incorporated†		2,897,819
	119,693	Johnson & Johnson		7,154,051
	46,425	Merck & Company Incorporated		1,539,917
	609,763	Pfizer Incorporated		11,109,882
				32,670,095


Industrials: 11.16%

Aerospace & Defense: 3.61%
	29,997	Alliant Techsystems Incorporated		2,272,573
	67,375	General Dynamics Corporation		5,080,075
	88,129	Northrop Grumman Corporation«		6,107,340
	114,867	Raytheon Company		5,742,201
	34,919	United Technologies Corporation		2,838,915
				22,041,104


Commercial Services & Supplies: 0.17%
	59,912	RR Donnelley & Sons Company		1,061,641


Construction & Engineering: 0.40%
	75,339	KBR Incorporated		2,418,382


Industrial Conglomerates: 2.14%
	649,030	General Electric Company		13,071,464


Machinery: 2.66%
	14,956	Caterpillar Incorporated		1,450,882
	17,464	Deere & Company		1,587,478
	46,439	Eaton Corporation		5,013,554
	40,142	Oshkosh Truck Corporation		1,521,783
	46,644	Parker Hannifin Corporation		4,170,440
	53,960	Timken Company		2,537,199
				16,281,336


Road & Rail: 2.18%
	57,556	CSX Corporation«		4,063,454
	40,923	Norfolk Southern Corporation		2,504,078
	40,718	Ryder System Incorporated«		1,957,721
	50,539	Union Pacific Corporation		4,782,506
				13,307,759


Information Technology: 18.98%

Communications Equipment: 1.15%
	155,642	Cisco Systems Incorporated†		3,291,828
	30,161	Harris Corporation		1,403,693
	43,481	QUALCOMM Incorporated		2,353,627
				7,049,148


Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 35

DISCIPLINED U.S. CORE FUND


Shares		Security Name	Value
Computers & Peripherals: 5.08%
	47,155	Apple Incorporated†	$	16,000,635
	317,345	Dell Incorporated†		4,176,260
	202,592	Hewlett-Packard Company		9,256,428
	46,576	Western Digital Corporation†		1,584,516
				31,017,839


Electronic Equipment & Instruments: 1.50%
	51,246	Arrow Electronics Incorporated†		1,937,099
	217,605	Flextronics International Limited		1,738,664
	51,578	Ingram Micro Incorporated Class A†		1,018,150
	33,960	Tech Data Corporation†		1,593,064
	175,240	Vishay Intertechnology Incorporated«†		2,891,460
				9,178,437


Internet Software & Services: 1.75%
	17,848	Google Incorporated Class A†		10,715,225


IT Services: 3.41%
	46,211	Computer Sciences Corporation«		2,462,584
	97,560	International Business Machines Corporation		15,804,720
	127,519	Western Union Company		2,586,085
				20,853,389


Semiconductors & Semiconductor Equipment: 1.86%
	62,217	Avago Technologies Limited		1,786,250
	300,917	Intel Corporation		6,457,679
	29,141	KLA-Tencor Corporation«		1,284,535
	36,076	Lam Research Corporation†		1,799,832
				11,328,296


Software: 4.23%
	546,167	Microsoft Corporation		15,142,480
	333,610	Oracle Corporation		10,685,528
				25,828,008


Materials: 4.05%

Chemicals: 1.90%
	50,837	Cabot Corporation		2,198,700
	106,133	E.I. du Pont de Nemours & Company		5,378,820
	43,348	Eastman Chemical Company«		4,025,295
				11,602,815


Metals & Mining: 1.33%
	48,761	Freeport-McMoRan Copper & Gold Incorporated Class B		5,302,759
	51,691	Newmont Mining Corporation		2,846,623
				8,149,382


Paper & Forest Products: 0.82%
	17,764	Domtar Corporation		1,561,989
	118,145	International Paper Company		3,412,028
				4,974,017


36 Wells Fargo Advantage Large Cap Stock Funds		Portfolio of Investments—January 31, 2011 (Unaudited)

DISCIPLINED U.S. CORE FUND


Shares		Security Name	Value
Telecommunication Services: 3.33%

Diversified Telecommunication Services: 3.33%
	426,157	AT&T Incorporated	$	11,727,841
	241,993	Verizon Communications Incorporated		8,619,791
				20,347,632


Utilities: 2.69%

Electric Utilities: 1.16%
	86,198	Edison International		3,127,263
	24,124	Entergy Corporation		1,741,029
	120,480	Pepco Holdings Incorporated		2,237,314
				7,105,606


Multi-Utilities: 1.53%
	107,203	Ameren Corporation		3,041,349
	58,636	DTE Energy Company		2,712,501
	193,724	NiSource Incorporated«		3,607,136
				9,360,986


Total Common Stocks (Cost $411,335,261)				599,678,081

Short-Term Investments: 8.70%


			Yield
Investment Companies: 8.45%
	10,487,027	Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)		0.12	%	10,487,027
	41,141,625	Wells Fargo Securities Lending Cash Investments, LLC(l)(u)(v)		0.26		41,141,625

						51,628,652


Principal					Interest Rate		Maturity Date
US Treasury Bills: 0.25%
$	1,000,000	US Treasury Bill#^				0.14		03/03/2011		999,878
	500,000	US Treasury Bill#^				0.14		04/07/2011		499,869
										1,499,747


Total Short-Term Investments (Cost $53,128,109)										53,128,399


Total Investments in Securities (Cost $464,463,370)*			106.86	%						652,806,480
Other Assets and Liabilities, Net			(6.86	)						(41,925,923	)

Total Net Assets			100.00	%					$	610,880,557


Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 37

DISCIPLINED U.S. CORE FUND


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

†		Non-income earning securities.

(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.

#		Security pledged as collateral for futures transactions.

^		Zero coupon security. Rate represents yield to maturity.

*		Cost for federal income tax purposes is $466,515,940 and net unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	193,040,185
Gross unrealized depreciation		(6,749,645	)

Net unrealized appreciation	$	186,290,540

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


38 Wells Fargo Advantage Large Cap Stock Funds		Portfolio of Investments—January 31, 2011 (Unaudited)

DISCIPLINED VALUE FUND


Shares		Security Name	Value

Common Stocks: 99.25%

Consumer Discretionary: 7.56%

Auto Components: 0.43%
	28,551	TRW Automotive Holdings Corporation«†	$	1,703,353


Automobiles: 0.68%
	168,731	Ford Motor Company«†		2,691,259


Household Durables: 0.54%
	25,326	Whirlpool Corporation«		2,165,373


Media: 4.10%
	286,642	Comcast Corporation Class A		6,521,106
	55,608	Dish Network Corporation		1,173,885
	83,226	Gannett Company Incorporated		1,226,751
	24,092	Time Warner Cable Incorporated		1,634,160
	85,818	Time Warner Incorporated		2,698,976
	34,236	Viacom Incorporated Class B		1,422,506
	41,071	Walt Disney Company		1,596,430

				16,273,814


Multiline Retail: 0.49%
	84,188	Macy’s Incorporated		1,948,952


Specialty Retail: 1.02%
	5,949	AutoZone Incorporated†		1,508,250
	30,945	Best Buy Company Incorporated		1,052,130
	70,895	GameStop Corporation Class A«†		1,493,758

				4,054,138


Textiles, Apparel & Luxury Goods: 0.30%
	14,426	VF Corporation«		1,193,319


Consumer Staples: 9.77%

Beverages: 0.21%
	43,174	Constellation Brands Incorporated Class A†		829,804


Food & Staples Retailing: 2.39%
	47,790	CVS Caremark Corporation		1,634,418
	86,473	Kroger Company		1,850,522
	59,525	Safeway Incorporated		1,231,572
	85,395	Wal-Mart Stores Incorporated		4,788,098

				9,504,610


Food Products: 2.49%
	68,432	Archer Daniels Midland Company		2,235,673
	22,305	Corn Products International Incorporated		1,028,930
	21,888	Hormel Foods Corporation		1,081,267
	16,162	JM Smucker Company		1,004,630
	17,597	Ralcorp Holdings Incorporated†		1,076,936
	71,496	Smithfield Foods Incorporated†		1,423,485
	123,480	Tyson Foods Incorporated Class A«		2,031,246

				9,882,167



Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 39

DISCIPLINED VALUE FUND


Shares		Security Name	Value

Household Products: 2.27%
	19,590	Energizer Holdings Incorporated†	$	1,424,977
	120,175	Procter & Gamble Company		7,586,648

				9,011,625


Personal Products: 0.29%
	17,486	Herbalife Limited		1,142,360


Tobacco: 2.12%
	155,700	Altria Group Incorporated		3,660,507
	15,083	Lorillard Incorporated		1,134,845
	36,929	Philip Morris International		2,113,816
	47,987	Reynolds American Incorporated		1,526,466

				8,435,634


Energy: 13.02%

Energy Equipment & Services: 1.13%
	60,657	McDermott International Incorporated†		1,260,452
	43,897	National Oilwell Varco Incorporated		3,243,988

				4,504,440


Oil, Gas & Consumable Fuels: 11.89%
	22,991	Alpha Natural Resources Incorporated†		1,235,306
	33,315	Apache Corporation		3,976,478
	74,424	Chesapeake Energy Corporation		2,197,741
	146,981	Chevron Corporation		13,952,906
	50,575	ConocoPhillips		3,614,090
	33,111	Devon Energy Corporation		2,936,615
	10,423	Exxon Mobil Corporation		840,928
	75,783	Frontier Oil Corporation		1,576,286
	55,340	Hess Corporation		4,655,201
	110,312	Marathon Oil Corporation		5,041,258
	8,186	Occidental Petroleum Corporation		791,422
	164,884	Valero Energy Corporation«		4,181,458
	17,450	Whiting Petroleum Corporation†		2,203,586

				47,203,275


Financials: 25.84%

Capital Markets: 2.35%
	48,675	Ameriprise Financial Incorporated		3,000,814
	25,945	Goldman Sachs Group Incorporated		4,245,121
	71,069	Morgan Stanley		2,089,429

				9,335,364


Commercial Banks: 4.18%
	25,552	BOK Financial Corporation		1,320,527
	165,230	Fifth Third Bancorp		2,456,970
	336,747	Huntington Bancshares Incorporated		2,438,048
	69,847	PNC Financial Services Group Incorporated		4,190,820
	229,323	US Bancorp		6,191,721

				16,598,086



40 Wells Fargo Advantage Large Cap Stock Funds		Portfolio of Investments—January 31, 2011 (Unaudited)

DISCIPLINED VALUE FUND


Shares		Security Name	Value

Consumer Finance: 1.64%
	84,154	Capital One Financial Corporation«	$	4,052,857
	171,889	SLM Corporation†		2,476,920

				6,529,777


Diversified Financial Services: 7.06%
	631,142	Bank of America Corporation		8,665,580
	1,127,327	Citigroup Incorporated		5,433,716
	309,806	JPMorgan Chase & Company		13,922,682

				28,021,978


Insurance: 7.41%
	54,307	ACE Limited		3,344,768
	19,159	Allied World Assurance Company		1,155,862
	28,842	Assurant Incorporated		1,131,472
	74,289	Berkshire Hathaway Incorporated Class B†		6,073,126
	37,508	Chubb Corporation		2,172,838
	25,563	Endurance Specialty Holdings Limited«		1,188,424
	67,474	Hartford Financial Services Group Incorporated		1,874,428
	48,001	Lincoln National Corporation		1,384,349
	42,747	Protective Life Corporation«		1,178,535
	52,090	Prudential Financial Incorporated		3,204,056
	30,862	Reinsurance Group of America Incorporated		1,776,417
	66,879	The Travelers Companies Incorporated		3,762,613
	38,414	Validus Holdings Limited		1,167,786

				29,414,674


Real Estate Investment Trusts (REITs): 2.76%
	133,083	Annaly Capital Management Incorporated«		2,372,870
	87,233	Brandywine Realty Trust		1,011,903
	56,860	Commonwealth REIT		1,516,456
	63,771	Duke Realty Corporation«		873,663
	71,823	Hospitality Properties Trust		1,786,238
	44,976	Host Hotels & Resorts Incorporated«		832,506
	33,227	Liberty Property Trust		1,155,303
	16,061	Vornado Realty Trust		1,414,813

				10,963,752


Thrifts & Mortgage Finance: 0.44%
	159,233	Hudson City Bancorp Incorporated«		1,748,378


Health Care: 12.08%

Biotechnology: 1.49%
	25,160	Amgen Incorporated†		1,385,813
	33,635	Biogen Idec Incorporated«†		2,202,083
	15,866	Cephalon Incorporated«†		937,363
	36,539	Gilead Sciences Incorporated†		1,402,367
				5,927,626


Health Care Equipment & Supplies: 0.46%
	18,780	Cooper Companies Incorporated«		1,076,845
	18,802	St. Jude Medical Incorporated†		761,481

				1,838,326



Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 41

DISCIPLINED VALUE FUND


Shares		Security Name	Value

Health Care Providers & Services: 3.03%
	41,791	Aetna Incorporated	$	1,376,596
	46,600	CIGNA Corporation		1,958,132
	46,458	Humana Incorporated†		2,693,170
	146,275	UnitedHealth Group Incorporated		6,004,589

				12,032,487


Life Sciences Tools & Services: 0.24%
	16,386	Thermo Fisher Scientific Incorporated†		938,426


Pharmaceuticals: 6.86%
	125,002	Eli Lilly & Company		4,346,320
	89,631	Forest Laboratories Incorporated†		2,891,496
	100,903	Johnson & Johnson		6,030,972
	108,443	Merck & Company Incorporated		3,597,054
	52,210	Mylan Laboratories Incorporated†		1,209,184
	504,058	Pfizer Incorporated		9,183,937

				27,258,963


Industrials: 9.67%

Aerospace & Defense: 3.30%
	15,178	Alliant Techsystems Incorporated		1,149,885
	55,324	General Dynamics Corporation		4,171,430
	13,284	L-3 Communications Holdings Incorporated«		1,039,473
	60,616	Northrop Grumman Corporation«		4,200,689
	50,603	Raytheon Company		2,529,644

				13,091,121


Commercial Services & Supplies: 0.33%
	75,192	RR Donnelley & Sons Company		1,332,402


Construction & Engineering: 0.37%
	45,697	KBR Incorporated		1,466,874


Industrial Conglomerates: 2.60%
	513,719	General Electric Company		10,346,301


Machinery: 1.07%
	33,436	Oshkosh Truck Corporation		1,267,559
	45,684	Timken Company		2,148,062
	14,070	Wabco Holdings Incorporated		821,688

				4,237,309


Road & Rail: 2.00%
	64,285	CSX Corporation«		4,538,521
	26,795	Ryder System Incorporated«		1,288,304
	22,290	Union Pacific Corporation		2,109,303

				7,936,128


Information Technology: 6.23%

Computers & Peripherals: 0.84%
	86,931	Dell Incorporated†		1,144,012
	29,419	Hewlett-Packard Company		1,344,154
	24,460	Western Digital Corporation†		832,129

				3,320,295


42 Wells Fargo Advantage Large Cap Stock Funds		Portfolio of Investments—January 31, 2011 (Unaudited)

DISCIPLINED VALUE FUND


Shares		Security Name	Value

Electronic Equipment & Instruments: 1.15%
	42,678	Arrow Electronics Incorporated«†	$	1,613,228
	30,013	Tech Data Corporation«†		1,407,910
	94,929	Vishay Intertechnology Incorporated†		1,566,329

				4,587,467


IT Services: 1.27%
	47,213	Computer Sciences Corporation«		2,515,981
	15,668	International Business Machines Corporation		2,538,216

				5,054,197


Semiconductors & Semiconductor Equipment: 1.35%
	27,147	Avago Technologies Limited		779,390
	119,188	Intel Corporation		2,557,774
	18,966	KLA-Tencor Corporation«		836,021
	23,590	Lam Research Corporation†		1,176,905

				5,350,090


Software: 1.62%
	232,710	Microsoft Corporation		6,451,885


Materials: 3.85%

Chemicals: 2.25%
	30,999	Cabot Corporation		1,340,707
	57,707	E.I. du Pont de Nemours & Company		2,924,591
	19,062	Eastman Chemical Company«		1,770,097
	83,765	Huntsman Corporation		1,458,349
	13,411	Lubrizol Corporation		1,441,146

				8,934,890


Metals & Mining: 0.30%
	21,208	Newmont Mining Corporation		1,167,925


Paper & Forest Products: 1.30%
	21,309	Domtar Corporation		1,873,700
	114,218	International Paper Company		3,298,616

				5,172,316


Telecommunication Services: 4.93%

Diversified Telecommunication Services: 4.93%
	447,099	AT&T Incorporated		12,304,164
	203,765	Verizon Communications Incorporated		7,258,109

				19,562,273


Utilities: 6.30%

Electric Utilities: 3.73%
	76,720	Allegheny Energy Incorporated		1,977,842
	45,388	DPL Incorporated		1,188,258
	57,113	Edison International		2,072,060
	44,175	Entergy Corporation		3,188,110
	63,615	FirstEnergy Corporation«		2,488,619
	114,634	Pepco Holdings Incorporated		2,128,753
	43,203	Pinnacle West Capital Corporation		1,758,794

				14,802,436



Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 43

DISCIPLINED VALUE FUND


Shares		Security Name	Value

Gas Utilities: 0.39%
	27,675	Energen Corporation	$	1,547,033


Independent Power Producers & Energy Traders: 0.30%
	37,208	Constellation Energy Group Incorporated		1,199,958


Multi-Utilities: 1.88%
	55,394	Ameren Corporation		1,571,528
	89,304	CMS Energy Corporation		1,741,428
	26,800	DTE Energy Company		1,239,768
	155,828	NiSource Incorporated«		2,901,514

				7,454,238


Total Common Stocks (Cost $340,722,982)				394,167,098


Principal			Interest Rate		Maturity Date

Short-Term Investments: 10.48%

Corporate Bonds and Notes: 0.13%
$	442,623	Gryphon Funding Limited(v)(a)(i)		0.00%		08/05/2011	188,425
	582,119	VFNC Corporation(v)(a)(i)††±		0.23		09/29/2011	337,629

							526,054


Shares			Yield

Investment Companies: 10.22%
	2,270,253	Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)		0.12			2,270,253
	38,328,475	Wells Fargo Securities Lending Cash Investment, LLC(v)(l)(u)		0.26			38,328,475

							40,598,728


Principal					Interest Rate

US Treasury Bills: 0.13%
$	500,000	US Treasury Bill#^				0.15	03/17/2011		499,909


Total Short-Term Investments (Cost $41,412,209)									41,624,691


Total Investments in Securities (Cost $382,135,191)*			109.73	%					435,791,789
Other Assets and Liabilities, Net			(9.73	)					(38,627,042	)

Total Net Assets			100.00	%				$	397,164,747



44 Wells Fargo Advantage Large Cap Stock Funds		Portfolio of Investments—January 31, 2011 (Unaudited)

DISCIPLINED VALUE FUND


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

†		Non-income earning securities.

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

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

(i)		Illiquid security.

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

±		Variable rate investments.

(l)		Investment in an affiliate.

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

#		Security pledged as collateral for futures transactions.

^		Zero coupon security. Rate represents yield to maturity.

*		Cost for federal income tax purposes is $384,145,440 and net unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	60,392,205
Gross unrealized depreciation		(8,745,856	)

Net unrealized appreciation	$	51,646,349

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



Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 45

INTRINSIC VALUE FUND


Shares		Security Name	Value

Common Stocks: 98.70%

Consumer Discretionary: 11.58%

Media: 2.48%
	1,200,000	Time Warner Incorporated	$	37,740,000
	177,700	Warner Music Group Corporation†«		929,371

				38,669,371


Multiline Retail: 3.75%
	730,000	JCPenney Company Incorporated		23,411,100
	851,000	Nordstrom Incorporated		35,044,180

				58,455,280


Specialty Retail: 2.74%
	1,160,000	Home Depot Incorporated		42,653,200


Textiles, Apparel & Luxury Goods: 2.61%
	380,000	Polo Ralph Lauren Corporation«		40,728,400


Consumer Staples: 12.17%

Beverages: 2.27%
	460,000	Diageo plc		35,328,000


Food & Staples Retailing: 1.59%
	1,200,000	Safeway Incorporated		24,828,000


Food Products: 8.31%
	1,505,790	ConAgra Foods Incorporated		33,624,291
	700,000	H.J. Heinz Company		33,250,000
	720,000	The Hershey Company«		33,616,800
	980,000	Unilever NV«		29,037,400

				129,528,491


Energy: 9.54%

Energy Equipment & Services: 1.86%
	1,220,000	Weatherford International Limited†		28,938,400


Oil, Gas & Consumable Fuels: 7.68%
	614,000	ConocoPhillips		43,876,440
	600,000	Hess Corporation		50,472,000
	625,000	QEP Resources Incorporated		25,400,000

				119,748,440


Financials: 19.05%

Capital Markets: 3.63%
	1,150,000	Charles Schwab Corporation		20,757,500
	688,000	Northern Trust Corporation«		35,762,240

				56,519,740


Commercial Banks: 10.74%
	3,638,000	Banco Santander Central Hispano SA ADR«		44,529,120
	1,005,583	East West Bancorp Incorporated«		21,831,207
	403,000	M&T Bank Corporation		34,847,410
	5,000,000	Mitsubishi UFJ Financial Group Incorporated«		26,000,000
	1,708,000	Zions Bancorporation«		40,274,640

				167,482,377



46 Wells Fargo Advantage Large Cap Stock Funds		Portfolio of Investments—January 31, 2011 (Unaudited)

INTRINSIC VALUE FUND


Shares		Security Name	Value

Diversified Financial Services: 4.68%
	2,200,000	Bank of America Corporation	$	30,206,000
	950,000	JPMorgan Chase & Company		42,693,000

				72,899,000


Health Care: 8.07%

Health Care Equipment & Supplies: 4.38%
	680,000	Baxter International Incorporated		32,973,200
	640,000	Hospira Incorporated†		35,347,200

				68,320,400


Pharmaceuticals: 3.69%
	680,000	Abbott Laboratories		30,708,800
	770,000	Eli Lilly & Company		26,772,900

				57,481,700


Industrials: 10.28%

Aerospace & Defense: 5.17%
	530,000	Boeing Company		36,824,400
	630,000	Northrop Grumman Corporation		43,659,000

				80,483,400


Machinery: 5.11%
	445,000	Deere & Company		40,450,500
	500,000	SPX Corporation		39,190,000

				79,640,500


Information Technology: 19.82%

Computers & Peripherals: 5.81%
	124,000	Apple Incorporated†		42,075,680
	1,950,000	EMC Corporation†«		48,535,500

				90,611,180


Internet Software & Services: 2.78%
	1,430,000	eBay Incorporated†«		43,414,800


IT Services: 3.64%
	350,000	International Business Machines Corporation		56,700,000


Semiconductors & Semiconductor Equipment: 2.18%
	1,000,000	Texas Instruments Incorporated		33,910,000


Software: 5.41%
	775,000	Intuit Incorporated†		36,370,750
	1,495,000	Oracle Corporation		47,884,850

				84,255,600


Materials: 2.38%

Chemicals: 2.38%
	1,045,000	Dow Chemical Company«		37,076,600



Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 47

INTRINSIC VALUE FUND


Shares		Security Name	Value

Telecommunication Services: 2.41%

Wireless Telecommunication Services: 2.41%
	1,325,000	Vodafone Group plc ADR«	$	37,577,000


Utilities: 3.40%

Electric Utilities: 2.10%
	611,000	Nextera Energy Incorporated		32,664,060


Gas Utilities: 0.87%
	780,190	Questar Corporation«		13,598,712


Multi-Utilities: 0.43%
	155,550	Dominion Resources Incorporated		6,772,646


Total Common Stocks (Cost $1,267,980,555)				1,538,285,297


					Yield

Short-Term Investments: 14.74%

Investment Companies: 14.74%
	17,491,946	Wells Fargo Advantage Cash Investment Money Market Fund(u)(l)				0.12	%		17,491,946
	212,304,280	Wells Fargo Securities Lending Cash Investments, LLC(u)(l)(v)				0.26			212,304,280

Total Short-Term Investments (Cost $229,796,226)									229,796,226


Total Investments in Securities (Cost $1,497,776,781)*			113.44	%					1,768,081,523
Other Assets and Liabilities, Net			(13.44	)					(209,490,523	)

Total Net Assets			100.00	%				$	1,558,591,000


†		Non-income earning securities.

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

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

(l)		Investment in an affiliate.

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

*		Cost for federal income tax purposes is $1,498,956,386 and net unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	305,092,739
Gross unrealized depreciation		(35,967,602	)

Net unrealized appreciation	$	269,125,137

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



48 Wells Fargo Advantage Large Cap Stock Funds		Portfolio of Investments—January 31, 2011 (Unaudited)

LARGE CAP CORE FUND


Shares		Security Name	Value

Common Stocks: 98.69%

Consumer Discretionary: 10.36%

Automobiles: 2.16%
	240,605	Ford Motor Company«†	$	3,837,650


Specialty Retail: 6.04%
	146,485	Gap Incorporated		2,822,766
	103,780	Home Depot Incorporated		3,815,991
	62,955	Ross Stores Incorporated		4,104,666

				10,743,423


Textiles, Apparel & Luxury Goods: 2.16%
	46,710	Nike Incorporated Class B		3,852,641


Consumer Staples: 7.08%

Food & Staples Retailing: 3.79%
	101,005	CVS Caremark Corporation		3,454,371
	58,540	Wal-Mart Stores Incorporated		3,282,338

				6,736,709


Food Products: 1.59%
	171,635	Tyson Foods Incorporated Class A		2,823,396


Household Products: 1.70%
	48,000	Procter & Gamble Company		3,030,240


Energy: 13.71%

Energy Equipment & Services: 2.60%
	102,800	Halliburton Company		4,626,000


Oil, Gas & Consumable Fuels: 11.11%
	41,840	Chevron Corporation		3,971,871
	40,115	Cimarex Energy Company		4,177,175
	57,455	ConocoPhillips		4,105,734
	49,085	Exxon Mobil Corporation		3,960,178
	36,755	Occidental Petroleum Corporation		3,553,473

				19,768,431


Financials: 13.67%

Capital Markets: 2.31%
	66,720	Ameriprise Financial Incorporated		4,113,288


Commercial Banks: 1.69%
	50,075	PNC Financial Services Group Incorporated		3,004,500


Diversified Financial Services: 4.00%
	749,465	Citigroup Incorporated		3,612,421
	78,150	JPMorgan Chase & Company		3,512,061

				7,124,482


Insurance: 5.67%
	56,050	ACE Limited		3,452,120
	40,470	PartnerRe Limited		3,313,684
	133,350	UnumProvident Corporation		3,325,749

				10,091,553



Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 49

LARGE CAP CORE FUND


Shares		Security Name	Value

Health Care: 12.15%

Biotechnology: 1.70%
	54,945	Amgen Incorporated†	$	3,026,371


Health Care Providers & Services: 5.50%
	83,290	Cardinal Health Incorporated		3,457,368
	42,235	McKesson Corporation		3,174,805
	51,695	Medco Health Solutions Incorporated†		3,154,429

				9,786,602


Pharmaceuticals: 4.95%
	112,980	Bristol-Myers Squibb Company		2,844,836
	95,950	Forest Laboratories Incorporated†		3,095,347
	48,015	Johnson & Johnson		2,869,857

				8,810,040


Industrials: 13.80%

Aerospace & Defense: 2.00%
	43,810	United Technologies Corporation		3,561,753


Industrial Conglomerates: 6.11%
	36,460	3M Company«		3,205,563
	202,885	General Electric Company		4,086,104
	79,845	Tyco International Limited		3,579,451

				10,871,118


Machinery: 3.78%
	73,905	Danaher Corporation		3,404,064
	56,860	Wabco Holdings Incorporated		3,320,624

				6,724,688


Road & Rail: 1.91%
	35,885	Union Pacific Corporation		3,395,798


Information Technology: 22.15%

Communications Equipment: 1.57%
	132,290	Cisco Systems Incorporated†		2,797,934


Computers & Peripherals: 3.82%
	11,310	Apple Incorporated†		3,837,709
	64,925	Hewlett-Packard Company		2,966,423

				6,804,132


Electronic Equipment & Instruments: 4.54%
	173,255	Corning Incorporated		3,847,994
	116,560	Tyco Electronics Limited		4,222,967

				8,070,961


Internet Software & Services: 1.87%
	117,730	IAC InterActive Corporation†		3,330,582


IT Services: 2.10%
	23,070	International Business Machines Corporation		3,737,340



50 Wells Fargo Advantage Large Cap Stock Funds		Portfolio of Investments—January 31, 2011 (Unaudited)

LARGE CAP CORE FUND


Shares		Security Name	Value

Semiconductors & Semiconductor Equipment: 4.10%
	145,885	Intel Corporation	$	3,130,692
	122,650	Texas Instruments Incorporated		4,159,062

				7,289,754


Software: 4.15%
	119,250	Microsoft Corporation		3,306,206
	127,140	Oracle Corporation		4,072,294

				7,378,500


Materials: 2.16%

Chemicals: 2.16%
	67,515	International Flavors & Fragrances Incorporated		3,851,731


Telecommunication Services: 1.97%

Diversified Telecommunication Services: 1.97%
	98,415	Verizon Communications Incorporated		3,505,542


Utilities: 1.64%

Independent Power Producers & Energy Traders: 1.64%
	90,355	Constellation Energy Group Incorporated		2,913,949


Total Common Stocks (Cost $141,539,620)				175,609,108


Principal			Interest Rate		Maturity Date

Short-Term Investments: 4.22%

Corporate Bonds and Notes: 0.82%
$	1,231,182	Gryphon Funding Limited(v)(a)(i)		0.00%		08/05/2011	524,115
	1,619,197	VFNC Corporation(v)††±(a)(i)		0.23		09/29/2011	939,134

							1,463,249


Shares					Yield

Investment Companies: 3.40%
	1,926,514	Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)				0.12		1,926,514
	4,121,147	Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)				0.26		4,121,147

								6,047,661


Total Short-Term Investments (Cost $6,920,064)								7,510,910


Total Investments in Securities (Cost $148,459,684)*			102.91	%				183,120,018
Other Assets and Liabilities, Net			(2.91	)				(5,172,775	)

Total Net Assets			100.00	%			$	177,947,243



Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 51

LARGE CAP CORE FUND


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

(l)		Investment in an affiliate.

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

†		Non-income earning securities.

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

±		Variable rate investments.

(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.

*		Cost for federal income tax purposes is $147,888,622 and net unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	35,665,233
Gross unrealized depreciation		(433,837	)

Net unrealized appreciation	$	35,231,396

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



52 Wells Fargo Advantage Large Cap Stock Funds		Portfolio of Investments—January 31, 2011 (Unaudited)

LARGE COMPANY VALUE FUND


Shares		Security Name	Value

Common Stocks: 96.91%

Consumer Discretionary: 8.84%

Hotels, Restaurants & Leisure: 1.06%
	31,769	Carnival Corporation	$	1,420,390


Household Durables: 1.10%
	77,061	Newell Rubbermaid Incorporated		1,483,424


Media: 3.21%
	31,593	DIRECTV Group Incorporated†		1,339,227
	37,061	Omnicom Group Incorporated«		1,663,298
	33,532	Walt Disney Company		1,303,389

				4,305,914


Specialty Retail: 2.49%
	28,701	Best Buy Company Incorporated«		975,834
	64,419	Home Depot Incorporated		2,368,687

				3,344,521


Textiles, Apparel & Luxury Goods: 0.98%
	15,875	VF Corporation«		1,313,180


Consumer Staples: 6.86%

Food & Staples Retailing: 2.65%
	54,761	Safeway Incorporated«		1,133,005
	59,961	Walgreen Company«		2,424,823

				3,557,828


Food Products: 2.88%
	64,088	ConAgra Foods Incorporated		1,431,085
	37,740	Kraft Foods Incorporated Class A		1,153,712
	75,427	Sara Lee Corporation		1,279,996

				3,864,793


Household Products: 0.87%
	18,494	Procter & Gamble Company		1,167,526


Personal Products: 0.46%
	21,692	Avon Products Incorporated		614,101


Energy: 12.36%

Energy Equipment & Services: 1.59%
	47,900	Nabors Industries Limited†		1,168,760
	29,761	Pride International Incorporated«†		967,233

				2,135,993


Oil, Gas & Consumable Fuels: 10.77%
	20,455	Apache Corporation		2,441,509
	34,505	Chevron Corporation		3,275,560
	31,402	Devon Energy Corporation		2,785,043
	55,206	Marathon Oil Corporation		2,522,914
	68,203	Petrohawk Energy Corporation†		1,367,470
	21,658	Pioneer Natural Resources Company		2,060,975

				14,453,471



Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 53

LARGE COMPANY VALUE FUND


Shares		Security Name	Value

Financials: 26.07%

Capital Markets: 3.44%
	11,125	Franklin Resources Incorporated	$	1,342,231
	12,123	Goldman Sachs Group Incorporated		1,983,565
	27,514	State Street Corporation		1,285,454

				4,611,250


Commercial Banks: 4.73%
	96,572	Branch Banking & Trust Corporation«		2,669,250
	218,839	KeyCorp«		1,947,667
	73,076	Zions Bancorporation«		1,723,132

				6,340,049


Consumer Finance: 1.03%
	28,811	Capital One Financial Corporation«		1,387,538


Diversified Financial Services: 9.70%
	268,241	Bank of America Corporation		3,682,949
	32,929	Berkshire Hathaway Incorporated Class B†		2,691,946
	541,520	Citigroup Incorporated		2,610,126
	89,829	JPMorgan Chase & Company		4,036,915

				13,021,936


Insurance: 3.75%
	17,255	ACE Limited		1,062,735
	19,368	Chubb Corporation		1,121,988
	62,142	MetLife Incorporated		2,844,239

				5,028,962


Real Estate Investment Trusts (REITs): 3.42%
	24,985	Alexandria Real Estate Equities Incorporated«		1,924,844
	26,271	Simon Property Group Incorporated		2,665,193

				4,590,037


Health Care: 10.51%

Health Care Equipment & Supplies: 2.04%
	26,544	Baxter International Incorporated		1,287,119
	25,305	Stryker Corporation«		1,456,556

				2,743,675


Health Care Providers & Services: 1.89%
	60,210	CIGNA Corporation		2,530,024


Pharmaceuticals: 6.58%
	22,717	Abbott Laboratories		1,025,900
	72,907	Bristol-Myers Squibb Company		1,835,798
	37,415	Johnson & Johnson		2,236,295
	82,660	Pfizer Incorporated		1,506,065
	40,774	Teva Pharmaceutical Industries Limited ADR«		2,228,299

				8,832,357


Industrials: 11.72%

Commercial Services & Supplies: 0.96%
	46,174	Cintas Corporation«		1,295,642



54 Wells Fargo Advantage Large Cap Stock Funds		Portfolio of Investments—January 31, 2011 (Unaudited)

LARGE COMPANY VALUE FUND


Shares		Security Name	Value

Industrial Conglomerates: 4.09%
	272,444	General Electric Company	$	5,487,022


Machinery: 4.63%
	43,282	Dover Corporation		2,774,376
	31,830	Eaton Corporation		3,436,367

				6,210,743


Road & Rail: 2.04%
	44,672	Norfolk Southern Corporation«		2,733,480


Information Technology: 8.02%

Communications Equipment: 1.01%
	64,463	Cisco Systems Incorporated†		1,363,392


Computers & Peripherals: 2.32%
	81,907	EMC Corporation«†		2,038,665
	23,427	Hewlett-Packard Company		1,070,380

				3,109,045


IT Services: 1.62%
	42,231	Accenture plc		2,173,630


Semiconductors & Semiconductor Equipment: 1.23%
	63,842	Maxim Integrated Products Incorporated		1,648,400


Software: 1.84%
	112,579	Compuware Corporation†		1,206,847
	45,679	Microsoft Corporation		1,266,450

				2,473,297


Materials: 3.76%

Chemicals: 0.97%
	22,321	Ashland Incorporated		1,295,957


Containers & Packaging: 0.81%
	36,702	Owens-Illinois Incorporated«†		1,082,342


Metals & Mining: 1.98%
	80,121	Alcoa Incorporated«		1,327,605
	23,090	United States Steel Corporation«		1,331,600

				2,659,205


Telecommunication Services: 4.30%

Diversified Telecommunication Services: 3.27%
	89,923	AT&T Incorporated		2,474,681
	53,868	Verizon Communications Incorporated		1,918,778

				4,393,459


Wireless Telecommunication Services: 1.03%
	32,845	NII Holdings Incorporated†		1,378,833



Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 55

LARGE COMPANY VALUE FUND


Shares		Security Name	Value

Utilities: 4.47%

Electric Utilities: 2.66%
	95,189	Duke Energy Corporation«	$	1,701,979
	25,951	Entergy Corporation		1,872,884

				3,574,863


Multi-Utilities: 0.98%
	30,216	Dominion Resources Incorporated«		1,315,605


Water Utilities: 0.83%
	43,428	American Water Works Company Incorporated		1,107,417


Total Common Stocks (Cost$110,067,593)				130,049,301


Principal			Interest Rate		Maturity Date

Short-Term Investments: 23.96%

Corporate Bonds and Notes: 0.24%
$	265,538	Gryphon Funding Limited(v)(a)(i)		0.00%		08/05/2011	113,040
	349,224	VFNC Corporation(v)††±(a)(i)		0.23		09/29/2011	202,550

							315,590


Shares					Yield

Investment Companies: 23.72%
	4,048,349	Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)				0.12		4,048,349
	27,790,404	Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)				0.26		27,790,404

								31,838,753


Total Short-Term Investments (Cost $32,026,910)								32,154,343


Total Investments in Securities (Cost $142,094,503)*			120.87	%				162,203,644
Other Assets and Liabilities, Net			(20.87	)				(28,003,278	)

Total Net Assets			100.00	%			$	134,200,366


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

(l)		Investment in an affiliate.

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

†		Non-income earning securities.

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

±		Variable rate investments.

(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.

*		Cost for federal income tax purposes is $146,454,306 and net unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	19,082,461
Gross unrealized depreciation		(3,333,123	)

Net unrealized appreciation	$	15,749,338

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



56 Wells Fargo Advantage Large Cap Stock Funds		Statements of Assets and Liabilities—January 31, 2011 (Unaudited)


	Classic			Core
	Value			Equity
	Fund			Fund

Assets
Investments
In unaffiliated securities (including securities on loan), at value	$	750,811,470		$	755,092,937
In affiliated securities, at value		84,414,552			121,183,209

Total investments, at value (see cost below)		835,226,022			876,276,146
Foreign currency, at value (see cost below)		752,641			0
Receivable for investments sold		0			7,335,543
Receivable for Fund shares sold		46,458			393,105
Receivable for dividends		426,036			761,515
Receivable for daily variation margin on open futures contracts		0			0
Receivable for securities lending income		0			16,306
Prepaid expenses and other assets		473,521			45,138

Total assets		836,924,678			884,827,753

Liabilities
Payable for investments purchased		0			3,750,715
Payable for Fund shares redeemed		598,846			1,178,930
Payable upon receipt of securities loaned		76,224,277			70,799,832
Investment advisory fee payable		390,448			437,291
Distribution fees payable		14,304			54,717
Due to other related parties		140,604			185,475
Accrued expenses and other liabilities		481,672			506,812

Total liabilities		77,850,151			76,913,772

Total net assets	$	759,074,527		$	807,913,981


NET ASSETS CONSIST OF
Paid-in capital	$	771,865,685		$	632,900,779
Overdistributed (undistributed) net investment income		(301,341	)		(2,329,037	)
Accumulated net realized gains (losses) on investments		(89,792,589	)		43,349,488
Net unrealized gains on investments		77,302,772			133,992,751

Total net assets	$	759,074,527		$	807,913,981


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE¹
Net assets – Class A	$	296,782,950		$	487,556,905
Shares outstanding – Class A		15,147,364			17,785,228
Net asset value per share – Class A	$	19.59		$	27.41
Maximum offering price per share – Class A²	$	20.79		$	29.08
Net assets – Class B	$	9,415,066		$	27,889,743
Shares outstanding – Class B		486,189			1,110,821
Net asset value per share – Class B	$	19.37		$	25.11
Net assets – Class C	$	11,753,927		$	55,103,266
Shares outstanding – Class C		608,666			2,195,068
Net asset value per share – Class C	$	19.31		$	25.10
Net assets – Class R	$	187,804			NA
Shares outstanding – Class R		9,566			NA
Net asset value per share – Class R	$	19.63			NA
Net assets – Administrator Class	$	438,699,833		$	226,555,735
Shares outstanding – Administrator Class		22,374,379			8,108,118
Net asset value per share – Administrator Class	$	19.61		$	27.94
Net assets – Institutional Class	$	2,234,947		$	10,808,332
Shares outstanding – Institutional Class		114,073			386,734
Net asset value per share – Institutional Class	$	19.59		$	27.95
Net assets – Investor Class		NA			NA
Shares outstanding – Investor Class		NA			NA
Net asset value per share – Investor Class		NA			NA


Total investments, at cost	$	757,920,243		$	742,283,395

Foreign currency, at cost	$	755,640		$	0

Securities on loan, at value	$	74,513,021		$	69,190,998


1.		Each Fund has an unlimited number of authorized shares.

2.		Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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



Statements of Assets and Liabilities—January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 57


Disciplined			Disciplined			Intrinsic			Large Cap			Large Company
U.S. Core			Value			Value			Core			Value
Fund			Fund			Fund			Fund			Fund


$	601,177,828		$	395,193,061		$	1,538,285,297		$	177,072,357		$	130,364,891
	51,628,652			40,598,728			229,796,226			6,047,661			31,838,753

	652,806,480			435,791,789			1,768,081,523			183,120,018			162,203,644
	0			0			0			0			0
	24,362,501			14,101,405			2,933,592			0			0
	154,784			80,049			3,209,263			90,153			126,180
	695,613			558,749			2,303,909			175,264			140,668
	99,545			24,525			0			0			0
	4,876			722			15,340			2,898			3,604
	61,590			52,492			9,948			31,895			29,261

	678,185,389			450,609,731			1,776,553,575			183,420,228			162,503,357


	24,699,150			13,980,479			1,512,893			0			0
	893,572			394,201			2,542,173			265,700			148,857
	41,141,625			38,642,113			212,304,280			4,993,550			27,978,561
	109,993			149,109			806,532			65,715			60,226
	951			2,914			27,412			1,124			321
	92,865			52,524			217,330			32,940			6,578
	366,676			223,644			551,955			113,956			108,448

	67,304,832			53,444,984			217,962,575			5,472,985			28,302,991

$	610,880,557		$	397,164,747		$	1,558,591,000		$	177,947,243		$	134,200,366



$	457,417,980		$	408,247,467		$	1,323,316,570		$	231,478,761		$	137,955,818
	3,877,460			309,558			3,871,218			(19,990	)		(2,543	)
	(39,169,371	)		(65,098,847	)		(38,901,530	)		(88,171,862	)		(23,862,050	)
	188,754,488			53,706,569			270,304,742			34,660,334			20,109,141

$	610,880,557		$	397,164,747		$	1,558,591,000		$	177,947,243		$	134,200,366



$	281,743,887		$	126,230,030		$	161,759,970		$	8,569,138		$	572,392
	20,193,499			9,805,637			14,285,108			985,873			45,081
$	13.95		$	12.87		$	11.32		$	8.69		$	12.70
$	14.80		$	13.66		$	12.01		$	9.22		$	13.47
	NA			NA		$	9,582,478			NA			NA
	NA			NA			852,698			NA			NA
	NA			NA		$	11.24			NA			NA
$	10,375,101		$	4,406,530		$	32,725,514		$	1,707,894		$	527,655
	771,130			345,172			2,916,592			196,575			40,737
$	13.45		$	12.77		$	11.22		$	8.69		$	12.95
	NA			NA			NA			NA			NA
	NA			NA			NA			NA			NA
	NA			NA			NA			NA			NA
$	318,749,838		$	239,162,533		$	451,216,314		$	454,055		$	1,246,134
	22,699,979			18,647,082			39,725,621			52,169			97,715
$	14.04		$	12.83		$	11.36		$	8.70		$	12.75
$	11,731		$	3,812,601		$	903,306,724		$	582,788		$	12,941,846
	835			297,219			79,498,944			67,011			1,016,045
$	14.05		$	12.83		$	11.36		$	8.70		$	12.74
	NA		$	23,553,053			NA		$	166,633,368		$	118,912,339
	NA			1,836,985			NA			19,165,179			9,159,879
	NA		$	12.82			NA		$	8.69		$	12.98


$	464,463,370		$	382,135,191		$	1,497,776,781		$	148,459,684		$	142,094,503

$	0		$	0		$	0		$	0		$	0

$	40,206,783		$	37,770,212		$	207,171,055		$	4,862,114		$	27,337,018


58 Wells Fargo Advantage Large Cap Stock Funds		Statements of Operations—Six Months Ended January 31, 2011 (Unaudited)


	Classic			Core
	Value			Equity
	Fund			Fund

Investment income
Dividends^*	$	6,978,424		$	6,105,665
Income from affiliated securities		10,046			39,401
Securities lending income, net		67,010			128,841

Total investment income		7,055,480			6,273,907


Expenses
Investment advisory fee		2,309,769			2,393,433
Administration fees
Fund level		179,768			186,461
Class A		367,998			591,701
Class B		12,724			36,796
Class C		15,464			66,301
Class R		224			NA
Administrator Class		206,249			104,558
Institutional Class		728			907
Investor Class		NA			NA
Shareholder servicing fees
Class A		353,844			568,558
Class B		12,234			35,381
Class C		14,869			63,751
Class R		216			NA
Administrator Class		513,620			260,169
Investor Class		NA			NA
Distribution fees
Class B		36,703			106,142
Class C		44,606			191,252
Class R		216			NA
Custody and accounting fees		35,220			27,117
Professional fees		21,751			20,899
Registration fees		56,058			33,773
Shareholder report expenses		51,280			73,225
Trustees’ fees and expenses		6,034			6,034
Other fees and expenses		47,259			69,141

Total expenses		4,286,834			4,835,599
Less: Fee waivers and/or expense reimbursements		(231,183	)		(161,837	)

Net expenses		4,055,651			4,673,762

Net investment income		2,999,829			1,600,145

NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		1,991,235			72,559,869
Futures transactions		0			0

Net realized gains on investments		1,991,235			72,559,869

Net change in unrealized gains (losses) on:
Unaffiliated securities		112,760,907			66,625,064
Futures transactions		0			0

Net change in unrealized gains (losses) on investments		112,760,907			66,625,064

Net realized and unrealized gains (losses) on investments		114,752,142			139,184,933

Net increase in net assets resulting from operations	$	117,751,971		$	140,785,078


* Net of foreign withholding taxes of	$	0		$	4,903

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



Statements of Operations—Six Months Ended January 31, 2011 (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 59


Disciplined			Disciplined			Intrinsic			Large Cap			Large Company
U.S. Core			Value			Value			Core			Value
Fund			Fund			Fund			Fund			Fund


$	6,550,052		$	4,377,505		$	13,788,131		$	1,520,780		$	1,264,608
	9,503			4,333			67,211			1,992			3,176
	51,217			38,829			155,701			3,197			20,998

	6,610,772			4,420,667			14,011,043			1,525,969			1,288,782



	952,561			1,033,809			4,544,251			547,958			389,526

	158,760			93,983			363,020			42,151			29,963
	353,377			158,338			208,056			10,820			542
	NA			NA			12,195			NA			NA
	14,224			5,259			38,734			2,269			576
	NA			NA			NA			NA			NA
	176,130			112,528			193,514			89			958
	4			1,166			346,333			570			1,963
	NA			36,492			NA			258,934			185,081

	339,566			151,785			199,000			10,404			521
	NA			NA			11,726			NA			NA
	13,677			5,057			37,114			2,182			554
	NA			NA			NA			NA			NA
	440,327			280,484			483,785			223			2,363
	NA			27,428			NA			196,162			140,213

	NA			NA			35,178			NA			NA
	41,032			15,170			111,734			6,545			1,661
	NA			NA			NA			NA			NA
	34,603			20,950			52,927			8,849			9,754
	24,268			20,146			24,147			17,178			20,858
	44,052			36,605			43,470			28,671			39,735
	50,276			21,142			60,330			10,327			9,282
	6,034			2,105			6,034			6,034			5,303
	62,956			9,501			54,514			803			3,217

	2,711,847			2,031,948			6,826,062			1,150,169			842,070
	(66,885	)		(229,296	)		(256,155	)		(131,341	)		(67,110	)

	2,644,962			1,802,652			6,569,907			1,018,828			774,960

	3,965,810			2,618,015			7,441,136			507,141			513,822



	52,309,852			6,740,856			14,245,783			4,332,733			1,748,915
	1,682,492			1,019,526			0			0			0

	53,992,344			7,760,382			14,245,783			4,332,733			1,748,915


	40,947,120			46,256,831			200,989,172			23,600,332			15,368,086
	177,263			(64,559	)		0			0			0

	41,124,383			46,192,272			200,989,172			23,600,332			15,368,086

	95,116,727			53,952,654			215,234,955			27,933,065			17,117,001

$	99,082,537		$	56,570,669		$	222,676,091		$	28,440,206		$	17,630,823


$	0		$	0		$	207,392		$	0		$	2,571


60 Wells Fargo Advantage Large Cap Stock Funds		Statements of Changes in Net Assets


	Classic Value Fund
	Six Months Ended
	January 31, 2011						Year Ended
	(Unaudited)						July 31, 2010¹

Operations
Net investment income				$	2,999,829					$	5,788,231
Net realized gains (losses) on investments					1,991,235						(37,140,015	)
Net change in unrealized gains (losses) on investments					112,760,907						98,881,192

Net increase in net assets resulting from operations					117,751,971						67,529,408


Distributions to shareholders from
Net investment income
Class A					(1,264,327	)					(1,546,623	)
Class B					(3,323	)					(18,810	)
Class C					(9,034	)					(21,451	)
Class R					(635	)					(677	)
Administrator Class					(1,911,652	)					(4,066,220	)
Institutional Class					(13,856	)					0	²
Class IS					NA						NA

Total distributions to shareholders					(3,202,827	)					(5,653,781	)


	Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		81,896			1,524,606			213,261			3,457,409
Class B		2,884			51,862			19,034			322,654
Class C		24,381			437,022			40,567			678,914
Class R		1,030			18,812			10,144			173,938
Administrator Class		150,322			2,768,321			242,668			4,131,777
Institutional Class		113,471			1,900,000			598	²		10,000	²
Class IS		NA			NA			NA			NA

					6,700,623						8,774,692

Reinvestment of distributions
Class A		60,745			1,149,293			83,858			1,424,788
Class B		163			3,041			962			16,706
Class C		406			7,575			1,005			17,387
Class R		33			635			39			677
Administrator Class		91,795			1,737,671			219,015			3,707,344
Institutional Class		4			73			0	²		0	²
Class IS		NA			NA			NA			NA

					2,898,288						5,166,902

Automatic conversion of Class B shares to Class A shares
Class A		46,534			873,982			60,428			978,797
Class B		(47,166	)		(873,982	)		(61,004	)		(978,797	)

					0						0


1.		After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Equity Income Fund and Wells Fargo Advantage Specialized Financial Services Fund. Evergreen Equity Income Fund was the accounting and performance survivor in this transaction. The information for the period prior to July 19, 2010 are those of the Evergreen Equity Income Fund.

2.		Class commenced operations on July 30, 2010.

3.		After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Fundamental Large Cap Fund, which became the accounting survivor in the transaction. The information for the period prior to July 19, 2010 are those of the predecessor fund.

4.		After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Enhanced S&P 500 Fund, which became the accounting and performance survivor in this transaction. The information for the period prior to July 19, 2010 are those of the predecessor fund.

5.		Class B shares of the predecessor fund became Class A shares on July 16, 2010.

6.		Class IS shares of the predecessor fund became Class A shares on July 16, 2010.

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



Statements of Changes in Net Assets		Wells Fargo Advantage Large Cap Stock Funds 61


Core Equity Fund												Disciplined U.S. Core Fund
Six Months Ended												Six Months Ended
January 31, 2011						Year Ended						January 31, 2011					Year Ended
(Unaudited)						July 31, 2010³						(Unaudited)					July 31, 2010⁴


			$	1,600,145					$	3,386,236				$	3,965,810					$	10,095,453
				72,559,869						43,162,861					53,992,344						54,951,201
				66,625,064						38,639,525					41,124,383						19,610,901

				140,785,078						85,188,622					99,082,537						84,657,555




				(2,299,556	)					(3,114,633	)				(124,951	)					(3,182,758	)
				(27,686	)					(118,369	)				NA						(33,499	)⁵
				(72,057	)					(198,839	)				0						(68,521	)
				NA						NA					NA						NA
				(1,315,455	)					(1,711,436	)				(212,566	)					(6,590,347	)
				(29,191	)					0	²				(8	)					0	²
				NA						NA					NA						(449,998	)⁶

				(3,743,945	)					(5,143,277	)				(337,525	)					(10,325,123	)


Shares						Shares						Shares					Shares
	500,658			12,721,676			973,411			22,460,329			289,314		3,655,651			4,351,446			50,412,634
	11,043			271,814			45,346			947,744			NA		NA			25,820	⁵		298,670	⁵
	106,248			2,581,794			170,995			3,606,858			18,301		236,232			186,847			2,160,869
	NA			NA			NA			NA			NA		NA			NA			NA
	210,310			5,500,133			247,534			5,800,458			780,655		9,905,358			2,057,300			24,824,392
	389,089			10,553,896			431	²		10,006	²		0		0			834	²		10,000	²
	NA			NA			NA			NA			NA		NA			34,977	⁶		418,294	⁶

				31,629,313						32,825,395					13,797,241						78,124,859


	80,232			2,129,368			127,942			2,906,318			8,603		115,201			245,282			2,934,591
	1,088			26,479			5,390			113,904			NA		NA			2,459	⁵		27,919	⁵
	2,576			62,655			8,354			176,516			0		0			3,002			34,787
	NA			NA			NA			NA			NA		NA			NA			NA
	43,455			1,175,010			66,932			1,537,930			4,345		58,532			197,608			2,367,551
	1,080			29,191			0	²		0	²		1		8			0	²		0	²
	NA			NA			NA			NA			0		0			32,270	⁶		386,070	⁶

				3,422,703						4,734,668					173,741						5,750,918




	106,990			2,838,704			199,389			4,336,621			0		0			38,474			440,748
	(116,996	)		(2,838,704	)		(216,788	)		(4,336,621	)		NA		NA			(40,551	)⁵		(440,748	)⁵

				0						0					0						0



62 Wells Fargo Advantage Large Cap Stock Funds		Statements of Changes in Net Assets


	Classic Value Fund
	Six Months Ended
	January 31, 2011						Year Ended
	(Unaudited)						July 31, 2010¹

	Shares						Shares
Capital share transactions (continued)
Payment for shares redeemed
Class A		(1,385,604	)	$	(24,900,667	)		(2,119,052	)	$	(35,879,319	)
Class B		(76,087	)		(1,342,752	)		(179,598	)		(2,973,277	)
Class C		(145,519	)		(2,592,683	)		(179,438	)		(2,971,109	)
Class R		(919	)		(16,746	)		(1,982	)		(33,868	)
Administrator Class		(1,254,849	)		(22,648,257	)		(2,263,041	)		(38,434,396	)
Institutional Class		0			0			0	²		0	²
Class IS		NA			NA			NA			NA

					(51,501,105	)					(80,291,969	)


Net asset value of shares issued in acquisitions
Class A		0			0			4,784,236			77,143,174
Class B		0			0			21,237			338,503
Class C		0			0			48,232			766,805

					0						78,248,482

Net increase (decrease) in net assets resulting from capital share transactions					(41,902,194	)					11,898,107

Total increase (decrease) in net assets					72,646,950						73,773,734

Net assets
Beginning of period					686,427,577						612,653,843

End of period				$	759,074,527					$	686,427,577

Undistributed (overdistributed) net investment income				$	(301,341	)				$	(98,343	)

Please see footnotes on page 60.

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



Statements of Changes in Net Assets		Wells Fargo Advantage Large Cap Stock Funds 63


Core Equity Fund												Disciplined U.S. Core Fund
Six Months Ended												Six Months Ended
January 31, 2011						Year Ended						January 31, 2011						Year Ended
(Unaudited)						July 31, 2010³						(Unaudited)						July 31, 2010⁴

Shares						Shares						Shares						Shares


	(1,558,300	)	$	(38,841,223	)		(2,936,869	)	$	(66,992,104	)		(2,394,978	)	$	(30,603,279	)		(4,738,421	)	$	(56,357,790	)
	(118,801	)		(2,689,068	)		(288,783	)		(6,004,055	)		NA			NA			(627,495	)⁵		(6,910,692	)⁵
	(201,012	)		(4,632,079	)		(399,463	)		(8,406,719	)		(253,638	)		(3,141,675	)		(274,818	)		(3,224,498	)
	NA			NA			NA			NA			NA			NA			NA			NA
	(434,522	)		(11,130,226	)		(735,706	)		(17,081,229	)		(9,050,515	)		(116,937,795	)		(15,685,833	)		(185,550,494	)
	(3,866	)		(107,213	)		0	²		0	²		0			0			0	²		0	²
	NA			NA			NA			NA			NA			NA			(3,147,253	)⁶		(36,459,489	)⁶

				(57,399,809	)					(98,484,107	)					(150,682,749	)					(288,502,963	)



	0			0			0			0			0			0			0			0
	0			0			0			0			NA			NA			0			0
	0			0			0			0			0			0			0			0

				0						0						0						0


				(22,347,793	)					(60,924,044	)					(136,711,767	)					(204,627,186	)

				114,693,340						19,121,301						(37,966,755	)					(130,294,754	)


				693,220,641						674,099,340						648,847,312						779,142,066

			$	807,913,981					$	693,220,641					$	610,880,557					$	648,847,312

			$	(2,329,037	)				$	(185,237	)				$	3,877,460					$	249,175



64 Wells Fargo Advantage Large Cap Stock Funds		Statements of Changes in Net Assets


	Disciplined Value Fund
	Six Months Ended
	January 31, 2011						Year Ended
	(Unaudited)						July 31, 2010¹

Operations
Net investment income				$	2,618,015					$	1,794,174
Net realized gains (losses) on investments					7,760,382						(1,974,218	)
Net change in unrealized gains (losses) on investments					46,192,272						26,043,282

Net increase in net assets resulting from operations					56,570,669						25,863,238


Distributions to shareholders from
Net investment income
Class A					(714,559	)					(432,090	)
Class B					NA						(5,590	)²
Class C					(10,542	)					(4,763	)
Administrator Class					(1,600,610	)					(1,267,689	)
Institutional Class					(28,514	)					0	³
Investor Class					(125,725	)					0	⁴

Total distributions to shareholders					(2,479,950	)					(1,710,132	)


	Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		99,102			1,194,051			325,122			3,649,202
Class B		NA			NA			3,708	²		42,115	²
Class C		21,142			260,932			26,178			294,853
Administrator Class		1,085,489			12,750,575			445,266			4,808,019
Institutional Class		295,814			3,301,091			900	³		10,000	³
Investor Class		67,198			817,418			1,475	⁴		16,075	⁴

					18,324,067						8,820,264

Reinvestment of distributions
Class A		55,499			680,977			36,606			409,665
Class B		NA			NA			435	²		4,8502
Class C		701			8,543			332			3,697
Administrator Class		101,216			1,236,862			46,894			522,990
Institutional Class		505			6,163			0	³		0	³
Investor Class		9,848			120,447			0	⁴		0	⁴

					2,052,992						941,202

Automatic conversion of Class B shares to Class A shares
Class A		0			0			9,519			103,428
Class B		NA			NA			(9,568	)²		(103,428	)²

					0						0

Payment for shares redeemed
Class A		(1,146,687	)		(13,563,125	)		(1,051,386	)		(11,782,922	)
Class B		NA			NA			(205,317	)²		(2,228,752	)²
Class C		(43,342	)		(494,794	)		(55,345	)		(619,417	)
Administrator Class		(3,003,907	)		(34,648,915	)		(2,742,026	)		(30,603,358	)
Institutional Class		0			0			0	³		0	³
Investor Class		(171,615	)		(2,039,230	)		(16,843	)⁴		(187,857	)⁴

					(50,746,064	)					(45,422,306	)


1.		After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Disciplined Value Fund, Wells Fargo Advantage Equity Income and Wells Fargo Advantage U.S. Value Fund. Evergreen Disciplined Value Fund was the accounting and performance survivor in the transaction. The information for the period prior to July 19, 2010 are those of Evergreen Disciplined Value Fund.

2.		Class B shares of the predecessor fund became Class A shares on July 16, 2010.

3.		Class commenced operations on July 30, 2010.

4.		Class commenced operations on July 16, 2010.

5.		After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Intrinsic Value Fund, which became the accounting and performance survivor in this transaction. The information for the period prior to July 19, 2010 are those of the predecessor fund.

6.		After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Golden Large Cap Core Fund and Wells Fargo Advantage Large Company Core Fund. Evergreen Golden Large Cap Core Fund was the accounting and performance survivor in this transaction. The information for the period prior to July 19, 2010 are those of Evergreen Golden Large Cap Core Fund.

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



Statements of Changes in Net Assets		Wells Fargo Advantage Large Cap Stock Funds 65


Intrinsic Value Fund												Large Cap Core Fund
Six Months Ended												Six Months Ended
January 31, 2011						Year Ended						January 31, 2011						Year Ended
(Unaudited)						July 31, 2010⁵						(Unaudited)						July 31, 2010⁶


			$	7,441,136					$	12,841,482					$	507,141					$	101,931
				14,245,783						(7,295,417	)					4,332,733						54,246
				200,989,172						127,607,809						23,600,332						3,956,605

				222,676,091						133,153,874						28,440,206						4,112,782




				(1,412,789	)					(525,147	)					(30,356	)					(9,940	)
				(4,240	)					0						NA						(1,587	)²
				(57,276	)					0						0						(3,291	)
				(4,447,278	)					0	³					(2,373	)					0	⁴
				(9,157,759	)					(7,617,772	)					(4,157	)					(52,972	)
				NA						NA						(555,180	)					04

				(15,079,342	)					(8,142,919	)					(592,066	)					(67,790	)


Shares						Shares						Shares						Shares


	2,628,719			27,401,398			7,039,057			68,045,736			60,390			466,529			61,461			287,741
	22,140			226,785			48,765			463,128			NA			NA			3,0572			23,2872
	432,696			4,471,884			854,557			8,077,506			4,810			39,800			8,986			135,104
	45,306,236			440,460,459			1,013	³		10,000	³		56,682			466,898			0	⁴		0	⁴
	18,893,311			195,570,193			92,722,375			859,963,282			5,128			39,439			4,686			33,965
	NA			NA			NA			NA			364,908			2,938,856			8,1174			60,4974

				668,130,719						936,559,652						3,951,522						540,594


	110,602			1,208,878			45,196			417,607			3,554			29,813			454			3,389
	362			3,926			0			0			NA			NA			142			1072
	4,482			48,590			0			0			0			0			231			1,737
	402,094			4,406,952			0	³		0	³		118			994			0	⁴		0	⁴
	700,649			7,679,116			722,959			6,687,368			487			4,083			802			6,002
	NA			NA			NA			NA			63,752			534,879			0	⁴		0	⁴

				13,347,462						7,104,975						569,769						11,235


	26,684			294,084			20,852			190,280			0			0			0			0
	(26,967	)		(294,084	)		(21,084	)		(190,280	)		NA			NA			0			0

				0						0						0						0


	(3,518,278	)		(37,823,112	)		(2,723,217	)		(25,589,377	)		(231,118	)		(1,791,975	)		(34,995	)		(261,614	)
	(89,804	)		(922,234	)		(272,892	)		(2,526,892	)		NA			NA			(57,834	)²		(419,335	)²
	(291,555	)		(3,030,510	)		(512,214	)		(4,807,399	)		(72,447	)		(560,600	)		(36,761	)		(268,482	)
	(5,983,722	)		(63,491,075	)		0	³		0	³		(10,318	)		(85,719	)		0	⁴		0	⁴
	(52,493,612	)		(518,830,942	)		(21,942,543	)		(211,024,272	)		(363,108	)		(2,788,421	)		(21,148	)		(160,584	)
	NA			NA			NA			NA			(1,622,084	)		(12,974,308	)		(102,995	)⁴		(758,691	)⁴

				(624,097,873	)					(243,947,940	)					(18,201,023	)					(1,868,706	)



66 Wells Fargo Advantage Large Cap Stock Funds		Statements of Changes in Net Assets


	Disciplined Value Fund
	Six Months Ended
	January 31, 2011					Year Ended
	(Unaudited)					July 31, 2010¹
	Shares					Shares
Capital share transactions (continued)
Net asset value of shares issued in acquisitions
Class A		0	$	0			7,504,335	$	80,661,770
Class C		0		0			250,448		2,671,353
Administrator Class		0		0			13,047,775		139,685,853
Institutional Class		0		0			0		0
Investor Class		0		0			1,946,922		20,843,094

				0					243,862,070

Net increase (decrease) in net assets resulting from capital share transactions				(30,369,005	)				208,201,230

Total increase in net assets				23,721,714					232,354,336

Net assets
Beginning of period				373,443,033					141,088,697

End of period			$	397,164,747				$	373,443,033

Undistributed (overdistributed) net investment income			$	309,558				$	171,493

Please see footnotes on page 64.

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



Statements of Changes in Net Assets		Wells Fargo Advantage Large Cap Stock Funds 67


Intrinsic Value Fund								Large Cap Core Fund
Six Months Ended								Six Months Ended
January 31, 2011				Year Ended				January 31, 2011					Year Ended
(Unaudited)				July 31, 2010⁵				(Unaudited)					July 31, 2010⁶
Shares				Shares				Shares					Shares


	0	$	0		0	$	0		0	$	0			994,781	$	7,182,223
	0		0		0		0		0		0			141,410		1,021,219
	0		0		0		0		0		0			5,687		41,090
	0		0		0		0		0		0			37,292		269,427
	NA		NA		NA		NA		0		0			20,453,481		147,770,238

			0				0				0					156,284,197

			57,380,308				699,716,687				(13,679,732	)				154,967,320

			264,977,057				824,727,642				14,168,408					159,012,312


			1,293,613,943				468,886,301				163,778,835					4,766,523

		$	1,558,591,000			$	1,293,613,943			$	177,947,243				$	163,778,835

		$	3,871,218			$	11,509,424			$	(19,990	)			$	64,935



68 Wells Fargo Advantage Large Cap Stock Funds		Statements of Changes in Net Assets


	Large Company Value Fund
	Six Months Ended
	January 31, 2011						Year Ended
	(Unaudited)						July 31, 2010

Operations
Net investment income				$	513,822					$	805,546
Net realized gains on investments					1,748,915						1,795,327
Net change in unrealized gains (losses) on investments					15,368,086						11,486,042

Net increase in net assets resulting from operations					17,630,823						14,086,915


Distributions to shareholders from
Net investment income
Class A					(1,998	)					(2,502	)
Class C					(323	)					(598	)
Administrator Class					(5,162	)					(2,888	)
Institutional Class					(47,434	)					(116	)
Investor Class					(468,830	)					(844,039	)

Total distributions to shareholders					(523,747	)					(850,143	)


	Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		16,399			199,531			21,451			242,295
Class C		5,385			67,300			12,026			135,562
Administrator Class		1,010,771			11,780,371			15,421			164,692
Institutional Class		1,022,661			12,066,000			0			0
Investor Class		308,804			3,815,690			493,140			5,676,159

					27,928,892						6,218,708

Reinvestment of distributions
Class A		169			1,998			221			2,502
Class C		21			261			52			591
Administrator Class		310			3,721			250			2,826
Institutional Class		3,911			47,434			10			116
Investor Class		36,075			436,272			68,367			787,049

					489,686						793,084

Payment for shares redeemed
Class A		(4,255	)		(49,220	)		(5,632	)		(65,179	)
Class C		(3,549	)		(38,436	)		(527	)		(6,203	)
Administrator Class		(939,422	)		(11,056,243	)		(8,367	)		(92,537	)
Institutional Class		(11,315	)		(141,670	)		0			0
Investor Class		(818,512	)		(9,839,375	)		(1,570,733	)		(17,847,268	)

					(21,124,944	)					(18,011,187	)

Net increase (decrease) in net assets resulting from capital share transactions					7,293,634						(10,999,395	)

Total increase in net assets					24,400,710						2,237,377

Net assets
Beginning of period					109,799,656						107,562,279

End of period				$	134,200,366					$	109,799,656

Undistributed (overdistributed) net investment income				$	(2,543	)				$	7,382

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

This page is intentionally left blank.



70 Wells Fargo Advantage Large Cap Stock Funds		Financial Highlights


	Beginning					Net Realized			Distributions
	Net Asset		Net			and Unrealized			from Net
	Value Per		Investment			Gains (Losses)			Investment
	Share		Income (Loss)			on Investments			Income

Classic Value Fund³

Class A
August 1, 2010 to January 31, 2011 (unaudited)	$	16.72		0.06			2.89			(0.08	)
August 1, 2009 to July 31, 2010	$	15.27		0.13			1.44			(0.12	)
August 1, 2008 to July 31, 2009	$	18.89		0.21			(3.30	)		(0.21	)
August 1, 2007 to July 31, 2008	$	23.98		0.29			(3.25	)		(0.28	)
August 1, 2006 to July 31, 2007	$	24.16		0.36			2.70			(0.49	)
August 1, 2005 to July 31, 2006	$	24.08		0.44			1.01			(0.30	)

Class B
August 1, 2010 to January 31, 2011 (unaudited)	$	16.52		0.00	⁵		2.86			(0.01	)
August 1, 2009 to July 31, 2010	$	15.12		0.00	⁵		1.43			(0.03	)
August 1, 2008 to July 31, 2009	$	18.71		0.11	⁵		(3.28	)		(0.10	)
August 1, 2007 to July 31, 2008	$	23.77		0.13	⁵		(3.23	)		(0.11	)
August 1, 2006 to July 31, 2007	$	23.96		0.19	⁵		2.69			(0.32	)
August 1, 2005 to July 31, 2006	$	23.88		0.25	⁵		1.02			(0.12	)

Class C
August 1, 2010 to January 31, 2011 (unaudited)	$	16.48		0.00	⁵		2.84			(0.01	)
August 1, 2009 to July 31, 2010	$	15.08		(0.01	)⁵		1.44			(0.03	)
August 1, 2008 to July 31, 2009	$	18.67		0.09			(3.26	)		(0.10	)
August 1, 2007 to July 31, 2008	$	23.72		0.13	⁵		(3.22	)		(0.11	)
August 1, 2006 to July 31, 2007	$	23.92		0.19	⁵		2.68			(0.32	)
August 1, 2005 to July 31, 2006	$	23.85		0.25	⁵		1.02			(0.13	)

Class R
August 1, 2010 to January 31, 2011 (unaudited)	$	16.76		0.04			2.90			(0.07	)
August 1, 2009 to July 31, 2010	$	15.32		0.08	⁵		1.45			(0.09	)
August 1, 2008 to July 31, 2009	$	18.92		0.16	⁵		(3.30	)		(0.14	)
August 1, 2007 to July 31, 2008	$	24.02		0.21			(3.23	)		(0.23	)
August 1, 2006 to July 31, 2007	$	24.19		0.30			2.73			(0.45	)
August 1, 2005 to July 31, 2006	$	24.10		0.34			1.06			(0.24	)

Administrator Class
August 1, 2010 to January 31, 2011 (unaudited)	$	16.72		0.08			2.89			(0.08	)
August 1, 2009 to July 31, 2010	$	15.27		0.17			1.45			(0.17	)
August 1, 2008 to July 31, 2009	$	18.89		0.25			(3.31	)		(0.24	)
August 1, 2007 to July 31, 2008	$	23.98		0.35			(3.26	)		(0.33	)
August 1, 2006 to July 31, 2007	$	24.16		0.42			2.72			(0.57	)
August 1, 2005 to July 31, 2006	$	24.08		0.51			1.01			(0.37	)

Institutional Class
August 1, 2010 to January 31, 2011 (unaudited)	$	16.72		0.09			2.90			(0.12	)
July 30, 20104 to July 31, 2010	$	16.72		0.00			0.00			0.00

Core Equity Fund⁶

Class A
August 1, 2010 to January 31, 2011 (unaudited)	$	22.79		0.07			4.68			(0.13	)
August 1, 2009 to July 31, 2010	$	20.36		0.13			2.46			(0.16	)
August 1, 2008 to July 31, 2009	$	23.15		0.21			(2.86	)		(0.14	)
August 1, 2007 to July 31, 2008	$	26.73		0.17	⁵		(2.36	)		(0.12	)
August 1, 2006 to July 31, 2007	$	23.37		0.13	⁵		3.65			(0.11	)
August 1, 2005 to July 31, 2006	$	23.25		0.11	⁵		0.52			(0.08	)

Class B
August 1, 2010 to January 31, 2011 (unaudited)	$	20.87		(0.03	)⁵		4.29			(0.02	)
August 1, 2009 to July 31, 2010	$	18.72		(0.05	)⁵		2.28			(0.08	)
August 1, 2008 to July 31, 2009	$	21.41		0.05	⁵		(2.64	)		(0.10	)
August 1, 2007 to July 31, 2008	$	24.89		(0.01	)⁵		(2.19	)		(0.01	)
August 1, 2006 to July 31, 2007	$	21.87		(0.04	)⁵		3.40			(0.03	)
August 1, 2005 to July 31, 2006	$	21.86		(0.05	)⁵		0.49			0.00

Please see footnotes on page 78.

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



Financial Highlights		Wells Fargo Advantage Large Cap Stock Funds 71


			Ending
Distributions			Net Asset		Ratio to Average Net Assets (Annualized)												Portfolio			Net Assets at
from Net			Value Per		Net Investment			Gross			Net			Total			Turnover			End of Period
Realized Gains			Share		Income (Loss)			Expenses			Expenses			Return¹			Rate²			(000’s omitted)




	0.00		$	19.59		0.72	%		1.26	%		1.25	%		17.67	%		12	%	$	296,783
	0.00		$	16.72		0.76	%		1.25	%		1.24	%		10.30	%		21	%	$	273,299
	(0.32	)	$	15.27		1.47	%		1.28	%		1.28	%		(15.85	)%		19	%	$	203,472
	(1.85	)	$	18.89		1.35	%		1.18	%		1.15	%		(13.46	)%		23	%	$	287,236
	(2.75	)	$	23.98		1.49	%		1.19	%		1.18	%		13.55	%		57	%	$	404,494
	(1.07	)	$	24.16		1.80	%		1.21	%		1.21	%		6.40	%		96	%	$	420,757


	0.00		$	19.37		(0.02	)%		2.01	%		2.00	%		17.23	%		12	%	$	9,415
	0.00		$	16.52		0.03	%		2.00	%		1.99	%		9.44	%		21	%	$	10,019
	(0.32	)	$	15.12		0.79	%		2.02	%		2.02	%		(16.47	)%		19	%	$	12,186
	(1.85	)	$	18.71		0.61	%		1.89	%		1.89	%		(14.10	)%		23	%	$	27,550
	(2.75	)	$	23.77		0.78	%		1.89	%		1.89	%		12.76	%		57	%	$	48,897
	(1.07	)	$	23.96		1.05	%		1.91	%		1.91	%		5.66	%		96	%	$	60,111


	0.00		$	19.31		(0.02	)%		2.01	%		2.00	%		17.26	%		12	%	$	11,754
	0.00		$	16.48		0.02	%		2.00	%		1.99	%		9.47	%		21	%	$	12,022
	(0.32	)	$	15.08		0.73	%		2.03	%		2.03	%		(16.49	)%		19	%	$	12,354
	(1.85	)	$	18.67		0.61	%		1.90	%		1.90	%		(14.07	)%		23	%	$	17,571
	(2.75	)	$	23.72		0.78	%		1.89	%		1.89	%		12.74	%		57	%	$	27,901
	(1.07	)	$	23.92		1.08	%		1.91	%		1.91	%		5.64	%		96	%	$	28,739


	0.00		$	19.63		0.45	%		1.52	%		1.50	%		17.53	%		12	%	$	188
	0.00		$	16.76		0.47	%		1.50	%		1.49	%		9.99	%		21	%	$	158
	(0.32	)	$	15.32		1.06	%		1.52	%		1.52	%		(16.05	)%		19	%	$	19
	(1.85	)	$	18.92		1.16	%		1.39	%		1.39	%		(13.64	)%		23	%	$	50
	(2.75	)	$	24.02		1.27	%		1.39	%		1.39	%		13.30	%		57	%	$	103
	(1.07	)	$	24.19		1.45	%		1.42	%		1.42	%		6.19	%		96	%	$	85


	0.00		$	19.61		0.96	%		1.10	%		1.00	%		17.75	%		12	%	$	438,700
	0.00		$	16.72		1.02	%		1.00	%		0.99	%		10.58	%		21	%	$	390,920
	(0.32	)	$	15.27		1.72	%		1.03	%		1.03	%		(15.63	)%		19	%	$	385,000
	(1.85	)	$	18.89		1.61	%		0.90	%		0.90	%		(13.18	)%		23	%	$	502,000
	(2.75	)	$	23.98		1.78	%		0.89	%		0.89	%		13.84	%		57	%	$	642,000
	(1.07	)	$	24.16		2.12	%		0.92	%		0.92	%		6.72	%		96	%	$	616,000


	0.00		$	19.59		1.06	%		0.84	%		0.75	%		17.92	%		12	%	$	2,235
	0.00		$	16.72		0.00	%		0.00	%		0.00	%		0.00	%		21	%	$	10




	0.00		$	27.41		0.44	%		1.26	%		1.24	%		20.86	%		42	%	$	487,557
	0.00		$	22.79		0.48	%		1.39	%		1.38	%		12.76	%		25	%	$	425,113
	0.00		$	20.36		0.99	%		1.50	%		1.50	%		(11.36	)%		30	%	$	413,058
	(1.27	)	$	23.15		0.69	%		1.36	%		1.33	%		(8.74	)%		24	%	$	521,466
	(0.31	)	$	26.73		0.50	%		1.41	%		1.38	%		16.29	%		17	%	$	646,271
	(0.43	)	$	23.37		0.49	%		1.40	%		1.38	%		2.76	%		21	%	$	641,918


	0.00		$	25.11		(0.30	)%		2.01	%		1.99	%		20.39	%		42	%	$	27,890
	0.00		$	20.87		(0.26	)%		2.14	%		2.13	%		11.91	%		25	%	$	27,848
	0.00		$	18.72		0.28	%		2.23	%		2.23	%		(12.01	)%		30	%	$	33,504
	(1.27	)	$	21.41		(0.06	)%		2.07	%		2.07	%		(9.42	)%		24	%	$	76,590
	(0.31	)	$	24.89		(0.18	)%		2.11	%		2.09	%		15.44	%		17	%	$	149,672
	(0.43	)	$	21.87		(0.21	)%		2.09	%		2.07	%		2.07	%		21	%	$	214,304


72 Wells Fargo Advantage Large Cap Stock Funds		Financial Highlights


	Beginning					Net Realized			Distributions
	Net Asset		Net			and Unrealized			from Net
	Value Per		Investment			Gains (Losses)			Investment
	Share		Income (Loss)			on Investments			Income

Core Equity Fund⁶(continued)
Class C
August 1, 2010 to January 31, 2011 (unaudited)	$	20.87		(0.04	)⁵		4.30			(0.03	)
August 1, 2009 to July 31, 2010	$	18.73		(0.06	)⁵		2.28			(0.08	)
August 1, 2008 to July 31, 2009	$	21.41		0.04			(2.63	)		(0.09	)
August 1, 2007 to July 31, 2008	$	24.89		(0.01	)		(2.19	)		(0.01	)
August 1, 2006 to July 31, 2007	$	21.87		(0.05	)		3.41			(0.03	)
August 1, 2005 to July 31, 2006	$	21.86		(0.05	)		0.49			0.00

Administrator Class
August 1, 2010 to January 31, 2011 (unaudited)	$	23.22		0.12			4.76			(0.16	)
August 1, 2009 to July 31, 2010	$	20.73		0.24			2.45			(0.20	)
August 1, 2008 to July 31, 2009	$	23.56		0.235			(2.88	)		(0.18	)
August 1, 2007 to July 31, 2008	$	27.21		0.245			(2.40	)		(0.22	)
August 1, 2006 to July 31, 2007	$	23.76		0.215			3.70			(0.15	)
August 1, 2005 to July 31, 2006	$	23.63		0.195			0.52			(0.15	)

Institutional Class
August 1, 2010 to January 31, 2011 (unaudited)	$	23.22		0.14			4.78			(0.19	)
July 30, 20104 to July 31, 2010	$	23.22		0.00			0.00			0.00

Disciplined U.S. Core Fund⁷
Class A
August 1, 2010 to January 31, 2011 (unaudited)	$	11.93		0.07			1.96			(0.01	)
August 1, 2009 to July 31, 2010	$	10.85		0.15			1.09			(0.16	)
August 1, 2008 to July 31, 2009	$	14.40		0.18			(3.15	)		(0.17	)
October 1, 2007 to July 31, 20088	$	18.97		0.14			(2.58	)		(0.14	)
October 1, 2006 to September 30, 2007	$	17.09		0.18			2.48			(0.18	)
October 1, 2005 to September 30, 2006	$	15.56		0.19			1.53			(0.19	)
October 1, 2004 to September 30, 2005	$	13.56		0.125			2.02			(0.14	)

Class C
August 1, 2010 to January 31, 2011 (unaudited)	$	11.54		0.02			1.89			0.00
August 1, 2009 to July 31, 2010	$	10.50		0.06			1.04			(0.06	)
August 1, 2008 to July 31, 2009	$	13.95		0.11			(3.06	)		(0.09	)
October 1, 2007 to July 31, 20088	$	18.45		0.05			(2.51	)		(0.05	)
October 1, 2006 to September 30, 2007	$	16.64		0.045			2.42			(0.05	)
October 1, 2005 to September 30, 2006	$	15.17		0.075			1.49			(0.09	)
October 1, 2004 to September 30, 2005	$	13.24		0.015			1.98			(0.06	)

Administrator Class
August 1, 2010 to January 31, 2011 (unaudited)	$	11.99		0.095			1.97			(0.01	)
August 1, 2009 to July 31, 2010	$	10.92		0.20			1.06			(0.19	)
August 1, 2008 to July 31, 2009	$	14.48		0.22			(3.17	)		(0.20	)
October 1, 2007 to July 31, 20088	$	19.06		0.19			(2.61	)		(0.17	)
October 1, 2006 to September 30, 2007	$	17.16		0.23			2.49			(0.22	)
October 1, 2005 to September 30, 2006	$	15.62		0.24			1.53			(0.23	)
October 1, 2004 to September 30, 2005	$	13.61		0.18			2.01			(0.18	)

Institutional Class
August 1, 2010 to January 31, 2011 (unaudited)	$	11.99		0.10			1.97			(0.01	)
July 30, 20104 to July 31, 2010	$	11.99		0.00			0.00			0.00

Disciplined Value Fund⁹
Class A
August 1, 2010 to January 31, 2011 (unaudited)	$	11.16		0.08			1.70			(0.07	)
August 1, 2009 to July 31, 2010	$	10.10		0.12			1.06			(0.12	)
August 1, 2008 to July 31, 2009	$	13.75		0.22			(3.42	)		(0.22	)
August 1, 2007 to July 31, 2008	$	18.05		0.27			(2.15	)		(0.27	)
August 1, 2006 to July 31, 2007	$	16.62		0.27			1.96			(0.27	)
August 1, 2005 to July 31, 2006	$	15.82		0.22			1.22			(0.19	)

Please see footnotes on page 78.

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


Financial Highlights		Wells Fargo Advantage Large Cap Stock Funds 73


			Ending
Distributions			Net Asset		Ratio to Average Net Assets (Annualized)												Portfolio			Net Assets at
from Net			Value Per		Net Investment			Gross			Net			Total			Turnover			End of Period
Realized Gains			Share		Income (Loss)			Expenses			Expenses			Return¹			Rate²			(000’s omitted)



	0.00		$	25.10		(0.31	)%		2.01	%		1.99	%		20.43	%		42	%	$	55,103
	0.00		$	20.87		(0.27	)%		2.14	%		2.13	%		11.92	%		25	%	$	47,741
	0.00		$	18.73		0.25	%		2.25	%		2.25	%		(12.03	)%		30	%	$	46,959
	(1.27	)	$	21.41		(0.06	)%		2.08	%		2.08	%		(9.40	)%		24	%	$	61,460
	(0.31	)	$	24.89		(0.20	)%		2.11	%		2.09	%		15.44	%		17	%	$	79,743
	(0.43	)	$	21.87		(0.21	)%		2.10	%		2.08	%		2.07	%		21	%	$	85,860


	0.00		$	27.94		0.68	%		1.10	%		1.00	%		21.05	%		42	%	$	226,556
	0.00		$	23.22		0.73	%		1.14	%		1.13	%		12.99	%		25	%	$	192,508
	0.00		$	20.73		1.25	%		1.25	%		1.25	%		(11.13	)%		30	%	$	180,579
	(1.27	)	$	23.56		0.94	%		1.08	%		1.08	%		(8.46	)%		24	%	$	225,227
	(0.31	)	$	27.21		0.79	%		1.11	%		1.09	%		16.59	%		17	%	$	273,609
	(0.43	)	$	23.76		0.80	%		1.10	%		1.08	%		3.08	%		21	%	$	262,995


	0.00		$	27.95		0.90	%		0.85	%		0.75	%		21.16	%		42	%	$	10,808
	0.00		$	23.22		0.00	%		0.00	%		0.00	%		0.00	%		25	%	$	10



	0.00		$	13.95		1.15	%		0.93	%		0.92	%		16.99	%		34	%	$	281,744
	0.00		$	11.93		1.27	%		0.76	%		0.76	%		11.39	%		63	%	$	265,835
	(0.41	)	$	10.85		1.71	%		1.00	%		1.00	%		(20.07	)%		30	%	$	243,049
	(1.99	)	$	14.40		1.12	%		0.94	%		0.94	%		(14.06	)%		29	%	$	348,350
	(0.60	)	$	18.97		0.92	%		0.89	%		0.89	%		15.98	%		71	%	$	513,074
	0.00		$	17.09		1.20	%		0.82	%		0.81	%		11.13	%		52	%	$	115,630
	0.00		$	15.56		0.83	%		1.15	%		1.11	%		15.86	%		38	%	$	100,728


	0.00		$	13.45		0.41	%		1.68	%		1.67	%		16.55	%		34	%	$	10,375
	0.00		$	11.54		0.52	%		1.51	%		1.51	%		10.51	%		63	%	$	11,613
	(0.41	)	$	10.50		0.95	%		1.76	%		1.76	%		(20.65	)%		30	%	$	11,462
	(1.99	)	$	13.95		0.36	%		1.69	%		1.69	%		(14.58	)%		29	%	$	10,409
	(0.60	)	$	18.45		0.24	%		1.63	%		1.63	%		15.10	%		71	%	$	12,331
	0.00		$	16.64		0.45	%		1.56	%		1.55	%		10.29	%		52	%	$	7,944
	0.00		$	15.17		0.09	%		1.85	%		1.81	%		15.08	%		38	%	$	6,003


	0.00		$	14.04		1.35	%		0.77	%		0.74	%		17.17	%		34	%	$	318,750
	0.00		$	11.99		1.53	%		0.52	%		0.52	%		11.51	%		63	%	$	371,389
	(0.41	)	$	10.92		1.99	%		0.75	%		0.75	%		(19.81	)%		30	%	$	484,594
	(1.99	)	$	14.48		1.36	%		0.69	%		0.69	%		(13.89	)%		29	%	$	942,112
	(0.60	)	$	19.06		1.25	%		0.62	%		0.62	%		16.28	%		71	%	$	1,592,166
	0.00		$	17.16		1.45	%		0.56	%		0.55	%		11.44	%		52	%	$	1,722,790
	0.00		$	15.62		1.23	%		0.84	%		0.80	%		16.19	%		38	%	$	1,432,963


	0.00		$	14.05		1.59	%		0.50	%		0.47	%		17.35	%		34	%	$	12
	0.00		$	11.99		0.00	%		0.00	%		0.00	%		0.00	%		63	%	$	10



	0.00		$	12.87		1.25	%		1.17	%		1.10	%		16.00	%		33	%	$	126,230
	0.00		$	11.16		1.09	%		1.26	%		1.19	%		11.71	%		71	%	$	120,466
	(0.23	)	$	10.10		2.21	%		1.25	%		1.12	%		(22.92	)%		33	%	$	40,132
	(2.15	)	$	13.75		1.67	%		1.11	%		1.04	%		(11.90	)%		45	%	$	69,864
	(0.53	)	$	18.05		1.04	%		1.04	%		1.04	%		13.60	%		60	%	$	119,461
	(0.45	)	$	16.62		1.14	%		1.17	%		1.15	%		9.44	%		55	%	$	13,428


74 Wells Fargo Advantage Large Cap Stock Funds		Financial Highlights


	Beginning				Net Realized			Distributions
	Net Asset		Net		and Unrealized			from Net
	Value Per		Investment		Gains (Losses)			Investment
	Share		Income		on Investments			Income

Disciplined Value Fund⁹(continued)
Class C
August 1, 2010 to January 31, 2011 (unaudited)	$	11.07		0.03		1.70			(0.03	)
August 1, 2009 to July 31, 2010	$	10.03		0.04		1.04			(0.04	)
August 1, 2008 to July 31, 2009	$	13.65		0.15		(3.40	)		(0.14	)
August 1, 2007 to July 31, 2008	$	17.93		0.14		(2.13	)		(0.14	)
August 1, 2006 to July 31, 2007	$	16.53		0.13		1.93			(0.13	)
August 1, 2005 to July 31, 2006	$	15.79		0.12		1.18			(0.11	)

Administrator Class
August 1, 2010 to January 31, 2011 (unaudited)	$	11.11		0.09		1.72			(0.09	)
August 1, 2009 to July 31, 2010	$	10.07		0.15		1.04			(0.15	)
August 1, 2008 to July 31, 2009	$	13.71		0.26		(3.42	)		(0.25	)
August 1, 2007 to July 31, 2008	$	18.01		0.31		(2.15	)		(0.31	)
August 1, 2006 to July 31, 2007	$	16.59		0.32		1.94			(0.31	)
August 1, 2005 to July 31, 2006	$	15.81		0.24		1.23			(0.24	)

Institutional Class
August 1, 2010 to January 31, 2011 (unaudited)	$	11.11		0.095		1.73			(0.10	)
July 30, 20104 to July 31, 2010	$	11.11		0.00		0.00			0.00

Investor Class
August 1, 2010 to January 31, 2011 (unaudited)	$	11.11		0.07		1.71			(0.07	)
July 16, 20104 to July 31, 2010	$	10.71		0.00		0.40			0.00

Intrinsic Value Fund¹⁰
Class A
August 1, 2010 to January 31, 2011 (unaudited)	$	9.84		0.05		1.52			(0.09	)
August 1, 2009 to July 31, 2010	$	8.48		0.105		1.31			(0.05	)
August 1, 2008 to July 31, 2009	$	10.19		0.10		(1.71	)		(0.04	)
August 1, 2007 to July 31, 2008	$	11.53		0.09		(0.96	)		(0.05	)
August 1, 20064 to July 31, 2007	$	10.00		0.07		1.49			(0.03	)

Class B
August 1, 2010 to January 31, 2011 (unaudited)	$	9.72		0.02		1.51			(0.00	)¹¹
August 1, 2009 to July 31, 2010	$	8.40		0.035		1.29			0.00
August 1, 2008 to July 31, 2009	$	10.11		0.075		(1.72	)		0.00
August 1, 2007 to July 31, 2008	$	11.48		0.02		(0.97	)		0.00
August 1, 20064 to July 31, 2007	$	10.00		0.02		1.47			(0.01	)

Class C
August 1, 2010 to January 31, 2011 (unaudited)	$	9.72		0.0011		1.52			(0.02	)
August 1, 2009 to July 31, 2010	$	8.40		0.035		1.29			0.00
August 1, 2008 to July 31, 2009	$	10.11		0.065		(1.71	)		0.00
August 1, 2007 to July 31, 2008	$	11.48		0.01		(0.96	)		0.00
August 1, 20064 to July 31, 2007	$	10.00		0.02		1.47			(0.01	)

Administrator Class
August 1, 2010 to January 31, 2011 (unaudited)	$	9.87		0.05		1.55			(0.11	)
July 30, 20104 to July 31, 2010	$	9.87		0.00		0.00			0.00

Institutional Class
August 1, 2010 to January 31, 2011 (unaudited)	$	9.87		0.09		1.51			(0.11	)
August 1, 2009 to July 31, 2010	$	8.51		0.125		1.32			(0.08	)
August 1, 2008 to July 31, 2009	$	10.22		0.12		(1.72	)		(0.05	)
August 1, 2007 to July 31, 2008	$	11.55		0.145		(0.98	)		(0.07	)
August 1, 20064 to July 31, 2007	$	10.00		0.10		1.48			(0.03	)

Please see footnotes on page 78.

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


Financial Highlights		Wells Fargo Advantage Large Cap Stock Funds 75


			Ending
Distributions			Net Asset		Ratio to Average Net Assets (Annualized)												Portfolio			Net Assets at
from Net			Value Per		Net Investment			Gross			Net			Total			Turnover			End of Period
Realized Gains			Share		Income (Loss)			Expenses			Expenses			Return¹			Rate²			(000’s omitted)



	0.00		$	12.77		0.50	%		1.92	%		1.85	%		15.65	%		33	%	$	4,407
	0.00		$	11.07		0.33	%		2.01	%		1.94	%		10.72	%		71	%	$	4,059
	(0.23	)	$	10.03		1.44	%		2.01	%		1.88	%		(23.47	)%		33	%	$	1,455
	(2.15	)	$	13.65		0.91	%		1.86	%		1.79	%		(12.58	)%		45	%	$	1,890
	(0.53	)	$	17.93		0.70	%		1.79	%		1.79	%		12.65	%		60	%	$	3,009
	(0.45	)	$	16.53		0.53	%		1.90	%		1.88	%		8.54	%		55	%	$	1,617


	0.00		$	12.83		1.50	%		1.01	%		0.85	%		16.29	%		33	%	$	239,163
	0.00		$	11.11		1.34	%		1.02	%		0.94	%		11.84	%		71	%	$	227,444
	(0.23	)	$	10.07		2.48	%		1.00	%		0.87	%		(22.72	)%		33	%	$	97,385
	(2.15	)	$	13.71		1.93	%		0.86	%		0.79	%		(11.71	)%		45	%	$	235,108
	(0.53	)	$	18.01		1.78	%		0.79	%		0.79	%		13.85	%		60	%	$	559,719
	(0.45	)	$	16.59		1.45	%		0.90	%		0.88	%		9.66	%		55	%	$	673,865


	0.00		$	12.83		1.59	%		0.74	%		0.65	%		16.39	%		33	%	$	3,813
	0.00		$	11.11		0.00	%		0.00	%		0.00	%		0.00	%		71	%	$	10


	0.00		$	12.82		1.18	%		1.24	%		1.17	%		16.04	%		33	%	$	23,553
	0.00		$	11.11		1.13	%		1.29	%		1.17	%		3.73	%		71	%	$	21,465



	0.00		$	11.32		0.76	%		1.22	%		1.17	%		16.04	%		10	%	$	161,760
	0.00		$	9.84		1.05	%		1.17	%		1.11	%		16.67	%		23	%	$	147,957
	(0.06	)	$	8.48		1.62	%		1.15	%		1.14	%		(15.62	)%		23	%	$	90,382
	(0.42	)	$	10.19		0.96	%		1.12	%		1.11	%		(7.89	)%		26	%	$	88,456
	0.00		$	11.53		1.14	%		1.33	%		1.21	%		15.58	%		91	%	$	81,087


	0.00		$	11.24		0.02	%		1.97	%		1.92	%		15.69	%		10	%	$	9,582
	0.00		$	9.72		0.30	%		1.93	%		1.88	%		15.71	%		23	%	$	9,206
	(0.06	)	$	8.40		0.84	%		1.91	%		1.90	%		(16.22	)%		23	%	$	10,014
	(0.42	)	$	10.11		0.15	%		1.91	%		1.90	%		(8.58	)%		26	%	$	18,248
	0.00		$	11.48		0.44	%		2.09	%		1.97	%		14.89	%		91	%	$	24,084


	0.00		$	11.22		0.01	%		1.97	%		1.92	%		15.64	%		10	%	$	32,726
	0.00		$	9.72		0.29	%		1.94	%		1.88	%		15.71	%		23	%	$	26,934
	(0.06	)	$	8.40		0.84	%		1.92	%		1.91	%		(16.22	)%		23	%	$	20,396
	(0.42	)	$	10.11		0.18	%		1.91	%		1.90	%		(8.58	)%		26	%	$	22,369
	0.00		$	11.48		0.31	%		2.10	%		1.98	%		14.90	%		91	%	$	19,640


	0.00		$	11.36		0.97	%		1.06	%		0.96	%		16.29	%		10	%	$	451,216
	0.00		$	9.87		0.00	%		0.00	%		0.00	%		0.00	%		23	%	$	10


	0.00		$	11.36		1.14	%		0.79	%		0.79	%		16.27	%		10	%	$	903,307
	0.00		$	9.87		1.27	%		0.94	%		0.88	%		16.93	%		23	%	$	1,109,507
	(0.06	)	$	8.51		1.86	%		0.92	%		0.91	%		(15.44	)%		23	%	$	348,093
	(0.42	)	$	10.22		1.25	%		0.89	%		0.88	%		(7.66	)%		26	%	$	299,456
	0.00		$	11.55		1.18	%		1.11	%		0.99	%		15.84	%		91	%	$	61,469


76 Wells Fargo Advantage Large Cap Stock Funds		Financial Highlights


	Beginning					Net Realized			Distributions
	Net Asset		Net			and Unrealized			from Net
	Value Per		Investment			Gains (Losses)			Investment
	Share		Income			on Investments			Income

Large Cap Core Fund¹²
Class A
August 1, 2010 to January 31, 2011 (unaudited)	$	7.37		0.03			1.32			(0.03	)
August 1, 2009 to July 31, 2010	$	6.96		0.06			0.46			(0.11	)
August 1, 2008 to July 31, 2009	$	8.77		0.08			(1.82	)		(0.07	)
December 17, 20074 to July 31, 2008	$	10.00		0.03			(1.26	)		0.00

Class C
August 1, 2010 to January 31, 2011 (unaudited)	$	7.37		0.00			1.32			0.00
August 1, 2009 to July 31, 2010	$	6.94		0.01			0.44			(0.02	)
August 1, 2008 to July 31, 2009	$	8.75		0.03			(1.81	)		(0.03	)
December 17, 20074 to July 31, 2008	$	10.00		0.00			(1.25	)		0.00

Administrator Class
August 1, 2010 to January 31, 2011 (unaudited)	$	7.38		0.02	⁵		1.34			(0.04	)
July 16, 20104 to July 31, 2010	$	7.22		0.00			0.16			0.00

Institutional Class
August 1, 2010 to January 31, 2011 (unaudited)	$	7.38		0.05	⁵		1.33			(0.06	)
August 1, 2009 to July 31, 2010	$	6.97		0.08			0.46			(0.13	)
August 1, 2008 to July 31, 2009	$	8.79		0.09			(1.82	)		(0.09	)
December 17, 20074 to July 31, 2008	$	10.00		0.05			(1.26	)		0.00

Investor Class
August 1, 2010 to January 31, 2011 (unaudited)	$	7.38		0.02			1.32			(0.03	)
July 16, 20104 to July 31, 2010	$	7.22		0.00			0.16			0.00

Large Company Value Fund
Class A
August 1, 2010 to January 31, 2011 (unaudited)	$	11.04		0.05			1.67			(0.06	)
August 1, 2009 to July 31, 2010	$	9.84		0.09			1.21			(0.10	)
August 1, 2008 to July 31, 2009	$	14.43		0.175			(3.39	)		(0.24	)
March 31, 20084 to July 31, 2008	$	14.92		0.085			(0.51	)		(0.06	)

Class C
August 1, 2010 to January 31, 2011 (unaudited)	$	11.26		0.01			1.69			(0.01	)
August 1, 2009 to July 31, 2010	$	10.03		0.03			1.22			(0.02	)
August 1, 2008 to July 31, 2009	$	14.66		0.065			(3.40	)		(0.16	)
March 31, 20084 to July 31, 2008	$	15.17		0.045			(0.52	)		(0.03	)

Administrator Class
August 1, 2010 to January 31, 2011 (unaudited)	$	11.08		0.145			1.60			(0.07	)
August 1, 2009 to July 31, 2010	$	9.87		0.125			1.22			(0.13	)
August 1, 2008 to July 31, 2009	$	14.43		0.315			(3.49	)		(0.25	)
August 1, 2007 to July 31, 2008	$	17.09		0.335			(1.46	)		(0.34	)
August 1, 2006 to July 31, 2007	$	16.76		0.385			1.51			(0.38	)
August 1, 2005 to July 31, 2006	$	16.53		0.36			0.96			(0.31	)

Institutional Class
August 1, 2010 to January 31, 2011 (unaudited)	$	11.08		0.06			1.68			(0.08	)
August 1, 2009 to July 31, 2010	$	9.86		0.14			1.23			(0.15	)
August 1, 2008 to July 31, 2009	$	14.43		0.265			(3.42	)		(0.28	)
March 31, 20084 to July 31, 2008	$	14.92		0.105			(0.52	)		(0.07	)

Investor Class
August 1, 2010 to January 31, 2011 (unaudited)	$	11.28		0.05			1.70			(0.05	)
August 1, 2009 to July 31, 2010	$	10.05		0.08			1.23			(0.08	)
August 1, 2008 to July 31, 2009	$	14.67		0.215			(3.48	)		(0.22	)
August 1, 2007 to July 31, 2008	$	17.35		0.285			(1.50	)		(0.27	)
August 1, 2006 to July 31, 2007	$	16.99		0.295			1.56			(0.31	)
August 1, 2005 to July 31, 2006	$	16.74		0.27			1.00			(0.24	)

Please see footnotes on page 78.

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


Financial Highlights		Wells Fargo Advantage Large Cap Stock Funds 77


			Ending
Distributions			Net Asset		Ratio to Average Net Assets (Annualized)												Portfolio			Net Assets at
from Net			Value Per		Net Investment			Gross			Net			Total			Turnover			End of Period
Realized Gains			Share		Income (Loss)			Expenses			Expenses			Return¹			Rate²			(000’s omitted)



	0.00		$	8.69		0.68	%		1.29	%		1.14	%		18.34	%		17	%	$	8,569
	0.00		$	7.37		0.91	%		2.55	%		1.15	%		7.43	%		18	%	$	8,501
	0.00		$	6.96		1.22	%		4.10	%		1.15	%		(19.78	)%		45	%	$	533
	0.00		$	8.77		0.69	%		5.03	%		1.15	%		(12.30	)%		23	%	$	604


	0.00		$	8.69		(0.05	)%		2.04	%		1.89	%		17.91	%		17	%	$	1,708
	0.00		$	7.37		0.09	%		3.75	%		1.90	%		6.54	%		18	%	$	1,947
	0.00		$	6.94		(0.48	)%		4.85	%		1.90	%		(20.33	)%		45	%	$	1,043
	0.00		$	8.75		(0.06	)%		5.78	%		1.90	%		(12.50	)%		23	%	$	942


	0.00		$	8.70		0.57	%		1.15	%		0.91	%		18.49	%		17	%	$	454
	0.00		$	7.38		1.12	%		1.12	%		0.89	%		2.22	%		18	%	$	42


	0.00		$	8.70		1.43	%		0.86	%		0.65	%		18.69	%		17	%	$	583
	0.00		$	7.38		1.09	%		2.80	%		0.89	%		7.79	%		18	%	$	3,132
	0.00		$	6.97		1.47	%		3.85	%		0.90	%		(19.61	)%		45	%	$	2,809
	0.00		$	8.79		0.93	%		4.78	%		0.90	%		(12.10	)%		23	%	$	3,149


	0.00		$	8.69		0.60	%		1.37	%		1.21	%		18.15	%		17	%	$	166,633
	0.00		$	7.38		1.03	%		1.37	%		1.21	%		2.22	%		18	%	$	150,157



	0.00		$	12.70		0.86	%		1.36	%		1.25	%		15.59	%		15	%	$	572
	0.00		$	11.04		0.74	%		1.42	%		1.25	%		13.22	%		42	%	$	362
	(1.13	)	$	9.84		1.85	%		1.52	%		1.23	%		(21.52	)%		61	%	$	165
	0.00		$	14.43		1.55	%		1.37	%		1.25	%		(2.92	)%		71	%	$	14


	0.00		$	12.95		0.15	%		2.11	%		2.00	%		15.09	%		15	%	$	528
	0.00		$	11.26		0.02	%		2.17	%		2.00	%		12.47	%		42	%	$	438
	(1.13	)	$	10.03		0.69	%		2.23	%		1.97	%		(22.07	)%		61	%	$	274
	0.00		$	14.66		0.78	%		2.12	%		2.00	%		(3.17	)%		71	%	$	10


	0.00		$	12.75		2.33	%		1.21	%		0.96	%		15.76	%		15	%	$	1,246
	0.00		$	11.08		1.12	%		1.24	%		0.96	%		13.53	%		42	%	$	289
	(1.13	)	$	9.87		2.56	%		1.30	%		0.95	%		(21.20	)%		61	%	$	185
	(1.19	)	$	14.43		2.05	%		1.21	%		0.96	%		(7.48	)%		71	%	$	2,405
	(1.18	)	$	17.09		2.16	%		1.24	%		0.96	%		11.45	%		18	%	$	3,489
	(0.78	)	$	16.76		2.01	%		1.23	%		0.96	%		8.37	%		8	%	$	10,255


	0.00		$	12.74		0.88	%		0.93	%		0.75	%		15.90	%		15	%	$	12,942
	0.00		$	11.08		1.28	%		0.96	%		0.75	%		13.76	%		42	%	$	9
	(1.13	)	$	9.86		2.64	%		1.06	%		0.75	%		(21.07	)%		61	%	$	8
	0.00		$	14.43		2.02	%		0.91	%		0.75	%		(2.82	)%		71	%	$	10


	0.00		$	12.98		0.83	%		1.43	%		1.32	%		15.55	%		15	%	$	118,912
	0.00		$	11.28		0.70	%		1.52	%		1.35	%		13.06	%		42	%	$	108,703
	(1.13	)	$	10.05		2.05	%		1.63	%		1.35	%		(21.53	)%		61	%	$	106,931
	(1.19	)	$	14.67		1.71	%		1.52	%		1.37	%		(7.84	)%		71	%	$	151,546
	(1.18	)	$	17.35		1.62	%		1.51	%		1.37	%		11.04	%		18	%	$	196,291
	(0.78	)	$	16.99		1.57	%		1.50	%		1.37	%		7.93	%		8	%	$	191,792


78 Wells Fargo Advantage Large Cap Stock Funds		Financial Highlights


1.		Total return calculations do not include any sales charges and would have been lower had certain expenses not been waived or reimbursed during the periods shown. Returns for periods of less than one year are not annualized.

2.		Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued. Portfolio turnover rates presented for periods of less than one year are not annualized.

3.		After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Equity Income Fund and Wells Fargo Advantage Specialized Financial Services Fund. Evergreen Equity Income Fund was the accounting and performance survivor in this transaction. The information for the periods prior to July 19, 2010 are those of Evergreen Equity Income Fund.

4.		Commencement of class operations.

5.		Calculated based upon average shares outstanding.

6.		After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Fundamental Large Cap Fund, which became the accounting survivor in the transaction. The information for the periods prior to July 19, 2010 are those of the predecessor fund.

7.		After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Enhanced S&P 500 Fund, which became the accounting and performance survivor in this transaction. The information for the periods prior to July 19, 2010 are those of the predecessor fund.

8.		For the ten months ended July 31, 2008. The Fund changed its fiscal year end from September 30 to July 31, effective July 31, 2008.

9.		After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Disciplined Value Fund, Wells Fargo Advantage Equity Income and Wells Fargo Advantage U.S. Value Fund. Evergreen Disciplined Value Fund was the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 are those of Evergreen Disciplined Value Fund.

10.		After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Intrinsic Value Fund, which became the accounting and performance survivor in this transaction. The information for the periods prior to July 19, 2010 are those of the predecessor fund.

11.		Amount is less than $0.005.

12.		After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Golden Large Cap Core Fund and Wells Fargo Advantage Large Company Core Fund. Evergreen Golden Large Cap Core Fund was the accounting and performance survivor in this transaction. The information for the periods prior to July 19, 2010 are those of Evergreen Golden Large Cap Core Fund.

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


Notes to Financial Statements (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 79

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on the following funds: Wells Fargo Advantage Classic Value Fund (“Classic Value Fund”), Wells Fargo Advantage Core Equity Fund (“Core Equity Fund”), Wells Fargo Advantage Disciplined U.S. Core Fund (“Disciplined U.S. Core Fund”), Wells Fargo Advantage Disciplined Value Fund (“Disciplined Value Fund”), Wells Fargo Advantage Intrinsic Value Fund (“Intrinsic Value Fund”), Wells Fargo Advantage Large Cap Core Fund (“Large Cap Core Fund”) and Wells Fargo Advantage Large Company Value Fund (“Large Company Value Fund”) (each, a “Fund”, collectively, the “Funds”). Each Fund is a diversified series of the Trust.

After the close of business on July 16, 2010, the net assets of various Evergreen Funds were acquired by various Wells Fargo Advantage Funds which were created to receive the assets of the respective Evergreen fund, in an exchange for shares of the Wells Fargo Advantage fund. As the various Evergreen Funds contributed the all of the net assets and shareholders to the newly created Wells Fargo Advantage Funds, the accounting and performance history of the Evergreen fund has been carried forward.


Wells Fargo Advantage Fund		Acquired Evergreen Fund
Core Equity Fund		Evergreen Fundamental Large Cap Fund

Disciplined U.S. Core Fund		Evergreen Enhanced S&P 500 Fund

Intrinsic Value Fund		Evergreen Intrinsic Value Fund

Class A, Class B, Class C and Class I shares of Evergreen Fundamental Large Cap Fund received Class A, Class B, Class C and Administrator Class shares, respectively, of Core Equity Fund in the reorganization.

Class A, Class B, Class C, Class I and Class IS shares of Evergreen Enhanced S&P 500 Fund received Class A, Class B, Class C, Administrator Class and Class A shares, respectively, of Disciplined U.S. Core Fund in the reorganization.

Class A, Class B, Class C and Class I shares of Evergreen Intrinsic Value Fund received Class A, Class B, Class C and Institutional Class shares, respectively, of Intrinsic Value Fund in the reorganization.

Also, after the close of business on July 16, 2010, the net assets of various Evergreen Funds and Wells Fargo Advantage Funds were acquired by various Wells Fargo Advantage Funds, which were created to receive the assets of the respective Evergreen fund and Wells Fargo Advantage fund, in an exchange for shares of the newly created Wells Fargo Advantage fund. In each reorganization transaction, the Evergreen fund became the accounting and performance survivor. As a result, the accounting and performance history of the Evergreen fund has been carried forward in the financial statements contained herein.


Wells Fargo Advantage Fund		Acquired Fund
Classic Value Fund		Evergreen Equity Income Fund
		Wells Fargo Advantage Specialized Financial Services Fund

Disciplined Value Fund		Evergreen Disciplined Value Fund
		Wells Fargo Advantage Equity Income Fund
		Wells Fargo Advantage U.S. Value Fund

Large Cap Core Fund		Evergreen Golden Large Cap Core Fund
		Wells Fargo Advantage Large Company Core Fund

2. SIGNIFICANT ACCOUNTING POLICIES


80 Wells Fargo Advantage Large Cap Stock Funds		Notes to Financial Statements (Unaudited)

Funds should recognize or make disclosures regarding events or transactions occurring subsequent to the balance sheet date through the date the financial statements are issued. Adjustments or additional disclosures, if any, have been included in these financial statements.

Securities valuation

Investments in securities are valued each business day as of the close of regular trading on the New York Stock Exchange, which is usually 4:00 p.m. (Eastern Time). Securities which are traded on a national or foreign securities exchange are valued at the last reported sales price, except that securities listed on The Nasdaq Stock Market, Inc. (“Nasdaq”) are valued at the Nasdaq Official Closing Price (“NOCP”), and if no NOCP is available, then at the last reported sales price. If no sales price is shown on the Nasdaq, the bid price will be used. In the absence of any sale of securities listed on the Nasdaq, and in the case of other securities, including U.S. Government obligations, but excluding debt securities maturing in 60 days or less, the price will be deemed “stale” and the valuations will be determined in accordance with the Funds’ Fair Valuation Procedures.

Securities denominated in foreign currencies are translated into U.S. dollars using the closing rates of exchange in effect on the day of valuation.

Investments in open-end mutual funds and non-registered investment companies are generally valued at net asset value.

The valuation techniques used by the Funds to measure fair value are consistent with the market approach, income approach and/or cost approach, where applicable, for each security type.

Security loans


Notes to Financial Statements (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 81

In a securities lending transaction, the net asset value of a Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of instruments in which cash collateral is invested. The amount of securities lending activity undertaken by a Fund fluctuates from time to time. As a result of the reorganizations on July 16, 2010, each Fund, except Core Equity Fund, Discipline U.S. Core Fund and Intrinsic Value Fund, holds securities related to defaulted or impaired structured investment vehicles through securities lending transactions. After the occurrence of a default or impairment of structured investment vehicles purchased in a joint account by the Wells Fargo acquired fund’s former securities lending agent, as the various participating Funds’ lending activity fluctuated, their ratable interest in the joint account, including their ratable exposure to the defaulted or impaired structured investment vehicles fluctuated depending on the relative activity of each participating Fund. In order to eliminate the fluctuation of the various Funds’ ratable exposure to the defaulted or impaired structured investment vehicles, the adviser to the Funds recommended to the Board of Trustees, and the Board of Trustees approved, actions designed to fix the allocation of percentage ownership in defaulted or impaired structured investment vehicles among all funds participating in securities lending (“side pocketing”) based on each Fund’s percentage ownership of the total cash collateral investment joint account as of the date the fixed allocation is implemented. Accordingly, on February 13, 2009 a side pocketing occurred, which fixed each Fund’s ownership of defaulted or impaired structured investment vehicle in the joint account based on each such Fund’s percentage ownership of the joint account as of such date.

Futures contracts

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

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

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are reported on the basis of identified cost of securities delivered.

Distributions to shareholders

Federal and other taxes

Each Fund is treated as a separate entity for federal income tax purposes. It is the policy of each Fund of the Trust to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.


82 Wells Fargo Advantage Large Cap Stock Funds		Notes to Financial Statements (Unaudited)

At July 31, 2010, estimated net capital loss carryforwards, which are available to offset future net realized capital gains, were as follows:


	Expiration
	2011		2015		2016		2017		2018

Classic Value Fund	$	0	$	15,739,254	$	13,957,990	$	47,685,916	$	12,969,969
Core Equity Fund		2,583,953		0		0		21,176,963		0
Disciplined U.S. Core Fund		0		0		0		11,986,149		79,165,574
Disciplined Value Fund		0		0		18,626,854		43,595,761		8,056,788
Intrinsic Value Fund		0		0		0		16,421,385		30,508,982
Large Cap Core Fund		0		0		15,213,000		52,160,691		24,647,608
Large Company Value Fund		0		0		0		11,277,285		10,046,072

As of July 31, 2010, Intrinsic Value Fund had $4,027,230 of current year deferred post-October capital losses, which would be treated as realized for tax purposes on the first day of the succeeding year.

Class allocations

Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing, and administration fees.

3. FAIR VALUATION MEASUREMENTS

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

§		Level 1 — quoted prices in active markets for identical securities

§		Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

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


Notes to Financial Statements (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 83

As of January 31, 2011, the inputs used in valuing each Fund’s assets, which are carried at fair value, were as follows:


			Significant Other		Significant
	Quoted Prices		Observable Inputs		Unobservable Inputs
Investments in Securities	(Level 1)		(Level 2)		(Level 3)		Total

Classic Value Fund
Equity securities
Common stocks	$	750,550,257	$	0	$	0	$	750,550,257
Short-term investments
Corporate bonds and notes		0		0		261,213		261,213
Investment companies		8,346,013		76,068,539		0		84,414,552
	$	758,896,270	$	76,068,539	$	261,213	$	835,226,022

Core Equity Fund
Equity securities
Common stocks	$	746,953,295	$	5,508,369	$	0	$	752,461,664
Short-term investments
Corporate bonds and notes		0		0		2,631,273		2,631,273
Investment companies		50,383,377		70,799,832		0		121,183,209
	$	797,336,672	$	76,308,201	$	2,631,273	$	876,276,146

Disciplined U.S. Core Fund
Equity securities
Common stocks	$	599,678,081	$	0	$	0	$	599,678,081
Short-term investments
Investment companies		10,487,027		41,141,625		0		51,628,652
U.S. Treasury obligations		1,499,747		0		0		1,499,747
	$	611,664,855	$	41,141,625	$	0	$	652,806,480

Disciplined Value Fund
Equity securities
Common stocks	$	394,167,098	$	0	$	0	$	394,167,098
Short-term investments
Corporate bonds and notes		0		0		526,054		526,054
Investment companies		2,270,253		38,328,475		0		40,598,728
U.S. Treasury obligations		499,909		0		0		499,909
	$	396,937,260	$	38,328,475	$	526,054	$	435,791,789

Intrinsic Value Fund
Equity securities
Common stocks	$	1,538,285,297	$	0	$	0	$	1,538,285,297
Short-term investments
Investment companies		17,491,946		212,304,280		0		229,796,226
	$	1,555,777,243	$	212,304,280	$	0	$	1,768,081,523


84 Wells Fargo Advantage Large Cap Stock Funds		Notes to Financial Statements (Unaudited)


			Significant Other		Significant
	Quoted Prices		Observable Inputs		Unobservable Inputs
Investments in Securities	(Level 1)		(Level 2)		(Level 3)		Total

Large Cap Core Fund
Equity securities
Common stocks	$	175,609,108	$	0	$	0	$	175,609,108
Short-term investments
Corporate bonds and notes		0		0		1,463,249		1,463,249
Investment companies		1,926,514		4,121,147		0		6,047,661
	$	177,535,622	$	4,121,147	$	1,463,249	$	183,120,018

Large Company Value Fund
Equity securities
Common stocks	$	130,049,301	$	0	$	0	$	130,049,301
Short-term investments
Corporate bonds and notes		0		0		315,590		315,590
Investment companies		4,048,349		27,790,404		0		31,838,753
	$	134,097,650	$	27,790,404	$	315,590	$	162,203,644

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

As of January 31, 2011, the inputs used in valuing each Fund’s assets, which are carried at fair value, were as follows:


			Significant Other		Significant
	Quoted Prices		Observable Inputs		Unobservable Inputs
Futures contracts	(Level 1)		(Level 2)		(Level 3)		Total

Disciplined U.S. Core Fund	$	411,378	$	0	$	0	$	411,378
Disciplined Value Fund		49,971		0		0		49,971

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


							Disciplined			Large Cap			Large Company
	Classic Value			Core Equity			Value			Core			Value
	Fund			Fund			Fund			Fund			Fund

Corporate bonds and notes
Balance as of July 31, 2010	$	269,043		$	2,807,113		$	541,822		$	1,507,110		$	325,050
Realized gains (losses)		0			70,465			0			0			0
Change in unrealized gains (losses)		32,877			325,425			66,211			184,169			39,721
Purchases		0			0			0			0			0
Sales		(40,707	)		(571,730	)		(81,979	)		(228,030	)		(49,181	)
Transfers into Level 3		0			0			0			0			0
Transfers out of Level 3		0			0			0			0			0

Balance as of January 31, 2011	$	261,213		$	2,631,273		$	526,054		$	1,463,249		$	315,590
Change in unrealized gains or losses included in earnings relating to securities still held at January 31, 2011	$	11,825		$	51,822		$	23,815		$	66,241		$	14,287

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Investment advisory fees



Notes to Financial Statements (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 85

policies and guidelines and for supervising the sub-adviser, who is responsible for day-to-day portfolio management of the Funds. Pursuant to the contract, Funds Management is paid an annual investment advisory fee which is calculated based on the average daily net assets of each Fund as follows:


							Effective rate for
	Annual investment advisory fee						six months ended
	starting at			declining to			January 31, 2011

Classic Value Fund		0.65	%		0.55	%		0.64	%
Core Equity Fund		0.65			0.55			0.64
Disciplined U.S. Core Fund		0.30			0.25			0.30
Disciplined Value Fund		0.55			0.45			0.55
Intrinsic Value Fund		0.65			0.55			0.63
Large Cap Core Fund		0.65			0.55			0.65
Large Company Value Fund		0.65			0.55			0.65

Funds Management may retain the services of certain investment sub-advisers to provide daily portfolio management to the Funds. Wells Capital Management, an affiliate of Funds Management, Golden Capital Management, LLC (“Golden Capital”), Metropolitan West Capital Management, LLC (“MWCM”) and Phocas Financial Corporation (“Phocas”) are investment sub-advisers to the Funds. The fees related to investment sub-advisory services are borne directly by the investment adviser and do not increase the overall fees paid by a Fund to the investment adviser.

The fees related to investment sub-advisory services are borne directly by the investment adviser and do not increase the overall fees paid by a Fund to the investment adviser. The investment sub-advisers are each paid an annual investment sub-advisory fee which is calculated based on the average daily net assets of each Fund as follows:


		Annual investment sub-advisory fee
	Investment sub-adviser	starting at			declining to

Classic Value Fund	Wells Capital Management		0.35	%		0.15	%
Core Equity Fund	Wells Capital Management		0.35			0.15
Disciplined U.S. Core Fund	Wells Capital Management		0.25			0.15
Disciplined Value Fund	Wells Capital Management		0.25			0.15
Intrinsic Value Fund	MWCM		0.35			0.20
Large Cap Core Fund	Golden Capital		0.35			0.30
Large Company Value Fund	Phocas		0.29			0.20

Administration and transfer agent fees


		Administration Fees
	Average Daily	(% of Average
	Net Assets	Daily Net Assets)

Fund level	First $5 billion		0.05	%
	Next $5 billion		0.04
	Over $10 billion		0.03
Class A, Class B, Class C, Class R	All asset levels		0.26
Administrator Class	All asset levels		0.10
Institutional Class	All asset levels		0.08
Investor Class	All asset levels		0.33



86 Wells Fargo Advantage Large Cap Stock Funds		Notes to Financial Statements (Unaudited)

Distribution fees

For the six months ended January 31, 2011, Wells Fargo Funds Distributor, LLC received the following amounts in front-end sales charges and contingent deferred sales charges.


	Front-end
	sales charges		Contingent deferred sales charges
	Class A		Class A		Class B		Class C

Classic Value Fund	$	1,104	$	0	$	4,541	$	317
Core Equity Fund		8,091		20		20,064		958
Disciplined U.S. Core Fund		1,191		878		NA		384
Disciplined Value Fund		1,093		0		NA		14
Intrinsic Value Fund		8,748		0		4,523		809
Large Cap Core Fund		1,074		0		NA		123
Large Company Value		41		0		NA		0

Shareholder servicing fees

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, exclusive of short-term securities (securities with maturities of one year or less at purchase date), for the six months ended January 31, 2011 were as follows:


	Purchases at Cost		Sales Proceeds

Classic Value Fund	$	82,986,001	$	119,339,209
Core Equity Fund		302,328,142		370,215,635
Disciplined U.S. Core Fund		206,099,767		342,219,490
Disciplined Value Fund		122,233,762		149,313,681
Intrinsic Value Fund		210,613,580		135,871,300
Large Cap Core Fund		27,390,932		40,453,830
Large Company Value		21,119,920		17,156,467

6. DERIVATIVE TRANSACTIONS

During the six months ended January 31, 2011, Disciplined U.S. Core Fund and Disciplined Value Fund entered into futures contracts to gain market exposure.



Notes to Financial Statements (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 87

At January 31, 2011, the Funds had long futures contracts outstanding as follows:

Initial

Value at

Net

Expiration

Contract

January 31,

Unrealized

Date

Contracts

Type

Amount

2011

Gains

Disciplined U.S. Core Fund

March 2011

36 Long

S&P 500 Index

11,130,222

11,541,600

411,378

Disciplined Value Fund

March 2011

9 Long

S&P 500 Index

2,835,429

2,885,400

49,971

Disciplined U.S. Core Fund and Disciplined Value Fund had an average contract amount of $11,546,567 and $4,793,496, respectively, in long futures contracts during the six months ended January 31, 2011.

On January 31, 2011, the cumulative unrealized gains on futures contracts in the amount of $411,378 and $49,971 for Disciplined U.S. Core Fund and Disciplined Value Fund, respectively, are reflected in net unrealized gains on investments on the Statements of Assets and Liabilities. The receivable for daily variation margin on open futures contracts reflected in the Statements of Assets and Liabilities only represents the current day’s variation margin. The realized gains (losses) and change in unrealized gains (losses) on futures contracts are reflected in the Statements of Operations.

7. ACQUISITIONS

After the close of business on July 16, 2010, Classic Value Fund acquired the net assets of Evergreen Equity Income Fund and Wells Fargo Advantage Specialized Financial Services Fund. The purpose of the transactions was to combine three funds with similar investment objectives and strategies. The acquisitions were accomplished by a tax-free exchange of all of the shares of Evergreen Equity Income Fund and Wells Fargo Advantage Specialized Financial Services Fund. Shareholders holding Class A, Class B and Class C shares of Evergreen Equity Income Fund and Wells Fargo Advantage Specialized Financial Services Fund received Class A, Class B and Class C shares, respectively, of Classic Value Fund in the reorganizations. Class I and Class R shares of Evergreen Equity Income Fund received Administrator Class and Class R shares, respectively, of Classic Value Fund. Classic Value Fund was newly created to receive the assets of shares Evergreen Equity Income Fund and Wells Fargo Advantage Specialized Financial Services Fund. Evergreen Equity Income Fund became the accounting and performance survivor in the reorganizations. The investment portfolio of Evergreen Equity Income Fund and Wells Fargo Advantage Specialized Financial Services Fund with fair values of $586,940,471 and $78,255,739, respectively, and identified costs of $656,973,756 and $78,873,358, respectively, at July 16, 2010 were the principal assets acquired by Classic Value Fund. For financial reporting purposes, assets received and shares issued by Classic Value Fund were recorded at fair value; however, the cost basis of the investments received from Evergreen Equity Income Fund and Wells Fargo Advantage Specialized Financial Services Fund were carried forward to align ongoing reporting of Classic Value Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The value of net assets acquired, unrealized losses acquired, exchange ratio and number of shares issued were as follows:


	Value of Net		Unrealized			Exchange		Number of
Acquired Fund	Assets Acquired		Losses			Ratio		Shares Issued

Evergreen Equity Income Fund	$	586,707,232	$	(70,033,285	)		1.00		11,662,979	Class A
							1.00		591,667	Class B
							1.00		691,632	Class C
							1.00		23,458,156	Administrator Class
							1.00		9,483	Class R

Wells Fargo Advantage Specialized Financial Services Fund		78,248,482		(617,619	)		0.10		4,784,236	Class A
							0.10		21,237	Class B
							0.10		48,232	Class C

The aggregate net assets of the Classic Value Fund immediately after the acquisitions were $664,955,714.



88 Wells Fargo Advantage Large Cap Stock Funds		Notes to Financial Statements (Unaudited)

Assuming the acquisitions had been completed August 1, 2009, the beginning of the annual reporting period for Classic Value Fund, Classic Value Fund’s pro forma results of operations for the year ended July 31, 2010 would have been


Net investment income	$	6,056,779
Net realized and unrealized gains on investments	$	68,949,615
Net increase in net assets resulting from operations	$	75,006,394

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Wells Fargo Advantage Specialized Financial Services Fund that have been included in Classic Value Fund’s Statement of Operations since July 19, 2010.

After the close of business on July 16, 2010, Disciplined Value Fund acquired the net assets of Evergreen Disciplined Value Fund, Wells Fargo Advantage Equity Income Fund and Wells Fargo Advantage U.S. Value Fund. The purpose of the transactions was to combine four funds with similar investment objectives and strategies. The acquisitions were accomplished by a tax-free exchange of all of the shares Evergreen Disciplined Value Fund, Wells Fargo Advantage Equity Income Fund and Wells Fargo Advantage U.S. Value Fund. Shareholders holding Class A, Class B and Class C shares of Evergreen Disciplined Value Fund, Wells Fargo Advantage Equity Income Fund and Wells Fargo Advantage U.S. Value Fund received Class A, Class A and Class C shares, respectively, of Disciplined Value Fund in the reorganizations. Class I shares of Evergreen Disciplined Value Fund received Administrator Class shares of Disciplined Value Fund. Administrator Class shares of Wells Fargo Advantage Equity Income Fund and Wells Fargo Advantage U.S. Value Fund received Administrator Class shares of Disciplined Value Fund. Investor Class shares of Wells Fargo Advantage U.S. Value Fund received Investor Class shares of Disciplined Value Fund. Disciplined Value Fund was newly created to receive the assets of shares Evergreen Disciplined Value Fund, Wells Fargo Advantage Equity Income Fund and Wells Fargo Advantage U.S. Value Fund. Evergreen Disciplined Value Fund became the accounting and performance survivor in the reorganizations. The investment portfolio of Evergreen Disciplined Value Fund, Wells Fargo Advantage Equity Income Fund and Wells Fargo Advantage U.S. Value Fund with fair values of $116,604,858, $109,358,141 and $134,034,598, respectively, and identified costs of $121,376,863, $110,992,565 and $133,693,938, respectively, at July 16, 2010, were the principal assets acquired by Disciplined Value Fund. For financial reporting purposes, assets received and shares issued by Disciplined Value Fund were recorded at fair value; however, the cost basis of the investments received from Evergreen Disciplined Value Fund, Wells Fargo Advantage Equity Income Fund and Wells Fargo Advantage U.S. Value Fund were carried forward to align ongoing reporting of Disciplined Value Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The value of net assets acquired, unrealized gains (losses) acquired, exchange ratio and number of shares issued were as follows:


	Value of Net		Unrealized			Exchange		Number of
Acquired Fund	Assets Acquired		Gains (Losses)			Ratio		Shares Issued

Evergreen Disciplined Value Fund	$	116,703,089	$	(4,772,005	)		1.00		3,372,837	Class A¹
							1.00		123,270	Class C
							1.00		7,392,171	Administrator Class

Wells Fargo Advantage Equity Income Fund		109,383,038		(1,634,424	)		1.09		7,384,795	Class A²
							1.20		173,103	Class C
							1.09		2,630,354	Administrator Class

Wells Fargo Advantage U.S. Value Fund		134,479,032		340,660			0.93		119,540	Class A³
							0.92		77,345	Class C
							0.92		10,417,421	Administrator Class
							0.94		1,946,922	Investor Class


1.		Amount includes 141,995 shares of Class A issued for Class B at an exchange ratio of 0.99.

2.		Amount includes 200,983 shares of Class A issued for Class B at an exchange ratio of 1.09.

3.		Amount includes 49,770 shares of Class A issued for Class B at an exchange ratio of 0.92.

The aggregate net assets of the Disciplined Value Fund immediately after the acquisitions were $360,565,159.



Notes to Financial Statements (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 89

Assuming the acquisitions had been completed August 1, 2009, the beginning of the annual reporting period for Disciplined Value Fund, Disciplined Value Fund’s pro forma results of operations for the year ended July 31, 2010 would have been


Net investment income	$	4,360,235
Net realized and unrealized gains on investments	$	315,396,522
Net increase in net assets resulting from operations	$	319,756,757

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Wells Fargo Advantage Equity Income Fund and Wells Fargo Advantage U.S. Value Fund that have been included in Disciplined Value Fund’s Statement of Operations since July 19, 2010.

Effective at the close of business on July 16, 2010, Large Cap Core Fund acquired the net assets of Evergreen Golden Large Cap Core Fund and Wells Fargo Advantage Large Company Core Fund. The purpose of the transactions was to combine three funds with similar investment objectives and strategies. The acquisitions were accomplished by a tax-free exchange of all of the shares of Evergreen Golden Large Cap Core Fund and Wells Fargo Advantage Large Company Core Fund. Shareholders holding Class A, Class B and Class C shares of Evergreen Golden Large Cap Core Fund and Wells Fargo Advantage Large Company Core Fund received Class A, Class A and Class C shares, respectively, of Large Cap Core Fund in the reorganizations. Class I shares of Evergreen Golden Large Cap Core Fund received Institutional shares of Large Cap Core Fund. Investor Class, Administrator Class and Institutional Class shares of Wells Fargo Advantage Large Company Core Fund received Investor Class, Administrator Class and Institutional Class shares, respectively, of Large Cap Core Fund. Large Cap Core Fund was newly created to receive the assets of shares Evergreen Golden Large Cap Core Fund and Wells Fargo Advantage Large Company Core Fund. Evergreen Golden Large Cap Core Fund became the accounting and performance survivor in the reorganizations. The investment portfolio of Evergreen Golden Large Cap Core Fund and Wells Fargo Advantage Large Company Core Fund with fair values of $4,975,455 and $155,853,080, respectively, and identified costs of $5,166,068 and $148,426,284, respectively, at July 16, 2010, were the principal assets acquired Large Cap Core Fund. For financial reporting purposes, assets received and shares issued by Large Cap Core Fund were recorded at fair value; however, the cost basis of the investments received from Evergreen Golden Large Cap Core Fund and Wells Fargo Advantage Large Company Core Fund were carried forward to align ongoing reporting of Large Cap Core Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The value of net assets acquired, unrealized gains (losses) acquired, exchange ratio and number of shares issued were as follows:


	Value of Net		Unrealized			Exchange		Number of
Acquired Fund	Assets Acquired		Gains (Losses)			Ratio		Shares Issued

Evergreen Golden Large Cap Core Fund	$	4,954,202	$	(190,613	)		1.00		173,992	Class A¹
							1.00		124,659	Class C
							1.00		387,212	Institutional Class

Wells Fargo Advantage Large Company Core Fund		156,284,197		7,426,796			2.49		994,781	Class A
							2.48		141,410	Class C
							2.38		37,292	Institutional Class
							2.50		20,453,481	Investor Class
							2.49		5,687	Administrator Class


1.		Amount includes 54,939 shares of Class A issued for Class B at an exchange ratio of 1.00.

The aggregate net assets of the Large Cap Core Fund immediately after the acquisitions were $161,238,399.

Assuming the acquisitions had been completed August 1, 2009, the beginning of the annual reporting period for Large Cap Core Fund, Large Cap Core Fund’s pro forma results of operations for the year ended July 31, 2010 would have been


Net investment income	$	783,509
Net realized and unrealized gains on investments	$	10,137,271
Net increase in net assets resulting from operations	$	10,920,780



90 Wells Fargo Advantage Large Cap Stock Funds		Notes to Financial Statements (Unaudited)

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Wells Fargo Advantage Large Company Core Fund that have been included in Large Cap Core Fund’s Statement of Operations since July 19, 2010.

8. BANK BORROWINGS

The Trust (excluding the money market funds) and Wells Fargo Variable Trust are parties to a $125,000,000 revolving credit agreement with State Street Bank and Trust Company, whereby the Funds are permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to each Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, under the credit agreement, the Funds pay an annual commitment fee equal to 0.125% of the unused balance, which is allocated pro rata. Prior to September 7, 2010, the annual commitment fee paid by the Funds was 0.15% of the unused balance.

For the six months ended January 31, 2011, there were no borrowings by the Funds under the agreement.

9. INDEMNIFICATION

10. SUBSEQUENT EVENT

After the close of business on March 28, 2011, Intrinsic Value Fund redeemed assets through an in-kind redemption. In the redemption transaction, the Fund issued securities with a value of $427,928,397 and cash in the amount of $23,965,784 and recognized gains in the amount of $127,937,466. The redemption in-kind by a shareholder of the Administrator Class represented 44% of Intrinsic Value Fund.



Other Information (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 91

PORTFOLIO HOLDINGS INFORMATION

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of the Wells Fargo Funds Trust (the “Trust”) and Officers of the Trust. This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹of each Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 152 funds comprising the Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees


Name and	Position Held and
Year of Birth	Length of Service	Principal Occupations During Past Five Years	Other Directorships

Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005 (Lead Trustee since 2001)	Co-Founder, Chairman, President and CEO of Crystal Geyser. Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust

Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust

Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust

Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction), Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 45 portfolios as of 12/31/10); Director, Diversapack Co. (packaging company); Asset Allocation Trust

David F. Larcker (Born 1951)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of Corporate Governance Research Program and Co-Director of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust



92 Wells Fargo Advantage Large Cap Stock Funds		Other Information (Unaudited)


Name and	Position Held and
Year of Birth	Length of Service	Principal Occupations During Past Five Years	Other Directorships

Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor and Chair of the Department of Insurance and Risk Management, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust

Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust

Michael S. Scofield (Born 1943)	Trustee, since 2010	Currently serves on the Investment Company Institute’s Board of Governors and Executive Committee as well the Independent Director’s Counsel Board of Governors and Executive Committee. Former Chairman of the Independent Directors Counsel. Trustee of the Evergreen Funds from 1984 to 2010. Retired Attorney, Law Offices of Michael S. Scofield and former Director and Chairman, Branded Media Corporation (multi-media branding company).	Asset Allocation Trust

Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010.	Asset Allocation Trust

Officers


Name and	Position Held and
Year of Birth	Length of Service	Principal Occupations During Past Five Years

Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.

C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.

Kasey Phillips (Born 1970)	Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010. Vice President and Assistant Vice President of Evergreen Investment Services, Inc. from 1999 to 2006.

David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

Jeremy DePalma (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Assistant Vice President, Evergreen Investment Services, Inc. from 2000 to 2004 and the head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.



Other Information (Unaudited)		Wells Fargo Advantage Large Cap Stock Funds 93


Name and	Position Held and
Year of Birth	Length of Service	Principal Occupations During Past Five Years

Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.


1.		The Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the Funds’ Web site at www.wellsfargo.com/advantagefunds.



94 Wells Fargo Advantage Large Cap Stock Funds		List of Abbreviations

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


ABAG	— Association of Bay Area Governments	HUF	— Hungarian Forint
ACB	— Agricultural Credit Bank	IDA	— Industrial Development Authority
ADR	— American Depositary Receipt	IDAG	— Industrial Development Agency
ADS	— American Depository Shares	IDR	— Industrial Development Revenue
AGC - ICC	— Assured Guaranty Corporation — Insured Custody Certificates	IEP	— Irish Pound
AGM	— Assured Guaranty Municipal	JPY	— Japanese Yen
AMBAC	— American Municipal Bond Assurance Corporation	KRW	— Republic of Korea Won
AMT	— Alternative Minimum Tax	LIBOR	— London Interbank Offered Rate
ARM	— Adjustable Rate Mortgages	LLC	— Limited Liability Company
AUD	— Australian Dollar	LLP	— Limited Liability Partnership
BAN	— Bond Anticipation Notes	LOC	— Letter of Credit
BART	— Bay Area Rapid Transit	LP	— Limited Partnership
BHAC	— Berkshire Hathaway Assurance Corporation	MBIA	— Municipal Bond Insurance Association
BRL	— Brazil Real	MFHR	— Multi-Family Housing Revenue
CAD	— Canadian Dollar	MFMR	— Multi-Family Mortgage Revenue
CDA	— Community Development Authority	MMD	— Municipal Market Data
CDO	— Collateralized Debt Obligation	MSTR	— Municipal Securities Trust Receipts
CDSC	— Contingent Deferred Sales Charge	MTN	— Medium Term Note
CGIC	— Capital Guaranty Insurance Company	MUD	— Municipal Utility District
CGY	— Capital Guaranty Corporation	MXN	— Mexican Peso
CHF	— Swiss Franc	MYR	— Malaysian Ringgit
CIFG	— CDC (Caisse des Dépôts et Consignations) IXIS Financial Guarantee	NATL-RE	— National Public Finance Guarantee Corporation
		NLG	— Netherlands Guilder
COP	— Certificate of Participation	NOK	— Norwegian Krone
CP	— Commercial Paper	NZD	— New Zealand Dollar
CR	— Custody Receipts	PCFA	— Pollution Control Finance Authority
CTF	— Common Trust Fund	PCR	— Pollution Control Revenue
DEM	— Deutsche Mark	PFA	— Public Finance Authority
DKK	— Danish Krone	PFFA	— Public Facilities Financing Authority
DRIVER	— Derivative Inverse Tax-Exempt Receipts	PFOTER	— Puttable Floating Option Tax-Exempt Receipts
DW&P	— Department of Water & Power	plc	— Public Limited Company
DWR	— Department of Water Resources	PLN	— Polish Zloty
ECFA	— Educational & Cultural Facilities Authority	PSFG	— Public School Fund Guaranty
EDFA	— Economic Development Finance Authority	PUTTER	— Puttable Tax-Exempt Receipts
ETET	— Eagle Tax-Exempt Trust	R&D	— Research & Development
ETF	— Exchange-Traded Fund	RDA	— Redevelopment Authority
EUR	— Euro	RDFA	— Redevelopment Finance Authority
FFCB	— Federal Farm Credit Bank	REITS	— Real Estate Investment Trusts
FGIC	— Financial Guaranty Insurance Corporation	ROC	— Reset Option Certificates
FHA	— Federal Housing Authority	SEK	— Swedish Krona
FHAG	— Federal Housing Agency	SFHR	— Single Family Housing Revenue
FHLB	— Federal Home Loan Bank	SFMR	— Single Family Mortgage Revenue
FHLMC	— Federal Home Loan Mortgage Corporation	SGD	— Singapore Dollar
FNMA	— Federal National Mortgage Association	SKK	— Slovakian Koruna
FRF	— French Franc	SLMA	— Student Loan Marketing Association
FSA	— Farm Service Agency	SPDR	— Standard & Poor’s Depositary Receipts
GBP	— Great British Pound	STIT	— Short-Term Investment Trust
GDR	— Global Depositary Receipt	TAN	— Tax Anticipation Notes
GNMA	— Government National Mortgage Association	TBA	— To Be Announced
GO	— General Obligation	TRAN	— Tax Revenue Anticipation Notes
HCFR	— Healthcare Facilities Revenue	TRC	— Transferable Custody Receipts
HEFA	— Health & Educational Facilities Authority	TRY	— Turkish Lira
HEFAR	— Higher Education Facilities Authority Revenue	TTFA	— Transportation Trust Fund Authority
HFA	— Housing Finance Authority	USD	— Unified School District
HFFA	— Health Facilities Financing Authority	XLCA	— XL Capital Assurance
HKD	— Hong Kong Dollar	ZAR	— South African Rand
HUD	— Housing & Urban Development

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, e-mail, visit the Funds’ Web site, or call:

Wells Fargo Advantage Funds
P.O. Box 8266
Boston, MA 02266-8266
E-mail: wfaf@wellsfargo.com

Web site: www.wellsfargo.com/advantagefunds
Individual Investors: 1-800-222-8222
Retail Investment Professionals: 1- 888-877-9275
Institutional Investment Professionals: 1- 866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Funds’ Web site at www.wellsfargo.com/advantagefunds. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. Read the prospectus carefully before you invest or send money.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE




	Printed on Recycled paper

^© 2011 Wells Fargo Funds Management, LLC. All rights reserved.	www.wellsfargo.com/advantagefunds	201102 03-11
		SLCNLD/SAR121 01-11

WELLS FARGO ADVANTAGE LARGE CAP STOCK FUNDS

Wells Fargo Advantage Social Sustainability Fund^SM

Reduce clutter. Save trees.

Contents


Letter to Shareholders			2

Performance Highlights			6

Fund Expenses			8

Portfolio of Investments			9

Financial Statements
Statement of Assets and Liabilities			12
Statement of Operations			13
Statements of Changes in Net Assets			14
Financial Highlights			16

Notes to Financial Statements			18

Other Information			22

List of Abbreviations			25

NOT FDIC INSURED § NO BANK GUARANTEE § MAY LOSE VALUE

WELLS FARGO

		INVESTMENT HISTORY

1932		Keystone creates one of the first mutual fund families.

1971		Wells Fargo & Company introduces one of the first institutional index funds.

1978		Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.

1984		Wells Fargo Stagecoach Funds launches its first asset allocation fund.

1989		The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.

1994		Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo *Advantage Dow Jones Target Date Funds*^SM).

1996		Evergreen Investments and Keystone Funds merge.

1997		Wells Fargo launches Wells Fargo *Advantage WealthBuilder Portfolios*^SM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.

1999		Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.

2002		Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.

2005		The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo *Advantage Funds, resulting in one of* the top 20 mutual fund companies in the United States.

2006		*Wells Fargo Advantage Funds* relaunches the target date product line as Wells Fargo Advantage Dow Jones *Target Date Funds.*

2010		The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of *Wells Fargo Advantage Funds.*

Wells Fargo Advantage Funds^®

Strength

Expertise

Partnership

NOT FDIC INSURED § NO BANK GUARANTEE § MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 120 mutual funds across a wide range of asset classes, representing over $232 billion in assets under management, as of January 31, 2011.


Equity Funds
Asia Pacific Fund	Enterprise Fund^†	Opportunity Fund^†
C&B Large Cap Value Fund	Equity Value Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Global Opportunities Fund	Premier Large Company Growth Fund
Capital Growth Fund	Growth Fund	Small Cap Growth Fund
Classic Value Fund	Growth Opportunities Fund	Small Cap Opportunities Fund
Common Stock Fund	Health Care Fund	Small Cap Value Fund
Core Equity Fund	Index Fund	Small Company Growth Fund
Disciplined Global Equity Fund	International Equity Fund	Small Company Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small/Mid Cap Core Fund
Disciplined Value Fund	Intrinsic Small Cap Value Fund	Small/Mid Cap Value Fund
Discovery Fund^†	Intrinsic Value Fund	Social Sustainability Fund^†
Diversified Equity Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified International Fund	Large Cap Core Fund	Special Small Cap Value Fund
Diversified Small Cap Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Growth Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Emerging Markets Equity Fund	Mid Cap Growth Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund^†	Omega Growth Fund	Utility and Telecommunications Fund

Bond Funds
Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund

Asset Allocation Funds
Asset Allocation Fund	WealthBuilder Equity Portfolio^†	Target 2020 Fund^†
Conservative Allocation Fund	WealthBuilder Growth Allocation Portfolio^†	Target 2025 Fund^†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio^†	Target 2030 Fund^†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio^†	Target 2035 Fund^†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio^†	Target 2040 Fund^†
Index Asset Allocation Fund	Target Today Fund^†	Target 2045 Fund^†
Moderate Balanced Fund	Target 2010 Fund^†	Target 2050 Fund^†
WealthBuilder Conservative Allocation Portfolio^†	Target 2015 Fund^†

Money Market Funds
100% Treasury Money Market Fund	Minnesota Money Market Fund	New Jersey Municipal Money Market Fund
California Municipal Money Market Fund	Money Market Fund	New York Municipal Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Pennsylvania Municipal Money Market Fund
Government Money Market Fund	Municipal Money Market Fund	Prime Investment Money Market Fund
Heritage Money Market Fund^†	National Tax-Free Money Market Fund	Treasury Plus Money Market Fund

Variable Trust Funds¹
VT Core Equity Fund	VT Intrinsic Value Fund	VT Small Cap Value Fund
VT Discovery Fund^†	VT Omega Growth Fund	VT Total Return Bond Fund
VT Index Asset Allocation Fund	VT Opportunity Fund^†
VT International Equity Fund	VT Small Cap Growth Fund


1.		The Variable Trust Funds are generally available only through insurance company variable contracts.

†		In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage Social Sustainability Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SMare referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, Social Sustainability Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.


2 Wells Fargo Advantage Social Sustainability Fund		Letter to Shareholders

Karla M. Rabusch,
President
Wells Fargo Advantage Funds

Dear Valued Shareholder,

We are pleased to provide you with this semiannual report for the Wells Fargo Advantage Social Sustainability Fund^SMfor the six-month period that ended January 31, 2011.

While the equity markets delivered strong six-month returns against the backdrop of a strengthening economy, the period was not without its share of macroeconomic challenges, domestic and international political uncertainty, and market volatility—once again highlighting the value of a well-diversified investment strategy. As always, we believe that such a strategy can enable investors to balance risks and opportunities as they pursue long-term financial goals in a dynamic market environment.

The economic recovery stayed on track.

Jobs and housing remained troublesome.

The Fed continued to do its part.


Letter to Shareholders		Wells Fargo Advantage Social Sustainability Fund 3

The second half of 2010 was a solid year for equities.


4 Wells Fargo Advantage Social Sustainability Fund		Letter to Shareholders

Investors should keep a long-term perspective.

Sincerely,

-s- Karla M. Rabusch

Karla M. Rabusch
President
Wells Fargo Advantage Funds

This page is intentionally left blank.


6 Wells Fargo Advantage Social Sustainability Fund		Performance Highlights

Wells Fargo Advantage Social Sustainability Fund

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation by investing in securities which meet the Fund’s investment and social sustainability criteria.

INVESTMENT ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Nelson Capital Management LLC

PORTFOLIO MANAGERS

Scott C. Benner, CFA
Lloyd Kurtz, CFA
Jonathan Manchester, CFA, CFP
Frank Marcoux, CFA
Suanne Ramar, CFA

FUND INCEPTION

September 30, 2008


TEN LARGEST EQUITY HOLDINGS²
(AS OF JANUARY 31, 2011)

Google Incorporated Class A	3.7	%
Cameron International Corporation	3.5	%
Emerson Electric Company	3.4	%
Microsoft Corporation	3.2	%
EMC Corporation	2.9	%
Apache Corporation	2.8	%
Johnson & Johnson	2.7	%
PNC Financial Services Group Incorporated	2.7	%
Home Depot Incorporated	2.7	%
QUALCOMM Incorporated	2.6	%


1.		The sector distribution is subject to change and is calculated based on the total common stock investments of the Fund.

2.		The ten largest equity holdings are calculated based on the value of the securities divided by total investments of the Fund. Holdings are subject to change and may have changed since the date specified.


Performance Highlights		Wells Fargo Advantage Social Sustainability Fund 7

Wells Fargo Advantage Social Sustainability Fund (continued)

AVERAGE ANNUAL TOTAL RETURN (%) (AS OF JANUARY 31, 2011)


	Inception		Including Sales Charge						Excluding Sales Charge						Expense Ratio³
	Date		6-Month*		1-Year		Life of Fund		6-Month*		1-Year		Life of Fund		Gross			Net⁴
Class A (WSSAX)		09/30/2008		9.32		8.16		2.49		15.97		14.79		5.12		5.04	%		1.26	%
Class C (WSRCX)		09/30/2008		14.49		13.05		4.35		15.49		14.05		4.35		5.79	%		2.01	%
Administrator Class (WSRAX)		09/30/2008								16.07		15.11		5.39		4.88	%		1.01	%
S&P 500 Index⁵										17.93		22.19		6.67


*		Returns for periods of less than one year are not annualized.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including sales charge assumes the sales charge for the corresponding time period. Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses or any taxes. It is not possible to invest directly in an index.

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Because the social screens applied to the Fund’s investments may exclude securities of certain issuers, industries, and sectors for nonfinancial reasons, the Fund may forgo some market opportunities available to funds that do not use these screens. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to foreign investment risk and social investment risk. Consult the Fund’s prospectus for additional information on these and other risks.


3.		Reflects the expense ratio as stated in the December 1, 2010 prospectus.

4.		The investment adviser has contractually committed through November 30, 2011 to waive fees and/or reimburse expenses to the extent necessary to maintain the Fund’s contractual expense ratio for Class A shares at 1.25%, Class C shares at 2.00% and Administrator Class shares at 1.00%, excluding acquired fund fees and certain other expenses. Without these reductions, the Fund’s returns would have been lower.

5.		The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.


8 Wells Fargo Advantage Social Sustainability Fund		Fund Expenses

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2010 to January 31, 2011.

Actual expenses

Hypothetical example for comparison purposes


	Beginning		Ending
	Account Value		Account Value		Expenses Paid		Net Annual
	08-01-2010		01-31-2011		During the Period¹		Expense Ratio
Class A
Actual	$	1,000.00	$	1,159.74	$	6.86		1.26	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.85	$	6.41		1.26	%
Class C
Actual	$	1,000.00	$	1,154.92	$	10.92		2.01	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.07	$	10.21		2.01	%
Administrator Class
Actual	$	1,000.00	$	1,160.68	$	5.45		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.16	$	5.09		1.00	%


1.		Expenses paid is equal to each class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period divided by 365 (to reflect the one-half year period).


Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Social Sustainability Fund 9


Shares		Security Name	Value
Common Stocks: 98.85%

Consumer Discretionary: 13.50%

Hotels, Restaurants & Leisure: 2.19%
	4,627	Starbucks Corporation	$	145,885


Internet & Catalog Retail: 1.53%
	4,043	Expedia Incorporated		101,722


Media: 1.84%
	3,154	Walt Disney Company		122,596


Multiline Retail: 1.53%
	1,856	Target Corporation		101,764


Specialty Retail: 4.81%
	4,850	Home Depot Incorporated		178,335
	3,000	TJX Companies Incorporated		142,170

				320,505


Textiles, Apparel & Luxury Goods: 1.60%
	1,291	Nike Incorporated Class B		106,482


Consumer Staples: 6.90%

Food & Staples Retailing: 2.15%
	1,994	Costco Wholesale Corporation		143,249


Food Products: 2.48%
	4,743	General Mills Incorporated		164,962


Household Products: 2.27%
	2,396	Procter & Gamble Company		151,259


Energy: 9.66%

Energy Equipment & Services: 4.83%
	4,396	Cameron International Corporation†		234,307
	2,283	Noble Corporation		87,325

				321,632


Oil, Gas & Consumable Fuels: 4.83%
	1,541	Apache Corporation		183,934
	1,512	Noble Energy Incorporated		137,743

				321,677


Financials: 16.15%

Capital Markets: 1.73%
	956	Franklin Resources Incorporated		115,341


Commercial Banks: 6.14%
	3,016	PNC Financial Services Group Incorporated		180,960
	1,256	Toronto-Dominion Bank ADR		94,062
	4,942	US Bancorp		133,434

				408,456


Consumer Finance: 1.60%
	2,215	Capital One Financial Corporation		106,674


10 Wells Fargo Advantage Social Sustainability Fund		Portfolio of Investments—January 31, 2011 (Unaudited)


Shares		Security Name	Value
Diversified Financial Services: 1.97%
	2,924	JPMorgan Chase & Company	$	131,405


Insurance: 4.71%
	2,341	ACE Limited		144,182
	2,749	Prudential Financial Incorporated		169,091

				313,273


Health Care: 14.36%

Biotechnology: 1.82%
	2,195	Amgen Incorporated†		120,901


Health Care Equipment & Supplies: 4.35%
	1,755	Becton Dickinson & Company		145,577
	2,500	Stryker Corporation		143,900

				289,477


Health Care Providers & Services: 2.51%
	1,860	Laboratory Corporation of America Holdings†		167,233


Pharmaceuticals: 5.68%
	3,057	Johnson & Johnson		182,717
	1,622	Novartis AG ADR		90,605
	5,769	Pfizer Incorporated		105,111

				378,433


Industrials: 11.00%

Air Freight & Logistics: 2.15%
	1,997	United Parcel Service Incorporated Class B		143,025


Electrical Equipment: 3.40%
	3,844	Emerson Electric Company		226,335


Industrial Conglomerates: 1.66%
	1,256	3M Company		110,428


Professional Services: 1.89%
	1,950	Manpower Incorporated		125,912


Road & Rail: 1.90%
	2,069	Norfolk Southern Corporation		126,602


Information Technology: 18.50%

Communications Equipment: 4.45%
	5,788	Cisco Systems Incorporated†		122,416
	3,211	QUALCOMM Incorporated		173,811

				296,227


Computers & Peripherals: 2.93%
	7,846	EMC Corporation†		195,287


Electronic Equipment & Instruments: 1.79%
	5,359	Corning Incorporated		119,023


Internet Software & Services: 3.71%
	411	Google Incorporated Class A†		246,748


Portfolio of Investments—January 31, 2011 (Unaudited)		Wells Fargo Advantage Social Sustainability Fund 11


Shares		Security Name						Value
IT Services: 2.46%
	3,189	Accenture plc						$	164,138


Software: 3.16%
	7,579	Microsoft Corporation							210,128


Materials: 4.20%

Chemicals: 2.58%
	525	Lubrizol Corporation							56,417
	650	Potash Corporation of Saskatchewan							115,557

									171,974


Metals & Mining: 1.62%
	2,353	Nucor Corporation							108,026


Telecommunication Services: 2.43%

Wireless Telecommunication Services: 2.43%
	5,699	Vodafone Group plc ADR							161,624


Utilities: 2.15%


Electric Utilities: 0.85%
	1,136	Consolidated Edison Incorporated							56,698


Gas Utilities: 1.30%
	913	AGL Resources Incorporated							33,507
	1,689	UGI Corporation							52,950

									86,457


Total Common Stocks (Cost $5,612,511)									6,581,558

					Yield
Short-Term Investments: 1.22%

Investment Companies: 1.22%
	81,535	Wells Fargo Advantage Government Money Market Fund(l)(u)				0.01	%		81,535


Total Short-Term Investments (Cost $81,535)									81,535


Total Investments in Securities (Cost $5,694,046)*			100.07	%					6,663,093

Other Assets and Liabilities, Net			(0.07	)					(4,933	)


Total Net Assets			100.00	%				$	6,658,160


†		Non-income earning securities.

(l)		Investment in an affiliate.

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

*		Cost for federal income tax purposes is $5,701,476 and net unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	987,592
Gross unrealized depreciation		(25,975	)

Net unrealized appreciation	$	961,617

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


12 Wells Fargo Advantage Social Sustainability Fund		Statement of Assets and Liabilities—January 31, 2011 (Unaudited)


Assets
Investments
In unaffiliated securities, at value	$	6,581,558
In affiliated securities, at value		81,535

Total investments, at value (see cost below)		6,663,093
Receivable for Fund shares sold		38,682
Receivable for dividends		7,451
Receivable from investment adviser		10,252

Total assets		6,719,478


Liabilities
Distribution fees payable		374
Due to other related parties		1,064
Professional fees payable		42,643
Registration fees payable		13,068
Accrued expenses and other liabilities		4,169

Total liabilities		61,318

Total net assets	$	6,658,160


NET ASSETS CONSIST OF
Paid-in capital	$	5,695,137
Overdistributed net investment income		(1,865	)
Accumulated net realized losses on investments		(4,159	)
Net unrealized gains on investments		969,047

Total net assets	$	6,658,160


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE¹
Net assets — Class A	$	1,330,173
Shares outstanding — Class A		119,205
Net asset value per share — Class A	$	11.16
Maximum offering price per share — Class A	$	11.84	²
Net assets — Class C	$	306,112
Shares outstanding — Class C		28,014
Net asset value per share — Class C	$	10.93
Net assets — Administrator Class	$	5,021,875
Shares outstanding — Administrator Class		453,416
Net asset value per share — Administrator Class	$	11.08

Total investments, at cost	$	5,694,046


1.		The Fund has an unlimited number of authorized shares.

2.		Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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


Statement of Operations—For the Six Months Ended January 31, 2011 (Unaudited)		Wells Fargo Advantage Social Sustainability Fund 13


Investment income
Dividends*	$	47,947
Income from affiliated securities		16

Total investment income		47,963


Expenses
Investment advisory fee		20,021
Administration fees
Fund level		1,540
Class A		1,481
Class C		379
Administrator Class		2,365
Shareholder servicing fees
Class A		1,424
Class C		364
Administrator Class		5,913
Distribution fees
Class C		1,093
Custody and accounting fees		9,888
Professional fees		24,622
Registration fees		29,079
Shareholder report expenses		11,531
Trustees’ fees and expenses		5,303
Other fees and expenses		727

Total expenses		115,730

Less: Fee waivers and/or expense reimbursements		(82,046	)

Net expenses		33,684

Net investment income		14,279


NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains from unaffiliated securities		39,302
Net change in unrealized gains (losses) on unaffiliated securities		853,143

Net realized and unrealized gains (losses) on investments		892,445

Net increase in net assets resulting from operations	$	906,724


* Net of foreign withholding taxes of	$	248

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


14 Wells Fargo Advantage Social Sustainability Fund		Statements of Changes in Net Assets


				Six Months Ended
				January 31, 2011						Year Ended
				(Unaudited)						July 31, 2010

Operations
Net investment income				$	14,279					$	28,041
Net realized gains on investments					39,302						54,713
Net change in unrealized gains (losses) on investments					853,143						(551	)

Net increase in net assets resulting from operations					906,724						82,203


Distributions to shareholders from
Net investment income
Class A					(2,721	)					0
Class C					0						(942	)
Administrator Class					(30,364	)					(24,422	)
Net realized gains
Class A					(5,842	)					0
Class C					(1,433	)					0
Administrator Class					(23,847	)					0

Total distributions to shareholders					(64,207	)					(25,364	)


Capital share transactions	Shares						Shares
Proceeds from shares sold
Class A		43,265			442,042			82,953			828,298
Class C		2,396			24,292			14,509			143,007
Administrator Class		84,148			859,260			312,760			3,136,292

					1,325,594						4,107,597

Net assets value of shares issued in reinvestment of distributions
Class A		780			8,412			0			0
Class C		135			1,423			95			942
Administrator Class		1,506			16,176			934			9,306

					26,011						10,248

Payment for shares redeemed
Class A		(7,198	)		(76,348	)		(30,434	)		(301,378	)
Class C		(3,107	)		(32,203	)		(884	)		(8,628	)
Administrator Class		(84,493	)		(860,934	)		(56,424	)		(568,655	)

					(969,485	)					(878,661	)

Net increase in net assets resulting from capital share transactions					382,120						3,239,184

Total increase in net assets					1,224,637						3,296,023


Net assets
Beginning of period					5,433,523						2,137,500

End of period				$	6,658,160					$	5,433,523

Undistributed (overdistributed) net investment income				$	(1,865	)				$	16,941

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

This page is intentionally left blank.


16 Wells Fargo Advantage Social Sustainability Fund		Financial Highlights


	Beginning		Net			Net Realized			Distributions
	Net Asset		Investment			and Unrealized			from Net
	Value Per		Income			Gains (Losses)			Investment
	Share		(Loss)			on Investments			Income

Class A
August 1, 2010 to January 31, 2011 (Unaudited)	$	9.69		0.00			1.54			(0.02	)
August 1, 2009 to July 31, 2010	$	8.91		0.03			0.75			0.00
September 30, 20081 to July 31, 2009	$	10.00		0.02			(1.11	)		0.00

Class C
August 1, 2010 to January 31, 2011 (Unaudited)	$	9.51		(0.02	)		1.49			0.00
August 1, 2009 to July 31, 2010	$	8.85		0.00			0.72			(0.06	)
September 30, 20081 to July 31, 2009	$	10.00		0.01			(1.16	)		0.00

Administrator Class
August 1, 2010 to January 31, 2011 (Unaudited)	$	9.65		0.01			1.54			(0.07	)
August 1, 2009 to July 31, 2010	$	8.92		0.06			0.76			(0.09	)
September 30, 20081 to July 31, 2009	$	10.00		0.07			(1.15	)		0.00


1.		Commencement of class operations.

2.		Total return calculations would have been lower had certain expenses not been waived or reimbursed during the periods shown. Returns for periods of less than one year are not annualized.

3.		Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

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


Financial Highlights		Wells Fargo Advantage Social Sustainability Fund 17


Distributions	Ending
from Net	Net Asset		Ratio to Average Net Assets (Annualized)												Portfolio			Net Assets at
Realized	Value Per		Net Investment			Gross			Net			Total			Turnover			End of Period
Gains	Share		Income (Loss)			Expenses			Expenses			Return²			Rate³			(000’s omitted)


(0.05)	$	11.16		0.29	%		3.89	%		1.26	%		15.97	%		17	%	$	1,330
0.00	$	9.69		0.52	%		5.03	%		1.25	%		8.75	%		37	%	$	798
0.00	$	8.91		0.95	%		17.43	%		1.25	%		(10.90	)%		12	%	$	266


(0.05)	$	10.93		(0.45	)%		4.62	%		2.01	%		15.49	%		17	%	$	306
0.00	$	9.51		(0.20	)%		5.93	%		2.00	%		8.08	%		37	%	$	272
0.00	$	8.85		0.41	%		16.14	%		2.00	%		(11.50	)%		12	%	$	132


(0.05)	$	11.08		0.56	%		3.68	%		1.00	%		16.07	%		17	%	$	5,022
0.00	$	9.65		0.80	%		4.92	%		1.00	%		9.19	%		37	%	$	4,363
0.00	$	8.92		1.43	%		14.12	%		1.00	%		(10.80	)%		12	%	$	1,740


18 Wells Fargo Advantage Social Sustainability Fund		Notes to Financial Statements (Unaudited)

1. ORGANIZATION

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

Investments in securities are valued each business day as of the close of regular trading on the New York Stock Exchange, which is usually 4:00 p.m. (Eastern Time). Securities which are traded on a national or foreign securities exchange are valued at the last reported sales price, except that securities listed on The Nasdaq Stock Market, Inc. (“Nasdaq”) are valued at the Nasdaq Official Closing Price (“NOCP”), and if no NOCP is available, then at the last reported sales price. If no sales price is shown on the Nasdaq, the bid price will be used. In the absence of any sale of securities listed on the Nasdaq, and in the case of other securities, including U.S. Government obligations, but excluding debt securities maturing in 60 days or less, the price will be deemed “stale” and the valuations will be determined in accordance with the Fund’s Fair Valuation Procedures.

Securities denominated in foreign currencies are translated into U.S. dollars using the closing rates of exchange in effect on the day of valuation.

Investments in open-end mutual funds and non-registered investment companies are generally valued at net asset value.

The valuation techniques used by the Fund to measure fair value are consistent with the market approach, income approach and/or cost approach, where applicable, for each security type.

Foreign currency translation

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


Notes to Financial Statements (Unaudited)		Wells Fargo Advantage Social Sustainability Fund 19

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are reported on the basis of identified cost of securities delivered.

Distributions to shareholders

Federal and other taxes

Class allocations

3. FAIR VALUATION MEASUREMENTS


20 Wells Fargo Advantage Social Sustainability Fund		Notes to Financial Statements (Unaudited)

on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

§		Level 1 — quoted prices in active markets for identical securities

§		Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

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

As of January 31, 2011, the inputs used in valuing the Fund’s assets, which are carried at fair value, were as follows:


			Significant Other		Significant
	Quoted Prices		Observable Inputs		Unobservable Inputs
Investments in Securities	(Level 1)		(Level 2)		(Level 3)		Total
Equity securities
Common stocks	$	6,581,558	$	0	$	0	$	6,581,558
Short-term investments
Investment companies		81,535		0		0		81,535
	$	6,663,093	$	0	$	0	$	6,663,093

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

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Investment advisory fees

Pursuant to the contract, Funds Management is paid an annual investment advisory fee starting at 0.65% and declining to 0.55% as the average daily net assets of the Fund increase. For the six months ended January 31, 2011, the investment advisory fee was equivalent to an annual rate of 0.65% of the Fund’s average daily net assets.

Funds Management may retain the services of certain investment sub-advisers to provide daily portfolio management to the Fund. The fees related to investment sub-advisory services are borne directly by the investment adviser and do not increase the overall fees paid by the Fund to the investment adviser. Nelson Capital Management LLC, an affiliate of Fund Management and a wholly owned subsidiary of Wells Fargo, is the investment sub-adviser to the Fund and is paid a fee by the investment adviser at an annual rate starting at 0.45% and declining to 0.25% as the average daily net assets of the Fund increase.

Administration and transfer agent fees


Notes to Financial Statements (Unaudited)		Wells Fargo Advantage Social Sustainability Fund 21

agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive the following annual fees:


		Administration Fees
	Average Daily	(% of Average
	Net Assets	Daily Net Assets)
Fund level	First $5 billion		0.05	%
	Next $5 billion		0.04
	Over $10 billion		0.03
Class A and Class C	All asset levels		0.26
Administrator Class	All asset levels		0.10

Distribution fees

The Trust has adopted a Distribution Plan for Class C shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to the Class C shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter, at an annual rate of 0.75% of the average daily net assets of the class.

For the six months ended January 31, 2011, Wells Fargo Funds Distributor, LLC received $777 from the sale of Class A shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class.

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, exclusive of short-term securities (securities with maturities of one year or less at purchase date), for the six months ended January 31, 2011 were $1,300,914 and $1,015,216, respectively.

6. BANK BORROWINGS

For the six months ended January 31, 2011, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION


22 Wells Fargo Advantage Social Sustainability Fund		Other Information (Unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our Web site at wellsfargo.com/advantagefunds, or visiting the SEC Web site at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s Web site at wellsfargo.com/advantagefunds or by visiting the SEC Web site at www.sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s Web site (wellsfargo.com/advantagefunds) on a monthly, 30-day or more delayed basis. In addition, top ten holdings information for the Fund is publicly available on the Fund’s Web site on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC Web site at www.sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

BOARD OF TRUSTEES

Independent Trustees


Name and	Position Held and
Year of Birth	Length of Service	Principal Occupations During Past Five Years	Other Directorships
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005 (Lead Trustee since 2001)	Co-Founder, Chairman, President and CEO of Crystal Geyser. Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust

Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust

Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust

Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction), Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 45 portfolios as of 12/31/10); Director, Diversapack Co. (packaging company); Asset Allocation Trust


Other Information (Unaudited)		Wells Fargo Advantage Social Sustainability Fund 23


Name and	Position Held and
Year of Birth	Length of Service	Principal Occupations During Past Five Years	Other Directorships
David F. Larcker (Born 1951)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of Corporate Governance Research Program and Co-Director of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor and Chair of the Department of Insurance and Risk Management, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust

Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust

Michael S. Scofield (Born 1943)	Trustee, since 2010	Currently serves on the Investment Company Institute’s Board of Governors and Executive Committee as well the Independent Director’s Counsel Board of Governors and Executive Committee. Former Chairman of the Independent Directors Counsel. Trustee of the Evergreen Funds from 1984 to 2010. Retired Attorney, Law Offices of Michael S. Scofield and former Director and Chairman, Branded Media Corporation (multi-media branding company).	Asset Allocation Trust

Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010.	Asset Allocation Trust

Officers

Name and	Position Held and
Year of Birth	Length of Service	Principal Occupations During Past Five Years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.

C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.

Kasey Phillips (Born 1970)	Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010. Vice President and Assistant Vice President of Evergreen Investment Services, Inc. from 1999 to 2006.

David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.


24 Wells Fargo Advantage Social Sustainability Fund		Other Information (Unaudited)


1.		The Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the Fund’s Web site at www.wellsfargo.com/advantagefunds.


List of Abbreviations		Wells Fargo Advantage Social Sustainability Fund 25

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


ABAG		— Association of Bay Area Governments
ACB		— Agricultural Credit Bank
ADR		— American Depositary Receipt
ADS		— American Depository Shares
AGC-ICC		— Assured Guaranty Corporation-Insured Custody Certificates
AGM		— Assured Guaranty Municipal
AMBAC		— American Municipal Bond Assurance Corporation
AMT		— Alternative Minimum Tax
ARM		— Adjustable Rate Mortgages
AUD		— Australian Dollar
BAN		— Bond Anticipation Notes
BART		�� Bay Area Rapid Transit
BHAC		— Berkshire Hathaway Assurance Corporation
BRL		— Brazil Real
CAD		— Canadian Dollar
CDA		— Community Development Authority
CDO		— Collateralized Debt Obligation
CDSC		— Contingent Deferred Sales Charge
CGIC		— Capital Guaranty Insurance Company
CGY		— Capital Guaranty Corporation
CHF		— Swiss Franc
CIFG		— CDC (Caisse des Dépôts et Consignations) IXIS Financial Guarantee
COP		— Certificate of Participation
CP		— Commercial Paper
CR		— Custody Receipts
CTF		— Common Trust Fund
DEM		— Deutsche Mark
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
EDFA		— Economic Development Finance Authority
ETET		— Eagle Tax-Exempt Trust
ETF		— Exchange-Traded Fund
EUR		— Euro
FFCB		— Federal Farm Credit Bank
FGIC		— Financial Guaranty Insurance Corporation
FHA		— Federal Housing Authority
FHAG		— Federal Housing Agency
FHLB		— Federal Home Loan Bank
FHLMC		— Federal Home Loan Mortgage Corporation
FNMA		— Federal National Mortgage Association
FRF		— French Franc
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		— Housing & 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
LLC		— Limited Liability Company
LLP		— Limited Liability Partnership
LOC		— Letter of Credit
LP		— Limited Partnership
MBIA		— Municipal Bond Insurance Association
MFHR		— Multi-Family Housing Revenue
MFMR		— Multi-Family Mortgage Revenue
MMD		— Municipal Market Data
MSTR		— Municipal Securities Trust Receipts
MTN		— Medium Term Note
MUD		— Municipal Utility District
MXN		— Mexican Peso
MYR		— Malaysian Ringgit
NATL-RE		— National Public Finance Guarantee Corporation
NLG		— Netherlands Guilder
NOK		— Norwegian Krone
NZD		— New Zealand Dollar
PCFA		— Pollution Control Finance Authority
PCR		— Pollution Control Revenue
PFA		— Public Finance Authority
PFFA		— Public Facilities Financing Authority
PFOTER		— Puttable Floating Option Tax-Exempt Receipts
plc		— Public Limited Company
PLN		— Polish Zloty
PSFG		— Public School Fund Guaranty
PUTTER		— Puttable Tax-Exempt Receipts
R&D		— Research & Development
RDA		— Redevelopment Authority
RDFA		— Redevelopment Finance Authority
REITS		— Real Estate Investment Trusts
ROC		— Reset Option Certificates
SEK		— Swedish Krona
SFHR		— Single Family Housing Revenue
SFMR		— Single Family Mortgage Revenue
SGD		— Singapore Dollar
SKK		— Slovakian Koruna
SLMA		— Student Loan Marketing Association
SPDR		— Standard & Poor’s Depositary Receipts
STIT		— Short-Term Investment Trust
TAN		— Tax Anticipation Notes
TBA		— To Be Announced
TRAN		— Tax Revenue Anticipation Notes
TRC		— Transferable Custody Receipts
TRY		— Turkish Lira
TTFA		— Transportation Trust Fund Authority
USD		— United States Dollar
XLCA		— XL Capital Assurance
ZAR		— South African Rand

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More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, e-mail, visit the Funds’ Web site, or call:

Wells Fargo Advantage Funds
P.O. Box 8266
Boston, MA 02266-8266
E-mail: wfaf@wellsfargo.com

Web site: www.wellsfargo.com/advantagefunds
Individual Investors: 1-800-222-8222
Retail Investment Professionals: 1-888-877-9275
Institutional Investment Professionals: 1-866-765-0778

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED § NO BANK GUARANTEE § MAY LOSE VALUE

ITEM 2. CODE OF ETHICS

Not required in this filing

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not required in this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not required in this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not required in this filing.

ITEM 6. SCHEDULE OF INVESTMENTS

The Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.


ITEM 7.		DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.


ITEM 8.		PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.


ITEM 9.		PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT INVESTMENT COMPANY AND AFFILIATED PURCHASES

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The Governance Committee (the “Committee”) of the Board of Trustees of the registrant (the “Trust”) has adopted procedures by which a shareholder of any series of the Trust may submit properly a nominee recommendation for the Committee’s consideration.

The shareholder must submit any such recommendation (a “Shareholder Recommendation”) in writing to the Trust, to the attention of the Trust’s Secretary, at the address of the principal executive offices of the Trust.

The Shareholder Recommendation must be delivered to, or mailed and received at, the principal executive offices of the Trust not less than forty-five (45) calendar days nor more than seventy-five (75) calendar days prior to the date of the Committee meeting at which the nominee would be considered.

The Shareholder Recommendation must include: (i) a statement in writing setting forth (A) the name, age, date of birth, business address, residence address and nationality of the person recommended by the shareholder (the “candidate”); (B) the series (and, if applicable, class) and number of all shares of the Trust owned of record or beneficially by the candidate, as reported to such shareholder by the candidate; (C) any other information regarding the candidate called for with respect to director nominees by paragraphs (a), (d), (e) and (f) of Item 401 of Regulation S-K or paragraph (b) of Item 22 of Rule 14a-101 (Schedule 14A) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), adopted by the Securities and Exchange Commission (or the corresponding provisions of any regulation or rule subsequently adopted by the Securities and Exchange Commission or any successor agency applicable to the Trust); (D) any other information regarding the candidate that would be required to be disclosed if the candidate were a nominee in a proxy statement or other filing required to be made in connection with solicitation of proxies for election of directors pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder; and (E) whether the recommending shareholder believes that the candidate is or will be an “interested person” of the Trust (as defined in the Investment Company Act of 1940, as amended) and, if not an “interested person,” information regarding the candidate that will be sufficient for the Trust to make such determination; (ii) the written and signed consent of the candidate to be named as a nominee and to serve as a Trustee if elected; (iii) the recommending shareholder’s name as it appears on the Trust’s books; (iv) the series (and, if applicable, class) and number of all shares of the Trust owned beneficially and of record by the recommending shareholder; and (v) a description of all arrangements or understandings between the recommending shareholder and the candidate and any other person or persons (including their names) pursuant to which the recommendation is being made by the recommending shareholder. In addition, the Committee may require the

candidate to interview in person and furnish such other information as it may reasonably require or deem necessary to determine the eligibility of such candidate to serve as a Trustee of the Trust.

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo 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 quarter of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS

(a)(1) Not required in this filing.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.

SIGNATURES

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


		Wells Fargo Funds Trust

		By:
				/s/ Karla M. Rabusch

				Karla M. Rabusch
				President

		Date: March 30, 2011

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


		By:
				/s/ Karla M. Rabusch

				Karla M. Rabusch
				President

				Date: March 30, 2011

		By:
				/s/ Kasey L. Phillips

				Kasey L. Phillips
				Treasurer

				Date: March 30, 2011

Position Held and

Year of Birth

Length of Service

Principal Occupations During Past Five Years

Debra Ann Early
(Born 1964)

Chief Compliance Officer, since 2007

Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.