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

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

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: October 31, 2010

Date of reporting period: April 30, 2011

ITEM 1. REPORT TO SHAREHOLDERS

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Semi-Annual Report

April 30, 2011

WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS

Wells Fargo Advantage Asia Pacific Fund

Wells Fargo Advantage Disciplined Global Equity Fund

Wells Fargo Advantage Diversified International Fund

Wells Fargo Advantage Emerging Markets Equity Fund

Wells Fargo Advantage Global Opportunities Fund

Wells Fargo Advantage International Equity Fund

Wells Fargo Advantage Intrinsic World Equity Fund

Reduce clutter. Save trees.

Contents


Letter to Shareholders			2

Performance Highlights
Wells Fargo Advantage Asia Pacific Fund			6
Wells Fargo Advantage Disciplined Global Equity Fund			8
Wells Fargo Advantage Diversified International Fund			10
Wells Fargo Advantage Emerging Markets Equity Fund			12
Wells Fargo Advantage Global Opportunities Fund			14
Wells Fargo Advantage International Equity Fund			16
Wells Fargo Advantage Intrinsic World Equity Fund			18

Fund Expenses			20

Portfolio of Investments
Wells Fargo Advantage Asia Pacific Fund			23
Wells Fargo Advantage Disciplined Global Equity Fund			28
Wells Fargo Advantage Diversified International Fund			35
Wells Fargo Advantage Emerging Markets Equity Fund			44
Wells Fargo Advantage Global Opportunities Fund			49
Wells Fargo Advantage International Equity Fund			55
Wells Fargo Advantage Intrinsic World Equity Fund			60

Financial Statements
Statements of Assets and Liabilities			64
Statements of Operations			66
Statements of Changes in Net Assets			68
Financial Highlights			76

Notes to Financial Statements			86

Other Information			98

List of Abbreviations			105

The views expressed are as of April 30, 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 International Stock Funds.

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

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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, IN DIRECT, 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 $241 billion in assets under management, as of April 30, 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^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, Social Sustainability Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.


2		Wells Fargo Advantage International Stock Funds		Letter to Shareholders

LOGO

Karla M. Rabusch,

President

Wells Fargo Advantage Funds

There certainly were a rash of geopolitical and geological issues that provided headwinds, but overall, many areas across both the global equity and bond markets showed resilience and posted solid annual returns.

Dear Valued Shareholder,

We are pleased to provide you with this semi-annual report for the Wells Fargo Advantage International Stock Funds for the six-month period that ended April 30, 2011. After a series of extraordinary financial and economic events that affected the financial markets in the United States and throughout the world—dating back to the beginning of the financial crisis in 2008—it seemed the global economy continued to move toward a more sustainable recovery throughout the period. There certainly were a rash of geopolitical and geological issues that provided headwinds, but overall, many areas across both the global equity and bond markets showed resilience and posted solid annual returns, suggesting that the most underlying fundamentals of the economy continue to strengthen.

The global economic recovery moved toward expansion.

The global economic recovery that began in mid-2009, especially within the developed countries, gained further momentum throughout the period, particularly toward the end of 2010. For example, within the U.S., gross domestic product (GDP) grew at an annualized rate of 3.1% in the fourth quarter of 2010—capping a streak of six consecutive quarters of positive GDP growth—and 2.8% for the full year. Although the path of recovery within the U.S. has been uneven at times and growth remains subpar compared with previous recoveries, the general consensus among economists is that the economy will likely continue to move toward a sustainable expansion.

Jobs and housing remained troublesome.

By the end of the reporting period, the unemployment rate in the U.S. stood at 9.0%, down from 9.8% a year earlier but still notably higher than historical averages. 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 just 1.1 million jobs during the entire 2010 calendar year, below the historical average of 1.4 million jobs created each year over the past 80 years, 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. That said, persistent weakness in the labor and housing markets bears close watching in the months ahead.

Other economic data in the U.S. was more encouraging, reflecting greater confidence in the sustainability of the expansion on the part of both consumers and businesses. Retail sales came in strong at certain points during the period, including the critical holiday shopping season, and 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 Federal Reserve 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 0.00% to 0.25%. On April 27, 2011, in its final statement of the six-month period, the Fed noted that economic recovery “is proceeding at a moderate pace,” while the employment situation is “improving gradually.” With regard to inflation, the Fed noted that the rate of inflation increased but that “longer-term inflation


Letter to Shareholders		Wells Fargo Advantage International Stock Funds			3

expectations have remained stable and measures of underlying inflation are still subdued.” As a result, the Fed indicated that it intends to keep short-term rates at historically low levels for as long as necessary to ensure a sustainable recovery and expansion.

The Fed also stated that “to promote a stronger pace of economic recovery,” 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 launch of QE2 in the third quarter of 2010 marked a turning point for the equity markets in that it ushered in a favorable shift in investor sentiment. Largely, investors interpreted the plan as further evidence of the Fed’s commitment to avoiding deflation and spurring economic growth.

Central banks focused on balancing the need for sustainable growth with ongoing sovereign debt concerns.

The coordinated efforts of the developed markets’ central banks to quell the worldwide financial crisis were effective in restoring order to the capital markets, and the stimulus packages provided a significant underpinning to economies, helping to restore them to growth. As a result, throughout the six-month period, stock markets in the United States and worldwide rebounded dramatically from their March 2009 lows.

While many emerging markets were not as affected by the same problems as the U.S. and eurozone economies, several emerging economies did face headwinds of their own, such as higher levels inflation and tightening monetary policies. This dynamic was most evident in China and India, which were among the poorer performing countries within the index. The best performing countries within the emerging markets index included Russia, which benefitted from rising energy prices; Taiwan and Korea, whose performance was driven by strong export activity; and South Africa, which was supported by rising commodity prices throughout the period.

After working through the eurozone sovereign debt crisis, equities rallied for the rest of 2010.

After the global equity markets stumbled during the late spring of 2010, primarily due to concerns that the global economic recovery would slide back into recession, but also in part due to the Greek sovereign debt crisis, the markets rebounded during the summer and fall of 2010. Part of the explanation for the rally lies in the precarious nature of the markets after the second quarter. By the start of the third quarter, investors had already priced in the potential effects of the sovereign debt crisis. The repricing reduced stock valuations to extremely attractive levels. When combined with earnings yields that were better than what investors were getting in the bond market, the lowered valuations were enough to convince many investors to add more risk to their portfolios. Stocks in the higher-yielding telecommunication services sector advanced due to their ability to balance risk and potential yield, driving investors back into the markets.


4		Wells Fargo Advantage International Stock Funds		Letter to Shareholders

During the last three months of 2010, investors continued to struggle with a number of macroeconomic factors, most notably the continuing sovereign debt crisis in Europe and rising inflation in the emerging markets. On the plus side, the U.S. economy continued to show signs of improvement. The reaffirmation of quantitative easing by the Fed initially caused the value of the U.S. dollar to decline relative to other major currencies; however, it stabilized during the final month of the year.

Entering the new year, central banks attempted to balance growth with inflation pressures.

2011 began moderately well, building on the momentum established during the fourth quarter of 2010. Investors focused on signs of sustainable economic growth and low volatility in many countries. In step with stronger economic conditions, corporate earnings continued to improve, further bolstering investor confidence. However, during the period, investors shifted their focus away from these developments to the political unrest in the Middle East and the tragedy affecting Japan, which prompted concerns about the impact on oil prices and the supply chain. In response, investors began to rotate out of small-cap stocks and growth stocks and into larger-cap value stocks that they perceived as offering lower levels of risk.

In the developed markets, Europe and the U.S. are good examples of how many countries are attempting to balance the effects of higher inflation with the need to firmly establish sustainable economic expansion. These governments believe that this can best be achieved through an exceptionally accommodative monetary policy. In an effort to stave off the effects of rising inflation, China, India, and Brazil have already been tightening their monetary policies through rate increases and a more restrictive approach to money supply. It is possible that if the rate of inflation in those emerging markets countries begins to stabilize or even subside, particularly in China, these countries may be nearing the end of their monetary tightening cycle.

Concerns about sovereign debt re-emerged across the European peripheral countries, especially as Portugal became the third country to seek a bailout from the European Union and the International Monetary Fund. In addition, Ireland’s four largest banks failed another round of stress tests in March, forcing them to seek another 24 billion euros from public and private entities. Nevertheless, in spite of these renewed challenges, the peripheral countries, led by Greece, Italy, and Spain, had remarkable stock performance to start 2011. They outperformed their larger, more developed European neighbors, such as Germany and the United Kingdom. Last year, when the sovereign debt issue first came to the forefront, it brought along with it a high level of investor anxiety, which translated into higher volatility. However, after the bailouts of Greece and Ireland, investors may have become comfortable with how policymakers have been able to handle these problems and mitigate the risks of contagion.

A broadly diversified portfolio gives exposure to many areas of potential recovery.

As global economies continue to move toward more sustainable growth and manageable levels of inflation, there can still be moments of volatility. These periods can present both challenges and opportunities, and experience has


Letter to Shareholders		Wells Fargo Advantage International Stock Funds			5

taught us that maintaining a long-term investment strategy based on individual goals and risk tolerance can be an effective way to plan for the future.

The Wells Fargo Advantage International Stock Funds provide investment solutions across a broad range of asset classes and investment styles, giving you an opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, it may help to reduce them and provide you with one way of managing risk. And, in a potential upturn, diversification can give you exposure to many areas of economic recovery.

Thank you for choosing Wells Fargo Advantage Funds. We appreciate your confidence in us. Through each market cycle, we are committed to helping you meet your financial needs. If you have any questions about your investment, please contact your investment professional or call us at 1-800-222-8222. You may also visit our website at www.wellsfargo.com/advantagefunds.

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds


6		Wells Fargo Advantage International Stock Funds		Performance Highlights

Wells Fargo Advantage Asia Pacific Fund

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGER

Anthony L.T. Cragg

FUND INCEPTION

December 31, 1993


TEN LARGEST EQUITY HOLDINGS¹ (AS OF APRIL 30, 2011)
Newcrest Mining Limited			2.67%
Mitsubishi UFJ Financial Group Incorporated			2.01%
Industrial & Commercial Bank of China Class H			2.01%
Nippon Telegraph & Telephone Corporation			1.99%
Sumitomo Mitsui Financial Group Incorporated			1.98%
Toray Industries Incorporated			1.97%
China Construction Bank			1.97%
Mitsubishi Corporation			1.96%
Mitsubishi Electric Corporation			1.80%
Mitsui Fudosan Company Limited			1.73%


COUNTRY ALLOCATION² (AS OF APRIL 30, 2011)

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

2.	Country allocation is subject to change and is calculated based on the total investments of the Fund, excluding cash and cash equivalents.


Performance Highlights		Wells Fargo Advantage International Stock Funds			7

Wells Fargo Advantage Asia Pacific Fund (continued)

AVERAGE ANNUAL TOTAL RETURN³ (%) (AS OF APRIL 30, 2011)


			Including Sales Charge									Excluding Sales Charge								Expense Ratios⁴
	Inception Date		6-Months*			1-Year		5-Year		10-Year		6-Months*		1-Year		5-Year		10-Year		Gross		Net⁵
Class A (WFAAX)		07/31/2007		(0.49	)		10.37		0.06		9.87		5.59		17.13		1.26		10.53		1.92%		1.62%
Class C (WFCAX)		07/31/2007		4.16			15.12		0.47		9.79		5.16		16.12		0.47		9.79		2.67%		2.37%
Administrator Class (WFADX)		07/30/2010											5.73		17.29		1.29		10.55		1.76%		1.42%
Institutional Class (WFPIX)		07/30/2010											5.77		17.33		1.29		10.56		1.49%		1.27%
Investor Class (SASPX)		12/31/1993											5.62		17.05		1.19		10.50		1.99%		1.67%
MSCI All Country Asia Pacific Net Index⁶													8.93		13.49		2.53		6.81

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

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. 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 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.

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. 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 regional risk, and smaller company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Historical performance shown for Class A 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. Historical performance shown for Class C shares prior to their inception reflects the performance of the Investor Class shares, adjusted to reflect the higher expenses applicable to Class C shares. Historical performance shown for the Administrator and Institutional Class shares prior to their inception reflects the performance of the 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 most recent prospectuses.

The Adviser has committed through February 29, 2012 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.60% for Class A, 2.35% for Class C, 1.40% for Administrator Class, 1.25% for Institutional Class and 1.65% for Investor Class. Without this cap, the Fund’s returns would have been lower.

The Morgan Stanley Capital International All Country Asia Pacific (MSCI AC Asia Pacific) Net Index is a total return, capitalization-weighted index that measures the performance of stock markets in 15 Pacific region countries, including Australia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Pakistan, the Philippines, Singapore, Sri Lanka, Taiwan and Thailand. You cannot invest directly in an index.


8		Wells Fargo Advantage International Stock Funds		Performance Highlights

Wells Fargo Advantage Disiplined Global Equity Fund

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGER

Amit Chandra PhD., CFA

(Effective March 1, 2011)

FUND INCEPTION

November 1, 1995


TEN LARGEST EQUITY HOLDINGS¹ (AS OF APRIL 30, 2011)
International Business Machines Corporation			1.53%
Exxon Mobil Corporation			1.52%
Chevron Corporation			1.45%
BHP Bilton plc			1.41%
Microsoft Corporation			1.30%
Oracle Corporation			1.15%
Vodafone Group plc			1.14%
Royal Dutch Shell plc Class B			1.11%
Sanofi-Aventis SA			1.00%
BASF SE			0.98%


COUNTRY ALLOCATION² (AS OF APRIL 30, 2011)

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

2.	Country allocation is subject to change and is calculated based on the total investments of the Fund, excluding cash and cash equivalents.


Performance Highlights		Wells Fargo Advantage International Stock Funds			9

Wells Fargo Advantage Disiplined Global Equity Fund (continued)

AVERAGE ANNUAL TOTAL RETURN³ (%) (AS OF APRIL 30, 2011)


			Including Sales Charge								Excluding Sales Charge								Expense Ratios⁴
	Inception Date		6-Months*		1-Year		5-Year		10-Year		6-Months*		1-Year		5-Year		10-Year		Gross		Net⁵
Class A (EAGLX)		06/03/1996		8.77		11.86		0.89		1.86		15.41		18.69		2.10		2.47		1.61%		1.40%
Class C (ECGLX)		06/03/1996		13.98		16.74		1.33		1.72		14.98		17.74		1.33		1.72		2.36%		2.15%
Administrator Class (EYGLX)		11/01/1995										15.52		18.97		2.36		2.74		1.45%		1.15%
Institutional Class (EIGLX)		07/30/2010										15.65		19.19		2.40		2.76		1.18%		0.95%
MSCI World Free Index (Net)⁶												14.75		18.25		2.32		3.90

*	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 and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. 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 country concentration risk and smaller company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Historical performance shown for the Institutional Class shares prior to their 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 Global Large Cap Equity Fund.

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

5.	The Adviser has committed through July 18, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amount shown above. Without this cap, the Fund’s returns would have been lower.

6.	The Morgan Stanley Capital International World Free Index (Net) (MSCI World Free Index (Net)) is an unmanaged market capitalization index designed to measure the performance of securities within developed equity markets. You cannot invest directly in an index.


10		Wells Fargo Advantage International Stock Funds		Performance Highlights

Wells Fargo Advantage Diversified International Fund

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISERS

Artisan Partners Limited Partnership

LSV Asset Management

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

Francis X. Claró, CFA

Josef Lakonishok

Puneet Mansharamani, CFA

Menno Vermeulen, CFA

Mark L. Yockey, CFA

FUND INCEPTION

September 24, 1997


TEN LARGEST EQUITY HOLDINGS¹ (AS OF APRIL 30, 2011)
Nestle SA			1.65%
Sands China Limited			1.48%
Bayer AG			1.47%
Daimler AG			1.29%
BASF SE			1.16%
Siemens AG			1.16%
Pernod-Ricard			1.10%
WPP plc			1.06%
Vodafone Group plc			1.04%
ING Group NV			1.04%


COUNTRY ALLOCATION² (AS OF APRIL 30, 2011)

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

2.	Country allocation is subject to change and is calculated based on the total investments of the Fund, excluding cash and cash equivalents.


Performance Highlights		Wells Fargo Advantage International Stock Funds			11

Wells Fargo Advantage Diversified International Fund (continued)

AVERAGE ANNUAL TOTAL RETURN³ (%) (AS OF APRIL 30, 2011)


			Including Sales Charge									Excluding Sales Charge									Expense Ratios⁴
	Inception Date		6-Months*		1-Year		5-Year			10-Year		6-Months*		1-Year		5-Year			10-Year		Gross		Net⁵
Class A (SILAX)		09/24/1997		6.62		14.82		(0.90	)		1.73		13.15		21.79		0.29			2.34		1.54%		1.41%
Class B (SILBX)**		09/24/1997		7.63		15.82		(0.86	)		1.77		12.63		20.82		(0.44	)		1.77		2.29%		2.16%
Class C (WFECX)		04/01/1998		11.67		19.86		(0.41	)		1.57		12.67		20.86		(0.41	)		1.57		2.29%		2.16%
Administrator Class (WFIEX)		11/08/1999											13.23		22.01		0.51			2.55		1.38%		1.25%
Institutional Class (WFISX)		08/31/2006											13.36		22.27		0.72			2.66		1.11%		0.99%
Investor Class (WIEVX)		07/18/2008											13.05		21.71		0.28			1.96		1.61%		1.46%
MSCI EAFE^® Net Index⁶													12.71		19.18		1.54			5.29

*	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.

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, Institutional Class and Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. 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 smaller company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Historical performance shown for the Investor Class shares prior to their inception reflects the performance of Class A shares, adjusted to reflect the higher expenses applicable to the Investor Class shares. Historical performance shown for the Institutional Class shares prior to their 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 most recent prospectuses.

The Adviser has committed through February 29, 2012 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amount shown above. Without this cap, the Fund’s returns would have been lower.

6.	The Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Net Index is an unmanaged group of securities widely regarded by investors to be representations of the stock markets of Europe, Australasia, and the Far East. You cannot invest directly in an index.


12		Wells Fargo Advantage International Stock Funds		Performance Highlights

Wells Fargo Advantage Emerging Markets Equity Fund

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGER

Yi (Jerry) Zhang, PhD, CFA

FUND INCEPTION

September 6, 1994


TEN LARGEST EQUITY HOLDINGS¹ (AS OF APRIL 30, 2011)
China Mobile Limited ADR			3.50%
Sina Corporation			3.41%
Petroleo Brasileiro SA ADR			3.28%
Samsung Electronics Company Limited			2.44%
Grupo Televisa SA ADR			2.15%
KT&G Corporation			2.10%
Taiwan Semiconductor Manufacturing Company Limited ADR			2.00%
KT Corporation ADR			1.99%
Banco Bradesco SA ADR			1.68%
ICICI Bank Limited ADR			1.47%


COUNTRY ALLOCATION² (AS OF APRIL 30, 2011)

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

2.	Country allocation is subject to change and is calculated based on the total investments of the Fund, excluding cash and cash equivalents.


Performance Highlights		Wells Fargo Advantage International Stock Funds			13

Wells Fargo Advantage Emerging Markets Equity Fund (continued)

AVERAGE ANNUAL TOTAL RETURN³ (%) (AS OF APRIL 30, 2011)


			Including Sales Charge								Excluding Sales Charge								Expense Ratios⁴
	Inception Date		6-Months*		1-Year		5-Year		10-Year		6-Months*		1-Year		5-Year		10-Year		Gross		Net⁵
Class A (EMGAX)		09/06/1994		3.71		17.02		10.65		17.52		10.03		24.15		11.98		18.21		1.84%		1.82%
Class B (EMGBX)**		09/06/1994		4.62		18.24		10.89		17.65		9.62		23.24		11.15		17.65		2.59%		2.57%
Class C (EMGCX)		09/06/1994		8.64		22.23		11.14		17.36		9.64		23.23		11.14		17.36		2.59%		2.57%
Administrator Class (EMGYX)		09/06/1994										10.13		24.39		12.25		18.55		1.68%		1.61%
Institutional Class (EMGNX)		07/30/2010										10.28		24.73		12.31		18.58		1.41%		1.31%
MSCI Emerging Markets Net Index⁶												9.84		21.00		10.17		16.92

*	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.

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 Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. 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 regional risk and smaller company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

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

The Adviser has committed through July 18, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.81% for Class A, 2.56% for Class B, 2.56% for Class C, 1.60% for Administrator Class and 1.30% for Institutional Class. Without this cap, the Fund’s returns would have been lower.

The Morgan Stanley Capital International Emerging Markets (MSCI Emerging Markets) Net Index is a free float-adjusted market capitalization index designed to measure the equity market performance in the global emerging markets. The index is currently comprised of 25 emerging market country indices. You cannot invest directly in an index.


14		Wells Fargo Advantage International Stock Funds		Performance Highlights

Wells Fargo Advantage Global Opportunities Fund

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

Francis X. Claró, CFA

James M. Tringas, CFA

FUND INCEPTION

March 16, 1988


TEN LARGEST EQUITY HOLDINGS¹ (AS OF APRIL 30, 2011)
51job Incorporated ADR			2.72%
Ashtead Group plc			2.48%
USG People NV			2.07%
Persimmon plc			1.63%
Bovis Homes Group plc			1.50%
Travis Perkins plc			1.38%
Isuzu Motors Limited			1.36%
Dice Holdings Incorporated			1.34%
Pandora AS			1.29%
Sumitomo Heavy Industries Limited			1.21%


COUNTRY ALLOCATION² (AS OF APRIL 30, 2011)

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

2.	Country allocation is subject to change and is calculated based on the total investments of the Fund, excluding cash and cash equivalents.


Performance Highlights		Wells Fargo Advantage International Stock Funds			15

Wells Fargo Advantage Global Opportunities Fund (continued)

AVERAGE ANNUAL TOTAL RETURN³ (%) (AS OF APRIL 30, 2011)


			Including Sales Charge								Excluding Sales Charge								Expense Ratios⁴
	Inception Date		6-Months*		1-Year		5-Year		10-Year		6-Months*		1-Year		5-Year		10-Year		Gross		Net⁵
Class A (EKGAX)		03/16/1988		12.00		18.89		4.23		9.75		18.83		26.15		5.47		10.41		1.63%		1.59%
Class B (EKGBX)**		02/01/1993		13.36		20.17		4.35		9.84		18.36		25.17		4.68		9.84		2.38%		2.34%
Class C (EKGCX)		02/01/1993		17.38		24.15		4.69		9.60		18.38		25.15		4.69		9.60		2.38%		2.34%
Administrator Class (EKGYX)		01/13/1997										18.94		26.43		5.73		10.67		1.47%		1.41%
Institutional Class (EKGIX)		07/30/2010										19.07		26.68		5.78		10.70		1.20%		1.16%
S&P Developed SmallCap Index⁶												20.69		25.15		4.20		9.44

*	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.

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 Institutional 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. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. 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 country concentration risk, regional risk and smaller company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

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

The Adviser has committed through July 18, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.58% for Class A, 2.33% for Class B, 2.33% for Class C, 1.40% for Administrator Class and 1.15% for Institutional Class. Without this cap, the Fund’s returns would have been lower.

The S&P Developed SmallCap Index is a float-adjusted market capitalization index designed to measure the equity market performance of small capitalization companies located in developed markets. The index is comprised of companies within the bottom 15% of the cumulative market capitalization in developed markets. The index covers all publicly listed equities with float-adjusted market values of US $100 million or more and annual dollar value traded of at least US $50 million in all included countries. You cannot invest directly in an index.


16		Wells Fargo Advantage International Stock Funds		Performance Highlights

Wells Fargo Advantage International Equity Fund

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGER

Francis X. Claró, CFA

FUND INCEPTION

September 6, 1979


TEN LARGEST EQUITY HOLDINGS¹ (AS OF APRIL 30, 2011)
Sina Corporation			1.83%
Toyota Motor Corporation			1.82%
HSBC Holdings plc			1.77%
Nestle SA			1.77%
Vodafone Group plc			1.74%
BHP Billiton plc			1.67%
Randstad Holdings NV			1.59%
Royal Dutch Shell plc Class A			1.57%
Rio Tinto plc			1.57%
Repsol YPF SA			1.51%


COUNTRY ALLOCATION² (AS OF APRIL 30, 2011)

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

2.	Country allocation is subject to change and is calculated based on the total investments of the Fund, excluding cash and cash equivalents.


Performance Highlights		Wells Fargo Advantage International Stock Funds			17

Wells Fargo Advantage International Equity Fund (continued)

AVERAGE ANNUAL TOTAL RETURN³ (%) (AS OF APRIL 30, 2011)


			Including Sales Charge									Excluding Sales Charge								Expense Ratios⁴
	Inception Date		6-Months*		1-Year		5-Year			10-Year		6-Months*		1-Year		5-Year		10-Year		Gross		Net⁵
Class A (WFEAX)		01/20/1998		7.93		15.26		(0.34	)		5.01		14.56		22.28		0.85		5.63		1.51%		1.09%
Class B (WFEBX)**		09/06/1979		9.13		16.46		(0.20	)		5.13		14.13		21.46		0.11		5.13		2.26%		1.84%
Class C (WFEFX)		03/06/1998		13.16		20.39		0.11			4.89		14.16		21.39		0.11		4.89		2.26%		1.84%
Class R (WFERX)		10/10/2003											14.42		22.02		0.58		5.37		1.76%		1.34%
Administrator Class (WFEDX)		07/16/2010											14.51		22.36		1.07		5.92		1.35%		1.09%
Institutional Class (WFENX)		03/09/1998											14.65		22.57		1.11		5.93		1.08%		0.84%
MSCI EAFE^® Free Net Index⁶													12.71		19.18		1.54		5.29

*	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.

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. Class R, Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. 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 smaller company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Historical performance shown for the Administrator Class shares prior to their 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 Class R shares prior to their inception reflects the performance of Class A shares, adjusted to reflect the higher expenses applicable to Class R 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 International Equity Fund.

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

5.	The Adviser has committed through July 18, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amount shown above. Without this cap, the Fund’s returns would have been lower.

The Morgan Stanley Capital International Europe, Australasia, and Far East Free (“MSCI EAFE Free”) Net Index is an unmanaged group of securities widely regarded by investors to be representative of the stock markets of Europe, Australasia, and the Far East. MSCI Free Indices are constructed to reflect investment opportunities for global investors to account for local market restrictions on stock ownership by international investors. You cannot invest directly in an index.


18		Wells Fargo Advantage International Stock Funds		Performance Highlights

Wells Fargo Advantage Intrinsic World Equity Fund

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Metropolitan West Capital Management, LLC

PORTFOLIO MANAGERS

David Graham

Gary Lisenbee

Jeffrey Peck

FUND INCEPTION

April 30, 1996


TEN LARGEST EQUITY HOLDINGS¹ (AS OF APRIL 30, 2011)
Apple Incorporated			3.43%
Oracle Corporation			3.26%
Enersis SA ADR			2.80%
Unilever NV			2.69%
Samsung Electronics Company Limited			2.66%
EMC Corporation			2.58%
UDR Incorporated			2.43%
Vodafone Group plc			2.43%
JPMorgan Chase & Company			2.40%
Baxter International Incorporated			2.35%


COUNTRY ALLOCATION² (AS OF APRIL 30, 2011)

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

2.	Country allocation is subject to change and is calculated based on the total investments of the Fund, excluding cash and cash equivalents.


Performance Highlights		Wells Fargo Advantage International Stock Funds			19

Wells Fargo Advantage Intrinsic World Equity Fund (continued)

AVERAGE ANNUAL TOTAL RETURN³ (%) (AS OF APRIL 30, 2011)


			Including Sales Charge								Excluding Sales Charge								Expense Ratios⁴
	Inception Date		6-Months*		1-Year		5-Year		10-Year		6-Months*		1-Year		5-Year		10-Year		Gross		Net⁵
Class A (EWEAX)		04/30/1996		7.78		12.65		0.92		4.57		14.37		19.52		2.12		5.20		1.59%		1.40%
Class C (EWECX)		05/18/2007		12.97		17.65		1.36		4.42		13.97		18.65		1.36		4.42		2.34%		2.15%
Administrator Class (EWEIX)		05/18/2007										14.49		19.83		2.30		5.29		1.43%		1.15%
Institutional Class (EWENX)		07/30/2010										14.65		20.01		2.33		5.31		1.16%		0.95%
MSCI World Index (Net)⁶												14.75		18.25		2.32		3.90

*	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 and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. 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 smaller company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Historical performance shown for Class C shares prior to their inception reflects the performance of Class A shares, adjusted to reflect the higher expenses applicable to Class C shares. Historical performance shown for the Institutional Class shares prior to their 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 the Administrator Class shares prior to their inception reflects the performance of Class A shares, and includes the higher expenses applicable to Class A 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 Intrinsic World Equity Fund.

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

5.	The Adviser has committed through July 18, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amount shown above. Without this cap, the Fund’s returns would have been lower.

6.	The Morgan Stanley Capital International World Index (the “MSCI World Index (Net)”) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. You cannot invest directly in an index.


20		Wells Fargo Advantage International Stock Funds		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 in tended 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 November 1, 2010 to April 30, 2011.

Actual Expenses

The “Actual” line of the table below provides in formation 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.

Hypothetic al Example for Comparison Purposes

The “Hypothetical” line of the table below provides in formation 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.


Wells Fargo Advantage Asia Pacific Fund	Beginning Account Value 11-01-2010		Ending Account Value 04-30-2011		Expenses Paid During the Period¹		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	1,055.88	$	8.16		1.60	%
Hypothetical	$	1,000.00	$	1,016.86	$	8.00		1.60	%
Class C
Actual	$	1,000.00	$	1,051.58	$	11.95		2.35	%
Hypothetical	$	1,000.00	$	1,013.14	$	11.73		2.35	%
Administrator Class
Actual	$	1,000.00	$	1,057.33	$	7.14		1.40	%
Hypothetical	$	1,000.00	$	1,017.85	$	7.00		1.40	%
Institutional Class
Actual	$	1,000.00	$	1,057.68	$	6.38		1.25	%
Hypothetical	$	1,000.00	$	1,018.60	$	6.26		1.25	%
Investor Class
Actual	$	1,000.00	$	1,056.19	$	8.41		1.65	%
Hypothetical	$	1,000.00	$	1,016.61	$	8.25		1.65	%


Fund Expenses		Wells Fargo Advantage International Stock Funds			21


Wells Fargo Advantage Disciplined Global Equity Fund	Beginning Account Value 11-01-2010		Ending Account Value 04-30-2011		Expenses Paid During the Period¹		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	1,154.05	$	7.48		1.40	%
Hypothetical	$	1,000.00	$	1,017.85	$	7.00		1.40	%
Class C
Actual	$	1,000.00	$	1,149.76	$	11.46		2.15	%
Hypothetical	$	1,000.00	$	1,014.13	$	10.74		2.15	%
Administrator Class
Actual	$	1,000.00	$	1,155.25	$	6.15		1.15	%
Hypothetical	$	1,000.00	$	1,019.09	$	5.76		1.15	%
Institutional Class
Actual	$	1,000.00	$	1,156.52	$	5.08		0.95	%
Hypothetical	$	1,000.00	$	1,020.08	$	4.76		0.95	%
Wells Fargo Advantage Diversified International Fund
Class A
Actual	$	1,000.00	$	1,131.47	$	7.45		1.41	%
Hypothetical	$	1,000.00	$	1,017.80	$	7.05		1.41	%
Class B
Actual	$	1,000.00	$	1,126.28	$	11.39		2.16	%
Hypothetical	$	1,000.00	$	1,014.08	$	10.79		2.16	%
Class C
Actual	$	1,000.00	$	1,126.70	$	11.39		2.16	%
Hypothetical	$	1,000.00	$	1,014.08	$	10.79		2.16	%
Administrator Class
Actual	$	1,000.00	$	1,132.27	$	6.61		1.25	%
Hypothetical	$	1,000.00	$	1,018.60	$	6.26		1.25	%
Institutional Class
Actual	$	1,000.00	$	1,133.62	$	5.24		0.99	%
Hypothetical	$	1,000.00	$	1,019.89	$	4.96		0.99	%
Investor Class
Actual	$	1,000.00	$	1,130.51	$	7.71		1.46	%
Hypothetical	$	1,000.00	$	1,017.55	$	7.30		1.46	%
Wells Fargo Advantage Emerging Markets Equity Fund
Class A
Actual	$	1,000.00	$	1,100.32	$	9.01		1.73	%
Hypothetical	$	1,000.00	$	1,016.22	$	8.65		1.73	%
Class B
Actual	$	1,000.00	$	1,096.17	$	12.89		2.48	%
Hypothetical	$	1,000.00	$	1,012.50	$	12.37		2.48	%
Class C
Actual	$	1,000.00	$	1,096.36	$	12.89		2.48	%
Hypothetical	$	1,000.00	$	1,012.50	$	12.37		2.48	%
Administrator Class
Actual	$	1,000.00	$	1,101.31	$	8.02		1.54	%
Hypothetical	$	1,000.00	$	1,017.16	$	7.70		1.54	%
Institutional Class
Actual	$	1,000.00	$	1,102.84	$	6.52		1.25	%
Hypothetical	$	1,000.00	$	1,018.60	$	6.26		1.25	%


22		Wells Fargo Advantage International Stock Funds		Fund Expenses


Wells Fargo Advantage Global Opportunities Fund	Beginning Account Value 11-01-2010		Ending Account Value 04-30-2011		Expenses Paid During the Period¹		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	1,188.34	$	8.52		1.57	%
Hypothetical	$	1,000.00	$	1,017.01	$	7.85		1.57	%
Class B
Actual	$	1,000.00	$	1,183.64	$	12.56		2.32	%
Hypothetical	$	1,000.00	$	1,013.29	$	11.58		2.32	%
Class C
Actual	$	1,000.00	$	1,183.81	$	12.56		2.32	%
Hypothetical	$	1,000.00	$	1,013.29	$	11.58		2.32	%
Administrator Class
Actual	$	1,000.00	$	1,189.43	$	7.55		1.39	%
Hypothetical	$	1,000.00	$	1,017.90	$	6.95		1.39	%
Institutional Class
Actual	$	1,000.00	$	1,190.68	$	5.92		1.09	%
Hypothetical	$	1,000.00	$	1,019.39	$	5.46		1.09	%
Wells Fargo Advantage International Equity Fund
Class A
Actual	$	1,000.00	$	1,145.63	$	5.80		1.09	%
Hypothetical	$	1,000.00	$	1,019.39	$	5.46		1.09	%
Class B
Actual	$	1,000.00	$	1,141.30	$	9.77		1.84	%
Hypothetical	$	1,000.00	$	1,015.67	$	9.20		1.84	%
Class C
Actual	$	1,000.00	$	1,141.60	$	9.77		1.84	%
Hypothetical	$	1,000.00	$	1,015.67	$	9.20		1.84	%
Class R
Actual	$	1,000.00	$	1,144.23	$	7.12		1.34	%
Hypothetical	$	1,000.00	$	1,018.15	$	6.71		1.34	%
Administrator Class
Actual	$	1,000.00	$	1,145.11	$	5.80		1.09	%
Hypothetical	$	1,000.00	$	1,019.39	$	5.46		1.09	%
Institutional Class
Actual	$	1,000.00	$	1,146.45	$	4.47		0.84	%
Hypothetical	$	1,000.00	$	1,020.63	$	4.21		0.84	%
Wells Fargo Advantage Intrinsic World Equity Fund
Class A
Actual	$	1,000.00	$	1,143.66	$	7.44		1.40	%
Hypothetical	$	1,000.00	$	1,017.85	$	7.00		1.40	%
Class C
Actual	$	1,000.00	$	1,139.67	$	11.41		2.15	%
Hypothetical	$	1,000.00	$	1,014.13	$	10.74		2.15	%
Administrator Class
Actual	$	1,000.00	$	1,144.87	$	6.12		1.15	%
Hypothetical	$	1,000.00	$	1,019.09	$	5.76		1.15	%
Institutional Class
Actual	$	1,000.00	$	1,146.53	$	5.06		0.95	%
Hypothetical	$	1,000.00	$	1,020.08	$	4.76		0.95	%

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—April 30, 2011 (Unaudited)		Wells Fargo Advantage International Stock Funds			23

ASIA PACIFIC FUND


Security Name	Shares		Value


Common Stocks: 95.92%

Australia: 3.23%
Australia & New Zealand Banking Group Limited (Financials, Commercial Banks)		61,600	$	1,636,003
Newcrest Mining Limited (Materials, Metals & Mining)		169,751		7,712,352
Santos Limited (Energy, Oil, Gas & Consumable Fuels)		1		17

				9,348,372


China: 12.53%
Air China (Industrials, Airlines)		1,400,000		1,421,010
Anton Oilfield Services Group Limited (Energy, Energy Equipment & Services)†		9,082,000		1,861,943
AviChina Industry & Technology Company (Industrials, Aerospace & Defense)		4,396,000		2,745,806
Bank of Communications Limited (Financials, Commercial Banks)		1,287,000		1,365,511
China Animal Healthcare Limited (Health Care, Pharmaceuticals)		5,424,000		1,339,709
China Construction Bank (Financials, Commercial Banks)		6,005,000		5,684,354
China Datang Corporation (Utilities, Electric Utilities)		4,722,000		1,374,115
China Petroleum & Chemical Corporation (Energy, Oil, Gas & Consumable Fuels)		1,412,000		1,414,393
China Shineway Pharmaceutical Group Limited (Health Care, Pharmaceuticals)		589,000		1,430,503
Chongqing Rural Commercial Bank (Financials, Commercial Banks)		2,084,000		1,446,356
Evergrande Real Estate (Financials, Real Estate Management & Development)		3,566,000		2,549,049
Goodbaby International Holdings Limited (Consumer Discretionary, Specialty Retail)		1,168,400		773,571
Industrial & Commercial Bank of China Class H (Financials, Commercial Banks)		6,844,000		5,798,843
MicroPort Scientific Corporation (Health Care, Health Care Equipment & Supplies)		1,849,000		1,360,666
PetroChina Company Limited (Energy, Oil, Gas & Consumable Fuels)		1,118,000		1,614,899
Xingda International Holdings Limited (Materials, Metals & Mining)		1,135,000		1,312,051
Zijin Mining Group Company Limited Class H (Materials, Metals & Mining)		3,472,000		2,740,009

				36,232,788


Hong Kong: 9.05%
BOC Hong Kong Holdings Limited (Financials, Commercial Banks)		889,000		2,796,436
Bosideng International Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		5,188,000		1,652,034
China Everbright Limited (Financials, Diversified Financial Services)		706,000		1,560,428
China Overseas Land & Investment Limited (Financials, Real Estate Management & Development)		716,000		1,382,097
CNPC (Hong Kong) Limited (Energy, Oil, Gas & Consumable Fuels)		1,048,000		1,859,636
CPMC Holdings Limited (Industrials, Industrial Conglomerates)		1,565,000		957,126
First Pacific Company Limited (Financials, Diversified Financial Services)		1,626,000		1,529,940
Guangdong Investment Limited (Financials, Real Estate Management & Development)		6,154,000		3,199,502
Haitong International Securities Company Limited (Financials, Diversified Financial Services)		1,882,000		1,237,952
Henderson Land Development Company Limited (Financials, Real Estate Management & Development)		111,000		762,105
Real Gold Mining Limited (Materials, Metals & Mining)«		935,000		1,327,070
Shun Tak Holdings Limited (Industrials, Marine)		4,894,000		3,060,091
Sparkle Roll Group Limited (Consumer Discretionary, Distributors)†		8,848,000		1,664,651
Television Broadcasts Limited (Consumer Discretionary, Media)		299,000		1,754,264
Welling Holding Limited (Consumer Discretionary, Household Durables)†		28,942,000		1,437,778

				26,181,110


India: 6.27%
Asian Paints Limited (Materials, Chemicals)†		27,900		1,750,794
Bharti Airtel Limited (Telecommunication Services, Wireless Telecommunication Services)†		347,100		2,983,498
Coromandel International Limited (Materials, Chemicals)		243,600		1,809,025
Cox & Kings Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		131,000		1,239,041
Future Mall Management Limited (Financials, Real Estate Management & Development)†(i)		85		112


24		Wells Fargo Advantage International Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

ASIA PACIFIC FUND


Security Name	Shares		Value


India (continued)
Infosys Technologies Limited (Information Technology, IT Services)		41,100	$	2,701,501
Mundra Port & Special Economic Zone Limited (Industrials, Transportation Infrastructure)		642,300		2,098,388
Prestige Estates Projects Limited (Financials, Real Estate Management & Development)†		76,500		253,558
Reliance Industries Limited (Energy, Oil, Gas & Consumable Fuels)†		93,600		2,082,529
Shree Renuka Sugars Limited (Consumer Staples, Food Products)†		884,800		1,409,797
UTV Software Communications Limited (Consumer Discretionary, Media)†		124,000		1,814,357

				18,142,600


Indonesia: 2.88%
Indofood Sukses Makmur TBK PT (Consumer Staples, Food Products)		2,355,000		1,526,185
Lippo Karawaci TBK PT (Financials, Real Estate Management & Development)		31,763,000		2,892,940
Nippon Indosari Corpindo TBK PT (Consumer Staples, Food Products)		5,120,000		1,688,930
Telekomunikasi Indonesia TBK PT (Telecommunication Services, Diversified Telecommunication Services)		2,461,000		2,212,716

				8,320,771


Japan: 25.34%
Japan Tobacco Incorporated (Consumer Staples, Tobacco)		760		2,941,996
JS Group Corporation (Industrials, Building Products)		53,200		1,274,990
Kirin Brewery Company Limited (Consumer Staples, Beverages)		216,000		3,003,735
Marubeni Corporation (Industrials, Trading Companies & Distributors)		197,000		1,423,189
Mitsubishi Corporation (Industrials, Trading Companies & Distributors)		210,600		5,657,368
Mitsubishi Electric Corporation (Industrials, Electrical Equipment)		474,000		5,206,608
Mitsubishi Estate Company Limited (Financials, Real Estate Management & Development)		219,000		3,801,418
Mitsubishi UFJ Financial Group Incorporated (Financials, Commercial Banks)		1,216,100		5,802,018
Mitsui Fudosan Company Limited (Financials, Real Estate Management & Development)		293,000		5,002,835
Modec Incorporated (Energy, Energy Equipment & Services)		81,100		1,495,723
Mori Seiki Company Limited (Industrials, Machinery)«		242,000		3,102,755
Nabtesco Corporation (Industrials, Machinery)		65,000		1,637,921
Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		124,600		5,752,660
SMC Corporation (Industrials, Machinery)		16,300		2,964,002
Sony Corporation (Consumer Discretionary, Household Durables)		152,300		4,243,334
Sumitomo Mitsui Financial Group Incorporated (Financials, Commercial Banks)		186,300		5,730,364
THK Company Limited (Industrials, Machinery)		151,900		3,852,041
Toho Titanium Company Limited (Materials, Metals & Mining)†		70,000		1,958,947
Toray Industries Incorporated (Materials, Chemicals)		777,000		5,699,501
Yamada Denki Company Limited (Consumer Discretionary, Specialty Retail)		39,250		2,719,411

				73,270,816


Malaysia: 5.19%
Boustead Holdings Berhad (Industrials, Industrial Conglomerates)†		816,400		1,596,714
Eastern & Oriental Berhad (Financials, Real Estate Management & Development)†		2,865,600		1,378,110
Malayan Banking Berhad (Financials, Commercial Banks)		566,233		1,673,754
Mudajaya Group Berhad (Industrials, Construction & Engineering)		923,200		1,444,305
Petronas Chemicals Group Berhad (Materials, Chemicals)†		1,177,320		2,873,742
Selangor Properties Berhad (Financials, Real Estate Management & Development)		553,800		770,309
Supermax Corporation Berhad (Health Care, Health Care Equipment & Supplies)		2,753,400		3,846,494
UEM Land Holdings Berhad (Financials, Real Estate Management & Development)		1,578,600		1,436,771

				15,020,199


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage International Stock Funds			25

ASIA PACIFIC FUND


Security Name	Shares		Value


Pagua New Guinea: 0.48%
Oil Search Limited (Energy, Oil, Gas & Consumable Fuels)		180,200	$	1,392,496


Philippines: 3.90%
Alliance Global Group Incorporated (Consumer Staples, Food & Staples Retailing)		3,326,000		921,429
Ayala Corporation (Financials, Diversified Financial Services)		252,000		2,301,612
Metropolitan Bank & Trust Company (Financials, Commercial Banks)		1,153,470		1,849,701
Philippine Long Distance Telephone Company (Telecommunication Services, Wireless Telecommunication Services)		63,330		3,677,608
Robinsons Land Company (Financials, Real Estate Management & Development)†		8,159,250		2,534,876

				11,285,226


Singapore: 7.97%
Ascott Residence Trust (Financials, Real Estate Investment Trusts (REITs))		1,837,380		1,790,800
DBS Group Holdings Limited (Financials, Commercial Banks)		129,000		1,581,335
Ezra Holdings Limited (Energy, Energy Equipment & Services)		1,041,700		1,409,813
Goodpack Limited (Industrials, Air Freight & Logistics)		772,700		1,254,234
Hyflux Limited (Utilities, Water Utilities)		917,000		1,615,150
K-Green Trust (Financials, Diversified Financial Services)		121,800		103,609
Keppel Corporation Limited (Industrials, Industrial Conglomerates)		374,550		3,649,990
Kingsmen Creative Limited (Industrials, Commercial Services & Supplies)		2,055,100		968,279
Mapletree Commercial Trust (Financials, Real Estate Investment Trusts (REITs))†		457,700		329,052
SembCorp Marine Limited (Industrials, Machinery)		463,000		2,153,927
Singapore Airlines Limited (Industrials, Airlines)		130,000		1,498,419
Straits Asia Resources Limited (Energy, Oil, Gas & Consumable Fuels)		1,500,800		3,634,483
Venture Corporation Limited (Information Technology, Electronic Equipment & Instruments)†		202,000		1,595,891
Wing Tai Holdings Limited (Financials, Real Estate Management & Development)		1,133,000		1,467,815

				23,052,797


South Korea: 9.84%
Crucialtec Company Limited (Information Technology, Electronic Equipment & Instruments)†		62,900		1,341,170
KCC Corporation (Industrials, Building Products)		5,300		1,792,796
KT&G Corporation (Consumer Staples, Tobacco)		24,700		1,461,279
LG Electronics Incorporated (Consumer Discretionary, Household Durables)		15,100		1,451,313
LG Phillips LCD Company Limited (Information Technology, Electronic Equipment & Instruments)†		65,840		2,365,362
Lock & Lock Company Limited (Consumer Staples, Household Products)		81,700		2,984,701
Lotte Shopping Company Limited (Consumer Discretionary, Multiline Retail)†		8,800		4,011,384
Mando Corporation (Consumer Discretionary, Auto Components)		8,200		1,438,529
Poongsan Corporation (Materials, Metals & Mining)		37,000		1,405,216
POSCO (Materials, Metals & Mining)†		8,400		3,668,362
Samsung Electronics Company Limited (Consumer Discretionary, Specialty Retail)		5,800		4,833,108
Shinhan Financial Group Company Limited (Financials, Commercial Banks)†		34,550		1,692,600

				28,445,820


Taiwan: 4.13%
Hon Hai Precision Industry Company Limited (Information Technology, Computers & Peripherals)		384,000		1,458,910
Nan Ya Plastics Corporation (Materials, Chemicals)		575,000		1,762,176
Simplo Technology Company Limited (Information Technology, Computers & Peripherals)†		318,200		2,162,336
Taiwan Semiconductor Manufacturing Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		1,778,000		4,598,125


26		Wells Fargo Advantage International Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

ASIA PACIFIC FUND


Security Name						Shares		Value


Taiwan: (continued)
TPK Holding Company Limited (Information Technology, Electronic Equipment & Instruments)†							66,000	$	1,976,132

									11,957,679


Thailand: 4.13%
Banpu PCL (Energy, Oil, Gas & Consumable Fuels)							99,250		2,482,115
Kasikornbank PCL (Financials, Commercial Banks)							399,300		1,741,395
PTT Chemical PCL ADR (Materials, Chemicals)							266,600		1,429,012
PTT PCL (Energy, Oil, Gas & Consumable Fuels)							329,100		4,134,422
Siam Cement PCL (Materials, Construction Materials)							155,100		2,151,026

									11,937,970


United Kingdom: 0.98%
HSBC Holdings plc (Financials, Commercial Banks)							258,800		2,823,556


Total Common Stocks (Cost $257,036,669)									277,412,200


Investment Companies: 2.46%

Hong Kong: 1.44%
iShares MSCI China Index ETF							2,411,900		4,161,527

Japan: 1.02%
iShares MSCI Japan Index ETF							281,000		2,958,930

Total Investment Companies (Cost $7,062,535)									7,120,457


				Expiration Date

Warrants: 0.41%

Thailand
Minor International PCL (Consumer Staples, Food Products)†					05/18/2013		753,090		72,155


United Kingdom
HSBC Bank plc (Financials, Commercial Banks)†(a)					08/11/2020		590,000		1,101,646


Total Warrants (Cost $1,001,565)									1,173,801


Short-Term Investments: 3.53%

	Yield

Investment Companies: 3.53%
Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)		0.09	%				5,642,176		5,642,176
Wells Fargo Securities Lending Cash Investments, LLC(l)(v)(u)		0.20					4,571,856		4,571,856


Total Short-Term Investments (Cost $10,214,032)									10,214,032


Total Investments in Securities
(Cost $275,314,801)*	102.32	%		295,920,490
Other Assets and Liabilities, Net	(2.32	)		(6,714,018	)

Total Net Assets	100.00	%	$	289,206,472


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage International Stock Funds			27

ASIA PACIFIC FUND

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

†	Non-income earning securities.

(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.

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

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

*	Cost for federal income tax purposes is $275,503,848 and net unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	25,276,454
Gross unrealized depreciation		(4,859,812	)

Net unrealized appreciation	$	20,416,642

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


28		Wells Fargo Advantage International Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

DISCIPLINED GLOBAL EQUITY FUND


Security Name	Shares		Value


Common Stocks: 97.86%

Australia: 3.03%
Australia & New Zealand Banking Group Limited (Financials, Commercial Banks)		20,176	$	535,844
Bendigo Bank Limited (Financials, Commercial Banks)		27,784		284,441
Commonwealth Bank of Australia (Financials, Commercial Banks)		2,358		138,819
Fairfax Media Limited (Consumer Discretionary, Media)«		116,736		168,900
Goodman Fielder Limited (Consumer Staples, Food Products)		131,780		155,277
GPT Group (Financials, Real Estate Investment Trusts (REITs))		56,263		195,190
National Australia Bank Limited (Financials, Commercial Banks)		14,739		437,488
Tabcorp Holdings Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		31,730		265,366

				2,181,325


Austria: 0.86%
OMV AG (Energy, Oil, Gas & Consumable Fuels)		8,418		383,900
Voestalpine AG (Materials, Metals & Mining)		4,812		236,804

				620,704


Belgium: 0.54%
Delhaize Group (Consumer Staples, Food & Staples Retailing)		2,947		255,175
KBC Groep NV (Financials, Commercial Banks)		3,244		132,230

				387,405


Canada: 3.76%
Alimentation Couche-Tard Incorporated (Consumer Staples, Food & Staples Retailing)		9,500		249,511
Bank of Nova Scotia (Financials, Commercial Banks)«		7,180		437,789
Barrick Gold Corporation (Materials, Metals & Mining)		2,281		116,491
Bombardier Incorporated (Industrials, Aerospace & Defense)		42,000		312,952
CGI Group Incorporated (Information Technology, IT Services)†		8,948		195,766
Magna International Incorporated Class A (Consumer Discretionary, Auto Components)		4,627		237,769
National Bank of Canada (Financials, Commercial Banks)		4,010		332,023
Nexen Incorporated (Energy, Oil, Gas & Consumable Fuels)		11,376		300,947
Open Text Corporation (Information Technology, Internet Software & Services)†		2,046		125,335
Research in Motion Limited (Information Technology, Communications Equipment)†		8,124		395,746

				2,704,329


Finland: 1.18%
Stora Enso Oyj (Materials, Paper & Forest Products)«		19,772		238,236
UPM-Kymmene Oyj (Materials, Paper & Forest Products)		13,286		272,351
Wartsila Oyj (Industrials, Machinery)		8,550		336,098

				846,685


France: 5.40%
AXA SA (Financials, Insurance)«		11,794		264,651
BNP Paribas SA (Financials, Commercial Banks)		7,268		575,174
Christian Dior SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		1,816		291,436
CNP Assurances (Financials, Insurance)		10,668		244,835
Compagnie Generale Des Establissements Michelin (Consumer Discretionary, Auto Components)		2,831		283,750
M6 Metropole Television (Consumer Discretionary, Media)		10,569		280,603
Natixis (Financials, Commercial Banks)		32,627		187,600
Peugeot SA (Consumer Discretionary, Automobiles)		4,857		220,566
Renault SA (Consumer Discretionary, Automobiles)		1,152		70,197


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage International Stock Funds			29

DISCIPLINED GLOBAL EQUITY FUND


Security Name	Shares		Value


France (continued)
Sanofi-Aventis SA (Health Care, Pharmaceuticals)«		9,107	$	720,304
Vinci SA (Industrials, Construction & Engineering)		1,817		121,375
Vivendi SA (Consumer Discretionary, Media)«		19,838		622,480

				3,882,971


Germany: 5.15%
Allianz AG (Financials, Insurance)«		1,103		173,663
BASF SE (Materials, Chemicals)«		6,857		704,844
Bayerische Motoren Werke AG (Consumer Discretionary, Automobiles)«		6,540		616,754
Commerzbank AG (Financials, Commercial Banks)«		20,652		131,531
Deutsche Lufthansa AG (Industrials, Airlines)«		3,639		82,573
E.ON AG (Utilities, Electric Utilities)«		15,075		515,338
Fresenius SE (Health Care, Health Care Equipment & Supplies)		3,644		382,453
Hannover Rueckversicherung AG (Financials, Insurance)		2,435		147,258
Infineon Technologies AG (Information Technology, Semiconductors & Semiconductor Equipment)		18,504		210,049
Siemens AG (Industrials, Industrial Conglomerates)		3,365		489,535
Suedzucker AG (Consumer Staples, Food Products)		8,011		247,099

				3,701,097


Greece: 0.24%
Public Power Corporation SA (Utilities, Electric Utilities)		10,288		170,209


Hong Kong: 1.11%
Cathay Pacific Airways (Industrials, Airlines)		64,000		159,824
New World Development (Financials, Real Estate Management & Development)		88,000		154,610
Wharf Holdings Limited (Financials, Real Estate Management & Development)		37,000		271,378
Wheelock & Company (Financials, Real Estate Management & Development)		52,000		214,804

				800,616


Italy: 2.54%
Enel SpA (Energy, Oil, Gas & Consumable Fuels)		82,382		587,405
ENI SpA (Energy, Oil, Gas & Consumable Fuels)		25,680		686,549
Finmeccanica SpA (Industrials, Aerospace & Defense)		13,877		186,912
Pirelli & Company SpA (Consumer Discretionary, Auto Components)		9,975		103,390
Telecom Italia SpA (Telecommunication Services, Diversified Telecommunication Services)		174,676		263,120

				1,827,376


Japan: 9.80%
Aeon Company Limited (Consumer Staples, Food & Staples Retailing)		19,000		228,145
Aisin Seiki Company Limited (Consumer Discretionary, Auto Components)		3,900		136,980
Asahi Glass Company Limited (Industrials, Building Products)		11,000		139,136
Brother Industries Limited (Information Technology, Office Electronics)		6,000		91,426
Canon Incorporated (Information Technology, Office Electronics)		1,200		56,216
Central Japan Railway Company (Industrials, Road & Rail)		28		210,910
Coca-Cola West Japan Company Limited (Consumer Staples, Beverages)		10,000		206,250
Daito Trust Construction Company Limited (Financials, Real Estate Management & Development)		2,900		230,599
Hitachi Limited (Information Technology, Electronic Equipment & Instruments)		74,000		399,581
Itochu Corporation (Industrials, Trading Companies & Distributors)		34,000		351,674
Itochu Techno-Science Corporation (Information Technology, IT Services)		6,300		220,576
Japan Retail Fund Investment Corporation (Financials, Real Estate Investment Trusts (REITs))		60		96,825


30		Wells Fargo Advantage International Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

DISCIPLINED GLOBAL EQUITY FUND


Security Name	Shares		Value


Japan (continued)
JX Holdings Incorporated (Energy, Energy Equipment & Services)		37,000	$	256,352
Kyushu Electric Power Company Incorporated (Utilities, Electric Utilities)		6,400		118,035
Meiji Holdings Company Limited (Consumer Staples, Food Products)		3,700		157,825
Millea Holdings Incorporated (Financials, Insurance)		4,300		119,222
Mitsubishi Chemical Holdings Corporation (Materials, Chemicals)		25,000		168,588
Mitsubishi UFJ Financial Group Incorporated (Financials, Commercial Banks)		55,000		262,405
Mitsui & Company Limited (Industrials, Trading Companies & Distributors)		28,000		494,311
Mizuho Financial Group Incorporated (Financials, Commercial Banks)		156,000		246,169
Nippon Meat Packers Incorporated (Consumer Staples, Food Products)		11,000		151,612
Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		9,700		447,839
Nissan Motor Company Limited (Consumer Discretionary, Automobiles)		12,000		114,504
Obic Company Limited (Information Technology, IT Services)		1,030		191,105
ORIX Corporation (Financials, Consumer Finance)		1,900		185,280
Sega Sammy Holdings Incorporated (Consumer Discretionary, Leisure Equipment & Products)		10,000		172,594
Seven & I Holdings Company Limited (Consumer Staples, Food & Staples Retailing)		11,000		274,339
Sumitomo Corporation (Industrials, Trading Companies & Distributors)		16,000		218,357
Sumitomo Mitsui Financial Group Incorporated (Financials, Commercial Banks)		8,300		255,298
Takeda Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		10,700		517,093
Tonengeneral Sekiyu KK (Energy, Oil, Gas & Consumable Fuels)		14,000		173,285
Tosoh Corporation (Materials, Chemicals)		40,000		153,856

				7,046,387


Netherlands: 1.07%
ASML Holding NV (Information Technology, Semiconductors & Semiconductor Equipment)		6,270		260,794
Delta Lloyd NV (Financials, Insurance)		6,097		160,473
Koninklijke DSM NV (Materials, Chemicals)		5,012		345,565

				766,832


New Zealand: 0.26%
Telecom Corporation of New Zealand Limited (Telecommunication Services, Diversified Telecommunication Services)		105,017		184,842


Norway: 0.60%
Statoil ASA (Energy, Oil, Gas & Consumable Fuels)		14,715		430,517


Portugal: 0.28%
Energias de Portugal SA (Utilities, Electric Utilities)		48,724		199,354


Singapore: 0.61%
Avago Technologies Limited (Information Technology, Semiconductors & Semiconductor Equipment)		7,171		239,942
United Overseas Land Limited (Financials, Real Estate Management & Development)		50,000		197,876

				437,818


Spain: 0.82%
Banco Santander Central Hispano SA (Financials, Commercial Banks)«		15,305		195,452
Repsol YPF SA (Energy, Oil, Gas & Consumable Fuels)		10,984		392,244

				587,696


Sweden: 1.44%
Boliden AB (Materials, Metals & Mining)«		11,456		258,224


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage International Stock Funds			31

DISCIPLINED GLOBAL EQUITY FUND


Security Name	Shares		Value


Sweden (continued)
Kinnevik Investment AB (Financials, Diversified Financial Services)		8,234	$	212,580
Nordea Bank AB (Financials, Commercial Banks)		20,176		230,227
Svenska Cellulosa AB Class B (Materials, Paper & Forest Products)		21,865		335,079

				1,036,110


Switzerland: 2.42%
ACE Limited (Financials, Insurance)		3,932		264,427
Aryzta AG (Consumer Staples, Food Products)		3,654		203,610
Lonza Group AG (Health Care, Life Sciences Tools & Services)		2,240		192,079
Nestle SA (Consumer Staples, Food Products)		4,027		250,000
Novartis AG (Health Care, Pharmaceuticals)		10,980		651,819
Zurich Financial Services AG (Financials, Insurance)		649		182,320

				1,744,255


United Kingdom: 9.30%
Associated British Foods plc (Consumer Staples, Food Products)		10,364		174,327
AstraZeneca plc (Health Care, Pharmaceuticals)		12,476		623,095
Aviva plc (Financials, Insurance)		36,973		275,934
BAE Systems plc (Industrials, Aerospace & Defense)		33,945		185,919
Barclays plc (Financials, Commercial Banks)		70,548		332,662
BHP Billiton plc (Materials, Metals & Mining)		24,102		1,016,333
BP plc (Energy, Oil, Gas & Consumable Fuels)		27,516		212,594
BT Group plc (Telecommunication Services, Diversified Telecommunication Services)		102,594		335,538
Home Retail Group (Consumer Discretionary, Internet & Catalog Retail)		52,700		193,572
HSBC Holdings plc (Financials, Commercial Banks)		43,284		473,850
Imperial Tobacco Group plc (Consumer Staples, Tobacco)		17,305		609,037
Old Mutual plc (Financials, Insurance)		123,488		286,713
Rio Tinto plc (Materials, Metals & Mining)		4,841		352,557
Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels)		20,447		794,755
Vodafone Group plc (Telecommunication Services, Wireless Telecommunication Services)		285,729		818,991

				6,685,877


United States: 47.45%
Aetna Incorporated (Health Care, Health Care Providers & Services)«		4,399		182,031
Ameriprise Financial Incorporated (Financials, Capital Markets)		4,269		264,934
Annaly Capital Management Incorporated (Financials, Real Estate Investment Trusts (REITs))«		5,790		103,294
Apple Incorporated (Information Technology, Computers & Peripherals)†«		1,948		678,352
Applied Materials Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		16,325		256,139
Archer Daniels Midland Company (Consumer Staples, Food Products)		5,995		221,935
Arrow Electronics Incorporated (Information Technology, Electronic Equipment & Instruments)†		6,625		302,034
Assurant Incorporated (Financials, Insurance)		4,742		188,257
AT&T Incorporated (Telecommunication Services, Diversified Telecommunication Services)		21,072		655,761
AutoZone Incorporated (Consumer Discretionary, Specialty Retail)†		1,002		282,945
Bank of America Corporation (Financials, Diversified Financial Services)		13,334		163,742
Biogen Idec Incorporated (Health Care, Biotechnology)«†		3,864		376,160
Capital One Financial Corporation (Financials, Consumer Finance)		6,263		342,774
Cephalon Incorporated (Health Care, Biotechnology)«†		3,155		242,304
Chevron Corporation (Energy, Oil, Gas & Consumable Fuels)		9,555		1,045,699
Chubb Corporation (Financials, Insurance)«		502		32,725
Citigroup Incorporated (Financials, Diversified Financial Services)		68,085		312,510


32		Wells Fargo Advantage International Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

DISCIPLINED GLOBAL EQUITY FUND


Security Name	Shares		Value


United States (continued)
Coca-Cola Enterprises Incorporated (Consumer Staples, Beverages)		8,142	$	231,314
Comcast Corporation Class A (Consumer Discretionary, Media)		10,716		281,188
Computer Sciences Corporation (Information Technology, IT Services)		5,207		265,453
ConocoPhillips (Energy, Oil, Gas & Consumable Fuels)		7,716		609,024
Constellation Brands Incorporated Class A (Consumer Staples, Beverages)†		7,317		163,828
CSX Corporation (Industrials, Road & Rail)		6,793		534,541
CVS Caremark Corporation (Consumer Staples, Food & Staples Retailing)		14,575		528,198
Darden Restaurants Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure)«		1,673		78,581
Deere & Company (Industrials, Machinery)		4,373		426,368
Dell Incorporated (Information Technology, Computers & Peripherals)†		30,865		478,716
Devon Energy Corporation (Energy, Oil, Gas & Consumable Fuels)		4,297		389,531
Discover Financial Services (Financials, Consumer Finance)		8,462		210,196
Dish Network Corporation (Consumer Discretionary, Media)«†		9,194		230,218
E.I. du Pont de Nemours & Company (Materials, Chemicals)		3,430		194,790
Eaton Corporation (Industrials, Machinery)		385		20,609
Eli Lilly & Company (Health Care, Pharmaceuticals)		13,263		490,864
Energizer Holdings Incorporated (Consumer Staples, Household Products)†		2,245		169,565
Entergy Corporation (Utilities, Electric Utilities)		1,590		110,655
Exxon Mobil Corporation (Energy, Oil, Gas & Consumable Fuels)		12,410		1,092,080
FedEx Corporation (Industrials, Air Freight & Logistics)		4,005		383,158
Fifth Third Bancorp (Financials, Commercial Banks)		7,190		95,411
FirstEnergy Corporation (Utilities, Electric Utilities)		3,299		131,828
Ford Motor Company (Consumer Discretionary, Automobiles)†		35,207		544,652
Forest Laboratories Incorporated (Health Care, Pharmaceuticals)†		991		32,862
Freeport-McMoRan Copper & Gold Incorporated Class B (Materials, Metals & Mining)		8,942		492,078
GameStop Corporation Class A (Consumer Discretionary, Specialty Retail)«†		4,786		122,904
Gannett Company Incorporated (Consumer Discretionary, Media)		8,735		131,549
General Dynamics Corporation (Industrials, Aerospace & Defense)«		3,967		288,877
General Electric Company (Industrials, Industrial Conglomerates)		24,254		495,994
Goldman Sachs Group Incorporated (Financials, Capital Markets)		2,053		310,024
Google Incorporated Class A (Information Technology, Internet Software & Services)†		385		209,479
Hartford Financial Services Group Incorporated (Financials, Insurance)		5,266		152,556
Hess Corporation (Energy, Oil, Gas & Consumable Fuels)		3,342		287,278
Hewlett-Packard Company (Information Technology, Computers & Peripherals)		16,290		657,627
Hormel Foods Corporation (Consumer Staples, Food Products)		6,130		180,283
Humana Incorporated (Health Care, Health Care Providers & Services)«		5,020		382,122
Huntington Ingalls Industries Incorporated (Industrials, Aerospace & Defense)†		87		3,467
Intel Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		29,897		693,311
International Business Machines Corporation (Information Technology, IT Services)		6,440		1,098,535
International Paper Company (Materials, Paper & Forest Products)		10,780		332,886
Jabil Circuit Incorporated (Information Technology, Electronic Equipment & Instruments)		9,433		187,151
Johnson & Johnson (Health Care, Pharmaceuticals)		3,884		255,256
JPMorgan Chase & Company (Financials, Diversified Financial Services)		15,313		698,732
KBR Incorporated (Industrials, Construction & Engineering)		4,333		166,257
KeyCorp (Financials, Commercial Banks)		26,024		225,628
Kroger Company (Consumer Staples, Food & Staples Retailing)		10,831		263,302
L-3 Communications Holdings Incorporated (Industrials, Aerospace & Defense)		2,869		230,065
Lexmark International Incorporated (Information Technology, Computers & Peripherals)†		2,812		90,687
Lockheed Martin Corporation (Industrials, Aerospace & Defense)		3,240		256,770
Lorillard Incorporated (Consumer Staples, Tobacco)		1,976		210,444
Lubrizol Corporation (Materials, Chemicals)		2,514		338,183


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage International Stock Funds			33

DISCIPLINED GLOBAL EQUITY FUND


Security Name				Shares		Value


United States (continued)
Macy’s Incorporated (Consumer Discretionary, Multiline Retail)					13,071	$	312,528
Marathon Oil Corporation (Energy, Oil, Gas & Consumable Fuels)					10,335		558,503
McDonald’s Corporation (Consumer Discretionary, Hotels, Restaurants & Leisure)					1,666		130,464
McKesson Corporation (Health Care, Health Care Providers & Services)					3,369		279,661
Merck & Company Incorporated (Health Care, Pharmaceuticals)					19,494		700,809
Microsoft Corporation (Information Technology, Software)					36,062		938,333
National Oilwell Varco Incorporated (Energy, Energy Equipment & Services)					1,182		90,648
Nisource Incorporated (Utilities, Multi-Utilities)«					8,712		169,448
Northrop Grumman Corporation (Industrials, Aerospace & Defense)					5,836		371,228
Oracle Corporation (Information Technology, Software)					22,968		827,996
Parker Hannifin Corporation (Industrials, Machinery)					2,079		196,091
Pepco Holdings Incorporated (Utilities, Electric Utilities)					9,611		185,204
Pfizer Incorporated (Health Care, Pharmaceuticals)					14,784		309,873
Philip Morris International (Consumer Staples, Tobacco)					7,528		522,744
PNC Financial Services Group Incorporated (Financials, Commercial Banks)					4,997		311,513
PPG Industries Incorporated (Materials, Chemicals)					2,412		227,704
Procter & Gamble Company (Consumer Staples, Household Products)					3,022		196,128
Prudential Financial Incorporated (Financials, Insurance)					4,675		296,489
Raytheon Company (Industrials, Aerospace & Defense)					5,254		255,827
Ross Stores Incorporated (Consumer Discretionary, Specialty Retail)«					3,213		236,766
RR Donnelley & Sons Company (Industrials, Commercial Services & Supplies)«					9,380		176,907
Ryder System Incorporated (Industrials, Road & Rail)					3,689		197,362
Simon Property Group Incorporated (Financials, Real Estate Investment Trusts (REITs))					1,283		146,955
SLM Corporation (Financials, Consumer Finance)					17,357		287,953
Synthes Incorporated (Health Care, Health Care Equipment & Supplies)†					1,703		293,349
Target Corporation (Consumer Discretionary, Multiline Retail)					5,151		252,914
The Travelers Companies Incorporated (Financials, Insurance)					4,532		286,785
Thermo Fisher Scientific Incorporated (Health Care, Life Sciences Tools & Services)†					3,918		235,041
Time Warner Incorporated (Consumer Discretionary, Media)«					4,331		163,972
TJX Companies Incorporated (Consumer Discretionary, Specialty Retail)«					4,276		229,279
Tyson Foods Incorporated Class A (Consumer Staples, Food Products)					10,148		201,945
UnitedHealth Group Incorporated (Health Care, Health Care Providers & Services)					11,723		577,123
US Bancorp (Financials, Commercial Banks)					5,074		131,011
Valero Energy Corporation (Energy, Oil, Gas & Consumable Fuels)					11,431		323,497
Verizon Communications Incorporated (Telecommunication Services, Diversified Telecommunication Services)					5,545		209,490
Wal-Mart Stores Incorporated (Consumer Staples, Food & Staples Retailing)					12,510		687,800
WellPoint Incorporated (Health Care, Health Care Providers & Services)					5,273		404,913
Whirlpool Corporation (Consumer Discretionary, Household Durables)					1,003		86,443

							34,117,367


Total Common Stocks (Cost $56,737,379)							70,359,772


	Dividend Yield

Preferred Stocks: 1.09%

Germany: 1.09%
Henkel KGaA (Materials,Chemicals)±		1.49	%		2,877		195,933


34		Wells Fargo Advantage International Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

DISCIPLINED GLOBAL EQUITY FUND


Security Name	Dividend Yield					Shares		Value


Germany (continued)
Volkswagen AG (Consumer Discretionary, Automobiles)±«		1.81	%				2,978	$	586,645

Total Preferred Stocks (Cost $548,722)									782,578


	Yield

Short-Term Investments: 13.00%

Investment Companies: 12.86%
Wells Fargo Advantage Cash Investment Money Market Fund (l)(u)		0.09	%				413,618		413,618
Wells Fargo Securities Lending Cash Investments, LLC(l)(u)(v)		0.20					8,836,096		8,836,096

									9,249,714


	Yield			Maturity Date		Principal

US Treasury Bills: 0.14%
US Treasury Bill#^		0.02	%		07/07/2011	$	100,000		99,995


Total Short-Term Investments (Cost $9,349,698)									9,349,709


Total Investments in Securities
(Cost $66,635,799)*	111.95	%		80,492,059
Other Assets and Liabilities, Net	(11.95	)		(8,589,816	)

Total Net Assets	100.00	%	$	71,902,243

#	All or a portion of this security is segregated as collateral for futures transactions.

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

^	Zero coupon security. Rate represents yield to maturity.

±	Variable rate investments.

(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.

†	Non-income earning securities.

*	Cost for federal income tax purposes is $66,690,991 and net unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	15,257,315
Gross unrealized depreciation		(1,456,247	)

Net unrealized appreciation	$	13,801,068

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


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage International Stock Funds			35

DIVERSIFIED INTERNATIONAL FUND


Security Name	Shares		Value


Common Stocks: 95.29%

Argentina: 0.17%
Irsa Inversiones y Representaciones SA ADR (Financials, Real Estate Management & Development)		74,840	$	948,223


Australia: 3.58%
AMP Limited (Financials, Insurance)		119,232		716,182
Asciano Group (Industrials, Road & Rail)		1,170,944		2,117,727
Bendigo Bank Limited (Financials, Commercial Banks)		160,200		1,640,058
BlueScope Steel Limited (Industrials, Professional Services)		166,200		315,157
Challenger Financial Services Group Limited (Financials, Diversified Financial Services)		209,000		1,104,189
Coca-Cola Amatil Limited (Consumer Staples, Beverages)		25,462		333,232
Commonwealth Bank of Australia (Financials, Commercial Banks)		22,914		1,348,982
Downer EDI Limited (Industrials, Commercial Services & Supplies)		199,250		808,072
Foster’s Group Limited (Consumer Staples, Beverages)		459,195		2,828,677
Goodman Fielder Limited (Consumer Staples, Food Products)		739,500		871,358
Grain Corporation Limited (Consumer Staples, Food Products)		101,500		870,007
Macquarie Group Limited (Financials, Capital Markets)		20,402		786,270
Metcash Limited (Consumer Staples, Food & Staples Retailing)		202,900		902,938
Newcrest Mining Limited (Materials, Metals & Mining)		37,574		1,707,112
OneSteel Limited (Materials, Metals & Mining)		426,000		994,579
Perilya Limited (Industrials, Professional Services)		397,900		270,406
Telstra Corporation Limited (Telecommunication Services, Diversified Telecommunication Services)		402,500		1,283,834
Westpac Banking Corporation (Financials, Commercial Banks)		44,818		1,220,265

				20,119,045


Austria: 0.44%
OMV AG (Energy, Oil, Gas & Consumable Fuels)		38,100		1,737,536
Voestalpine AG (Materials, Metals & Mining)		14,300		703,720

				2,441,256


Belgium: 1.57%
Anheuser-Busch InBev NV (Consumer Staples, Beverages)«		82,536		5,262,785
Delhaize Group (Consumer Staples, Food & Staples Retailing)		19,500		1,688,467
Dexia (Financials, Commercial Banks)†		10,895		43,409
KBC Groep NV (Financials, Commercial Banks)		27,900		1,137,239
Tessenderlo Chemie NV (Materials, Chemicals)†		16,800		668,864

				8,800,764


Brazil: 0.88%
Banco Bradesco SA ADR (Financials, Commercial Banks)		38,746		783,832
Banco do Brasil SA (Financials, Commercial Banks)		63,900		1,177,511
Cia Saneamento Basico de Sau Paulo (Utilities, Water Utilities)		36,800		1,065,965
Petroleo Brasileiro SA ADR (Energy, Oil, Gas & Consumable Fuels)		51,540		1,923,988

				4,951,296


Canada: 2.96%
Brookfield Asset Management Incorporated (Financials, Real Estate Management & Development)		69,669		2,342,272
Canadian National Railway Company (Industrials, Road & Rail)«		12,223		946,427
Canadian Natural Resources Limited (Energy, Oil, Gas & Consumable Fuels)		46,721		2,197,909
Canadian Pacific Railway Limited (Industrials, Road & Rail)		76,765		5,084,914
EnCana Corporation (Energy, Oil, Gas & Consumable Fuels)		20,392		685,157


36		Wells Fargo Advantage International Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

DIVERSIFIED INTERNATIONAL FUND


Security Name	Shares		Value


Canada (continued)
Goldcorp Incorporated (Materials, Metals & Mining)		18,627	$	1,041,254
Metro Incorporated (Consumer Staples, Food & Staples Retailing)		25,000		1,223,379
Suncor Energy Incorporated (Energy, Oil, Gas & Consumable Fuels)		32,415		1,494,074
Teck Cominco Incorporated Limited (Materials, Metals & Mining)		29,432		1,599,839

				16,615,225


China: 3.97%
Baidu.com Incorporated ADR (Information Technology, Internet Software & Services)†		35,685		5,299,936
China Construction Bank (Financials, Commercial Banks)		2,120,400		2,007,178
China Infrastructure Machinery Holdings Limited (Industrials, Machinery)		1,097,000		814,665
China Mobile Limited ADR (Telecommunication Services, Wireless Telecommunication Services)		13,191		607,973
China Petroleum & Chemical Corporation (Energy, Oil, Gas & Consumable Fuels)		2,102,000		2,105,563
China Railway Construction Corporation (Industrials, Construction & Engineering)		480,000		426,725
Ctrip.com International Limited ADR (Consumer Discretionary, Specialty Retail)†«		48,427		2,359,363
E-Commerce China Dangdang Incorporated ADR (Consumer Discretionary, Internet & Catalog Retail)†«		1,867		42,960
Netease.com Incorporated ADR (Information Technology, Internet Software & Services)†		18,036		888,814
Shanghai Electric Group company Limited (Industrials, Electrical Equipment)		2,002,000		998,244
SINA Corporation (Information Technology, Internet Software & Services)†«		31,801		4,285,185
Sinopharm Group Company Limited (Health Care, Health Care Providers & Services)		53,200		184,646
Tencent Holdings Limited (Information Technology, Internet Software & Services)		53,700		1,534,436
ZTE Corporation (Telecommunication Services, Wireless Telecommunication Services)		198,240		714,975

				22,270,663


Denmark: 0.55%
Carlsberg A/S (Consumer Staples, Beverages)		11,426		1,357,023
Danske Bank A/S (Financials, Commercial Banks)		16,000		384,501
H. Lundbeck A/S (Health Care, Pharmaceuticals)		55,400		1,330,234

				3,071,758


Finland: 0.36%
Nokia Oyj (Telecommunication Services, Diversified Telecommunication Services)		134,400		1,238,194
TietoEnator Oyj (Information Technology, IT Services)		43,100		794,778

				2,032,972


France: 10.07%
Alstom SA (Industrials, Machinery)		19,067		1,267,884
Arkema (Industrials, Professional Services)		910		94,821
AXA SA (Financials, Insurance)		26,100		585,669
BNP Paribas SA (Financials, Commercial Banks)		71,783		5,680,752
Carrefour SA (Consumer Staples, Food & Staples Retailing)		19,995		947,995
Casino Guichard Perrachon SA (Consumer Discretionary, Hotels, Restaurants & Leisure)		10,600		1,115,813
Compagnie de Saint-Gobain (Industrials, Building Products)		34,965		2,415,153
Credit Agricole SA (Financials, Commercial Banks)		105,300		1,753,048
France Telecom SA (Telecommunication Services, Diversified Telecommunication Services)		107,050		2,510,752
Groupe Danone (Consumer Staples, Food Products)		23,400		1,714,056
LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		12,852		2,308,084
Natixis (Financials, Commercial Banks)		262,706		1,510,513
Pernod-Ricard (Consumer Staples, Beverages)		61,518		6,183,227
Peugeot SA (Consumer Discretionary, Automobiles)		20,473		929,721
Pinault-Printempts-Redoute SA (Consumer Discretionary, Multiline Retail)		10,130		1,811,739


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage International Stock Funds			37

DIVERSIFIED INTERNATIONAL FUND


Security Name	Shares		Value


France (continued)
Publicis Groupe (Consumer Discretionary, Media)		41,340	$	2,342,688
Rallye SA (Consumer Staples, Food & Staples Retailing)†		17,551		923,236
Sanofi-Aventis SA (Health Care, Pharmaceuticals)		58,085		4,594,142
Schneider Electric SA (Industrials, Electrical Equipment)		2,663		470,555
SCOR SE (Financials, Insurance)		50,500		1,542,710
Societe Generale (Financials, Commercial Banks)		6,800		454,843
Technip SA (Energy, Energy Equipment & Services)		16,503		1,861,611
Thales SA (Industrials, Aerospace & Defense)		15,000		662,630
Total SA (Energy, Oil, Gas & Consumable Fuels)		64,063		4,101,012
Unibail-Rodamco (Financials, Real Estate Management & Development)		15,550		3,637,886
Vinci SA (Industrials, Construction & Engineering)		43,317		2,893,570
Vivendi SA (Consumer Discretionary, Media)		71,400		2,240,401

				56,554,511


Germany: 10.45%
Allianz AG (Financials, Insurance)		31,605		4,976,089
BASF SE (Materials, Chemicals)«		63,392		6,516,180
Bayer AG (Health Care, Pharmaceuticals)«		93,875		8,252,201
Beiersdorf AG (Consumer Staples, Personal Products)«		27,942		1,819,755
Brenntag AG (Materials, Chemicals)		11,346		1,394,826
Daimler AG (Consumer Discretionary, Automobiles)		94,014		7,267,398
Deutsche Bank AG (Financials, Capital Markets)		23,800		1,554,586
Deutsche Boerse AG (Financials, Diversified Financial Services)		10,063		836,160
E.ON AG (Utilities, Electric Utilities)		26,500		905,901
Fresenius SE & Company KGa (Health Care, Health Care Equipment & Supplies)		24,722		2,594,680
Hannover Rueckversicherung AG (Financials, Insurance)		15,800		955,511
Heidelberger Druckmaschinen AG (Industrials, Professional Services)		17,000		75,866
Hochtief AG (Industrials, Construction & Engineering)		10,533		997,369
Linde AG (Materials, Chemicals)«		23,861		4,297,554
Metro AG (Consumer Staples, Food & Staples Retailing)		20,283		1,488,740
Muenchener Rueckversicherungs-Gesellschaft AG (Financials, Insurance)		17,624		2,909,268
Norddeutsche Affinerie AG (Materials, Metals & Mining)		11,400		673,716
RWE AG (Utilities, Multi-Utilities)		24,300		1,585,625
SAP AG (Information Technology, Software)		22,007		1,417,912
Siemens AG (Industrials, Industrial Conglomerates)		44,612		6,490,090
Thyssenkrupp AG (Materials, Metals & Mining)		36,500		1,679,435

				58,688,862


Hong Kong: 7.16%
AIA Group Limited (Financials, Insurance)†		1,139,600		3,844,978
Bank of East Asia Limited (Financials, Commercial Banks)		90,800		375,646
Beijing Enterprises Holdings Limited (Financials, Diversified Financial Services)		138,642		738,247
BOC Hong Kong Holdings Limited (Financials, Commercial Banks)		420,685		1,323,306
Cathay Pacific Airways Limited (Industrials, Airlines)		259,000		646,790
Chaoda Modern Agriculture Limited (Consumer Staples, Food Products)		1,024,000		639,201
Cheung Kong Holdings Limited (Financials, Real Estate Management & Development)		160,000		2,527,738
China Overseas Land & Investment Limited (Financials, Real Estate Management & Development)		266,602		514,623
China Resources Land Limited (Industrials, Machinery)		422,600		730,926
Galaxy Entertainment Group Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)†		337,318		609,230
Hang Seng Bank Limited (Financials, Commercial Banks)		97,431		1,524,012
Henderson Land Development Company Limited (Financials, Real Estate Management & Development)		254,400		1,746,661


38		Wells Fargo Advantage International Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

DIVERSIFIED INTERNATIONAL FUND


Security Name	Shares		Value


Hong Kong (continued)
Hong Kong Exchanges & Clearing Limited (Financials, Diversified Financial Services)		86,600	$	1,979,611
Hong Kong Land Holdings Limited (Financials, Real Estate Management & Development)		119,058		894,222
Huabao International Holdings Limited (Materials, Chemicals)		1,342,221		1,990,972
Johnson Electric Holdings Limited (Industrials, Electrical Equipment)		542,500		333,550
Kingboard Laminates Holdings Limited (Information Technology, Electronic Equipment & Instruments)		589,500		523,100
NWS Holdings Limited (Industrials, Industrial Conglomerates)		690,530		1,017,179
Sands China Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		2,963,626		8,321,970
Sino Land Company (Financials, Real Estate Management & Development)		1,153,100		2,034,489
Sun Hung Kai Properties Limited (Financials, Real Estate Management & Development)		151,900		2,381,046
Wynn Macau Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		1,319,800		4,713,208
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		234,500		811,230

				40,221,935


India: 0.66%
Coal India Limited (Energy, Oil, Gas & Consumable Fuels)		22,049		189,772
Housing Development Finance Corporation (Industrials, Construction & Engineering)		119,773		1,914,634
Tata Motors Limited ADR (Consumer Discretionary, Auto Components)		31,800		872,592
Tata Steel Limited GDR (Industrials, Machinery)		52,700		738,854

				3,715,852


Ireland: 0.22%
Accenture plc (Information Technology, IT Services)«		20,219		1,155,111
Allied Irish Banks plc (Financials, Commercial Banks)†		36,500		12,206
Bank of Ireland plc (Financials, Commercial Banks)†		110,500		44,834
Connemara Gren Marble (Financials, Consumer Finance)(a)		254,000		0
Irish Life & Permanent Group Holdings plc (Financials, Insurance)		65,300		14,508

				1,226,659


Israel: 0.39%
Bank Hapoalim Limited (Financials, Commercial Banks)†		219,600		1,149,891
Teva Pharmaceutical Industries Limited ADR (Health Care, Pharmaceuticals)		22,898		1,047,126

				2,197,017


Italy: 1.76%
Benetton Group SpA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		57,500		466,710
Enel SpA (Utilities, Multi-Utilities)		366,600		2,613,952
ENI SpA (Energy, Oil, Gas & Consumable Fuels)		65,000		1,737,759
Fiat Industrial SpA (Consumer Discretionary, Auto Components)†		145,382		2,159,786
Intesa Sanpaolo (Financials, Commercial Banks)		874,514		2,904,033

				9,882,240


Japan: 13.14%
Adeka Corporation (Materials, Chemicals)		97,700		962,366
Alpine Electronics Incorporated (Information Technology, Electronic Equipment & Instruments)		18,500		231,036
Bridgestone Corporation (Consumer Discretionary, Auto Components)		71,600		1,562,374
Canon Incorporated (Information Technology, Office Electronics)		64,500		3,021,636
Comsys Holdings Corporation (Industrials, Construction & Engineering)		83,600		871,918
Edion Corporation (Consumer Discretionary, Specialty Retail)		65,500		563,632
Eizo Nanao Corporation (Information Technology, Computers & Peripherals)		26,100		580,143
Fuji Heavy Industries Limited (Consumer Discretionary, Automobiles)		96,000		712,470


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage International Stock Funds			39

DIVERSIFIED INTERNATIONAL FUND


Security Name	Shares		Value


Japan (continued)
Fukuoka Financial Group Incorporated (Financials, Commercial Banks)		197,000	$	811,169
Gree Incorporated (Information Technology, Internet Software & Services)		10,000		203,415
Hitachi Capital Corporation (Financials, Consumer Finance)		48,100		682,526
Honda Motor Company Limited (Consumer Discretionary, Automobiles)		99,200		3,901,227
Isuzu Motors Limited (Consumer Discretionary, Automobiles)		540,000		2,303,396
Itochu Corporation (Industrials, Trading Companies & Distributors)		104,000		1,075,707
Japan Tobacco Incorporated (Consumer Staples, Tobacco)		307		1,188,412
JFE Holdings Incorporated (Materials, Metals & Mining)		24,600		669,021
JX Holdings Incorporated (Energy, Energy Equipment & Services)		215,600		1,493,771
Kaneka Corporation (Industrials, Professional Services)		29,000		211,293
KDDI Corporation (Telecommunication Services, Wireless Telecommunication Services)		240		1,591,814
Komatsu Limited (Industrials, Machinery)		80,400		2,814,966
Kyorin Company Limited (Health Care, Pharmaceuticals)		58,000		1,033,224
Maeda Road Construction Company Limited (Industrials, Construction & Engineering)		88,000		832,103
Makita Corporation (Industrials, Machinery)		39,000		1,781,360
Marubeni Corporation (Industrials, Trading Companies & Distributors)		279,500		2,019,195
Miraca Holdings Incorporated (Health Care, Health Care Providers & Services)		25,700		972,681
Mitsubishi Corporation (Industrials, Trading Companies & Distributors)		80,900		2,173,225
Mitsubishi UFJ Financial Group Incorporated (Financials, Commercial Banks)		249,700		1,191,320
Mitsui & Company Limited (Industrials, Trading Companies & Distributors)		243,600		4,300,502
Mitsui Engineering & Shipbuilding Company Limited (Industrials, Machinery)		328,000		808,728
Mitsui Mining & Smelting Company Limited (Materials, Metals & Mining)		257,000		912,482
Mizuho Financial Group Incorporated (Financials, Commercial Banks)		938,700		1,481,275
Nihon Kohden Corporation (Health Care, Health Care Equipment & Supplies)		36,000		762,917
Nintendo Company Limited (Information Technology, Software)		4,700		1,110,756
Nippon Electric Glass Company Limited (Information Technology, Electronic Equipment & Instruments)		40,000		603,094
Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		35,700		1,648,234
Nissan Shatai Company Limited (Consumer Discretionary, Auto Components)		105,000		781,853
NKSJ Holdings Incorporated (Financials, Insurance)		102,000		651,372
Nomura Holdings Incorporated (Financials, Capital Markets)		169,000		858,386
NTT DoCoMo Incorporated (Telecommunication Services, Wireless Telecommunication Services)		600		1,104,358
Rengo Company Limited (Materials, Containers & Packaging)		135,000		803,859
Ryosan Company Limited (Information Technology, Electronic Equipment & Instruments)		13,000		300,660
Sankyu Incorporated (Industrials, Road & Rail)		189,000		864,439
Sanwa Shutter Corporation (Industrials, Building Products)		8,000		25,938
Sega Sammy Holdings Incorporated (Consumer Discretionary, Leisure Equipment & Products)		38,700		667,941
Seino Holdings Company Limited (Industrials, Transportation Infrastructure)		3,000		22,413
Softbank Corporation (Telecommunication Services, Wireless Telecommunication Services)		86,600		3,619,232
Sojitz Corporation (Industrials, Trading Companies & Distributors)		341,200		647,782
Sumitomo Corporation (Industrials, Trading Companies & Distributors)		154,800		2,112,601
Sumitomo Heavy Industries Limited (Industrials, Machinery)		402,000		2,616,729
Sumitomo Mitsui Financial Group Incorporated (Financials, Commercial Banks)		63,400		1,950,108
Sumitomo Mitsui Trust Holdings Incorporated (Financials, Commercial Banks)		141,000		479,763
Takeda Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		37,700		1,821,907
Tokyo Electron Limited (Information Technology, Semiconductors & Semiconductor Equipment)		12,100		695,882
Toshiba Corporation (Information Technology, Computers & Peripherals)		99,000		521,149
Toshiba TEC Corporation (Information Technology, Office Electronics)		146,000		669,568
Toyota Motor Corporation (Consumer Discretionary, Automobiles)		82,500		3,285,151
Tsuruha Holdings Incorporated (Consumer Staples, Food & Staples Retailing)		18,900		890,070


40		Wells Fargo Advantage International Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

DIVERSIFIED INTERNATIONAL FUND


Security Name	Shares		Value


Japan (continued)
Yahoo! Japan Corporation (Information Technology, Internet Software & Services)		3,570	$	1,302,303

				73,776,852


Liechtenstein: 0.09%
Verwaltungs-Und Privat-Bank AG (Financials, Capital Markets)		3,587		474,396


Luxembourg: 0.07%
ArcelorMittal (Materials, Metals & Mining)		11,242		413,613


Netherlands: 3.55%
Aegon NV (Financials, Insurance)		60,500		480,397
Akzo Nobel NV (Materials, Chemicals)«		32,633		2,534,655
ASML Holding NV (Information Technology, Semiconductors & Semiconductor Equipment)		23,913		990,131
ING Groep NV (Financials, Diversified Financial Services)		442,718		5,836,013
Koninklijke DSM NV (Consumer Staples, Food & Staples Retailing)		29,000		1,999,479
New World Resources NV (Materials, Metals & Mining)		66,302		1,125,195
Nielsen Holdings NV (Industrials, Professional Services)†«		9,000		269,010
Nutreco Holding NV (Consumer Staples, Food Products)		8,000		622,676
Randstad Holdings NV (Industrials, Commercial Services & Supplies)		50,653		2,849,438
Unilever NV (Consumer Staples, Food Products)		27,462		903,806
USG People NV (Industrials, Commercial Services & Supplies)		116,863		2,313,370

				19,924,170


Norway: 0.68%
Atea ASA (Information Technology, IT Services)†		93,700		1,035,833
DnB Nor ASA (Financials, Commercial Banks)		56,100		912,082
Statoil ASA (Energy, Oil, Gas & Consumable Fuels)		30,300		886,488
Telenor ASA (Telecommunication Services, Diversified Telecommunication Services)		55,297		955,414

				3,789,817


Portugal: 0.04%
Banco Espirito Santo SA (Financials, Commercial Banks)		51,000		214,832


Russia: 1.05%
Gazprom ADR (Energy, Oil, Gas & Consumable Fuels)		170,570		2,909,924
Gazprom Neft Sponsored ADR (Energy, Oil, Gas & Consumable Fuels)		38,000		959,500
Lukoil ADR (Energy, Oil, Gas & Consumable Fuels)		29,100		2,028,270
				5,897,694


Singapore: 0.40%
City Developments Limited (Financials, Real Estate Management & Development)		48,459		470,068
DBS Group Holdings Limited (Financials, Commercial Banks)		66,000		809,055
Mobilone Limited (Telecommunication Services, Wireless Telecommunication Services)		90		176
United Overseas Bank Limited (Financials, Commercial Banks)		61,000		979,404

				2,258,703


South Africa: 0.20%
Exxaro Resources Limited (Materials, Metals & Mining)		41,700		1,125,859


South Korea: 0.85%
Hyundai Motor Company Limited (Transportation Equipment, Automobiles)		7,221		1,660,968
NHN Corporation (Internet Software, Internet Software & Services)†		3,413		676,772


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage International Stock Funds			41

DIVERSIFIED INTERNATIONAL FUND


Security Name	Shares		Value


South Korea (continued)
Samsung Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		1,501	$	1,250,775
Woori Finance Holdings Company Limited (Financials, Commercial Banks)†		88,300		1,202,986

				4,791,501


Spain: 3.09%
Banco Bilbao Vizcaya Argentaria SA (Financials, Commercial Banks)		161,054		2,065,801
Banco Santander Central Hispano SA (Financials, Commercial Banks)		307,223		3,923,384
Industria de Diseno Textil SA (Consumer Discretionary, Specialty Retail)		34,874		3,127,110
International Consolidated Airlines Group SA (Industrials, Airlines)†		191,944		763,702
Repsol YPF SA (Energy, Oil, Gas & Consumable Fuels)		146,213		5,221,344
Telefonica SA (Telecommunication Services, Diversified Telecommunication Services)		83,197		2,236,575

				17,337,916


Sweden: 1.02%
Boliden AB (Materials, Metals & Mining)		87,500		1,972,296
Saab AB (Industrials, Aerospace & Defense)†		59,800		1,350,892
Sandvik AB (Industrials, Machinery)«		78,878		1,673,520
Svenska Cellulosa AB Class B (Materials, Paper & Forest Products)		48,700		746,323

				5,743,031


Switzerland: 8.11%
ABB Limited (Industrials, Electrical Equipment)		109,010		3,009,433
Adecco SA (Industrials, Professional Services)		50,610		3,612,910
Baloise Holding AG (Financials, Insurance)		13,300		1,470,688
Clariant AG (Materials, Chemicals)		40,872		848,153
Compagnie Financiere Richemont SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		32,103		2,074,633
Credit Suisse Group (Financials, Capital Markets)		70,448		3,201,515
Georg Fischer AG (Industrials, Machinery)		1,400		914,451
Nestle SA (Consumer Staples, Food Products)		149,463		9,278,801
Novartis AG (Health Care, Pharmaceuticals)		95,087		5,644,760
Roche Holdings AG (Health Care, Pharmaceuticals)		17,514		2,840,710
Swatch Group AG Class B (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		11,826		5,817,299
Swiss Reinsurance (Financials, Insurance)		11,200		667,468
UBS AG (Financials, Capital Markets)		76,650		1,532,114
Valora Holding AG (Consumer Discretionary, Specialty Retail)		1,120		382,613
Zurich Financial Services AG (Financials, Insurance)		14,989		4,210,782

				45,506,330


United Kingdom: 17.81%
Amlin plc (Financials, Insurance)		101,100		705,886
Anglo American plc (Materials, Metals & Mining)		23,753		1,238,084
Antofagasta plc (Materials, Metals & Mining)		88,006		2,009,501
Ashtead Group plc (Industrials, Trading Companies & Distributors)		510,030		1,722,599
AstraZeneca plc (Health Care, Pharmaceuticals)		58,100		2,901,715
Aviva plc (Financials, Insurance)		93,600		698,548
BAE Systems plc (Industrials, Aerospace & Defense)		317,800		1,740,615
Barclays plc (Financials, Commercial Banks)		724,917		3,418,272
BG Group plc (Health Care, Health Care Providers & Services)		101,354		2,596,164
BHP Billiton plc (Materials, Metals & Mining)		71,608		3,019,565


42		Wells Fargo Advantage International Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

DIVERSIFIED INTERNATIONAL FUND


Security Name	Shares		Value


United Kingdom (continued)
BP plc (Energy, Oil, Gas & Consumable Fuels)		370,279	$	2,860,851
BT Group plc (Telecommunication Services, Diversified Telecommunication Services)		811,900		2,655,355
Burberry Group plc (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		71,519		1,547,030
Cookson Group plc (Utilities, Multi-Utilities)		77,671		928,274
Diageo plc (Consumer Staples, Beverages)		83,572		1,700,261
DS Smith plc (Industrials, Professional Services)		253,300		917,703
Experian Group Limited (Financials, Diversified Financial Services)		306,586		4,130,134
Firstgroup plc (Industrials, Road & Rail)		145,100		786,968
Game Group plc (Consumer Discretionary, Specialty Retail)		838,220		738,564
Genting International plc (Consumer Staples, Hotels, Restaurants & Leisure)†		705,592		1,255,755
GlaxoSmithKline plc (Health Care, Pharmaceuticals)		188,018		4,099,999
Greene King plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		71,400		583,912
Hays plc (Industrials, Commercial Services & Supplies)		424,430		841,520
Home Retail Group (Consumer Discretionary, Internet & Catalog Retail)		208,100		764,372
HSBC Holdings plc (Financials, Commercial Banks)		289,401		3,168,209
Imperial Tobacco Group plc (Consumer Staples, Tobacco)		60,636		2,134,040
Intercontinental Hotels Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		44,514		974,780
Intertek Group plc (Industrials, Commercial Services & Supplies)		24,402		866,147
Johnson Matthey plc (Materials, Chemicals)		8,006		267,858
Kesa Electricals plc (Consumer Discretionary, Specialty Retail)		334,144		719,997
Kingfisher plc (Consumer Discretionary, Specialty Retail)		927,763		4,253,896
Lloyds TSB Group plc (Financials, Commercial Banks)†		1,408,802		1,394,266
LogicaCMG plc (Industrials, Professional Services)		465,700		1,048,585
Marston’s plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		317,490		574,866
Next plc (Consumer Discretionary, Multiline Retail)		17,900		668,846
Old Mutual plc (Financials, Insurance)		518,700		1,204,311
Pace plc (Consumer Discretionary, Household Durables)		190,500		512,623
Persimmon plc (Consumer Discretionary, Household Durables)		144,420		1,165,391
Rio Tinto plc (Materials, Metals & Mining)		37,073		2,699,925
Royal & Sun Alliance Insurance Group plc (Financials, Insurance)		162,400		373,260
Royal Dutch Shell plc Class A (Energy, Oil, Gas & Consumable Fuels)		73,103		2,835,949
Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels)		141,000		5,480,535
SABMiller plc (Consumer Staples, Beverages)		25,988		969,975
Standard Chartered plc (Financials, Commercial Banks)		76,850		2,129,598
Tesco plc (Consumer Staples, Food & Staples Retailing)		364,037		2,453,863
Thomas Cook Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		233,700		668,688
Travis Perkins plc (Industrials, Trading Companies & Distributors)		73,999		1,328,745
Tullett Prebon plc (Financials, Capital Markets)		137,500		965,775
Vodafone Group plc (Telecommunication Services, Wireless Telecommunication Services)		2,036,671		5,837,751
WH Smith Public Limited Corporation (Consumer Discretionary, Specialty Retail)		99,900		784,279
WPP plc (Consumer Discretionary, Media)		454,296		5,930,282
Xstrata plc (Materials, Metals & Mining)		186,433		4,738,069

				100,012,156


Total Common Stocks (Cost $450,048,854)				535,005,148


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage International Stock Funds			43

DIVERSIFIED INTERNATIONAL FUND


Security Name	Yield			Shares		Value


Short-Term Investments: 15.41%

Investment Companies: 15.41%
Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)		0.09	%		18,933,743	$	18,933,743
Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)		0.20			67,556,672		67,556,672


Total Short-Term Investments (Cost $86,490,415)							86,490,415


Total Investments in Securities (Cost $536,539,269)*	110.70	%		621,495,563
Other Assets and Liabilities, Net	(10.70	)		(60,075,879	)

Total Net Assets	100.00	%	$	561,419,684

†	Non-income earning securities.

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

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

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

(l)	Investment in an affiliate.

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

*	Cost for federal income tax purposes is $549,027,521 and net unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	92,561,933
Gross unrealized depreciation		(20,093,891	)

Net unrealized appreciation	$	72,468,042

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


44		Wells Fargo Advantage International Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

EMERGING MARKETS EQUITY FUND


Security Name	Shares		Value


Common Stocks: 84.96%

Argentina: 0.09%
Irsa Inversiones y Representaciones SA ADR (Financials, Real Estate Management & Development)		148,500	$	1,881,495


Brazil: 13.86%
All America Latina Logistica SA (Industrials, Road & Rail)		3,154,670		26,068,338
B2w Com Global do Varejo (Consumer Discretionary, Internet & Catalog Retail)		853,800		11,722,654
B2w Com Global do Varejo ADR (Consumer Discretionary, Internet & Catalog Retail)(a)†		358,090		5,000,786
Banco Bradesco SA ADR (Financials, Commercial Banks)«		1,710,235		34,598,054
Banco do Brasil SA (Financials, Commercial Banks)		1,482,100		27,311,263
Brookfield Incorporacoes SA (Financials, Real Estate Management & Development)†		2,612,456		14,530,250
Campanhia de Bebidas dos Americas ADR (Consumer Staples, Beverages)«		347,500		11,321,550
Cia de Concessoes Rodoviarias (Industrials, Transportation Infrastructure)		294,800		9,182,049
Cielo SA (Information Technology, IT Services)		1,326,000		12,263,730
Itau Unibanco Holding Preferred ADR (Financials, Commercial Banks)		90,000		2,137,500
Lojas Renner SA (Consumer Discretionary, Multiline Retail)†		370,200		13,660,126
Petroleo Brasileiro SA ADR (Energy, Oil, Gas & Consumable Fuels)		908,400		33,910,572
Petroleo Brasileiro SA ADR Class A (Energy, Oil, Gas & Consumable Fuels)«		1,009,635		33,691,520
Redecard SA (Information Technology, IT Services)		818,400		11,834,859
Sao Carlos Empreendimentos (Financials, Real Estate Management & Development)		258,900		3,620,519
Tim Participacoes SA (Telecommunication Services, Wireless Telecommunication Services)†		1,835,363		10,021,465
Vale SA ADR (Materials, Metals & Mining)«		743,236		24,824,082

				285,699,317


China: 11.27%
51job Incorporated ADR (Industrials, Commercial Services & Supplies)†		439,604		24,613,428
Bitauto Holdings Limited ADR (Information Technology, Internet Software & Services)«†		252,524		2,558,068
China Life Insurance Company Limited ADR (Financials, Insurance)«		279,500		15,006,355
China Telecom Corporation Limited (Telecommunication Services, Diversified Telecommunication Services)		29,108,000		16,791,095
Dalian Port Company Limited (Industrials, Transportation Infrastructure)		14,532,000		5,688,367
First Tractor Company (Industrials, Machinery)		5,144,000		7,087,179
Li Ning Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		3,897,000		6,683,565
New Oriental Education & Technology Group Incorporated (Consumer Discretionary, Diversified Consumer Services)†		166,200		20,715,168
NVC Lighting Holdings Limited (Consumer Discretionary, Household Durables)		12,823,000		6,826,109
PetroChina Company Limited ADR (Energy, Oil, Gas & Consumable Fuels)«		132,700		19,318,466
Sichuan Expressway Company (Industrials, Transportation Infrastructure)		21,374,000		12,935,175
SINA Corporation (Information Technology, Internet Software & Services)«†		521,050		70,211,488
Sinotrans Limited (Industrials, Air Freight & Logistics)		30,149,000		7,375,902
Tsingtao Brewery Company Limited (Consumer Staples, Beverages)		3,100,000		16,465,476

				232,275,841


Hong Kong: 5.75%
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		950,000		8,733,945
China Mobile Limited ADR (Telecommunication Services, Wireless Telecommunication Services)«		1,563,333		72,054,018
CNOOC Limited ADR (Energy, Oil, Gas & Consumable Fuels)«		72,900		18,184,905
Johnson Electric Holdings Limited (Industrials, Electrical Equipment)		9,800,000		6,025,428
Shangri-La Asia Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		1,995,500		5,577,286
Texwinca Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		6,992,000		7,896,553

				118,472,135


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage International Stock Funds			45

EMERGING MARKETS EQUITY FUND


Security Name	Shares		Value


India: 5.22%
Bharti Airtel Limited (Telecommunication Services, Wireless Telecommunication Services)†		2,525,849	$	21,710,933
Hindustan Unilever Limited (Consumer Staples, Household Products)†		1,140,200		7,354,632
ICICI Bank Limited ADR (Financials, Commercial Banks)«		599,795		30,229,668
Idea Cellular Limited (Telecommunication Services, Wireless Telecommunication Services)†		5,140,500		8,010,414
Infosys Technologies Limited ADR (Information Technology, IT Services)«		127,100		8,284,378
Oil & Natural Gas Corporation Limited (Energy, Oil, Gas & Consumable Fuels)		825,600		5,747,364
Reliance Industries Limited (Energy, Oil, Gas & Consumable Fuels)††		439,100		19,316,009
Ultra Tech Cement Limited (Materials, Construction Materials)†		286,000		7,045,050

				107,698,448


Indonesia: 1.24%
PT Astra Agro Lestari Tbk (Consumer Staples, Food Products)		2,477,000		6,695,767
PT Astra International Incorporated (Consumer Discretionary, Automobiles)		995,500		6,527,011
PT Gudang Garam Tbk (Consumer Staples, Tobacco)		1,000,000		4,740,775
Telekomunik Indonesia ADR (Telecommunication Services, Diversified Telecommunication Services)		210,664		7,613,397

				25,576,950


Israel: 1.36%
Israel Chemicals Limited (Materials, Chemicals)		1,334,600		23,531,443
Teva Pharmaceutical Industries Limited ADR (Health Care, Pharmaceuticals)		100,000		4,573,000

				28,104,443


Malaysia: 1.83%
Genting Berhad (Consumer Discretionary, Hotels, Restaurants & Leisure)		3,935,200		15,411,317
KLCC Property Holdings Berhad (Financials, Real Estate Management & Development)		3,387,900		3,763,062
Resorts World Berhad (Consumer Discretionary, Hotels, Restaurants & Leisure)†		7,645,600		9,498,922
Sime Darby Berhad (Industrials, Industrial Conglomerates)		2,969,437		9,042,647

				37,715,948


Mexico: 5.52%
America Movil SAB de CV ADR (Telecommunication Services, Wireless Telecommunication Services)		432,200		24,721,840
Cemex SA de CV (Materials, Construction Materials)«†		2,620,680		22,747,502
Fibra Uno Administracion SA (Financials, Real Estate Investment Trusts (REITs))†		2,184,945		3,720,121
Fomento Economico Mexicano SA de CV ADR (Consumer Staples, Beverages)«		196,900		12,385,010
Grupo Financiero Banorte SA de CV (Financials, Commercial Banks)		1,172,936		5,858,719
Grupo Televisa SA ADR (Consumer Discretionary, Media)«†		1,865,000		44,237,800
Promotora Ambiental SAB de CV (Industrials, Commercial Services & Supplies)(a)†		258,800		224,723

				113,895,715


Peru: 0.91%
Compania de Minas Buenaventura SA ADR (Materials, Metals & Mining)		448,100		18,672,327


Philippines: 0.63%
Ayala Corporation (Financials, Diversified Financial Services)		462,153		4,221,019
Metropolitan Bank & Trust Company (Financials, Commercial Banks)		2,669,903		4,281,449
SM Investments Corporation (Industrials, Industrial Conglomerates)		263,016		3,557,259
Universal Robina Corporation (Consumer Staples, Food Products)		1,000,000		871,292

				12,931,019


46		Wells Fargo Advantage International Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

EMERGING MARKETS EQUITY FUND


Security Name	Shares		Value


Poland: 0.40%
Telekomunikacja Polska SA (Telecommunication Services, Diversified Telecommunication Services)		1,251,897	$	8,276,187


Russia: 4.16%
Gazprom ADR (Energy, Oil, Gas & Consumable Fuels)		1,375,796		23,209,679
Lukoil Oil Company ADR (Energy, Oil, Gas & Consumable Fuels)		303,430		20,997,356
Mobile Telesystems ADR (Telecommunication Services, Wireless Telecommunication Services)«		1,062,100		22,463,415
Sberbank of Russia (Financials, Commercial Banks)		5,217,377		19,069,513

				85,739,963


South Africa: 8.09%
Anglo Platinum Limited (Materials, Metals & Mining)		191,332		19,439,215
AngloGold Ashanti Limited ADR (Materials, Metals & Mining)«		421,800		21,503,364
Gold Fields Limited ADR (Materials, Metals & Mining)		522,700		9,324,968
Impala Platinum Holdings Limited (Materials, Metals & Mining)		680,758		21,260,596
MTN Group Limited (Telecommunication Services, Wireless Telecommunication Services)		1,220,776		27,147,157
Pretoria Portland Cement Company Limited (Materials, Construction Materials)		1,766,835		6,728,237
Sasol Limited ADR (Energy, Oil, Gas & Consumable Fuels)«		453,100		26,198,242
Standard Bank Group Limited (Financials, Commercial Banks)		977,174		15,335,604
Tiger Brands Limited (Consumer Staples, Food Products)		675,545		19,808,441

				166,745,824


South Korea: 11.13%
KB Financial Group Incorporated (Financials, Commercial Banks)		56,779		3,046,510
KB Financial Group Incorporated ADR (Financials, Commercial Banks)«		395,104		21,055,092
Korea Electric Power Corporation (Utilities, Electric Utilities)†		222,360		5,311,824
KT Corporation ADR (Telecommunication Services, Diversified Telecommunication Services)«		2,022,900		41,064,870
KT&G Corporation (Consumer Staples, Tobacco)		730,491		43,216,656
Lotte Chilsung Beverage Company Limited (Consumer Staples, Beverages)†		6,940		7,434,442
Lotte Confectionery Company Limited (Consumer Staples, Food Products)		7,366		10,915,138
Samsung Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		60,386		50,319,319
Samsung Life Insurance Company Limited (Financials, Insurance)		68,000		6,161,340
Shinhan Financial Group Company Limited (Financials, Commercial Banks)†		348,395		17,067,828
SK Telecom Company Limited (Telecommunication Services, Wireless Telecommunication Services)		23,720		3,596,790
SK Telecom Company Limited ADR (Telecommunication Services, Wireless Telecommunication Services)«		1,065,319		20,219,755

				229,409,564


Taiwan: 8.80%
104 Corporation (Industrials, Commercial Services & Supplies)†		1,455,000		5,436,213
Asustek Computer Incorporated (Information Technology, Computers & Peripherals)		504,220		4,542,443
Avermedia Technologies Incorporated (Information Technology, Computers & Peripherals)†		476,887		621,118
Cathay Financial Holding Company Limited (Financials, Insurance)		6,751,860		11,269,407
Chunghwa Telecom Limited ADR (Telecommunication Services, Diversified Telecommunication Services)«		129,534		4,086,798
Far Eastern Textile Company Limited (Industrials, Industrial Conglomerates)†		12,929,458		20,316,204
First Financial Holding Company Limited (Financials, Commercial Banks)†		23,673,023		21,946,637
Fuhwa Financial Holdings Company Limited (Financials, Capital Markets)†		32,855,240		22,830,081
Mediatek Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)†		501,881		5,546,566
Pegatron Corporation (Information Technology, Computers & Peripherals)		1,096,039		1,155,800


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage International Stock Funds			47

EMERGING MARKETS EQUITY FUND


Security Name				Shares		Value


Taiwan (continued)
Realtek Semiconductor Corporation (Information Technology, Semiconductors & Semiconductor Equipment)†					2,771,372	$	5,515,938
Siliconware Precision Industries Company (Information Technology, Semiconductors & Semiconductor Equipment)†					5,900,000		7,869,826
Taiwan Semiconductor Manufacturing Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)					3,068,224		7,842,380
Taiwan Semiconductor Manufacturing Company Limited ADR (Information Technology, Semiconductors & Semiconductor Equipment)«					3,050,952		41,187,852
United Microelectronics Corporation (Information Technology, Semiconductors & Semiconductor Equipment)					38,577,092		20,003,485
United Microelectronics Corporation ADR (Information Technology, Semiconductors & Semiconductor Equipment)«					463,700		1,316,908

							181,487,656


Thailand: 2.61%
Bangkok Bank PCL (Financials, Commercial Banks)					1,587,300		9,039,900
C.P. Seven Eleven PCL (Consumer Staples, Food & Staples Retailing)					6,213,200		9,002,375
PTT Exploration & Production PCL (Energy, Oil, Gas & Consumable Fuels)					1,831,300		11,411,116
PTT PCL (Energy, Oil, Gas & Consumable Fuels)					1,069,200		13,432,161
Thai Beverage PCL (Consumer Staples, Beverages)					46,792,000		10,894,751

							53,780,303


Turkey: 1.63%
Anadolu Efes Biracilik Ve Malt Sanayii AS (Consumer Staples, Beverages)					824,238		12,680,581
Turkcell Iletisim Hizmetleri AS ADR (Telecommunication Services, Wireless Telecommunication Services)«					1,419,700		21,011,560

							33,692,141


United Kingdom: 0.46%
African Barrick Gold Limited (Materials, Metals & Mining)					1,078,500		9,493,762


Total Common Stocks (Cost $1,301,632,763)							1,751,549,038


	Dividend Yield

Preferred Stocks: 3.32%

Brazil: 3.32%
Banco Estado Rio Grande Sul (Financials, Commercial Banks)		1.04	%		818,100		9,828,432
Centrais Electricas Brasileiras SA (Utilities, Electric Utilities)		0.68			467,500		8,501,891
Lojas Americanas SA (Consumer Discretionary, Multiline Retail)		0.47			2,965,100		26,386,601
Vale SA ADR (Materials, Metals & Mining)«		1.29			790,100		23,623,990

Total Preferred Stocks (Cost $47,194,758)							68,340,914


48		Wells Fargo Advantage International Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

EMERGING MARKETS EQUITY FUND


Security Name	Interest Rate			Maturity Date		Principal		Value


Convertible Debentures: 0.01%

Brazil: 0.01%
Lupatech SA (Energy, Energy Equipment & Services)(a)		6.50	%		04/15/2018		$ 303,000	$	187,343


Total Convertible Debentures (Cost $160,691)									187,343


				Expiration Date		Shares

Rights: 0.00%

Brazil: 0.00%
Tim Participacoes SA (Telecommunication Services, Wireless Telecommunication Services)†					05/11/2011		1,534		585


Total Rights (Cost $0)									585


Short-Term Investments: 26.68%

	Yield

Investment Companies: 26.68%
Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)		0.09	%				200,822,550		200,822,550
Wells Fargo Securities Lending Cash Investment, LLC(l)(u)(v)		0.20					349,220,149		349,220,149


Total Short-Term Investments (Cost $550,042,699)									550,042,699


Total Investments in Securities
(Cost $1,899,030,911)*	114.97	%		2,370,120,579
Other Assets and Liabilities, Net	(14.97	)		(308,559,986	)

Total Net Assets	100.00	%	$	2,061,560,593

«	All or a portion of this security is 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.

(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.

†	Non-income earning securities.

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

*	Cost for federal income tax purposes is $1,902,209,555 and net unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	486,478,591
Gross unrealized depreciation		(18,567,567	)

Net unrealized appreciation	$	467,911,024

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


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage International Stock Funds			49

GLOBAL OPPORTUNITIES FUND


Security Name	Shares		Value


Common Stocks: 95.39%

Argentina: 0.60%
IRSA Inversiones y Representaciones SA ADR (Financials, Real Estate Management & Development)		194,132	$	2,459,652


Belize: 0.18%
Embraer SA ADR (Industrials, Aerospace & Defense)		23,348		758,343


Bermuda: 3.67%
Arch Capital Group Limited (Financials, Insurance)«†		15,300		1,591,200
Catlin Group Limited (Financials, Insurance)		156,616		1,034,642
Everest Re Group Limited (Financials, Insurance)		31,800		2,897,616
Hiscox Limited (Financials, Insurance)		362,998		2,499,914
Lancashire Holdings plc (Financials, Insurance)		292,208		3,148,178
Nabors Industries Limited (Energy, Energy Equipment & Services)†		73,400		2,248,976
Validus Holdings Limited (Financials, Insurance)		50,039		1,628,269

				15,048,795


Canada: 3.04%
Agnico-Eagle Mines Limited (Materials, Metals & Mining)		33,259		2,314,161
Agrium Incorporated (Materials, Chemicals)		20,173		1,824,244
Eldorado Gold Corporation (Materials, Metals & Mining)		74,115		1,379,448
Kinross Gold Corporation (Materials, Metals & Mining)		90,968		1,440,933
Mercator Minerals Limited (Materials, Metals & Mining)†		489,324		1,815,280
Parex Resources Incorporated (Energy, Oil, Gas & Consumable Fuels)†		150,914		1,153,209
Quadra FNX Mining Limited (Materials, Metals & Mining)†		155,228		2,547,895

				12,475,170


China: 6.29%
51job Incorporated ADR (Industrials, Commercial Services & Supplies)†		199,386		11,163,622
First Tractor Company Limited (Industrials, Machinery)		3,006,000		4,155,546
Guangzhou Automobile Group H (Consumer Discretionary, Automobiles)		1,177,480		1,334,074
Netease.com Incorporated ADR (Information Technology, Internet Software & Services)†		31,755		1,564,886
SINA Corporation (Information Technology, Internet Software & Services)«†		32,093		4,324,532
Sinotrans Limited (Industrials, Air Freight & Logistics)		7,288,000		1,784,264
VanceInfo Technologies Incorporated (Information Technology, Software)†		45,898		1,476,080

				25,803,004


Denmark: 1.29%
Pandora AS (Consumer Discretionary, Specialty Retail)«		117,462		5,290,934


Finland: 0.36%
Outotec Oyj (Industrials, Construction & Engineering)		23,054		1,461,126


France: 5.30%
Alten Limited (Information Technology, IT Services)		47,316		1,940,924
Atos Origin SA (Information Technology, IT Services)		24,250		1,494,364
Eurofins Scientific (Health Care, Life Sciences Tools & Services)		22,196		2,392,029
Laurent Perrier Group (Consumer Staples, Beverages)		13,254		1,692,206
Mersen (Industrials, Electrical Equipment)		40,014		2,432,307
Pernod-Ricard SA (Consumer Staples, Beverages)		27,124		2,726,256
Peugeot SA (Consumer Discretionary, Automobiles)		64,511		2,929,578


50		Wells Fargo Advantage International Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

GLOBAL OPPORTUNITIES FUND


Security Name	Shares		Value


France (continued)
Scor SE (Financials, Insurance)		66,117	$	2,019,790
Technip SA (Energy, Energy Equipment & Services)		36,323		4,097,394

				21,724,848


Germany: 3.14%
Amadeus Fire AG (Industrials, Commercial Services & Supplies)		56,624		2,752,569
Continental AG (Consumer Discretionary, Auto Components)		17,148		1,721,274
Fresenius SE (Health Care, Health Care Equipment & Supplies)		33,762		3,543,467
Kloeckner & Company SE (Industrials, Trading Companies & Distributors)		107,904		3,880,479
PATRIZIA Immobilien AG (Financials, Real Estate Management & Development)†		128,187		955,017

				12,852,806


Hong Kong: 1.61%
China Gas Holdings Limited (Utilities, Gas Utilities)		1,778,114		693,427
Emperor Watch & Jewellery Limited (Consumer Discretionary, Specialty Retail)		4,950,000		715,750
Geely Automobile Holdings Limited (Consumer Discretionary, Automobiles)		3,465,000		1,391,957
Shangri-La Asia Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		610,025		1,704,978
Techtronic Industries Company Limited (Consumer Discretionary, Household Durables)		1,541,000		2,107,994

				6,614,106


India: 0.18%
Jain Irrigation Systems Limited (Industrials, Machinery)		178,975		740,349


Iran: 0.44%
Charter International plc (Industrials, Machinery)		131,619		1,804,967


Ireland: 0.84%
CPL Resources plc (Industrials, Commercial Services & Supplies)		340,889		1,464,233
Kingspan Group plc (Industrials, Building Products)		69,788		674,466
Willis Group Holdings plc (Financials, Insurance)		31,300		1,293,316

				3,432,015


Israel: 0.55%
Bezeq the Israeli Telecom CP (Telecommunication Services, Diversified Telecommunication Services)		755,101		2,236,095


Italy: 0.93%
Davide Campari Milano SpA (Consumer Staples, Beverages)		311,562		2,243,668
Tod’s SpA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		11,447		1,553,901

				3,797,569


Japan: 6.85%
Amada Company Limited (Industrials, Machinery)		262,000		2,089,798
Central Japan Railway Company (Industrials, Road & Rail)		180		1,355,853
Hino Motors Limited (Industrials, Machinery)		177,000		831,375
Isuzu Motors Limited (Consumer Discretionary, Automobiles)		1,304,000		5,562,276
JFE Holdings Incorporated (Materials, Metals & Mining)		52,500		1,427,788
Keyence Corporation (Information Technology, Electronic Equipment & Instruments)		2,700		704,333
Makita Corporation (Industrials, Machinery)		60,100		2,745,121
OKUMA Corporation (Industrials, Machinery)		287,000		2,685,484
Sumitomo Heavy Industries Limited (Industrials, Machinery)		765,000		4,979,597


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage International Stock Funds			51

GLOBAL OPPORTUNITIES FUND


Security Name	Shares		Value


Japan (continued)
Toshiba Machine Company Limited (Industrials, Machinery)		549,263	$	2,898,164
Yahoo! Japan Corporation (Information Technology, Internet Software & Services)		7,696		2,807,429

				28,087,218


Luxembourg: 0.53%
Acergy SA (Energy, Energy Equipment & Services)		83,311		2,191,308


Netherlands: 5.19%
Delta Lloyd NV (Financials, Insurance)«		95,462		2,512,563
New World Resources NV Class A (Materials, Metals & Mining)		145,871		2,475,541
Nielsen Holdings NV (Industrials, Professional Services)«†		39,732		1,187,589
Nutreco Holding NV (Consumer Staples, Food Products)«		26,743		2,081,526
Randstad Holding NV (Industrials, Commercial Services & Supplies)		80,737		4,541,786
USG People NV (Industrials, Commercial Services & Supplies)		427,891		8,470,347

				21,269,352


Norway: 1.44%
BW Offshore Limited (Energy, Energy Equipment & Services)†		785,646		2,036,516
Petroleum Geo-Services (Energy, Energy Equipment & Services)†		140,385		2,216,845
TGS Nopec Geophysical Company ASA (Energy, Energy Equipment & Services)		62,601		1,647,772

				5,901,133


Russia: 1.34%
Mechel ADR (Materials, Metals & Mining)		49,003		1,400,016
Sollers OJSC (Consumer Discretionary, Automobiles)(a)		201,673		4,089,283

				5,489,299


Spain: 0.45%
International Consolidated Airlines (Industrials, Airlines)†		467,564		1,860,331


Switzerland: 2.67%
Allied World Assurance Company (Financials, Insurance)		13,300		864,101
Barry Callebaut AG (Consumer Staples, Food Products)		2,855		2,727,928
Compagnie Financiere Richemont SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		43,480		2,809,864
Givaudan SA (Materials, Chemicals)		2,154		2,395,547
Julius Baer Group Limited (Financials, Capital Markets)		46,036		2,151,185

				10,948,625


Taiwan: 0.44%
104 Corporation (Industrials, Commercial Services & Supplies)†		477,000		1,785,920


United Kingdom: 16.12%
Afren plc (Energy, Oil, Gas & Consumable Fuels)†		1,255,114		3,352,271
Antofagasta plc (Materials, Metals & Mining)		69,782		1,593,380
Ashtead Group plc (Industrials, Trading Companies & Distributors)		3,005,160		10,149,769
Bovis Homes Group plc (Consumer Discretionary, Household Durables)		835,438		6,140,084
Britvic plc (Consumer Staples, Beverages)		163,739		1,119,988
Cookson Group plc (Industrials, Industrial Conglomerates)		104,826		1,252,813
Debenhams plc (Consumer Discretionary, Multiline Retail)		1,103,586		1,255,338
ENSCO plc (Energy, Energy Equipment & Services)«		32,500		1,937,650


52		Wells Fargo Advantage International Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

GLOBAL OPPORTUNITIES FUND


Security Name	Shares		Value

United Kingdom (continued)

Fresnillo plc (Materials, Metals & Mining)		88,276	$	2,419,684
Game Group plc (Consumer Discretionary, Specialty Retail)		5,311,259		4,679,801
Hays plc (Industrials, Commercial Services & Supplies)		1,320,080		2,617,329
ICAP plc (Financials, Capital Markets)		80,348		695,875
InterContinental Hotels Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		76,137		1,667,270
N. Brown Group plc (Consumer Discretionary, Internet & Catalog Retail)		270,221		1,369,437
Perform Group plc (Consumer Discretionary, Media)		72,619		277,775
Persimmon plc (Consumer Discretionary, Household Durables)		830,648		6,702,881
Premier Oil plc (Energy, Oil, Gas & Consumable Fuels)†		39,855		1,331,436
Robert Walters plc (Industrials, Commercial Services & Supplies)		163,052		838,850
Salamander Energy plc (Energy, Oil, Gas & Consumable Fuels)†		212,361		1,074,084
Savills plc (Financials, Real Estate Management & Development)		329,199		2,207,758
SIG plc (Industrials, Trading Companies & Distributors)		566,925		1,323,854
SuperGroup plc (Consumer Discretionary, Multiline Retail)†		72,103		1,910,134
Taylor Woodrow plc (Consumer Discretionary, Household Durables)†		6,951,526		4,518,027
Travis Perkins plc (Industrials, Trading Companies & Distributors)		314,682		5,650,512

				66,086,000


United States: 31.94%
Allegheny Technologies Incorporated (Materials, Metals & Mining)«		22,900		1,648,800
Allete Incorporated (Utilities, Electric Utilities)		17,700		716,673
Ameren Corporation (Utilities, Multi-Utilities)		50,400		1,477,224
ATMI Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)†		37,200		740,652
Atmos Energy Corporation (Utilities, Gas Utilities)«		26,400		921,096
Atwood Oceanics Incorporated (Energy, Energy Equipment & Services)†		12,900		579,597
BOK Financial Corporation (Financials, Commercial Banks)«		46,976		2,526,369
Brown & Brown Incorporated (Financials, Insurance)		43,900		1,134,815
CA Incoporated (Information Technology, Software)		122,700		3,017,193
Cimarex Energy Company (Energy, Oil, Gas & Consumable Fuels)		21,200		2,344,508
Comstock Resources Incorporated (Energy, Oil, Gas & Consumable Fuels)«†		40,300		1,292,018
Con-way Incorporated (Industrials, Road & Rail)«		71,400		2,778,888
DaVita Incorporated (Health Care, Health Care Providers & Services)†		19,900		1,752,991
Dice Holdings Incorporated (Information Technology, Internet Software & Services)†		300,157		5,501,878
Discover Financial Services (Financials, Consumer Finance)		57,200		1,420,848
Dun & Bradstreet Corporation (Industrials, Commercial Services & Supplies)«		11,700		961,506
EMCOR Group Incorporated (Industrials, Construction & Engineering)«†		93,000		2,880,210
Fidelity National Financial Incorporated (Financials, Insurance)		148,700		2,295,928
Fifth Third Bancorp (Financials, Commercial Banks)		127,808		1,696,012
First Citizens Bancshares Incorporated Class A (Financials, Commercial Banks)		12,227		2,445,522
FMC Corporation (Materials, Chemicals)		14,300		1,262,404
Forest Oil Corporation (Energy, Oil, Gas & Consumable Fuels)†		48,200		1,730,862
Global Payments Incorporated (Information Technology, IT Services)«		46,801		2,491,685
Heidrick & Struggles International Incorporated (Industrials, Commercial Services & Supplies)«		188,527		4,411,532
Hillenbrand Incorporated (Consumer Discretionary, Diversified Consumer Services)		42,925		983,841
Huntington Ingalls Industries Incorporated (Industrials, Aerospace & Defense)†		14,200		568,000
IAC/InterActiveCorporation (Information Technology, Internet Software & Services)†		50,400		1,819,944
Imation Corporation (Information Technology, Computers & Peripherals)†		152,902		1,570,304
Ingram Micro Incorporated Class A (Information Technology, Electronic Equipment & Instruments)†		90,400		1,693,192
ITT Corporation (Industrials, Aerospace & Defense)		41,800		2,415,622
Jarden Corporation (Consumer Discretionary, Household Durables)		48,900		1,779,471


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage International Stock Funds			53

GLOBAL OPPORTUNITIES FUND


Security Name	Shares		Value


United States (continued)
Kirby Corporation (Industrials, Marine)«†		39,700	$	2,254,166
Kroger Company (Consumer Staples, Food & Staples Retailing)		136,400		3,315,884
L-3 Communications Holdings Incorporated (Industrials, Aerospace & Defense)		27,400		2,197,206
Lear Corporation (Consumer Discretionary, Auto Components)		29,900		1,529,086
McKesson Corporation (Health Care, Health Care Providers & Services)		10,700		888,207
Mohawk Industries Incorporated (Consumer Discretionary, Household Durables)†		25,000		1,501,000
Molex Incorporated Class A (Information Technology, Electronic Equipment & Instruments)		79,300		1,785,836
Monster Worldwide Incorporated (Information Technology, Internet Software & Services)«†		139,336		2,286,504
Mueller Industries Incorporated (Industrials, Machinery)		42,802		1,674,414
Ocean Rig UDW Incorporated (Energy, Energy Equipment & Services)†		182,164		3,923,404
Olin Corporation (Materials, Chemicals)		29,500		759,330
Omnicare Incorporated (Health Care, Health Care Providers & Services)«		78,200		2,457,044
ON Semiconductor Corporation (Information Technology, Semiconductors & Semiconductor Equipment)†		67,400		708,374
Owens Corning (Industrials, Building Products)†		44,661		1,689,972
Owens-Illinois Incorporated (Materials, Containers & Packaging)†		102,100		3,029,307
People’s United Financial Incorporated (Financials, Thrifts & Mortgage Finance)«		194,100		2,657,229
Pharmaceutical Product Development Incorporated (Health Care, Life Sciences Tools & Services)«		63,000		1,943,550
Quad Graphics Incorporated (Industrials, Commercial Services & Supplies)†		26,900		1,077,614
Quest Diagnostics Incorporated (Health Care, Health Care Providers & Services)«		35,700		2,012,766
Ralcorp Holdings Incorporated (Consumer Staples, Food Products)«†		26,300		2,046,140
Regal-Beloit Corporation (Industrials, Electrical Equipment)		23,300		1,765,907
Rent-A-Center Incorporated (Consumer Discretionary, Diversified Consumer Services)		46,600		1,418,970
Rock-Tenn Company Class A (Materials, Containers & Packaging)«		9,000		621,630
Royal Gold Incorporated (Materials, Metals & Mining)		12,400		756,152
SAIC Incorporated (Information Technology, IT Services)«†		149,100		2,594,340
Silgan Holdings Incorporated (Materials, Containers & Packaging)		47,000		2,155,420
Sohu.com Incorporated (Information Technology, Internet Software & Services)«†		23,777		2,514,656
Southwestern Energy Company (Energy, Oil, Gas & Consumable Fuels)†		41,800		1,833,348
Stanley Black & Decker Incorporated (Consumer Discretionary, Household Durables)		21,800		1,583,770
Sysco Corporation (Consumer Staples, Food & Staples Retailing)«		86,000		2,486,260
Towers Watson & Company (Industrials, Commercial Services & Supplies)		26,300		1,508,568
Trinity Industries Incorporated (Industrials, Machinery)		14,000		506,800
UMB Financial Corporation (Financials, Commercial Banks)«		48,770		2,053,705
W.R. Berkley Corporation (Financials, Insurance)		46,400		1,513,104
Wendy’s Arby’s Group Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure)		142,129		685,062
Westar Energy Incorporated (Utilities, Electric Utilities)«		77,200		2,100,612
Wisconsin Energy Corporation (Utilities, Electric Utilities)		40,400		1,260,884
WMS Industries Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure)«†		20,200		662,560
Wolseley plc (Industrials, Trading Companies & Distributors)		75,111		2,720,008
Zimmer Holdings Incorporated (Health Care, Health Care Equipment & Supplies)†		24,800		1,618,200

				130,956,574


Total Common Stocks (Cost $289,162,579)				391,075,539


54		Wells Fargo Advantage International Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

GLOBAL OPPORTUNITIES FUND


Security Name	Yield			Shares		Value


Short-Term Investments: 14.55%

Investment Companies: 14.55%
Wells Fargo Advantage Cash Investment Money Market Fund (l)(u)		0.09	%		16,020,017	$	16,020,017
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(v)		0.20			43,644,285		43,644,285


Total Short-Term Investments (Cost $59,664,302)							59,664,302


Total Investments in Securities
(Cost $348,826,881)*	109.94	%		450,739,841
Other Assets and Liabilities, Net	(9.94	)		(40,765,472	)

Total Net Assets	100.00	%	$	409,974,369

«	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.

(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 $350,643,052 and net unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	104,899,174
Gross unrealized depreciation		(4,802,385	)

Net unrealized appreciation	$	100,096,789

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


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage International Stock Funds			55

INTERNATIONAL EQUITY FUND


Security Name	Shares		Value


Common Stocks: 96.63%

Argentina: 0.51%
Irsa Inversiones y Representaciones SA ADR (Financials, Real Estate Management & Development)		252,259	$	3,196,122


Australia: 3.07%
AMP Limited (Financials, Insurance)		392,082		2,355,089
Commonwealth Bank of Australia (Financials, Commercial Banks)		78,872		4,643,313
Macquarie Group Limited (Financials, Capital Markets)		71,768		2,765,857
Newcrest Mining Limited (Materials, Metals & Mining)		113,015		5,134,647
Westpac Banking Corporation (Financials, Commercial Banks)		154,271		4,200,353

				19,099,259


Belgium: 0.67%
Anheuser-Busch InBev NV (Consumer Staples, Beverages)«		65,643		4,185,628


Brazil: 0.43%
Banco Bradesco SA ADR (Financials, Commercial Banks)«		133,370		2,698,075


Canada: 4.93%
Brookfield Asset Management Incorporated (Financials, Real Estate Management & Development)«		221,332		7,441,182
Canadian Natural Resources Limited (Energy, Oil, Gas & Consumable Fuels)		154,367		7,261,930
EnCana Corporation (Energy, Oil, Gas & Consumable Fuels)		58,396		1,962,066
Goldcorp Incorporated (Materials, Metals & Mining)		63,844		3,568,894
Suncor Energy Incorporated (Energy, Oil, Gas & Consumable Fuels)		105,788		4,875,987
Teck Cominco Incorporated Limited (Materials, Metals & Mining)		101,308		5,506,812

				30,616,871


Cayman Islands: 2.30%
Netease.com Incorporated ADR (Information Technology, Internet Software & Services)«†		59,152		2,915,011
SINA Corporation (Information Technology, Internet Software & Services)«†		84,537		11,391,361

				14,306,372


China: 3.07%
Baidu.com Incorporated ADR (Information Technology, Internet Software & Services)†		21,526		3,197,042
China Infrastructure Machinery Holdings Limited (Industrials, Machinery)		3,664,000		2,720,997
China Mobile Limited ADR (Telecommunication Services, Wireless Telecommunication Services)«		45,406		2,092,763
Ctrip.com International Limited ADR (Consumer Discretionary, Specialty Retail)«†		43,988		2,143,095
Shanghai Electric Group company Limited (Industrials, Electrical Equipment)		6,960,000		3,470,418
Tencent Holdings Limited (Information Technology, Internet Software & Services)		104,500		2,986,005
ZTE Corporation (Telecommunication Services, Wireless Telecommunication Services)		682,080		2,459,999

				19,070,319


Denmark: 0.72%
Carlsberg A/S (Consumer Staples, Beverages)		37,468		4,449,934


France: 11.05%
Alstom RGPT (Industrials, Machinery)		65,689		4,368,071
BNP Paribas SA (Financials, Commercial Banks)		86,388		6,836,561
Carrefour SA (Consumer Staples, Food & Staples Retailing)		68,827		3,263,199
Compagnie de Saint-Gobain (Industrials, Building Products)		90,117		6,224,691
France Telecom SA (Telecommunication Services, Diversified Telecommunication Services)		225,977		5,300,067
Groupe Danone (Consumer Staples, Food Products)«		53,666		3,931,050


56		Wells Fargo Advantage International Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

INTERNATIONAL EQUITY FUND


Security Name	Shares		Value


France (continued)
LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		36,147	$	6,491,620
Pernod-Ricard (Consumer Staples, Beverages)		58,951		5,925,215
Peugeot SA (Consumer Discretionary, Automobiles)		67,555		3,067,812
Pinault-Printempts-Redoute SA (Consumer Discretionary, Multiline Retail)		32,280		5,773,242
Publicis Groupe (Consumer Discretionary, Media)		55,344		3,136,278
Sanofi-Aventis SA (Health Care, Pharmaceuticals)«		51,236		4,052,430
Technip SA (Energy, Energy Equipment & Services)		56,854		6,413,381
Total SA (Energy, Oil, Gas & Consumable Fuels)		60,798		3,892,003

				68,675,620


Germany: 10.20%
Allianz AG (Financials, Insurance)«		47,069		7,410,838
BASF SE (Materials, Chemicals)		56,539		5,811,747
Bayer AG (Health Care, Pharmaceuticals)«		87,853		7,722,829
Daimler AG (Consumer Discretionary, Automobiles)		88,582		6,847,497
Deutsche Boerse AG (Financials, Diversified Financial Services)		34,639		2,878,242
Fresenius SE & Company KGa (Health Care, Health Care Equipment & Supplies)		81,078		8,509,485
Hochtief AG (Industrials, Construction & Engineering)		36,287		3,436,013
Metro AG (Consumer Staples, Food & Staples Retailing)		64,632		4,743,885
Muenchener Rueckversicherungs-Gesellschaft AG (Financials, Insurance)		25,554		4,218,306
SAP AG (Information Technology, Software)		75,753		4,880,768
Siemens AG (Industrials, Industrial Conglomerates)		47,616		6,927,107

				63,386,717


Israel: 0.54%
Teva Pharmaceutical Industries Limited ADR (Health Care, Pharmaceuticals)		73,022		3,339,296


Italy: 0.65%
Intesa Sanpaolo (Financials, Commercial Banks)		1,208,590		4,013,411


Japan: 11.69%
Canon Incorporated (Information Technology, Office Electronics)		88,900		4,164,704
Isuzu Motors Limited (Consumer Discretionary, Automobiles)		1,864,000		7,950,983
JFE Holdings Incorporated (Materials, Metals & Mining)		83,400		2,268,143
Komatsu Limited (Industrials, Machinery)		256,200		8,970,080
Makita Corporation (Industrials, Machinery)		127,900		5,841,947
Mitsubishi UFJ Financial Group Incorporated (Financials, Commercial Banks)		865,000		4,126,919
Nintendo Company Limited (Information Technology, Software)		14,900		3,521,334
NKSJ Holdings Incorporated (Financials, Insurance)		350,000		2,235,098
Nomura Holdings Incorporated (Financials, Capital Markets)		581,700		2,954,576
Sumitomo Heavy Industries Limited (Industrials, Machinery)		1,396,000		9,086,951
Sumitomo Mitsui Financial Group Incorporated (Financials, Commercial Banks)		49,400		1,519,485
Tokyo Electron Limited (Information Technology, Semiconductors & Semiconductor Equipment)		41,700		2,398,206
Toshiba Corporation (Information Technology, Computers & Peripherals)		340,000		1,789,805
Toyota Motor Corporation (Consumer Discretionary, Automobiles)		284,700		11,336,756
Yahoo! Japan Corporation (Information Technology, Internet Software & Services)		12,288		4,482,548

				72,647,535


Luxembourg: 0.23%
ArcelorMittal (Materials, Metals & Mining)		38,696		1,423,694


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage International Stock Funds			57

INTERNATIONAL EQUITY FUND


Security Name	Shares		Value


Netherlands: 5.46%
ASML Holding NV (Information Technology, Semiconductors & Semiconductor Equipment)«		82,311	$	3,408,132
ING Groep NV (Financials, Diversified Financial Services)		369,605		4,872,220
New World Resources NV (Materials, Metals & Mining)		228,223		3,873,116
Nielsen Holdings NV (Industrials, Professional Services)«†		31,700		947,513
Randstad Holdings NV (Industrials, Commercial Services & Supplies)		175,628		9,879,792
Unilever NV (Consumer Staples, Food Products)		87,508		2,879,989
USG People NV (Industrials, Commercial Services & Supplies)		406,436		8,045,633

				33,906,395


Norway: 0.53%
Telenor ASA (Telecommunication Services, Diversified Telecommunication Services)		190,343		3,288,719


Singapore: 0.45%
DBS Group Holdings Limited (Financials, Commercial Banks)		227,000		2,782,660


South Korea: 1.60%
Hyundai Motor Company Limited (Consumer Discretionary, Automobiles)		24,625		5,664,221
Samsung Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		5,171		4,308,966

				9,973,187


Spain: 4.31%
Banco Bilbao Vizcaya Argentaria SA (Financials, Commercial Banks)		197,253		2,530,117
Banco Santander Central Hispano SA (Financials, Commercial Banks)«		299,991		3,831,028
Industria de Diseno Textil SA (Consumer Discretionary, Specialty Retail)		37,539		3,366,078
International Consolidated Airlines Group SA (Industrials, Airlines)†		660,703		2,628,787
Repsol YPF SA (Energy, Oil, Gas & Consumable Fuels)		262,461		9,372,621
Telefonica SA (Telecommunication Services, Diversified Telecommunication Services)		188,144		5,057,852

				26,786,483


Switzerland: 9.42%
ABB Limited (Industrials, Electrical Equipment)		121,677		3,359,129
Compagnie Financiere Richemont SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		102,295		6,610,740
Credit Suisse Group (Financials, Capital Markets)		142,728		6,486,286
Nestle SA (Consumer Staples, Food Products)		177,036		10,990,559
Novartis AG (Health Care, Pharmaceuticals)		150,004		8,904,862
Roche Holdings AG (Health Care, Pharmaceuticals)		24,309		3,942,835
Swatch Group AG Class B (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		12,795		6,293,957
UBS AG (Financials, Capital Markets)		265,623		5,309,389
Zurich Financial Services AG (Financials, Insurance)		23,530		6,610,162

				58,507,919


United Kingdom: 24.80%
Anglo American plc (Materials, Metals & Mining)		84,545		4,406,761
Antofagasta plc (Materials, Metals & Mining)		309,548		7,068,120
Ashtead Group plc (Industrials, Trading Companies & Distributors)		1,659,066		5,603,408
Barclays plc (Financials, Commercial Banks)		1,546,768		7,293,626
BG Group plc (Health Care, Health Care Providers & Services)		231,122		5,920,147
BHP Billiton plc (Materials, Metals & Mining)		246,487		10,393,859


58		Wells Fargo Advantage International Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

INTERNATIONAL EQUITY FUND


Security Name						Shares		Value


United Kingdom (continued)
BP plc (Energy, Oil, Gas & Consumable Fuels)							470,868	$	3,638,022
Burberry Group plc (Consumer Discretionary, Textiles, Apparel & Luxury Goods)							247,980		5,364,063
Cookson Group plc (Utilities, Multi-Utilities)							254,736		3,044,440
Diageo plc (Consumer Staples, Beverages)							266,303		5,417,897
Experian Group Limited (Financials, Diversified Financial Services)							217,780		2,933,795
Game Group plc (Consumer Discretionary, Specialty Retail)							2,885,289		2,542,256
GlaxoSmithKline plc (Health Care, Pharmaceuticals)							274,746		5,991,226
Hays plc (Industrials, Commercial Services & Supplies)							1,392,610		2,761,135
HSBC Holdings plc (Financials, Commercial Banks)							1,005,181		11,004,191
Intercontinental Hotels Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)							156,572		3,428,658
Intertek Group plc (Industrials, Commercial Services & Supplies)							83,996		2,981,432
Kingfisher plc (Consumer Discretionary, Specialty Retail)							506,913		2,324,252
Lloyds TSB Group plc (Financials, Commercial Banks)†							4,816,727		4,767,029
Persimmon plc (Consumer Discretionary, Household Durables)							495,866		4,001,371
Rio Tinto plc (Materials, Metals & Mining)							133,797		9,744,068
Royal Dutch Shell plc Class A (Energy, Oil, Gas & Consumable Fuels)							251,633		9,761,819
SABMiller plc (Consumer Staples, Beverages)							82,875		3,093,224
Standard Chartered plc (Financials, Commercial Banks)							144,046		3,991,674
Travis Perkins plc (Industrials, Trading Companies & Distributors)							242,942		4,362,330
Vodafone Group plc (Telecommunication Services, Wireless Telecommunication Services)							3,780,961		10,837,445
WPP plc (Consumer Discretionary, Media)							263,010		3,433,276
Xstrata plc (Materials, Metals & Mining)							313,083		7,956,809

									154,066,333


Total Common Stocks (Cost $413,273,126)									600,420,549


Short-Term Investments: 13.12%

	Yield					Shares

Investment Companies: 12.91%
Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)		0.09	%				21,159,393		21,159,393
Wells Fargo Securities Lending Cash Investments, LLC(l)(u)(v)		0.20					59,043,076		59,043,076

									80,202,469


				Maturity Date		Principal

US Treasury Bills: 0.21%
US Treasury Bill^#		0.02	%		05/26/2011		$ 1,285,000		1,284,983


Total Short-Term Investments (Cost $81,487,370)									81,487,452


Total Investments in Securities
(Cost $494,760,496)*	109.75	%		681,908,001
Other Assets and Liabilities, Net	(9.75	)		(60,577,193	)

Total Net Assets	100.00	%	$	621,330,808


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage International Stock Funds			59

INTERNATIONAL EQUITY FUND

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

†	Non-income earning securities.

^	Zero coupon security. Rate represents yield to maturity.

#	All or a portion of this security is segregated as collateral for futures transactions.

(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 $508,797,658 and net unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	177,928,197
Gross unrealized depreciation		(4,817,854	)

Net unrealized appreciation	$	173,110,343

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


60		Wells Fargo Advantage International Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

INTRINSIC WORLD EQUITY FUND


Security Name	Shares		Value


Common Stocks: 98.25%

Bermuda: 2.16%
Bunge Limited (Consumer Staples, Food Products)«		30,500	$	2,300,920


France: 5.51%
Carrefour SA (Consumer Staples, Food & Staples Retailing)		31,000		1,469,760
Total SA (Energy, Oil, Gas & Consumable Fuels)		30,000		1,920,459
Total SA ADR (Energy, Oil, Gas & Consumable Fuels)		7,000		449,610
Vivendi SA (Consumer Discretionary, Media)«		65,000		2,039,581

				5,879,410


Germany: 1.40%
Adidas-Salomon AG (Consumer Discretionary, Textiles, Apparel & Luxury Goods)«		20,000		1,488,852


Israel: 1.61%
Teva Pharmaceutical Industries Limited ADR (Health Care, Pharmaceuticals)		37,500		1,714,875


Italy: 1.14%
UniCredito Italiano SpA (Financials, Commercial Banks)		470,000		1,209,892


Japan: 14.06%
77 Bank Limited (Financials, Commercial Banks)		310,000		1,425,507
Aeon Company Limited (Consumer Staples, Food & Staples Retailing)		90,000		1,080,688
Kao Corporation (Consumer Staples, Personal Products)		70,000		1,746,656
Komatsu Limited (Industrials, Machinery)		62,000		2,170,745
ORIX Corporation (Financials, Consumer Finance)«		13,000		1,267,706
ORIX Corporation ADR (Financials, Consumer Finance)		10,000		491,700
Shionogi & Company Limited (Health Care, Pharmaceuticals)		57,000		921,950
Toray Industries Incorporated (Materials, Chemicals)		300,000		2,200,579
Toshiba Corporation (Information Technology, Computers & Peripherals)		330,000		1,737,163
TOTO Limited (Industrials, Building Products)		250,000		1,944,770

				14,987,464


Netherlands: 4.90%
European Aeronautic Defence & Space Company (Industrials, Aerospace & Defense)		76,000		2,351,533
Unilever NV (Consumer Staples, Food Products)«		87,000		2,871,000

				5,222,533


Netherlands Antilles: 1.81%
Schlumberger Limited (Energy, Energy Equipment & Services)		21,500		1,929,625


Singapore: 2.30%
DBS Group Holdings Limited (Financials, Commercial Banks)		199,911		2,450,592


South Korea: 2.66%
Samsung Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		3,400		2,833,201


Spain: 2.03%
Banco Santander Central Hispano SA ADR (Financials, Commercial Banks)«		174,828		2,167,867


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage International Stock Funds			61

INTRINSIC WORLD EQUITY FUND


Security Name	Shares		Value


Switzerland: 2.29%
Transocean Limited (Energy, Energy Equipment & Services)«†		11,000	$	800,250
Weatherford International Limited (Energy, Energy Equipment & Services)«†		76,000		1,640,080

				2,440,330


Taiwan: 3.18%
Cathay Financial Holding Company Limited (Financials, Insurance)		850,000		1,421,899
China Trust Financial Holding Company Limited (Financials, Commercial Banks)†		2,144,845		1,970,725

				3,392,624


United Kingdom: 9.03%
Diageo plc (Consumer Staples, Beverages)		115,364		2,347,064
Royal Dutch Shell plc Class A (Energy, Oil, Gas & Consumable Fuels)		63,546		2,454,680
Standard Chartered plc (Financials, Commercial Banks)		80,772		2,238,281
Vodafone Group plc (Telecommunication Services, Wireless Telecommunication Services)		904,000		2,591,153

				9,631,178


United States: 44.17%
Abbott Laboratories (Health Care, Pharmaceuticals)		41,000		2,133,640
AMR Corporation (Industrials, Airlines)«†		111,000		651,570
Apple Incorporated (Information Technology, Computers & Peripherals)«†		10,500		3,656,415
Baxter International Incorporated (Health Care, Health Care Equipment & Supplies)		44,000		2,503,600
Boeing Company (Industrials, Aerospace & Defense)		22,000		1,755,160
Dow Chemical Company (Materials, Chemicals)«		57,000		2,336,430
Ebay Incorporated (Information Technology, Internet Software & Services)†		65,500		2,253,200
Eli Lilly & Company (Health Care, Pharmaceuticals)		40,000		1,480,400
EMC Corporation (Information Technology, Computers & Peripherals)†		97,000		2,748,980
Enersis SA ADR (Utilities, Electric Utilities)		140,000		2,990,400
Home Depot Incorporated (Consumer Discretionary, Specialty Retail)		62,000		2,302,680
Huntington Bancshares Incorporated (Industrials, Aerospace & Defense)†		3,500		140,000
JPMorgan Chase & Company (Financials, Diversified Financial Services)		56,000		2,555,280
Northrop Grumman Corporation (Industrials, Aerospace & Defense)		33,000		2,099,130
NVR Incorporated (Consumer Discretionary, Household Durables)«†		1,800		1,330,795
Oracle Corporation (Information Technology, Software)		96,500		3,478,827
Polo Ralph Lauren Corporation (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		12,500		1,634,625
QUALCOMM Incorporated (Information Technology, Communications Equipment)		33,000		1,875,720
SPX Corporation (Industrials, Machinery)		27,000		2,334,150
Texas Instruments Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		63,000		2,238,390
UDR Incorporated (Financials, Real Estate Investment Trusts (REITs))		100,000		2,589,000
Visa Incorporated Class A (Information Technology, IT Services)		19,000		1,484,280
Warner Music Group Corporation (Consumer Discretionary, Media)«†		70,000		522,900

				47,095,572


Total Common Stocks (Cost $92,577,580)				104,744,935


62		Wells Fargo Advantage International Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

INTRINSIC WORLD EQUITY FUND


Security Name	Yield			Shares		Value


Short-Term Investments: 16.49%

Investment Companies: 16.49%
Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)		0.09	%		1,809,772	$	1,809,772
Wells Fargo Securities Lending Cash Investments, LLC(l)(u)(v)		0.20			15,769,491		15,769,491


Total Short-Term Investments (Cost $17,579,263)							17,579,263


Total Investments in Securities
(Cost $110,156,843)*	114.73	%		122,324,198
Other Assets and Liabilities, Net	(14.73	)		(15,708,730	)

Total Net Assets	100.00	%	$	106,615,468

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

(l)	Investment in an affiliate.

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

†	Non-income earning securities.

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

*	Cost for federal income tax purposes is $110,299,077 and net unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	24,557,655
Gross unrealized depreciation		(12,532,534	)

Net unrealized appreciation	$	12,025,121

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

This page is intentionally left blank.


64		Wells Fargo Advantage International Stock Funds		Statements of Assets and Liabilities—April 30, 2011 (Unaudited)


	Asia Pacific Fund			Disciplined Global Equity Fund

Assets
Investments
In unaffiliated securities (including securities on loan), at value	$	285,706,458		$	71,242,345
In affiliated securities, at value		10,214,032			9,249,714

Total investments, at value (see cost below)		295,920,490			80,492,059
Foreign currency, at value (see cost below)		1,748,285			7,756
Receivable for investments sold		5,824,014			3,609,941
Receivable for Fund shares sold		210,731			0
Receivable for dividends		1,174,472			203,577
Receivable for daily variation margin on open futures contracts		0			739
Receivable for securities lending income		9,255			6,862
Unrealized gains on forward foreign currency exchange contracts		0			0
Prepaid expenses and other assets		60,583			35,702

Total assets		304,947,830			84,356,636


Liabilities
Payable for investments purchased		10,019,724			3,362,633
Payable for Fund shares redeemed		411,644			110,441
Unrealized losses on forward foreign currency exchange contracts		0			0
Payable upon receipt of securities loaned		4,571,856			8,836,096
Advisory fee payable		250,515			37,467
Distribution fees payable		895			5,271
Due to other related parties		86,393			18,590
Accrued expenses and other liabilities		400,331			83,895

Total liabilities		15,741,358			12,454,393

Total net assets	$	289,206,472		$	71,902,243


NET ASSETS CONSIST OF
Paid-in capital	$	403,780,857		$	65,458,085
Undistributed (overdistributed) net investment income (loss)		(1,227,109	)		288,634
Accumulated net realized losses on investments		(133,954,956	)		(7,727,272	)
Net unrealized gains on investments		20,607,680			13,882,796

Total net assets	$	289,206,472		$	71,902,243


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE¹
Net assets – Class A	$	37,790,599		$	60,828,380
Shares outstanding – Class A		3,540,024			4,094,001
Net asset value per share – Class A	$	10.68		$	14.86
Maximum offering price per share – Class A²	$	11.33		$	15.77
Net assets – Class B		NA			NA
Shares outstanding – Class B		NA			NA
Net asset value per share – Class B		NA			NA
Net assets – Class C	$	1,383,167		$	8,269,795
Shares outstanding – Class C		133,654			605,253
Net asset value per share – Class C	$	10.35		$	13.66
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	$	21,532,379		$	2,086,823
Shares outstanding – Administrator Class		2,022,814			136,113
Net asset value per share – Administrator Class	$	10.64		$	15.33
Net assets – Institutional Class	$	12,157		$	717,245
Shares outstanding – Institutional Class		1,141			46,729
Net asset value per share – Institutional Class	$	10.65		$	15.35
Net assets – Investor Class	$	228,488,170			NA
Shares outstanding – Investor Class		21,440,126			NA
Net asset value per share – Investor Class	$	10.66			NA

Total investments, at cost	$	275,314,801		$	66,635,799

Securities on loan, at value	$	4,346,393		$	8,496,356

Foreign currency, at cost	$	1,746,504		$	7,718

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—April 30, 2011 (Unaudited)		Wells Fargo Advantage International Stock Funds			65


Diversified International Fund			Emerging Markets Equity Fund			Global Opportunities Fund			International Equity Fund			Intrinsic World Equity Fund



$	535,005,148		$	1,820,077,880		$	391,075,539		$	601,705,532		$	104,744,935
	86,490,415			550,042,699			59,664,302			80,202,469			17,579,263

	621,495,563			2,370,120,579			450,739,841			681,908,001			122,324,198
	6,878,823			15,845,409			61,565			447,594			21,717
	1,262,174			0			3,328,553			0			0
	376,547			31,577,191			1,183,944			435,055			44,406
	2,281,491			4,817,850			539,157			2,283,284			363,249
	0			0			0			26,640			0
	106,650			45,661			5,363			80,335			2,267
	454,307			0			643,525			1,567,799			0
	74,002			116,248			40,358			42,806			40,578

	632,929,557			2,422,522,938			456,542,306			686,791,514			122,796,415



	2,278,318			1,399,186			1,296,178			1,221,631			304
	228,639			6,487,776			276,136			2,147,706			212,156
	658,179			0			542,220			2,272,743			0
	67,556,672			349,220,149			43,644,285			59,043,076			15,769,491
	450,638			1,724,465			314,864			309,487			64,963
	1,030			171,195			63,433			31,678			399
	57,371			426,469			98,851			107,958			28,335
	279,026			1,533,105			331,970			326,427			105,299

	71,509,873			360,962,345			46,567,937			65,460,706			16,180,947

$	561,419,684		$	2,061,560,593		$	409,974,369		$	621,330,808		$	106,615,468



$	574,760,833		$	1,603,174,652		$	360,430,832		$	560,512,375		$	108,993,882
	3,209,084			(1,451,001	)		(714,073	)		2,988,341			125,102
	(101,715,010	)		(11,455,896	)		(51,771,194	)		(130,221,987	)		(14,698,981	)
	85,164,777			471,292,838			102,028,804			188,052,079			12,195,465

$	561,419,684		$	2,061,560,593		$	409,974,369		$	621,330,808		$	106,615,468



$	31,050,133		$	1,033,103,110		$	241,526,328		$	221,957,606		$	105,667,543
	2,694,799			43,376,898			6,369,677			18,617,568			6,177,230
$	11.52		$	23.82		$	37.92		$	11.92		$	17.11
$	12.22		$	25.27		$	40.23		$	12.65		$	18.15
$	830,130		$	29,367,714		$	39,021,878		$	18,901,972			NA
	75,635			1,423,416			1,271,617			1,637,068			NA
$	10.98		$	20.63		$	30.69		$	11.55			NA
$	820,976		$	238,220,733		$	60,012,249		$	30,888,721		$	602,423
	76,302			11,633,199			1,945,270			2,642,875			36,015
$	10.76		$	20.48		$	30.85		$	11.69		$	16.73
	NA			NA			NA		$	3,898,650			NA
	NA			NA			NA			327,646			NA
	NA			NA			NA		$	11.90			NA
$	6,302,813		$	408,680,293		$	68,079,848		$	4,488,733		$	327,510
	548,011			16,414,801			1,741,134			382,216			19,212
$	11.50		$	24.90		$	39.10		$	11.74		$	17.05
$	470,188,175		$	352,188,743		$	1,334,066		$	341,195,126		$	17,992
	40,874,549			14,120,985			34,082			28,634,712			1,055
$	11.50		$	24.94		$	39.14		$	11.92		$	17.05
$	52,227,457			NA			NA			NA			NA
	4,548,454			NA			NA			NA			NA
$	11.48			NA			NA			NA			NA

$	536,539,269		$	1,899,030,911		$	348,826,881		$	494,760,496		$	110,156,843

$	64,724,867		$	340,812,592		$	42,540,956		$	56,864,416		$	15,316,763

$	6,561,915		$	15,678,661		$	61,216		$	443,849		$	21,602


66		Wells Fargo Advantage International Stock Funds		Statements of Operations—Six Months Ended April 30, 2011 (Unaudited)


		Asia Pacific Fund			Disciplined Global Equity Fund

Investment income
Dividends*		$	2,608,069		$	810,334
Income from affiliated securities	��		6,655			457
Securities lending income, net			38,570			13,629

Total investment income			2,653,294			824,420


Expenses
Advisory fee			1,651,931			237,493
Administration fees
Fund level			75,088			16,964
Class A			54,667			75,472
Class B			NA			NA
Class C			1,871			10,261
Class R			NA			NA
Administrator Class			9,909			848
Institutional Class			5			84
Investor Class			391,101			NA
Shareholder servicing fees
Class A			52,564			71,698
Class B			NA			NA
Class C			1,800			9,866
Class R			NA			NA
Administrator Class			22,062			2,120
Investor Class			295,623			NA
Distribution fees
Class B			NA			NA
Class C			5,398			29,598
Class R			NA			NA
Custody and accounting fees			92,398			16,249
Professional fees			17,976			19,483
Registration fees			9,074			24,926
Shareholder report expenses			22,229			17,117
Trustees’ fees and expenses			5,274			5,811
Other fees and expenses			11,790			17,781

Total expenses			2,720,760			555,771
Less: Fee waivers and/or expense reimbursements			(272,419	)		(53,781	)

Net expenses			2,448,341			501,990

Net investment income (loss)			204,953			322,430


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains (losses) on:
Unaffiliated securities			37,308,985			1,612,063
Futures transactions			0			55,829
Forward foreign currency contract transactions			0			0

Net realized gains (losses) on investments			37,308,985			1,667,892


Net change in unrealized gains (losses) on:
Unaffiliated securities			(21,222,673	)		7,743,939
Futures transactions			0			19,602
Forward foreign currency contract transactions			0			0

Net change in unrealized gains (losses) on investments			(21,222,673	)		7,763,541

Net realized and unrealized gains (losses) on investments			16,086,312			9,431,433

Net increase in net assets resulting from operations		$	16,291,265		$	9,753,863


* Net of foreign withholding taxes of			$241,857			$40,018

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


Statements of Operations—Six Months Ended April 30, 2011 (Unaudited)		Wells Fargo Advantage International Stock Funds			67


Diversified International Fund			Emerging Markets Equity Fund			Global Opportunities Fund			International Equity Fund			Intrinsic World Equity Fund


$	5,999,251		$	14,134,536		$	2,508,773		$	6,014,109		$	832,076
	11,924			142,401			10,852			11,277			1,161
	190,540			237,562			73,340			184,850			18,831

	6,201,715			14,514,499			2,592,965			6,210,236			852,068



	2,168,340			9,010,896			1,714,082			2,601,000			414,225

	127,781			431,855			95,227			154,771			25,889
	38,677			1,171,700			292,843			280,138			133,429
	1,243			39,151			50,121			25,153			NA
	1,011			279,424			73,350			39,231			793
	NA			NA			NA			4,809			NA
	73,115			154,976			30,218			1,755			147
	113,714			108,440			92			138,744			6
	81,058			NA			NA			NA			NA

	37,189			1,122,553			279,392			265,688			128,297
	1,195			37,645			48,194			24,186			NA
	972			268,677			70,529			37,723			762
	NA			NA			NA			4,624			NA
	182,786			347,587			71,206			3,325			369
	61,170			NA			NA			NA			NA

	3,584			112,934			144,581			72,557			NA
	2,917			806,031			211,586			113,168			2,287
	NA			NA			NA			4,624			NA
	121,268			579,926			55,285			110,565			16,870
	34,084			16,287			26,933			8,498			23,319
	23,935			53,736			27,356			28,814			26,313
	45,507			54,988			36,574			15,828			7,736
	5,274			17,869			8,661			6,674			6,565
	31,509			345,617			110,433			61,718			33,290

	3,156,329			14,960,292			3,346,663			4,003,593			820,297
	(248,089	)		(57,223	)		(56,968	)		(869,382	)		(93,516	)

	2,908,240			14,903,069			3,289,695			3,134,211			726,781

	3,293,475			(388,570	)		(696,730	)		3,076,025			125,287





	23,066,841			40,297,864			34,074,557			56,692,793			(54,978	)
	0			0			0			33,262			0
	305,218			0			(90,618	)		330			0

	23,372,059			40,297,864			33,983,939			56,726,385			(54,978	)



	39,149,955			130,341,708			31,521,729			24,409,442			13,896,317
	0			0			0			1,437,466			0
	(203,872	)		0			101,305			(758,107	)		0

	38,946,083			130,341,708			31,623,034			25,088,801			13,896,317

	62,318,142			170,639,572			65,606,973			81,815,186			13,841,339

$	65,611,617		$	170,251,002		$	64,910,243		$	84,891,211		$	13,966,626


	$508,975			$1,491,380			$72,213			$106,196			$42,382


68		Wells Fargo Advantage International Stock Funds		Statements of Changes in Net Assets


	Asia Pacific Fund
	Six Months Ended April 30, 2011 (Unaudited)						Period Ended October 31, 2010¹						Year Ended September 30, 2010

Operations
Net investment income (loss)				$	204,953					$	(255,354	)				$	1,405,890
Net realized gains on investments					37,308,985						9,269,508						14,751,069
Net change in unrealized gains (losses) on investments					(21,222,673	)					2,942,160						19,892,099

Net increase in net assets resulting from operations					16,291,265						11,956,314						36,049,058


Distributions to shareholders from
Net investment income
Class A					(179,515	)					0						(1,321,981	)
Class C					(18,810	)					0						(14,818	)
Administrator Class					(201,125	)					0						0	²
Institutional Class					(103	)					0						0	²
Investor Class					(1,337,248	)					0						(4,242,210	)

Total distributions to shareholders					(1,736,801	)					0						(5,579,009	)


	Shares						Shares						Shares

Capital share transactions
Proceeds from shares sold
Class A		123,460			1,278,648			143,231			1,427,513			908,879			8,111,351
Class C		19,374			196,006			2,597			25,977			72,216			646,503
Administrator Class		2,659,882			27,179,113			0			0			1,131	²		10,000	²
Institutional Class		0			0			0			0			1,131	²		10,000	²
Investor Class		1,482,053			15,348,767			813,261			8,194,118			4,778,485			42,903,086

					44,002,534						9,647,608						51,680,940

Reinvestment of distributions
Class A		17,467			177,817			0			0			147,698			1,308,607
Class C		1,414			14,002			0			0			1,306			11,415
Administrator Class		18,442			187,182			0			0			0	²		0	²
Institutional Class		10			103			0			0			0	²		0	²
Investor Class		113,111			1,151,343			0			0			426,220			3,776,305

					1,530,447						0						5,096,327

Payment for shares redeemed
Class A		(2,881,767	)		(29,567,963	)		(282,241	)		(2,843,005	)		(4,294,688	)		(38,401,391	)
Class C		(38,493	)		(389,650	)		(2,418	)		(23,855	)		(50,562	)		(440,343	)
Administrator Class		(656,641	)		(6,743,433	)		0			0			0	²		0	²
Investor Class		(5,016,650	)		(51,664,967	)		(726,137	)		(7,316,131	)		(12,062,399	)		(107,350,261	)

					(88,366,013	)					(10,182,991	)					(146,191,995	)

Net decrease in net assets resulting from capital share transactions					(42,833,032	)					(535,383	)					(89,414,728	)

Total increase (decrease) in net assets					(28,278,568	)					11,420,931						(58,944,679	)


Net assets
Beginning of period					317,485,040						306,064,109						365,008,788

End of period				$	289,206,472					$	317,485,040					$	306,064,109

Undistributed (overdistributed) net investment income (loss)				$	(1,227,109	)				$	304,739					$	627,857

1.	For the one month ended October 31, 2010. The Fund changed its fiscal year end from September 30 to October 31, effective October 31, 2010.

2.	Class commenced operations on July 30, 2010.

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


Statements of Changes in Net Assets		Wells Fargo Advantage International Stock Funds			69


	Disciplined Global Equity Fund
	Six Months Ended April 30, 2011 (Unaudited)						Year Ended October 31, 2010¹

Operations
Net investment income				$	322,430					$	628,174
Net realized gains (losses) on investments					1,667,892						(2,869,342	)
Net change in unrealized gains (losses) on investments					7,763,541						8,803,578

Net increase in net assets resulting from operations					9,753,863						6,562,410


Distributions to shareholders from
Net investment income
Class A					(630,407	)					(857,264	)
Class B					NA						(13,484	)²
Class C					(25,641	)					(69,020	)
Administrator Class					(22,418	)					(19,813	)⁴
Institutional Class					(157	)					0	³

Total distributions to shareholders					(678,623	)					(959,581	)


	Shares						Shares

Capital share transactions
Proceeds from shares sold
Class A		20,716			290,386			212,265			2,469,706
Class B		NA			NA			3,281			37,047	²
Class C		4,195			53,446			27,160			294,391
Administrator Class		61,398			859,180			6,714	⁴		83,738	⁴
Institutional Class		46,509			678,053			812	³		10,000	³

					1,881,065						2,894,882

Reinvestment of distributions
Class A		44,636			592,323			68,661			814,325
Class B		NA			NA			1,060	²		11,748	²
Class C		1,879			23,005			5,708			62,384
Administrator Class		1,275			17,446			1,198	⁴		14,641	⁴
Institutional Class		11			157			0	³		0

					632,931						903,098

Payment for shares redeemed
Class A		(341,526	)		(4,674,436	)		(644,734	)		(7,810,528	)
Class B		NA			NA			(217,379	)²		(2,345,033	)²
Class C		(52,358	)		(656,848	)		(148,263	)		(1,634,745	)
Administrator Class		(10,442	)		(148,012	)		(15,960	)⁴		(202,712	)⁴
Institutional Class		(603	)		(8,774	)		0	³		0	³

					(5,488,070	)					(11,993,018	)

Net decrease in net assets resulting from capital share transactions					(2,974,074	)					(8,195,038	)
Net increase from regulatory settlement (Note 9)					0						2,080,711

Total increase (decrease) in net assets					6,101,166						(511,498	)


Net assets
Beginning of period					65,801,077						66,312,575

End of period				$	71,902,243					$	65,801,077

Undistributed net investment income				$	288,634					$	644,827

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

2.	Class B shares of the predecessor fund became Class A shares on July 19, 2010.

3.	Class commenced operations on July 30, 2010.

4.	Class I shares of the predecessor fund became Administrator Class shares on July 19, 2010.

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


70		Wells Fargo Advantage International Stock Funds		Statements of Changes in Net Assets


	Diversified International Fund
	Six Months Ended April 30, 2011 (Unaudited)						Period Ended October 31, 2010¹						Year Ended September 30, 2010

Operations
Net investment income				$	3,293,475					$	331,866					$	5,599,571
Net realized gains on investments					23,372,059						3,096,137						8,190,264
Net change in unrealized gains (losses) on investments					38,946,083						17,829,465						5,936,058

Net increase in net assets resulting from operations					65,611,617						21,257,468						19,725,893


Distributions to shareholders from
Net investment income
Class A					(311,102	)					0						(405,812	)
Class B					0						0						(12,664	)
Class C					(3,178	)					0						(6,723	)
Administrator Class					(2,469,967	)					0						(3,609,906	)
Institutional Class					(3,000,704	)					0						(1,123,456	)
Investor Class					(499,616	)					0						(615,428	)

Total distributions to shareholders					(6,284,567	)					0						(5,773,989	)


	Shares						Shares						Shares

Capital share transactions
Proceeds from shares sold
Class A		38,016			408,976			2,039			20,635			115,441			1,017,274
Class B		0			0			495			4,758			3,133			28,444
Class C		6,814			68,090			36			340			14,472			129,501
Administrator Class		100,351			1,074,199			12,043			123,433			7,011,434			64,232,585
Institutional Class		22,702,754			246,899,756			211,610			2,168,301			13,163,872			117,799,331
Investor Class		288,208			3,066,596			19,428			199,095			356,882			3,427,956

					251,517,617						2,516,562						186,635,091

Reinvestment of distributions
Class A		28,499			295,248			0			0			41,062			388,860
Class B		0			0			0			0			1,302			11,744
Class C		277			2,687			0			0			622			5,521
Administrator Class		236,741			2,445,535			0			0			218,270			2,060,467
Institutional Class		124,751			1,287,429			0			0			118,932			1,121,530
Investor Class		47,692			492,178			0			0			64,136			605,441

					4,523,077						0						4,193,563

Payment for shares redeemed
Class A		(267,294	)		(2,843,988	)		(45,034	)		(460,915	)		(516,873	)		(4,856,745	)
Class B		(35,690	)		(363,987	)		(1,463	)		(13,980	)		(82,911	)		(732,976	)
Class C		(8,383	)		(84,894	)		(691	)		(6,680	)		(16,935	)		(148,253	)
Administrator Class		(19,461,490	)		(212,681,367	)		(35,918	)		(368,537	)		(142,736,780	)		(132,845,046	)
Institutional Class		(1,300,149	)		(13,961,622	)		(651,766	)		(6,625,683	)		(755,188	)		(7,174,823	)
Investor Class		(474,175	)		(5,042,056	)		(50,870	)		(517,180	)		(668,621	)		(6,244,180	)

					(234,977,914	)					(7,992,975	)					(152,002,023	)

Net increase (decrease) in net assets resulting from capital share transactions					21,062,780						(5,476,413	)					38,826,631

Total increase in net assets					80,389,830						15,781,055						52,778,535


Net assets
Beginning of period					481,029,854						465,248,799						412,470,264

End of period				$	561,419,684					$	481,029,854					$	465,248,799

Undistributed net investment income				$	3,209,084					$	6,200,176					$	5,856,470

1.	For the one month ended October 31, 2010. The Fund changed it fiscal year end from September 30 to October 31, effective October 31, 2010.

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


Statements of Changes in Net Assets		Wells Fargo Advantage International Stock Funds			71


	Emerging Markets Equity Fund
	Six Months Ended April 30, 2011 (Unaudited)						Year Ended October 31, 2010¹

Operations
Net investment income (loss)				$	(388,570	)				$	1,798,623
Net realized gains on investments					40,297,864						18,842,643
Net change in unrealized gains (losses) on investments					130,341,708						232,626,837

Net increase in net assets resulting from operations					170,251,002						253,268,103


Distributions to shareholders from
Net investment income
Class A					(69,199	)					(347,684	)
Administrator Class					(281,655	)					(563,672	)³
Institutional Class					(437,476	)					0	²

Total distributions to shareholders					(788,330	)					(911,356	)


	Shares						Shares

Capital share transactions
Proceeds from shares sold
Class A		12,572,152			284,214,288			18,870,247			360,329,766
Class B		50,848			991,993			114,030			1,897,374
Class C		2,490,206			48,343,170			3,998,877			66,192,554
Administrator Class		9,365,032			220,607,565			8,078,650	³		161,864,384	³
Institutional Class		6,387,271			151,511,412			8,793,612	²		196,182,260	²

					705,668,428						786,466,338

Reinvestment of distributions
Class A		2,877			63,964			16,438			305,753
Administrator Class		10,004			232,301			20,117	³		390,875	³
Institutional Class		8,289			192,648			0	²		0	²

					488,913						696,628

Payment for shares redeemed
Class A		(7,106,012	)		(159,278,879	)		(8,409,193	)		(158,156,799	)
Class B		(273,664	)		(5,384,795	)		(360,744	)		(5,963,771	)
Class C		(1,203,213	)		(23,346,522	)		(1,982,623	)		(32,087,876	)
Administrator Class		(3,941,366	)		(93,607,185	)		(8,149,164	)³		(173,496,329	)³
Institutional Class		(1,003,888	)		(23,763,194	)		(64,299	)²		(1,454,590	)²

					(305,380,575	)					(371,159,365	)

Net asset value of shares issued in acquisitions
Class A		0			0			6,401,149			117,055,258
Class B		0			0			178,594			2,845,791
Class C		0			0			120,371			1,903,695
Administrator Class		0			0			954,372	³		18,231,179	³

					0						140,035,923

Net increase in net assets resulting from capital share transactions					400,776,766						556,039,524

Total increase in net assets					570,239,438						808,396,271


Net assets
Beginning of period					1,491,321,155						682,924,884

End of period				$	2,061,560,593					$	1,491,321,155

Undistributed (accumulated) net investment income (loss)				$	(1,451,001	)				$	(274,101	)

After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Emerging Markets Growth Fund and Wells Fargo Advantage Emerging Markets Equity Fund. Evergreen Emerging Markets Growth Fund became the accounting and performance survivor in this transaction. The information for the period prior to July 19, 2010 is that of Evergreen Emerging Markets Growth Fund.

2.	Class commenced operations on July 30, 2010.

3.	Class I shares of the predecessor fund became Administrator Class shares on July 19, 2010.


72		Wells Fargo Advantage International Stock Funds		Statements of Changes in Net Assets


	Global Opportunities Fund
	Six Months Ended April 30, 2011 (Unaudited)						Year Ended October 31, 2010¹
Operations
Net investment income (loss)				$	(696,730	)				$	274,181
Net realized gains on investments					33,983,939						34,651,215
Net change in unrealized gains (losses) on investments					31,623,034						46,767,894

Net increase in net assets resulting from operations					64,910,243						81,693,290


Distributions to shareholders from
Net investment income
Class A					0						(889,047	)
Administrator Class					(68,006	)					(270,699	)³
Institutional Class					(26	)					0	²

Total distributions to shareholders					(68,032	)					(1,159,746	)


	Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		845,119			29,856,402			589,326			16,633,004
Class B		22,340			633,523			54,851			1,282,680
Class C		132,072			3,837,118			120,661			2,753,092
Administrator Class		642,813			22,824,554			356,487	³		10,390,858	³
Institutional Class		34,362			1,294,410			352	²		10,000	²

					58,446,007						31,069,634

Reinvestment of distributions
Class A		0			0			28,683			740,016
Administrator Class		1,774			62,456			10,170	³		269,912	³
Institutional Class		1			26			0	²		0	²

					62,482						1,009,928

Payment for shares redeemed
Class A		(1,142,495	)		(39,564,316	)		(1,873,988	)		(51,686,259	)
Class B		(207,397	)		(5,900,761	)		(316,554	)		(7,119,320	)
Class C		(216,319	)		(6,212,982	)		(547,857	)		(12,414,766	)
Administrator Class		(303,825	)		(11,138,048	)		(481,341	)³		(13,778,190	)³
Institutional Class		(633	)		(24,103	)		0	²		0	²

					(62,840,210	)					(84,998,535	)

Net decrease in net assets resulting from capital share transactions					(4,331,721	)					(52,918,973	)

Total increase in net assets					60,510,490						27,614,571

Net assets
Beginning of period					349,463,879						321,849,308

End of period				$	409,974,369					$	349,463,879

Accumulated (overdistributed) net investment income (loss)				$	(714,073	)				$	50,689

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

2.	Class commenced operations on July 30, 2010.

3.	Class I shares of the predecessor fund became Administrator Class shares on July 19, 2010.

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


Statements of Changes in Net Assets		Wells Fargo Advantage International Stock Funds			73


	International Equity Fund
	Six Months Ended April 30, 2011 (Unaudited)						Year Ended October 31, 2010¹

Operations
Net investment income				$	3,076,025						$	8,041,021
Net realized gains on investments					56,726,385							62,425,153
Net change in unrealized gains (losses) on investments					25,088,801							51,836,107

Net increase in net assets resulting from operations					84,891,211							122,302,281


Distributions to shareholders from
Net investment income
Class A					(107,553	)						(6,368,446	)
Class B					0							(252,686	)
Class C					0							(441,262	)
Class R					0							(96,363	)
Administrator Class					(11,170	)						0	²
Institutional Class					(1,065,381	)						(17,420,403	)³

Total distributions to shareholders					(1,184,104	)						(24,579,160	)


	Shares						Shares

Capital share transactions
Proceeds from shares sold
Class A		909,753			10,081,915			3,179,605				23,368,652
Class B		5,082			54,268			16,787				129,746
Class C		24,714			265,244			107,451				777,918
Class R		33,653			371,768			293,832				2,297,377
Administrator Class		434,228			4,586,943			1,142	²			11,280	²
Institutional Class		868,281			9,636,076			7,358,048	³			52,344,476	³

					24,996,214							78,929,449

Reinvestment of distributions
Class A		8,673			93,847			828,039				5,528,625
Class B		0			0			34,306				225,062
Class C		0			0			54,217				355,760
Class R		0			0			8,495				55,962
Administrator Class		691			7,364			0	²			0	²
Institutional Class		28,689			309,843			1,248,311	³			8,401,276	³

					411,054							14,566,685

Payment for shares redeemed
Class A		(3,059,121	)		(33,630,530	)		(13,157,399	)			(99,165,719	)
Class B		(389,694	)		(4,177,908	)		(824,060	)			(5,894,008	)
Class C		(354,786	)		(3,827,456	)		(1,621,044	)			(12,046,511	)
Class R		(97,049	)		(1,029,054	)		(317,968	)			(2,644,362	)
Administrator Class		(61,330	)		(667,611	)		(22	)²			(200	)²
Institutional Class		(8,084,791	)		(88,790,103	)		(57,993,602	)³			(419,896,142	)³

					(132,122,662	)						(539,646,942	)

Net asset value of shares issued in acquisition
Class A		0			0			0				2,399,642
Class B		0			0			0		��		699,581
Class C		0			0			0				280,009
Administrator Class		0			0			0				66,179

					0							3,445,411

Net decrease in net assets resulting from capital share transactions					(106,715,394	)						(442,705,397	)

Total decrease in net assets					(23,008,287	)						(344,982,276	)


Net assets
Beginning of period					644,339,095							989,321,371

End of period				$	621,330,808						$	644,339,095

Undistributed net investment income				$	2,988,341						$	1,096,420

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

2.	Class commenced operations on July 16, 2010.

3.	Class I shares of the predecessor fund became Institutional Class shares on July 19, 2010.

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


74		Wells Fargo Advantage International Stock Funds		Statements of Changes in Net Assets


	Intrinsic World Equity Fund
	Six Months Ended April 30, 2011 (Unaudited)						Year Ended October 31, 2010¹

Operations
Net investment income				$	125,287					$	760,511
Net realized losses on investments					(54,978	)					(1,312,960	)
Net change in unrealized gains (losses) on investments					13,896,317						14,251,008

Net increase in net assets resulting from operations					13,966,626						13,698,559


Distributions to shareholders from
Net investment income
Class A					(725,935	)					(877,846	)
Class B					NA						(631	)²
Class C					(373	)					(1,414	)
Administrator Class					(2,809	)					(1,852	)⁴
Institutional Class					(111	)					0	³

Total distributions to shareholders					(729,228	)					(881,743	)


	Shares						Shares

Capital share transactions
Proceeds from shares sold
Class A		45,266			730,792			155,259			2,168,313
Class B		NA			NA			5,253	²		71,708	²
Class C		46			687			23,175			321,754
Administrator Class		11,773			180,036			1,147	⁴		16,075	⁴
Institutional Class		323			5,326			725	³		10,000	³

					916,841						2,587,850

Reinvestment of distributions
Class A		45,264			697,063			62,022			851,565
Class B		NA			NA			45	²		609²
Class C		19			292			93			1,257
Administrator Class		178			2,730			135	⁴		1,847	⁴
Institutional Class		7			111			0	³		0	³

					700,196						855,278

Payment for shares redeemed
Class A		(584,072	)		(9,339,913	)		(1,384,199	)		(19,300,751	)
Class B		NA			NA			(21,760	)²		(288,194	)²
Class C		(4,083	)		(65,187	)		(16,153	)		(212,500	)
Administrator Class		(2,304	)		(36,671	)		(3,915	)⁴		(52,386	)⁴

					(9,441,771	)					(19,853,831	)

Net decrease in net assets resulting from capital share transactions					(7,824,734	)					(16,410,703	)

Total increase (decrease) in net assets					5,412,664						(3,593,887	)


Net assets
Beginning of period					101,202,804						104,796,691

End of period				$	106,615,468					$	101,202,804

Undistributed net investment income				$	125,102					$	729,043

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

2.	Class B shares of the predecessor fund became Class A shares on July 19, 2010.

3.	Class commenced operations on July 30, 2010.

4.	Class I shares of the predecessor fund became Administrator Class shares on July 19, 2010.

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

This page is intentionally left blank.


76		Wells Fargo Advantage International Stock Funds		Financial Highlights (Unaudited)


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

Asia Pacific Fund
Class A
November 1, 2010 to April 30, 2011 (Unaudited)	$	10.15		0.01	²		0.56			(0.04	)
October 1, 2010 to October 31, 2010⁴	$	9.77		(0.01	)²		0.39			0.00
October 1, 2009 to September 30, 2010	$	8.82		0.04	²		1.05			(0.14	)
October 1, 2008 to September 30, 2009	$	8.14		0.11	²		0.59			(0.02	)
October 1, 2007 to September 30, 2008	$	15.83		0.09	²		(5.20	)		0.00
July 31, 2007³ to September 30, 2007	$	14.75		0.01			1.07			0.00
Class C
November 1, 2010 to April 30, 2011 (Unaudited)	$	9.96		(0.03	)²		0.55			(0.13	)
October 1, 2010 to October 31, 2010⁴	$	9.59		(0.01	)²		0.38			0.00
October 1, 2009 to September 30, 2010	$	8.67		(0.01	)²		1.03			(0.10	)
October 1, 2008 to September 30, 2009	$	8.05		0.05	²		0.57			0.00
October 1, 2007 to September 30, 2008	$	15.81		0.04	²		(5.22	)		0.00
July 31, 2007³ to September 30, 2007	$	14.75		0.00			1.06			0.00
Administrator Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	10.15		0.02	²		0.56			(0.09	)
October 1, 2010 to October 31, 2010⁴	$	9.77		(0.00	)²		0.38			0.00
July 30, 2010³ to September 30, 2010	$	8.84		0.03	²		0.90			0.00
Institutional Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	10.15		0.03			0.56			(0.09	)
October 1, 2010 to October 31, 2010⁴	$	9.77		(0.01	)²		0.39			0.00
July 30, 2010³ to September 30, 2010	$	8.84		0.03	²		0.90			0.00
Investor Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	10.14		0.01	²		0.57			(0.06	)
October 1, 2010 to October 31, 2010⁴	$	9.76		(0.01	)²		0.39			0.00
October 1, 2009 to September 30, 2010	$	8.81		0.04	²		1.05			(0.14	)
October 1, 2008 to September 30, 2009	$	8.12		0.09	²		0.60			0.00
October 1, 2007 to September 30, 2008	$	15.82		0.06	²		(5.18	)		0.00
October 1, 2006 to September 30, 2007	$	12.56		0.05			4.97			(0.03	)
October 1, 2005 to September 30, 2006	$	11.53		0.07			2.02			(0.06	)

Disciplined Global Equity Fund¹⁰
Class A
November 1, 2010 to April 30, 2011 (Unaudited)	$	13.02		0.07	²		1.92			(0.15	)
November 1, 2009 to October 31, 2010	$	11.57		0.13	²		1.12			(0.18	)
November 1, 2008 to October 31, 2009	$	10.44		0.16	²		1.43			(0.19	)
November 1, 2007 to October 31, 2008	$	21.46		0.21			(8.15	)		(0.21	)
November 1, 2006 to October 31, 2007	$	19.18		0.19	²		3.57			(0.13	)
November 1, 2005 to October 31, 2006	$	16.07		0.13	²		3.10			(0.12	)
Class C
November 1, 2010 to April 30, 2011 (Unaudited)	$	11.92		0.02	²		1.76			(0.04	)
November 1, 2009 to October 31, 2010	$	10.61		0.04	²		0.98			(0.09	)
November 1, 2008 to October 31, 2009	$	9.54		0.08	²		1.32			(0.06	)
November 1, 2007 to October 31, 2008	$	19.87		0.10			(7.49	)		(0.07	)
November 1, 2006 to October 31, 2007	$	17.86		0.05	²		3.31			0.00
November 1, 2005 to October 31, 2006	$	14.96		0.00	²		2.90			0.00
Administrator Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	13.45		0.09	²		1.98			(0.19	)
November 1, 2009 to October 31, 2010	$	11.95		0.16	²		1.18			(0.22	)
November 1, 2008 to October 31, 2009	$	10.78		0.19	²		1.49			(0.24	)
November 1, 2007 to October 31, 2008	$	22.09		0.27	²		(8.44	)		(0.27	)
November 1, 2006 to October 31, 2007	$	19.70		0.26	²		3.67			(0.19	)
November 1, 2005 to October 31, 2006	$	16.51		0.18	²		3.19			(0.18	)

Please see footnotes on p. 84

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


Financial Highlights (Unaudited)		Wells Fargo Advantage International Stock Funds			77


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



	0.00			0.00	$	10.68		0.11	%		1.77	%		1.60	%		5.59	%		113	%	$	37,791
	0.00			0.00	$	10.15		(0.91	)%		1.90	%		1.60	%		3.89	%		11	%	$	63,741
	0.00			0.00	$	9.77		0.49	%		1.90	%		1.59	%		12.58	%		137	%	$	62,700
	0.00			0.00	$	8.82		1.56	%		2.03	%		1.60	%		8.64	%		185	%	$	85,156
	(2.58	)		0.00	$	8.14		0.77	%		1.99	%		1.60	%		(38.53	)%		187	%	$	43,946
	0.00			0.00	$	15.83		0.93	%		1.91	%		1.50	%		7.32	%		184	%	$	431

	0.00			0.00	$	10.35		(0.59	)%		2.52	%		2.35	%		5.16	%		113	%	$	1,383
	0.00			0.00	$	9.96		(1.66	)%		2.65	%		2.35	%		3.86	%		11	%	$	1,507
	0.00			0.00	$	9.59		(0.13	)%		2.65	%		2.34	%		11.84	%		137	%	$	1,450
	0.00			0.00	$	8.67		0.73	%		2.79	%		2.35	%		7.70	%		185	%	$	1,112
	(2.58	)		0.00	$	8.05		0.36	%		2.71	%		2.35	%		(39.10	)%		187	%	$	939
	0.00			0.00	$	15.81		0.08	%		2.64	%		2.25	%		7.19	%		184	%	$	44

	0.00			0.00	$	10.64		0.46	%		1.56	%		1.40	%		5.73	%		113	%	$	21,532
	0.00			0.00	$	10.15		(0.70	)%		1.74	%		1.40	%		3.89	%		11	%	$	11
	0.00			0.00	$	9.77		1.98	%		1.80	%		1.40	%		10.52	%		137	%	$	11

	0.00			0.00	$	10.65		0.56	%		1.34	%		1.25	%		5.77	%		113	%	$	12
	0.00			0.00	$	10.15		(0.57	)%		1.47	%		1.25	%		3.89	%		11	%	$	11
	0.00			0.00	$	9.77		2.11	%		1.47	%		1.25	%		10.52	%		137	%	$	11

	0.00			0.00	$	10.66		0.12	%		1.84	%		1.65	%		5.62	%		113	%	$	228,488
	0.00			0.00	$	10.14		(0.96	)%		1.97	%		1.65	%		3.89	%		11	%	$	252,214
	0.00			0.00	$	9.76		0.41	%		1.99	%		1.64	%		12.51	%		137	%	$	241,892
	0.00			0.00	$	8.81		1.36	%		2.14	%		1.65	%		8.53	%		185	%	$	278,741
	(2.58	)		0.00	$	8.12		0.52	%		2.01	%		1.65	%		(38.63	)%		187	%	$	326,929
	(1.73	)		0.00	$	15.82		0.34	%		1.95	%		1.65	%		44.31	%		184	%	$	583,810
	(1.00	)		0.00	$	12.56		0.65	%		1.96	%		1.65	%		19.38	%		167	%	$	373,744



	0.00			0.00	$	14.86		1.03	%		1.56	%		1.40	%		15.41	%		24	%	$	60,828
	0.00			0.38	$	13.02		1.06	%		1.92	%		1.55	%		14.27	%¹²		58	%	$	56,894
	(0.27	)		0.00	$	11.57		1.67	%		2.10	%		1.61	%		16.38	%		25	%	$	54,794
	(2.87	)		0.00	$	10.44		1.45	%		1.85	%		1.61	%		(42.61	)%		25	%	$	53,600
	(1.35	)		0.00	$	21.46		0.97	%		1.82	%		1.64	%		20.89	%		43	%	$	110,031
	0.00			0.00	$	19.18		0.73	%		1.92	%		1.83	%		20.23	%		43	%	$	100,122

	0.00			0.00	$	13.66		0.28	%		2.31	%		2.15	%		14.98	%		24	%	$	8,270
	0.00			0.38	$	11.92		0.32	%		2.68	%		2.31	%		13.29	%¹²		58	%	$	7,769
	(0.27	)		0.00	$	10.61		0.93	%		2.85	%		2.36	%		15.63	%		25	%	$	8,134
	(2.87	)		0.00	$	9.54		0.69	%		2.58	%		2.36	%		(43.05	)%		25	%	$	8,478
	(1.35	)		0.00	$	19.87		0.25	%		2.52	%		2.36	%		20.04	%		43	%	$	17,676
	0.00			0.00	$	17.86		0.01	%		2.62	%		2.53	%		19.39	%		43	%	$	17,484

	0.00			0.00	$	15.33		1.28	%		1.39	%		1.15	%		15.52	%		24	%	$	2,087
	0.00			0.38	$	13.45		0.33	%		1.70	%		1.30	%		14.54	%¹²		58	%	$	1,128
	(0.27	)		0.00	$	11.95		1.90	%		1.85	%		1.36	%		16.69	%		25	%	$	1,099
	(2.87	)		0.00	$	10.78		1.66	%		1.58	%		1.36	%		(42.49	)%		25	%	$	1,097
	(1.35	)		0.00	$	22.09		1.27	%		1.52	%		1.36	%		21.26	%		43	%	$	2,897
	0.00			0.00	$	19.70		1.02	%		1.62	%		1.53	%		20.57	%		43	%	$	3,112


78		Wells Fargo Advantage International Stock Funds		Financial Highlights (Unaudited)


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

Disciplined Global Equity Fund¹⁰ (continued)
Institutional Class (Unaudited)
November 1, 2010 to April 30, 2011	$	13.46		0.14	²		1.94			(0.19	)
July 30, 2010³ to October 31, 2010	$	12.32		0.04	²		1.10			0.00

Diversified International Fund
Class A
November 1, 2010 to April 30, 2011 (Unaudited)	$	10.29		0.05			1.29			(0.11	)
October 1, 2010 to October 31, 2010⁴	$	9.84		0.00	²		0.45			0.00
October 1, 2009 to September 30, 2010	$	9.62		0.09	²		0.26			(0.13	)
October 1, 2008 to September 30, 2009	$	11.68		0.14	²		(0.69	)		(0.23	)
October 1, 2007 to September 30, 2008	$	19.49		0.31	²		(5.91	)		(0.23	)
October 1, 2006 to September 30, 2007	$	15.91		0.24	²		3.51			(0.17	)
October 1, 2005 to September 30, 2006	$	13.69		0.17	²		2.20			(0.15	)
Class B
November 1, 2010 to April 30, 2011 (Unaudited)	$	9.74		0.01	²		1.23			0.00
October 1, 2010 to October 31, 2010⁴	$	9.32		0.00	²		0.42			0.00
October 1, 2009 to September 30, 2010	$	9.12		(0.05	)²		0.32			(0.07	)
October 1, 2008 to September 30, 2009	$	11.07		0.07	²		(0.64	)		(0.10	)
October 1, 2007 to September 30, 2008	$	18.52		0.16	²		(5.58	)		(0.05	)
October 1, 2006 to September 30, 2007	$	15.13		0.07	²		3.36			(0.04	)
October 1, 2005 to September 30, 2006	$	13.03		0.07	²		2.08			(0.05	)
Class C
November 1, 2010 to April 30, 2011 (Unaudited)	$	9.59		0.01	²		1.20			(0.04	)
October 1, 2010 to October 31, 2010⁴	$	9.17		0.00	²		0.42			0.00
October 1, 2009 to September 30, 2010	$	8.98		0.02	²		0.25			(0.08	)
October 1, 2008 to September 30, 2009	$	10.98		0.07	²		(0.65	)		(0.14	)
October 1, 2007 to September 30, 2008	$	18.46		0.17	²		(5.56	)		(0.11	)
October 1, 2006 to September 30, 2007	$	15.10		0.09	²		3.34			(0.07	)
October 1, 2005 to September 30, 2006	$	13.00		0.07	²		2.09			(0.06	)
Administrator Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	10.28		0.02	²		1.33			(0.13	)
October 1, 2010 to October 31, 2010⁴	$	9.83		0.00	²		0.45			0.00
October 1, 2009 to September 30, 2010	$	9.59		0.12	²		0.26			(0.14	)
October 1, 2008 to September 30, 2009	$	11.67		0.16	²		(0.65	)		(0.26	)
October 1, 2007 to September 30, 2008	$	19.48		0.31	²		(5.87	)		(0.27	)
October 1, 2006 to September 30, 2007	$	15.90		0.26	²		3.53			(0.21	)
October 1, 2005 to September 30, 2006	$	13.69		0.23	²		2.17			(0.19	)
Institutional Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	10.29		0.11			1.25			(0.15	)
October 1, 2010 to October 31, 2010⁴	$	9.84		0.00	²		0.45			0.00
October 1, 2009 to September 30, 2010	$	9.60		0.15	²		0.24			(0.15	)
October 1, 2008 to September 30, 2009	$	11.69		0.18	²		(0.70	)		(0.29	)
October 1, 2007 to September 30, 2008	$	19.50		0.38	²		(5.90	)		(0.31	)
October 1, 2006 to September 30, 2007	$	15.91		0.45	²		3.37			(0.23	)
August 31, 2006³ to September 30, 2006	$	15.84		0.02	²		0.05			0.00
Investor Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	10.26		0.05	²		1.28			(0.11	)
October 1, 2010 to October 31, 2010⁴	$	9.81		0.00	²		0.45			0.00
October 1, 2009 to September 30, 2010	$	9.58		0.11	²		0.24			(0.12	)
October 1, 2008 to September 30, 2009	$	11.68		0.14	²		0.70			(0.26	)
July 18, 2008³ to September 30, 2008	$	14.27		0.04	²		(2.63	)		0.00

Please see footnotes on p. 84

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


Financial Highlights (Unaudited)		Wells Fargo Advantage International Stock Funds			79


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



	0.00		$	15.35		1.95	%		1.07	%		0.95	%		15.65	%		24	%	$	717
	0.00		$	13.46		1.31	%		1.28	%		0.96	%		9.25	%		58	%	$	11



	0.00		$	11.52		0.98	%		1.51	%		1.41	%		13.15	%		27	%	$	31,050
	0.00		$	10.29		0.59	%		1.54	%		1.41	%		4.57	%		5	%	$	29,804
	0.00		$	9.84		0.99	%		1.64	%		1.38	%		3.64	%		64	%	$	28,926
	(1.28	)	$	9.62		1.76	%		1.76	%		1.41	%		(0.78	)%		123	%	$	31,742
	(1.98	)	$	11.68		1.93	%		1.67	%		1.48	%		(32.12	)%		62	%	$	37,819
	0.00		$	19.49		1.32	%		1.70	%		1.50	%		23.68	%		49	%	$	62,693
	0.00		$	15.91		1.16	%		1.67	%		1.50	%		17.50	%		44	%	$	52,243

	0.00		$	10.98		0.11	%		2.26	%		2.16	%		12.63	%		27	%	$	830
	0.00		$	9.74		(0.16	)%		2.28	%		2.16	%		4.51	%		5	%	$	1,084
	0.00		$	9.32		(0.59	)%		2.39	%		2.13	%		3.00	%		64	%	$	1,046
	(1.28	)	$	9.12		0.93	%		2.51	%		2.16	%		(1.50	)%		123	%	$	1,739
	(1.98	)	$	11.07		1.03	%		2.43	%		2.23	%		(32.61	)%		62	%	$	3,213
	0.00		$	18.52		0.39	%		2.45	%		2.25	%		22.73	%		49	%	$	9,579
	0.00		$	15.13		0.49	%		2.42	%		2.25	%		16.57	%		44	%	$	15,385

	0.00		$	10.76		0.24	%		2.26	%		2.16	%		12.67	%		27	%	$	821
	0.00		$	9.59		(0.16	)%		2.28	%		2.16	%		4.58	%		5	%	$	744
	0.00		$	9.17		0.20	%		2.39	%		2.12	%		3.07	%		64	%	$	718
	(1.28	)	$	8.98		0.92	%		2.51	%		2.16	%		(1.47	)%		123	%	$	719
	(1.98	)	$	10.98		1.11	%		2.42	%		2.23	%		(32.64	)%		62	%	$	995
	0.00		$	18.46		0.54	%		2.45	%		2.25	%		22.76	%		49	%	$	1,961
	0.00		$	15.10		0.49	%		2.42	%		2.25	%		16.65	%		44	%	$	1,652

	0.00		$	11.50		0.38	%		1.37	%		1.25	%		13.23	%		27	%	$	6,303
	0.00		$	10.28		0.75	%		1.38	%		1.25	%		4.58	%		5	%	$	202,247
	0.00		$	9.83		1.31	%		1.46	%		1.22	%		3.87	%		64	%	$	193,626
	(1.28	)	$	9.59		2.02	%		1.58	%		1.25	%		(0.66	)%		123	%	$	261,004
	(1.98	)	$	11.67		1.92	%		1.50	%		1.25	%		(31.98	)%		62	%	$	293,831
	0.00		$	19.48		1.48	%		1.52	%		1.25	%		24.00	%		49	%	$	689,808
	0.00		$	15.90		1.52	%		1.49	%		1.25	%		17.74	%		44	%	$	698,778

	0.00		$	11.50		1.86	%		1.07	%		0.99	%		13.36	%		27	%	$	470,188
	0.00		$	10.29		1.00	%		1.11	%		0.99	%		4.57	%		5	%	$	199,081
	0.00		$	9.84		1.63	%		1.19	%		0.96	%		4.13	%		64	%	$	194,651
	(1.28	)	$	9.60		2.30	%		1.31	%		0.99	%		(0.41	)%		123	%	$	69,698
	(1.98	)	$	11.69		2.46	%		1.23	%		1.04	%		(31.79	)%		62	%	$	59,620
	0.00		$	19.50		2.43	%		1.22	%		1.05	%		24.22	%		49	%	$	69,756
	0.00		$	15.91		1.77	%		1.29	%		0.89	%		0.44	%		44	%	$	10

	0.00		$	11.48		0.94	%		1.58	%		1.46	%		13.05	%		27	%	$	52,227
	0.00		$	10.26		0.54	%		1.61	%		1.46	%		4.59	%		5	%	$	48,070
	0.00		$	9.81		1.18	%		1.73	%		1.43	%		3.74	%		64	%	$	46,282
	(1.28	)	$	9.58		1.75	%		1.87	%		1.46	%		(0.82	)%		123	%	$	47,569
	0.00		$	11.68		1.60	%		1.85	%		1.46	%		(18.15	)%		62	%	$	47,062


80		Wells Fargo Advantage International Stock Funds		Financial Highlights (Unaudited)


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

Emerging Markets Equity Fund⁵
Class A
November 1, 2010 to April 30, 2011 (Unaudited)	$	21.65		(0.01	)²		2.18			(0.00	)¹³
November 1, 2009 to October 31, 2010	$	16.99		0.04	²		4.63			(0.01	)
November 1, 2008 to October 31, 2009	$	12.90		0.04	²		5.98			(0.12	)
November 1, 2007 to October 31, 2008	$	30.53		0.16			(14.22	)		(0.15	)
November 1, 2006 to October 31, 2007	$	21.97		0.19			12.04			(0.17	)
November 1, 2005 to October 31, 2006	$	16.48		0.14	²		7.01			(0.13	)
Class B
November 1, 2010 to April 30, 2011 (Unaudited)	$	18.82		(0.09	)²		1.90			0.00
November 1, 2009 to October 31, 2010	$	14.87		(0.09	)²		4.04			0.00
November 1, 2008 to October 31, 2009	$	11.51		(0.03	)		5.20			0.00
November 1, 2007 to October 31, 2008	$	27.69		(0.01	)		(12.74	)		(0.01	)
November 1, 2006 to October 31, 2007	$	20.34		(0.01	)²		11.00			(0.14	)
November 1, 2005 to October 31, 2006	$	15.38		0.01	²		6.51			(0.03	)
Class C
November 1, 2010 to April 30, 2011 (Unaudited)	$	18.68		(0.08	)²		1.88			0.00
November 1, 2009 to October 31, 2010	$	14.77		(0.08	)²		3.95			0.00
November 1, 2008 to October 31, 2009	$	11.44		(0.05	)		5.19			0.00
November 1, 2007 to October 31, 2008	$	27.57		(0.02	)		(12.66	)		(0.03	)
November 1, 2006 to October 31, 2007	$	20.27		0.00	²		10.94			(0.14	)
November 1, 2005 to October 31, 2006	$	15.35		0.01	²		6.49			(0.05	)
Administrator Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	22.63		0.02	²		2.27			(0.02	)
November 1, 2009 to October 31, 2010	$	17.75		0.09	²		4.83			(0.04	)
November 1, 2008 to October 31, 2009	$	13.42		0.08			6.25			(0.19	)
November 1, 2007 to October 31, 2008	$	31.59		0.22			(14.77	)		0.20
November 1, 2006 to October 31, 2007	$	22.59		0.20			12.48			(0.18	)
November 1, 2005 to October 31, 2006	$	16.90		0.19			7.22			(0.19	)
Institutional Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	22.66		0.05	²		2.28			(0.05	)
July 30, 2010³ to October 31, 2010	$	20.11		0.00	²		2.55			0.00

Global Opportunities Fund⁶
Class A
November 1, 2010 to April 30, 2011 (Unaudited)	$	31.91		(0.04	)²		6.05			0.00
November 1, 2009 to October 31, 2010	$	24.96		0.07	²		6.99			(0.11	)
November 1, 2008 to October 31, 2009	$	21.20		0.10	²		3.74			(0.08	)
November 1, 2007 to October 31, 2008	$	40.22		0.04	²		(16.97	)		0.00
November 1, 2006 to October 31, 2007	$	32.61		(0.03	)²		10.16			(0.04	)
November 1, 2005 to October 31, 2006	$	27.86		(0.02	)²		7.02			0.00
Class B
November 1, 2010 to April 30, 2011 (Unaudited)	$	25.92		(0.14	)²		4.91			0.00
November 1, 2009 to October 31, 2010	$	20.33		(0.11	)²		5.70			0.00
November 1, 2008 to October 31, 2009	$	17.34		(0.05	)²		3.04			0.00
November 1, 2007 to October 31, 2008	$	33.54		(0.16	)²		(13.95	)		0.00
November 1, 2006 to October 31, 2007	$	27.73		(0.24	)		8.53			0.00
November 1, 2005 to October 31, 2006	$	24.16		(0.20	)²		6.02			0.00
Class C
November 1, 2010 to April 30, 2011 (Unaudited)	$	26.05		(0.14	)²		4.94			0.00
November 1, 2009 to October 31, 2010	$	20.44		(0.11	)²		5.72			0.00
November 1, 2008 to October 31, 2009	$	17.44		(0.05	)²		3.05			0.00
November 1, 2007 to October 31, 2008	$	33.72		(0.16	)²		(14.03	)		0.00
November 1, 2006 to October 31, 2007	$	27.86		(0.24	)²		8.58			0.00
November 1, 2005 to October 31, 2006	$	24.27		(0.19	)²		6.03			0.00

Please see footnotes on p. 84

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


Financial Highlights (Unaudited)		Wells Fargo Advantage International Stock Funds			81


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



	0.00		$	23.82		(0.08	)%		1.73	%		1.73	%		10.03	%		4	%	$	1,033,103
	0.00		$	21.65		0.27	%		1.91	%		1.89	%		27.51	%		6	%	$	820,716
	(1.81	)	$	16.99		0.29	%		2.04	%		2.03	%		57.88	%		23	%	$	357,354
	(3.42	)	$	12.90		0.69	%		1.88	%		1.84	%		(51.64	)%		39	%	$	128,714
	(3.50	)	$	30.53		0.72	%		1.90	%		1.87	%		63.88	%		58	%	$	305,698
	(1.53	)	$	21.97		0.72	%		2.06	%		2.02	%		47.34	%		96	%	$	102,687

	0.00		$	20.63		(0.90	)%		2.48	%		2.48	%		9.62	%		4	%	$	29,368
	0.00		$	18.82		(0.54	)%		2.66	%		2.64	%		26.56	%		6	%	$	30,989
	(1.81	)	$	14.87		(0.43	)%		2.80	%		2.79	%		56.75	%		23	%	$	25,499
	(3.42	)	$	11.51		(0.08	)%		2.61	%		2.59	%		(51.99	)%		39	%	$	17,949
	(3.50	)	$	27.69		(0.05	)%		2.61	%		2.60	%		62.68	%		58	%	$	42,477
	(1.53	)	$	20.34		0.06	%		2.76	%		2.72	%		46.29	%		96	%	$	18,243

	0.00		$	20.48		(0.83	)%		2.48	%		2.48	%		9.64	%		4	%	$	238,221
	0.00		$	18.68		(0.50	)%		2.66	%		2.64	%		26.47	%		6	%	$	193,300
	(1.81	)	$	14.77		(0.46	)%		2.79	%		2.78	%		56.84	%		23	%	$	121,216
	(3.42	)	$	11.44		(0.07	)%		2.61	%		2.59	%		(52.01	)%		39	%	$	56,839
	(3.50	)	$	27.57		0.01	%		2.60	%		2.59	%		62.64	%		58	%	$	134,342
	(1.53	)	$	20.27		0.04	%		2.76	%		2.72	%		46.29	%		96	%	$	44,439

	0.00		$	24.90		0.20	%		1.54	%		1.54	%		10.13	%		4	%	$	408,680
	0.00		$	22.63		0.50	%		1.69	%		1.65	%		27.78	%		6	%	$	248,493
	(1.81	)	$	17.75		0.54	%		1.80	%		1.79	%		58.34	%		23	%	$	178,856
	(3.42	)	$	13.42		0.89	%		1.61	%		1.59	%		(51.51	)%		39	%	$	141,996
	(3.50	)	$	31.59		0.84	%		1.62	%		1.61	%		64.23	%		58	%	$	364,958
	1.53		$	22.59		0.95	%		1.75	%		1.71	%		47.81	%		96	%	$	313,391

	0.00		$	24.94		0.50	%		1.29	%		1.25	%		10.28	%		4	%	$	352,189
	0.00		$	22.66		0.02	%		1.48	%		1.30	%		12.68	%		6	%	$	197,823



	0.00		$	37.92		(0.21	)%		1.60	%		1.57	%		18.83	%		29	%	$	241,526
	0.00		$	31.91		0.25	%		1.66	%		1.63	%		28.41	%		104	%	$	212,729
	0.00		$	24.96		0.45	%		1.72	%		1.72	%		18.22	%		170	%	$	197,721
	(2.09	)	$	21.20		0.13	%		1.54	%		1.52	%		(44.14	)%		161	%	$	214,883
	(2.48	)	$	40.22		(0.08	)%		1.55	%		1.53	%		33.21	%		71	%	$	474,252
	(2.25	)	$	32.61		(0.05	)%		1.67	%		1.67	%		26.78	%		103	%	$	259,898

	0.00		$	30.69		(0.96	)%		2.35	%		2.32	%		18.36	%		29	%	$	39,022
	0.00		$	25.92		(0.49	)%		2.41	%		2.38	%		27.43	%		104	%	$	37,752
	0.00		$	20.33		(0.30	)%		2.47	%		2.47	%		17.30	%		170	%	$	34,934
	(2.09	)	$	17.34		(0.62	)%		2.27	%		2.27	%		(44.54	)%		161	%	$	39,980
	(2.48	)	$	33.54		(0.82	)%		2.25	%		2.25	%		32.28	%		71	%	$	87,408
	(2.25	)	$	27.73		(0.75	)%		2.36	%		2.36	%		25.92	%		103	%	$	53,681

	0.00		$	30.85		(0.96	)%		2.35	%		2.32	%		18.38	%		29	%	$	60,012
	0.00		$	26.05		(0.50	)%		2.41	%		2.38	%		27.43	%		104	%	$	52,866
	0.00		$	20.44		(0.30	)%		2.47	%		2.47	%		17.33	%		170	%	$	50,218
	(2.09	)	$	17.44		(0.61	)%		2.27	%		2.27	%		(44.56	)%		161	%	$	59,382
	(2.48	)	$	33.72		(0.81	)%		2.25	%		2.25	%		32.28	%		71	%	$	124,831
	(2.25	)	$	27.86		(0.73	)%		2.37	%		2.37	%		25.88	%		103	%	$	61,777


82		Wells Fargo Advantage International Stock Funds		Financial Highlights (Unaudited)


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

Global Opportunities Fund⁶ (continued)
Administrator Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	32.92		(0.01	)²		6.23			(0.04	)
November 1, 2009 to October 31, 2010	$	25.73		0.14	²		7.23			(0.18	)
November 1, 2008 to October 31, 2009	$	21.91		0.16			3.85			(0.19	)
November 1, 2007 to October 31, 2008	$	41.42		0.15	²		(17.57	)		0.00
November 1, 2006 to October 31, 2007	$	33.46		0.07	²		10.49			(0.12	)
November 1, 2005 to October 31, 2006	$	28.46		0.09	²		7.16			0.00
Institutional Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	32.94		0.03	²		6.24			(0.07	)
July 30, 2010³ to October 31, 2010	$	28.37		0.04	²		4.53			0.00

International Equity Fund⁷
Class A
November 1, 2010 to April 30, 2011 (Unaudited)	$	10.41		0.05			1.47			(0.01	)
November 1, 2009 to October 31, 2010	$	9.14		0.09	²		1.42			(0.24	)
November 1, 2008 to October 31, 2009	$	8.54		0.17			0.69			(0.26	)
November 1, 2007 to October 31, 2008	$	17.72		0.31	²		(7.50	)		(0.36	)
November 1, 2006 to October 31, 2007	$	15.51		0.24			3.79			(0.43	)
November 1, 2005 to October 31, 2006	$	13.42		0.32	²		2.68			(0.33	)
Class B
November 1, 2010 to April 30, 2011 (Unaudited)	$	10.12		0.01	²		1.42			0.00
November 1, 2009 to October 31, 2010	$	8.81		0.01	²		1.41			(0.11	)
November 1, 2008 to October 31, 2009	$	8.18		0.11	²		0.66			(0.14	)
November 1, 2007 to October 31, 2008	$	17.02		0.21	²		(7.20	)		(0.23	)
November 1, 2006 to October 31, 2007	$	14.95		0.15	²		3.62			(0.32	)
November 1, 2005 to October 31, 2006	$	12.96		0.22	²		2.58			(0.23	)
Class C
November 1, 2010 to April 30, 2011 (Unaudited)	$	10.24		0.01	²		1.45			0.00
November 1, 2009 to October 31, 2010	$	8.93		0.01	²		1.41			(0.11	)
November 1, 2008 to October 31, 2009	$	8.27		0.07	²		0.72			(0.13	)
November 1, 2007 to October 31, 2008	$	17.22		0.21	²		(7.27	)		(0.25	)
November 1, 2006 to October 31, 2007	$	15.14		0.15	²		3.67			(0.34	)
November 1, 2005 to October 31, 2006	$	13.14		0.22	²		2.61			(0.24	)
Class R
November 1, 2010 to April 30, 2011 (Unaudited)	$	10.40		0.04	²		1.46			0.00
November 1, 2009 to October 31, 2010	$	9.13		0.06	²		1.42			(0.21	)
November 1, 2008 to October 31, 2009	$	8.51		0.14			0.71			(0.23	)
November 1, 2007 to October 31, 2008	$	17.70		0.27	²		(7.46	)		(0.35	)
November 1, 2006 to October 31, 2007	$	15.55		0.21			3.77			(0.42	)
November 1, 2005 to October 31, 2006	$	13.50		0.30	²		2.68			(0.34	)
Administrator Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	10.28		0.03			1.46			(0.03	)
July 16, 2010³ to October 31, 2010	$	8.82		0.01			1.45			0.00
Institutional Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	10.42		0.08			1.45			(0.03	)
November 1, 2009 to October 31, 2010	$	9.17		0.11	²		1.43			(0.29	)
November 1, 2008 to October 31, 2009	$	8.59		0.21			0.67			(0.30	)
November 1, 2007 to October 31, 2008	$	17.82		0.32	²		(7.52	)		(0.41	)
November 1, 2006 to October 31, 2007	$	15.57		0.32			3.78			(0.47	)
November 1, 2005 to October 31, 2006	$	13.47		0.36			2.68			(0.36	)

Please see footnotes on p. 84

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


Financial Highlights (Unaudited)		Wells Fargo Advantage International Stock Funds			83


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



	0.00		$	39.10		(0.03	)%		1.43	%		1.39	%		18.94	%		29	%	$	68,080
	0.00		$	32.92		0.49	%		1.43	%		1.40	%		28.77	%		104	%	$	46,106
	0.00		$	25.73		0.69	%		1.47	%		1.47	%		18.45	%		170	%	$	38,977
	(2.09	)	$	21.91		0.46	%		1.28	%		1.28	%		(43.98	)%		161	%	$	36,027
	(2.48	)	$	41.42		0.20	%		1.25	%		1.25	%		33.57	%		71	%	$	43,378
	(2.25	)	$	33.46		0.28	%		1.37	%		1.37	%		27.19	%		103	%	$	14,931

	0.00		$	39.14		0.17	%		1.09	%		1.09	%		19.07	%		29	%	$	1,334
	0.00		$	32.94		0.53	%		1.22	%		1.15	%		16.11	%		104	%	$	12



	0.00		$	11.92		0.93	%		1.47	%		1.09	%		14.56	%		23	%	$	221,958
	0.00		$	10.41		0.91	%		1.19	%		1.07	%		16.90	%		42	%	$	216,096
	0.00		$	9.14		2.16	%		1.08	%		1.08	%		10.55	%		203	%	$	255,075
	(1.63	)	$	8.54		2.30	%		0.97	%		0.95	%		(45.46	)%		111	%	$	298,809
	(1.39	)	$	17.72		1.71	%		0.97	%		0.95	%		28.72	%		42	%	$	768,386
	(0.58	)	$	15.51		2.23	%		1.02	%		1.02	%		23.46	%		80	%	$	615,351

	0.00		$	11.55		0.15	%		2.23	%		1.84	%		14.13	%		23	%	$	18,902
	0.00		$	10.12		0.15	%		1.94	%		1.82	%		16.15	%		42	%	$	20,450
	0.00		$	8.81		1.45	%		1.83	%		1.83	%		9.64	%		203	%	$	22,300
	(1.62	)	$	8.18		1.59	%		1.70	%		1.70	%		(45.86	)%		111	%	$	29,756
	(1.38	)	$	17.02		0.98	%		1.67	%		1.67	%		27.77	%		42	%	$	70,187
	(0.58	)	$	14.95		1.54	%		1.72	%		1.72	%		22.57	%		80	%	$	69,621

	0.00		$	11.69		0.17	%		2.23	%		1.84	%		14.16	%		23	%	$	30,889
	0.00		$	10.24		0.16	%		1.94	%		1.82	%		16.13	%		42	%	$	30,439
	0.00		$	8.93		1.39	%		1.83	%		1.83	%		9.62	%		203	%	$	36,718
	(1.64	)	$	8.27		1.61	%		1.70	%		1.70	%		(45.85	)%		111	%	$	47,114
	(1.40	)	$	17.22		0.98	%		1.67	%		1.67	%		27.76	%		42	%	$	117,643
	(0.59	)	$	15.14		1.55	%		1.72	%		1.72	%		22.50	%		80	%	$	99,371

	0.00		$	11.90		0.70	%		1.73	%		1.34	%		14.42	%		23	%	$	3,899
	0.00		$	10.40		0.66	%		1.45	%		1.33	%		16.58	%		42	%	$	4,066
	0.00		$	9.13		1.79	%		1.33	%		1.33	%		10.13	%		203	%	$	3,811
	(1.65	)	$	8.51		2.03	%		1.20	%		1.20	%		(45.52	)%		111	%	$	3,603
	(1.41	)	$	17.70		1.49	%		1.16	%		1.16	%		28.40	%		42	%	$	9,107
	(0.59	)	$	15.55		2.02	%		1.22	%		1.22	%		23.16	%		80	%	$	4,694

	0.00		$	11.74		0.86	%		1.25	%		1.09	%		14.51	%		23	%	$	4,489
	0.00		$	10.28		0.32	%		1.36	%		1.09	%		16.55	%		42	%	$	89

	0.00		$	11.92		1.15	%		1.05	%		0.84	%		14.65	%		23	%	$	341,195
	0.00		$	10.42		1.15	%		0.87	%		0.82	%		17.17	%		42	%	$	373,200
	0.00		$	9.17		2.39	%		0.83	%		0.83	%		10.73	%		203	%	$	671,417
	(1.62	)	$	8.59		2.34	%		0.69	%		0.69	%		(45.26	)%		111	%	$	795,416
	(1.38	)	$	17.82		1.99	%		0.67	%		0.67	%		29.09	%		42	%	$	2,519,261
	(0.58	)	$	15.57		2.52	%		0.72	%		0.72	%		23.77	%		80	%	$	2,403,053


84		Wells Fargo Advantage International Stock Funds		Financial Highlights (Unaudited)


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

Intrinsic World Equity Fund⁸
Class A
November 1, 2010 to April 30, 2011 (Unaudited)	$	15.06		0.03			2.13			(0.11	)
November 1, 2009 to October 31, 2010	$	13.27		0.12			1.78			(0.11	)
November 1, 2008 to October 31, 2009	$	13.76		0.09	²		1.89			(0.24	)
November 1, 2007 to October 31, 2008	$	24.23		0.29			(9.55	)		(0.13	)
January 1, 2007 to October 31, 2007^9,11	$	26.61		0.17	²		2.29			0.00
January 1, 2006 to December 31, 2006¹¹	$	23.65		0.17	²		3.62			(0.16	)
January 1, 2005 to December 31, 2005¹¹	$	21.02		0.09	²		2.65			(0.11	)
Class C
November 1, 2010 to April 30, 2011 (Unaudited)	$	14.68		(0.04	)²		2.10			(0.01	)
November 1, 2009 to October 31, 2010	$	12.96		0.07			1.69			(0.04	)
November 1, 2008 to October 31, 2009	$	13.58		(0.03	)²		1.87			(0.23	)
November 1, 2007 to October 31, 2008	$	24.14		(0.03	)²		(9.28	)		(0.17	)
May 18, 2007³ to October 31, 2007	$	28.59		(0.10	)²		0.49			0.00
Administrator Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	15.02		0.03	²		2.14			(0.14	)
November 1, 2009 to October 31, 2010	$	13.23		0.15	²		1.78			(0.14	)
November 1, 2008 to October 31, 2009	$	13.76		0.15	²		1.85			(0.30	)
November 1, 2007 to October 31, 2008	$	24.26		0.38	²		(9.60	)		(0.20	)
May 18, 2007³ to October 31, 2007	$	28.59		0.01			0.50			0.00
Institutional Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	15.02		0.09			2.09			(0.15	)
July 30, 2010³ to October 31, 2010	$	13.80		0.03	²		1.19			0.00

1.	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

2.	Calculated based upon average shares outstanding

3.	Commencement of class operations.

4.	For the one month ended October 31, 2010. The Fund changed it fiscal year end from September 30 to October 31, effective October 31, 2010.

After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Emerging Markets Growth Fund and Wells Fargo Advantage Emerging Markets Equity Fund. Evergreen Emerging Markets Growth Fund became the accounting and performance survivor in this transaction. The information for the periods prior to July 19, 2010 are those of Evergreen Emerging Markets Growth Fund.

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

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

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

9.	For the ten months ended October 31, 2007. The Fund changed it fiscal year end from December 31 to October 31, effective October 31, 2007.

10.

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

11.	On May 21, 2007, the predecessor fund acquired the net assets of Atlas Global Growth Fund (“Atlas Fund”). Atlas Fund was the accounting and performance survivor in this transaction. The financial highlights for the periods prior to May 21, 2007 are those of Atlas Fund.

12.	Amount includes the impact of proceeds from a regulatory settlement which was received by the Fund from an unaffiliated third party. Without the proceeds from the settlement, total return would have been 10.68%, 9.48% and 10.91% for Class A, Class C and Administrator Class, respectively.

13.	Amount represents less than $0.005 per share.

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


Financial Highlights (Unaudited)		Wells Fargo Advantage International Stock Funds			85


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



	0.00		$	17.11		0.25	%		1.58	%		1.40	%		14.37	%		4	%	$	105,668
	0.00		$	15.06		0.75	%		1.53	%		1.46	%		14.43	%		11	%	$	100,460
	(2.23	)	$	13.27		0.77	%		1.57	%		1.57	%		20.29	%		16	%	$	103,995
	(1.08	)	$	13.76		1.04	%		1.36	%		1.36	%		(40.11	)%		44	%	$	107,210
	(4.84	)	$	24.23		0.78	%		1.24	%		1.24	%		10.42	%		66	%	$	279,146
	(0.67	)	$	26.61		0.66	%		1.29	%		1.29	%		16.02	%		21	%	$	457,035
	0.00		$	23.65		0.43	%		1.31	%		1.31	%		13.02	%		28	%	$	321,219

	0.00		$	16.73		(0.51	)%		2.33	%		2.15	%		13.97	%		4	%	$	602
	0.00		$	14.68		0.04	%		2.28	%		2.21	%		13.58	%		11	%	$	588
	(2.23	)	$	12.96		(0.28	)%		2.33	%		2.33	%		19.35	%		16	%	$	427
	(1.08	)	$	13.58		(0.19	)%		2.21	%		2.21	%		(40.55	)%		44	%	$	154
	(4.84	)	$	24.14		(0.92	)%		2.05	%		2.05	%		2.44	%		66	%	$	14

	0.00		$	17.05		0.40	%		1.42	%		1.15	%		14.49	%		4	%	$	328
	0.00		$	15.02		1.06	%		1.29	%		1.21	%		14.72	%		11	%	$	144
	(2.23	)	$	13.23		1.33	%		1.31	%		1.31	%		20.60	%		16	%	$	161
	(1.08	)	$	13.76		1.70	%		1.01	%		1.01	%		(40.01	)%		44	%	$	1,567
	(4.84	)	$	24.26		0.12	%		1.05	%		1.05	%		2.89	%		66	%	$	71,656

	0.00		$	17.05		0.74	%		1.16	%		0.95	%		14.65	%		4	%	$	18
	0.00		$	15.02		0.91	%		1.23	%		0.95	%		8.84	%		11	%	$	11


86		Wells Fargo Advantage International Stock Funds		Notes to Financial Statements (Unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on the following funds: Wells Fargo Advantage Asia Pacific Fund (“Asia Pacific Fund”), Wells Fargo Advantage Disciplined Global Equity Fund (“Disciplined Global Equity Fund”), Wells Fargo Advantage Diversified International Fund (“Diversified International Fund”), Wells Fargo Advantage Emerging Markets Equity Fund (“Emerging Markets Equity Fund”), Wells Fargo Advantage Global Opportunities Fund (“Global Opportunities Fund”), Wells Fargo Advantage International Equity Fund (“International Equity Fund”) and Wells Fargo Advantage Intrinsic World Equity Fund (“Intrinsic World Equity Fund”) (each, a “Fund”, collectively, the “Funds”). Each Fund is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of each Fund, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

Investments in 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 Value Procedures.

Securities denominated in foreign currencies are translated into U.S. dollars using the closing rates of exchange in effect on the day of valuation.

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign investments are traded but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of the investments, then those investments are fair valued following procedures approved by the Board of Trustees. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in NAVs that are higher or lower than NAVs based on the closing price or latest quoted bid price.

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 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.


Notes to Financial Statements (Unaudited)		Wells Fargo Advantage International Stock Funds			87

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

Forward foreign currency contracts

Certain Funds may be subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contract transactions. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains or losses on the contracts. This risk is mitigated by having a master netting arrangement between the Fund and the counterparty.

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 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 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 Statements of Operations.

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


88		Wells Fargo Advantage International Stock Funds		Notes to Financial Statements (Unaudited)

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

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

Federal and other taxes

Each Fund is treated as a separate entity for federal income tax purposes. Each Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable 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.

At October 31, 2010, estimated net capital loss carryforwards, which are available to offset future net realized capital gains, were as follows:


	Expiration
	2016		2017		2018
Asia Pacific Fund	$	90,181,236	$	80,817,204	$	0
Disciplined Global Equity Fund		0		8,548,169		737,120
Diversified International Fund		16,110,795		95,119,882		0
Emerging Markets Equity Fund		25,750,716		22,695,719		0
Global Opportunities Fund		0	$	81,628,224		0
International Equity Fund		171,044,854		0		0
Intrinsic World Equity		0		13,228,770		1,273,005

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.

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.


Notes to Financial Statements (Unaudited)		Wells Fargo Advantage International Stock Funds			89

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.

As of April 30, 2011, the inputs used in valuing each Fund’s assets, which are carried at fair value, were as follows:


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

Equity securities
Common stocks	$	277,412,200	$	0	$	0	$	277,412,200
Investment companies		7,120,457		0		0		7,120,457
Warrants		0		1,173,801		0		1,173,801

Short-term investments
Investment companies		5,642,176		4,571,856		0		10,214,032
	$	290,174,833	$	5,745,657	$	0	$	295,920,490
Disciplined Global Equity Fund

Equity securities
Common stocks		70,359,772		0		0		70,359,772
Preferred stocks		782,578		0		0		782,578

Short-term investments
Investment companies		413,618		8,836,096		0		9,249,714
U.S. Treasury obligations		99,995		0		0		99,995
	$	71,655,963	$	8,836,096	$	0	$	80,492,059
Diversified International Fund

Equity securities
Common stocks	$	535,005,148	$	0	$	0	$	535,005,148

Short-term investments
Investment companies		18,933,743		67,556,672		0		86,490,415
Total	$	553,938,891	$	67,556,672	$	0	$	621,495,563


90		Wells Fargo Advantage International Stock Funds		Notes to Financial Statements (Unaudited)


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

Equity securities
Common stocks	$	1,746,548,252	$	5,000,786	$	0	$	1,751,549,038
Preferred stocks		68,340,914		0		0		68,340,914
Rights		0		585		0		585

Convertible debenture		0		0		187,343		187,343

Short-term investments
Investment companies		200,822,550		349,220,149		0		550,042,699
Total	$	2,095,768,986	$	274,164,250	$	187,343	$	2,370,120,579
Global Opportunities Fund

Equity securities
Common stocks	$	386,986,256	$	0	$	4,089,283	$	391,075,539

Short-term investments
Investment companies		16,020,017		43,644,285		0		59,664,302
Total	$	403,006,273	$	43,644,285	$	4,089,283	$	450,739,841
International Equity Fund

Equity securities
Common stocks	$	600,420,549	$	0	$	0	$	600,420,549

Short-term investments
Investment companies		21,159,393		59,043,076		0		80,202,469
U.S. Treasury obligations		0		1,284,983		0		1,284,983
	$	621,579,942	$	60,328,059	$	0	$	681,908,001
Intrinsic World Equity Fund

Equity securities
Common stocks	$	104,744,935	$	0	$	0	$	104,744,935

Short-term investments
Investment companies		1,809,772		15,769,491		0		17,579,263
	$	106,554,707	$	15,769,491	$	0	$	122,324,198

Further details on the majority security types listed above can be found on the Funds’ Portfolios of Investments.

As of April 30, 2011, the inputs used in valuing each Fund’s other financial instruments, which are carried at fair value, were as follows:


Other financial instruments	Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Futures Contracts
Disciplined Global Equity Fund	$	23,488	$	0		$	0	$	23,488
International Equity Fund		1,437,466		0			0		1,437,466
Forward Foreign Currency Contracts
Diversified International Fund	$	0	$	(203,872	)	$	0	$	(203,872	)
Global Opportunities Fund		0		101,305			0		101,305
International Equity Fund		0		(704,944	)		0		(704,944	)


Notes to Financial Statements (Unaudited)		Wells Fargo Advantage International Stock Funds			91

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended April 30, 2011, the Funds did not have any significant transfers into/out of Level 1 and Level 2.

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


	Diversified International Fund			Emerging Market Equity Fund			Global Opportunities Fund
	Common stocks			Convertible debentures			Common stocks
Balance as of October 31, 2010	$	103,217		$	189,530		$	0
Accrued discounts (premiums)		0			0			0
Realized gains (losses)		0			0			0
Change in unrealized gains (losses)		(15,925	)		(2,187	)		0
Purchases		0			0			0
Sales		(87,292	)		0			0
Transfers into Level 3		0			0			4,089,283
Transfers out of Level 3		0			0			0
Balance as of April 30, 2011	$	0		$	187,343		$	4,089,283
Change in unrealized gains (losses) relating to securities still held at April 30, 2011	$	0		$	(2,187	)	$	0

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory Fees

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

Pursuant to the contract, Funds Management is paid an annual advisory fee which is calculated based on the average daily net assets of each Fund as follows:


	Advisory Fee						Effective rate for six months ended April 30, 2011
	starting at			declining to			Effective rate for six months ended April 30, 2011
Asia Pacific Fund		1.10	%		0.95	%		1.10	%
Disciplined Global Equity Fund		0.70			0.55			0.70
Diversified International Fund		0.85			0.70			0.85
Emerging Markets Equity Fund		1.10			0.95			1.04
Global Opportunities Fund		0.90			0.80			0.90
International Equity Fund		0.85			0.70			0.84
Intrinsic World Equity Fund		0.80			0.65			0.80


92		Wells Fargo Advantage International Stock Funds		Notes to Financial Statements (Unaudited)

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Funds. Funds Management has engaged Wells Capital Management, an affiliate of Funds Management, Metropolitan West Capital Management, LLC, a majority-owned subsidiary of Wells Fargo, Artisan Partners Limited Partnership and LSV Asset Management as sub-advisers. The fees related to sub-advisory services are borne directly by the adviser and do not increase the overall fees paid by a Fund to the adviser. The sub-advisers are each paid an annual sub-advisory fee which is calculated based on the average daily net assets of each Fund as follows:


		Sub-advisory Fee
	Sub-adviser	starting at			declining to
Asia Pacific Fund	Wells Capital Management		0.65	%		0.45	%
Disciplined Global Equity Fund	Wells Capital Management		0.35			0.30
Diversified International Fund	Artisan Partners Limited Partnership		0.80			0.50
	Wells Capital Management		0.45			0.40
	LSV Asset Management		0.35			0.30
Emerging Markets Equity Fund	Wells Capital Management		0.65			0.45
Global Opportunities Fund	Wells Capital Management		0.55			0.40
International Equity Fund	Wells Capital Management		0.45			0.40
Intrinsic World Equity Fund	Metropolitan West Capital Management, LLC.		0.35			0.20

Administration and transfer agent fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from each Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of each Fund increase and a class level administration fee which is calculated based on the average daily net assets of each Fund as follows:


	Class Level Administration Fee
Class A, Class B, Class C, and Class R		0.26	%
Administrator Class		0.10
Institutional Class		0.08
Investor Class		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 and Class C shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter of each Fund, at an annual rate of 0.75% of the average daily net assets of Class B and Class C shares and 0.25% of Class R shares.


Notes to Financial Statements (Unaudited)		Wells Fargo Advantage International Stock Funds			93

For the six months ended April 30, 2011, Wells Fargo Funds Distributor, LLC received the following amounts in front-end sales charges and contingent deferred sales charges.


	Front-end sales charges Class A		Contingent deferred sales charges
	Front-end sales charges Class A		Class A		Class B		Class C
Asia Pacific Fund	$	1,905	$	0		NA	$	4
Disciplined Global Equity Fund		523		0		NA		64
Diversified International Fund		439		0		854		256
Emerging Markets Equity Fund		108,781		13,330		26,066		7,272
Global Opportunities Fund		19,080		251		36,268		328
International Equity Fund		2,031		70		16,072		596
Intrinsic World Equity Fund		569		0		NA		0

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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities (securities with maturities of one year or less at purchase date), for the six months ended April 30, 2011 were as follows:


	Purchases at Cost		Sales Proceeds
Asia Pacific Fund	$	325,100,470	$	350,504,261
Disciplined Global Equity Fund		15,290,010		19,213,890
Diversified International Fund		142,312,444		135,037,800
Emerging Markets Equity Fund		336,312,529		68,816,916
Global Opportunities Fund		107,462,682		123,018,687
International Equity Fund		140,699,579		249,190,946
Intrinsic World Equity Fund		4,580,264		14,404,462

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2011, Disciplined Global Equity Fund and International Equity Fund entered into futures contracts for hedging purposes.

At April 30, 2011, Disciplined Global Equity Fund and International Equity Fund had long futures contracts outstanding as follows:


	Expiration Date		Contracts		Type		Initial Contract Amount		Value at April 30, 2011		Net Unrealized Gains (Losses)
Disciplined Global Equity Fund		June 2011		3 Long		FTSE 100 Index	$	288,359	$	302,317	$	13,958
		June 2011		2 Long		Euro STOXX 50 Index		84,701		87,299		2,598
		June 2011		6 Long		S&P 500 Index		400,978		407,910		6,932
International Equity Fund		June 2011		144 Long		MSCI EAFE Index		11,502,374		12,939,840		1,437,466

Disciplined Global Equity Fund and International Equity Fund had average notional amounts of $647,881 and $10,625,674, respectively, in long futures contracts during the six months ended April 30, 2011.


94		Wells Fargo Advantage International Stock Funds		Notes to Financial Statements (Unaudited)

On April 30, 2011, the cumulative unrealized gains on futures contracts in the amounts of $23,488 and $1,437,466 are reflected in net unrealized gains on investments on the Statements of Assets and Liabilities for Disciplined Global Equity Fund and International Equity Fund, respectively. 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.

During the six months ended April 30, 2011, the Diversified International Fund, Global Opportunities Fund and International Equity Fund entered into forward foreign currency contracts for hedging purposes.

At April 30, 2011, Diversified International Fund, Global Opportunities Fund and International Equity Fund had forward foreign currency contracts outstanding as follows:

Forward Foreign Currency Contracts to Buy:


	Exchange Date		Counterparty		Contracts to Receive		U.S. Value at April 30, 2011		In Exchange for U.S. $		Net Unrealized Gains (Losses)
Diversified International Fund		05/09/2011		Barclays		4,185,000 EUR	$	6,197,592	$	6,028,911	$	168,681
		05/09/2011		Barclays		2,741,700 GBP		4,579,311		4,418,935		160,376
Global Opportunities Fund		05/09/2011		Barclays		4,704,300 GBP		7,857,335		7,582,156		275,179
		05/09/2011		Barclays		4,704,300 GBP		7,857,335		7,649,968		207,367
International Equity Fund		05/09/2011		Barclays		14,455,600 EUR		21,407,386		20,824,739		582,647
		05/09/2011		Barclays		9,458,000 GBP		15,797,179		15,243,932		553,247

Forward Foreign Currency Contracts to Sell:


	Exchange Date		Counterparty		Contracts to Deliver		U.S. Value at April 30, 2011		In Exchange for U.S. $		Net Unrealized Gains (Losses)
Diversified International Fund		05/09/2011		Barclays		4,185,000 EUR	$	6,197,592	$	5,697,417	$	(500,175	)
		05/09/2011		Barclays		2,741,700 GBP		4,579,311		4,421,307		(158,004	)
		06/20/2011		JPMorgan		355,418,000 JPY		4,382,556		4,507,806		125,250
Global Opportunities Fund		05/09/2011		Barclays		9,408,600 GBP		15,714,669		15,172,449		(542,220	)
		06/20/2011		JPMorgan		456,804,000 JPY		5,632,717		5,793,696		160,979
International Equity Fund		05/09/2011		Barclays		14,455,600 EUR		21,407,386		19,679,709		(1,727,677	)
		05/09/2011		Barclays		9,458,000 GBP		15,797,179		15,252,113		(545,066	)
		06/20/2011		JPMorgan		1,225,600,000 JPY		15,112,518		15,544,423		431,905

The Funds had average market values in forward foreign currency contracts during the six months ended April 30, 2011 as follows.


	Forward Foreign Currency Exchange Contracts to Buy		Forward Foreign Currency Exchange Contracts to Sell
Diversified International Fund	$	2,006,706	$	6,107,609
Global Opportunities Fund		6,816,602		12,027,958
International Equity Fund		6,236,891		20,376,195

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


Notes to Financial Statements (Unaudited)		Wells Fargo Advantage International Stock Funds			95

7. ACQUISITIONS

After the close of business on July 16, 2010, Emerging Markets Equity Fund (formerly Wells Fargo Advantage Emerging Markets Equity Fund II) acquired the net assets of Evergreen Emerging Markets Growth Fund and Wells Fargo Advantage Emerging Markets Equity 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 Emerging Markets Growth Fund and Wells Fargo Advantage Emerging Markets Equity Fund. Shareholders holding Class A, Class B and Class C shares of Evergreen Emerging Markets Growth Fund and Wells Fargo Advantage Emerging Markets Equity Fund received Class A, Class B and Class C shares, respectively, of Emerging Markets Equity Fund in the reorganizations. Class I shares of Evergreen Emerging Markets Growth Fund received Administrator Class shares of Emerging Markets Equity Fund. Administrator Class shares of Wells Fargo Advantage Emerging Markets Equity Fund received Administrator Class shares of Emerging Markets Equity Fund. The investment portfolio of Evergreen Emerging Markets Growth Fund and Wells Fargo Advantage Emerging Markets Equity Fund with fair values of $940,934,846 and $104,854,236, respectively, and identified costs of $794,372,539 and $105,814,107, respectively, at July 16, 2010, were the principal assets acquired by Emerging Markets Equity Fund. For financial reporting purposes, assets received and shares issued by Emerging Markets Equity Fund were recorded at fair value; however, the cost basis of the investments received from Evergreen Emerging Markets Growth Fund and Wells Fargo Advantage Emerging Markets Equity Fund were carried forward to align ongoing reporting of Emerging Markets Equity 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:


Acquired Fund	Value of Net Assets Acquired		Unrealized Gains (Losses)			Exchange Ratio		Number of Shares Issued
Evergreen Emerging Markets Growth Fund	$	942,448,909	$	146,562,307			1.00		28,326,028	Class A
							1.00		1,563,012	Class B
							1.00		9,580,034	Class C
							1.00		12,984,854	Administrator Class
Wells Fargo Advantage Emerging Markets Equity Fund	$	140,035,923	$	(959,871	)		1.86		6,401,149	Class A
							2.04		178,594	Class B
							2.05		120,371	Class C
							1.78		954,372	Administrator Class

The aggregate net assets of Emerging Markets Equity Fund immediately after the acquisitions were $1,082,484,832.

Assuming the acquisitions had been completed November 1, 2009, the beginning of the annual reporting period for Emerging Markets Equity Fund, the pro forma results of operations for the year ended October 31, 2010 would have been


Net investment income (loss)	$	1,886,861
Net realized and unrealized gains (losses) on investments	$	253,695,622
Net increase (decrease) in net assets resulting from operations	$	255,582,483

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 Evergreen Emerging Markets Growth Fund and Wells Fargo Advantage Emerging Markets Equity Fund that have been included in Emerging Markets Equity Fund’s Statement of Operations since July 19, 2010.

Effective at the close of business on July 16, 2010, Wells Fargo Advantage International Core Fund acquired the net assets of Evergreen International Equity Fund. Wells Fargo Advantage International Core Fund was renamed Wells Fargo Advantage International Equity Fund after the reorganization and became the legal survivor in the transaction. Evergreen International Equity Fund became the accounting and performance survivor in the transaction. The purpose of the transaction was to combine 2 funds with similar investment objectives and strategies. The acquisition was accomplished

by a tax-free exchange of all of the shares of Evergreen International Equity Fund. Shareholders holding Class A, Class B,


96		Wells Fargo Advantage International Stock Funds		Notes to Financial Statements (Unaudited)

Class C, Class I and Class R shares of Evergreen International Equity Fund received Class A, Class B, Class C, Institutional Class and Class R shares, respectively, of the International Equity Fund in the reorganization. The exchange ratio and number of shares issued to the Evergreen International Equity Fund were as follows:


Acquired Fund	Value of Net Assets Acquired		Unrealized Gains		Exchange Ratio		Number of Shares Issued
Evergreen International Equity Fund	$	628,217,626	$	3,445,411		0.72		23,466,321	Class A
						0.72		2,096,391	Class C
						0.71		3,385,599	Administrator Class
						0.72		41,069,005	Institutional Class
						0.71		444,042	Class R

The investment portfolio of the International Equity Fund with a fair value of $3,465,243, identified cost of $3,076,152 and unrealized appreciation of $389,091 at July 16, 2010 were the principal assets acquired by the accounting and performance survivor. The shares and net assets of the International Equity Fund immediately prior to the acquisition were 388,539 and $3,445,411, respectively. The aggregate net assets of Evergreen International Equity Fund immediately prior to the acquisition was $628,217,626. The aggregate net assets of the International Equity Fund immediately after the acquisition were $631,663,037. For financial reporting purposes, assets received and shares issued by International Equity Fund were recorded at fair value; however, the cost basis of the investments received from International Equity Fund was carried forward to align ongoing reporting of International Equity Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed November 1, 2009, the beginning of the annual reporting period for International Equity Fund, the pro forma results of operations for the year ended October 31, 2010 would have been:


Net investment income (loss)	$	7,904,908
Net realized and unrealized gains (losses) on investments	$	113,855,703
Net increase (decrease) in net assets resulting from operations	$	121,760,611

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 International Equity Fund that have been included in the 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.

During the six months ended April 30, 2011, the Funds had the following borrowing activity:


	Average Borrowings Outstanding		Weighted Average Interest Rate (annualized)			Interest Paid
Asia Pacific Fund	$	50,743		1.48	%	$	751
International Equity Fund		227,867		1.50			3,418

9. REGULATORY SETTLEMENT PROCEEDS

During the year ended October 31, 2010, Disciplined Global Equity received $2,080,711 due to the settlement of administrative proceedings against an unaffiliated third party involving findings by the Securities and Exchange Commission of market timing activity in certain mutual funds. The settlement proceeds received are recorded as an increase to paid-in capital in the financial statements of Disciplined Global Equity Fund contained herein.


Notes to Financial Statements (Unaudited)		Wells Fargo Advantage International Stock Funds			97

10. INDEMNIFICATION

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

11. REORGANIZATION

At a regular meeting of the Board of Trustees held on May 18-19, 2011, the Trustees approved the reorganization of Disciplined Global Equity Fund into Intrinsic World Equity Fund. Under the reorganization, Intrinsic World Equity Fund will acquire the assets and assume the liabilities of Disciplined Global Equity Fund in exchange for shares of Intrinsic World Equity Fund.

A Special Meeting of Shareholders of Disciplined Global Equity Fund will be held in August 2011 to consider and vote on the reorganization. In July 2011, materials for this meeting will be mailed to shareholders of record on May 26, 2011.


98		Wells Fargo Advantage International Stock Funds		Other Information (Unaudited)

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Funds 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 the 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.

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 www.wellsfargo.com/advantagefunds or by visiting the SEC Web site at www.sec.gov.


Other Information (Unaudited)		Wells Fargo Advantage International Stock Funds			99

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 Information¹ of 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 Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	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, In c. (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 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of Corporate Governance Research Program and 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


100		Wells Fargo Advantage International Stock Funds		Other Information (Unaudited)


Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships
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 In dependent 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 Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing 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.
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.


Other Information (Unaudited)		Wells Fargo Advantage International Stock Funds			101

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

Asia Pacific Fund, Disciplined Global Equity Fund, Diversified International Fund, Emerging Markets Equity Fund, Global Opportunities Fund, International Equity Fund and Intrinsic World Equity Fund

Each year, as required by Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), determines whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in person meeting held on March 24-25, 2011 (the “Meeting”), the Board reviewed and re-approved: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for each of the Asia Pacific Fund, Disciplined Global Equity Fund, Diversified International Fund, Emerging Markets Equity Fund, Global Opportunities Fund, International Equity Fund and Intrinsic World Equity Fund (collectively, the “Funds”); (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“Wells Capital Management”) for each of the Asia Pacific Fund, Disciplined Global Equity Fund, Diversified International Fund, Emerging Markets Equity Fund, Global Opportunities Fund and International Equity Fund; (iii) an investment sub-advisory agreement with Artisan Partners Limited Partnership (“Artisan”) for the Diversified International Fund; (iv) an investment sub-advisory agreement with LSV Asset Management (“LSV”) for the Diversified International Fund; and (v) an investment sub-advisory agreement with Metropolitan West Capital Management, LLC (“MetWest”) for the Intrinsic World Equity Fund. The investment advisory agreements with Funds Management and the investment sub-advisory agreements with Wells Capital Management, Artisan, LSV and MetWest (the “Sub-Advisers”) are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Advisers and continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board also met throughout the year and received information that was useful to them in considering the continuation of the Advisory Agreements. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Funds Management.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Funds by Funds Management and the Sub-Advisers under the Advisory Agreements. The Board also received and considered information provided in response to a detailed set of requests submitted by the Independent Trustees’ independent legal counsel on their behalf. The Board received and considered, among other things, information about the background and experience of senior management of Funds Management, and the qualifications, backgrounds, tenures and responsibilities of the portfolio managers primarily responsible for the day-to-day portfolio management of the Funds.

The Board evaluated the ability of Funds Management and the Sub-Advisers, based on their respective financial condition, resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Advisers. In addition, the Board took into account the administrative services provided to the Funds by Funds Management and its affiliates.

The Board’s decision to approve the continuation of the Advisory Agreements was based on a comprehensive evaluation of all of the information provided to it. In approving the continuation of the Advisory Agreements, the Board did not identify any particular information or consideration that was all-important or controlling, and each Trustee attributed different weights to various factors. The Board evaluated information provided to it both in terms of the Funds generally and with respect to each Fund specifically as it considered appropriate. Although the Board considered the continuation of the Advisory Agreements for each of the Funds as part of the larger process of considering the continuation of the Advisory Agreements for all of the Funds, its decision to continue the Advisory Agreements for each of the Funds was ultimately made on a fund-by-fund basis.


102		Wells Fargo Advantage International Stock Funds		Other Information (Unaudited)

In considering these matters, the Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Advisers about various topics, including Funds Management’s oversight of service providers. The above factors, together with those referenced below, are some of the most important, but not necessarily all, factors considered by the Board in concluding that it was satisfied with the nature, extent and quality of the investment advisory services provided to each Fund by Funds Management and the respective Sub-Adviser.

Fund performance and expenses

The Board considered the performance results for each of the Funds over various time periods ended December 31, 2010. The Board also considered these results in comparison to the median performance of a universe of relevant funds (the “Universe”) that were determined by Lipper Inc. (“Lipper”) to be similar to the Funds, and in comparison to each Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the Universe.

The Board noted that the performance of the Disciplined Global Equity Fund, the Emerging Markets Equity Fund, the Global Opportunities Fund and the Intrinsic World Equity Fund was generally higher than the median performance of the Universe. The Board also noted that the more recent performance of the Diversified International Fund and the International Equity Fund was higher than the median performance of the Universe and the longer-term performance was lower than the median performance of the Universe. The Board also noted that the longer-term performance of the Asia Pacific Fund was higher than the median performance of the Universe and the more recent performance was lower than the median performance of the Universe. Furthermore, the Board noted that performance of each of the Asia Pacific Fund, the Global Opportunities Fund, the International Equity Fund and the Intrinsic World Equity Fund warranted further discussion. As part of its further review, the Board received an analysis of, and discussed factors contributing to, the underperformance of the Asia Pacific Fund, the Global Opportunities Fund, the International Equity Fund and the Intrinsic World Equity Fund relative to the Universe. The Board noted (i) that the Asia Pacific Fund’s rolling one-year results have been in an upward trend since mid-2009; (ii) that the Global Opportunities Fund and the International Equity Fund outperformed their benchmarks for the most recent period under review; and (iii) that the Intrinsic World Equity Fund’s annualized three-year results were above its benchmark. The Board was satisfied that Funds Management and the Sub-Advisers were taking appropriate actions with respect to each of the Fund’s investment performance and requested continued reports on the performance of each of the Funds.

The Board received and considered information regarding each Fund’s contractual advisory fee and net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any), transfer agent, custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 fees, service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of an expense Universe and a narrower expense group of mutual funds (each, an “Expense Group”) that was determined by Lipper to be similar to each Fund. The Board received a description of the methodology used by Lipper to select the mutual funds in a Fund’s Expense Group. The Board noted that the net operating expense ratios of each of the Funds were in range of or lower than each Fund’s respective Expense Group’s median net operating expense ratio.

Based on the above-referenced considerations and other factors, the Board concluded that the overall performance and expense structure of the Funds supported the re-approval of the Advisory Agreements for the Funds.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Funds to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Funds’ administration fee rates. The Board took into account the separate administrative and other services covered by the administration fee rates. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Advisers for investment sub-advisory services (the “Sub-Advisory Agreement Rates”). In addition, the Board reviewed and considered the existing fee waiver/cap arrangements applicable to the Advisory Agreement Rates and considered the Advisory Agreement Rates after taking the waivers/caps into account (the “Net Advisory Rates”).


Other Information (Unaudited)		Wells Fargo Advantage International Stock Funds			103

Class A of each of the Funds were higher than the median rate of each Fund’s Expense Group, except for the International Equity Fund and the Intrinsic World Equity Fund. The Board also noted that the Advisory Agreement Rates for the Administrator Class and Institutional Class of each of the Funds, except for the Global Opportunities Fund (Administrator Class), were in range of or not appreciably higher the median rate of each Fund’s Expense Group. The Board noted that the Net Advisory Rates for each of the Funds were in range of or lower than the median rates of each Fund’s respective Expense Group, except for the Diversified International Fund (Class A), Emerging Markets Equity Fund (Class A) and the Global Opportunities Fund (Class A). The Board further noted that Funds Management had agreed to continue and, in certain instances, reduce contractual fee cap arrangements for the Funds designed to lower the Funds’ expenses.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Advisers to other types of clients. In this regard, the Board received information about differences between the services, and the compliance, reporting, and other legal burdens and risks of providing investment advice to mutual funds and those associated with providing advice to non-mutual fund clients such as collective funds or institutional separate accounts. In each case, the Board determined that the Advisory Agreement Rates for the Funds, both with and without administration fee rates and before and after waivers, were acceptable in light of the Funds’ Expense Group information, the net expense ratio commitments, the services covered by the Advisory Agreements and other information provided.

The Board also reviewed and considered the Sub-Advisory Agreement Rates and concluded that the Sub-Advisory Agreement Rates were acceptable in light of the services covered by the Sub-Advisory Agreement and other information provided.

Profitability

The Board received and considered a profitability analysis of Funds Management, as well as an analysis of the profitability to the collective Wells Fargo businesses that provide services to the Funds. It considered that the information provided to it was necessarily estimated, and that the profitability information provided to it, especially on a fund-by-fund basis, did not necessarily provide a precise tool for evaluating the appropriateness of each Fund’s Advisory Agreement Rates in isolation. It noted that the levels of profitability of the Funds to Funds Management varied widely, depending on, among other things, the size and type of fund. The Board concluded that the profitability to Funds Management of the services provided to any of the Funds, individually or in the aggregate, was not unreasonable.

The Board did not consider separate profitability information with respect to Wells Capital Management and MetWest, because, as affiliates of Funds Management, their profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management. The Board did not consider separate profitability information with respect to Artisan and LSV, which are not affiliated with Funds Management. The Board considered that the sub-advisory fees paid to Artisan and LSV had been negotiated by Funds Management on an arm’s-length basis and that their profitability from their relationships with the Diversified International Fund, was not a material factor in determining whether to renew the agreements.

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in each Fund’s advisory fee structure, which operate generally to reduce the effective Advisory Agreement Rates of the Funds (as a percentage of Fund assets) as the Funds grow in size. It considered that, as a fund shrinks in size, breakpoints conversely result in increasing fee levels. The Board noted that it would continue to review the appropriate levels of breakpoints in the future, and concluded that the breakpoints as implemented appeared to be a reasonable step toward sharing economies of scale with the Funds. However, the Board acknowledged the inherent limitations of any analysis of an investment adviser’s economies of scale and of any attempt to correlate breakpoints with such economies, stemming largely from the Board’s understanding that economies of scale are realized, if at all, by an investment adviser across a variety of products and services, not just with respect to a single fund.

Other benefits to Funds Management and the Sub-Advisers


104		Wells Fargo Advantage International Stock Funds		Other Information (Unaudited)

Sub-Adviser’s business as a result of their relationship with the Funds (such as the ability to market to shareholders other financial products offered by Funds Management and its affiliates or the Sub-Adviser and their affiliates).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Funds and receives certain compensation for those services. The Board noted that the Funds pay sub-transfer agency fees to various financial institutions, including affiliates of Funds Management that hold fund shares in omnibus accounts. It also considered that these entities may receive distribution-related fees and shareholder servicing payments (including amounts derived from payments under the funds’ Rule 12b-1 plans) in respect of shares sold or held through them.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized and any benefits that may be realized by using an affiliated broker.

Other factors and broader review

The Board also considered the markets for distribution of the Funds’ shares, including the multiple channels through which the Funds’ shares are offered and sold. The Board noted that the Funds are part of one of the few fund families that have both direct-to-fund and intermediary distribution channels. As discussed above, the Board reviews detailed materials received from Funds Management and each Sub-Adviser annually as part of the re-approval process under Section 15 of the 1940 Act and also reviews and assesses information about the quality of the services that the Funds receive throughout the year. In this regard, the Board has reviewed reports of Funds Management at each of its quarterly meetings, which include, among other things, portfolio reviews and performance reports. In addition, the Board confers with portfolio managers at various times throughout the year.

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board concluded that approval of the continuation of the Advisory Agreements for the Funds was in the best interest of the Funds and their shareholders. Accordingly, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.


List of Abbreviations		Wells Fargo Advantage International Stock Funds			105

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) IX IS 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

REIT	— Real Estate Investment Trust

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

TCR	— 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.

LOGO

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.

Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

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

www.wellsfargo.com/advantagefunds

202911 06-11

SINTLD/SAR108 04-11

LOGO

Semi-Annual Report

April 30, 2011

WELLS FARGO ADVANTAGE SMALL AND MID CAP STOCK FUNDS

Wells Fargo Advantage Intrinsic Small Cap Value Fund

Wells Fargo Advantage Small Cap Growth Fund

Wells Fargo Advantage Small Cap Opportunities Fund

Wells Fargo Advantage Small Cap Value Fund

Wells Fargo Advantage Small/Mid Cap Value Fund

Wells Fargo Advantage Special Small Cap Value Fund

Wells Fargo Advantage Traditional Small Cap Growth Fund

Reduce clutter. Save trees.

Contents


Letter to Shareholders			2

Performance Highlights
Wells Fargo Advantage Intrinsic Small Cap Value Fund			4
Wells Fargo Advantage Small Cap Growth Fund			6
Wells Fargo Advantage Small Cap Opportunities Fund			8
Wells Fargo Advantage Small Cap Value Fund			10
Wells Fargo Advantage Small/Mid Cap Value Fund			12
Wells Fargo Advantage Special Small Cap Value Fund			14
Wells Fargo Advantage Traditional Small Cap Growth Fund			16

Fund Expenses			18

Portfolio of Investments
Wells Fargo Advantage Intrinsic Small Cap Value Fund			21
Wells Fargo Advantage Small Cap Growth Fund			25
Wells Fargo Advantage Small Cap Opportunities Fund			30
Wells Fargo Advantage Small Cap Value Fund			37
Wells Fargo Advantage Small/Mid Cap Value Fund			43
Wells Fargo Advantage Special Small Cap Value Fund			50
Wells Fargo Advantage Traditional Small Cap Growth Fund			57

Financial Statements
Statements of Assets and Liabilities			62
Statements of Operations			64
Statements of Changes in Net Assets			66
Financial Highlights			74

Notes to Financial Statements			84

Other Information			97

List of Abbreviations			104

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

LOGO

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 $241 billion in assets under management, as of April 30, 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.

†

Not part of the semi-annual report.


2		Wells Fargo Advantage Small and Mid Cap Stock Funds		Letter to Shareholders

LOGO

Karla M. Rabusch,

President

Wells Fargo Advantage Funds

Interest rates rose for the period as investors demanded more yield to compensate for potentially higher inflation, with longer-term bonds showing the largest rate increases.

Dear Valued Shareholder,

We are pleased to provide you with this semi-annual report for the Wells Fargo Advantage Small and Mid Cap Stock Funds for the six-month period that ended April 30, 2011. The period was marked by growing optimism, as most economic data continued to point toward recovery—even as a sluggish employment market remained worrisome. Most major areas of the global stock market ended the period with double-digit gains, but persistently high prices for commodities such as oil, cotton, and corn led to increased fears of inflation and higher interest rates. As a result, most bond market sectors posted either modest gains or moderate losses.

Solid economic reports helped support a stock market rally.

Economic numbers throughout the reporting period supported the case for a gradual recovery. Reported real gross domestic product (GDP) grew by 3.1% in the fourth quarter of 2010. Although GDP growth slowed in the first quarter of 2011, it remained solidly positive at 1.8%, supporting consensus opinion that a double-dip recession was unlikely. The unemployment rate began the period at 9.7% in October 2010 and ended the period modestly lower at 9.0% in April 2011. This still stubbornly high unemployment rate was the main sour note and the primary reason why most analysts believed that an economic recovery would be gradual. Persistent weakness in the housing market remained another source of concern, and by the end of the period, higher prices for food and energy led to concerns about renewed inflation. Interest rates rose for the period as investors demanded more yield to compensate for potentially higher inflation, with longer-term bonds showing the largest rate increases.

Europe’s sovereign debt problems weighed on confidence.

Even before the period began, investors were concerned about the possibility that eurozone member Greece would default on its sovereign debt. Greece applied for a bailout from the European Union and the International Monetary Fund in April 2010, and Ireland followed in November. Portugal also requested a bailout in early April 2011. Concerns about default led to worries about the debt burdens of other member states such as Italy and Spain and about the effect of possible defaults on European banks and pension funds. Despite the debt worries, European stocks rallied during the period. The euro weakened in late 2010 but later recovered, and toward the end of the period, it was trading at levels last reached in late 2009.

Central banks continued to provide stimulus.

Throughout the reporting period, the Federal Open Market Committee (FOMC) kept its key interest rates at effectively zero in order to support the financial system. In November the Federal Reserve (Fed) announced a second round of monetary stimulus in which it planned to purchase $600 billion in long-term U.S. Treasuries by the end of the second quarter of 2011, as well as reinvest an additional $250 billion to $300 billion in Treasuries with the proceeds from earlier investments. At the beginning of the period, the European Central Bank (ECB) had a key rate of 1.00% but raised it to 1.25% in early April in an attempt to keep inflation in check. The ECB continued to provide unlimited liquidity for banks and, in December 2010, announced the purchase of Irish and Portuguese bonds in an attempt to reduce those countries’ borrowing costs.


Letter to Shareholders		Wells Fargo Advantage Small and Mid Cap Stock Funds			3

Global stock markets rallied, but bonds posted losses on fears of renewed inflation.

For the period, domestic small-cap stocks outperformed large-cap stocks as investors bid up shares in companies that stood to gain the most from resumed economic growth. Both developed and emerging markets stocks posted solid gains for the period, as measured by the MSCI indexes.

Within the fixed-income universe, higher interest rates put pressure on bond prices. Although high-grade corporate bonds eked out a modest gain for the period, intermediate and longer-term U.S. Treasury bonds posted losses. High-yield bonds continued to post gains on improved economic conditions and investors’ increased willingness to take on credit risk in exchange for higher yields.

Many variables are at work in the market.

The full effect of the credit crisis remains unknown. Elevated unemployment and debt defaults continue to pressure consumers and businesses alike.

Experience tells us that strict adherence to time-tested strategies has its rewards. As a whole, Wells Fargo Advantage Funds represents investments across a range of asset classes and investment styles, giving you an opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, it does provide you with one way of managing risk.

Thank you for choosing to invest with Wells Fargo Advantage Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs. For current information about your fund investments, contact your investment professional, visit our website at www.wellsfargo.com/advantagefunds, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

For the period, domestic small-cap stocks outperformed large-cap stocks as investors bid up shares in companies that stood to gain the most from resumed economic growth.


4		Wells Fargo Advantage Small and Mid Cap Stock Funds		Performance Highlights

Wells Fargo Advantage Intrinsic Small Cap Value Fund

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Metropolitan West Capital Management, LLC

PORTFOLIO MANAGERS

Alex Alvarez, CFA

Samir Sikka

FUND INCEPTION

March 28, 2002


TEN LARGEST EQUITY HOLDINGS¹ (AS OF APRIL 30, 2011)
Entegris Incorporated			3.04%
Covance Incorporated			2.91%
Ralcorp Holdings Incorporated			2.43%
Cathay General Bancorp			2.20%
Electronics For Imaging Incorporated			2.17%
Landstar Systems Incorporated			2.15%
Jabil Circuit Incorporated			2.04%
Charles River Laboratories International Incorporated			2.04%
Steris Corporation			2.00%
Amedisys Incorporated			1.97%


SECTOR DISTRIBUTION² (AS OF APRIL 30, 2011)

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

2.	Sector distribution is subject to change and is calculated based on the total common stocks of the Fund.


Performance Highlights		Wells Fargo Advantage Small and Mid Cap Stock Funds			5

Wells Fargo Advantage Intrinsic Small Cap Value Fund (continued)

AVERAGE ANNUAL TOTAL RETURN³ (%) (AS OF APRIL 30, 2011)


			Including Sales Charge									Excluding Sales Charge								Expense Ratios⁴
	Inception Date		6-Months*		1-Year		5-Year			Life of Fund		6-Months*		1-Year		5-Year		Life of Fund		Gross		Net⁵
Class A (WFSMX)		03/31/2008		14.06		7.53		(0.16	)		8.69		21.00		14.06		1.03		9.40		1.50%		1.46%
Class C (WSCDX)		03/31/2008		19.67		12.26		0.33			8.75		20.67		13.26		0.33		8.75		2.25%		2.21%
Administrator Class (WFSDX)		04/08/2005											21.21		14.38		1.33		9.62		1.34%		1.21%
Institutional Class (WFSSX)		04/08/2005											21.29		14.57		1.53		9.76		1.07%		1.01%
Investor Class (SCOVX)		03/28/2002											20.95		14.04		1.00		9.38		1.57%		1.50%
Russell 2000^® Value Index⁶													20.31		14.57		2.50		7.60

*	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. Smaller company stocks tend to be more volatile and less liquid than those of larger companies. 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.

Prior to June 1, 2010, the Fund was named Wells Fargo Advantage Small Cap Disciplined Fund. Metropolitan West Capital Management, LLC replaced Wells Capital Management as a sub-adviser for the Fund effective June 1, 2010. Accordingly, performance figures shown prior to June 1, 2010 do not reflect the principal investment strategies or performance of Metropolitan West Capital Management, LLC. Historical performance shown for Class A, the Administrator Class and the 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. Historical performance shown for Class C shares prior to their 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 most recent prospectuses.

The Adviser has committed through February 29, 2012 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.45% for Class A, 2.20% for Class C, 1.20% for Administrator Class, 1.00% for Institutional Class and 1.49% for Investor Class. Without this cap, the Fund’s returns would have been lower.

6.	The Russell 2000^® Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. You cannot invest directly in an index.


6		Wells Fargo Advantage Small and Mid Cap Stock Funds		Performance Highlights

Wells Fargo Advantage Small Cap Growth Fund

The Fund is closed to new investors¹.

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

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

July 13, 1990


TEN LARGEST EQUITY HOLDINGS² (AS OF APRIL 30, 2011)
iShares Russell 2000 Growth Index Fund			4.90%
Polypore International Incorporated			2.30%
Northern Oil & Gas Incorporated			2.24%
HMS Holdings Corporation			2.11%
Aruba Networks Incorporated			2.00%
Microsemi Corporation			1.90%
Shutterfly Incorporated			1.79%
Gaylord Entertainment Company			1.78%
GSI Commerce Incorporated			1.72%
Life Time Fitness Incorporated			1.71%


SECTOR DISTRIBUTION³ (AS OF APRIL 30, 2011)

1.	The Fund is closed to all new investors except those that invest through existing wrap programs and registered investment advisors (RIAs) that use the Fund in existing models. Please see the Statement of Additional Information for further details.

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

3.	Sector distribution is subject to change and is calculated based on the total common stocks of the Fund.


Performance Highlights		Wells Fargo Advantage Small and Mid Cap Stock Funds			7

Wells Fargo Advantage Small Cap Growth Fund (continued)

AVERAGE ANNUAL TOTAL RETURN⁴ (%) (AS OF APRIL 30, 2011)


			Including Sales Charge								Excluding Sales Charge								Expense Ratios⁵
	Inception Date		6-Months*		1-Year		5-Year		10-Year		6-Months*		1-Year		5-Year		10-Year		Gross		Net⁶
Class A (MNSCX)		07/13/1990		15.58		10.84		6.28		6.64		22.63		17.60		7.55		7.27		1.40%		1.40%
Class B (WMNBX)**		06/06/2003		17.20		11.75		6.40		6.71		22.20		16.75		6.71		6.71		2.15%		2.15%
Class C (WMNCX)		06/06/2003		21.25		15.80		6.72		6.47		22.25		16.80		6.72		6.47		2.15%		2.15%
Administrator Class (WMNIX)		06/06/2003										22.71		17.85		7.74		7.43		1.24%		1.21%
Institutional Class (WFSIX)		04/08/2005										22.99		18.20		8.08		7.63		0.97%		0.91%
Investor Class (WFSZX)		04/08/2005										22.60		17.53		7.40		7.11		1.47%		1.47%
Russell 2000^® Growth Index⁷												27.07		30.29		5.14		5.59

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

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

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.

Historical performance shown for Class B, Class C and the Investor Class shares prior to their inception reflects the performance of Class A shares, adjusted to reflect the higher expenses applicable to Class B, Class C and the Investor Class shares. Historical performance shown for the Institutional Class shares prior to their 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 the Administrator Class shares prior to their inception reflects the performance of Class A shares, and includes the higher expenses applicable to Class A shares. If these expenses had not been included, returns would be higher. Effective June 20, 2008, Class Z was renamed Investor Class and modified to assume the features and attributes of the Investor Class.

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

The Adviser has committed through February 29, 2012 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.40% for Class A, 2.15% for Class B, 2.15% for Class C, 1.20% for Administrator Class, 0.90% for Institutional Class and 1.47% for Investor Class. Without this cap, the Fund’s returns would have been lower.

7.	The Russell 2000^® Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.


8		Wells Fargo Advantage Small and Mid Cap Stock Funds		Performance Highlights

Wells Fargo Advantage Small Cap Opportunities Fund

The Fund is closed to new investors¹.

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Schroder Investment Management North America Inc.

PORTFOLIO MANAGER

Jenny B. Jones

FUND INCEPTION

August 1, 1993


TEN LARGEST EQUITY HOLDINGS² (AS OF APRIL 30, 2011)
iShares Russell 2000 Index Fund			2.93%
Helix Energy Solutions Group Incorporated			1.49%
Cooper Companies Incorporated			1.38%
Home Properties Incorporated			1.36%
Superior Energy Services Incorporated			1.24%
Parametric Technology Corporation			1.24%
Cleco Corporation			1.19%
AboveNet Incorporated			1.12%
SM Energy Company			1.11%
Ocwen Financial Corporation			1.06%


SECTOR DISTRIBUTION³ (AS OF APRIL 30, 2011)

1.	Please see the Statement of Additional Information for further details.

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

3.	Sector distribution is subject to change and is calculated based on the total common stocks of the Fund.


Performance Highlights		Wells Fargo Advantage Small and Mid Cap Stock Funds			9

Wells Fargo Advantage Small Cap Opportunities Fund (continued)

AVERAGE ANNUAL TOTAL RETURN (%) (AS OF APRIL 30, 2011)


											Expense Ratios⁴
	Inception Date		6-Months*		1-Year		5-Year		10-Year		Gross		Net⁵
Administrator Class (NVSOX)		08/01/1993		18.83		20.45		6.98		10.26		1.25%		1.23%
Russell 2000^® Index⁶				23.73		22.20		3.89		7.34

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

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Current month-end performance is available on the Fund’s Web site – www.wellsfargo.com/advantagefunds.

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

Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.

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

The Adviser has committed through February 29, 2012 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.20% for Administrator Class. Without this cap, the Fund’s returns would have been lower.

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


10		Wells Fargo Advantage Small and Mid Cap Stock Funds		Performance Highlights

Wells Fargo Advantage Small Cap Value Fund

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGER

I. Charles Rinaldi

FUND INCEPTION

December 31, 1997


TEN LARGEST EQUITY HOLDINGS¹ (AS OF APRIL 30, 2011)
Randgold Resources Limited ADR			6.15%
InterOil Corporation			5.95%
Chimera Investment Corporation			3.45%
McMoRan Exploration Company			2.60%
Range Resources Corporation			2.43%
Chicago Bridge & Iron Company NV			2.31%
United Continental Holdings Incorporated			1.84%
ION Geophysical Corporation			1.80%
Global Industries Limited			1.49%
Newpark Resources Incorporated			1.45%


SECTOR DISTRIBUTION² (AS OF APRIL 30, 2011)

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

2.	Sector distribution is subject to change and is calculated based on the total common stocks of the Fund.


Performance Highlights		Wells Fargo Advantage Small and Mid Cap Stock Funds			11

Wells Fargo Advantage Small Cap Value Fund (continued)

AVERAGE ANNUAL TOTAL RETURN³ (%) (AS OF APRIL 30, 2011)


			Including Sales Charge								Excluding Sales Charge								Expense Ratios⁴
	Inception Date		6-Months*		1-Year		5-Year		10-Year		6-Months*		1-Year		5-Year		10-Year		Gross		Net⁵
Class A (SMVAX)		11/30/2000		7.99		8.58		4.61		10.28		14.57		15.19		5.86		10.93		1.36%		1.32%
Class B (SMVBX)**		11/30/2000		9.14		9.31		4.73		10.35		14.14		14.31		5.06		10.35		2.11%		2.07%
Class C (SMVCX)		11/30/2000		13.14		13.35		5.07		10.11		14.14		14.35		5.07		10.11		2.11%		2.07%
Administrator Class (SMVDX)		07/30/2010										14.64		15.43		6.06		11.02		1.20%		1.12%
Institutional Class (WFSVX)		07/31/2007										14.80		15.68		6.25		11.21		0.93%		0.93%
Investor Class (SSMVX)		12/31/1997										14.55		15.20		5.92		11.04		1.43%		1.35%
Russell 2000^® Value Index⁶												20.31		14.57		2.50		8.69

*	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.

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.

Historical performance shown for the Administrator Class shares prior to their 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 the 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. Effective June 20, 2008, Class Z was renamed Investor Class and modified to assume the features and attributes of the Investor Class.

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

The Adviser has committed through February 29, 2012 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.30% for Class A, 2.05% for Class B, 2.05% for Class C, 1.10% for Administrator Class, 0.95% for Institutional Class and 1.33% for Investor Class. Without this cap, the Fund’s returns would have been lower.

6.	The Russell 2000^® Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. You cannot invest directly in an index.


12		Wells Fargo Advantage Small and Mid Cap Stock Funds		Performance Highlights

Wells Fargo Advantage Small/Mid Cap Value Fund

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

Erik C. Astheimer

I. Charles Rinaldi

Michael Schneider, CFA

FUND INCEPTION

March 28, 2002


TEN LARGEST EQUITY HOLDINGS¹ (AS OF APRIL 30, 2011)
InterOil Corporation			4.98%
Randgold Resources Limited ADR			4.84%
Chimera Investment Corporation			3.10%
McMoRan Exploration Company			2.53%
Minera Andes Incorporated			1.96%
Trilogy Energy Corporation			1.94%
Primoris Services Corporation			1.92%
Range Resources Corporation			1.89%
Sandvine Corporation			1.78%
Newpark Resources Incorporated			1.62%


SECTOR DISTRIBUTION² (AS OF APRIL 30, 2011)

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

2.	Sector distribution is subject to change and is calculated based on the total common stocks of the Fund.


Performance Highlights		Wells Fargo Advantage Small and Mid Cap Stock Funds			13

Wells Fargo Advantage Small/Mid Cap Value Fund (continued)

AVERAGE ANNUAL TOTAL RETURN³ (%) (AS OF APRIL 30, 2011)


			Including Sales Charge								Excluding Sales Charge								Expense Ratios⁴
	Inception Date		6-Months*		1-Year		5-Year		Life of Fund		6-Months*		1-Year		5-Year		Life of Fund		Gross		Net⁵
Class A (WFVAX)		07/31/2007		10.21		7.94		1.39		7.67		16.90		14.50		2.60		8.37		1.39%		1.39%
Class C (WFCVX)		07/31/2007		15.54		12.64		1.89		7.80		16.54		13.64		1.89		7.80		2.14%		2.14%
Administrator Class (WWMDX)		04/08/2005										17.11		14.83		2.89		8.60		1.23%		1.16%
Institutional Class (WWMSX)		08/31/2006										17.22		15.02		3.07		8.70		0.96%		0.96%
Investor Class (SSMVX)		03/28/2002										16.88		14.41		2.53		8.33		1.46%		1.46%
Russell 2500™ Value Index⁶												20.73		18.63		3.71		8.50

*	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.

Historical performance shown for Class A and the 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. Historical performance shown for Class C shares prior to their inception reflects the performance of the Investor Class shares, adjusted to reflect the higher expenses applicable to Class C shares. Historical performance shown for the Institutional Class shares prior to their 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 most recent prospectuses.

The Adviser has committed through February 29, 2012 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.40% for Class A, 2.15% for Class C, 1.15% for Administrator Class, 0.95% for Institutional Class and 1.47% for Investor Class. Without this cap, the Fund’s returns would have been lower.

6.	The Russell 2500^TM Value Index measures the performance of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values. You cannot invest directly in an index.


14		Wells Fargo Advantage Small and Mid Cap Stock Funds		Performance Highlights

Wells Fargo Advantage Special Small Cap Value Fund

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

James M. Tringas, CFA, CPA

Robert Rifkin, CFA

FUND INCEPTION

May 7, 1993


TEN LARGEST EQUITY HOLDINGS¹ (AS OF APRIL 30, 2011)
Mueller Industries Incorporated			5.00%
First Citizens BancShares Incorporated			4.21%
ALLETE Incorporated			3.49%
UMB Financial Corporation			3.22%
Kadant Incorporated			2.49%
Imation Corporation			2.38%
Blyth Incorporated			2.22%
Quanex Building Products Corporation			1.91%
Neenah Paper Incorporated			1.91%
Modine Manufacturing Company			1.73%


SECTOR DISTRIBUTION² (AS OF APRIL 30, 2011)

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

2.	Sector distribution is subject to change and is calculated based on the total common stocks of the Fund.


Performance Highlights		Wells Fargo Advantage Small and Mid Cap Stock Funds			15

Wells Fargo Advantage Special Small Cap Value Fund (continued)

AVERAGE ANNUAL TOTAL RETURN³ (%) (AS OF APRIL 30, 2011)


			Including Sales Charge								Excluding Sales Charge								Expense Ratios⁴
	Inception Date		6-Months*		1-Year		5-Year		10-Year		6-Months*		1-Year		5-Year		10-Year		Gross		Net⁵
Class A (ESPAX)		05/07/1993		11.77		5.11		1.76		8.52		18.60		11.50		2.97		9.17		1.47%		1.35%
Class B (ESPBX)**		03/26/1999		13.12		5.62		1.91		8.60		18.12		10.62		2.19		8.60		2.22%		2.10%
Class C (ESPCX)		12/12/2000		17.11		9.63		2.21		8.36		18.11		10.63		2.21		8.36		2.22%		2.10%
Administrator Class (ESPIX)		07/23/1996										18.69		11.75		3.23		9.45		1.31%		1.10%
Institutional Class (ESPNX)		07/30/2010										18.79		11.84		3.25		9.46		1.04%		0.95%
Russell 2000^® Value Index⁶												20.31		14.57		2.50		8.69

*	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.

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 Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Historical performance shown for the Institutional Class shares prior to their 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 Special Values Fund.

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

The Adviser has committed through July 18, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.34% for Class A, 2.09% for Class B, 2.09% for Class C, 1.09% for Administrator Class and 0.94% for Administrator Class. Without this cap, the Fund’s returns would have been lower.

6.	The Russell 2000^® Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. You cannot invest directly in an index.


16		Wells Fargo Advantage Small and Mid Cap Stock Funds		Performance Highlights

Wells Fargo Advantage Traditional Small Cap Growth Fund

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

Paul Carder

Jeffrey. S. Drummond

Linda Freeman

Jeffrey Harrison

FUND INCEPTION

April 15, 1985


TEN LARGEST EQUITY HOLDINGS¹ (AS OF APRIL 30, 2011)
Taleo Corporation Class A			1.76%
Hexcel Corporation			1.67%
World Fuel Services Corporation			1.63%
Dollar Financial Corporation			1.56%
Equinix Incorporated			1.56%
MSC Industrial Direct Company			1.53%
Goodrich Petroleum Corporation			1.53%
ComScore Incorporated			1.50%
Portfolio Recovery Associates Incorporated			1.47%
Ciena Corporation			1.45%


SECTOR DISTRIBUTION² (AS OF APRIL 30, 2011)

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

2.	Sector distribution is subject to change and is calculated based on the total common stocks of the Fund.


Performance Highlights		Wells Fargo Advantage Small and Mid Cap Stock Funds			17

Wells Fargo Advantage Traditional Small Cap Growth Fund (continued)

AVERAGE ANNUAL TOTAL RETURN³ (%) (AS OF APRIL 30, 2011)


			Including Sales Charge								Excluding Sales Charge								Expense Ratios⁴
	Inception Date		6-Months*		1-Year		5-Year		10-Year		6-Months*		1-Year		5-Year		10-Year		Gross		Net⁵
Class A (EGWAX)		06/05/1995		21.28		21.84		3.91		5.46		28.65		29.28		5.14		6.09		1.48%		1.34%
Class C (EGWCX)		07/30/2010		27.13		27.34		4.36		5.30		28.13		28.34		4.36		5.30		2.23%		2.09%
Administrator Class (EGWDX)		07/30/2010										28.69		29.39		5.19		6.15		1.32%		1.21%
Institutional Class (EGRYX)		11/19/1997										28.78		29.73		5.43		6.39		1.05%		0.99%
Russell 2000™ Growth Index⁶												27.07		30.29		5.14		5.59

*	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 and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

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

The Adviser has committed through July 18, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.33% for Class A, 2.08% for Class C, 1.20% for Administrator Class and 0.98% for Institutional Class. Without this cap, the Fund’s returns would have been lower.

6.	The Russell 2000^TM Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.


18		Wells Fargo Advantage Small and Mid Cap Stock Funds		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 November 1, 2010 to April 30, 2011.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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


Wells Fargo Advantage Intrinsic Small Cap Value Fund	Beginning Account Value 11-01-2010		Ending Account Value 04-30-2011		Expenses Paid During the Period¹		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	1,209.99	$	7.78		1.42	%
Hypothetical	$	1,000.00	$	1,017.75	$	7.10		1.42	%
Class C
Actual	$	1,000.00	$	1,206.69	$	11.87		2.17	%
Hypothetical	$	1,000.00	$	1,014.03	$	10.84		2.17	%
Administrator Class
Actual	$	1,000.00	$	1,212.08	$	6.58		1.20	%
Hypothetical	$	1,000.00	$	1,018.84	$	6.01		1.20	%
Institutional Class
Actual	$	1,000.00	$	1,212.86	$	5.38		0.98	%
Hypothetical	$	1,000.00	$	1,019.93	$	4.91		0.98	%
Investor Class
Actual	$	1,000.00	$	1,209.49	$	8.11		1.48	%
Hypothetical	$	1,000.00	$	1,017.46	$	7.40		1.48	%


Fund Expenses		Wells Fargo Advantage Small and Mid Cap Stock Funds			19


Wells Fargo Advantage Small Cap Growth Fund	Beginning Account Value 11-01-2010		Ending Account Value 04-30-2011		Expenses Paid During the Period¹		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	1,226.30	$	7.51		1.36	%
Hypothetical	$	1,000.00	$	1,018.05	$	6.80		1.36	%
Class B
Actual	$	1,000.00	$	1,222.04	$	11.68		2.12	%
Hypothetical	$	1,000.00	$	1,014.28	$	10.59		2.12	%
Class C
Actual	$	1,000.00	$	1,222.50	$	11.68		2.12	%
Hypothetical	$	1,000.00	$	1,014.28	$	10.59		2.12	%
Administrator Class
Actual	$	1,000.00	$	1,227.12	$	6.63		1.20	%
Hypothetical	$	1,000.00	$	1,018.84	$	6.01		1.20	%
Institutional Class
Actual	$	1,000.00	$	1,229.89	$	4.98		0.90	%
Hypothetical	$	1,000.00	$	1,020.33	$	4.51		0.90	%
Investor Class
Actual	$	1,000.00	$	1,226.04	$	7.95		1.44	%
Hypothetical	$	1,000.00	$	1,017.65	$	7.20		1.44	%
Wells Fargo Advantage Small Cap Opportunities Fund
Administrator Class
Actual	$	1,000.00	$	1,188.32	$	6.51		1.20	%
Hypothetical	$	1,000.00	$	1,018.84	$	6.01		1.20	%
Wells Fargo Advantage Small Cap Value Fund
Class A
Actual	$	1,000.00	$	1,145.73	$	6.92		1.30	%
Hypothetical	$	1,000.00	$	1,018.35	$	6.51		1.30	%
Class B
Actual	$	1,000.00	$	1,141.38	$	10.83		2.04	%
Hypothetical	$	1,000.00	$	1,014.68	$	10.19		2.04	%
Class C
Actual	$	1,000.00	$	1,141.43	$	10.88		2.05	%
Hypothetical	$	1,000.00	$	1,014.63	$	10.24		2.05	%
Administrator Class
Actual	$	1,000.00	$	1,146.42	$	5.85		1.10	%
Hypothetical	$	1,000.00	$	1,019.34	$	5.51		1.10	%
Institutional Class
Actual	$	1,000.00	$	1,148.02	$	4.74		0.89	%
Hypothetical	$	1,000.00	$	1,020.38	$	4.46		0.89	%
Investor Class
Actual	$	1,000.00	$	1,145.49	$	7.08		1.33	%
Hypothetical	$	1,000.00	$	1,018.20	$	6.66		1.33	%


20		Wells Fargo Advantage Small and Mid Cap Stock Funds		Fund Expenses


Wells Fargo Advantage Small/Mid Cap Value Fund	Beginning Account Value 11-01-2010		Ending Account Value 04-30-2011		Expenses Paid During the Period¹		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	1,168.97	$	7.48		1.39	%
Hypothetical	$	1,000.00	$	1,017.90	$	6.95		1.39	%
Class C
Actual	$	1,000.00	$	1,165.44	$	11.49		2.14	%
Hypothetical	$	1,000.00	$	1,014.18	$	10.69		2.14	%
Administrator Class
Actual	$	1,000.00	$	1,171.09	$	6.19		1.15	%
Hypothetical	$	1,000.00	$	1,019.09	$	5.76		1.15	%
Institutional Class
Actual	$	1,000.00	$	1,172.20	$	5.12		0.95	%
Hypothetical	$	1,000.00	$	1,020.08	$	4.76		0.95	%
Investor Class
Actual	$	1,000.00	$	1,168.78	$	7.85		1.46	%
Hypothetical	$	1,000.00	$	1,017.55	$	7.30		1.46	%
Wells Fargo Advantage Special Small Cap Value Fund
Class A
Actual	$	1,000.00	$	1,186.05	$	7.26		1.34	%
Hypothetical	$	1,000.00	$	1,018.15	$	6.71		1.34	%
Class B
Actual	$	1,000.00	$	1,181.24	$	11.30		2.09	%
Hypothetical	$	1,000.00	$	1,014.43	$	10.44		2.09	%
Class C
Actual	$	1,000.00	$	1,181.10	$	11.30		2.09	%
Hypothetical	$	1,000.00	$	1,014.43	$	10.44		2.09	%
Administrator Class
Actual	$	1,000.00	$	1,186.87	$	5.91		1.09	%
Hypothetical	$	1,000.00	$	1,019.39	$	5.46		1.09	%
Institutional Class
Actual	$	1,000.00	$	1,187.88	$	5.05		0.93	%
Hypothetical	$	1,000.00	$	1,020.18	$	4.66		0.93	%
Wells Fargo Advantage Traditional Small Cap Growth Fund
Class A
Actual	$	1,000.00	$	1,286.51	$	7.54		1.33	%
Hypothetical	$	1,000.00	$	1,018.20	$	6.66		1.33	%
Class C
Actual	$	1,000.00	$	1,281.32	$	11.77		2.08	%
Hypothetical	$	1,000.00	$	1,014.48	$	10.39		2.08	%
Administrator Class
Actual	$	1,000.00	$	1,286.86	$	6.80		1.20	%
Hypothetical	$	1,000.00	$	1,018.84	$	6.01		1.20	%
Institutional Class
Actual	$	1,000.00	$	1,287.81	$	5.56		0.98	%
Hypothetical	$	1,000.00	$	1,019.93	$	4.91		0.98	%

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—April 30, 2011 (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			21

INTRINSIC SMALL CAP VALUE FUND


Security Name	Shares		Value


Common Stocks: 96.34%

Consumer Discretionary: 19.20%

Automobiles: 1.40%
Thor Industries Incorporated«		63,500	$	1,969,135


Hotels, Restaurants & Leisure: 4.00%
CEC Entertainment Incorporated		44,500		1,683,435
P.F. Chang’s China Bistro Incorporated		49,500		1,984,950
Papa Johns International Incorporated†«		65,500		1,968,930

				5,637,315


Household Durables: 3.10%
Ethan Allen Interiors Incorporated		76,500		1,842,885
MDC Holdings Incorporated«		86,500		2,524,935

				4,367,820


Specialty Retail: 6.15%
Aeropostale Incorporated†«		76,500		1,953,045
Group 1 Automotive Incorporated«		35,000		1,506,400
Jo S.A. Bank Clothiers Incorporated†		48,500		2,542,370
OfficeMax Incorporated†«		268,000		2,669,280

				8,671,095


Textiles, Apparel & Luxury Goods: 4.55%
Carter Incorporated†		66,500		2,056,180
Jones Group Incorporated		153,500		2,092,205
Volcom Incorporated«		114,500		2,259,085

				6,407,470


Consumer Staples: 4.83%

Food Products: 4.83%
Flowers Foods Incorporated«		65,500		2,001,680
J&J Snack Foods Corporation		27,000		1,372,140
Ralcorp Holdings Incorporated†«		44,000		3,423,200

				6,797,020


Energy: 2.75%

Energy Equipment & Services: 2.75%
Oceaneering International Incorporated†		22,500		1,966,950
Tetra Technologies Incorporated†		129,000		1,905,330

				3,872,280


Financials: 15.89%

Commercial Banks: 10.74%
Associated Banc-Corporation«		158,000		2,306,800
Cathay General Bancorporation«		182,000		3,103,100
CVB Financial Corporation		270,500		2,634,670
First Midwest Bancorp Incorporated		168,000		2,200,800
Glacier Bancorp Incorporated«		145,500		2,186,865


22		Wells Fargo Advantage Small and Mid Cap Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

INTRINSIC SMALL CAP VALUE FUND


Security Name	Shares		Value


Commercial Banks (continued)
Zions Bancorporation«		110,500	$	2,701,725

				15,133,960


Insurance: 5.15%
Horace Mann Educators Corporation		118,000		2,109,840
Selective Insurance Group Incorporated		150,000		2,646,000
Stancorp Financial Group Incorporated«		58,000		2,499,800

				7,255,640


Health Care: 13.68%

Health Care Equipment & Supplies: 2.18%
ICU Medical Incorporated†		5,820		262,540
Steris Corporation		78,000		2,811,120

				3,073,660


Health Care Providers & Services: 4.69%
Amedisys Incorporated†«		83,500		2,782,220
AMN Healthcare Services Incorporated†«		241,500		2,084,145
Chemed Corporation		25,000		1,740,750

				6,607,115


Life Sciences Tools & Services: 6.81%
Bio-Rad Laboratories Incorporated†«		21,000		2,627,520
Charles River Laboratories International Incorporated†		68,000		2,868,920
Covance Incorporated†«		65,500		4,100,300

				9,596,740


Industrials: 20.08%

Air Freight & Logistics: 1.70%
Forward Air Corporation«		71,000		2,387,020


Commercial Services & Supplies: 11.08%
Copart Incorporated†		50,000		2,268,500
FTI Consulting Incorporated†«		35,500		1,416,450
Heidrick & Struggles International Incorporated		53,950		1,262,430
Kar Auction Services Incorporated†		99,700		1,944,150
Resources Connection Incorporated		170,500		2,521,695
Schawk Incorporated«		98,000		1,848,280
School Specialty Incorporated†		162,500		2,406,625
United Stationers Incorporated		27,000		1,945,620

				15,613,750


Construction & Engineering: 1.35%
Pike Electric Corporation†		187,000		1,899,920


Machinery: 3.80%
Trinity Industries Incorporated		75,500		2,733,100
Wabtec Corporation		29,000		2,070,020
Watts Water Technologies Incorporated		14,300		553,410

				5,356,530


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			23

INTRINSIC SMALL CAP VALUE FUND


Security Name	Shares		Value


Road & Rail: 2.15%
Landstar System Incorporated		64,000	$	3,033,600


Information Technology: 16.32%

Communications Equipment: 3.32%
Brocade Communications Systems Incorporated†		419,000		2,618,750
Plantronics Incorporated		55,500		2,057,385

				4,676,135


Computers & Peripherals: 3.79%
Avid Technology Incorporated†«		122,800		2,281,624
Electronics for Imaging Incorporated†		170,500		3,062,180

				5,343,804


Electronic Equipment & Instruments: 2.53%
Ingenico ADR		69,300		688,946
Jabil Circuit Incorporated«		145,000		2,876,800

				3,565,746


Internet Software & Services: 1.40%
DealerTrack Holdings Incorporated†		87,550		1,966,373


Semiconductors & Semiconductor Equipment: 5.28%
ATMI Incorporated†«		84,500		1,682,395
Entegris Incorporated†		496,500		4,284,795
Varian Semiconductor Equipment Associates Incorporated†		35,000		1,467,550

				7,434,740


Materials: 1.17%

Paper & Forest Products: 1.17%
P.H Glatfelter Company«		121,500		1,652,400


Telecommunication Services: 0.96%

Diversified Telecommunication Services: 0.96%
General Communication Incorporated Class A†		118,000		1,357,000


Utilities: 1.46%

Electric Utilities: 1.46%
Westar Energy Incorporated«		75,500		2,054,355


Total Common Stocks (Cost $110,474,740)				135,730,623


24		Wells Fargo Advantage Small and Mid Cap Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

INTRINSIC SMALL CAP VALUE FUND


Security Name	Interest Rate			Maturity Date		Principal		Value


Short-Term Investments: 26.21%

Corporate Bonds and Notes: 0.72%
Gryphon Funding Limited(a)(i)(v)		0.00	%		08/05/2011	$	890,194	$	383,318
VFNC Corporation(a)††(i)(v)±		0.25			09/29/2011		1,073,565		633,403

									1,016,721


	Yield					Shares

Investment Companies: 25.49%
Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)		0.09					7,505,010		7,505,010
Wells Fargo Securities Lending Cash Investment, LLC(v)(l)(u)		0.20					28,398,654		28,398,654

									35,903,664


Total Short-Term Investments (Cost $36,408,805)									36,920,385


Total Investments in Securities (Cost $146,883,545)*	122.55	%		172,651,008
Other Assets and Liabilities, Net	(22.55	)		(31,773,383	)

Total Net Assets	100.00	%	$	140,877,625

†	Non-income earning security.

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

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

††	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 $149,087,488 and net unrealized appreciation (depreciation) consist of:


Gross unrealized appreciation	$	24,998,159
Gross unrealized depreciation		(1,434,639	)

Net unrealized appreciation	$	23,563,520

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


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			25

SMALL CAP GROWTH FUND


Security Name	Shares		Value


Common Stocks: 91.84%

Consumer Discretionary: 15.65%

Diversified Consumer Services: 0.89%
Bridgepoint Education Incorporated†		432,205	$	7,585,198
Coinstar Incorporated†		45,900		2,477,682
Grand Canyon Education Incorporated†		154,564		2,234,995

				12,297,875


Hotels, Restaurants & Leisure: 7.12%
BJ’s Restaurants Incorporated†«		345,560		16,224,042
Bravo Brio Restaurant Group Incorporated†		304,178		6,278,234
Gaylord Entertainment Company†«		685,700		24,596,059
Life Time Fitness Incorporated†«		603,700		23,616,744
Scientific Games Corporation Class A†		2,197,430		23,116,964
Shuffle Master Incorporated†		419,407		4,584,119

				98,416,162


Internet & Catalog Retail: 1.79%
Shutterfly Incorporated†		401,929		24,742,749


Media: 2.12%
IMAX Corporation†		231,300		8,114,004
Live Nation Incorporated†«		1,056,105		11,712,204
Reachlocal Incorporated†		406,852		9,455,240

				29,281,448


Specialty Retail: 2.50%
Hibbett Sports Incorporated†«		200,200		7,563,556
Tractor Supply Company«		108,600		6,719,082
Ulta Salon Cosmetics & Fragrance Incorporated†«		73,800		3,925,422
Vitamin Shoppe Incorporated†		420,000		16,388,400

				34,596,460


Textiles, Apparel & Luxury Goods: 1.23%
Vera Bradley Incorporated†		192,963		9,385,720
Warnaco Group Incorporated†«		119,100		7,665,276

				17,050,996


Energy: 5.85%

Oil, Gas & Consumable Fuels: 5.85%
Approach Resources Incorporated†		495,000		14,572,800
Brigham Exploration Company†«		495,450		16,612,439
Carrizo Oil & Gas Incorporated†«		92,625		3,690,180
Kodiak Oil & Gas Corporation†«		375,900		2,638,818
Northern Oil & Gas Incorporated†«		1,306,200		31,035,312
Oasis Petroleum Incorporated†		400,000		12,292,000

				80,841,549


26		Wells Fargo Advantage Small and Mid Cap Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

SMALL CAP GROWTH FUND


Security Name	Shares		Value


Financials: 0.21%

Capital Markets: 0.15%
Financial Engines Incorporated†		71,100	$	2,021,373


Commercial Banks: 0.06%
Park Sterling Corporation†		173,015		826,147


Health Care: 14.71%

Biotechnology: 0.15%
Exact Sciences Corporation†«		264,620		2,119,606


Health Care Equipment & Supplies: 6.23%
DexCom Incorporated†		335,900		5,592,735
Greatbatch Incorporated†		132,379		3,583,500
Masimo Corporation		116,620		4,057,210
NxStage Medical Incorporated†«		556,300		13,707,232
Sirona Dental Systems Incorporated†		50,610		2,888,313
SonoSite Incorporated†		533,542		18,513,907
Volcano Corporation†		805,000		21,461,300
Zoll Medical Corporation†«		287,600		16,301,168

				86,105,365


Health Care Providers & Services: 3.93%
Catalyst Health Solutions Incorporated†		210,745		12,551,972
Centene Corporation†«		238,900		8,655,347
ePocrates Incorporated†«		172,252		4,030,697
HMS Holdings Corporation†«		370,390		29,153,397

				54,391,413


Health Care Technology: 1.28%
Quality Systems Incorporated		77,726		6,973,577
SXC Health Solutions Corporation†		194,270		10,715,933

				17,689,510


Life Sciences Tools & Services: 0.61%
Luminex Corporation†		434,639		8,427,650


Pharmaceuticals: 2.51%
Akorn Incorporated†«		1,086,686		7,193,861
Auxilium Pharmaceuticals Incorporated†		179,900		4,382,364
Impax Laboratories Incorporated†		364,700		9,985,486
Jazz Pharmaceuticals Incorporated†«		409,500		13,067,145

				34,628,856


Industrials: 18.38%

Aerospace & Defense: 0.69%
Esterline Technologies Corporation†		132,108		9,485,354


Air Freight & Logistics: 0.06%
UTI Worldwide Incorporated		36,190		811,018


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			27

SMALL CAP GROWTH FUND


Security Name	Shares		Value


Commercial Services & Supplies: 5.60%
Clean Harbors Incorporated†		54,519	$	5,370,122
Corporate Executive Board Company		539,751		21,509,077
ICF International Incorporated†		97,926		2,385,477
InnerWorkings Incorporated†		2,056,151		18,443,674
Kforce Incorporated†		120,252		1,881,944
On Assignment Incorporated†		1,188,277		13,035,399
Sykes Enterprises Incorporated†«		607,136		12,160,934
United Stationers Incorporated		36,700		2,644,602

				77,431,229


Electrical Equipment: 3.48%
Altra Holdings Incorporated†«		643,310		16,333,641
Polypore International Incorporated†«		514,800		31,799,196

				48,132,837


Machinery: 4.23%
Chart Industries Incorporated†		329,895		16,036,196
Circor International Incorporated		58,569		2,660,790
Robbins & Myers Incorporated«		423,000		18,387,810
The Middleby Corporation†«		121,200		10,868,004
Trimas Corporation†		456,587		10,597,384

				58,550,184


Road & Rail: 2.70%
Genesee & Wyoming Incorporated†		337,400		20,912,052
Greenbrier Companies Incorporated†«		605,500		16,390,885

				37,302,937


Trading Companies & Distributors: 1.62%
DXP Enterprises Incorporated†		234,998		6,168,698
Titan Machinery Incorporated†«		278,800		8,771,048
Wesco International Incorporated†«		121,300		7,514,535

				22,454,281


Information Technology: 34.93%

Communications Equipment: 3.81%
Aruba Networks Incorporated†«		769,200		27,637,356
Blue Coat Systems Incorporated†«		189,900		5,469,120
Ixia†«		924,126		15,100,219
ShoreTel Incorporated†		432,500		4,519,625

				52,726,320


Electronic Equipment & Instruments: 0.94%
Rofin-Sinar Technologies Incorporated†		299,600		12,975,676


Internet Software & Services: 9.91%
Constant Contact Incorporrated†«		176,100		4,879,731
DealerTrack Holdings Incorporated†«		119,000		2,672,740


28		Wells Fargo Advantage Small and Mid Cap Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

SMALL CAP GROWTH FUND


Security Name	Shares		Value


Internet Software & Services (continued)
Demand Media Incorporated†«		121,300	$	2,009,941
Envestnet Incorporated†		434,911		5,762,571
GSI Commerce Incorporated†		814,226		23,832,395
Liveperson Incorporated†«		65,000		868,400
LogMeIn Incorporated†«		292,300		12,589,361
LoopNet Incorporated†		593,663		11,030,259
Marchex Incorporated Class B		970,447		6,851,356
Mercadolibre Incorporated«		78,000		7,129,200
Move Incorporated†		3,617,702		8,646,308
Perficient Incorporated†		220,000		2,747,800
Quinstreet Incorporated†		810,562		14,654,961
SciQuest Incorporated†		487,005		6,944,691
Support.com Incorporated†		818,840		4,691,953
VistaPrint NV†		399,022		21,706,797

				137,018,464


IT Services: 3.70%
Gartner Incorporated†		223,058		9,571,419
Sapient Corporation†«		1,189,149		15,013,006
Syntel Incorporated«		136,800		7,480,224
Wright Express Corporation†		337,591		19,016,501

				51,081,150


Semiconductors & Semiconductor Equipment: 7.30%
Cavium Networks Incorporated†«		304,100		14,359,602
Entegris Incorporated†		977,600		8,436,688
EZchip Semiconductor Limited†		316,838		10,135,648
Microsemi Corporation†		1,111,159		26,223,352
Monolithic Power Systems Incorporated†		170,768		2,899,641
NetLogic Microsystems Incorporated†		425,400		18,347,502
PMC-Sierra Incorporated†		2,565,350		20,574,107

				100,976,540


Software: 9.27%
Allot Communications Limited†«		452,040		7,390,854
Blackboard Incorporated†		182,600		8,784,886
ChinaCache International Holdings Limited ADR†«		527,800		8,872,318
Fortinet Incorporated†		161,500		7,865,050
Radiant Systems Incorporated†«		368,700		7,344,504
Realpage Incorporated†		266,400		8,498,160
SuccessFactors Incorporated†		479,040		16,608,317
Synchronoss Technologies Incorporated†		646,661		20,861,284
Taleo Corporation Class A†«		357,557		12,968,592
Ultimate Software Group Incorporated†«		173,200		9,699,200
VanceInfo Technologies Incorporated ADR†«		569,700		18,321,552
Velti plc†		50,000		921,000

				128,135,717


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			29

SMALL CAP GROWTH FUND


Security Name						Shares		Value


Materials: 1.02%

Chemicals: 1.02%
Solutia Incorporated†							536,900	$	14,147,315


Telecommunication Services: 1.09%

Diversified Telecommunication Services: 1.09%
Cbeyond Incorporated†							1,182,483		15,088,483


Total Common Stocks (Cost $1,059,531,515)									1,269,754,664


Investment Companies: 4.90%
iShares Russell 2000 Growth Index Fund«							686,409		67,796,616

Total Investment Companies (Cost $63,829,641)									67,796,616


	Interest Rate			Maturity Date		Principal

Short-Term Investments: 20.91%

Corporate Bonds and Notes: 0.36%
Gryphon Funding Limited(a)(i)(v)		0.00	%		08/05/2011	$	4,350,670		1,873,398
VFNC Corporation(a)††(i)(v)±		0.25			09/29/2011		5,246,861		3,095,648

									4,969,046


	Yield					Shares

Investment Companies: 20.55%
Wells Fargo Advantage Cash Investment Money Market Fund (l)(u)		0.09					35,472,049		35,472,049
Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)		0.20					248,728,380		248,728,380

									284,200,429


Total Short-Term Investments (Cost $286,669,220)									289,169,475


Total Investments in Securities
(Cost $1,410,030,376)*	117.65	%		1,626,720,755
Other Assets and Liabilities, Net	(17.65	)		(244,073,000	)

Total Net Assets	100.00	%	$	1,382,647,755

†	Non-income earning security.

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

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

††	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 $1,417,149,493 and net unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	229,267,480
Gross unrealized depreciation		(19,696,218	)

Net unrealized appreciation	$	209,571,262

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


30		Wells Fargo Advantage Small and Mid Cap Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

SMALL CAP OPPORTUNITIES FUND


Security Name	Shares		Value


Common Stocks: 86.00%

Consumer Discretionary: 12.75%

Auto Components: 0.33%
BorgWarner Incorporated†		35,300	$	2,726,572


Distributors: 0.67%
LKQ Corporation†		218,900		5,520,658


Diversified Consumer Services: 0.58%
Capella Education Company†«		43,500		2,157,600
Matthews International Corporation		65,800		2,641,212

				4,798,812


Hotels, Restaurants & Leisure: 3.02%
Ambassadors Group Incorporated(i)		428,900		4,323,312
Bally Technologies Incorporated		168,300		6,562,017
Home Inns & Hotels Management ADR†«		45,900		1,984,257
Life Time Fitness Incorporated†		64,200		2,511,504
Pinnacle Entertainment Incorporated†«		333,900		4,634,532
Scientific Games Corporation Class A†«		205,400		2,160,808
Wendy’s Arby’s Group Incorporated		563,700		2,717,034

				24,893,464


Household Durables: 1.60%
American Greetings Corporation Class A«		85,200		2,095,920
Harman International Industries Incorporated		141,300		6,857,289
Jarden Corporation		114,900		4,181,211

				13,134,420


Media: 2.62%
Arbitron Incorporated		205,500		7,948,740
Clear Channel Outdoor Holdings Incorporated†		384,300		5,287,968
DreamWorks Animation SKG Incorporated†«		102,100		2,704,629
Lamar Advertising Company Class A†		53,600		1,743,072
Meredith Corporation«		58,600		1,958,412
Valassis Communications Incorporated†		65,700		1,897,429

				21,540,250


Specialty Retail: 3.59%
Children’s Place Retail Stores Incorporated†«		75,800		4,030,286
Citi Trends Incorporated†		84,700		1,885,422
Collective Brands Incorporated†«		231,200		4,855,200
Lithia Motors Incorporated Class A		139,800		2,542,962
Men’s Wearhouse Incorporated«		287,100		8,007,219
Rent-A-Center Incorporated		268,800		8,184,960

				29,506,049


Textiles, Apparel & Luxury Goods: 0.34%
Volcom Incorporated«		140,600		2,774,038


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			31

SMALL CAP OPPORTUNITIES FUND


Security Name	Shares		Value


Consumer Staples: 1.63%

Food & Staples Retailing: 0.85%
Nash Finch Company		188,100	$	7,001,082


Food Products: 0.78%
Diamond Foods Incorporated«		32,600		2,138,560
Sanderson Farms Incorporated«		88,900		4,231,640

				6,370,200


Energy: 5.52%

Energy Equipment & Services: 2.83%
Helix Energy Solutions Group Incorporated†«		647,200		12,251,496
Ram Power Corporation		1,080,900		799,693
Superior Energy Services Incorporated†		265,900		10,215,878

				23,267,067


Oil, Gas & Consumable Fuels: 2.69%
Approach Resources Incorporated†		103,200		3,038,208
Carrizo Oil & Gas Incorporated†«		169,200		6,740,928
Penn Virginia Corporation«		207,800		3,212,588
SM Energy Company		120,300		9,125,958

				22,117,682


Financials: 13.55%

Capital Markets: 1.82%
Apollo Global Management†		287,300		5,194,384
Knight Capital Group Incorporated Class A†«		315,800		4,332,776
Lazard Limited		132,600		5,436,600

				14,963,760


Commercial Banks: 3.98%
Bank of Hawaii Corporation«		50,300		2,454,137
CVB Financial Corporation		389,810		3,796,749
IBERIABANK Corporation		71,300		4,278,713
MB Financial Incorporated		93,300		1,930,377
Old National Bancorp«		260,100		2,692,035
Simmons First National Corporation		126,000		3,325,140
SVB Financial Group†«		100,100		6,050,044
Texas Capital Bancshares Incorporated†«		126,100		3,253,380
Westamerica Bancorporation«		97,300		4,941,867

				32,722,442


Consumer Finance: 0.22%
Cash America International Incorporated«		38,700		1,836,315


Diversified Financial Services: 0.45%
Compass Diversified Holdings		221,700		3,715,692


32		Wells Fargo Advantage Small and Mid Cap Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

SMALL CAP OPPORTUNITIES FUND


Security Name	Shares		Value


Insurance: 2.45%
Brown & Brown Incorporated		134,100	$	3,466,485
Employers Holdings Incorporated«		112,400		2,265,984
Infinity Property & Casualty Corporation		34,200		2,021,220
Primerica Incorporated		76,500		1,768,680
Reinsurance Group of America Incorporated		97,200		6,152,760
RLI Corporation«		46,500		2,754,660
Stancorp Financial Group Incorporated«		39,800		1,715,380

				20,145,169


Real Estate Investment Trusts (REITs): 3.16%
Colonial Properties Trust		194,700		4,119,852
Home Properties Incorporated«		176,100		11,164,740
Investors Real Estate Trust«		51,800		487,438
Pebblebrook Hotel Trust		203,000		4,354,350
Redwood Trust Incorporated«		290,900		4,604,947
Sabra Health Care REIT Incorporated		76,100		1,280,002

				26,011,329


Real Estate Management & Development: 0.41%
Altisource Portfolio Solutions†		104,700		3,400,656


Thrifts & Mortgage Finance: 1.06%
Ocwen Financial Corporation†«		725,700		8,686,629


Health Care: 14.16%

Biotechnology: 1.37%
Cepheid Incorporated†«		100,900		3,260,079
Lexicon Genetics Incorporated†«		1,028,600		1,728,048
Onyx Pharmaceuticals Incorporated†		73,700		2,768,909
Seattle Genetics Incorporated†«		213,400		3,544,574

				11,301,610


Health Care Equipment & Supplies: 4.91%
Cooper Companies Incorporated		151,500		11,347,350
Haemonetics Corporation†«		108,600		7,623,720
Masimo Corporation«		223,900		7,789,481
Orthofix International NV†		22,600		769,982
Sirona Dental Systems Incorporated†		55,400		3,161,678
Volcano Corporation†«		87,000		2,319,420
West Pharmaceutical Services Incorporated«		155,900		7,364,716

				40,376,347


Health Care Providers & Services: 6.14%
Amedisys Incorporated†«		53,800		1,792,616
AMERIGROUP Corporation†«		111,100		7,588,130
Brookdale Senior Living Incorporated†		190,400		5,186,496
Centene Corporation†		218,800		7,927,124
Emergency Medical Services Corporation†		124,200		7,923,960
HMS Holdings Corporation†«		23,900		1,881,169
IPA The Hospitalist Company†«		90,900		4,714,074
Kindred Healthcare Incorporated†«		82,600		2,083,172


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			33

SMALL CAP OPPORTUNITIES FUND


Security Name	Shares		Value


Health Care Providers & Services (continued)
RehabCare Group Incorporated†		173,700	$	6,525,909
Team Health Holdings LLC†		147,900		2,940,252
VCA Antech Incorporated†«		77,900		1,916,340

				50,479,242


Life Sciences Tools & Services: 1.04%
Fluidigm Corporation†«		46,300		766,265
Parexel International Corporation†«		184,600		5,124,496
TECHNE Corporation		34,200		2,657,682

				8,548,443


Pharmaceuticals: 0.70%
Medicis Pharmaceutical Corporation Class A		57,100		2,024,766
Salix Pharmaceuticals Limited†		95,300		3,744,337

				5,769,103


Industrials: 11.63%

Aerospace & Defense: 0.24%
Kratos Defense & Security Solutions Incorporated†		142,700		1,950,709


Air Freight & Logistics: 0.34%
Atlas Air Worldwide Holdings Incorporated†		41,100		2,832,201


Airlines: 0.70%
Allegiant Travel Company«		41,200		1,848,644
Hawaiian Holdings Incorporated†		669,300		3,915,405

				5,764,049


Commercial Services & Supplies: 4.39%
FTI Consulting Incorporated†«		152,100		6,068,790
Healthcare Services Group«		240,300		4,267,728
IESI-BFC Limited		261,800		6,634,012
Standard Parking Corporation†(i)		290,861		5,087,159
Stantec Incorporated†		111,894		3,526,586
Towers Watson & Company		93,400		5,357,424
Waste Connections Incorporated		168,425		5,182,437

				36,124,136


Construction & Engineering: 1.91%
Dycom Industries Incorporated		235,000		3,492,100
Michael Baker Corporation†«		69,900		1,722,336
Orion Marine Group Incorporated†		192,600		1,989,558
Pike Electric Corporation†(i)		449,100		4,562,856
Shaw Group Incorporated†		101,800		3,960,020

				15,726,870


Electrical Equipment: 0.95%
GrafTech International Limited†«		337,800		7,836,960


34		Wells Fargo Advantage Small and Mid Cap Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

SMALL CAP OPPORTUNITIES FUND


Security Name	Shares		Value


Machinery: 2.26%
Columbus Mckinnon Corporation†«		84,000	$	1,680,000
Enpro Industries Incorporated†«		174,100		6,977,928
ESCO Technologies Incorporated		30,900		1,133,412
IDEX Corporation		110,100		5,165,892
Wabash National Corporation†«		327,600		3,613,428

				18,570,660


Road & Rail: 0.24%
Genesee & Wyoming Incorporated†		32,100		1,989,558


Trading Companies & Distributors: 0.60%
Applied Industrial Technologies Incorporated		139,800		4,929,348


Information Technology: 15.18%

Communications Equipment: 0.68%
EXFO Incorporated†		337,100		3,172,111
Mitel Networks Corporation†(i)		464,694		2,458,231

				5,630,342


Computers & Peripherals: 0.40%
QLogic Corporation†«		181,500		3,263,370


Electronic Equipment & Instruments: 1.93%
Aeroflex Holding Corporation†		174,700		3,092,190
Methode Electronics Incorporated		216,000		2,669,760
Power One Incorporated†«		352,800		2,914,128
Rofin-Sinar Technologies Incorporated†		100,300		4,343,993
ScanSource Incorporated«		80,100		2,865,177

				15,885,248


Internet Software & Services: 2.13%
ComScore Incorporated†«		238,300		7,103,723
Digital River Incorporated†		202,400		6,586,096
Monster Worldwide Incorporated†«		235,200		3,859,632

				17,549,451


IT Services: 1.74%
Forrester Research Incorporated		195,000		7,704,450
Gartner Incorporated†		45,600		1,956,696
Genpact Limited†		125,300		2,016,077
TNS Incorporated†		158,145		2,598,322

				14,275,545


Semiconductors & Semiconductor Equipment: 2.92%
Anadigics Incorporated†		432,700		1,691,857
Atmel Corporation†		388,300		5,940,990
FEI Company†		102,100		3,314,166
Integrated Device Technology Incorporated†		874,400		7,113,244
Standard Microsystems Corporation†		220,300		5,981,145

				24,041,402


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			35

SMALL CAP OPPORTUNITIES FUND


Security Name	Shares		Value


Software: 5.38%
Ariba Incorporated†«		152,300	$	5,295,471
Cadence Design Systems Incorporated†«		563,300		5,847,054
Informatica Corporation†		38,300		2,145,183
Kenexa Corporation†«		254,100		7,475,622
Netscout Systems Incorporated†		332,600		8,511,234
Parametric Technology Corporation†		418,800		10,164,276
Progress Software Corporation†		41,850		1,240,853
Websense Incorporated†		138,500		3,571,915

				44,251,608


Materials: 7.54%

Chemicals: 3.23%
Cabot Corporation		167,000		7,489,950
Cytec Industries Incorporated		58,200		3,415,176
Innophos Holdings Incorporated		154,100		7,140,994
Olin Corporation		184,200		4,741,308
STR Holdings Incorporated†«		227,900		3,753,513

				26,540,941


Containers & Packaging: 0.58%
Graham Packaging Corporation†«		208,300		4,790,900


Metals & Mining: 2.72%
AMCOL International Corporation«		174,200		6,483,724
Jaguar Mining Incorporated†«		267,500		1,495,325
Kaiser Aluminum Corporation«		65,400		3,277,194
Stillwater Mining Company		297,200		6,779,132
Taseko Mines Limited†		825,000		4,353,641

				22,389,016


Paper & Forest Products: 1.01%
Kapstone Paper & Packaging Corporation†		479,500		8,333,710


Telecommunication Services: 1.12%

Diversified Telecommunication Services: 1.12%
AboveNet Incorporated		138,500		9,244,875


Utilities: 2.92%

Electric Utilities: 2.13%
Cleco Corporation«		279,000		9,792,900
UniSource Energy Corporation«		209,200		7,767,598

				17,560,498


Multi-Utilities: 0.79%
Northwestern Corporation		198,300		6,454,665


Total Common Stocks (Cost $543,217,614)				707,543,093


36		Wells Fargo Advantage Small and Mid Cap Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

SMALL CAP OPPORTUNITIES FUND


Security Name						Shares		Value


Investment Companies: 2.93%
iShares Russell 2000 Index ETF«							279,100	$	24,105,867

Total Investment Companies (Cost $22,406,188)									24,105,867


	Interest Rate			Maturity Date		Principal

Short-Term Investments: 31.15%

Corporate Bonds and Notes: 0.37%
Gryphon Funding Limited(a)(i)(v)		0.00	%		08/05/2011	$	3,220,049		1,899,829
VFNC Corporation(a)††(i)(v)±		0.25			09/29/2011		2,670,048		1,149,722

									3,049,551


	Yield					Shares

Investment Companies: 30.78%
Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)		0.09					92,799,933		92,799,933
Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)		0.20					160,472,968		160,472,968

									253,272,901


Total Short-Term Investments (Cost $254,788,021)									256,322,452


Total Investments in Securities (Cost $820,411,823)*	120.08	%		987,971,412
Other Assets and Liabilities, Net	(20.08	)		(165,197,721	)

Total Net Assets	100.00	%	$	822,773,691

†	Non-income earning security.

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

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

††	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 $824,140,813 and net unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	182,061,012
Gross unrealized depreciation		(18,230,413	)

Net unrealized appreciation	$	163,830,599

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


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			37

SMALL CAP VALUE FUND


Security Name	Shares		Value


Common Stocks: 91.98%

Consumer Discretionary: 5.63%

Diversified Consumer Services: 0.36%
Cambium Learning Group Incorporated†		1,345,400	$	4,628,176
Corinthian Colleges Incorporated†		2,654,100		11,810,745
Voyager Expanded Learning Corporation(a)(i)		1,649,100		2

				16,438,923


Hotels, Restaurants & Leisure: 1.33%
Denny’s Corporation†		2,595,400		10,615,186
Scientific Games Corporation Class A†		2,291,400		24,105,528
Wendy’s Arby’s Group Incorporated		5,416,000		26,105,120

				60,825,834


Household Durables: 0.80%
Cavco Industries Incorporated†(l)		360,000		16,732,800
KB Home Incorporated		644,400		7,610,364
Skyline Corporation(l)		638,700		12,524,907

				36,868,071


Internet & Catalog Retail: 0.07%
dELiAs Incorporated*†(l)		1,862,800		3,297,156


Media: 0.59%
Discovery Communications Incorporated†		683,500		26,970,910


Multiline Retail: 0.20%
Saks Incorporated†		756,267		9,044,953


Specialty Retail: 2.28%
Collective Brands Incorporated†		2,299,000		48,279,000
Foot Locker Incorporated#		402,500		8,661,800
GameStop Corporation Class A†		437,700		11,240,136
rue21 Incorporated†		336,400		10,132,368
Talbots Incorporated†		2,528,700		13,604,406
Vitamin Shoppe Incorporated†		323,300		12,615,166

				104,532,876


Consumer Staples: 0.60%

Personal Products: 0.60%
Prestige Brands Holdings Incorporated†		2,362,900		27,291,495


Energy: 24.95%

Energy Equipment & Services: 10.40%
Global Industries Limited†(l)#		6,920,600		68,237,116
Helix Energy Solutions Group Incorporated†		1,232,100		23,323,653
Helmerich & Payne Incorporated#		866,300		57,470,342
ION Geophysical Corporation†		6,513,600		82,331,904
Key Energy Services Incorporated†#		2,634,100		47,940,620
Newpark Resources Incorporated†(l)		7,371,000		66,560,130


38		Wells Fargo Advantage Small and Mid Cap Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

SMALL CAP VALUE FUND


Security Name	Shares		Value


Energy Equipment & Services (continued)
Oceaneering International Incorporated†#		540,900	$	47,285,478
Parker Drilling Company†		2,199,900		15,685,287
PHI Incorporated (non-voting)†(l)		833,800		18,660,444
PHI Incorporated (voting)†		126,792		2,770,405
Pride International Incorporated†#		401,400		17,625,474
Vantage Drilling Company†		3,548,800		6,316,864
Willbros Group Incorporated†		2,046,000		21,994,500

				476,202,217


Oil, Gas & Consumable Fuels: 14.55%
Forest Oil Corporation†		1,000,300		35,920,773
InterOil Corporation†(l)#		4,279,600		272,182,560
McMoRan Exploration Company†		6,496,300		118,947,253
Newfield Exploration Company†#		246,200		17,430,960
Petrohawk Energy Corporation		862,500		23,296,125
PetroQuest Energy Incorporated†		905,300		7,930,428
Pioneer Natural Resources Company		145,200		14,843,796
Plains Exploration & Product Company†		286,600		10,902,264
Range Resources Corporation		1,968,800		111,138,760
Trilogy Energy Corporation		2,209,400		53,218,016

				665,810,935


Financials: 17.10%

Commercial Banks: 3.86%
Ameris Bancorp		336,600		3,345,804
Associated Banc-Corporation		652,100		9,520,660
Bancorp Incorporated†		1,337,955		13,098,579
Center Financial Corporation†		1,546,719		11,275,582
CenterState Banks Incorporated		1,265,950		7,874,209
City National Corporation		433,600		24,762,896
First Horizon National Corporation		1,198,000		13,118,100
IBERIABANK Corporation		445,396		26,728,214
Park Sterling Corporation†		985,600		4,706,240
Sandy Spring Bancorp Incorporated		363,100		6,488,597
SVB Financial Group†		276,900		16,735,836
Western Liberty Bancorp†(l)		815,562		3,042,046
Whitney Holding Corporation		2,239,900		30,328,246
Wilmington Trust Corporation		1,239,500		5,590,145

				176,615,154


Diversified Financial Services: 0.23%
NBH Holdings Corporation(a)††		597,606		10,637,387


Insurance: 2.31%
Argo Group International Holdings Limited(l)		1,801,500		56,585,115
Hilltop Holdings Incorporated†		1,768,900		17,158,330
Mercury General Corporation		514,208		20,434,626
OneBeacon Insurance Group Limited		835,700		11,741,585

				105,919,656


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			39

SMALL CAP VALUE FUND


Security Name	Shares		Value


Real Estate Investment Trusts (REITs): 10.34%
Anworth Mortgage Asset Corporation		2,951,400	$	21,191,052
Armour Residential Incorporated(l)		327,688		2,434,722
Capstead Mortgage Corporation(l)		4,242,300		56,168,052
Chimera Investment Corporation		38,976,000		157,852,800
Crexus Investment Corporation(l)		4,207,900		49,064,114
Hatteras Financial Corporation		1,113,300		31,628,853
Invesco Mortgage Capital		2,520,600		57,318,444
MFA Mortgage Investments Incorporated		5,278,300		42,120,834
Redwood Trust Incorporated		1,733,600		27,442,888
Sun Communities Incorporated		735,881		28,316,701

				473,538,460


Thrifts & Mortgage Finance: 0.36%
First Niagara Financial Group Incorporated		760,100		10,945,440
Northwest Bancshares Incorporated		419,500		5,281,505

				16,226,945


Health Care: 7.54%

Health Care Equipment & Supplies: 3.24%
Gen-Probe Incorporated†#		204,129		16,926,377
Hologic Incorporated†#		871,600		19,192,632
Invacare Corporation		251,600		8,277,640
Orasure Technologies Incorporated†(l)#		5,537,000		48,780,970
Steris Corporation#		385,400		13,889,816
Symmetry Medical Incorporated†		1,144,400		11,386,780
Thoratec Corporation†		435,100		13,357,570
Varian Medical Systems Incorporated†		232,900		16,349,580

				148,161,365


Health Care Providers & Services: 2.70%
Amedisys Incorporated†#		1,044,300		34,796,076
Community Health Systems Incorporated†#		469,900		14,440,027
Cross Country Healthcare Incorporated†(l)		2,330,100		17,289,342
Gentiva Health Services Incorporated†		1,395,300		39,068,400
Healthways Incorporated†		552,400		9,346,608
Omnicare Incorporated#		274,500		8,624,790

				123,565,243


Health Care Technology: 0.22%
Medidata Solutions Incorporated†		392,900		10,085,743


Life Sciences Tools & Services: 1.38%
Accelrys Incorporated†		1,760,500		13,326,985
Life Technologies Corporation†		234,900		12,966,480
Nordion Incorporated		1,409,300		16,516,996
Parexel International Corporation†		735,300		20,411,928

				63,222,389


40		Wells Fargo Advantage Small and Mid Cap Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

SMALL CAP VALUE FUND


Security Name	Shares		Value


Industrials: 12.24%

Aerospace & Defense: 0.02%
Ascent Solar Technologies Incorporated†		453,600	$	730,296


Airlines: 4.01%
Alaska Air Group Incorporated†#		656,300		43,230,481
Delta Air Lines Incorporated†		4,361,200		45,269,256
LAN Airlines SA ADR		391,600		10,941,304
United Continental Holdings Incorporated†		3,684,100		84,071,162

				183,512,203


Commercial Services & Supplies: 4.17%
ABM Industries Incorporated		1,857,500		45,174,400
ACCO Brands Corporation†(l)		2,904,100		28,198,811
GEO Group Incorporated		2,432,600		64,901,768
Healthcare Services Group		1,145,700		20,347,632
Hill International Incorporated†(l)		2,413,839		12,238,164
Kforce Incorporated†		516,400		8,081,660
Verisk Analytics Incorporated Class A†		365,800		12,034,820

				190,977,255


Construction & Engineering: 2.53%
Chicago Bridge & Iron Company NV#		2,606,700		105,675,618
Primoris Services Corporation		854,700		10,068,366

				115,743,984


Electrical Equipment: 0.94%
GrafTech International Limited†		1,848,100		42,875,920


Road & Rail: 0.27%
Covenant Transport Incorporated Class A†(l)		1,320,000		12,592,800


Trading Companies & Distributors: 0.30%
Air Lease Corporation†		178,908		4,937,861
Applied Industrial Technologies Incorporated#		254,100		8,959,566

				13,897,427


Information Technology: 8.14%

Communications Equipment: 2.08%
Brocade Communications Systems Incorporated†		4,502,600		28,141,250
China GrenTech Corporation Limited ADR†(l)		2,120,000		6,423,600
Harmonic Incorporated†		2,634,800		21,816,144
InterDigital Incorporated		402,700		18,640,983
MRV Communications Incorporated†(l)		13,386,300		20,481,039

				95,503,016


Computers & Peripherals: 1.76%
Cray Incorporated†(l)		4,055,700		27,254,304
Intermec Incorporated†(l)		3,523,900		40,454,372
Quantum Corporation†		4,043,300		12,857,694

				80,566,370


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			41

SMALL CAP VALUE FUND


Security Name	Shares		Value


Electronic Equipment & Instruments: 3.86%
Checkpoint Systems Incorporated†		636,600	$	13,406,796
Cognex Corporation		886,200		27,720,336
Coherent Incorporated†#		903,100		56,452,781
Itron Incorporated†#		153,000		8,327,790
OSI Systems Incorporated†(l)		1,042,800		40,033,092
Power One Incorporated†		3,715,300		30,688,378

				176,629,173


Internet Software & Services: 0.34%
Monster Worldwide Incorporated†		937,900		15,390,939


Office Electronics: 0.10%
Zebra Technologies Corporation†		119,400		4,691,226


Materials: 15.12%

Chemicals: 0.52%
Calgon Carbon Corporation†#		1,379,600		23,673,936


Containers & Packaging: 0.25%
Intertape Polymer Group Incorporated†(l)		7,509,224		11,714,389


Metals & Mining: 14.09%
Agnico-Eagle Mines Limited#		757,900		52,734,682
Carpenter Technology Corporation#		1,095,297		56,144,924
Eldorado Gold Corporation		1,576,800		29,296,944
Great Basin Gold Limited†		4,518,500		12,019,210
Harry Winston Diamond Corporation†		561,000		9,570,660
Jaguar Mining Incorporated†		3,784,600		21,155,914
Petaquilla Minerals Limited†		2,160,400		2,009,172
Randgold Resources Limited ADR#		3,253,700		281,672,809
Royal Gold Incorporated#		778,189		47,453,965
Sandstorm Gold Limited†(i)		12,409,548		13,771,628
Silver Standard Resources Incorporated†		717,100		24,912,054
Steel Dynamics Incorporated		2,365,300		43,024,807
United States Steel Corporation#		458,000		21,851,180
Webco Industries Incorporated†(a)(l)(i)		89,257		9,818,270
Yamana Gold Incorporated		1,543,000		19,611,530

				645,047,749


Paper & Forest Products: 0.26%
Wausau Paper Corporation		1,740,500		11,748,375


Telecommunication Services: 0.66%

Diversified Telecommunication Services: 0.66%
Cincinnati Bell Incorporated†(l)		10,186,600		30,457,934


Total Common Stocks (Cost $3,090,475,870)				4,211,008,704


Investment Companies: 1.33%
KBW Regional Banking ETF		600,600		16,036,020
Market Vectors Gold Miners ETF		720,100		44,761,416

Total Investment Companies (Cost $38,007,341)				60,797,436


42		Wells Fargo Advantage Small and Mid Cap Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

SMALL CAP VALUE FUND

Security Name

Expiration Date

Shares

Value

Warrants: 0.00%

Financials: 0.00%

Real Estate Investment Trusts (REITs): 0.00%

Armour Residential Incorporated†(a)

11/07/2011

314,556

22,019

Materials: 0.00%

Metals & Mining: 0.00%

Sandstorm Gold Limited†(i)

10/19/2015

470,263

198,811

Total Warrants (Cost $0)

220,830

Yield

Short-Term Investments: 6.94%

Investment Companies: 6.94%

Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)

0.09%

317,489,043

Total Short-Term Investments (Cost $317,489,043)

317,489,043


Total Investments in Securities
(Cost $3,445,972,254)*	100.25	%		4,589,516,013
Other Assets and Liabilities, Net	(0.25	)		(11,531,719	)

Total Net Assets	100.00	%	$	4,577,984,294

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

**	Represents an affiliate of the Fund under section 2(a)(2) and 2(a)(3) of the Investment Company Act of 1940, as the Fund holds 5% or more of the issuer’s outstanding voting shares.

†	Non-income earning security.

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

††	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

(l)	Investment in an affiliate.The total cost of affiliated investments is $1,234,932,014.

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

*	Cost for federal income tax purposes is $3,473,286,663 and net unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	1,395,049,160
Gross unrealized depreciation		(278,819,810	)

Net unrealized appreciation	$	1,116,229,350

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


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			43

SMALL/MID CAP VALUE FUND


Security Name	Shares		Value


Common Stocks: 98.37%

Consumer Discretionary: 6.49%

Auto Components: 0.85%
Gentex Corporation		76,700	$	2,404,545


Hotels, Restaurants & Leisure: 0.88%
Century Casinos Incorporated†		714,220		2,149,802
Empire Resorts Incorporated		540,000		361,800

				2,511,602


Household Durables: 1.23%
Cavco Industries Incorporated†		75,485		3,508,543


Leisure Equipment & Products: 0.58%
Black Diamond Incorporated†		239,400		1,637,496


Media: 2.48%
Entravision Communications Corporation Class A†		628,243		1,482,653
Interpublic Group of Companies Incorporated		91,100		1,070,425
Outdoor Channel Holdings Incorporated		169,931		1,215,007
Regal Entertainment Group Class A		131,405		1,810,761
Scripps Networks Interactive Incorporated		28,740		1,477,811

				7,056,657


Specialty Retail: 0.47%
Bakers Footwear Group Incorporated†(l)		498,335		573,085
Vitamin Shoppe Incorporated†		19,325		754,062

				1,327,147


Consumer Staples: 0.60%

Household Products: 0.60%
WD-40 Company		40,850		1,695,275


Energy: 22.08%

Energy Equipment & Services: 6.10%
Global Industries Limited†		354,025		3,490,687
Helix Energy Solutions Group Incorporated†		146,550		2,774,192
Helmerich & Payne Incorporated		20,095		1,333,102
Key Energy Services Incorporated†		117,180		2,132,676
Newpark Resources Incorporated†		509,276		4,598,762
Pride International Incorporated†		26,325		1,155,931
Willbros Group Incorporated†		171,700		1,845,775

				17,331,125


Oil, Gas & Consumable Fuels: 15.98%
Canadian Natural Resources Limited		78,500		3,686,360
El Paso Corporation		50,535		980,884
Energy XXI Bermuda Limited†		56,522		2,048,923
InterOil Corporation†		222,699		14,163,656
James River Coal Company†		63,815		1,488,166


44		Wells Fargo Advantage Small and Mid Cap Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

SMALL/MID CAP VALUE FUND


Security Name	Shares		Value


Oil, Gas & Consumable Fuels (continued)
Marathon Oil Corporation		15,000	$	810,600
McMoRan Exploration Company†		392,835		7,192,809
Penn West Petroleum Limited		32,435		830,660
Pioneer Natural Resources Company		10,520		1,075,460
Plains Exploration & Product Company†		30,700		1,167,828
Range Resources Corporation		95,100		5,368,395
Triangle Petroleum Corporation†		136,549		1,077,372
Trilogy Energy Corporation		228,600		5,506,309

				45,397,422


Financials: 17.74%

Capital Markets: 0.49%
Artio Global Investos Incorporated		84,200		1,383,406


Commercial Banks: 4.71%
1st United Bancorp Incorporated†		207,394		1,445,536
American River Holdings†		184,000		1,150,000
Bancorp Incorporated†		86,922		850,966
Center Financial Corporation†		98,870		720,762
Iberiabank Corporation		28,298		1,698,163
Midsouth Bancorp Incorporated		71,625		1,014,210
Pacific Premier Bancorp Incorporated†		265,535		1,858,745
Sierra Bancorp		130,295		1,452,789
Sterling Bancorp		76,850		795,398
Univest Corporation of Pennsylvania		41,023		690,007
Washington Banking Company		66,750		933,833
Western Liberty Bancorp†		71,795		267,795
Wilmington Trust Corporation		114,678		517,198

				13,395,402


Consumer Finance: 0.60%
Western Union Company		79,970		1,699,363


Insurance: 2.36%
Argo Group International Holdings Limited		103,744		3,258,599
First Acceptance Corporation†		676,060		1,223,669
Hilltop Holdings Incorporated†		111,686		1,083,354
Mercury General Corporation		28,525		1,133,584

				6,699,206


Real Estate Investment Trusts (REITs): 8.70%
Annaly Capital Management Incorporated		63,888		1,139,762
Anworth Mortgage Asset Corporation		157,695		1,132,250
Capstead Mortgage Corporation		195,525		2,588,751
Chimera Investment Corporation		2,175,716		8,811,650
Hatteras Financial Corporation		63,115		1,793,097
MFA Mortgage Investments Incorporated		129,165		1,030,737
Origen Financial Incorporated		781,700		1,407,060
Redwood Trust Incorporated		105,000		1,662,150
Sun Communities Incorporated		59,345		2,283,596


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			45

SMALL/MID CAP VALUE FUND


Security Name	Shares		Value


Real Estate Investment Trusts (REITs) (continued)
UMH Properties Incorporated		276,400	$	2,857,976

				24,707,029


Real Estate Management & Development: 0.51%
Kennedy Wilson Holdings Incorporated†		127,850		1,463,883


Thrifts & Mortgage Finance: 0.37%
First Niagara Financial Group Incorporated		48,345		696,168
Northwest Bancshares Incorporated		29,415		370,335

				1,066,503


Health Care: 7.18%

Health Care Equipment & Supplies: 3.73%
Allied Healthcare Products Incorporated†		377,247		1,588,210
EnteroMedics Incorporated†(l)		524,500		1,442,375
Haemonetics Corporation†		12,105		849,771
Orasure Technologies Incorporated†		465,800		4,103,698
Stryker Corporation		16,990		1,002,410
Wright Medical Group Incorporated†		65,525		1,083,128
Zoll Medical Corporation†		9,540		540,727

				10,610,319


Health Care Providers & Services: 0.87%
Cross Country Healthcare Incorporated†		136,744		1,014,640
Ensign Group Incorporated		32,700		904,482
PharMerica Corporation†		42,400		557,984

				2,477,106


Health Care Technology: 2.10%
Computer Programs & Systems Incorporated		24,525		1,441,825
Merge Healthcare Incorporated†		297,605		1,467,193
Omnicell Incorporated†		124,500		1,914,810
Transcend Services Incorporated†		47,145		1,137,609

				5,961,437


Life Sciences Tools & Services: 0.48%
Accelrys Incorporated†		179,565		1,359,307


Industrials: 13.28%

Aerospace & Defense: 1.46%
Alliant Techsystems Incorporated		15,600		1,102,140
Orbital Sciences Corporation†		160,925		3,030,218

				4,132,358


Airlines: 0.61%
JetBlue Airways Corporation†		307,600		1,741,016


Building Products: 0.61%
Patrick Industries Incorporated†		300,277		714,659


46		Wells Fargo Advantage Small and Mid Cap Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

SMALL/MID CAP VALUE FUND


Security Name	Shares		Value


Building Products (continued)
U.S. Home Systems Incorporated†		194,700	$	1,002,705

				1,717,364


Commercial Services & Supplies: 5.23%
ABM Industries Incorporated		86,905		2,113,530
ACCO Brands Corporation†		150,945		1,465,676
Avery Dennison Corporation		54,400		2,270,656
Cintas Corporation		42,100		1,307,205
Corrections Corporation of America†		11,300		281,257
GEO Group Incorporated		148,462		3,960,966
Healthcare Services Group		71,323		1,266,696
Standard Parking Corporation†		84,997		1,486,598
Verisk Analytics Incorporated Class A†		21,725		714,753

				14,867,337


Construction & Engineering: 2.15%
Integrated Electrical Services Incorporated†		192,300		649,974
Primoris Services Corporation		463,830		5,463,917

				6,113,891


Machinery: 1.50%
Actuant Corporation Class A		77,645		2,155,425
Kaydon Corporation		35,690		1,381,203
Kennametal Incorporated		17,400		734,628

				4,271,256


Marine: 0.41%
Star Bulk Carriers Corporation		488,490		1,147,952


Professional Services: 1.31%
Hill International Incorporated†		735,790		3,730,455


Information Technology: 13.61%

Communications Equipment: 4.86%
Bigband Networks Incorporated†		378,800		969,728
Brocade Communications Systems Incorporated†		294,720		1,842,000
China GrenTech Corporation Limited ADR†		408,804		1,238,676
InterDigital Incorporated		24,655		1,141,280
MRV Communications Incorporated†		2,324,035		3,555,774
Sandvine Corporation†		1,978,945		5,057,194

				13,804,652


Computers & Peripherals: 1.59%
Cray Incorporated†		278,730		1,873,066
Intermec Incorporated†		230,340		2,644,303

				4,517,369


Electronic Equipment & Instruments: 1.68%
Evans & Sutherland Computer Corporation†		511,952		261,096
GSI Group Incorporated†		89,200		1,012,420


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			47

SMALL/MID CAP VALUE FUND


Security Name	Shares		Value


Electronic Equipment & Instruments (continued)
OSI Systems Incorporated†		39,111	$	1,501,471
Power One Incorporated†		243,725		2,013,169

				4,788,156


IT Services: 1.21%
Tier Technologies Incorporated Class B†		615,679		3,441,646


Semiconductors & Semiconductor Equipment: 3.97%
Advanced Micro Devices Incorporated†		125,200		1,139,320
FormFactor Incorporated†		221,445		2,296,385
MEMC Electronic Materials Incorporated†		214,360		2,535,879
Micron Technology Incorporated†		361,150		4,077,384
Trident Microsystems Incorporated†		1,214,626		1,226,772

				11,275,740


Software: 0.30%
Henry Jack & Associates Incorporated		25,120		853,326


Materials: 16.74%

Chemicals: 0.38%
International Flavors & Fragrances Incorporated		16,905		1,073,806


Containers & Packaging: 0.40%
Intertape Polymer Group Incorporated†		729,751		1,138,412


Metals & Mining: 15.96%
Agnico-Eagle Mines Limited		36,450		2,536,191
Endeavour Mining Corporation†		535,944		1,353,809
Goldcorp Incorporated		42,400		2,367,192
Goldgroup Mining Incorporated - Legend Shares†		1,041,000		1,639,370
Goldgroup Mining Incorporated†		148,800		234,331
Lucara Diamond Corporation†		1,082,660		1,533,696
Minera Andes Incorporated†		1,883,400		5,574,864
Newmont Mining Corporation		44,455		2,605,508
Petaquilla Minerals Limited†		583,300		542,469
Randgold Resources Limited ADR		158,700		13,738,659
Rockwell Diamonds Incorporated†		2,992,475		134,661
Rockwell Diamonds Incorporated - Toronto Exchange†		12,881,250		680,719
Royal Gold Incorporated		54,755		3,338,960
San Gold Corporation†		567,020		1,719,318
Sandstorm Gold Limited†		3,101,385		3,441,795
Sandstorm Metals & Energy Limited†		346,933		190,673
Silver Standard Resources Incorporated†		43,668		1,517,026
United States Steel Corporation		24,985		1,192,034
Yamana Gold Incorporated		78,740		1,000,779

				45,342,054


48		Wells Fargo Advantage Small and Mid Cap Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

SMALL/MID CAP VALUE FUND

Security Name

Shares

Value

Telecommunication Services: 0.65%

Diversified Telecommunication Services: 0.65%

Cincinnati Bell Incorporated†

616,420

1,843,096

Total Common Stocks (Cost $207,266,759)

279,492,659

Expiration Date

Rights: 0.00%

Consumer Discretionary: 0.00%

Hotels, Restaurants & Leisure: 0.00%

Empire Resorts Incorporated(a)†

05/20/2011

540,000

Total Rights (Cost $0)

Warrants: 0.43%

Health Care: 0.24%

Health Care Equipment & Supplies: 0.24%

EnteroMedics Incorporated(a)†(i)

05/14/2016

270,908

690,815

Materials: 0.19%

Metals & Mining: 0.19%

Sandstorm Gold Limited†

04/23/2014

904,067

525,537

Total Warrants (Cost $15,995)

1,216,352

Investment Companies: 1.17%

Market Vectors Junior Gold Miners ETF

50,359

2,097,452

SPDR KBW Regional Banking ETF

45,980

1,227,666

Total Investment Companies (Cost $2,318,777)

3,325,118

Yield

Short-Term Investments: 0.03%

Investment Companies: 0.03%

Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)

0.09

94,766

Total Short-Term Investments (Cost $94,766)

94,766


Total Investments in Securities
(Cost $209,696,297)*	100.00	%		284,128,895
Other Assets and Liabilities, Net	0.00			(1,255	)

Total Net Assets	100.00	%	$	284,127,640


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			49

SMALL/MID CAP VALUE FUND

†	Non-income earning security.

**	Represents an affiliate of the Fund under Section 2(a)(2) and 2(a)(3) of the Investment Company Act of 1940, as the Fund holds 5% or more of the issuer’s outstanding voting shares.

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

(i)	Illiquid security

(l)	Investment in an affiliate. The total cost of affiliated investments is $1,721,836.

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

*	Cost for federal income tax purposes is $218,863,612 and net unrealized appreciation (depreciation) consist of:


Gross unrealized appreciation	$	79,623,642
Gross unrealized depreciation		(14,358,359	)

Net unrealized appreciation	$	65,265,283

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


50		Wells Fargo Advantage Small and Mid Cap Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

SPECIAL SMALL CAP VALUE FUND


Security Name	Shares		Value


Common Stocks: 96.84%

Consumer Discretionary: 16.67%

Auto Components: 1.73%
Modine Manufacturing Company†		908,325	$	16,177,265


Automobiles: 0.17%
Thor Industries Incorporated		50,700		1,572,207


Diversified Consumer Services: 3.00%
Hillenbrand Incorporated		696,302		15,959,242
Matthews International Corporation Class A«		299,447		12,019,803

				27,979,045


Hotels, Restaurants & Leisure: 1.97%
Dennys Corporation†«		2,731,044		11,169,970
Ruby Tuesday Incorporated†		126,000		1,324,260
Wendy’s Arby’s Group Incorporated		1,225,377		5,906,317

				18,400,547


Household Durables: 4.78%
Blyth Incorporated(l)		438,460		20,669,004
Cavco Industries Incorporated†		190,648		8,861,319
Dixie Group Incorporated†(l)		698,377		3,003,021
Furniture Brands International Incorporated†«		498,562		2,413,040
La-Z-Boy Incorporated†«		817,112		9,609,237

				44,555,621


Media: 0.92%
AH Belo Corporation«		947,960		7,887,027
Dex One Corporation†«		161,693		679,111

				8,566,138


Specialty Retail: 2.41%
AC Moore Arts & Crafts Incorporated†		204,098		555,147
Christopher & Banks Corporation		434,945		2,674,912
Genesco Incorporated†«		297,168		11,999,644
Men’s Wearhouse Incorporated«		234,437		6,538,448
Zale Corporation†«		197,537		726,936

				22,495,087


Textiles, Apparel & Luxury Goods: 1.69%
Delta Apparel Incorporated†«		256,239		4,532,868
Kenneth Cole Productions Incorporated Class A†(l)		661,368		8,908,627
Skechers USA Incorporated Class A†«		121,000		2,305,050

				15,746,545


Consumer Staples: 4.91%

Food & Staples Retailing: 1.52%
Casey’s General Stores Incorporated«		244,909		9,558,798


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			51

SPECIAL SMALL CAP VALUE FUND


Security Name	Shares		Value


Food & Staples Retailing (continued)
Winn-Dixie Stores Incorporated†«		650,332	$	4,610,854

				14,169,652


Food Products: 0.74%
Seneca Foods Corporation Class A†«		89,952		2,515,058
Snyders Lance Incorporated		222,000		4,384,500

				6,899,558


Household Products: 1.85%
Central Garden & Pet Company†		186,192		1,819,096
Central Garden & Pet Company Class A†		300,002		3,006,020
Spectrum Brands Holdings Incorporated†«		131,349		4,268,843
WD-40 Company«		198,236		8,226,794

				17,320,753


Personal Products: 0.80%
Medifast Incorporated†«		80,800		1,595,800
Prestige Brands Holdings Incorporated†		506,842		5,854,025

				7,449,825


Energy: 7.70%

Energy Equipment & Services: 2.49%
Atwood Oceanics Incorporated†		212,232		9,535,584
Cal Dive International Incorporated†		1,160,217		9,119,306
Complete Production Services Incorporated†«		72,600		2,464,044
Willbros Group Incorporated†		195,654		2,103,281

				23,222,215


Oil, Gas & Consumable Fuels: 5.21%
Bill Barrett Corporation†«		132,600		5,533,398
Biofuel Energy Corporation†«		3,095,764		2,259,908
Comstock Resources Incorporated†«		413,425		13,254,406
Energy XXI Bermuda Limited†		86,100		3,121,125
Northern Oil & Gas Incorporated†«		103,000		2,447,280
Stone Energy Corporation†		400,135		14,148,774
Swift Energy Company†		87,647		3,434,886
Tidewater Incorporated«		75,100		4,469,201

				48,668,978


Financials: 15.91%

Capital Markets: 3.49%
CIFC Deerfield Corporation†		253,585		1,584,906
Investment Technology Group Incorporated†«		604,651		10,345,579
Knight Capital Group Incorporated Class A†«		701,500		9,624,580
Kohlberg Capital Corporation		566,066		4,234,174
Westwood Holdings Group Incorporated		181,012		6,815,102

				32,604,341


52		Wells Fargo Advantage Small and Mid Cap Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

SPECIAL SMALL CAP VALUE FUND


Security Name	Shares			Value


Commercial Banks: 9.77%
BOK Financial Corporation		55,500		$	2,984,790
First Citizens BancShares Incorporated		196,556			39,313,166
First Commonwealth Financial Corporation«		852,050			5,282,710
IBERIABANK Corporation«		122,009			7,321,760
Old National Bancorp«		592,087			6,128,100
UMB Financial Corporation		714,761			30,098,586

					91,129,112


Insurance: 2.40%
Endurance Specialty Holdings Limited		31,300			1,399,442
Fortegra Financial Corporation†		240,430			2,632,709
Stewart Information Services Corporation«(l)		964,018			9,775,143
Validus Holdings Limited		263,861			8,586,037

					22,393,331


Thrifts & Mortgage Finance: 0.25%
Provident New York Bancorp		244,716			2,295,436


Health Care: 3.47%

Health Care Equipment & Supplies: 1.29%
Haemonetics Corporation†«		20,300			1,425,060
ICU Medical Incorporated†		79,703			3,595,402
Immucor Incorporated†«		159,400			3,479,702
West Pharmaceutical Services Incorporated«		75,500			3,566,620

					12,066,784


Health Care Providers & Services: 0.93%
AMN Healthcare Services Incorporated†«		675,845			5,832,542
Pharmerica Corporation†«		212,240			2,793,078

					8,625,620


Life Sciences Tools & Services: 0.56%
Cambrex Corporation†«		995,127			5,234,368


Pharmaceuticals: 0.69%
Lannett Company Incorporated†		601,045			3,468,030
Par Pharmaceutical Companies Incorporated†		85,600			2,948,064

					6,416,094


Industrials: 18.93%

Aerospace & Defense: 0.40%
GenCorp Incorporated†		572,370			3,737,576


Building Products: 3.15%
Builders FirstSource Incorporated†«		573,206	��		1,518,996
Griffon Corporation†«		113,100			1,440,894
Quanex Building Products Corporation		851,915			17,856,138
Simpson Manufacturing Company Incorporated«		305,700			8,535,144

					29,351,172


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			53

SPECIAL SMALL CAP VALUE FUND


Security Name	Shares		Value


Commercial Services & Supplies: 2.91%
ACCO Brands Corporation†«		1,056,563	$	10,259,227
Cenveo Incorporated†«		164,662		1,067,010
Courier Corporation		401,399		5,499,166
Viad Corporation		414,791		10,290,965

				27,116,368


Electrical Equipment: 0.92%
Franklin Electric Company Incorporated		190,291		8,584,027


Industrial Conglomerates: 0.56%
Tredegar Corporation		239,395		5,237,963


Machinery: 8.58%
Commercial Vehicle Group Incorporated†		192,970		3,330,662
Douglas Dynamics Incorporated		358,648		5,555,458
John Bean Technologies Corporation		57,700		1,166,117
Kadant Incorporated†(l)		754,129		23,264,880
Mueller Industries Incorporated		1,193,569		46,692,419

				80,009,536


Marine: 0.09%
Horizon Lines Incorporated«		488,120		863,972


Professional Services: 1.46%
Heidrick & Struggles International Incorporated		583,086		13,644,212


Road & Rail: 0.86%
Arkansas Best Corporation«		350,328		8,061,047


Information Technology: 16.43%

Communications Equipment: 0.25%
Aviat Networks Incorporated†		454,047		2,324,721


Computers & Peripherals: 4.77%
ADPT Corporation†		3,542,998		10,132,974
Imation Corporation†(l)		2,163,321		22,217,307
Quantum Corporation†«		3,811,745		12,121,349

				44,471,630


Electronic Equipment & Instruments: 4.04%
AVX Corporation		709,348		11,569,466
Benchmark Electronics Incorporated†		224,227		3,789,436
Insight Enterprises Incorporated†		101,200		1,736,592
Orbotech Limited†		877,555		11,250,255
Pulse Electronics Corporation«		1,561,202		9,335,988

				37,681,737


Internet Software & Services: 0.82%
EarthLink Incorporated«		929,700		7,642,134


54		Wells Fargo Advantage Small and Mid Cap Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

SPECIAL SMALL CAP VALUE FUND


Security Name	Shares		Value


IT Services: 0.71%
Corelogic Incorporated		128,300	$	2,362,003
TNS Incorporated†«		261,774		4,300,947

				6,662,950


Semiconductors & Semiconductor Equipment: 4.05%
ATMI Incorporated†«		704,745		14,031,473
DSP Group Incorporated†		825,064		6,666,517
Exar Corporation†		1,375,316		8,403,181
Lattice Semiconductor Corporation†		1,049,581		7,126,655
Spansion Incorporated Class A†		81,131		1,598,281

				37,826,107


Software: 1.79%
ACI Worldwide Incorporated†		311,132		10,279,801
S1 Corporation†		932,160		6,403,939

				16,683,740


Materials: 8.22%

Chemicals: 1.65%
A. Schulman Incorporated«		419,405		10,619,335
American Pacific Corporation†(l)		402,733		2,484,863
Arch Chemicals Incorporated«		58,405		2,258,521

				15,362,719


Containers & Packaging: 0.14%
Plastec Technologies Limited†«(a)		145,800		1,348,096


Metals & Mining: 1.91%
Aurizon Mines Limited†		771,660		5,231,855
Royal Gold Incorporated«		205,598		12,537,366

				17,769,221


Paper & Forest Products: 4.52%
Clearwater Paper Corporation†«		84,047		6,596,009
Glatfelter Corporation«		386,080		5,250,688
Neenah Paper Incorporated«(l)		764,134		17,827,246
Rock-Tenn Company Class A«		50,900		3,515,663
Schweitzer Manduit International Incorporated		116,512		6,039,982
Wausau Paper Corporation«		438,800		2,961,900

				42,191,488


Utilities: 4.60%

Electric Utilities: 4.30%
ALLETE Incorporated«		803,573		32,536,671
El Paso Electric Company«		60,286		1,867,660
MGE Energy Incorporated		92,041		3,866,642
Portland General Electric Company		75,002		1,872,050

				40,143,023


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			55

SPECIAL SMALL CAP VALUE FUND


Security Name						Shares		Value


Multi-Utilities: 0.30%
Northwestern Corporation							86,700	$	2,822,083


Total Common Stocks (Cost $845,109,674)									903,524,044


	Interest Rate			Maturity Date		Principal

Convertible Debenture: 0.08%

Information Technology: 0.08%

Computers & Peripherals: 0.08%
Quantum Corporation		3.50	%		11/15/2015	$	697,000		742,305


Total Convertible Debentures (Cost $697,000)									742,305


				Expiration Date		Shares

Warrants: 0.01%

Materials: 0.01%

Containers & Packaging: 0.01%
Plastec Technologies Limited†(a)					11/18/2014		145,800		58,320

Total Warrants (Cost $0)									58,320


	Interest Rate			Maturity Date		Principal

Short-Term Investments: 20.04%

Corporate Bonds and Notes: 0.44%
Gryphon Funding Limited(a)(i)		0.00	%		08/05/2011	$	9,534,969		4,105,758


	Yield					Shares

Investment Companies: 19.60%
Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)		0.09					24,792,600		24,792,600
Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)		0.20					158,135,459		158,135,459

									182,928,059


Total Short-Term Investments (Cost $187,011,273)									187,033,817


Total Investments in Securities
(Cost $1,032,817,947)*	116.97	%		1,091,358,486
Other Assets and Liabilities, Net	(16.97	)		(158,325,115	)

Total Net Assets	100.00	%	$	933,033,371


56		Wells Fargo Advantage Small and Mid Cap Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

SPECIAL SMALL CAP VALUE FUND

**	Represents an affiliate of the Fund under section 2(a)(2) and 2(a)(3) of the Investment Company Act of 1940, as the Fund holds 5% or more of the issuer’s outstanding voting shares.

†	Non-income earning security.

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

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

(i)	Illiquid security

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

(l)	Investment in an affiliate. The total cost of affiliated investments is $352,950,815.

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

*	Cost for federal income tax purposes is $1,046,817,682 and net unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	192,487,972
Gross unrealized depreciation		(147,947,168	)

Net unrealized appreciation	$	44,540,804

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


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			57

TRADITIONAL SMALL CAP GROWTH FUND


Security Name	Shares		Value


Common Stocks: 97.97%

Consumer Discretionary: 17.29%

Diversified Consumer Services: 3.11%
Coinstar Incorporated†«		42,800	$	2,310,344
K12 Incorporated†«		85,700		3,374,009
Steiner Leisure Limited†«		58,174		2,823,766

				8,508,119


Hotels, Restaurants & Leisure: 3.73%
Gaylord Entertainment Company†		75,000		2,690,250
Pinnacle Entertainment Incorporated†«		208,400		2,892,592
Shuffle Master Incorporated†		233,100		2,547,783
Texas Roadhouse Incorporated Class A		128,500		2,090,695

				10,221,320


Household Durables: 0.72%
Sodastream International Limited†«		42,900		1,962,246


Media: 2.63%
IMAX Corporation†		88,200		3,094,056
Knology Incorporated†		88,197		1,345,004
National CineMedia Incorporated		149,326		2,604,245
ReachLocal Incorporated†		7,400		171,976

				7,215,281


Specialty Retail: 4.20%
Children’s Place Retail Stores Incorporated†		43,000		2,286,310
DSW Incorporated Class A†«		42,900		2,036,892
Hibbett Sports Incorporated†«		57,900		2,187,462
Ulta Salon Cosmetics & Fragrance Incorporated†«		39,200		2,085,048
Vitamin Shoppe Incorporated†		74,338		2,900,669

				11,496,381


Textiles, Apparel & Luxury Goods: 2.90%
Deckers Outdoor Corporation†«		31,100		2,639,146
Iconix Brand Group Incorporated†«		122,400		2,997,576
Warnaco Group Incorporated†«		35,800		2,304,088

				7,940,810


Consumer Staples: 2.53%

Food Products: 1.34%
Diamond Foods Incorporated«		56,100		3,680,160


Personal Products: 1.19%
Elizabeth Arden Incorporated†		108,200		3,252,492


Energy: 5.94%

Energy Equipment & Services: 0.99%
Matrix Service Company†		187,338		2,708,907


58		Wells Fargo Advantage Small and Mid Cap Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

TRADITIONAL SMALL CAP GROWTH FUND


Security Name	Shares		Value


Oil, Gas & Consumable Fuels: 4.95%
Georesources Incorporated†«		75,300	$	2,185,206
Goodrich Petroleum Corporation†«		186,400		4,188,408
Petrohawk Energy Corporation		100,900		2,725,309
World Fuel Services Corporation«		112,580		4,455,916

				13,554,839


Financials: 6.08%

Capital Markets: 1.87%
Evercore Partners Incorporated Class A		84,500		2,948,205
Stifel Financial Corporation†		47,397		2,165,095

				5,113,300


Consumer Finance: 1.56%
Dollar Financial Corporation†		186,301		4,283,060


Diversified Financial Services: 2.65%
Higher One Holding Incorporated†«		82,200		1,158,198
MarketAxess Holdings Incorporated		85,200		2,074,620
Portfolio Recovery Associates Incorporated†		44,500		4,016,570

				7,249,388


Health Care: 16.74%

Biotechnology: 3.40%
Alexion Pharmaceuticals Incorporated†		22,700		2,199,403
Cubist Pharmaceuticals Incorporated†		23,700		802,245
Exact Sciences Corporation†«		257,600		2,063,376
Incyte Corporation†«		117,200		2,165,856
Pharmasset Incorporated†		20,400		2,069,988

				9,300,868


Health Care Equipment & Supplies: 7.67%
DexCom Incorporated†		223,988		3,729,400
Merit Medical Systems Incorporated†		148,600		3,465,352
Natus Medical Incorporated†		158,091		2,682,804
NuVasive Incorporated†«		108,400		3,348,476
SonoSite Incorporated†		75,900		2,633,730
Volcano Corporation†		104,200		2,777,972
Zoll Medical Corporation†«		41,900		2,374,892

				21,012,626


Health Care Providers & Services: 4.45%
HMS Holdings Corporation†«		37,600		2,959,496
IPC The Hospitalist Company†		76,078		3,945,405
PSS World Medical Incorporated†		70,800		2,036,208
Team Health Holdings LLC†		82,500		1,640,100
U.S. Physical Therapy Incorporated		66,000		1,607,100

				12,188,309


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			59

TRADITIONAL SMALL CAP GROWTH FUND


Security Name	Shares		Value


Health Care Technology: 1.22%
SXC Health Solutions Corporation†		60,600	$	3,342,696


Industrials: 15.22%

Aerospace & Defense: 2.27%
Hexcel Corporation†		211,943		4,563,133
KEYW Holding Corporation†		149,296		1,670,622

				6,233,755


Air Freight & Logistics: 0.89%
Forward Air Corporation		72,261		2,429,415


Commercial Services & Supplies: 2.03%
Consolidated Graphics Incorporated†		49,500		2,779,425
InnerWorkings Incorporated†«		309,236		2,773,847

				5,553,272


Electrical Equipment: 2.80%
EnerSys Company†		104,000		3,940,560
Polypore International Incorporated†«		60,237		3,720,839

				7,661,399


Machinery: 3.92%
Barnes Group Incorporated«		137,300		3,396,802
RBC Bearings Incorporated†«		89,347		3,507,763
Tennant Company		34,100		1,398,782
Titan International Incorporated«		78,700		2,431,043

				10,734,390


Road & Rail: 0.98%
Knight Transportation Incorporated		149,300		2,688,893


Trading Companies & Distributors: 2.33%
Interline Brands Incorporated†		103,523		2,186,406
MSC Industrial Direct Company«		58,600		4,195,174

				6,381,580


Information Technology: 29.22%

Communications Equipment: 2.03%
Finisar Corporation†«		102,500		2,879,225
Shoretel Incorporated†		256,300		2,678,335

				5,557,560


Electronic Equipment & Instruments: 2.26%
Ciena Corporation†«		140,300		3,962,072
DTS Incorporated†		50,700		2,233,842

				6,195,914


Internet Software & Services: 10.79%
Cogent Communications Group Incorporated†		201,900		2,929,569


60		Wells Fargo Advantage Small and Mid Cap Stock Funds		Portfolio of Investments—April 30, 2011 (Unaudited)

TRADITIONAL SMALL CAP GROWTH FUND


Security Name	Shares		Value


Internet Software & Services (continued)
ComScore Incorporated†		137,936	$	4,111,872
Constant Contact Incorporated†«		65,218		1,807,191
Dice Holdings Incorporated†		110,000		2,016,300
Equinix Incorporated†		42,454		4,273,420
LivePerson Incorporated†		176,442		2,357,265
LogMeIn Incorporated†«		53,900		2,321,473
NIC Incorporated		204,216		2,625,197
SPS Commerce Incorporated†		91,635		1,503,730
Support.com Incorporated†		419,482		2,403,632
Vocus Incorporated†		107,708		3,191,388

				29,541,037


IT Services: 0.40%
Lionbridge Technologies Incorporated†		328,400		1,106,708


Semiconductors & Semiconductor Equipment: 6.14%
Cavium Networks Incorporated†		50,300		2,375,166
Inphi Corporation†		108,516		2,341,775
Mellanox Technologies†«		69,784		2,061,419
NetLogic Microsystems Incorporated†		60,300		2,600,739
Power Integrations Incorporated		77,400		3,122,316
Silicon Image Incorporated†		158,900		1,322,048
Volterra Semiconductor Corporation†«		113,900		2,994,431

				16,817,894


Software: 7.60%
Concur Technologies Incorporated†«		61,478		3,557,732
Radiant Systems Incorporated†		121,200		2,414,304
Reald Incorporated†«		95,000		2,762,600
Realpage Incorporated†		51,395		1,639,501
Sourcefire Incorporated†«		94,800		2,523,576
Taleo Corporation Class A†		133,100		4,827,537
Ultimate Software Group Incorporated†		55,274		3,095,344

				20,820,594


Materials: 4.95%

Chemicals: 3.67%
Cytec Industries Incorporated		59,900		3,514,932
Intrepid Potash Incorporated†«		75,838		2,598,210
Rockwood Holdings Incorporated†«		69,752		3,957,730

				10,070,872


Metals & Mining: 1.28%
Materion Corporation†		83,797		3,499,363


Total Common Stocks (Cost $180,647,692)				268,323,448


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			61

TRADITIONAL SMALL CAP GROWTH FUND


Security Name	Yield			Shares		Value


Short-Term Investments: 27.34%

Investment Companies: 27.34%
Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)		0.09	%		7,148,532	$	7,148,532
Wells Fargo Securities Lending Cash Investments, LLC(l)(u)(v)		0.20			67,744,654		67,744,654

Total Short-Term Investments (Cost $74,893,186)							74,893,186


Total Investments in Securities
(Cost $255,540,878)*	125.31	%		343,216,634
Other Assets and Liabilities, Net	(25.31	)		(69,319,217	)

Total Net Assets	100.00	%	$	273,897,417

†	Non-income earning security.

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

(l)	Investment in an affiliate.

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

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

*	Cost for federal income tax purposes is $259,483,044 and net unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	84,617,800
Gross unrealized depreciation		(884,210	)

Net unrealized appreciation	$	83,733,590

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


62		Wells Fargo Advantage Small and Mid Cap Stock Funds		Statement of Assets and Liabilities—April 30, 2011 (Unaudited)


	Intrinsic Small Cap Value Fund			Small Cap Growth Fund

Assets
Investments
In unaffiliated securities (including securities on loan), at value	$	136,747,344		$	1,342,520,326
In affiliated securities, at value		35,903,664			284,200,429

Total investments, at value (see cost below)		172,651,008			1,626,720,755
Foreign currency, at value (see cost below)		0			0
Receivable for investments sold		615,761			60,867,421
Receivable for Fund shares sold		143,888			2,202,517
Receivable for dividends		11,745			19,402
Receivable for securities lending income		4,805			67,450
Prepaid expenses and other assets		73,732			52,606

Total assets		173,500,939			1,689,930,151


Liabilities
Payable for investments purchased		3,154,564			53,480,797
Payable for Fund shares redeemed		238,579			1,289,139
Payable upon receipt of securities loaned		28,903,795			251,197,171
Written options, at value		0			0
Advisory fee payable		98,254			862,159
Distribution fees payable		80			5,828
Due to other related parties		21,310			184,158
Shareholder servicing fees payable		16,009			125,860
Accrued expenses and other liabilities		190,723			137,284

Total liabilities		32,623,314			307,282,396

Total net assets	$	140,877,625		$	1,382,647,755


NET ASSETS CONSIST OF
Paid-in capital	$	209,289,131		$	1,035,993,981
Undistributed (overdistributed) net investment income (loss)		(203,070	)		(4,885,728	)
Accumulated net realized gains (losses) on investments		(93,975,899	)		134,849,123
Net unrealized gains on investments		25,767,463			216,690,379

Total net assets	$	140,877,625		$	1,382,647,755


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE¹
Net assets – Class A	$	251,116		$	167,303,616
Shares outstanding – Class A		15,025			11,394,125
Net asset value per share – Class A	$	16.71		$	14.68
Maximum offering price per share – Class A²	$	17.73		$	15.58
Net assets – Class B		NA		$	3,333,320
Shares outstanding – Class B		NA			245,169
Net asset value per share – Class B		NA		$	13.60
Net assets – Class C	$	133,272		$	6,087,855
Shares outstanding – Class C		8,213			446,930
Net asset value per share – Class C	$	16.23		$	13.62
Net assets – Administrator Class	$	15,254,077		$	425,697,337
Shares outstanding – Administrator Class		904,596			28,444,563
Net asset value per share – Administrator Class	$	16.86		$	14.97
Net assets – Institutional Class	$	56,493,917		$	745,623,898
Shares outstanding – Institutional Class		3,327,037			48,757,615
Net asset value per share – Institutional Class	$	16.98		$	15.29
Net assets – Investor Class	$	68,745,243		$	34,601,729
Shares outstanding – Investor Class		4,147,988			2,381,018
Net asset value per share – Investor Class	$	16.57		$	14.53

Total investments, at cost	$	146,883,545		$	1,410,030,376

Securities on loan, at value	$	28,217,780		$	245,290,484

Foreign currency, at cost	$	0		$	0

Written options, premiums received	$	0		$	0

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—April 30, 2011 (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			63


Small Cap Opportunities Fund		Small Cap Value Fund		Small/Mid Cap Value Fund			Special Small Cap Value Fund			Traditional Small Cap Growth Fund



$	734,698,511	$	3,340,800,721	$	282,018,669		$	800,280,336		$	268,323,448
	253,272,901		1,248,715,292		2,110,226			291,078,150			74,893,186

	987,971,412		4,589,516,013		284,128,895			1,091,358,486			343,216,634
	872,277		1,024,521		0			0			0
	10,195,007		2,411,935		732,614			6,071,820			3,962,950
	741,540		10,729,217		161,062			384,569			66,367
	101,873		802,764		40,918			268,522			3,342
	42,692		0		0			3,330			18,628
	25,717		118,463		51,457			31,280			32,032

	999,950,518		4,604,602,913		285,114,946			1,098,118,007			347,299,953



	11,152,089		1,348,406		194,763			3,468,479			4,938,061
	3,109,896		17,868,536		473,370			2,058,551			375,642
	161,988,088		0		0			158,135,459			67,744,654
	0		2,564,136		0			0			0
	575,730		2,716,321		173,598			600,270			172,814
	0		83,205		9,309			49,770			218
	100,320		1,043,849		62,219			200,894			54,300
	167,200		652,544		53,076			185,997			34,712
	83,504		341,622		20,971			385,216			82,135

	177,176,827		26,618,619		987,306			165,084,636			73,402,536

$	822,773,691	$	4,577,984,294	$	284,127,640		$	933,033,371		$	273,897,417



$	626,655,994	$	3,268,428,661	$	242,309,239		$	1,002,617,378		$	224,061,903
	703,853		9,237,929		(205,046	)		(1,055,639	)		(1,025,679	)
	27,801,371		157,015,621		(32,409,102	)		(127,068,907	)		(36,814,563	)
	167,612,473		1,143,302,083		74,432,549			58,540,539			87,675,756

$	822,773,691	$	4,577,984,294	$	284,127,640		$	933,033,371		$	273,897,417



	NA	$	767,576,479	$	49,766,066		$	507,750,482		$	160,477,519
	NA		22,692,164		2,994,829			21,646,509			8,717,417
	NA	$	33.83	$	16.62		$	23.46		$	18.41
	NA	$	35.89	$	17.63		$	24.89		$	19.53
	NA	$	11,704,743		NA		$	32,249,297			NA
	NA		379,569		NA			1,446,860			NA
	NA	$	30.84		NA		$	22.29			NA
	NA	$	121,815,348	$	14,858,456		$	44,065,297		$	116,698
	NA		3,940,251		906,235			1,970,017			6,374
	NA	$	30.92	$	16.40		$	22.37		$	18.31
$	822,773,691	$	469,892,033	$	88,188,907		$	319,378,102		$	3,932,653
	22,101,869		13,650,320		5,213,223			13,481,741			203,836
$	37.23	$	34.42	$	16.92		$	23.69		$	19.29
	NA	$	1,173,666,701	$	29,409,724		$	29,590,193		$	109,370,547
	NA		34,032,264		1,731,209			1,248,053			5,658,035
	NA	$	34.49	$	16.99		$	23.71		$	19.33
	NA	$	2,033,328,990	$	101,904,487			NA			NA
	NA		59,150,848		6,106,747			NA			NA
	NA	$	34.38	$	16.69			NA			NA

$	820,411,823	$	3,445,972,254	$	209,696,297		$	1,032,817,947		$	255,540,878

$	157,997,360	$	0	$	0		$	153,363,485		$	66,132,619

$	819,393	$	1,018,332	$	0		$	0		$	0

$	0	$	2,315,905	$	0		$	0		$	0


64		Wells Fargo Advantage Small and Mid Cap Stock Funds		Statement of Operations—Six Months Ended April 30, 2011 (Unaudited)


	Intrinsic Small Cap Value Fund			Small Cap Growth Fund

Investment income
Dividends*	$	681,608		$	1,675,641
Interest		0			0
Income from affiliated securities		6,406			45,489
Securities lending income, net		33,299			280,163

Total investment income		721,313			2,001,293


Expenses
Advisory fee		596,136			4,981,227
Administration fees
Fund level		37,258			319,616
Class A		366			227,474
Class B		NA			4,384
Class C		188			7,569
Administrator Class		6,987			194,761
Institutional Class		25,650			268,920
Investor Class		116,339			53,569
Shareholder servicing fees
Class A		352			214,479
Class B		NA			4,215
Class C		180			7,278
Administrator Class		12,515			475,429
Investor Class		86,618			40,115
Distribution fees
Class B		NA			12,645
Class C		541			21,833
Custody and accounting fees		6,636			40,311
Professional fees		11,857			16,870
Registration fees		16,417			33,756
Shareholder report expenses		31,068			97,234
Trustees’ fees and expenses		5,274			5,274
Other fees and expenses		5,862			7,119

Total expenses		960,244			7,034,078
Less: Fee waivers and/or expense reimbursements		(35,861	)		(147,057	)

Net expenses		924,383			6,887,021

Net investment income (loss)		(203,070	)		(4,885,728	)


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains (losses) on:
Unaffiliated securities		12,069,964			156,866,318
Affiliated securities		0			0
Written options		0			0

Net realized gains on investments		12,069,964			156,866,318


Net change in unrealized gains (losses) on:
Unaffiliated securities		17,553,575			105,370,589
Affiliated securities		0			0
Written options		0			0

Net change in unrealized gains (losses) on investments		17,553,575			105,370,589

Net realized and unrealized gains (losses) on investments		29,623,539			262,236,907

Net increase in net assets resulting from operations	$	29,420,469		$	257,351,179


* Net of foreign withholding taxes of		$0			$0

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


Statement of Operations—Six Months Ended April 30, 2011 (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			65


Small Cap Opportunities Fund			Small Cap Value Fund			Small/Mid Cap Value Fund			Special Small Cap Value Fund			Traditional Small Cap Growth Fund


	5,036,863			30,664,150			2,492,817			4,829,581			406,041
	0			0			0			34,288			0
	81,632			4,944,621			2,487			632,292			5,112
	232,302			0			0			118,195			107,254

	5,350,797			35,608,771			2,495,304			5,614,356			518,407



	3,063,480			15,671,097			1,002,619			3,627,010			1,031,335

	193,623			1,061,487			66,841			229,979			64,458
	NA			945,159			60,495			650,043			190,355
	NA			24,813			NA			45,204			NA
	NA			144,386			17,866			55,420			137
	387,245			82,743			40,816			160,332			1,531
	NA			472,547			9,803			8,727			43,296
	NA			3,369,133			166,565			NA			NA

	NA			894,508			58,168			606,784			180,777
	NA			23,572			NA			43,466			NA
	NA			138,833			17,179			53,289			132
	968,113			196,644			99,453			391,522			3,328
	NA			2,515,767			125,756			NA			NA

	NA			71,577			NA			130,397			NA
	NA			416,497			51,537			159,865			395	��
	24,881			114,994			31,951			34,071			12,154
	19,192			30,736			17,128			18,429			22,277
	5,984			32,411			29,917			19,329			12,912
	30,915			198,884			22,439			33,725			19,252
	5,274			5,274			5,274			10,761			10,156
	9,355			40,299			3,904			87,196			2,000

	4,708,062			26,451,361			1,827,711			6,365,549			1,594,495
	(61,118	)		(659,481	)		(33,452	)		(357,079	)		(73,757	)

	4,646,944			25,791,880			1,794,259			6,008,470			1,520,738

	703,853			9,816,891			701,045			(394,114	)		(1,002,331	)





	67,381,655			226,755,520			2,372,765			36,136,030			40,475,388
	0			45,764,174			(2,085	)		(3,375,818	)		0
	0			(1,637,928	)		53,498			0			0

	67,381,655			270,881,766			2,424,178			32,760,212			40,475,388



	64,122,981			353,067,238			37,711,237			96,592,667			25,489,493
	0			(44,642,747	)		388,390			28,429,845			0
	0			(42,579	)		0			0			0

	64,122,981			308,381,912			38,099,627			125,022,512			25,489,493

	131,504,636			579,263,678			40,523,805			157,782,724			65,964,881

	132,208,489			589,080,569			41,224,850			157,388,610			64,962,550


	$5,636			$204,389			$15,899			$0			$0


66		Wells Fargo Advantage Small and Mid Cap Stock Funds		Statements of Changes in Net Assets


	Intrinsic Small Cap Value Fund
	Six Months Ended April 30, 2011 (Unaudited)						Year Ended October 31, 2010

Operations
Net investment income (loss)				$	(203,070	)				$	(821,870	)
Net realized gains (loss) on investments					12,069,964						(9,453,633	)
Net change in unrealized gains (losses) on investments					17,553,575						46,501,202

Net increase in net assets resulting from operations					29,420,469						36,225,699


Distributions to shareholders from
Net realized gains
Class A					0						0
Class B					NA						NA
Class C					0						0
Administrator Class					0						0
Institutional Class					0						0
Investor Class					0						0

Total distributions to shareholders					0						0


	Shares						Shares

Capital share transactions
Proceeds from shares sold
Class A		2,655			41,446			15,776			204,434
Class B		NA			NA			NA			NA
Class C		2,397			37,744			1,800			24,769
Administrator Class		960,748			14,201,857			108,637			1,415,320
Institutional Class		223,577			3,481,834			588,714			7,777,802
Investor Class		117,233			1,816,009			1,018,026			13,060,377

					19,578,890						22,482,702

Reinvestment of distributions
Class A		0			0			0			0
Class B		NA			NA			NA			NA
Class C		0			0			0			0
Administrator Class		0			0			0			0
Institutional Class		0			0			0			0
Investor Class		0			0			0			0

					0						0

Payment for shares redeemed
Class A		(13,246	)		(201,408	)		(15,336	)		(193,486	)
Class B		NA			NA			NA			NA
Class C		(4,724	)		(72,106	)		(2,903	)		(35,895	)
Administrator Class		(471,285	)		(7,215,437	)		(188,383	)		(2,456,938	)
Institutional Class		(2,054,283	)		(32,382,758	)		(1,021,167	)		(13,279,134	)
Investor Class		(1,747,196	)		(25,852,789	)		(10,988,353	)		(136,366,356	)

					(65,724,498	)					(152,331,809	)

Net increase (decrease) in net assets resulting from capital share transactions					(46,145,608	)					(129,849,107	)

Total increase (decrease) in net assets					(16,725,139	)					(93,623,408	)


Net assets
Beginning of period					157,602,764						251,226,172

End of period				$	140,877,625					$	157,602,764

Undistributed net investment income (loss)				$	(203,070	)				$	0

Please see footnotes on page 72

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


Statements of Changes in Net Assets		Wells Fargo Advantage Small and Mid Cap Stock Funds			67


Small Cap Growth Fund												Small Cap Opportunities Fund
Six Months Ended April 30, 2011 (Unaudited)						Year Ended October 31, 2010						Six Months Ended April 30, 2011 (Unaudited)						Year Ended October 31, 2010


			$	(4,885,728	)				$	(7,212,470	)				$	703,853					$	(1,353,940	)
				156,866,318						114,530,031						67,381,655						70,698,464
				105,370,589						99,730,490						64,122,981						55,657,152

				257,351,179						207,048,051						132,208,489						125,001,676




				(9,033,514	)					0						NA						NA
				(191,258	)					0						NA						NA
				(327,883	)					0						NA						NA
				(19,911,813	)					0						0						0
				(32,747,371	)					0						NA						NA
				(1,702,524	)					0						NA						NA

				(63,914,363	)					0						0						0


Shares						Shares						Shares						Shares



	1,365,939			18,714,605			4,266,265			50,476,661			NA			NA			NA			NA
	7,097			90,218			4,040			48,404			NA			NA			NA			NA
	7,264			91,660			7,655			83,474			NA			NA			NA			NA
	6,095,816			85,277,050			7,997,587			98,610,395			1,833,437			63,714,015			2,085,857			61,033,972
	6,398,997			90,876,467			20,560,823			249,326,976			NA			NA			NA			NA
	74,458			1,012,264			155,921			1,831,264			NA			NA			NA			NA

				196,062,264						400,377,174						63,714,015						61,033,972


	650,579			8,750,287			0			0			NA			NA			NA			NA
	14,813			185,015			0			0			NA			NA			NA			NA
	21,086			263,994			0			0			NA			NA			NA			NA
	1,249,349			17,116,077			0			0			0			0			0			0
	2,310,723			32,327,018			0			0			NA			NA			NA			NA
	123,734			1,648,137			0			0			NA			NA			NA			NA

				60,290,528						0						0						0


	(4,888,108	)		(67,202,207	)		(6,092,122	)		(73,513,935	)		NA			NA			NA			NA
	(57,569	)		(733,825	)		(158,029	)		(1,719,313	)		NA			NA			NA			NA
	(35,526	)		(459,317	)		(98,601	)		(1,083,889	)		NA			NA			NA			NA
	(4,048,219	)		(56,366,935	)		(5,990,184	)		(71,308,218	)		(2,326,101	)		(81,106,556	)		(3,145,084	)		(90,187,639	)
	(4,790,259	)		(68,038,617	)		(15,425,742	)		(187,160,977	)		NA			NA			NA			NA
	(197,161	)		(2,648,783	)		(378,909	)		(4,367,056	)		NA			NA			NA			NA

				(195,449,684	)					(339,153,388	)					(81,106,556	)					(90,187,639	)

				60,903,108						61,223,786						(17,392,541	)					(29,153,667	)

				254,339,924						268,271,837						114,815,948						95,848,009



				1,128,307,831						860,035,994						707,957,743						612,109,734

			$	1,382,647,755					$	1,128,307,831					$	822,773,691					$	707,957,743

			$	(4,885,728	)				$	0					$	703,853					$	0


68		Wells Fargo Advantage Small and Mid Cap Stock Funds		Statements of Changes in Net Assets


	Small Cap Value Fund
	Six Months Ended April 30, 2011 (Unaudited)						Year Ended October 31, 2010

Operations
Net investment income				$	9,816,891					$	32,353,442
Net realized gains (losses) on investments					270,881,766						123,590,495
Net change in unrealized gains (losses) on investments					308,381,912						671,127,923

Net increase in net assets resulting from operations					589,080,569						827,071,860


Distributions to shareholders from
Net investment income
Class A					(4,396,555	)					(2,300,935	)
Class C					(83,480	)					0
Administrator Class					(531,686	)					0	¹
Institutional Class					(13,357,649	)					(8,020,614	)
Investor Class					(11,250,575	)					(8,550,957	)

Total distributions to shareholders					(29,619,945	)					(18,872,506	)


	Shares						Shares

Capital share transactions
Proceeds from shares sold
Class A		4,375,177			139,670,441			7,352,697			205,305,892
Class B		11,408			334,543			16,458			408,266
Class C		570,189			16,704,764			810,271			20,900,709
Administrator Class		14,035,608			457,444,817			293,096	¹		8,751,407	¹
Institutional Class		9,279,837			303,974,218			11,306,842			320,492,637
Investor Class		5,655,345			184,236,327			14,625,960			414,414,308

					1,102,365,110						970,273,219

Reinvestment of distributions
Class A		135,471			4,274,122			86,806			2,251,740
Class C		2,516			72,756			0			0
Administrator Class		13,805			442,990			0	¹		0	¹
Institutional Class		403,997			12,976,398			300,086			7,916,268
Investor Class		345,521			11,080,846			319,963			8,431,013

					28,847,112						18,599,021

Payment for shares redeemed
Class A		(3,542,407	)		(113,535,964	)		(4,525,953	)		(123,963,621	)
Class B		(980,087	)		(28,502,156	)		(838,314	)		(21,019,777	)
Class C		(235,708	)		(6,941,144	)		(513,039	)		(12,870,302	)
Administrator Class		(690,684	)		(22,820,507	)		(1,505	)¹		(45,492	)¹
Institutional Class		(17,829,657	)		(583,000,456	)		(4,882,349	)		(136,197,206	)
Investor Class		(12,088,237	)		(394,013,919	)		(14,008,359	)		(389,717,612	)

					(1,148,814,146	)					(683,814,010	)

Net increase (decrease) in net assets resulting from capital share transactions					(17,601,924	)					305,058,230

Total increase in net assets					541,858,700						1,113,257,584


Net assets
Beginning of period					4,036,125,594						2,922,868,010

End of period				$	4,577,984,294					$	4,036,125,594

Undistributed (overdistributed) net investment income				$	9,237,929					$	29,040,983

Please see footnotes on page 72

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


Statements of Changes in Net Assets		Wells Fargo Advantage Small and Mid Cap Stock Funds			69


Small/Mid Cap Value Fund
Six Months Ended April 30, 2011 (Unaudited)						Year Ended October 31, 2010


			$	701,045					$	1,791,343
				2,424,178						(1,615,073	)
				38,099,627						43,829,760

				41,224,850						44,006,030




				(383,440	)					(229,084	)
				(26,770	)					(23,540	)
				(831,378	)					(516,883	)
				(245,567	)					(124,564	)
				(705,992	)					(607,038	)

				(2,193,147	)					(1,501,109	)


Shares						Shares



	429,731			6,712,324			1,160,932			15,591,911
	NA			NA			NA			NA
	64,211			991,897			175,615			2,307,636
	750,856			11,858,744			1,169,903			16,405,268
	498,718			7,991,487			511,614			7,026,403
	281,827			4,411,389			993,998			13,435,960

				31,965,841						54,767,178


	24,476			374,730			17,533			223,551
	1,059			16,044			1,123			14,179
	46,488			723,817			34,793			450,909
	2,541			39,719			1,693			22,007
	44,502			684,436			44,856			574,160

				1,838,746						1,284,806


	(353,782	)		(5,554,010	)		(606,554	)		(8,163,876	)
	NA			NA			NA			NA
	(36,741	)		(565,102	)		(77,855	)		(1,035,038	)
	(463,037	)		(7,406,142	)		(951,079	)		(13,004,355	)
	(65,201	)		(1,041,808	)		(39,688	)		(551,999	)
	(1,134,882	)		(17,687,431	)		(2,141,737	)		(28,762,565	)

				(32,254,493	)					(51,517,833	)

				1,550,094						4,534,151

				40,581,797						47,039,072



				243,545,843						196,506,771

			$	284,127,640					$	243,545,843

			$	(205,046	)				$	1,287,056


70		Wells Fargo Advantage Small and Mid Cap Stock Funds		Statements of Changes in Net Assets


	Special Small Cap Value Fund
	Six Months Ended April 30, 2011 (Unaudited)						Period Ended October 31, 2010³						Year Ended July 31, 2010²

Operations
Net investment loss				$	(394,114	)				$	(351,182	)				$	(219,955	)
Net realized gains (losses) on investments					32,760,212						(3,159,846	)					60,548,206
Net change in unrealized gains (losses) on investments					125,022,512						61,205,076						124,279,447

Net increase in net assets resulting from operations					157,388,610						57,694,048						184,607,698


Distribution to shareholders from
Net investment income
Class A					0						0						(160,174	)
Class R					NA						NA						(498	)⁴
Administrator Class					0						0						(155,625	)¹³
Institutional Class					0						0						0	¹
Tax basis return of capital
Class A					0						0						(1,601,895	)
Class R					NA						NA						(4,983	)⁴
Administrator Class					0						0						(1,556,395	)¹³

Total distributions to shareholders					0						0						(3,479,570	)


	Shares						Shares						Shares

Capital share transactions
Proceeds from shares sold
Class A		1,579,117			34,333,235			572,045			10,578,712			4,024,494			72,865,099
Class B		5,022			105,246			1,939			35,417			27,827			513,465
Class C		57,046			1,193,892			13,815			248,918			138,443			2,433,750
Class R		NA			NA			NA			NA			70,560	⁴		1,311,195	⁴
Administrator Class		775,456			16,889,389			310,206			5,783,749			2,680,413	¹³		48,815,052	¹³
Institutional Class		1,177,829			25,169,987			155,100			3,091,150			536	¹		10,000	¹

					77,691,749						19,737,946						125,948,561

Reinvestment of distributions
Class A		0			0			0			0			96,500			1,659,805
Class R		NA			NA			NA			NA			259	⁴		4,418	⁴
Administrator Class		0			0			0			0			82,232	¹³		1,423,440	¹³
Institutional Class		0			0			0			0			0	¹		0	¹

					0						0						3,087,663

Payment for shares redeemed
Class A		(4,048,278	)		(88,556,794	)		(2,013,218	)		(37,272,786	)		(7,637,254	)		(137,812,855	)
Class B		(514,930	)		(10,687,128	)		(118,120	)		(2,103,766	)		(877,766	)		(14,825,372	)
Class C		(244,352	)		(5,074,288	)		(165,257	)		(2,906,308	)		(608,350	)		(10,506,226	)
Class R		NA			NA			NA			NA			(307,089	)⁴		(5,403,377	)⁴
Administrator Class		(4,119,834	)		(89,551,866	)		(682,921	)		(12,775,162	)		(20,343,660	)¹³		(357,876,240	)¹³
Institutional Class		(85,379	)		(1,899,195	)		(33	)		(665	)		0	¹		0	¹

					(195,769,271	)					(55,058,687	)					(526,426,070	)

Please see footnotes on page 72

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


Statements of Changes in Net Assets		Wells Fargo Advantage Small and Mid Cap Stock Funds			71


Traditional Small Cap Growth Fund
Six Months Ended April 30, 2011 (Unaudited)						Period Ended October 31, 2010⁶						Year Ended September 30, 2010⁵


			$	(1,002,331	)				$	(99,640	)				$	(2,365,842	)
				40,475,388						5,519,378						75,168,601
				25,489,493						3,956,067						(45,508,254	)

				64,962,550						9,375,805						27,294,505




				0						0						0
				NA						NA						NA
				0						0						0	¹
				0						0						(40,111	)¹⁴

				0						0						0
				NA						NA						NA
				0						0						0	¹

				0						0						(40,111	)


Shares						Shares						Shares



	264,955			4,344,693			22,304			314,821			7,193,261	⁹		90,203,235	¹⁰
	NA			NA			NA			NA			18,881	⁷		196,355	⁷
	2,141			34,923			6,596			91,175			759	¹		10,000	¹
	NA			NA			NA			NA			NA			NA
	236,590			3,727,359			0			0			725	¹		10,000	¹
	177,045			3,040,447			70,081			1,041,993			1,904,800	¹⁴		24,579,833	¹⁴

				11,147,422						1,447,989						114,999,423


	0			0			0			0			0			0
	NA			NA			NA			NA			NA			NA
	0			0			0			0			0	¹		0	¹
	0			0			0			0			1,136	¹⁴		14,115	¹⁴

				0						0						14,115


	(1,071,477	)		(17,110,613	)		(172,259	)		(2,426,788	)		(9,748,106	)¹¹		(105,655,406	)¹²
	NA			NA			NA			NA			(521,262	)⁷		(5,375,679	)⁷
	(2,673	)		(43,577	)		(449	)		(6,388	)		0	¹		0	¹
	NA			NA			NA			NA			NA			NA
	(33,479	)		(585,180	)		0			0			0	¹		0	¹
	(1,548,219	)		(26,389,603	)		(146,368	)		(2,160,333	)		(21,713,838	)¹⁴		(277,885,539	)¹⁴

				(44,128,973	)					(4,593,509	)					(388,916,624	)


72		Wells Fargo Advantage Small and Mid Cap Stock Funds		Statements of Changes in Net Assets


	Special Small Cap Value Fund
	Six Months Ended April 30, 2011 (Unaudited)					Period Ended October 31, 2010³					Year Ended July 31, 2010²

	Shares					Shares					Shares

Capital share transactions (continued)
Net asset value of shares issued in acquisition
Class A		0		$0			0		$0			520,841	$	9,190,148
Class B		0		0			0		0			167,510		2,825,351
Class C		0		0			0		0			183,875		3,111,534
Administrator Class		0		0			0		0			1,139,052		20,258,550

				0					0					35,385,583

Net decrease in net assets resulting from capital share transactions				(118,077,522	)				(35,320,741	)				(362,002,263	)

Total increase (decrease) in net assets				39,311,088					22,373,307					(180,874,135	)


Net assets
Beginning of period				893,722,283					871,348,976					1,052,223,111

End of period			$	933,033,371				$	893,722,283				$	871,348,976

Undistributed (overdistributed) net investment loss			$	(1,055,639	)			$	(661,525	)			$	(268,406	)

1.	Class commenced operation on July 30, 2010.

After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Special Values Fund and Evergreen Small Cap Value Fund. Evergreen Special Values Fund became the accounting and performance survivor in this transaction. The information for the period prior to July 19, 2010 is that of Evergreen Special Values Fund.

3.	For the three months ended October 31, 2010. The Fund changed its fiscal year end from July 31 to October 31, effective October 31, 2010.

4.	Class R shares of the predecessor fund became Class A share on July 19, 2010.

5.	After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Growth Fund, which became the accounting and performance survivor in this transaction. The information for the period prior to July 19, 2010 is that of Evergreen Growth Fund.

6.	For the one month ended October 31, 2010. The Fund changed its fiscal year end from September 30 to October 31, effective October 31, 2010.

7.	Class B shares of the predecessor fund became Class A shares on July 19, 2010.

8.	Class C shares of the predecessor fund became Class A shares on July 19, 2010.

9.	Amount includes 6,177,555 shares of Class C shares of the predecessor fund which became Class A shares on July 19, 2010.

10.	Amount includes $77,317,477 of Class C shares of the predecessor fund which became Class A shares on July 19, 2010.

11.	Amount includes 8,329,992 shares of Class C shares of the predecessor fund which became Class A shares on July 19, 2010.

12.	Amount includes $87,460,732 of Class C shares of the predecessor fund which became Class A shares on July 19, 2010.

13.	Class I shares of the predecessor fund became Administrator Class shares on July 19, 2010.

14.	Class I shares of the predecessor fund became Institutional Class shares on July 19, 2010.

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


Statements of Changes in Net Assets		Wells Fargo Advantage Small and Mid Cap Stock Funds			73


Traditional Small Cap Growth Fund
Six Months Ended April 30, 2011 (Unaudited)					Period Ended October 31, 2010⁶					Year Ended September 30, 2010⁵

Shares					Shares					Shares



	0	$	0			0	$	0			0	$	0
	NA		NA			NA		NA			0		0
	0		0			0		0			0		0
	0		0			0		0			0		0

			0					0					0

			(32,981,551	)				(3,145,520	)				(273,903,086	)

			31,980,999					6,230,285					(246,648,692	)



			241,916,418					235,686,133					482,334,825

		$	273,897,417				$	241,916,418				$	235,686,133

		$	(1,025,679	)			$	(23,348	)			$	(22,844	)


74		Wells Fargo Advantage Small and Mid Cap Stock Funds		Financial Highlights


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

Intrinsic Small Cap Value Fund
Class A
November 1, 2010 to April 30, 2011 (Unaudited)	$	13.81		(0.03	)²		2.93			0.00			0.00
November 1, 2009 to October 31, 2010	$	11.52		(0.06	)		2.35			0.00			0.00
November 1, 2008 to October 31, 2009	$	11.08		(0.02	)²		0.47			0.00			0.00
March 31, 2008³ to October 31, 2008	$	13.72		0.00	²		(2.64	)		0.00			0.00
Class C
November 1, 2010 to April 30, 2011 (Unaudited)	$	13.45		(0.09	)²		2.87			0.00			0.00
November 1, 2009 to October 31, 2010	$	11.31		(0.18	)		2.32			0.00			0.00
November 1, 2008 to October 31, 2009	$	10.95		(0.09	)²		0.45			0.00			0.00
March 31, 2008³ October 31, 2008	$	13.61		(0.06	)²		(2.60	)		0.00			0.00
Administrator Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	13.91		(0.03	)²		2.98			0.00			0.00
November 1, 2009 to October 31, 2010	$	11.58		(0.02	)		2.35			0.00			0.00
November 1, 2008 to October 31, 2009	$	11.10		0.02	²		0.46			0.00			0.00
November 1, 2007 to October 31, 2008	$	18.10		0.06	²		(5.70	)		(0.22	)		(1.14	)
November 1, 2006 to October 31, 2007	$	18.11		0.11	²		0.75			0.00			(0.87	)
November 1, 2005 to October 31, 2006	$	16.07		0.01	²		2.81			0.00			(0.78	)
Institutional Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	14.00		0.00	²		2.98			0.00			0.00
November 1, 2009 to October 31, 2010	$	11.63		0.00	²		2.37			0.00			0.00
November 1, 2008 to October 31, 2009	$	11.15		0.04	²		0.47			0.00			0.00
November 1, 2007 to October 31, 2008	$	18.19		0.09	²		(5.73	)		(0.26	)		(1.14	)
November 1, 2006 to October 31, 2007	$	18.16		0.15	²		0.75			0.00			(0.87	)
November 1, 2005 to October 31, 2006	$	16.09		0.03	²		2.82			0.00			(0.78	)
Investor Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	13.70		(0.04	)²		2.91			0.00			0.00
November 1, 2009 to October 31, 2010	$	11.43		(0.06	)²		2.33			0.00			0.00
November 1, 2008 to October 31, 2009	$	10.99		(0.01	)²		0.45			0.00			0.00
November 1, 2007 to October 31, 2008	$	17.92		0.02	²		(5.65	)		(0.16	)		(1.14	)
November 1, 2006 to October 31, 2007	$	18.00		0.05	²		0.74			0.00			(0.87	)
November 1, 2005 to October 31, 2006	$	16.04		(0.06	)²		2.80			0.00			(0.78	)

Small Cap Growth Fund
Class A
November 1, 2010 to April 30, 2011 (Unaudited)	$	12.62		(0.07	)²		2.86			0.00			(0.73	)
November 1, 2009 to October 31, 2010	$	10.23		(0.11	)²		2.50			0.00			0.00
November 1, 2008 to October 31, 2009	$	7.58		(0.08	)²		2.73			0.00			0.00
November 1, 2007 to October 31, 2008	$	16.02		(0.10	)		(6.04	)		0.00			(2.30	)
November 1, 2006 to October 31, 2007	$	14.03		(0.13	)²		3.66			0.00			(1.54	)
November 1, 2005 to October 31, 2006	$	12.19		(0.16	)		2.93			0.00			(0.93	)
Class B
November 1, 2010 to April 30, 2011 (Unaudited)	$	11.78		(0.11	)²		2.66			0.00			(0.73	)
November 1, 2009 to October 31, 2010	$	9.62		(0.19	)²		2.35			0.00			0.00
November 1, 2008 to October 31, 2009	$	7.18		(0.13	)²		2.57			0.00			0.00
November 1, 2007 to October 31, 2008	$	15.41		(0.18	)²		(5.75	)		0.00			(2.30	)
November 1, 2006 to October 31, 2007	$	13.65		(0.23	)²		3.53			0.00			(1.54	)
November 1, 2005 to October 31, 2006	$	11.97		(0.28	)		2.89			0.00			(0.93	)
Class C
November 1, 2010 to April 30, 2011 (Unaudited)	$	11.80		(0.13	)		2.68			0.00			(0.73	)
November 1, 2009 to October 31, 2010	$	9.64		(0.19	)²		2.35			0.00			0.00
November 1, 2008 to October 31, 2009	$	7.19		(0.13	)²		2.58			0.00			0.00
November 1, 2007 to October 31, 2008	$	15.43		(0.18	)²		(5.76	)		0.00			(2.30	)
November 1, 2006 to October 31, 2007	$	13.66		(0.23	)²		3.54			0.00			(1.54	)
November 1, 2005 to October 31, 2006	$	11.98		(0.25	)		2.86			0.00			(0.93	)

Please see footnotes on page 82


Financial Highlights		Wells Fargo Advantage Small and Mid Cap Stock Funds			75


Distributions from Tax Basis Return of capital			Ending Net Asset Value Per Share		Ratio to Average Net Assets (Annualized)									Total Return¹			Portfolio Turnover Rate			Net Assets at End of Period (000’s omitted)
Distributions from Tax Basis Return of capital			Ending Net Asset Value Per Share		Net Investment Income (Loss)			Gross Expenses			Net Expenses			Total Return¹			Portfolio Turnover Rate			Net Assets at End of Period (000’s omitted)



	0.00		$	16.71		(0.42	)%		1.47	%		1.42	%		21.00	%		24	%	$	251
	0.00		$	13.81		(0.49	)%		1.54	%		1.45	%		19.88	%		147	%	$	354
	(0.01	)	$	11.52		(0.17	)%		1.57	%		1.45	%		4.09	%		64	%	$	290
	0.00		$	11.08		0.01	%		1.55	%		1.45	%		(19.24	)%		77	%	$	29

	0.00		$	16.23		(1.23	)%		2.21	%		2.17	%		20.67	%		24	%	$	133
	0.00		$	13.45		(1.24	)%		2.30	%		2.20	%		18.92	%		147	%	$	142
	0.00		$	11.31		(0.90	)%		2.31	%		2.20	%		3.29	%		64	%	$	132
	0.00		$	10.95		(0.76	)%		2.33	%		2.20	%		(19.54	)%		77	%	$	26

	0.00		$	16.86		(0.40	)%		1.22	%		1.20	%		21.21	%		24	%	$	15,254
	0.00		$	13.91		(0.23	)%		1.37	%		1.20	%		20.12	%		147	%	$	5,774
	0.00		$	11.58		0.18	%		1.38	%		1.20	%		4.32	%		64	%	$	5,730
	0.00		$	11.10		0.41	%		1.38	%		1.20	%		(33.26	)%		77	%	$	6,447
	0.00		$	18.10		0.58	%		1.39	%		1.20	%		4.84	%		97	%	$	12,548
	0.00		$	18.11		0.08	%		1.39	%		1.20	%		18.17	%		100	%	$	5,999

	0.00		$	16.98		0.00	%		1.04	%		0.98	%		21.29	%		24	%	$	56,494
	0.00		$	14.00		(0.03	)%		1.10	%		1.00	%		20.38	%		147	%	$	72,200
	(0.03	)	$	11.63		0.36	%		1.11	%		1.00	%		4.61	%		64	%	$	65,014
	0.00		$	11.15		0.60	%		1.11	%		1.00	%		(33.17	)%		77	%	$	64,444
	0.00		$	18.19		0.84	%		1.12	%		1.00	%		5.05	%		97	%	$	114,345
	0.00		$	18.16		0.20	%		1.11	%		1.00	%		18.34	%		100	%	$	63,905

	0.00		$	16.57		(0.50	)%		1.53	%		1.48	%		20.95	%		24	%	$	68,745
	0.00		$	13.70		(0.47	)%		1.63	%		1.49	%		19.86	%		147	%	$	79,132
	0.00		$	11.43		(0.12	)%		1.67	%		1.49	%		4.00	%		64	%	$	180,060
	0.00		$	10.99		0.11	%		1.70	%		1.49	%		(33.46	)%		77	%	$	213,243
	0.00		$	17.92		0.26	%		1.74	%		1.53	%		4.46	%		97	%	$	384,047
	0.00		$	18.00		(0.37	)%		1.73	%		1.61	%		(2.71	)%		100	%	$	172,013



	0.00		$	14.68		(1.05	)%		1.36	%		1.36	%		22.63	%		73	%	$	167,304
	0.00		$	12.62		(0.97	)%		1.43	%		1.40	%		23.36	%		69	%	$	180,062
	0.00		$	10.23		(0.93	)%		1.51	%		1.40	%		34.96	%		76	%	$	164,636
	0.00		$	7.58		(0.91	)%		1.54	%		1.40	%		(43.80	)%		82	%	$	115,579
	0.00		$	16.02		(0.91	)%		1.55	%		1.40	%		27.63	%		122	%	$	199,396
	0.00		$	14.03		(1.15	)%		1.61	%		1.40	%		23.82	%		142	%	$	110,813

	0.00		$	13.60		(1.80	)%		2.12	%		2.12	%		22.20	%		73	%	$	3,333
	0.00		$	11.78		(1.71	)%		2.18	%		2.15	%		22.35	%		69	%	$	3,307
	0.00		$	9.62		(1.67	)%		2.26	%		2.15	%		33.98	%		76	%	$	4,182
	0.00		$	7.18		(1.67	)%		2.29	%		2.15	%		(44.24	)%		82	%	$	4,648
	0.00		$	15.41		(1.70	)%		2.30	%		2.15	%		26.62	%		122	%	$	14,311
	0.00		$	13.65		(1.90	)%		2.36	%		2.15	%		22.86	%		142	%	$	20,226

	0.00		$	13.62		(1.81	)%		2.12	%		2.12	%		22.25	%		73	%	$	6,088
	0.00		$	11.80		(1.72	)%		2.18	%		2.15	%		22.30	%		69	%	$	5,357
	0.00		$	9.64		(1.67	)%		2.26	%		2.15	%		34.08	%		76	%	$	5,252
	0.00		$	7.19		(1.67	)%		2.27	%		2.15	%		(44.25	)%		82	%	$	4,519
	0.00		$	15.43		(1.66	)%		2.30	%		2.15	%		26.68	%		122	%	$	10,187
	0.00		$	13.66		(1.90	)%		2.36	%		2.15	%		22.84	%		142	%	$	6,543


76		Wells Fargo Advantage Small and Mid Cap Stock Funds		Financial Highlights


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

Small Cap Growth Fund (continued)
Administrator Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	12.84		(0.06	)		2.92			0.00			(0.73	)
November 1, 2009 to October 31, 2010	$	10.39		(0.09	)²		2.54			0.00			0.00
November 1, 2008 to October 31, 2009	$	7.68		(0.06	)²		2.77			0.00			0.00
November 1, 2007 to October 31, 2008	$	16.17		(0.08	)²		(6.11	)		0.00			(2.30	)
November 1, 2006 to October 31, 2007	$	14.12		(0.10	)²		3.69			0.00			(1.54	)
November 1, 2005 to October 31, 2006	$	12.24		(0.13	)		2.94			0.00			(0.93	)
Institutional Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	13.09		(0.05	)		2.98			0.00			(0.73	)
November 1, 2009 to October 31, 2010	$	10.56		(0.06	)²		2.59			0.00			0.00
November 1, 2008 to October 31, 2009	$	7.78		(0.04	)²		2.82			0.00			0.00
November 1, 2007 to October 31, 2008	$	16.30		(0.04	)²		(6.18	)		0.00			(2.30	)
November 1, 2006 to October 31, 2007	$	14.19		(0.06	)²		3.71			0.00			(1.54	)
November 1, 2005 to October 31, 2006	$	12.26		(0.11	)		2.97			0.00			(0.93	)
Investor Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	12.50		(0.08	)		2.84			0.00			(0.73	)
November 1, 2009 to October 31, 2010	$	10.14		(0.12	)²		2.48			0.00			0.00
November 1, 2008 to October 31, 2009	$	7.52		(0.08	)²		2.70			0.00			0.00
November 1, 2007 to October 31, 2008⁷	$	15.93		(0.12	)²		(5.99	)		0.00			(2.30	)
November 1, 2006 to October 31, 2007	$	13.99		(0.16	)²		3.64			0.00			(1.54	)
November 1, 2005 to October 31, 2006	$	12.18		(0.19	)		2.93			0.00			(0.93	)

Small Cap Opportunities Fund
Administrator Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	31.33		0.03			5.87			0.00			0.00
November 1, 2009 to October 31, 2010	$	25.88		(0.06	)		5.51			0.00			0.00
November 1, 2008 to October 31, 2009	$	23.47		(0.02	)		3.38			0.00			(0.93	)
November 1, 2007 to October 31, 2008	$	39.68		0.01			(11.23	)		(0.10	)		(4.89	)
November 1, 2006 to October 31, 2007	$	38.56		0.11			6.99			0.00			(5.98	)
November 1, 2005 to October 31, 2006	$	33.97		(0.04	)		7.30			0.00			(2.67	)

Small Cap Value Fund
Class A
November 1, 2010 to April 30, 2011 (Unaudited)	$	29.71		0.05			4.27			(0.20	)		0.00
November 1, 2009 to October 31, 2010	$	23.32		0.22	²		6.29			(0.12	)		0.00
November 1, 2008 to October 31, 2009	$	18.22		0.15	²		4.95			0.00			0.00
November 1, 2007 to October 31, 2008	$	36.28		(0.02	)²		(13.25	)		(0.01	)		(4.78	)
November 1, 2006 to October 31, 2007	$	32.63		(0.15	)²		6.76			0.00			(2.96	)
November 1, 2005 to October 31, 2006	$	31.17		(0.04	)		4.61			0.00			(3.11	)
Class B
November 1, 2010 to April 30, 2011 (Unaudited)	$	27.02		(0.10	)²		3.92			0.00			0.00
November 1, 2009 to October 31, 2010	$	21.28		0.00	²		5.74			0.00			0.00
November 1, 2008 to October 31, 2009	$	16.75		0.01	²		4.52			0.00			0.00
November 1, 2007 to October 31, 2008	$	33.98		(0.22	)²		(12.23	)		0.00			(4.78	)
November 1, 2006 to October 31, 2007	$	30.96		(0.38	)²		6.36			0.00			(2.96	)
November 1, 2005 to October 31, 2006	$	29.92		(0.35	)		4.50			0.00			(3.11	)
Class C
November 1, 2010 to April 30, 2011 (Unaudited)	$	27.11		(0.06	)²		3.89			(0.02	)		0.00
November 1, 2009 to October 31, 2010	$	21.34		0.01	²		5.76			0.00			0.00
November 1, 2008 to October 31, 2009	$	16.80		0.01	²		4.53			0.00			0.00
November 1, 2007 to October 31, 2008	$	34.07		(0.22	)²		(12.27	)		0.00			(4.78	)
November 1, 2006 to October 31, 2007	$	31.03		(0.38	)²		6.38			0.00			(2.96	)
November 1, 2005 to October 31, 2006	$	29.99		(0.34	)		4.49			0.00			(3.11	)

Please see footnotes on page 82


Financial Highlights		Wells Fargo Advantage Small and Mid Cap Stock Funds			77


Distributions from Tax Basis Return of capital			Ending Net Asset Value Per Share		Ratio to Average Net Assets (Annualized)									Total Return¹			Portfolio Turnover Rate			Net Assets at End of Period (000’s omitted)
Distributions from Tax Basis Return of capital			Ending Net Asset Value Per Share		Net Investment Income (Loss)			Gross Expenses			Net Expenses			Total Return¹			Portfolio Turnover Rate			Net Assets at End of Period (000’s omitted)



	0.00		$	14.97		(0.89	)%		1.20	%		1.20	%		22.71	%		73	%	$	425,697
	0.00		$	12.84		(0.79	)%		1.26	%		1.20	%		23.58	%		69	%	$	322,945
	0.00		$	10.39		(0.73	)%		1.32	%		1.20	%		35.29	%		76	%	$	240,411
	0.00		$	7.68		(0.70	)%		1.36	%		1.20	%		(43.69	)%		82	%	$	148,493
	0.00		$	16.17		(0.71	)%		1.37	%		1.20	%		27.90	%		122	%	$	110,917
	0.00		$	14.12		(0.95	)%		1.43	%		1.20	%		24.07	%		142	%	$	62,302

	0.00		$	15.29		(0.59	)%		0.94	%		0.90	%		22.99	%		73	%	$	745,624
	0.00		$	13.09		(0.49	)%		0.99	%		0.90	%		23.86	%		69	%	$	586,879
	0.00		$	10.56		(0.43	)%		1.07	%		0.90	%		35.73	%		76	%	$	419,154
	0.00		$	7.78		(0.40	)%		1.09	%		0.90	%		(43.50	)%		82	%	$	197,150
	0.00		$	16.30		(0.41	)%		1.10	%		0.90	%		28.22	%		122	%	$	85,664
	0.00		$	14.19		(0.64	)%		1.16	%		0.90	%		24.46	%		142	%	$	55,921

	0.00		$	14.53		(1.12	)%		1.44	%		1.44	%		22.60	%		73	%	$	34,602
	0.00		$	12.50		(1.06	)%		1.52	%		1.48	%		23.27	%		69	%	$	29,757
	0.00		$	10.14		(1.02	)%		1.62	%		1.49	%		34.84	%		76	%	$	26,402
	0.00		$	7.52		(1.05	)%		1.71	%		1.55	%		(43.87	)%		82	%	$	19,322
	0.00		$	15.93		(1.09	)%		1.72	%		1.57	%		27.32	%		122	%	$	43,069
	0.00		$	13.99		(1.32	)%		1.78	%		1.57	%		23.59	%		142	%	$	37,082



	0.00		$	37.23		0.18	%		1.22	%		1.20	%		18.83	%		45	%	$	822,774
	0.00		$	31.33		(0.20	)%		1.25	%		1.20	%		21.06	%		66	%	$	707,958
	(0.02	)	$	25.88		(0.07	)%		1.31	%		1.20	%		15.44	%		68	%	$	612,110
	0.00		$	23.47		0.08	%		1.28	%		1.20	%		(31.65	)%		72	%	$	541,369
	0.00		$	39.68		0.29	%		1.33	%		1.20	%		20.94	%		65	%	$	910,162
	0.00		$	38.56		(0.11	)%		1.34	%		1.20	%		22.57	%		79	%	$	800,078



	0.00		$	33.83		0.34	%		1.31	%		1.30	%		14.57	%		7	%	$	767,576
	0.00		$	29.71		0.79	%		1.38	%		1.37	%		28.01	%		21	%	$	645,371
	0.00		$	23.32		0.79	%		1.44	%		1.44	%		27.99	%		27	%	$	438,744
	0.00		$	18.22		(0.08	)%		1.44	%		1.44	%		(41.27	)%		27	%	$	382,412
	0.00		$	36.28		(0.45	)%		1.44	%		1.44	%		21.87	%		48	%	$	715,334
	0.00		$	32.63		(0.15	)%		1.44	%		1.43	%		15.44	%		33	%	$	656,151

	0.00		$	30.84		(0.72	)%		2.06	%		2.04	%		14.14	%		7	%	$	11,705
	0.00		$	27.02		0.00	%		2.13	%		2.13	%		26.97	%		21	%	$	36,436
	0.00		$	21.28		0.03	%		2.19	%		2.19	%		27.04	%		27	%	$	46,175
	0.00		$	16.75		(0.87	)%		2.19	%		2.19	%		(41.68	)%		27	%	$	53,515
	0.00		$	33.98		(1.20	)%		2.19	%		2.19	%		20.94	%		48	%	$	123,492
	0.00		$	30.96		(0.91	)%		2.19	%		2.18	%		14.61	%		33	%	$	128,970

	0.00		$	30.92		(0.41	)%		2.07	%		2.05	%		14.14	%		7	%	$	121,815
	0.00		$	27.11		0.04	%		2.13	%		2.12	%		27.04	%		21	%	$	97,675
	0.00		$	21.34		0.03	%		2.19	%		2.19	%		27.02	%		27	%	$	70,558
	0.00		$	16.80		(0.85	)%		2.19	%		2.19	%		(41.69	)%		27	%	$	69,952
	0.00		$	34.07		(1.20	)%		2.19	%		2.19	%		20.96	%		48	%	$	146,997
	0.00		$	31.03		(0.91	)%		2.19	%		2.18	%		14.57	%		33	%	$	143,872


78		Wells Fargo Advantage Small and Mid Cap Stock Funds		Financial Highlights


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

Small Cap Value Fund (continued)
Administrator Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	30.32		0.17	²		4.25			(0.32	)		0.00
July 30, 2010³ to October 31, 2010	$	28.12		0.05	²		2.15			0.00			0.00
Institutional Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	30.33		0.16			4.31			(0.31	)		0.00
November 1, 2009 to October 31, 2010	$	23.80		0.34	²		6.42			(0.23	)		0.00
November 1, 2008 to October 31, 2009	$	18.50		0.25	²		5.05			0.00			0.00
November 1, 2007 to October 31, 2008	$	36.77		0.13	²		(13.45	)		(0.17	)		(4.78	)
July 31, 2007³ to October 31, 2007	$	34.30		0.01	²		2.46			0.00			0.00
Investor Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	30.18		0.05	²		4.33			(0.18	)		0.00
November 1, 2009 to October 31, 2010	$	23.70		0.22	²		6.39			(0.13	)		0.00
November 1, 2008 to October 31, 2009	$	18.50		0.17	²		5.03			0.00			0.00
November 1, 2007 to October 31, 2008	$	36.73		(0.01	)²		(13.43	)		(0.01	)		(4.78	)
November 1, 2006 to October 31, 2007	$	32.98		(0.13	)²		6.84			0.00			(2.96	)
November 1, 2005 to October 31, 2006	$	31.45		(0.02	)		4.66			0.00			(3.11	)

Small/Mid Cap Value Fund
Class A
November 1, 2010 to April 30, 2011 (Unaudited)	$	14.33		0.04			2.38			(0.13	)		0.00
November 1, 2009 to October 31, 2010	$	11.78		0.08			2.56			(0.09	)		0.00
November 1, 2008 to October 31, 2009	$	8.78		0.11	²		2.89			0.00			0.00
November 1, 2007 to October 31, 2008	$	18.19		0.11	²		(7.84	)		(0.09	)		(1.59	)
July 31, 2007³ to October 31, 2007	$	17.09		(0.02	)²		1.12			0.00			0.00
Class C
November 1, 2010 to April 30, 2011 (Unaudited)	$	14.10		(0.02	)		2.35			(0.03	)		0.00
November 1, 2009 to October 31, 2010	$	11.62		0.00			2.51			(0.03	)		0.00
November 1, 2008 to October 31, 2009	$	8.72		0.04	²		2.86			0.00			0.00
November 1, 2007 to October 31, 2008	$	18.15		0.02	²		(7.81	)		(0.05	)		(1.59	)
July 31, 2007³ to October 31, 2007	$	17.09		(0.06	)²		1.12			0.00			0.00
Administrator Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	14.60		0.05			2.43			(0.16	)		0.00
November 1, 2009 to October 31, 2010	$	11.99		0.13			2.59			(0.11	)		0.00
November 1, 2008 to October 31, 2009	$	8.92		0.13	²		2.94			0.00			0.00
November 1, 2007 to October 31, 2008	$	18.37		0.12	²		(7.91	)		(0.07	)		(1.59	)
November 1, 2006 to October 31, 2007	$	16.45		(0.05	)²		2.20			0.00			(0.23	)
November 1, 2005 to October 31, 2006	$	14.65		0.00			2.12			0.00			(0.32	)
Institutional Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	14.67		0.06			2.45			(0.19	)		0.00
November 1, 2009 to October 31, 2010	$	12.04		0.17	²		2.59			(0.13	)		0.00
November 1, 2008 to October 31, 2009	$	8.93		0.15	²		2.96			0.00			0.00
November 1, 2007 to October 31, 2008	$	18.40		0.15	²		(7.93	)		(0.10	)		(1.59	)
November 1, 2006 to October 31, 2007	$	16.45		(0.03	)²		2.21			0.00			(0.23	)
November 1, 2005 to October 31, 2006	$	16.01		0.01			0.43			0.00			0.00
Investor Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	14.38		0.02			2.40			(0.11	)		0.00
November 1, 2009 to October 31, 2010	$	11.81		0.09			2.56			(0.08	)		0.00
November 1, 2008 to October 31, 2009	$	8.81		0.10	²		2.90			0.00			0.00
November 1, 2007 to October 31, 2008	$	18.18		0.06	²		(7.82	)		(0.02	)		(1.59	)
November 1, 2006 to October 31, 2007	$	16.34		(0.12	)²		2.19			0.00			(0.23	)
November 1, 2005 to October 31, 2006	$	14.62		(0.01	)		2.05			0.00			(0.32	)

Please see footnotes on page 82


Financial Highlights		Wells Fargo Advantage Small and Mid Cap Stock Funds			79


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



$	34.42		1.02	%		1.15	%		1.10	%		14.64	%		7	%	$	469,892
$	30.32		0.79	%		1.28	%		1.10	%		7.82	%		21	%	$	8,841

$	34.49		0.83	%		0.89	%		0.89	%		14.80	%		7	%	$	1,173,667
$	30.33		1.23	%		0.94	%		0.93	%		28.53	%		21	%	$	1,279,201
$	23.80		1.24	%		1.00	%		0.95	%		28.65	%		27	%	$	843,753
$	18.50		0.49	%		0.99	%		0.95	%		(40.96	)%		27	%	$	340,878
$	36.77		0.13	%		0.97	%		0.94	%		7.20	%		48	%	$	8,707

$	34.38		0.31	%		1.38	%		1.33	%		14.55	%		7	%	$	2,033,329
$	30.18		0.80	%		1.47	%		1.35	%		27.99	%		21	%	$	1,968,601
$	23.70		0.88	%		1.55	%		1.36	%		28.11	%		27	%	$	1,523,637
$	18.50		(0.02	)%		1.57	%		1.36	%		(41.20	)%		27	%	$	1,461,833
$	36.73		(0.37	)%		1.61	%		1.36	%		21.95	%		48	%	$	3,183,124
$	32.98		(0.05	)%		1.61	%		1.36	%		15.53	%		33	%	$	2,571,031



$	16.62		0.48	%		1.39	%		1.39	%		16.90	%		19	%	$	49,766
$	14.33		0.77	%		1.47	%		1.40	%		22.63	%		41	%	$	41,491
$	11.78		1.12	%		1.57	%		1.40	%		34.17	%		35	%	$	27,370
$	8.78		0.83	%		1.55	%		1.40	%		(46.09	)%		43	%	$	12,859
$	18.19		(0.50	)%		1.50	%		1.27	%		6.44	%		89	%	$	444

$	16.40		(0.27	)%		2.14	%		2.14	%		16.54	%		19	%	$	14,858
$	14.10		0.00	%		2.22	%		2.15	%		21.62	%		41	%	$	12,379
$	11.62		0.40	%		2.26	%		2.11	%		33.26	%		35	%	$	9,052
$	8.72		0.16	%		2.30	%		2.15	%		(46.46	)%		43	%	$	4,700
$	18.15		(1.32	)%		2.27	%		2.10	%		6.20	%		89	%	$	45

$	16.92		0.73	%		1.23	%		1.15	%		17.11	%		19	%	$	88,189
$	14.60		1.00	%		1.29	%		1.15	%		22.82	%		41	%	$	71,246
$	11.99		1.34	%		1.39	%		1.15	%		34.42	%		35	%	$	55,463
$	8.92		0.86	%		1.43	%		1.15	%		(45.89	)%		43	%	$	35,489
$	18.37		(0.30	)%		1.37	%		1.15	%		13.24	%		89	%	$	41,988
$	16.45		0.08	%		1.43	%		1.15	%		14.66	%		56	%	$	75,172

$	16.99		0.87	%		0.97	%		0.95	%		17.22	%		19	%	$	29,410
$	14.67		1.22	%		1.02	%		0.95	%		23.08	%		41	%	$	19,005
$	12.04		1.58	%		1.12	%		0.95	%		34.83	%		35	%	$	9,985
$	8.93		1.07	%		1.16	%		0.95	%		(45.83	)%		43	%	$	6,679
$	18.40		(0.18	)%		1.10	%		0.94	%		13.42	%		89	%	$	2,902
$	16.45		0.53	%		1.04	%		0.89	%		2.75	%		56	%	$	10

$	16.69		0.41	%		1.46	%		1.46	%		16.88	%		19	%	$	101,904
$	14.38		0.67	%		1.56	%		1.48	%		22.49	%		41	%	$	99,424
$	11.81		1.02	%		1.67	%		1.49	%		34.05	%		35	%	$	94,728
$	8.81		0.44	%		1.69	%		1.49	%		(46.14	)%		43	%	$	75,324
$	18.18		(0.68	)%		1.73	%		1.52	%		12.83	%		89	%	$	169,624
$	16.34		(0.33	)%		1.78	%		1.57	%		14.13	%		56	%	$	150,180


80		Wells Fargo Advantage Small and Mid Cap Stock Funds		Financial Highlights


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

Special Small Cap Value Fund¹⁰
Class A
November 1, 2010 to April 30, 2011 (Unaudited)	$	19.78		(0.02	)		3.70			0.00			0.00
August 1, 2010 to October 31, 2010⁸	$	18.50		(0.01	)		1.29			0.00			0.00
August 1, 2009 to July 31, 2010	$	15.51		(0.02	)		3.07			(0.01	)		0.00
August 1, 2008 to July 31, 2009	$	18.78		0.11			(3.19	)		(0.19	)		(0.00	)⁴
August 1, 2007 to July 31, 2008	$	27.25		0.15			(3.83	)		(0.27	)		(4.52	)
August 1, 2006 to July 31, 2007	$	28.55		0.30			3.43			(0.10	)		(4.93	)
August 1, 2005 to July 31, 2006	$	30.03		0.07			1.95			(0.21	)		(3.29	)
Class B
November 1, 2010 to April 30, 2011 (Unaudited)	$	18.87		(0.09	)²		3.51			0.00			0.00
August 1, 2010 to October 31, 2010⁸	$	17.68		(0.08	)		1.27			0.00			0.00
August 1, 2009 to July 31, 2010	$	14.88		(0.14	)²		2.94			0.00			0.00
August 1, 2008 to July 31, 2009	$	17.92		0.00	²		(3.02	)		(0.02	)		(0.00	)⁴
August 1, 2007 to July 31, 2008	$	26.17		0.00			(3.67	)		(0.06	)		(4.52	)
August 1, 2006 to July 31, 2007	$	27.69		0.08	²		3.33			0.00			(4.93	)
August 1, 2005 to July 31, 2006	$	29.25		(0.13	)		1.86			0.00			(3.29	)
Class C
November 1, 2010 to April 30, 2011 (Unaudited)	$	18.94		(0.09	)		3.52			0.00			0.00
August 1, 2010 to October 31, 2010⁸	$	17.74		(0.07	)		1.27			0.00			0.00
August 1, 2009 to July 31, 2010	$	14.93		(0.18	)		2.99			0.00			0.00
August 1, 2008 to July 31, 2009	$	17.98		0.00	³		(3.03	)		(0.02	)		(0.00	)⁴
August 1, 2007 to July 31, 2008	$	26.24		0.00	³		(3.69	)		(0.05	)		(4.52	)
August 1, 2006 to July 31, 2007	$	27.75		0.09			3.33			0.00			(4.93	)
August 1, 2005 to July 31, 2006	$	29.30		(0.12	)		1.86			0.00			(3.29	)
Administrator Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	19.96		0.02	²		3.71			0.00			0.00
August 1, 2010 to October 31, 2010⁸	$	18.65		0.01			1.30			0.00			0.00
August 1, 2009 to July 31, 2010	$	15.63		0.04	²		3.04			(0.01	)		0.00
August 1, 2008 to July 31, 2009	$	18.95		0.16			(3.23	)		(0.25	)		(0.00	)⁴
August 1, 2007 to July 31, 2008	$	27.46		0.21			(3.87	)		(0.33	)		(4.52	)
August 1, 2006 to July 31, 2007	$	28.73		0.37			3.47			(0.18	)		(4.93	)
August 1, 2005 to July 31, 2006	$	30.20		0.15			1.94			(0.27	)		(3.29	)
Institutional Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	19.96		0.02	²		3.73			0.00			0.00
August 1, 2010 to October 31, 2010⁸	$	18.66		(0.02	)²		1.32			0.00			0.00
July 30, 2010³ to July 31, 2010	$	18.66		0.00	²		0.00			0.00			0.00

Traditional Small Cap Growth Fund⁹
Class A
November 1, 2010 to April 30, 2011 (Unaudited)	$	14.31		(0.08	)²		4.18			0.00			0.00
October 1, 2010 to October 31, 2010⁵	$	13.77		(0.02	)²		0.56			0.00			0.00
October 1, 2009 to September 30, 2010	$	12.24		(0.12	)²		1.65			0.00			0.00
October 1, 2008 to September 30, 2009	$	12.20		(0.04	)²		0.10	⁶		0.00			(0.02	)
October 1, 2007 to September 30, 2008	$	18.70		(0.03	)²		(3.61	)		0.00			(2.84	)
October 1, 2006 to September 30, 2007	$	17.35		(0.12	)²		3.63			0.00			(2.16	)
October 1, 2005 to September 30, 2006	$	19.03		(0.16	)²		0.55			0.00			(2.07	)
Class C
November 1, 2010 to April 30, 2011 (Unaudited)	$	14.29		(0.13	)		4.15			0.00			0.00
October 1, 2010 to October 31, 2010⁵	$	13.66		(0.02	)²		0.65			0.00			0.00
July 30, 2010³ to September 30, 2010	$	13.18		(0.04	)²		0.52			0.00			0.00

Please see footnotes on page 82


Financial Highlights		Wells Fargo Advantage Small and Mid Cap Stock Funds			81


Distributions from Tax Basis Return of capital			Ending Net Asset Value Per Share		Ratio to Average Net Assets (Annualized)									Total Return¹			Portfolio Turnover Rate			Net Assets at End of Period (000’s omitted)
Distributions from Tax Basis Return of capital			Ending Net Asset Value Per Share		Net Investment Income (Loss)			Gross Expenses			Net Expenses			Total Return¹			Portfolio Turnover Rate			Net Assets at End of Period (000’s omitted)



	0.00		$	23.46		(0.12	)%		1.39	%		1.34	%		18.60	%		19	%	$	507,750
	0.00		$	19.78		(0.19	)%		1.46	%		1.34	%		6.92	%		7	%	$	477,079
	(0.05	)²	$	18.50		(0.07	)%		1.43	%		1.39	%		19.72	%		45	%	$	472,903
	0.00		$	15.51		0.69	%		1.43	%		1.33	%		(16.17	)%		43	%	$	442,973
	0.00		$	18.78		0.73	%		1.36	%		1.31	%		(15.22	)%		48	%	$	598,656
	0.00		$	27.25		1.07	%		1.32	%		1.31	%		13.30	%		45	%	$	959,305
	0.00		$	28.55		0.33	%		1.34	%		1.31	%		7.82	%		49	%	$	923,225

	0.00		$	22.29		(0.86	)%		2.14	%		2.09	%		18.12	%		19	%	$	32,249
	0.00		$	18.87		(0.93	)%		2.21	%		2.09	%		6.73	%		7	%	$	36,922
	0.00		$	17.68		(0.82	)%		2.18	%		2.15	%		18.82	%		45	%	$	36,654
	0.00		$	14.88		0.01	%		2.17	%		2.07	%		(16.83	)%		43	%	$	41,008
	0.00		$	17.92		(0.02	)%		2.11	%		2.06	%		(15.80	)%		48	%	$	91,409
	0.00		$	26.17		0.30	%		2.07	%		2.06	%		12.46	%		45	%	$	163,723
	0.00		$	27.69		(0.42	)%		2.09	%		2.06	%		6.94	%		49	%	$	179,710

	0.00		$	22.37		(0.87	)%		2.14	%		2.09	%		18.11	%		19	%	$	44,065
	0.00		$	18.94		(0.93	)%		2.21	%		2.09	%		6.76	%		7	%	$	40,850
	0.00		$	17.74		(0.80	)%		2.18	%		2.12	%		18.82	%		45	%	$	40,968
	0.00		$	14.93		(0.03	)%		2.17	%		2.07	%		(16.79	)%		43	%	$	38,744
	0.00		$	17.98		(0.02	)%		2.11	%		2.06	%		(15.86	)%		48	%	$	61,307
	0.00		$	26.24		0.31	%		2.07	%		2.06	%		12.48	%		45	%	$	131,213
	0.00		$	27.75		(0.42	)%		2.09	%		2.06	%		6.97	%		49	%	$	137,808

	0.00		$	23.69		0.14	%		1.23	%		1.09	%		18.69	%		19	%	$	319,378
	0.00		$	19.96		0.05	%		1.30	%		1.09	%		7.02	%		7	%	$	335,766
	(0.05	)²	$	18.65		0.21	%		1.17	%		1.13	%		20.02	%		45	%	$	320,814
	0.00		$	15.63		0.95	%		1.18	%		1.08	%		(15.96	)%		43	%	$	525,865
	0.00		$	18.95		0.98	%		1.11	%		1.06	%		(15.00	)%		48	%	$	722,786
	0.00		$	27.46		1.32	%		1.07	%		1.06	%		13.62	%		45	%	$	1,067,452
	0.00		$	28.73		(0.58	)%		1.09	%		1.06	%		8.05	%		49	%	$	1,072,390

	0.00		$	23.71		0.14	%		0.95	%		0.93	%		18.79	%		19	%	$	29,590
	0.00		$	19.96		(0.38	)%		1.10	%		0.94	%		7.02	%		7	%	$	3,106
	0.00		$	18.66		0.00	%		0.00	%		0.00	%		0.00	%		45	%	$	10



	0.00		$	18.41		(0.93	)%		1.42	%		1.33	%		28.65	%		52	%	$	160,478
	0.00		$	14.31		(0.64	)%		1.47	%		1.33	%		3.92	%		9	%	$	136,332
	0.00		$	13.77		0.92	%		1.39	%		1.33	%		12.50	%		80	%	$	133,166
	0.00		$	12.24		(0.45	)%		1.33	%		1.33	%		0.53	%		118	%	$	48,067
	(0.02	)	$	12.20		(0.24	)%		1.27	%		1.25	%		(22.75	)%		113	%	$	56,068
	0.00		$	18.70		(0.68	)%		1.26	%		1.25	%		21.93	%		98	%	$	90,563
	0.00		$	17.35		(0.88	)%		1.26	%		1.26	%		2.55	%		91	%	$	91,606

	0.00		$	18.31		(1.67	)%		2.17	%		2.08	%		28.13	%		52	%	$	117
	0.00		$	14.29		(1.31	)%		2.25	%		2.08	%		3.93	%		9	%	$	99
	0.00		$	13.66		(1.67	)%		2.19	%		2.08	%		4.32	%		80	%	$	10


82		Wells Fargo Advantage Small and Mid Cap Stock Funds		Financial Highlights


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

Traditional Small Cap Growth Fund⁹ (continued)
Administrator Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	14.99		(0.07	)²		4.37				0.00			0.00
October 1, 2010 to October 31, 2010⁵	$	14.43		(0.01	)²		0.57		��		0.00			0.00
July 30, 2010³ to September 30, 2010	$	13.80		(0.02	)²		0.65				0.00			0.00
Institutional Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	15.01		(0.05	)²		4.37				0.00			0.00
October 1, 2010 to October 31, 2010⁵	$	14.43		0.00	²		0.58				0.00			0.00
October 1, 2009 to September 30, 2010	$	12.79		(0.10	)²		1.74				(0.00	)⁴		0.00
October 1, 2008 to September 30, 2009	$	12.75		(0.02	)²		0.10	⁶			(0.02	)		(0.02	)
October 1, 2007 to September 30, 2008	$	19.37		0.01			(3.77	)			0.00			(2.84	)
October 1, 2006 to September 30, 2007	$	17.86		(0.07	)²		3.74				0.00			(2.16	)
October 1, 2005 to September 30, 2006	$	19.47		(0.11	)²		0.57				0.00			(2.07	)

1.	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

2.	Calculated based upon average shares outstanding.

3.	Commencement of class operations.

4.	Amount shown is less than $0.005 per share.

5.	For the one month ended October 31, 2010. The Fund changed its fiscal year end from September 30 to October 31, effective October 31, 2010.

6.	The per share net realized and unrealized gains or losses is not in accord with the net realized and unrealized gains or losses for the period due to the timing of sales and redemptions of fund shares in relation to fluctuating market values of the portfolio.

7.	Effective June 20, 2008, Class Z was renamed Investor Class.

8.	For the three months ended October 31, 2010. The fund changed it’s fiscal year end from July 31 to October 31, effective October 31, 2010.

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

10.

After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Special Values Fund and Evergreen Small Cap Value Fund. Evergreen Special Values Fund became the accounting and performance survivor in this transaction. The information for the periods prior to July 19, 2010 are those of Evergreen Special Values Fund.

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


Financial Highlights		Wells Fargo Advantage Small and Mid Cap Stock Funds			83


Distributions from Tax Basis Return of capital			Ending Net Asset Value Per Share		Ratio to Average Net Assets (Annualized)									Total Return¹			Portfolio Turnover Rate			Net Assets at End of Period (000’s omitted)
Distributions from Tax Basis Return of capital			Ending Net Asset Value Per Share		Net Investment Income (Loss)			Gross Expenses			Net Expenses			Total Return¹			Portfolio Turnover Rate			Net Assets at End of Period (000’s omitted)



	0.00		$	19.29		(0.81	)%		1.23	%		1.20	%		28.69	%		52	%	$	3,933
	0.00		$	14.99		(0.55	)%		1.31	%		1.20	%		3.95	%		9	%	$	11
	0.00		$	14.43		(0.77	)%		1.37	%		1.20	%		4.49	%		80	%	$	10

	0.00		$	19.33		(0.57	)%		0.99	%		0.98	%		28.78	%		52	%	$	109,371
	0.00		$	15.01		(0.29	)%		1.04	%		0.98	%		4.02	%		9	%	$	105,475
	0.00		$	14.43		(0.78	)%		1.06	%		1.05	%		12.87	%		80	%	$	102,499
	0.00		$	12.79		(0.20	)%		1.08	%		1.08	%		0.74	%		118	%	$	344,313
	(0.02	)	$	12.75		0.02	%		0.99	%		0.99	%		(22.56	)%		113	%	$	395,954
	0.00		$	19.37		(0.39	)%		0.96	%		0.96	%		22.23	%		98	%	$	621,896
	0.00		$	17.86		(0.59	)%		0.96	%		0.96	%		2.89	%		91	%	$	692,450


84		Wells Fargo Advantage Small and Mid Cap Stock Funds		Notes to Financial Statements (Unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on the following funds: Wells Fargo Advantage Intrinsic Small Cap Value Fund (“Intrinsic Small Cap Value Fund”), Wells Fargo Advantage Small Cap Growth Fund (“Small Cap Growth Fund”), Wells Fargo Advantage Small Cap Opportunities Fund (“Small Cap Opportunities Fund” ) , Wells Fargo Advantage Small Cap Value Fund (“Small Cap Value Fund”), Wells Fargo Advantage Small/Mid Cap Value Fund (“Small/Mid Cap Value Fund”), Wells Fargo Advantage Special Small Cap Value Fund (“Special Small Cap Value Fund”) and Wells Fargo Advantage Traditional Small Cap Growth Fund (“Traditional Small Cap Growth Fund”) (each, a “Fund”, collectively, the “Funds”). Each Fund is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

Securities denominated in foreign currencies are translated into U.S. dollars using the closing rates of exchange in effect on the day of valuation.

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


Notes to Financial Statements (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			85

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.

Security loans

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. After the occurrence of a default or impairment of structured investment vehicles purchased in a joint account by the former securities lending agent of each Fund (except, Special Small Cap Value Fund and Traditional Small Cap Growth Fund), 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


86		Wells Fargo Advantage Small and Mid Cap Stock Funds		Notes to Financial Statements (Unaudited)

Options

Certain Funds may be subject to equity price risk in the normal course of pursuing its investment objectives. A Fund may write covered put or call options. When a Fund writes an option, an amount equal to the premium received is recorded as a liability and is subsequently adjusted to the current market value of the written option. Premiums received from written options, which expire unexercised, are recognized as realized gains from investments on the expiration date. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as a realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in calculating the realized gain or loss on the sale. If a put option is exercised, the premium reduces the cost of the security purchased. The Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option.

A Fund may also purchase call or put options. The premium is included in the Statements of Assets and Liabilities as an investment which is subsequently adjusted to the current market value of the option. Premiums paid for purchased options which expire are recognized as realized losses from investments on the expiration date. Premiums paid for purchased options which are exercised or closed are added to the amount paid or offset against the proceeds on the underlying security to determine the realized gain or loss. The risk of loss associated with purchased options is limited to the premium paid.

Options traded on an exchange are regulated and terms of the options are standardized. Options traded over the counter expose the Fund to counterparty risk in the event the counterparty does not perform. This risk is mitigated by having a master netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to cover the Fund’s exposure to the counterparty.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are reported on the basis of identified cost of securities delivered.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Distributions to shareholders

Federal and other taxes


Notes to Financial Statements (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			87

At October 31, 2010, estimated net capital loss carryforwards, which were available to offset future net realized capital gains, were as follows:


	Expiration
	2016		2017		2018
Intrinsic Small Cap Value Fund	$	15,661,688	$	79,906,522	$	7,594,268
Small Cap Opportunities Fund		0		32,303,454		0
Small Cap Value Fund		0		49,919,400		0
Small/Mid Cap Value Fund		165,370		26,417,452		0
Special Small Cap Value Fund		16,742,143		119,931,973		362,132
Traditional Small Cap Growth Fund		72,546,184		0		0

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.

Class allocations

3. FAIR VALUATION MEASUREMENTS

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.


88		Wells Fargo Advantage Small and Mid Cap Stock Funds		Notes to Financial Statements (Unaudited)

As of April 30, 2011, the inputs used in valuing each Fund’s assets, which are carried at fair value, were as follows:


Investments in Securities	Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Intrinsic Small Cap Value Fund

Equity securities
Common stocks	$	135,041,677	$	688,946	$	0	$	135,730,623

Short-term investments
Corporate bonds and notes		0		0		1,016,721		1,016,721
Investment companies		7,505,010		28,398,654		0		35,903,664
	$	142,546,687	$	29,087,600	$	1,016,721	$	172,651,008
Small Cap Growth Fund

Equity securities
Common stocks	$	1,269,754,664	$	0	$	0	$	1,269,754,664
Investment companies		67,796,616		0		0		67,796,616

Short-term investments
Corporate bonds and notes		0		0		4,969,046		4,969,046
Investment companies		35,472,049		248,728,380		0		284,200,429
	$	1,373,023,329	$	248,728,380	$	4,969,046	$	1,626,720,755
Small Cap Opportunities Fund

Equity securities
Common stocks	$	707,543,093	$	0	$	0	$	707,543,093
Investment companies		24,105,867		0		0		24,105,867

Short-term investments
Corporate bonds and notes		0		0		3,049,551		3,049,551
Investment companies		92,799,933		160,472,968		0		253,272,901
	$	824,448,893	$	160,472,968	$	3,049,551	$	987,971,412
Small Cap Value Fund

Equity securities
Common stocks	$	4,190,553,045	$	0	$	20,455,659	$	4,211,008,704
Investment companies		60,797,436		0		0		60,797,436
Warrants		0		220,830		0		220,830

Short-term investments
Investment companies		317,489,043		0		0		317,489,043
	$	4,568,839,524	$	220,830	$	20,455,659	$	4,589,516,013
Small/Mid Cap Value Fund

Equity securities
Common stocks	$	279,492,659	$	0	$	0	$	279,492,659
Investment companies		3,325,118		0		0		3,325,118
Warrants		0		525,537		690,815		1,216,352

Short-term investments
Investment companies		94,766		0		0		94,766
	$	282,912,543	$	525,537	$	690,815	$	284,128,895


Notes to Financial Statements (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			89


Investments in Securities	Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Special Small Cap Value Fund

Equity securities
Common stocks	$	902,175,948	$	1,348,096	$	0	$	903,524,044
Warrants		0		58,320		0		58,320

Convertible debenture		0		742,305		0		742,305

Short-term investments
Corporate bonds and notes		0		0		4,105,758		4,105,758
Investment companies		24,792,600		158,135,459		0		182,928,059
	$	926,968,548	$	160,284,180	$	4,105,758	$	1,091,358,486
Traditional Small Cap Growth Fund

Equity securities
Common stocks	$	268,323,448	$	0	$	0	$	268,323,448

Short-term investments
Investment companies		7,148,532		67,744,654		0		74,893,186
	$	275,471,980	$	67,744,654	$	0	$	343,216,634

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

As of April 30, 2011, the inputs used in valuing the Fund’s other financial instruments, which are carried at fair value, were as follows:

Written options

Quoted Prices

(Level 1)

Significant Other
Observable Inputs

(Level 2)

Significant

Unobservable Inputs

(Level 3)

Total

Small Cap Value Fund

(2,564,136

)

(2,564,136

)

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


	Intrinsic Small Cap Value Fund			Small Cap Growth Fund			Small Cap Opportunities Fund			Special Small Cap Value Fund
Corporate bonds and notes
Balance as of October 31, 2010	$	1,099,067		$	5,371,500		$	3,296,542		$	4,207,936
Accrued discounts (premiums)		0			0			0			0
Realized gains (losses)		0			0			0			93,473
Change in unrealized gains (losses)		153,860			751,963			461,487			562,765
Purchases		0			0			0			0
Sales		(236,206	)		(1,154,417	)		(708,478	)		(758,417	)
Transfers into Level 3		0			0			0			0
Transfers out of Level 3		0			0			0			0
Transfers in from acquisition		0			0			0			0
Balance as of April 30, 2011	$	1,016,721		$	4,969,046		$	3,049,551		$	4,105,758
Change in unrealized gains (losses) relating to securities still held at April 30, 2011	$	40,878		$	199,782		$	122,608		$	207,862


90		Wells Fargo Advantage Small and Mid Cap Stock Funds		Notes to Financial Statements (Unaudited)


	Small Cap Value Fund			Small/Mid Cap Value Fund
		Common stocks			Warrants
Balance as of October 31, 2010	$	15,403,700		$	0
Accrued discounts (premiums)		0			0
Realized gains (losses)		603,758			0
Change in unrealized gains (losses)		3,152,708			690,815
Purchases		3,141,132			0
Sales		(1,845,639	)		0
Transfers into Level 3		0			0
Transfers out of Level 3		0			0
Transfers in from acquisition		0			0
Balance as of April 30, 2011	$	20,455,659		$	690,815
Change in unrealized gains (losses) relating to securities still held at April 30, 2011	$	3,000,636		$	690,815

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fees

Pursuant to the contract, Funds Management is paid an annual advisory fee which is calculated based on the average daily net assets of each Fund as follows:


	Advisory Fee						Effective rate for six months ended April 30, 2011
	starting at			declining to			Effective rate for six months ended April 30, 2011
Intrinsic Small Cap Value Fund		0.80	%		0.70	%		0.80	%
Small Cap Growth Fund		0.80			0.70			0.78
Small Cap Opportunities Fund		0.80			0.70			0.79
Small Cap Value Fund		0.80			0.70			0.74
Small/Mid Cap Value Fund		0.75			0.60			0.75
Special Small Cap Value Fund		0.80			0.70			0.79
Traditional Small Cap Growth Fund		0.80			0.70			0.80

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Funds. Funds Management has engaged Wells Capital Management (an affiliate of Funds Management), Metropolitan West Capital Management, LLC (“MWCM”) (a majority-owned subsidiary of Wells Fargo) and Schroder Investment Management North America Inc. (“Schroder”) as investment sub-advisers.


Notes to Financial Statements (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			91

The fees related to sub-advisory services are borne directly by the adviser and do not increase the overall fees paid by a Fund to the adviser. The sub-advisers are each paid an annual sub-advisory fee which is calculated based on the average daily net assets of each Fund as follows:


	Sub-adviser	Sub-advisory Fee
	Sub-adviser	starting at			declining to
Intrinsic Small Cap Value Fund	MWCM		0.55	%		0.40	%
Small Cap Growth Fund	Wells Capital Management		0.55			0.40
Small Cap Opportunities Fund	Schroder		0.50			0.45
Small Cap Value Fund	Wells Capital Management		0.55			0.40
Small/Mid Cap Value Fund	Wells Capital Management		0.45			0.35
Special Small Cap Value Fund	Wells Capital Management		0.55			0.40
Traditional Small Cap Growth Fund	Wells Capital Management		0.55			0.40

Administration and transfer agent fees


	Class Level Administration Fee
Class A, Class B, Class C		0.26	%
Administrator Class		0.10
Institutional Class		0.08
Investor Class		0.33

Distribution fees

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

For the six months ended April 30, 2011, Wells Fargo Funds Distributor, LLC received the following amounts in front-end sales charges and contingent deferred sales charges.


	Front-end sales charges Class A		Contingent deferred sales charges
	Front-end sales charges Class A		Class A		Class B		Class C
Intrinsic Small Cap Value Fund	$	31	$	0		NA	$	168
Small Cap Growth Fund		975		0	$	886		0
Small Cap Value Fund		37,838		1,479		143		3,193
Small/Mid Cap Value Fund		1,705		0		NA		281
Special Small Cap Value Fund		3,524		390		5,216		495
Traditional Small Cap Growth Fund		2,629		132		NA		0


92		Wells Fargo Advantage Small and Mid Cap Stock Funds		Notes to Financial Statements (Unaudited)

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class B, Class C, 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities (securities with maturities of one year or less at purchase date), for the six months ended April 30, 2011 were as follows:


	Purchases at Cost		Sales Proceeds
Intrinsic Small Cap Value Fund	$	34,397,217	$	81,112,220
Small Cap Growth Fund		899,531,460		923,393,553
Small Cap Opportunities Fund		317,331,285		309,162,905
Small Cap Value Fund		673,024,096		265,178,871
Small/Mid Cap Value Fund		57,265,808		50,404,874
Special Small Cap Value Fund		164,046,975		246,067,227
Traditional Small Cap Growth Fund		131,373,090		163,216,966

6. INVESTMENTS IN AFFILIATES

An affiliate company is a company in which a Fund has ownership of at least 5% of the outstanding voting shares. A summary of the transactions with affiliates for the six months ended April 30, 2011 was as follows:


	Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Income from Affiliated Securities		Value, End of Period
Small Cap Value Fund
ACCO Brand Corporation	$	18,924,248	$	1,532,032	$	2,701,030	$	0	$	28,198,811
Argo Group International Holdings Limited		63,323,126		6,130,030		7,544,510		425,628		56,585,115
Armour Residential Incorporated		4,879,375		145,191		2,796,284		330,511		2,434,722
Capstead Mortgage Corporation		52,108,260		2,521,384		6,629,985		3,428,782		56,168,052
Cavco Industries Incorporated		11,014,715		1,944,184		1,655,908		0		16,732,800
China GrenTech Corporation Limited ADR		4,899,655		2,235,995		687,956		0		6,423,600
Cincinnati Bell Incorporated		23,207,380		4,491,122		2,827,096		0		30,457,934
Covenant Transport Incorporated Class A		9,044,592		1,976,390		1,336,636		0		12,592,800
Cray Incorporated		23,235,290		4,138,155		2,901,012		0		27,254,304
Crexus Investment Corporation		6,012,545		43,674,263		727,958		219,705		49,064,114
Cross Country Healthcare Incorporated		18,158,750		816,396		2,287,733		0		17,289,342
dELiA*s Incorporated		3,141,499		244,393		348,571		0		3,297,156
Global Industries Limited		44,527,416		115,740		5,438,688		0		68,237,116
Hill International Incorporated		13,768,143		680,980		1,744,707		0		12,238,164
Intermec Incorporated		40,180,850		4,858,065		4,574,704		0		40,454,372
InterOil Corporation		297,909,654		39,928,741		34,016,631		0		272,182,560
Intertape Polymer Group Incorporated		8,509,139		116,689		981,267		0		11,714,389
MRV Communications Incorporated		19,046,352		572,820		2,688,304		0		20,481,039
Newpark Resources Incorporated		45,957,492		2,282,201		4,970,551		0		66,560,130
Orasure Technologies Incorporated		23,084,633		2,970,135		3,399,262		0		48,780,970
OSI Systems Incorporated		44,344,800		556,320		7,487,436		0		40,033,092
PHI Incorporated (non voting)		14,849,413		1,440,765		1,685,728		0		18,660,444
Skyline Corporation		11,364,842		1,323,360		1,696,191		225,216		12,524,907
Webco Industries Incorporated		6,461,000		0		933,156		0		9,818,270
Western Liberty Bancorp		6,399,617		0		570,582		0		3,042,046


Notes to Financial Statements (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			93


	Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Income from Affiliated Securities		Value, End of Period
Small/Mid Cap Value Fund
Bakers Footwear Group Incorporated	$	491,832	$	2,220	$	372	$	0	$	573,085
EnteroMedics Incorporated		0		1,173,150		37,676		0		1,442,375
Special Small Cap Value Fund
American Pacific Corporation	$	2,424,453	$	0	$	0	$	0	$	2,484,863
Blyth Incorporated		14,023,023		3,108,945		4,716		34,953		20,669,004
Dixie Group Incorporated		2,518,774		18,763		0		0		3,003,021
Imation Corporation		21,938,581		246,774		1,227,885		0		22,217,307
Kadant Incorporated		16,925,864		364,448		3,368,723		0		23,264,880
Kenneth Cole Productions Incorporated Class A		8,607,570		291,443		0		0		8,908,627
Neenah Paper Incorporated		11,995,012		197,758		638,723		78,143		17,827,246
Stewart Information Services Corporation		10,430,675		0		0		48,201		9,775,143

7. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2011, the Small Cap Value Fund and Small/Mid Cap Value Fund entered into written options for hedging purposes, in order to reduce market exposure.

During the six months ended April 30, 2011, Small Cap Value Fund had written option activities as follows:


	Number of Contracts			Premiums Received
Options outstanding at October 31, 2010		6,100		$	1,244,421
Options written		46,380			11,155,273
Options expired		(1,200	)		(173,797	)
Options terminated in closing purchase transactions		(41,383	)		(9,824,454	)
Options exercised		(433	)		(85,538	)
Options outstanding at April 30, 2011		9,464		$	2,315,905

Open call options written at April 30, 2011 were as follow for Small Cap Value Fund:


Expiration Date	Issuer Name	Number of Contracts		Call/ Put		Strike Price		Market Value		Premiums Received
May 2011	Agnico-Eagle Mines Limited		50		Call	$	70.00	$	8,600	$	7,350
May 2011	Alaska Air Group Incorporated		150		Call		60.00		93,000		44,999
May 2011	Amedisys Incorporated		150		Call		32.00		31,050		33,623
May 2011	Amedisys Incorporated		100		Call		35.00		5,300		11,100
May 2011	Applied Industrial Technologies Incorporated		100		Call		35.00		6,500		10,700
May 2011	Calgon Carbon Corporation		100		Call		15.00		21,000		10,700
May 2011	Chicago Bridge & Iron Company		50		Call		40.00		7,250		8,100
May 2011	Chicago Bridge & Iron Company		100		Call		41.00		9,300		19,919
May 2011	Chicago Bridge & Iron Company		100		Call		42.00		6,000		15,900
May 2011	Coherent Incorporated		250		Call		55.00		205,000		58,160
May 2011	Coherent Incorporated		100		Call		60.00		50,000		17,827
May 2011	Community Health Systems Incorporated		100		Call		35.00		1,000		14,816
May 2011	Foot Locker Incorporated		200		Call		20.00		35,000		16,800
May 2011	Gen-Probe Incorporated		190		Call		65.00		304,000		90,878
May 2011	Global Industries Limited		400		Call		10.00		14,000		19,628
May 2011	Helmerich & Payne Incorporated		100		Call		65.00		25,000		47,699
May 2011	Helmerich & Payne Incorporated		150		Call		67.50		21,000		46,049
May 2011	Itron Incorporated		100		Call		50.00		43,000		41,699
May 2011	Itron Incorporated		100		Call		55.00		8,700		15,700


94		Wells Fargo Advantage Small and Mid Cap Stock Funds		Notes to Financial Statements (Unaudited)


Expiration Date	Issuer Name	Number of Contracts		Call/ Put		Strike Price		Market Value		Premiums Received
May 2011	Newfield Exploration Company		100		Call	$	70.00	$	24,500	$	37,311
May 2011	Oceaneering International Incorporated		250		Call		85.00		105,000		107,997
May 2011	Oceaneering International Incorporated		250		Call		90.00		38,750		51,749
May 2011	Pride International Incorporated		100		Call		45.00		4,500		8,400
May 2011	Randgold Resources Limited ADR		200		Call		90.00		27,000		47,599
May 2011	United States Steel Corporation		100		Call		55.00		1,800		30,499
May 2011	United States Steel Corporation		200		Call		60.00		1,400		39,199
June 2011	Agnico-Eagle Mines Limited		50		Call		70.00		15,000		11,700
June 2011	Alaska Air Group Incorporated		50		Call		65.00		18,500		8,450
June 2011	Carpenter Technology Corporation		77		Call		40.00		86,086		24,794
June 2011	Carpenter Technology Corporation		150		Call		45.00		96,150		30,424
June 2011	Community Health Systems Incorporated		100		Call		30.00		23,000		29,699
June 2011	Community Health Systems Incorporated		400		Call		31.00		75,200		98,798
June 2011	Community Health Systems Incorporated		200		Call		32.00		28,000		44,399
June 2011	Community Health Systems Incorporated		100		Call		35.00		4,000		19,822
June 2011	Community Health Systems Incorporated		50		Call		40.00		500		12,950
June 2011	Hologic Incorporated		200		Call		23.00		13,000		19,088
June 2011	InterOil Corporation		200		Call		60.00		110,000		94,398
June 2011	InterOil Corporation		250		Call		65.00		69,750		81,748
June 2011	Key Energy Services Incorporated		300		Call		17.50		39,000		19,500
June 2011	Omnicare Incorporated		100		Call		31.00		15,000		10,700
June 2011	Randgold Resources Limited ADR		850		Call		90.00		216,750		234,717
June 2011	Randgold Resources Limited ADR		100		Call		95.00		13,000		17,700
June 2011	Steris Corporation		297		Call		30.00		118,800		120,875
July 2011	Calgon Carbon Corporation		150		Call		17.50		14,250		10,350
July 2011	Chicago Bridge & Iron Company		100		Call		40.00		29,500		25,227
July 2011	Chicago Bridge & Iron Company		150		Call		42.00		28,500		29,699
July 2011	Chicago Bridge & Iron Company		200		Call		45.00		15,000		23,000
July 2011	Orasure Technologies Incorporated		200		Call		7.50		29,000		18,300
July 2011	Royal Gold Incorporated		100		Call		55.00		69,000		22,200
September 2011	Randgold Resources Limited ADR		200		Call		90.00		98,000		130,397
September 2011	Randgold Resources Limited ADR		250		Call		95.00		80,000		105,312
September 2011	Randgold Resources Limited ADR		700		Call		100.00		143,500		182,758
September 2011	Randgold Resources Limited ADR		150		Call		105.00		18,000		34,499

Small Cap Value Fund had average premiums received on written options in the amount of $1,164,411 during the six months ended April 30, 2011.

During the six months ended April 30, 2011, Small/Mid Cap Value Fund had written option activities as follows:


	Number of Contracts			Premiums Received (Paid)
Options outstanding at October 31, 2010		0		$	0
Options written		250			79,848
Options expired		0			0
Options terminated in closing purchase transactions		(250	)		(79,848	)
Options exercised		0			0
Options outstanding at April 30, 2011		0		$	0

As of April 30, 2011, Small/Mid Cap Value Fund did not have any open written options but had average premiums received on written options in the amount of $11,136 during the six months ended April 30, 2011.


Notes to Financial Statements (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			95

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

8. ACQUISITIONS

Effective at the close of business on July 16, 2010, Special Small Cap Value Fund acquired the net assets of Evergreen Small Cap Value Fund and Evergreen Special Values 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 Small Cap Value Fund and Evergreen Special Values Fund. Shareholders holding Class A, Class B, Class C and Class I shares of Evergreen Small Cap Value Fund and Evergreen Special Values Fund received Class A, Class B, Class C and Administrator Class shares, respectively, of Special Small Cap Value Fund in the reorganizations. Class R shares of Evergreen Special Values Fund received Class A shares of Special Small Cap Value Fund. Special Small Cap Value Fund was newly created to receive the assets of Evergreen Small Cap Value Fund and Evergreen Special Values Fund. Evergreen Special Values Fund became the accounting and performance survivor in the reorganizations. The investment portfolio of Evergreen Small Cap Value Fund and Evergreen Special Values Fund with fair values of $35,452,361 and $798,049,201, respectively, and identified costs of $30,733,820 and $971,212,867, respectively, at July 16, 2010, were the principal assets acquired by Special Small Cap Value Fund. For financial reporting purposes, assets received and shares issued by Special Small Cap Value Fund were recorded at fair value; however, the cost basis of the investments received from Evergreen Small Cap Value Fund and Evergreen Special Values Fund were carried forward to align ongoing reporting of Special Small Cap Value Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The value of net assets acquired, unrealized appreciation acquired, exchange ratio and number of shares issued were as follows:


Acquired Fund	Value of Net Assets Acquired		Unrealized Gains/Losses			Exchange Ratio		Number of Shares Issued
Evergreen Small Cap Value Fund	$	35,385,583	$	4,718,541			0.56		520,841	Class A
							0.56		167,510	Class B
							0.56		183,875	Class C
							0.59		1,139,052	Administrator Class
Evergreen Special Values Fund		799,508,182	$	(173,163,666	)		1.00		25,184,391	Class A*
							1.00		1,927,434	Class B
							1.00		2,145,954	Class C
							1.00		16,097,853	Administrator Class

*	Amount includes 241,431 shares of Class A issued for Class R shares.

The aggregate net assets of the Special Small Cap Value Fund immediately after the acquisitions were $834,893,765.

Assuming the acquisitions had been completed August 1, 2009, the beginning of the annual reporting period for Special Small Cap Value Fund, the pro forma results of operations for the year ended July 31, 2010 would have been:


Net investment income	$	254,306
Net realized and unrealized gains on investments	$	187,069,382
Net increase in net assets resulting from operations	$	187,323,688

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 Evergreen Small Cap Value Fund that have been included in Special Small Cap Value Fund’s Statement of Operations since July 19, 2010.

9. BANK BORROWINGS


96		Wells Fargo Advantage Small and Mid Cap Stock Funds		Notes to Financial Statements (Unaudited)

For the six months ended April 30, 2011, there were no borrowings by the Funds under the agreement.

10. INDEMNIFICATION

11. REORGANIZATION

At a regular meeting of the Board of Trustees held on May 18-19, 2011, the Trustees approved the reorganization of Small Cap Growth Fund into Wells Fargo Advantage Emerging Growth Fund. Under the reorganization, Wells Fargo Advantage Emerging Growth Fund will acquire the assets and assume the liabilities of Small Cap Growth Fund in exchange for shares of Wells Fargo Advantage Emerging Growth Fund.

A Special Meeting of Shareholders of Small Cap Growth Fund will be held in August 2011 to consider and vote on the reorganization. In July 2011, materials for this meeting will be mailed to shareholders of record on May 26, 2011.


Other Information (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			97

PORTFOLIO HOLDINGS INFORMATION

PROXY VOTING INFORMATION


98		Wells Fargo Advantage Small and Mid Cap Stock Funds		Other Information (Unaudited)

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 Information1 of 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 Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	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 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of Corporate Governance Research Program and 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


Other Information (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			99


Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships
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 In dependent 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 Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips (Born 1970)	Treasurer, since 2008	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.
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.


100		Wells Fargo Advantage Small and Mid Cap Stock Funds		Other Information (Unaudited)

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

Intrinsic Small Cap Value Fund, Small Cap Growth Fund, Small Cap Opportunities Fund, Small Cap Value Fund, Small/Mid Cap Value Fund, Special Small Cap Value Fund and Traditional Small Cap Growth Fund

Each year, as required by Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), determines whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in person meeting held on March 24-25, 2011 (the “Meeting”), the Board reviewed and re-approved: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for each of the Intrinsic Small Cap Value Fund, Small Cap Growth Fund, Small Cap Opportunities Fund, Small Cap Value Fund, Small/Mid Cap Value Fund, Special Small Cap Value Fund and Traditional Small Cap Growth Fund (collectively, the “Funds”); (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“Wells Capital Management”) for each of the Small Cap Growth Fund, Small Cap Value Fund, Small/Mid Cap Value Fund, Special Small Cap Value Fund and Traditional Small Cap Growth Fund; (iii) an investment sub-advisory agreement with Metropolitan West Capital Management LLC (“MetWest”) for the Intrinsic Small Cap Value Fund; and (iv) an investment sub-advisory agreement with Schroder Investment Management North America Inc. (“Schroder”) for the Small Cap Opportunities Fund. The investment advisory agreements with Funds Management and the investment sub-advisory agreements with Wells Capital Management, MetWest and Schroder (the “Sub-Advisers”) are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services


Other Information (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			101

about various topics, including Funds Management’s oversight of service providers. The above factors, together with those referenced below, are some of the most important, but not necessarily all, factors considered by the Board in concluding that it was satisfied with the nature, extent and quality of the investment advisory services provided to each Fund by Funds Management and the respective Sub-Adviser.

Fund performance and expenses

The Board noted that the performance of each of the Funds was higher than the median performance of the Universe for the 3-year, 5-year and 10-year periods under review, except for the Intrinsic Small Cap Value Fund and the Special Small Cap Value Fund. The Board also noted that the performance of the Special Small Cap Value Fund was in range of or higher than the median performance of the Universe for the 5-year and 10-year periods under review. The Board noted that the Intrinsic Small Cap Value Fund’s performance was lower than the median performance of the Universe for all periods under review. The Board also noted that the performance of the Small Cap Opportunities Fund, the Intrinsic Small Cap Value Fund, the Small Cap Value Fund and the Small/Mid Cap Value Fund warranted further discussion. As part of its further review, the Board received an analysis of, and discussed factors contributing to, the underperformance of each of these Funds relative to the Universe. The Board received a report that showed (i) that the Small Cap Opportunities Fund’s performance is consistent with expectations, given the bias towards a higher-quality investment process; (ii) that the Intrinsic Small Cap Value Fund recently outperformed its benchmark; (iii) that the Small Cap Value Fund’s investment performance was being appropriately monitored; and (iv) that the Small/Mid Cap Value Fund’s performance for the most recent period was much improved and the Small/Mid Cap Value Fund is ranked in the top six percent of its peers over the one-year period. The Board was satisfied that Funds Management and the Sub-Advisers were taking appropriate actions with respect to each of the Fund’s investment performance and requested continued reports on the performance of each of the Funds.

The Board received and considered information regarding each Fund’s contractual advisory fee and net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any), transfer agent, custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 fees, service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of an expense Universe and a narrower expense group of mutual funds (each, an “Expense Group”) that was determined by Lipper to be similar to each Fund. The Board received a description of the methodology used by Lipper to select the mutual funds in a Fund’s Expense Group. The Board noted that, except for the Intrinsic Small Cap Value Fund (Class A), the net operating expense ratios of each of the Funds were in range of or lower than each Fund’s respective Expense Group’s median net operating expense ratio.

Investment advisory and sub-advisory fee rates

The Board received and considered information comparing the Advisory Agreement Rates and Net Advisory Rates with those of other funds in each Fund’s Expense Group median. The Board noted that the Advisory Agreement Rates for the Intrinsic Small Cap Value Fund, the Small Cap Opportunities Fund and the Small/Mid Cap Value Fund were in range of


102		Wells Fargo Advantage Small and Mid Cap Stock Funds		Other Information (Unaudited)

the median rate of each Fund’s Expense Group, except for Class A of the Intrinsic Small Cap Value Fund and the Small/Mid Cap Value Fund, which were higher than the median rate of each Fund’s Expense Group. The Board noted that the Advisory Agreement Rates for the Small Cap Growth Fund, the Small Cap Value Fund, the Special Small Cap Value Fund and the Traditional Small Cap Growth Fund were in range of or not appreciably higher than the median rate of each Fund’s Expense Group, except for each Fund’s Class A and the Administrator Class of the Small Cap Growth Fund and Small Cap Value Fund, which were higher than the median rate of the Fund’s Expense Group. The Board noted that the Net Advisory Rates for each of the Funds were in range of or not appreciably higher than the median rates of each Fund’s respective Expense Group, except for Class A of each of the Funds and the Small Cap Growth Fund’s Administrator Class, which were higher than the median rate of each Fund’s respective Expense Group. The Board further noted that Funds Management had agreed to continue and, in certain instances, reduce contractual fee cap arrangements for the Funds designed to lower the Funds’ expenses.

Profitability

The Board did not consider separate profitability information with respect to Wells Capital Management and MetWest, because, as affiliates of Funds Management, their profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management. The Board did not consider separate profitability information with respect to Schroder, which is not affiliated with Funds Management. The Board considered that the sub-advisory fees paid to Schroder had been negotiated by Funds Management on an arm’s-length basis and that their profitability from their relationship with the Small Cap Opportunities Fund, was not a material factor in determining whether to renew the agreements.

Economies of scale


Other Information (Unaudited)		Wells Fargo Advantage Small and Mid Cap Stock Funds			103

Other benefits to Funds Management and the Sub-Advisers

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates and the Sub-Advisers as a result of their relationship with the Funds. Ancillary benefits could include, among others, benefits directly attributable to the relationship of Funds Management and the Sub-Advisers with the Funds and benefits potentially derived from an increase in Funds Management’s and each Sub-Adviser’s business as a result of their relationship with the Funds (such as the ability to market to shareholders other financial products offered by Funds Management and its affiliates or the Sub-Adviser and their affiliates).

Other factors and broader review

Conclusion


104		Wells Fargo Advantage Small and Mid 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) IX IS 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

REIT	— Real Estate Investment Trust

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

TCR	— 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.

LOGO

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

www.wellsfargo.com/advantagefunds

202912 06-11

SMCFLD/SAR122 04-11

LOGO

Semi-Annual Report

April 30, 2011

WELLS FARGO ADVANTAGE INCOME FUNDS

Wells Fargo Advantage International Bond Fund

Reduce clutter. Save trees.

Contents


Letter to Shareholders			2

Performance Highlights			5

Fund Expenses			7

Portfolio of Investments			8

Financial Statements
Statement of Assets and Liabilities			14
Statement of Operations			15
Statements of Changes in Net Assets			16
Financial Highlights			18

Notes to Financial Statements			20

Other Information			26

List of Abbreviations			32

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

LOGO

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 $241 billion in assets under management, as of April 30, 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.

†

Not part of the semi-annual report.


2		Wells Fargo Advantage International Bond Fund		Letter to Shareholders

LOGO

Karla M. Rabusch,

President

Wells Fargo Advantage Funds

The ongoing recovery of global growth continued to face significant challenges, as sovereign debt problems around the world spurred additional calls for fiscal austerity and a renewed focus on deficit reduction

Dear Valued Shareholder,

We are pleased to provide you with this semi-annual report for the Wells Fargo Advantage International Bond Fund, which covers the six-month period that ended April 30, 2011. Wells Fargo Advantage Funds provides many different mutual funds, giving you the flexibility to invest in a family of funds that covers nearly every asset class and investment style. We are pleased to have you as an investor in our Wells Fargo Advantage International Bond Fund and welcome the opportunity to provide you with solutions to all of your investment needs.

Global fixed-income securities declined and then rallied on continued monetary accommodation.

Global fixed-income markets experienced mixed performance during the period. The ongoing recovery of global growth continued to face significant challenges, as sovereign debt problems around the world spurred additional calls for fiscal austerity and a renewed focus on deficit reduction, which curtailed some of the postcrisis optimism and resulted in a decline in global bond markets in the first couple months of the period. Inflation continued to be mostly subdued around the world, allowing those governments that were concentrating on reducing their deficits to keep an extreme accommodation in monetary policy. In fact, the United States announced a second round of quantitative easing (QE2) early in the period, citing continued low inflation and low growth expectations. The announcement resulted in mixed results for global bond prices. Debt securities around the globe had previously appreciated in value on early indications that more quantitative easing was possible, but after the announcement was made official, global bond markets declined, likely due to the projections that this would be the U.S. Federal Reserve (Fed) final monetary easing program.

In the months following, global fixed-income markets once again modestly rallied, led by higher-yielding securities, particularly in the investment-grade and high-yield corporate debt sectors. This rally in higher-yielding securities appeared to be motivated in part by the lack of income-returning investment opportunities—a consequence of extraordinarily low interest rates, low inflation conditions, and restrained expectations for economic growth in the largest economies. The QE2 program in the U.S. not only drove rates lower, but also created further scarcity in income-producing securities, thus driving investors to other sectors of the global fixed-income markets, particularly the higher-yielding segments.

We believe it is likely that monetary accommodation will continue across many of the largest economic sovereignties around the globe in the near term. However, whether or not these influences will continue to produce rallies in fixed-income securities is open for debate. At some stage, yields will have to move higher, and we continue to manage our strategies with such future considerations in mind. Yet, at the same time, we do not intend to restrict ourselves from participating in the opportunities to add higher levels of yield for our investors. The recent period produced compelling performance from global fixed-income securities, and while we believe it is not likely that the same conditions will repeat themselves in the upcoming period, we remain optimistic about the opportunities to invest for attractive levels of yield.


Letter to Shareholders		Wells Fargo Advantage International Bond Fund			3

Bonds and currencies of smaller economies continued to demonstrate strength.

Global bond market yields continued to shift higher during the final months of the period but not to the same magnitude as in the earlier months. This was partially offset by strong performance from the corporate bond sectors later in the period. However, sovereign debt concerns regarding the eurozone and the U.S. continued to weigh on bond valuations across the global markets. In the U.S., the growth outlook improved, but the deficit outlook continued to deteriorate while inflation expectations began to increase. An exit strategy for the U.S. central bank’s highly accommodative monetary policy is unclear and appears requisite to sustainable economic growth in the near term.

In Europe, conditions were similar but were also more complex. In the core euro region, the growth outlook improved, courtesy of trade economies. Deficit reduction began in earnest during the first quarter, while inflation expectations appeared stable. However, in the eurozone periphery, growth continued to languish in recession, due in part to deficit reduction measures. These types of issues (low growth, highly accommodative monetary policy) continue to be most prevalent among the largest economies, while the smaller economies, in our view, will likely see monetary tightening and better prospects for growth.

Throughout the period, we were positioned for underperformance from the largest economies and a devaluing of the U.S. dollar. We continue to anticipate similar conditions throughout 2011 despite the volatility in the first quarter, which saw the Japanese yen sharply depreciate and the euro rise to the position of global strength. The case for a structurally weaker U.S. dollar is well known, and the same case can be made for the British sterling. However, the euro is only marginally better. We believe that the structural bear market in the U.S. is likely to re-emerge later in 2011 but not until we have a framework for the settlement of sovereign debt problems in peripheral Europe.

Meanwhile, we should expect increased, coordinated intervention in an effort to ensure a stable currency background following the earthquake and tsunami in Japan. Therefore, with markets trading on the latest news, we believe that it is unwise to take significant positions in any of the three major currencies and that only a weak sterling outlook should be allowed for. Longer term, we believe the currencies of the smaller, more dynamic economies with trade surpluses, healthier growth, and higher interest rates should appreciate. We particularly like the smaller, more dynamic Asian and South American economies. While concerns about the health of the largest economies continue, we believe several opportunities for investor value in the smaller economies of the global fixed-income markets continue to develop.

In our opinion, diligent and earnest assessment of the fundamental risks in individual fixed-income securities will be a key factor in determining which investment strategies perform well and which do not. We believe it is important to have the right caretakers in charge of investors’ assets during times of uncertainty and opportunity. At Wells Fargo Advantage Funds, we intend to continue measuring relative-value opportunities in the international fixed-income markets. As evidenced by the performance of international fixed-income assets during the recent six-month period, heightened risks often accompany opportunities.

We believe it is likely that monetary accommodation will continue across many of the largest economic sovereignties around the globe for at least the next couple of quarters.


4		Wells Fargo Advantage International Bond Fund		Letter to Shareholders

Short-term volatility shouldn’t derail long-term investment goals.

While periods of volatility can present challenges, experience has taught us that maintaining a long-term investment strategy based on individual goals and risk tolerance can be an effective way to plan for the future. As a whole, Wells Fargo Advantage Funds represents investments across a broad range of asset classes and investment styles with more than 120 mutual funds, giving you an opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, it may help reduce them and provide you with one way of managing risk.

Thank you for choosing Wells Fargo Advantage Funds. We appreciate your confidence in us. Through each market cycle, we are committed to helping you meet your financial needs. If you have any questions about your investment, please contact your investment professional or call us at 1-800-222-8222, 24 hours a day, 7 days a week. You may also visit our website at www.wellsfargo.com/advantagefunds.

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds


Performance Highlights		Wells Fargo Advantage International Bond Fund			5

Wells Fargo Advantage International Bond Fund

INVESTMENT OBJECTIVE

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

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

First International Advisors, LLC

PORTFOLIO MANAGERS

Michael Lee

Tony Norris

Alex Perrin

Peter Wilson

FUND INCEPTION

December 15, 1993


COUNTRY ALLOCATION¹ (AS OF APRIL 30, 2011)


TEN LARGEST HOLDINGS² (AS OF APRIL 30, 2011)
Sweden 4.50%, 08/12/2015			4.71%
Spain 4.85%, 10/31/2020			3.70%
Australia Series 25CI 3.14%, 09/20/2025			2.92%
Canada 2.50%, 09/01/2013			2.89%
Czech Republic 5.00%, 04/11/2019			2.87%
Mexico 8.50%, 11/18/2038			2.75%
Eurohypo AG 3.75%, 03/24/2014			2.71%
Dexia Kommunalbank AG 3.50%, 06/05/2014			2.68%
Poland 5.50%, 04/25/2015			2.65%
Nykredit 4.00%, 10/01/2041			2.48%

1.	Country allocation is subject to change and is calculated based on the total investments of the Fund, excluding cash and cash equivalents.

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


6		Wells Fargo Advantage International Bond Fund		Performance Highlights

Wells Fargo Advantage International Bond Fund (continued)

AVERAGE ANNUAL TOTAL RETURN³ (%) (AS OF APRIL 30, 2011)


			Including Sales Charge									Excluding Sales Charge								Expense Ratios⁴
	Inception Date		6-Months*			1-Year		5-Year		10-Year		6-Months*		1-Year		5-Year		10-Year		Gross		Net⁵
Class A (ESIYX)		09/30/2003		(2.85	)		7.45		7.34		9.04		1.76		12.51		8.34		9.55		1.11%		1.03%
Class B (ESIUX)**		09/30/2003		(3.56	)		6.66		7.23		9.01		1.36		11.66		7.53		9.01		1.86%		1.78%
Class C (ESIVX)		09/30/2003		0.36			10.69		7.55		8.76		1.36		11.69		7.55		8.76		1.86%		1.78%
Administrator Class (ESIDX)		07/30/2010											1.83		12.67		8.50		9.72		1.05%		0.85%
Institutional Class (ESICX)		12/15/1993											1.86		12.77		8.62		9.84		0.78%		0.73%
BofA Merrill Lynch Global Broad Market Ex. U.S. Index⁶													2.64		14.02		7.84		8.87

*	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.

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 4.50%. 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.

Bond fund values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond fund values fall and investors may lose principal value. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. 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, high yield securities risk, mortgage- and asset-backed securities risk, and regional risk. Consult the Fund’s prospectus for additional information on these and other risks.

Historical performance shown for Classes A, B, C and Administrator Class shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to Classes A, B, C and Administrator Class shares. Historical performance shown for all classes of the Fund prior to July 12, 2010 is based on the performance of the Fund’s predecessor, Evergreen International Bond Fund.

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

5.	The Adviser has committed through July 11, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amount shown above. Without this cap, the Fund’s returns would have been lower.

The BofA Merrill Lynch Global Broad Market Ex. U.S. Index tracks the performance of investment grade debt publicly issued in the major domestic and eurobond markets, including sovereign, quasi-government, corporate, securitized and collateralized securities and excludes all securities denominated in US dollars. You cannot invest directly in an index.


Fund Expenses		Wells Fargo Advantage International Bond Fund			7

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 November 1, 2010 to April 30, 2011.

Actual Expenses

Hypothetic al Example for Comparison Purposes


	Beginning Account Value 11-01-2010		Ending Account Value 04-30-2011		Expenses Paid During the Period¹		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	1,017.62	$	5.10		1.02	%
Hypothetical	$	1,000.00	$	1,019.74	$	5.11		1.02	%
Class B
Actual	$	1,000.00	$	1,013.63	$	8.84		1.77	%
Hypothetical	$	1,000.00	$	1,016.02	$	8.85		1.77	%
Class C
Actual	$	1,000.00	$	1,013.61	$	8.84		1.77	%
Hypothetical	$	1,000.00	$	1,016.02	$	8.85		1.77	%
Administrator Class
Actual	$	1,000.00	$	1,018.26	$	4.25		0.85	%
Hypothetical	$	1,000.00	$	1,020.58	$	4.26		0.85	%
Institutional Class
Actual	$	1,000.00	$	1,018.58	$	3.50		0.70	%
Hypothetical	$	1,000.00	$	1,021.32	$	3.51		0.70	%

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).


8		Wells Fargo Advantage International Bond Fund		Portfolio of Investments—April 30, 2011 (Unaudited)


Security Name	Interest Rate			Maturity Date		Principal		Value


Corporate Bonds and Notes: 0.77%

United States: 0.77%
Anheuser-Busch In Bev Worldwide Incorporated (Consumer Staples, Beverages)		6.88	%		11/15/2019	$	9,525,000	$	11,479,949
ARAMARK Corporation (Industrials, Commercial Services & Supplies)		8.50			02/01/2015		1,850,000		1,930,938
TNK-BP Finance SA (Financials, Diversified Financial Services)††(i)		6.25			02/02/2015		200,000		214,880

Total Corporate Bonds and Notes (Cost $11,473,081)									13,625,767


Foreign Corporate Bonds@: 35.99%

Australia: 0.65%
General Electric Capital Australia Funding (Financials, Diversified Financial Services, AUD)		6.00			03/15/2019		1,405,000		1,437,684
International Bank for Reconstruction & Development (Financials, Commercial Banks, AUD)		5.75			10/01/2020		4,000,000		4,248,964
Telstra Corporation Limited (Telecommunication Services, Diversified Telecommunication Services, EUR)		4.25			03/23/2020		4,000,000		5,914,997

									11,601,645


Brazil: 0.01%
Banco Do Brasil (Financials, Commercial Banks, EUR)††		4.50			01/20/2016		150,000		220,129


Canada: 0.18%
Bombardier Incorporated (Industrials, Aerospace & Defense, EUR)		7.25			11/15/2016		2,035,000		3,149,777


Cayman Islands: 0.01%
Voto-Votorantim Limited (Financials, Diversified Financial Services, EUR)		5.25			04/28/2017		150,000		221,506


Denmark: 4.54%
Nykredit (Financials, Diversified Financial Services, DKK)		4.00			10/01/2041		235,061,129		43,183,163
Realkredit Denmark (Financials, Thrifts & Mortgage Finance, DKK)		4.00			10/01/2041		205,184,269		37,623,161

									80,806,324


France: 1.37%
Casino Guichard Perrach (Consumer Staples, Food & Staples Retailing, EUR)		4.38			02/08/2017		5,000,000		7,463,915
France Telecom (Telecommunication Services, Diversified Telecommunication Services, EUR)		4.75			02/21/2017		3,500,000		5,477,338
Veolia Environnement SA (Utilities, Multi-Utilities, EUR)		4.00			02/12/2016		2,500,000		3,772,212
Veolia Environnement SA (Utilities, Multi-Utilities, EUR)		4.38			01/16/2017		5,000,000		7,607,565

									24,321,030


Germany: 10.83%
Bayerische Landesbank (Financials, Commercial Banks, EUR)%%		1.88			06/30/2014		15,000,000		21,677,040
Dexia Kommunalbank AG (Financials, Commercial Banks, EUR)		3.50			06/05/2014		31,080,000		46,811,755
Eurohypo AG (Financials, Commercial Banks, EUR)		3.75			03/24/2014		31,080,000		47,142,234
KfW Bankengruppe (Financials, Commercial Banks, AUD)		6.25			12/04/2019		7,700,000		8,392,997
Kreditanstalt fur Wiederaufbau (Financials, Commercial Banks, EUR)		3.88			01/21/2019		4,750,000		7,216,099
Kreditanstalt fur Wiederaufbau (Financials, Commercial Banks, EUR)		4.38			07/04/2018		13,250,000		20,807,405
Landwirtschaftliche Rentenbank (Financials, Commercial Banks, AUD)		5.75			01/21/2015		13,912,000		15,179,263
LB Baden-Wuerttemberg (Financials, Commercial Banks, EUR)%%		1.75			01/17/2014		15,000,000		21,758,088


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage International Bond Fund			9


Security Name	Interest Rate			Maturity Date		Principal		Value


Germany (continued)
UPC Holdings BV (Consumer Discretionary, Media, EUR)		9.63	%		12/01/2019		2,400,000	$	3,883,576

									192,868,457


Ireland: 0.57%
Ardagh Glass Finance plc (Financials, Consumer Finance, EUR)		8.75			02/01/2020		3,100,000		4,763,749
Smurfit Kappa Acquisitions (Materials, Paper & Forest Products, EUR)		7.75			11/15/2019		800,000		1,244,166
Smurfit Kappa Funding plc (Materials, Paper & Forest Products, EUR)		7.25			11/15/2017		2,650,000		4,082,050

									10,089,965


Liberia: 0.07%
Royal Caribbean Cruises Limited (Consumer Discretionary, Hotels, Restaurants & Leisure, EUR)		5.63			01/27/2014		900,000		1,333,035


Luxembourg: 4.59%
European Investment Bank (Financials, Commercial Banks, EUR)		3.13			03/03/2017		12,350,000		18,177,238
European Investment Bank (Financials, Commercial Banks, EUR)		4.25			10/15/2014		4,640,000		7,234,245
European Investment Bank (Financials, Commercial Banks, EUR)		4.75			10/15/2017		10,000,000		16,002,272
European Investment Bank (Financials, Commercial Banks, NZD)		6.50			09/10/2014		11,189,000		9,591,018
European Investment Bank (Financials, Commercial Banks, AUD)		6.50			08/07/2019		20,400,000		22,540,743
European Investment Bank (Financials, Commercial Banks, ZAR)		9.00			12/21/2018		14,450,000		2,244,658
European Investment Bank (Financials, Commercial Banks, TRY)		9.63			04/01/2015		1,050,000		720,986
European Investment Bank (Financials, Commercial Banks, TRY)		10.00			09/10/2013		1,200,000		823,905
Fiat Industrial Finance SpA (Financials, Diversified Financial Services, EUR)%%		6.25			03/09/2018		3,000,000		4,449,227

									81,784,292


Netherlands: 3.14%
Bank Nederlandse Gemeenten (Financials, Commercial Banks, EUR)		2.63			09/01/2020		12,250,000		16,447,980
Heidelberg Cement AG (Materials, Construction Materials, EUR)		8.50			10/31/2019		1,730,000		2,889,094
New World Resources NV (Materials, Metals & Mining, EUR)		7.38			05/15/2015		2,765,000		4,208,003
Owens-Illinois European Group BV (Materials, Containers & Packaging, EUR)		6.88			03/31/2017		2,296,000		3,477,237
Rabobank Nederland (Financials, Commercial Banks, EUR)		4.13			01/14/2020		5,000,000		7,283,697
Rabobank Nederland (Financials, Commercial Banks, EUR)		4.25			01/16/2017		5,541,000		8,390,169
Rabobank Nederland (Financials, Commercial Banks, NZD)		5.25			08/05/2014		6,000,000		4,926,764
Rabobank Nederland (Financials, Commercial Banks, NZD)		6.25			07/10/2014		4,361,000		3,698,619
Rabobank Nederland (Financials, Commercial Banks, TRY)		9.50			01/22/2014		1,000,000		683,958
Ziggo Bond Company BV (Consumer Discretionary, Media, EUR)††(i)		8.00			05/15/2018		2,500,000		3,892,648

									55,898,169


South Africa: 0.15%
Foodcorp Limited (Consumer Discretionary, Food & Staples Retailing, EUR)††		8.75			03/01/2018		100,000		146,264
Savcio Holdings Limited (Industrials, Machinery, EUR)		8.00			02/15/2013		1,701,000		2,506,839

									2,653,103


Spain: 0.27%
Inaer Aviation Finance Limited (Financials, Diversified Financial Services, EUR)††		9.50			08/01/2017		3,200,000		4,810,776


Switzerland: 1.29%
Eurofima (Financials, Commercial Banks, AUD)		6.25			12/28/2018		21,000,000		22,932,944


10		Wells Fargo Advantage International Bond Fund		Portfolio of Investments—April 30, 2011 (Unaudited)


Security Name	Interest Rate			Maturity Date		Principal		Value


United Kingdom: 5.88%
Bakkavor Finance 2 plc (Consumer Discretionary, Food Products, GBP)††		8.25	%		02/15/2018		3,360,000	$	5,303,576
British American Tobacco plc (Consumer Staples, Tobacco, EUR)		5.88			03/12/2015		8,175,000		13,117,856
Exova (Industrials, Professional Services, GBP)††		10.50			10/15/2018		1,900,000		3,328,489
Ford Credit Europe Bank plc (Financials, Commercial Banks, EUR)		7.13			01/15/2013		1,750,000		2,738,461
Ford Credit Europe Bank plc (Financials, Commercial Banks, EUR)		9.38			01/17/2014		800,000		1,333,035
GlaxoSmithKline plc (Health Care, Pharmaceuticals, EUR)		5.63			12/13/2017		8,000,000		13,202,878
Imperial Tobacco Group plc (Consumer Staples, Tobacco, EUR)		7.25			09/15/2014		1,450,000		2,394,102
Imperial Tobacco Group plc (Consumer Staples, Tobacco, EUR)		8.38			02/17/2016		5,000,000		8,782,717
Infinis plc (Utilities, Independent Power Producers & Energy Traders, GBP)		9.13			12/15/2014		2,172,000		3,791,260
ISS Financing plc (Financials, Consumer Finance, EUR)		11.00			06/15/2014		2,250,000		3,632,521
JTI UK Finance plc (Financials, Consumer Finance, EUR)		4.50			04/02/2014		2,780,000		4,309,568
Kerling plc (Materials, Chemicals, EUR)		10.63			02/01/2017		3,150,000		5,143,849
Marks & Spencer Group plc (Consumer Discretionary, Multiline Retail, GBP)		6.13			12/02/2019		4,000,000		7,019,932
Nationwide Building Society, FRN (Financials, Thrifts & Mortgage Finance, EUR)±		3.75			01/20/2015		4,000,000		5,804,005
R&R Ice Cream plc (Consumer Staples, Food & Staples Retailing, EUR)††(i)		8.38			11/15/2017		2,950,000		4,314,776
Tesco plc (Consumer Staples, Food & Staples Retailing, EUR)		5.88			09/12/2016		5,350,000		8,793,980
Virgin Media Finance plc (Financials, Consumer Finance, GBP)		8.88			10/15/2019		1,213,000		2,289,532
Vodafone Group (Telecommunication Services, Wireless Telecommunication Services, EUR)		6.88			12/04/2013		3,440,000		5,592,597
William Hill plc (Consumer Discretionary, Hotels, Restaurants & Leisure, GBP)		7.13			11/11/2016		2,250,000		3,908,619

									104,801,753


United States: 2.44%
General Electric Capital Corporation (Financial Services, Aerospace & Defense, NZD)		7.63			12/10/2014		10,200,000		8,908,970
Iron Mountain Incorporated (Industrials, Commercial Services & Supplies, EUR)		6.75			10/15/2018		4,020,000		5,835,139
Owens-Brockway Glass Containers Incorporated (Materials, Containers & Packaging, EUR)		6.75			12/01/2014		376,000		569,443
Pfizer Incorporated (Health Care, Pharmaceuticals, EUR)		4.75			06/03/2016		6,600,000		10,337,922
Procter & Gamble Company (Consumer Staples, Household Products, EUR)		4.50			05/12/2014		9,000,000		13,943,574
Rockwood Specialties Group Incorporated (Materials, Chemicals, EUR)		7.63			11/15/2014		2,600,000		3,928,010

									43,523,058


Total Foreign Corporate Bonds (Cost $580,485,222)									641,015,963


Foreign Government Bonds and Notes@: 55.30%
Australia Series 124 (AUD)		5.75			05/15/2021		25,000,000		28,052,198
Australia Series 19 (AUD)		6.00			04/01/2019		13,950,000		15,574,074
Australia Series 25CI (AUD)		3.14			09/20/2025		41,985,000		50,825,115
Brazil (BRL)		10.25			01/10/2028		4,520,000		3,072,807
Brazil (BRL)		12.50			01/05/2016		16,300,000		12,049,898
Brazil (BRL)		12.50			01/05/2022		34,700,000		26,710,971
Caisse d’Amortissement de la Dette Sociale (EUR)		3.38			04/25/2021		8,175,000		11,717,543
Caisse d’Amortissement de la Dette Sociale (EUR)		4.13			04/25/2017		10,735,000		16,584,998
Canada (CAD)		2.50			09/01/2013		47,000,000		50,370,449
Canada (NZD)		6.25			06/16/2015		18,150,000		15,413,029
Canada Series 23 (CAD)††		4.10			12/15/2018		29,700,000		33,054,375
Czech Republic (CZK)		5.00			04/11/2019		756,600,000		49,998,792
France (EUR)		3.50			04/25/2020		19,000,000		28,178,437
France Obligations Assimilables du Tresor (EUR)		3.75			04/25/2017		10,400,000		15,961,585
French Treasury Note (EUR)		2.00			07/12/2015		10,400,000		14,967,259


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage International Bond Fund			11


Security Name	Interest Rate			Maturity Date		Principal		Value


Foreign Government Bonds and Notes@ (continued)
Germany (EUR)		1.75	%		10/09/2015		8,250,000	$	11,853,515
Germany (EUR)		2.25			04/11/2014		27,800,000		41,425,500
Germany (EUR)		4.25			07/04/2017		13,280,000		21,231,446
Hungary (HUF)		5.50			02/12/2016		7,257,000,000		38,628,656
Hungary (HUF)		6.75			02/24/2017		2,652,500,000		14,798,520
Indonesia (IDR)		10.00			07/15/2017		13,050,000,000		1,737,259
Korea (KRW)		5.25			09/10/2015		11,400,000,000		11,156,660
Korea (KRW)		5.25			03/10/2027		33,590,000,000		33,530,289
Malaysia (MYR)		3.50			05/31/2027		4,350,000		1,318,317
Mexico (MXN)		8.50			11/18/2038		530,400,000		47,935,089
Mexico (MXN)		10.00			12/05/2024		27,720,000		2,917,033
Morocco (EUR)		5.38			06/27/2017		245,000		360,378
New Zealand (NZD)		6.00			12/15/2017		46,290,000		39,408,864
Norway (NOK)		3.75			05/25/2021		180,000,000		34,464,648
Norway (NOK)		4.25			05/19/2017		100,790,000		20,155,118
Norway (NOK)		5.00			05/15/2015		104,100,000		21,335,599
Philippines (EUR)		6.25			03/15/2016		750,000		1,195,621
Poland (PLN)		5.50			04/25/2015		123,195,000		46,182,881
Portuguese OTs (EUR)		6.40			02/15/2016		14,450,000		17,469,332
Republic of Peru (PEN)		8.20			08/12/2026		1,600,000		600,432
Slovenia (EUR)		4.38			02/06/2019		12,575,000		18,621,365
South Africa (ZAR)		6.75			03/31/2021		222,905,000		30,136,654
Spain (EUR)		4.85			10/31/2020		44,950,000		64,340,688
Sweden (SEK)		4.50			08/12/2015		466,600,000		82,038,882
Turkey (EUR)		5.50			02/16/2017		620,000		952,750
United Kingdom (GBP)		4.75			03/07/2020		4,500,000		8,293,788

Total Foreign Government Bonds and Notes (Cost $893,429,089)									984,620,814


Yankee Corporate Bonds and Notes: 5.21%

Bermuda: 0.29%
Qtel International Finance Limited (Telecommunication Services, Diversified Telecommunication Services)		4.75			02/16/2021	$	5,550,000		5,251,688


Brazil: 0.24%
Banco Votorantim (Financials, Commercial Banks)††		5.25			02/11/2016		4,070,000		4,110,700
BM&F Bovespa SA (Financials, Diversified Financial Services)		5.50			07/16/2020		200,000		206,290

									4,316,990


Cayman Islands: 0.92%
International Petroleum Investment Company (Energy, Oil, Gas & Consumable Fuels)††		5.00			11/15/2020		5,700,000		5,678,625
Petroplus Finance Limited (Financials, Consumer Finance)		5.75			01/20/2020		10,185,000		10,581,920

									16,260,545


Ireland: 0.19%
VimpelCom Limited (Telecommunication Services, Diversified Telecommunication Services)††		7.75			02/02/2021		3,000,000		3,165,000
VimpelCom Limited (Telecommunication Services, Diversified Telecommunication Services)		9.13			04/30/2018		120,000		137,550

									3,302,550


12		Wells Fargo Advantage International Bond Fund		Portfolio of Investments—April 30, 2011 (Unaudited)


Security Name	Interest Rate			Maturity Date		Principal		Value


Kazakhstan: 0.03%
Eurasian Development Bank (Financials, Commercial Banks)††(i)		7.38	%		09/29/2014	$	300,000	$	330,000
Kazatomprom (Materials, Metals & Mining)††		6.25			05/20/2015		200,000		212,500

									542,500


Netherlands: 0.79%
Deutsche Telekom (Telecommunication Services, Diversified Telecommunication Services)		4.88			07/08/2014		10,000,000		10,895,170
Mubadala Development Company-Global Medium Term Note (Energy, Oil, Gas & Consumable Fuels)††		5.50			04/20/2021		3,200,000		3,227,510

									14,122,680


Panama: 0.60%
Banco De Credito Del Peru (Financials, Commercial Banks)††		4.75			03/16/2016		10,940,000		10,611,800


South Africa: 0.32%
Eskom Holdings Limited (Utilities, Electric Utilities)††		5.75			01/26/2021		225,000		229,500
Sable International Finance Limited (Telecommunication Services, Diversified Telecommunication Services)		7.75			02/15/2017		2,795,000		2,920,775
Transnet Limited (Industrials, Transportation Infrastructure)††		4.50			02/10/2016		2,500,000		2,559,620

									5,709,895


United Kingdom: 1.83%
BP Capital Markets plc (Financials, Capital Markets)		5.25			11/07/2013		7,500,000		8,130,818
Lloyds TSB Bank plc (Financials, Commercial Banks)		6.38			01/21/2021		7,700,000		8,250,712
Marks & Spencer Group plc (Consumer Discretionary, Multiline Retail)		6.25			12/01/2017		2,500,000		2,687,693
Royal Bank of Scotland plc (Financials, Commercial Banks)		6.13			01/11/2021		7,700,000		8,153,584
Tesco plc (Consumer Staples, Food & Staples Retailing)		5.50			11/15/2017		3,250,000		3,669,851
Virgin Media Finance plc (Financials, Consumer Finance)		9.13			08/15/2016		1,591,000		1,688,449

									32,581,107


Total Yankee Corporate Bonds and Notes (Cost $88,827,436)									92,699,755


Yankee Government Bonds: 0.47%
Bahamas††		6.95			11/20/2029		400,000		417,895
Brazil		7.13			01/20/2037		1,850,000		2,220,000
Colombia		7.38			03/18/2019		850,000		1,032,750
Colombia		8.13			05/21/2024		775,000		998,975
Croatia††		6.63			07/14/2020		500,000		524,750
Dominican Republic		7.50			05/06/2021		250,000		261,750
Indonesia		7.75			01/17/2038		250,000		305,000
Peru		8.38			05/03/2016		196,000		235,102
Republic of Panama		5.20			01/30/2020		600,000		639,000
Republic of Peru		7.13			03/30/2019		165,000		191,400
Republic of Philippines		5.50			03/30/2026		625,000		622,656
Russia, Step Bond		7.50			03/31/2030		346,000		403,308
Sri Lanka††		7.40			01/22/2015		215,000		234,887
Vietnam††(i)		6.75			01/29/2020		300,000		313,500

Total Yankee Government Bonds (Cost $7,675,828)									8,400,973


Portfolio of Investments—April 30, 2011 (Unaudited)		Wells Fargo Advantage International Bond Fund			13


Security Name	Yield			Shares		Value


Short-Term Investments: 3.86%

Investment Companies: 3.86%
Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)(o)		0.09	%		68,737,877	$	68,737,877

Total Short-Term Investments (Cost $68,737,877)							68,737,877


Total Investments in Securities
(Cost $1,650,628,533)*	101.60	%		1,809,101,149
Other Assets and Liabilities, Net	(1.60	)		(28,509,797	)

Total Net Assets	100.00	%	$	1,780,591,352

††	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.

@	Foreign bond principal is denominated in local currency.

(i)	Illiquid security

(l)	Investment in an affiliate.

%%	Securities issued on a when-issued (TBA) and/or delayed delivery basis.

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

(o)	All or a portion of this security has been segregated for when-issued and/or delayed delivery securities.

*	Cost for federal income tax purposes is $1,650,840,841 and net unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	162,099,573
Gross unrealized depreciation		(3,839,265	)

Net unrealized appreciation	$	158,260,308

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


14		Wells Fargo Advantage International Bond Fund		Statement of Assets and Liabilities—April 30, 2011 (Unaudited)




Assets
Investments
In unaffiliated securities, at value	$	1,740,363,272
In affiliated securities, at value		68,737,877

Total investments, at value (see cost below)		1,809,101,149
Foreign currency, at value (see cost below)		10,168,008
Receivable for investments sold		1,143,726
Receivable for Fund shares sold		8,465,624
Receivable for interest		29,884,962
Unrealized gains on forward foreign currency contracts		12,941,492
Prepaid expenses and other assets		188,038

Total assets		1,871,892,999


Liabilities
Payable for investments purchased		49,350,426
Payable for Fund shares redeemed		2,307,300
Unrealized losses on forward foreign currency contracts		38,192,099
Advisory fee payable		777,176
Distribution fees payable		21,806
Due to other related parties		215,509
Accrued expenses and other liabilities		437,331

Total liabilities		91,301,647

Total net assets	$	1,780,591,352


NET ASSETS CONSIST OF
Paid-in capital	$	1,656,426,512
Undistributed net investment income		5,743,997
Accumulated net realized losses on investments		(16,517,355	)
Net unrealized gains on investments		134,938,198

Total net assets	$	1,780,591,352


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE¹
Net assets – Class A	$	275,627,042
Shares outstanding – Class A		22,872,039
Net asset value per share – Class A	$	12.05
Maximum offering price per share – Class A²	$	12.62
Net assets – Class B	$	8,762,938
Shares outstanding – Class B		725,983
Net asset value per share – Class B	$	12.07
Net assets – Class C	$	24,917,168
Shares outstanding – Class C		2,073,159
Net asset value per share – Class C	$	12.02
Net assets – Administrator Class	$	27,526,873
Shares outstanding – Administrator Class		2,286,249
Net asset value per share – Administrator Class	$	12.04
Net assets – Institutional Class	$	1,443,757,331
Shares outstanding – Institutional Class		119,881,969
Net asset value per share – Institutional Class	$	12.04


Total investments, at cost	$	1,650,628,533

Foreign currency, at cost	$	9,786,746

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

^2.	Maximum offering price is computed as 100/95.50 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—Six Months Ended April 30, 2011 (Unaudited)		Wells Fargo Advantage International Bond Fund			15




Investment income
Interest*	$	35,972,107
Income from affiliated securities		32,149

Total investment income		36,004,256


Expenses
Advisory fee		4,190,929
Administration fees
Fund level		400,394
Class A		197,110
Class B		7,154
Class C		21,328
Administrator Class		8,781
Institutional Class		520,811
Shareholder servicing fees
Class A		306,278
Class B		11,179
Class C		33,326
Administrator Class		19,868
Distribution fees
Class B		33,536
Class C		99,977
Custody and accounting fees		190,931
Professional fees		22,837
Registration fees		52,966
Shareholder report expenses		65,371
Trustees’ fees and expenses		5,984
Other fees and expenses		1,198

Total expenses		6,189,958
Less: Fee waivers and/or expense reimbursements		(12,062	)

Net expenses		6,177,896

Net investment income		29,826,360


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains (losses) on:
Unaffiliated securities		(24,210,819	)
Forward foreign currency contract transactions		9,091,696

Net realized losses on investments		(15,119,123	)


Net change in unrealized gains (losses) on:
Unaffiliated securities		49,638,252
Forward foreign currency contract transactions		(27,216,458	)

Net change in unrealized gains (losses) on investments		22,421,794

Net realized and unrealized gains (losses) on investments		7,302,671

Net increase in net assets resulting from operations	$	37,129,031


* Net of foreign withholding taxes of		$325

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


16		Wells Fargo Advantage International Bond Fund		Statements of Changes in Net Assets


	Six Months Ended April 30, 2011 (Unaudited)						Year Ended October 31, 2010¹

Operations
Net investment income				$	29,826,360					$	50,118,820
Net realized gains (losses) on investments					(15,119,123	)					33,374,365
Net change in unrealized gains (losses) on investments					22,421,794						45,467,242

Net increase in net assets resulting from operations					37,129,031						128,960,427


Distributions to shareholders from
Net investment income
Class A					(6,192,594	)					(10,297,645	)
Class B					(192,566	)					(225,571	)
Class C					(574,938	)					(769,834	)
Administrator Class					(486,444	)					(27,636	)²
Institutional Class					(35,012,642	)					(39,498,213	)³
Class IS					NA						(120,983	)⁴
Net realized gains
Class A					(1,598,161	)					0
Class B					(60,416	)					0
Class C					(191,188	)					0
Administrator Class					(105,788	)					0	²
Institutional Class					(8,219,774	)					0	³

Total distributions to shareholders					(52,634,511	)					(50,939,882	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		6,530,881			75,663,877			21,018,393			239,477,394
Class B		23,328			271,371			97,238			1,112,583
Class C		103,866			1,199,593			750,802			8,632,783
Administrator Class		2,184,902			25,370,418			403,036	²		4,724,608	²
Institutional Class		25,700,156			297,469,992			44,463,194	³		514,090,908	³
Class IS		NA			NA			3,748	⁴		42,407	⁴

					399,975,251						768,080,683

Reinvestment of distributions
Class A		611,732			6,951,471			786,024			8,838,701
Class B		16,103			183,619			14,397			162,008
Class C		41,391			469,806			40,113			451,225
Administrator Class		21,638			246,657			55	²		656	²
Institutional Class		1,846,555			20,968,154			1,813,472	³		20,557,478	³
Class IS		NA			NA			6,808	⁴		76,222	⁴

					28,819,707						30,086,290

Payment for shares redeemed
Class A		(5,126,265	)		(59,027,318	)		(22,240,525	)		(254,648,040	)
Class B		(134,441	)		(1,558,719	)		(297,508	)		(3,385,236	)
Class C		(610,673	)		(7,015,923	)		(1,147,740	)		(12,953,242	)
Administrator Class		(318,068	)		(3,647,084	)		(5,314	)²		(63,377	)²
Institutional Class		(12,010,704	)		(138,666,173	)		(27,964,429	)³		(316,984,637	)³
Class IS		NA			NA			(437,013	)⁴		(4,854,537	)⁴

					(209,915,217	)					(592,889,069	)

Net increase in net assets resulting from capital share transactions					218,879,741						205,277,904

Total increase in net assets					203,374,261						283,298,449

Please see footnotes on page 17

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


Statements of Changes in Net Assets		Wells Fargo Advantage International Bond Fund			17

Six Months Ended
April 30, 2011
(Unaudited)

Year Ended
October 31, 2010¹

Net assets

Beginning of period

1,577,217,091

1,293,918,642

End of period

1,780,591,352

1,577,217,091

Undistributed net investment income

5,743,997

18,376,821

1.	After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen International Bond Fund, which became the accounting and performance survivor in the transaction. The information for the period prior to July 12, 2010 is that of Evergreen International Bond Fund.

2.	Class commenced operations on July 30, 2010.

3.	Class I shares of the predecessor fund became Institutional Class shares on July 12, 2010.

4.	Class IS shares of the predecessor fund became Class A shares on July 12, 2010.

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


18		Wells Fargo Advantage International Bond Fund¹		Financial Highlights


	Beginning Net Asset Value Per Share		Net Investment Income			Net Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains
Class A
November 1, 2010 to April 30, 2011 (Unaudited)	$	12.23		0.20	³		(0.01	)		(0.29	)		(0.08	)
November 1, 2009 to October 31, 2010	$	11.59		0.40			0.65			(0.41	)		0.00
November 1, 2008 to October 31, 2009	$	10.36		0.39	³		2.20			(1.36	)		0.00
November 1, 2007 to October 31, 2008	$	11.57		0.47	³		(0.92	)		(0.76	)		0.00
November 1, 2006 to October 31, 2007	$	10.54		0.43	³		0.71			(0.11	)		0.00
November 1, 2005 to October 31, 2006	$	10.74		0.39			(0.17	)		0.00			(0.02	)
Class B
November 1, 2010 to April 30, 2011 (Unaudited)	$	12.25		0.16			(0.01	)		(0.25	)		(0.08	)
November 1, 2009 to October 31, 2010	$	11.54		0.29			0.67			(0.25	)		0.00
November 1, 2008 to October 31, 2009	$	10.37		0.30	³		2.21			(1.34	)		0.00
November 1, 2007 to October 31, 2008	$	11.58		0.38	³		(0.91	)		(0.68	)		0.00
November 1, 2006 to October 31, 2007	$	10.56		0.35	³		0.70			(0.03	)		0.00
November 1, 2005 to October 31, 2006	$	10.75		0.31	³		(0.16	)		0.00			(0.02	)
Class C
November 1, 2010 to April 30, 2011 (Unaudited)	$	12.20		0.16	³		(0.01	)		(0.25	)		(0.08	)
November 1, 2009 to October 31, 2010	$	11.51		0.33			0.64			(0.28	)		0.00
November 1, 2008 to October 31, 2009	$	10.35		0.30	³		2.20			(1.34	)		0.00
November 1, 2007 to October 31, 2008	$	11.56		0.38	³		(0.91	)		(0.68	)		0.00
November 1, 2006 to October 31, 2007	$	10.53		0.35	³		0.71			(0.03	)		0.00
November 1, 2005 to October 31, 2006	$	10.73		0.31	³		(0.17	)		0.00			(0.02	)
Administrator Class
November 1, 2010 to April 30, 2011 (Unaudited)	$	12.23		0.21	³		(0.01	)		(0.31	)		(0.08	)
July 30, 2010⁴ to October 31, 2010	$	11.39		0.11			0.82			(0.09	)		0.00
Institutional Class⁵
November 1, 2010 to April 30, 2011 (Unaudited)	$	12.23		0.21			(0.01	)		(0.31	)		(0.08	)
November 1, 2009 to October 31, 2010	$	11.59		0.44			0.65			(0.45	)		0.00
November 1, 2008 to October 31, 2009	$	10.35		0.43			2.18			(1.37	)		0.00
November 1, 2007 to October 31, 2008	$	11.56		0.50			(0.92	)		(0.79	)		0.00
November 1, 2006 to October 31, 2007	$	10.54		0.47			0.69			(0.14	)		0.00
November 1, 2005 to October 31, 2006	$	10.73		0.42	³		(0.16	)		0.00			(0.02	)

1.	After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen International Bond Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 12, 2010 are those of Evergreen International Bond Fund.

2.	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

3.	Calculated based upon average shares outstanding.

4.	Class commenced operations on July 30, 2010.

5.	Class I shares of the predecessor fund became Institutional Class shares on July 12, 2010.

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


Financial Highlights		Wells Fargo Advantage International Bond Fund¹			19


Distributions from Tax Basis Return of Capital			Ending Net Asset Value Per Share		Ratio to Average Net Assets (Annualized)												Portfolio Turnover Rate			Net Assets at End of Period (000’s omitted)
Distributions from Tax Basis Return of Capital			Ending Net Asset Value Per Share		Net Investment Income			Gross Expenses			Net Expenses			Total Return²			Portfolio Turnover Rate			Net Assets at End of Period (000’s omitted)

	0.00		$	12.05		3.47	%		1.02	%		1.02	%		1.76	%		43	%	$	275,627
	0.00		$	12.23		3.53	%		1.10	%		1.08	%		9.35	%		89	%	$	255,134
	0.00		$	11.59		3.65	%		1.05	%		1.05	%		26.34	%		118	%	$	246,719
	0.00		$	10.36		4.05	%		1.01	%		0.99	%		(4.07	)%		87	%	$	66,649
	0.00		$	11.57		4.01	%		1.05	%		1.00	%		10.90	%		106	%	$	49,993
	(0.40	)	$	10.54		3.70	%		1.11	%		1.09	%		2.06	%		196	%	$	90,166

	0.00		$	12.07		2.71	%		1.78	%		1.77	%		1.36	%		43	%	$	8,763
	0.00		$	12.25		2.77	%		1.85	%		1.82	%		8.55	%		89	%	$	10,060
	0.00		$	11.54		2.86	%		1.79	%		1.79	%		25.44	%		118	%	$	11,615
	0.00		$	10.37		3.30	%		1.74	%		1.74	%		(4.74	)%		87	%	$	10,345
	0.00		$	11.58		3.28	%		1.74	%		1.74	%		10.08	%		106	%	$	7,747
	(0.32	)	$	10.56		2.96	%		1.81	%		1.81	%		1.32	%		196	%	$	9,157

	0.00		$	12.02		2.69	%		1.78	%		1.77	%		1.36	%		43	%	$	24,917
	0.00		$	12.20		2.77	%		1.85	%		1.82	%		8.61	%		89	%	$	30,974
	0.00		$	11.51		2.87	%		1.79	%		1.79	%		25.47	%		118	%	$	33,330
	0.00		$	10.35		3.31	%		1.74	%		1.74	%		(4.85	)%		87	%	$	18,044
	0.00		$	11.56		3.27	%		1.74	%		1.74	%		10.09	%		106	%	$	19,983
	(0.32	)	$	10.53		2.96	%		1.81	%		1.81	%		1.31	%		196	%	$	26,057

	0.00		$	12.04		3.70	%		0.94	%		0.85	%		1.83	%		43	%	$	27,527
	0.00		$	12.23		3.63	%		1.05	%		0.85	%		8.21	%		89	%	$	4,866

	0.00		$	12.04		3.80	%		0.70	%		0.70	%		1.86	%		43	%	$	1,443,757
	0.00		$	12.23		3.79	%		0.82	%		0.80	%		9.73	%		89	%	$	1,276,184
	0.00		$	11.59		3.86	%		0.79	%		0.79	%		26.71	%		118	%	$	997,308
	0.00		$	10.35		4.31	%		0.73	%		0.73	%		(3.88	)%		87	%	$	902,304
	0.00		$	11.56		4.31	%		0.74	%		0.74	%		11.14	%		106	%	$	1,032,304
	(0.43	)	$	10.54		3.98	%		0.81	%		0.81	%		2.45	%		196	%	$	943,309


20		Wells Fargo Advantage International Bond Fund		Notes to Financial Statements (Unaudited)

1. ORGANIZATION

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.

Securities valuation

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 Fund’s Fair Value Procedures.

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.

Forward foreign currency contracts

The Fund may be subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are


Notes to Financial Statements (Unaudited)		Wells Fargo Advantage International Bond Fund			21

recorded as realized gains or losses on foreign currency related transactions. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains or losses on the contracts. This risk is mitigated by having a master netting arrangement between the Fund and the counterparty.

When-issued transactions

The Fund may purchase securities on a forward commitment or ‘when-issued’ basis. The Fund records a when-issued transaction on the trade date and will segregate assets to cover its obligation by confirming the availability of qualifying assets having a value sufficient to make payment for the securities purchased. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

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

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.

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.


22		Wells Fargo Advantage International Bond Fund		Notes to Financial Statements (Unaudited)

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.

As of April 30, 2011, the inputs used in valuing the Fund’s assets, which are carried at fair value, were as follows:


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

Corporate bonds and notes	$	0	$	13,625,767	$	0	$	13,625,767

Foreign corporate bonds		0		641,015,963		0		641,015,963

Foreign government bonds and notes		0		984,620,814		0		984,620,814

Yankee corporate bonds and notes		0		92,699,755		0		92,699,755

Yankee government bonds		0		8,400,973		0		8,400,973

Short-term investments
Investment companies		68,737,877		0		0		68,737,877
	$	68,737,877	$	1,740,363,272	$	0	$	1,809,101,149

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

As of April 30, 2011, the inputs used in valuing the Fund’s other financial instruments, which are carried at fair value, were as follows:

Other financial instruments

Quoted Prices

(Level 1)

Significant Other
Observable Inputs

(Level 2)

Significant

Unobservable Inputs

(Level 3)

Total

Forward foreign currency contracts

(25,250,607

)

(25,250,607

)

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended April 30, 2011, the Fund did not have any significant transfers into/out of Level 1 and Level 2.

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 October 31, 2010	$	3,044,467
Accrued discounts (premiums)		0
Realized gains (losses)		0
Change in unrealized gains (losses)		284,022
Purchases		0
Sales		0
Transfers into Level 3		0
Transfers out of Level 3		(3,328,489	)
Balance as of April 30, 2011	$	0
Change in unrealized gains (losses) relating to securities still held at April 30, 2011	$	0


Notes to Financial Statements (Unaudited)		Wells Fargo Advantage International Bond Fund			23

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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

Pursuant to the contract, Funds Management is paid an annual advisory fee starting at 0.55% and declining to 0.45% as the average daily net assets of the Fund increase. For the six months ended April 30, 2011, the advisory fee was equivalent to an annual rate of 0.52% of the Fund’s average daily net assets.

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Fund. The fees related to sub-advisory services are borne directly by the adviser and do not increase the overall fees paid by the Fund to the adviser. First International Advisors, LLC, an affiliate of Funds Management and indirect wholly owned subsidiary of Wells Fargo, is the sub-adviser to the Fund and is paid a fee by the adviser at an annual rate starting at 0.35% and declining to 0.20% as the average daily net assets of the Fund increase.

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 an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of the Fund as follows:


	Class Level Administration Fee
Class A, Class B, Class C		0.16	%
Administrator Class		0.10
Institutional Class		0.08

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 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 shares 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, 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 April 30, 2011, Wells Fargo Funds Distributor, LLC received $9,050 from the sale of Class A shares and $77, $3,657 and $320 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 Administrator Class of the Fund is charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. Government obligations and short-term securities (securities with maturities of one year or less at purchase date), for the six months ended April 30, 2011 were $836,805,820 and $692,444,603, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2011, the Fund entered into forward foreign currency contracts for hedging purposes.


24		Wells Fargo Advantage International Bond Fund		Notes to Financial Statements (Unaudited)

At April 30, 2011, the Fund had forward foreign currency contracts outstanding as follows:

Forward foreign currency contracts to buy:


Exchange Date	Counterparty	Contracts to Receive			U.S. Value at April 30, 2011		In Exchange for U.S. $		Net Unrealized Gains (Losses)
05/09/2011	State Street Bank		7,865,000,000	JPY	$	96,962,331	$	96,384,804	$	577,527
05/09/2011	State Street Bank		1,234,000,000	JPY		15,213,162		14,911,125		302,037
05/09/2011	State Street Bank		1,710,000,000	JPY		21,081,448		20,917,431		164,017
05/09/2011	State Street Bank		1,126,000,000	JPY		13,881,702		13,724,761		156,941
05/18/2011	State Street Bank		260,000,000	HUF		1,455,623		1,412,000		43,623
05/24/2011	State Street Bank		9,121,740,000	HUF		51,028,421		49,497,737		1,530,684
06/01/2011	State Street Bank		70,610,000	EUR		104,500,778		98,183,911		6,316,867


Exchange Date	Counterparty	Contracts to Receive			U.S. Value at April 30, 2011		In Exchange For			U.S. Value at April 30, 2011		Net Unrealized Gains (Losses)
05/02/2011	State Street Bank		12,562,637,200	JPY	$	154,874,403		151,600,000	CAD	$	160,228,294	$	(5,353,891	)
05/02/2011	State Street Bank		709,553,385	JPY		8,747,499		8,550,000	CAD		9,036,622		(289,123	)
05/02/2011	State Street Bank		63,800,000	CAD		67,431,168		5,387,016,800	JPY		66,412,091		1,019,077
05/02/2011	State Street Bank		16,800,000	CAD		17,756,170		1,429,092,000	JPY		17,618,098		138,072
05/18/2011	State Street Bank		3,564,053,900	JPY		43,940,507		124,300,000	PLN		46,761,488		(2,820,981	)
05/25/2011	State Street Bank		5,841,252,500	JPY		72,017,757		71,300,000	AUD		77,935,582		(5,917,825	)
05/25/2011	State Street Bank		6,902,000,000	JPY		85,095,887		85,000,000	AUD		92,910,582		(7,814,695	)
05/25/2011	State Street Bank		31,400,000	AUD		34,322,262		2,759,416,300	JPY		34,021,295		300,967
06/01/2011	State Street Bank		4,525,000,000	JPY		55,791,111		34,438,145	GBP		57,503,584		(1,712,473	)
06/01/2011	State Street Bank		2,764,469,400	JPY		34,084,601		23,100,000	EUR		34,187,339		(102,738	)
06/01/2011	State Street Bank		8,441,096	GBP		14,094,641		1,126,000,000	JPY		13,883,048		211,593
06/01/2011	State Street Bank		5,625,000	GBP		9,392,424		6,426,074	EUR		9,510,406		(117,982	)
06/01/2011	State Street Bank		5,415,243	EUR		8,014,404		610,000,000	JPY		7,521,012		493,392
06/21/2011	State Street Bank		41,250,000	GBP		68,859,595		5,526,386,250	JPY		68,144,628		714,967
07/13/2011	State Street Bank		6,371,761,500	JPY		78,578,532		96,850,000	NZD		78,002,099		576,433
07/13/2011	State Street Bank		415,615,208	JPY		5,125,495		6,320,000	NZD		5,090,070		35,425
08/02/2011	State Street Bank		6,830,958,500	JPY		84,252,134		79,550,000	CAD		83,892,264		359,870

Forward foreign currency contracts to sell:


Exchange Date	Counterparty	Contracts to Deliver			U.S. Value at April 30, 2011		In Exchange for U.S. $		Net Unrealized Gains (Losses)
05/18/2011	State Street Bank		260,000,000	HUF	$	1,455,623	$	1,283,951	$	(171,672	)
05/18/2011	State Street Bank		3,800,000	PLN		1,429,555		1,304,117		(125,438	)
05/18/2011	State Street Bank		418,500,000	DKK		83,092,059		78,084,185		(5,007,874	)
05/24/2011	State Street Bank		2,103,440,000	HUF		11,766,968		10,474,256		(1,292,712	)
05/24/2011	State Street Bank		4,669,400,000	HUF		26,121,344		23,198,529		(2,922,815	)
05/24/2011	State Street Bank		2,348,900,000	HUF		13,140,109		11,888,349		(1,251,760	)
05/24/2011	State Street Bank		14,890,000	ZAR		2,261,824		2,036,796		(225,028	)
05/24/2011	State Street Bank		123,385,000	ZAR		18,742,457		17,066,879		(1,675,578	)
05/24/2011	State Street Bank		78,070,000	ZAR		11,859,007		11,108,740		(750,267	)
05/24/2011	State Street Bank		1,155,000	EUR		1,709,742		1,641,844		(67,898	)
06/01/2011	State Street Bank		30,116,359	EUR		44,571,349		44,000,000		(571,349	)

The Fund had average market values of $695,044,880 and $131,968,515 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended April 30, 2011.


Notes to Financial Statements (Unaudited)		Wells Fargo Advantage International Bond Fund			25

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

7. 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.

For the six months ended April 30, 2011, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION


26		Wells Fargo Advantage International Bond 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.

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 www.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 www.wellsfargo.com/advantagefunds or by visiting the SEC Web site at www.sec.gov.


Other Information (Unaudited)		Wells Fargo Advantage International Bond Fund			27

BOARD OF TRUSTEES

Independent Trustees


Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	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 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of Corporate Governance Research Program and 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


28		Wells Fargo Advantage International Bond Fund		Other Information (Unaudited)


Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships
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 In dependent 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 Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing 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.
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 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.


Other Information (Unaudited)		Wells Fargo Advantage International Bond Fund			29

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and FIA and continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board also met throughout the year and received information that was useful to them in considering the continuation of the Advisory Agreements. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Funds Management.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and FIA under the Advisory Agreements. The Board also received and considered information provided in response to a detailed set of requests submitted by the Independent Trustees’ independent legal counsel on their behalf. The Board received and considered, among other things, information about the background and experience of senior management of Funds Management, and the qualifications, backgrounds, tenures and responsibilities of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and FIA, based on their respective financial condition, resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and FIA. In addition, the Board took into account the administrative services provided to the Fund by Funds Management and its affiliates.

The Board’s decision to approve the continuation of the Advisory Agreements was based on a comprehensive evaluation of all of the information provided to it. In approving the continuation of the Advisory Agreements, the Board did not identify any particular information or consideration that was all-important or controlling, and each Trustee attributed different weights to various factors. The Board evaluated information provided to it both in terms of the funds generally and with respect to the Fund, specifically as it considered appropriate. Although the Board considered the continuation of the Advisory Agreements for the Fund as part of the larger process of considering the continuation of the advisory agreements for all of the funds, its decision to continue the Advisory Agreements for the Fund was ultimately made on a fund-by-fund basis.

In considering these matters, the Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and FIA about various topics, including Funds Management’s oversight of service providers. The above factors, together with those referenced below, are some of the most important, but not necessarily all, factors considered by the Board in concluding that it was satisfied with the nature, extent and quality of the investment advisory services provided to the Fund by Funds Management and FIA.

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2010. The Board also considered these results in comparison to the median performance of a universe of relevant funds (the “Universe”) that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund, and in comparison to the Fund’s


30		Wells Fargo Advantage International Bond Fund		Other Information (Unaudited)

benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the Universe.

The Board noted that the performance of the Fund was higher than the median performance of the Universe for the periods under review.

The Board received and considered information regarding the Fund’s contractual advisory fee and net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any), transfer agent, custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 fees, service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of an expense Universe and a narrower expense group of mutual funds (each, an “Expense Group”) that was determined by Lipper to be similar to the Fund. The Board received a description of the methodology used by Lipper to select the mutual funds in the Fund’s Expense Group. The Board noted that the net operating expense ratio of the Fund was in range of or lower than the Fund’s Expense Group’s median net operating expense ratio.

Based on the above-referenced considerations and other factors, the Board concluded that the overall performance and expense structure of the Fund supported the re-approval of the Advisory Agreements for the Fund.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rate that is payable by the Fund to Funds Management for investment advisory services (the “Advisory Agreement Rate”), both on a stand-alone basis and on a combined basis with the Fund’s administration fee rate. The Board took into account the separate administrative and other services covered by the administration fee rate. The Board also reviewed and considered the contractual investment sub-advisory fee rate that is payable by Funds Management to FIA for investment sub-advisory services (the “Sub-Advisory Agreement Rate”). In addition, the Board reviewed and considered the existing fee waiver/cap arrangements applicable to the Advisory Agreement Rate and considered the Advisory Agreement Rate after taking the waivers/caps into account (the “Net Advisory Rate”).

The Board received and considered information comparing the Advisory Agreement Rate and Net Advisory Rate with those of other funds in the Fund’s Expense Group median. The Board noted that the Advisory Agreement Rate and Net Advisory Rate for the Fund were in range of the median rates for the Fund’s Expense Group. The Board further noted that Funds Management had agreed to continue contractual fee cap arrangements for the Fund designed to lower the Fund’s expenses.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and FIA to other types of clients. In this regard, the Board received information about differences between the services, and the compliance, reporting, and other legal burdens and risks of providing investment advice to mutual funds and those associated with providing advice to non-mutual fund clients such as collective funds or institutional separate accounts.

The Board determined that the Advisory Agreement Rate for the Fund, both with and without an administration fee rate and before and after waivers, were acceptable in light of the Fund’s Expense Group information, the net expense ratio commitments, the services covered by the Advisory Agreements and other information provided. The Board also reviewed and considered the Sub-Advisory Agreement Rate and concluded that the Sub-Advisory Agreement Rate was acceptable in light of the services covered by the Sub-Advisory Agreement and other information provided.

Profitability

The Board received and considered a profitability analysis of Funds Management, as well as an analysis of the profitability to the collective Wells Fargo businesses that provide services to the Fund. It considered that the information provided to it was necessarily estimated, and that the profitability information provided to it, especially on a fund-by-fund basis, did not necessarily provide a precise tool for evaluating the appropriateness of the Fund’s Advisory Agreement Rates in isolation. It noted that the levels of profitability of the Fund to Funds Management varied widely, depending on, among other things, the size and type of fund. The Board concluded that the profitability to Funds Management of the services provided to the Fund, individually or in the aggregate, was not unreasonable.


Other Information (Unaudited)		Wells Fargo Advantage International Bond Fund			31

The Board did not consider separate profitability information with respect to FIA, because, as an affiliate of Funds Management, its profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management.

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in the Fund’s advisory fee structure, which operate generally to reduce the effective Advisory Agreement Rate of the Fund (as a percentage of Fund assets) as the Fund grows in size. It considered that, as a fund shrinks in size, breakpoints conversely result in increasing fee levels. The Board noted that it would continue to review the appropriate levels of breakpoints in the future, and concluded that the breakpoints as implemented appeared to be a reasonable step toward sharing economies of scale with the Fund. However, the Board acknowledged the inherent limitations of any analysis of an investment adviser’s economies of scale and of any attempt to correlate breakpoints with such economies, stemming largely from the Board’s understanding that economies of scale are realized, if at all, by an investment adviser across a variety of products and services, not just with respect to a single fund.

Other benefits to Funds Management and FIA

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including FIA, as a result of their relationship with the Fund. Ancillary benefits could include, among others, benefits directly attributable to the relationship of Funds Management and FIA with the Fund and benefits potentially derived from an increase in Funds Management’s and FIA’s business as a result of their relationship with the Fund (such as the ability to market to shareholders other financial products offered by Funds Management and its affiliates, including FIA).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Fund and receives certain compensation for those services. The Board noted that the Fund pays sub-transfer agency fees to various financial institutions, including affiliates of Funds Management that hold fund shares in omnibus accounts. It also considered that these entities may receive distribution-related fees and shareholder servicing payments (including amounts derived from payments under the funds’ Rule 12b-1 plans) in respect of shares sold or held through them.

Other factors and broader review

The Board also considered the markets for distribution of the Fund’s shares, including the multiple channels through which the Fund’s shares are offered and sold. The Board noted that the Fund is part of one of the few fund families that have both direct-to-fund and intermediary distribution channels. As discussed above, the Board reviews detailed materials received from Funds Management and FIA annually as part of the re-approval process under Section 15 of the 1940 Act and also reviews and assesses information about the quality of the services that the Fund receives throughout the year. In this regard, the Board has reviewed reports of Funds Management at each of its quarterly meetings, which include, among other things, portfolio reviews and performance reports. In addition, the Board confers with portfolio managers at various times throughout the year.

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board concluded that approval of the continuation of the Advisory Agreements for the Fund was in the best interest of the Fund and its shareholders. Accordingly, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.


32		Wells Fargo Advantage International Bond Fund		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) IX IS 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

REIT	— Real Estate Investment Trust

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

TCR	— Transferable Custody Receipts

TRY	— Turkish Lira

TTFA	— Transportation Trust Fund Authority

USD	— Unified School District

XLCA	— XL Capital Assurance

ZAR	— South African Rand

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LOGO

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

www.wellsfargo.com/advantagefunds

202913 06-11

SIF2/SAR157 04-11

ITEM 2. CODE OF ETHICS

Not required in this filing

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not required in this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not required in this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not required in this filing.

ITEM 6. SCHEDULE OF INVESTMENTS

The Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASES

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The Governance Committee (the “Committee”) of the Board of Trustees of the registrant (the “Trust”) has adopted procedures by which a shareholder of any series of the Trust may submit properly a nominee recommendation for the Committee’s consideration.

The shareholder must submit any such recommendation (a “Shareholder Recommendation”) in writing to the Trust, to the attention of the Trust’s Secretary, at the address of the principal executive offices of the Trust.

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: June 28, 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: June 28, 2011

By:		/s/ KASEY L. PHILLIPS
		Kasey L. Phillips
		Treasurer

Date: June 28, 2011

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