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

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09689

Wells Fargo Master Trust

(Exact name of registrant as specified in charter)

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

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

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

Date of fiscal year end:	May 31, 2010
Date of reporting period:	November 30, 2010

TABLE OF CONTENTS

	ITEM 1. REPORT TO SHAREHOLDERS
	ITEM 2. CODE OF ETHICS
	ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
	ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
	ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
	ITEM 6. SCHEDULE OF INVESTMENTS
	ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
	ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
	ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASES
	ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
	ITEM 11. CONTROLS AND PROCEDURES
	ITEM 12. EXHIBITS
SIGNATURES
CERTIFICATIONS
SECTION 906 CERTIFICATIONS

ITEM 1. REPORT TO SHAREHOLDERS

Portfolio of Investments—November 30, 2010 (Unaudited) Wells Fargo Advantage Master Portfolios   29

INFLATION-PROTECTED BOND PORTFOLIO

Principal		Security Name	Interest Rate		Maturity Date		Value
US Treasury Securities: 98.65%
US Treasury Bonds: 67.02%
$	3,256,402	US Treasury Bond — Inflation Protected		1.25%		04/15/2014	$	3,429,652
	3,430,137	US Treasury Bond — Inflation Protected		2.00		07/15/2014		3,718,213
	1,511,925	US Treasury Bond — Inflation Protected		0.50		04/15/2015		1,556,574
	3,458,840	US Treasury Bond — Inflation Protected		1.88		07/15/2015		3,779,592
	4,226,112	US Treasury Bond — Inflation Protected		2.00		01/15/2016		4,666,224
	2,577,921	US Treasury Bond — Inflation Protected		2.38		01/15/2017		2,924,731
	1,844,395	US Treasury Bond — Inflation Protected		2.63		07/15/2017		2,140,219
	1,600,498	US Treasury Bond — Inflation Protected		1.63		01/15/2018		1,747,669
	3,474,453	US Treasury Bond — Inflation Protected		1.38		07/15/2018		3,738,838
	3,067,461	US Treasury Bond — Inflation Protected		2.13		01/15/2019		3,468,866
	2,624,072	US Treasury Bond — Inflation Protected		1.88		07/15/2019		2,921,125
	3,705,945	US Treasury Bond — Inflation Protected		1.25		07/15/2020		3,898,191
	4,751,203	US Treasury Bond — Inflation Protected		2.38		01/15/2025		5,466,482
	3,153,076	US Treasury Bond — Inflation Protected		2.00		01/15/2026		3,472,325
	2,832,463	US Treasury Bond — Inflation Protected		2.38		01/15/2027		3,271,495
	2,434,634	US Treasury Bond — Inflation Protected		1.75		01/15/2028		2,584,136
	3,011,682	US Treasury Bond — Inflation Protected		3.63		04/15/2028		4,033,302
	3,846,673	US Treasury Bond — Inflation Protected		3.88		04/15/2029		5,357,093
	1,378,294	US Treasury Bond — Inflation Protected		3.38		04/15/2032		1,859,836
	2,177,886	US Treasury Bond — Inflation Protected		2.13		02/15/2040		2,418,645
								66,453,208
US Treasury Notes: 31.63%
	362,900	US Treasury Note — Inflation Protected		3.38		01/15/2012		378,012
	1,889,170	US Treasury Note — Inflation Protected		2.00		04/15/2012		1,947,468
	5,266,505	US Treasury Note — Inflation Protected		3.00		07/15/2012		5,569,329
	2,010,041	US Treasury Note — Inflation Protected		0.63		04/15/2013		2,064,690
	5,417,307	US Treasury Note — Inflation Protected		1.88		07/15/2013		5,756,311
	3,369,185	US Treasury Note — Inflation Protected		2.00		01/15/2014		3,619,505
	3,203,116	US Treasury Note — Inflation Protected		1.63		01/15/2015		3,439,346
	2,574,256	US Treasury Note — Inflation Protected		2.50		07/15/2016		2,937,267
	2,949,550	US Treasury Note — Inflation Protected«		1.38		01/15/2020		3,145,188
	2,116,192	US Treasury Note — Inflation Protected		2.50		01/15/2029		2,499,253
								31,356,369
Total US Treasury Securities (Cost $90,779,680)								97,809,577
Short-Term Investments: 3.83%
Corporate Bonds & Notes: 1.47%
	681,645	Gryphon Funding Limited(a)(i)(v)		0.00		08/05/2011		284,655
	2,061,904	VFNC Corporation±(a)††(i)(v)		0.25		09/29/2011		1,175,285
								1,459,940

30    Wells Fargo Advantage Master Portfolios Portfolio of Investments—November 30, 2010 (Unaudited)

INFLATION-PROTECTED BOND PORTFOLIO

Shares		Security Name	Yield			Value
Investment Companies: 2.36%
	361,956	Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)		0.14	%	$	361,956
	736,521	Wells Fargo Advantage Government Money Market Fund(l)(u)		0.03			736,521
	1,243,611	Wells Fargo Securities Lending Cash Investments, LLC(l)(u)(v)		0.26			1,243,611
							2,342,088
Total Short-Term Investments (Cost $3,293,477)							3,802,028

Total Investments in Securities (Cost $94,073,157)*	102.48	%		101,611,605
Other Assets and Liabilities, Net	(2.48	)		(2,460,739	)
Total Net Assets	100.00	%	$	99,150,866

«	All or a portion of this security is on loan.
(l)	Investment in an affiliate.
±	Variable rate investments.
(a)	Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.
††	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.
(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 $94,073,157 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	7,566,182
Gross unrealized depreciation		(27,734	)
Net unrealized appreciation	$	7,538,448

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

Portfolio of Investments—November 30, 2010 (Unaudited) Wells Fargo Advantage Master Portfolios    31

MANAGED FIXED INCOME PORTFOLIO

Principal		Security Name	Interest Rate		Maturity Date		Value
Agency Securities: 3.85%
Federal National Mortgage Association: 2.86%
$	4,042,692	FNMA #880156		5.50%		02/01/2036	$	4,312,874
Government National Mortgage Association: 0.99%
	95,510	GNMA #345066		6.50		10/15/2023		108,459
	57,444	GNMA #346960		6.50		12/15/2023		65,232
	55,949	GNMA #354692		6.50		11/15/2023		63,535
	126,182	GNMA #361398		6.50		01/15/2024		144,327
	46,154	GNMA #366641		6.50		11/15/2023		52,411
	34,103	GNMA #473918		7.00		04/15/2028		39,297
	8,624	GNMA #531965		7.72		12/15/2041		9,191
	658,584	GNMA #731550		5.15		07/15/2051		696,797
	269,526	GNMA #780626		7.00		08/15/2027		309,683
								1,488,932
Total Agency Securities (Cost $5,344,328)								5,801,806
Asset Backed Securities: 10.27%
	2,100,000	CIT Equipment Collateral Series 2010-VT1A Class A2††		1.51		05/15/2012		2,105,234
	1,141,836	Countrywide Asset Backed Certificates Series 2007-S2 Class A6		5.78		05/25/2037		658,292
	318,451	GMAC Mortgage Corporation Loan Trust Series 2005-HE1 Class A1VN±		0.47		08/25/2035		137,985
	663,177	Green Tree Financial Corporation Series 1997-7 Class A8		6.86		07/15/2029		696,741
	257,605	GSAMP Trust Series 2005-SEA1 Class A±††(i)		0.59		01/25/2035		248,717
	2,051,143	HFC Home Equity Loan Asset Backed Certificates Series 2005-2 Class A1±		0.52		01/20/2035		1,884,887
	1,800,000	KeyCorp Student Loan Trust Series 1999-B Class CTFS±		1.01		11/25/2036		960,660
	1,976,632	RAAC Series 2007-RP4 Class A±††(i)		0.60		11/25/2046		1,084,857
	99,657	Small Business Administration Participation Certificates Series 2003-P10A Class 1		4.52		02/01/2013		104,305
	1,895,793	Small Business Administration Participation Certificates Series 2006-20B Class 1		5.35		02/01/2026		2,086,871
	949,128	Small Business Administration Participation Certificates Series 2006-20H Class 1		5.70		08/01/2026		1,064,399
	1,740,394	Small Business Administration Participation Certificates Series 2007-20J Class 1		5.57		10/01/2027		1,946,452
	2,828,176	Structured Asset Securities Corporation Series 2007-RM1 Class A1±(a)††(i)		0.53		05/25/2047		1,498,933
	1,653,156	Wachovia Asset Securitization Incorporated Series 2007-HE2A Class A±††(l)		0.38		07/25/2037		995,035
Total Asset Backed Securities (Cost $19,653,999)								15,473,368
Collateralized Mortgage Obligations: 36.25%
	1,322,083	Countrywide Alternative Loan Trust Series 2005-27 Class 3A1±		1.70		08/25/2035		779,737
	2,080,615	Countrywide Home Loans Series 2005-R3 Class AF±††		0.65		09/25/2035		1,775,861
	1,824,004	Countrywide Home Loans Series 2006-OA5 Class 1A1±		0.45		04/25/2046		1,026,800
	1,235,626	Credit Suisse First Boston Mortgage Securities Corporation Series 2004-AR5 Class 10A1		2.70		06/25/2034		1,204,867
	2,000,000	Credit Suisse Mortgage Capital Certification Series 2007-C1 Class AAB		5.34		02/15/2040		2,103,304
	1,330,388	FHLMC Series 2416 Class PE		6.00		10/15/2021		1,385,564
	473,444	FHLMC Structured Pass-Through Securities Series T-20 Class A6		7.89		09/25/2029		512,510
	1,874,684	FHLMC Structured Pass-Through Securities Series T-58 Class 4A		7.50		09/25/2043		2,227,242
	427,619	FNMA Grantor Trust Series 2002-T4 Class A2		7.00		12/25/2041		491,107
	2,000,908	FNMA Grantor Trust Series 2004-T2 Class 1A1		6.00		11/25/2043		2,207,252
	2,640,661	FNMA Grantor Trust Series 2004-T3 Class A1		6.00		02/25/2044		2,912,979
	4,272	FNMA Series 1988-5 Class Z		9.20		03/25/2018		4,464
	805,991	FNMA Series 2002-90 Class A2		6.50		11/25/2042		924,371
	1,515,976	FNMA Series 2003-86 Class PT		4.50		09/25/2018		1,634,916
	2,710,379	FNMA Series 2003-97 Class CA		5.00		10/25/2018		2,924,292
	683,716	FNMA Series 2003-W4 Class 3A		7.00		10/25/2042		800,268
	428,621	FNMA Series 2004-W1 Class 2A2		7.00		12/25/2033		492,257
	3,225,000	FNMA Series 2006-M2 Class A2F		5.26		05/25/2020		3,550,459
	3,915,464	FNMA Whole Loan Series 2002-W4 Class A4		6.25		05/25/2042		4,490,548
	2,423,392	FNMA Whole Loan Series 2004-W11 Class 1A3		7.00		05/25/2044		2,860,738

32    Wells Fargo Advantage Master Portfolios Portfolio of Investments—November 30, 2010 (Unaudited)

MANAGED FIXED INCOME PORTFOLIO

Principal		Security Name	Interest Rate		Maturity Date		Value
Collateralized Mortgage Obligations (continued)
$	1,078,601	FNMA Whole Loan Series 2004-W8 Class 3A		7.50%		06/25/2044	$	1,255,727
	49,605	Harborview Mortgage Loan Trust Series 2004-11 Class 3A2A±		0.59		01/19/2035		33,560
	2,720,000	JPMorgan Chase Commercial Mortgage Securities Corporation Series 2006-LDP7 Class ASB		6.06		04/15/2045		2,932,367
	26,301	LF Rothschild Mortgage Trust Series 2 Class Z		9.95		08/01/2017		29,918
	2,200,000	Merrill Lynch Mortgage Trust Series 2006-C2 Class A2		5.76		08/12/2043		2,344,954
	1,894,781	Nomura Asset Acceptance Corporation Series 2004-R2 Class A1††		6.50		10/25/2034		1,921,858
	791,526	Sequoia Mortgage Trust Series 10 Class 1A		0.65		10/20/2027		753,221
	723,408	Stonebridge Communication		5.15		05/01/2050		784,247
	4,000,000	Wachovia Bank Commercial Mortgage Trust Series 2005-C16 Class A4(l)		4.85		10/15/2041		4,285,167
	2,891,677	Washington Mutual Commercial Mortgage Securities Trust Series 2007-SL3 Class A1††		6.11		03/23/2045		2,896,391
	947,205	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR6 Class 2A1A±		0.48		04/25/2045		777,467
	2,167,355	Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR3 Class A1A±		1.35		02/25/2046		1,624,693
	1,570,308	Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR4 Class DA±		1.32		06/25/2046		675,678
Total Collateralized Mortgage Obligations (Cost $54,626,114)								54,624,784
Corporate Bonds and Notes: 29.68%
Consumer Discretionary: 3.65%
Diversified Consumer Services: 2.91%
	600,000	Dartmouth College		4.75		06/01/2019		662,118
	2,235,000	Massachusetts Institute of Technology		7.25		11/02/2096		2,761,264
	600,000	Pepperdine University		5.45		08/01/2019		669,168
	300,000	Stewart Enterprises Incorporated Class A		6.25		02/15/2013		299,250
								4,391,800
Media: 0.74%
	545,000	Lamar Media Corporation		6.63		08/15/2015		554,538
	500,000	Time Warner Cable Incorporated		6.20		07/01/2013		559,832
								1,114,370
Consumer Staples: 0.58%
Food Products: 0.58%
	750,000	McCormick & Company Incorporated		5.75		12/15/2017		869,072
Energy: 1.68%
Oil, Gas & Consumable Fuels: 1.68%
	500,000	ConocoPhillips		4.60		01/15/2015		556,143
	650,000	EQT Corporation		8.13		06/01/2019		784,432
	750,000	NGPL PipeCo LLC††		6.51		12/15/2012		807,733
	375,000	Quicksilver Resources Incorporated		8.25		08/01/2015		383,438
								2,531,746
Financials: 18.30%
Capital Markets: 0.72%
	500,000	Charles Schwab Corporation		6.38		09/01/2017		580,153
	500,000	Morgan Stanley		4.10		01/26/2015		510,047
								1,090,200
Commercial Banks: 8.88%
	700,000	BAC Capital Trust XIV		5.63		09/29/2049		497,000
	1,839,000	BankAmerica Capital Trust III±		0.86		01/15/2027		1,305,173
	1,000,000	Branch Banking & Trust Capital Trust IV		6.82		06/12/2057		987,500

Portfolio of Investments—November 30, 2010 (Unaudited) Wells Fargo Advantage Master Portfolios    33

MANAGED FIXED INCOME PORTFOLIO

Principal		Security Name	Interest Rate		Maturity Date		Value
Commercial Banks (continued)
$	2,000,000	Chase Capital Trust VI±		0.91%		08/01/2028	$	1,522,320
	1,978,000	Colonial Bank NA Montgomery AL^^		6.38		12/01/2015		2,433
	750,000	CoreStates Capital Trust II††		0.94		01/15/2027		563,180
	600,000	HSBC Capital Funding LP††		4.61		12/31/2049		582,481
	1,000,000	JPMorgan Chase Capital Trust XVIII		6.95		08/17/2036		1,002,981
	1,508,000	Manufacturers & Traders Trust Company		5.59		12/28/2020		1,462,062
	2,900,000	National Capital Commerce Incorporated		1.27		04/01/2027		1,957,236
	500,000	National City Bank		0.66		06/07/2017		449,984
	450,000	NTC Capital Trust Series A±		0.81		01/15/2027		351,603
	760,000	Regions Financial Corporation		5.75		06/15/2015		708,700
	1,375,000	TCF National Bank±		1.92		06/15/2014		1,320,000
	700,000	UBS Preferred Funding Trust V Series 1		6.24		05/29/2049		665,000
								13,377,653
Diversified Financial Services: 4.93%
	1,185,000	Citigroup Incorporated		6.13		11/21/2017		1,293,168
	500,000	Deutsche Bank Capital Funding Trust VII ††		5.63		01/29/2049		445,000
	1,450,000	General Electric Capital Corporation		0.67		05/05/2026		1,174,574
	750,000	Goldman Sachs Capital II		5.79		06/01/2043		633,750
	1,300,000	Housing Urban Development Series 04-A		5.08		08/01/2013		1,446,839
	500,000	Merrill Lynch & Company		6.05		05/16/2016		513,065
	2,500,000	Toll Road Investment Partnership II LP††^		6.41		02/15/2015		1,916,853
								7,423,249
Insurance: 2.14%
	520,000	Aegon NV		4.75		06/01/2013		550,436
	475,000	Metropolitan Life Global Funding I ††		5.13		06/10/2014		526,486
	950,000	Minnesota Life Insurance Company††		8.25		09/15/2025		1,055,892
	500,000	New York Life Global Funding††		5.38		09/15/2013		553,861
	565,000	NLV Financial Corporation††		7.50		08/15/2033		543,867
								3,230,542
Real Estate Investment Trusts: 1.63%
	750,000	Duke Realty LP		6.75		03/15/2020		833,055
	64,000	Host Marriott LP		7.13		11/01/2013		64,640
	400,000	Liberty Property LP		6.63		10/01/2017		466,100
	500,000	Realty Income Corporation		5.50		11/15/2015		528,081
	500,000	Simon Property Group LP		6.75		05/15/2014		572,712
								2,464,588
Health Care: 0.40%
Pharmaceuticals: 0.40%
	500,000	Schering-Plough Corporation		6.00		09/15/2017		599,055
Industrials: 1.24%
Commercial Services & Supplies: 0.88%
	350,000	Ace Hardware Corporation††		9.13		06/01/2016		371,000
	825,000	Black & Decker«		5.75		11/15/2016		945,002
								1,316,002
Road & Rail: 0.36%
	500,000	Ryder System Incorporated Series MTN		5.85		03/01/2014		549,001

34    Wells Fargo Advantage Master Portfolios Portfolio of Investments—November 30, 2010 (Unaudited)

MANAGED FIXED INCOME PORTFOLIO

Principal		Security Name	Interest Rate		Maturity Date		Value
Information Technology: 0.65%
Electronic Equipment & Instruments: 0.19%
$	250,000	Jabil Circuit Incorporated		8.25%		03/15/2018	$	285,000
IT Services: 0.46%
	500,000	Fiserv Incorporated		6.13		11/20/2012		543,518
	150,000	SunGard Data Systems Incorporated		4.88		01/15/2014		149,438
								692,956
Materials: 0.73%
Chemicals: 0.54%
	750,000	Valspar Corporation		5.10		08/01/2015		815,963
Metals & Mining: 0.19%
	176,750	Century Aluminum Company		8.00		05/15/2014		183,599
	100,000	International Steel Group		6.50		04/15/2014		110,383
								293,982
Utilities: 2.45%
Electric Utilities: 2.45%
	1,000,000	Central Maine Power Company††		5.70		06/01/2019		1,080,639
	1,000,000	Connecticut Light & Power		5.38		03/01/2017		1,119,470
	973,703	Great River Energy††		5.83		07/01/2017		1,113,186
	350,000	Otter Tail Corporation		9.00		12/15/2016		374,500
								3,687,795
Total Corporate Bonds and Notes (Cost $46,244,175)								44,732,974
Yankee Corporate Bonds and Notes: 1.75%
Energy: 0.51%
Oil, Gas & Consumable Fuels: 0.51%
	750,000	BP Capital Markets plc		3.63		05/08/2014		778,695
Financials: 1.24%
Commercial Banks: 1.24%
	750,000	Barclays Bank plc††		5.93		09/29/2049		675,000
	500,000	Rabobank Nederland NV††		4.20		05/13/2014		539,674
	500,000	Rabobank Nederland NV††		11.00		06/29/2049		651,250
								1,865,924
Total Yankee Corporate Bonds and Notes (Cost $2,600,016)								2,644,619
Municipal Bonds and Notes: 12.49%
Arizona: 0.60%
	800,000	Maricopa County AZ Elementary School District #28-Kyrene Elementary (Property Tax Revenue)		5.38		07/01/2019		907,216
California: 0.56%
	825,000	California State Build America Bonds (Other Revenue)		7.55		04/01/2039		847,622
Georgia: 1.07%
	1,500,000	County of Cherokee GA (Property Tax Revenue)		5.87		08/01/2028		1,606,095

Portfolio of Investments—November 30, 2010 (Unaudited) Wells Fargo Advantage Master Portfolios    35

MANAGED FIXED INCOME PORTFOLIO

Principal		Security Name	Interest Rate		Maturity Date		Value
Illinois: 1.37%
$	1,000,000	City of Chicago IL Taxable Series D (Property Tax Revenue, NATL-RE Insured)		5.44%		01/01/2024	$	991,890
	1,000,000	Loyola University IL Series C Revenue Bonds (College & University Revenue)		4.80		07/01/2013		1,066,560
								2,058,450
Indiana: 0.60%
	875,000	Indiana State Housing & Community Development Authority Series A-2 (Housing Revenue)		5.51		01/01/2039		911,041
Kansas: 0.72%
	1,000,000	Sedgwick County KS USD # 259 Wichita (Property Tax Revenue)		5.10		10/01/2022		1,081,060
Kentucky: 0.71%
	620,000	Kentucky Housing Corporation Series D (Housing Revenue)		5.75		07/01/2037		639,809
	420,000	Kentucky Housing Corporation Series J (Housing Revenue)		5.92		07/01/2034		423,373
								1,063,182
Minnesota: 0.67%
	1,005,000	Minnesota State Housing Finance Agency Series H (Housing Revenue)		5.85		07/01/2036		1,006,296
New Hampshire: 0.96%
	1,400,000	State of New Hampshire HFA SFMR Series D (Housing Revenue)		5.53		07/01/2037		1,451,730
New Jersey: 1.54%
	2,030,000	Hudson County NJ Improvement Authority Facilities (Leasing Revenue, FSA Insured)		7.40		12/01/2025		2,325,101
North Carolina: 0.70%
	1,000,000	Duke University NC Taxable Series A (College & University Revenue, GO of University)		5.85		04/01/2037		1,058,400
Ohio: 1.00%
	1,465,000	Ohio State HFAR Mortgage Revenue Series O (Housing Revenue, GNMA/FNMA Insured)		5.47		09/01/2025		1,515,293
Texas: 0.35%
	500,000	Dallas County TX Hospital District Series C (Property Tax Revenue)		4.45		08/15/2019		531,815
Virginia: 0.11%
	145,000	Virginia Resources Authority VA (Other Revenue)		4.71		11/01/2017		164,288
West Virginia: 0.62%
	1,000,000	Ohio County WV Special District Excise Tax Revenue Series A (Sales Tax Revenue)		8.25		03/01/2035		932,780
Wisconsin: 0.91%
	1,350,000	Wisconsin Housing & Economic Development Authority Home Ownership Revenue Series F (Housing Revenue, GO of Authority)		5.73		09/01/2037		1,367,861
Total Municipal Bonds and Notes (Cost $17,942,340)								18,828,230
Term Loans: 0.38%
	231,337	Georgia Pacific Corporation		2.29		12/21/2012		230,738
	26,337	RMK Acquisition Corporation (Aramark) 1st Lien		0.11		01/27/2014		25,958
	326,927	RMK Acquisition Corporation (Aramark) 1st Lien		2.16		01/27/2014		322,229
Total Term Loans (Cost $584,601)								578,925

36    Wells Fargo Advantage Master Portfolios Portfolio of Investments—November 30, 2010 (Unaudited)

MANAGED FIXED INCOME PORTFOLIO

Principal		Security Name	Interest Rate		Maturity Date		Value
US Treasury Securities: 2.22%
US Treasury Bonds: 2.22%
$	3,475,000	US Treasury Bond		3.88%		08/15/2040	$	3,338,714
Total US Treasury Securities (Cost $3,349,063)								3,338,714
Short-Term Investments: 3.10%
Corporate Bonds & Notes: 0.47%
	331,877	Gryphon Funding Limited(a)(i)(v)		0.00		08/05/2011		138,592
	1,003,893	VFNC Corporation±(a)††(i)(v)		0.25		09/29/2011		572,219
								710,811
Shares				Yield
Investment Companies: 2.63%
	3,833,213	Wells Fargo Advantage Cash Investment Money Market Fund (l)(u)		0.14				3,833,213
	121,791	Wells Fargo Securities Lending Cash Investments, LLC(l)(u)(v)		0.26				121,791
								3,955,004
Total Short-Term Investments (Cost $4,418,213)								4,665,815

Total Investments in Securities (Cost $154,762,849)*	99.99	%		150,689,235
Other Assets and Liabilities, Net	0.01			11,947
Total Net Assets	100.00	%	$	150,701,182

±	Variable rate investments.
(a)	Security is fair valued by the Management Valuation Team and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.
††	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.
^	Zero coupon security. Rate represents yield to maturity.
(i)	Illiquid security.
^^	This security is currently in default with regards to schedule interest and/or principal payments.
(l)	Investment in an affiliate.
«	All or a portion of this is on loan.
(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 $154,798,336 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	8,533,992
Gross unrealized depreciation		(12,643,093	)
Net unrealized depreciation	$	(4,109,101	)

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

Portfolio of Investments—November 30, 2010 (Unaudited) Wells Fargo Advantage Master Portfolios   37

STABLE INCOME PORTFOLIO

Principal		Security Name	Interest Rate		Maturity Date		Value
Agency Securities: 47.56%
Federal Home Loan Mortgage Corporation: 17.94%
$	200,854	FHLMC #E90573		6.00%		07/01/2017	$	218,752
	236,473	FHLMC #G90030		7.50		07/17/2017		251,116
	670,253	FHLMC Structured Pass-Through Securities Series T-54 Class 3A		7.00		02/25/2043		781,263
	761,236	FHLMC Structured Pass-Through Securities Series T-54 Class 4A±		4.10		02/25/2043		797,989
	1,156,063	FHLMC Structured Pass-Through Securities Series T-55 Class 1A2		7.00		03/25/2043		1,359,096
	920,082	FHLMC Structured Pass-Through Securities Series T-57 Class 1A2		7.00		07/25/2043		1,081,672
	1,101,377	FHLMC Structured Pass-Through Securities Series T-58 Class 4A		7.50		09/25/2043		1,308,505
	699,661	FHLMC Structured Pass-Through Securities Series T-63 Class 1A1±		1.57		02/25/2045		701,289
								6,499,682
Federal National Mortgage Association: 29.62%
	84,081	FNMA #190815±		3.30		07/01/2017		84,829
	721,990	FNMA #289517±		3.00		04/01/2034		738,611
	218,037	FNMA #545927		6.50		12/01/2015		238,351
	455,947	FNMA #631367		5.50		02/01/2017		496,208
	336,107	FNMA #693015±		2.21		06/01/2033		347,943
	249,153	FNMA #732003±		1.97		09/01/2033		252,448
	593,679	FNMA #734329±		2.06		06/01/2033		614,509
	358,680	FNMA #735572		5.00		04/01/2014		381,212
	587,498	FNMA #735977±		3.01		08/01/2035		609,058
	656,662	FNMA #741447±		1.97		10/01/2033		665,938
	441,322	FNMA #750805±		2.58		12/01/2033		455,626
	337,896	FNMA #783249±		1.55		04/01/2044		339,504
	513,176	FNMA #806504±		1.55		10/01/2034		515,710
	450,197	FNMA #806505±		1.55		10/01/2044		452,362
	582,485	FNMA #826179±		2.80		07/01/2035		610,779
	460,244	FNMA #849014±		5.43		01/01/2036		480,530
	448,731	FNMA #936591±		5.55		04/01/2037		477,683
	225,730	FNMA Grantor Trust Series 2002-T12 Class A3		7.50		05/25/2042		261,106
	246,384	FNMA Series 2002-90 Class A2		6.50		11/25/2042		282,572
	571,282	FNMA Series 2003-W4 Class 3A		7.00		10/25/2042		668,668
	525,185	FNMA Series 2004-W2 Class 2A2		7.00		02/25/2044		619,964
	798,388	FNMA Series 2007-88 Class HC		4.86		09/25/2037		828,253
	261,232	FNMA Whole Loan Series 2002-W10 Class A6		7.50		08/25/2042		312,621
								10,734,485
Total Agency Securities (Cost $16,249,890)								17,234,167
Asset Backed Securities: 16.13%
	231,672	CitiFinancial Auto Issuance Trust Series 2009-1††		1.83		11/15/2012		232,423
	260,058	GCO Education Loan Funding Trust Series 2007-1A Class A4L±††		0.31		05/26/2020		259,977
	790,524	GSAMP Trust Series 2005-SEA2 Class A1±		0.60		01/25/2045		618,332
	109,724	GSAMP Trust Series 2006-SD2 Class A1±††		0.36		05/25/2046		107,313
	387,024	GSMPS Mortgage Loan Trust Series 2004-4 Class 1AF±††		0.65		06/25/2034		325,781
	451,050	GSMPS Mortgage Loan Trust Series 2005-RP2 Class 1AF±††		0.60		03/25/2035		380,048
	459,803	GSMPS Mortgage Loan Trust Series 2005-RP3 Class 1AF±††		0.60		09/25/2035		382,635
	153,225	Harley Davidson Motorcycle Trust Series 2009-3 Class A2		0.94		04/15/2012		153,251
	723,028	HFC Home Equity Loan Asset Backed Certificates Series 2005-2 Class A1±		0.52		01/20/2035		664,423
	1,008,207	Household Home Equity Loan Trust Series 2006-1 Class A1±		0.41		01/20/2036		929,478
	360,793	Hyundai Auto Receivables Trust Series 2007-A Class A4		5.21		03/17/2014		371,974
	90,486	Morgan Stanley Dean Witter & Company Corporation Heloc Trust Series 2003-2 Class A±(i)		0.51		04/25/2016		78,231
	101,858	SASC Series 2006-GEL3 Class A1±††		0.37		07/25/2036		96,325
	700,705	SBI Heloc Trust Series 2005-HE1 Class 1A±††		0.44		11/25/2035		519,968
	63,194	SLC Student Loan Trust Series 2006-A Class A±		0.36		04/16/2018		62,973
	315,977	US Education Loan Trust LLC Series 2007-1A Class A2±††		0.65		09/01/2019		315,984
	339,905	World Omni Auto Receivables Trust Series 2007-B Class A4		5.39		05/15/2013		349,482
Total Asset Backed Securities (Cost $6,556,265)								5,848,598

38    Wells Fargo Advantage Master Portfolios Portfolio of Investments—November 30, 2010 (Unaudited)

STABLE INCOME PORTFOLIO

Principal		Security Name	Interest Rate		Maturity Date		Value
Collateralized Mortgage Obligations: 18.50%
$	586,109	Bank of America Commercial Mortgage Incorporated Series 2005-1 Class A3		4.88%		11/10/2042	$	588,325
	711,881	Bear Stearns Commercial Mortgage Securities Series 2005-PWR9 Class A2		4.74		09/11/2042		713,611
	411,121	Countrywide Home Loans Series 2004-R1 Class 1AF±††		0.65		11/25/2034		366,733
	619,999	Credit Suisse First Boston Mortgage Securities Corporation Series 2001-CP4 Class A4		6.18		12/15/2035		629,824
	940,000	FDIC Structured Sale Guaranteed Notes Series 2010-L1 Class A2††^		2.20		10/25/2012		915,654
	132,753	GE Capital Commercial Mortgage Corporation Series 2005-C2 Class A2		4.71		05/10/2043		132,689
	1,214,142	GE Capital Commercial Mortgage Corporation Series 2005-C3 Class A4		5.05		07/10/2045		1,213,319
	286,192	Morgan Stanley Dean Witter Credit Corporation Heloc Trust Series 2003-1 Class A±(i)		0.79		11/25/2015		272,875
	433,306	Structured Asset Securities Corporation Series 2004-NP2 Class A±††		0.60		06/25/2034		350,813
	188,701	Structured Asset Securities Corporation Series 2005-GEL4 Class A±		0.60		08/25/2035		183,455
	324,282	Structured Asset Securities Corporation Series 2006-RF3 Class 1A1††		6.00		10/25/2036		318,614
	359,254	Structured Asset Securities Corporation Series 2006-RM1 Class A1±††		0.50		08/25/2046		198,129
	949,459	Structured Asset Securities Corporation Series 2007-RM1 Class A1±††		0.53		05/25/2047		503,213
	59,551	Wachovia Bank Commercial Mortgage Trust Series 2005-C20 Class A4(l)		5.29		07/15/2042		59,630
	311,630	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR6 Class 2A1A±		0.48		04/25/2045		255,787
Total Collateralized Mortgage Obligations (Cost $7,495,067)								6,702,671
Corporate Bonds and Notes: 9.88%
Financials: 6.21%
Commercial Banks: 3.61%
	585,000	BB&T Corporation		3.85		07/27/2012		610,245
	705,000	Sovereign Bank		2.00		08/01/2013		698,138
								1,308,383
Insurance: 2.60%
	940,000	Metropolitan Life Global Funding I±††		0.54		03/15/2012		940,841
Health Care: 1.36%
Pharmaceuticals: 1.36%
	470,000	Pfizer Incorporated		4.45		03/15/2012		492,220
Information Technology: 0.67%
Computers & Peripherals: 0.67%
	235,000	Hewlett-Packard Company		2.95		08/15/2012		243,709
Telecommunication Services: 1.64%
Wireless Telecommunication Services: 1.64%
	585,000	Cellco Partnership«		3.75		05/20/2011		593,600
Total Corporate Bonds and Notes (Cost $3,516,767)								3,578,753
Loan Participation: 1.77%
	487,706	United States Department of Agriculture Loan		0.98		06/25/2016		487,462
	153,595	United States Department of Agriculture Loan		5.37		09/08/2019		153,687
Total Loan Participation (Cost $639,333)								641,149

Portfolio of Investments—November 30, 2010 (Unaudited) Wells Fargo Advantage Master Portfolios   39

STABLE INCOME PORTFOLIO

Principal		Security Name	Interest Rate		Maturity Date		Value
Municipal Bonds and Notes: 2.12%
Mississippi: 1.08%
$	385,000	Mississippi Development Bank Special Obligation (Miscellaneous Revenue, AMBAC Insured)		5.24%		07/01/2011	$	392,658
Texas: 1.04%
	377,890	Brazos Higher Education Authority Incorporated Series 2005-1(Education Revenue)±		0.37		12/26/2018		377,047
Total Municipal Bonds and Notes (Cost $758,741)								769,705
Short-Term Investments: 4.24%
Corporate Bonds and Notes: 0.88%
	148,295	Gryphon Funding Limited(v)(a)(i)		0.00		08/05/2011		61,928
	448,576	VFNC Corporation(v)±††(a)(i)		0.25		09/29/2011		255,688
								317,616
Shares			Yield
Investment Companies: 3.36%
	1,186,045	Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)		0.14				1,186,045
	31,646	Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)		0.26				31,646
								1,217,691
Total Short-Term Investments (Cost $1,424,670)								1,535,307

Total Investments in Securities (Cost $36,640,733)*	100.20	%		36,310,350
Other Assets and Liabilities, Net	(0.20	)		(73,048	)
Total Net Assets	100.00	%	$	36,237,302

(v)	Security represents investment of cash collateral received from securities on loan.
«	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.
±	Variable rate investments.
^	Zero coupon security. Rate represents yield to maturity.
(a)	Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.
(i)	Illiquid security.
(u)	Rate shown is the 7-day annualized yield at period end.
(l)	Investment in an affiliate.
*	Cost for federal income tax purposes is $36,642,606 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	1,251,218
Gross unrealized depreciation		(1,583,474	)
Net unrealized depreciation	$	(332,256	)

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

40   Wells Fargo Advantage Master Portfolios Portfolio of Investments—November 30, 2010 (Unaudited)

TOTAL RETURN BOND PORTFOLIO

Principal		Security Name	Interest Rate		Maturity Date		Value
Agency Securities: 55.53%
Federal Home Loan Mortgage Corporation: 10.90%
$	47,400,000	FHLMC%%		4.50%		01/15/2040	$	49,214,519
	4,500,000	FHLMC%%		4.50		01/15/2040		4,474,892
	325,000	FHLMC #00352		5.00		07/15/2029		338,080
	5,298,867	FHLMC #1B3430±		6.13		06/01/2037		5,722,507
	90,484	FHLMC #1B7562±		5.85		11/01/2037		97,225
	1,385,024	FHLMC #1G0784±		5.67		03/01/2036		1,484,630
	4,639,665	FHLMC #1G1347±		5.83		11/01/2036		4,992,434
	437,870	FHLMC #1G1614±#		5.89		03/01/2037		471,731
	1,422,850	FHLMC #1G1873±		5.70		03/01/2036		1,526,343
	911,839	FHLMC #1G2200±		6.14		09/01/2037		985,559
	1,178,385	FHLMC #1J1920±		5.58		10/01/2038		1,260,927
	21,458	FHLMC #1Q0292±		5.87		07/01/2037		23,118
	1,918,963	FHLMC #1Q0794±		5.78		11/01/2038		2,065,671
	4,889,999	FHLMC #1Q0960±		5.97		06/01/2038		5,262,178
	6,530,137	FHLMC #1Q0975±		6.00		10/01/2037		7,038,473
	3,850,637	FHLMC #1Q0979±		5.77		07/01/2038		4,143,541
	5,712	FHLMC #1Q1042±		5.90		05/01/2037		6,153
	10,876	FHLMC #3455AC		5.00		06/15/2038		11,785
	4,098,592	FHLMC #3598MA		4.50		11/15/2038		4,357,237
	9,924,282	FHLMC #3631(o)		4.00		02/15/2040		10,554,830
	17,537,135	FHLMC #3652AP(o)		4.50		03/15/2040		18,770,440
	6,073,718	FHLMC #3704CA		4.00		12/15/2036		6,465,015
	1,009,103	FHLMC #847703±		5.95		01/01/2037		1,086,187
	282,979	FHLMC #A68719		6.50		10/01/2037		314,625
	394,264	FHLMC #A68728		6.50		11/01/2037		438,355
	984,560	FHLMC #A78331		6.00		03/01/2034		1,083,468
	4,913,971	FHLMC #A79090		6.50		07/01/2034		5,547,971
	4,682,598	FHLMC #A81212		6.50		08/01/2038		5,190,635
	957,421	FHLMC #B15688		5.50		07/01/2019		1,043,908
	623,177	FHLMC #C03464		4.50		04/01/2040		647,724
	179,654	FHLMC #C90651		6.00		02/01/2023		198,286
	65,894	FHLMC #E01251		5.50		11/01/2017		71,419
	2,700,561	FHLMC #E01497		5.50		11/01/2018		2,933,267
	1,529,481	FHLMC #E01539		5.50		12/01/2018		1,661,275
	868,422	FHLMC #E01655		5.50		06/01/2019		943,854
	70,133	FHLMC #E87587		5.50		02/01/2017		76,030
	10,105	FHLMC #E96393		4.50		05/01/2018		10,739
	81,289,334	FHLMC #G01820(o)		5.50		06/01/2035		87,649,301
	15,184,832	FHLMC #G05823		6.00		08/01/2034		16,710,290
	5,969,645	FHLMC #G05934		6.00		12/01/2033		6,569,352
	10,433,638	FHLMC #G05935(o)		6.00		03/01/2036		11,481,795
	20,876,924	FHLMC #G06008(o)		6.00		12/01/2035		22,974,205
	143,142	FHLMC #G11300		6.00		08/01/2017		156,877
	313,930	FHLMC #G11344		6.00		10/01/2017		344,054
	1,040,561	FHLMC #G11594		5.50		08/01/2019		1,134,558
	30,568	FHLMC #G11653		5.50		12/01/2019		33,329
	1,050,935	FHLMC #G11767		5.50		08/01/2020		1,145,869
	1,801,053	FHLMC #G11944		5.50		07/01/2020		1,963,748
	103,141	FHLMC #G12008		6.50		04/01/2021		112,733
	6,747,821	FHLMC #G13731		5.50		11/01/2021		7,357,374
	6,514,736	FHLMC #G13880		5.50		02/01/2019		7,070,660
	1,021,347	FHLMC #G18003		5.50		07/01/2019		1,113,608
	3,012,578	FHLMC #H19030		5.50		08/01/2037		3,210,621
	845,705	FHLMC #J02372		5.50		05/01/2020		925,272

Portfolio of Investments—November 30, 2010 (Unaudited) Wells Fargo Advantage Master Portfolios   41

TOTAL RETURN BOND PORTFOLIO

Principal		Security Name	Interest Rate		Maturity Date		Value
Federal Home Loan Mortgage Corporation (continued)
$	772,800	FHLMC #J02373		5.50%		05/01/2020	$	845,508
	1,047,768	FHLMC #J02376		6.00		05/01/2020		1,156,116
	5,470,299	FHLMC #K007A1		3.34		12/25/2019		5,672,475
	1,708,334	FHLMC #U50015		4.50		10/01/2030		1,788,437
	16,229,975	FHLMC #U60260(o)		4.50		10/01/2040		16,990,985
	5,384,358	FHLMC #Z40026		5.50		01/01/2033		5,771,970
	132,817	FHLMC Series 1590 Class 1590±		1.36		10/15/2023		134,606
	3,691	FHLMC Series 1897 Class 1897K		7.00		09/15/2026		4,215
	8,495	FHLMC Series 1935 Class 1935±		1.01		02/15/2027		8,609
	51,036	FHLMC Series 2423 Class MC		7.00		03/15/2032		57,207
	589,000	FHLMC Series 2694 Class QG		4.50		01/15/2029		606,226
	136,306	FHLMC Series 3035 Class PA		5.50		09/15/2035		151,095
								353,656,126
Federal National Mortgage Association: 40.39%
	50,000,000	FNMA%%		5.50		03/25/2038		53,078,100
	8,000,000	FNMA%%		5.50		01/25/2023		8,693,752
	5,016,000	FNMA%%		6.25		05/15/2029		6,273,250
	8,046,000	FNMA%%		7.25		05/15/2030		11,227,750
	25,600,000	FNMA%%		4.50		06/25/2030		26,871,834
	3,600,000	FNMA%%		5.50		03/25/2038		3,884,062
	42,000,000	FNMA%%		5.50		03/25/2038		45,274,698
	30,500,000	FNMA%%		5.50		03/25/2038		32,458,680
	8,400,000	FNMA%%		5.50		03/25/2038		8,978,810
	900,000	FNMA%%		5.50		03/25/2038		965,672
	15,900,000	FNMA%%		5.50		06/15/2038		17,017,436
	44,400,000	FNMA%%		5.50		06/15/2038		47,161,147
	300,000	FNMA%%		4.50		08/25/2038		312,281
	4,500,000	FNMA%%		4.50		08/25/2038		4,685,625
	32,500,000	FNMA%%		6.00		08/25/2038		35,303,125
	50,800,000	FNMA%%		6.00		08/25/2038		55,276,750
	62,800,000	FNMA%%		6.00		08/25/2038		68,452,000
	26,000,000	FNMA%%		3.00		03/25/2039		25,861,875
	45,700,000	FNMA%%		3.00		03/25/2039		45,285,844
	102,000,000	FNMA%%		3.50		03/25/2039		103,641,588
	12,400,000	FNMA%%		3.50		03/25/2039		12,733,250
	9,300,000	FNMA%%		4.00		03/25/2039		9,477,281
	1,500,000	FNMA%%		5.50		03/25/2039		1,630,078
	300,000	FNMA%%		4.50		12/25/2039		312,281
	10,200,000	FNMA%%		4.50		03/25/2039		10,588,875
	81,150,000	FNMA%%		4.50		03/25/2039		84,015,569
	3,066	FNMA #061688±		2.96		06/01/2017		3,097
	1,718,270	FNMA #190129		6.00		11/01/2023		1,895,206
	1,945,039	FNMA #190338		5.50		07/01/2033		2,105,422
	1,213,580	FNMA #190346		5.50		12/01/2033		1,313,648
	75,033	FNMA #254295		6.00		04/01/2022		82,877
	212,740	FNMA #255417		6.00		09/01/2024		233,512
	60,660	FNMA #303683		6.50		08/01/2025		67,655
	3,292,797	FNMA #310017		7.00		06/01/2035		3,761,377
	100,269	FNMA #313358		7.50		02/01/2012		102,821
	3,258,337	FNMA #462361±		6.33		07/01/2037		3,518,816
	4,568,093	FNMA #462404±		6.27		09/01/2037		4,957,294
	80,487	FNMA #481473		6.00		02/01/2029		88,761
	57,501	FNMA #535400		6.50		07/01/2030		64,982
	173,699	FNMA #545623		6.00		05/01/2017		189,908

42   Wells Fargo Advantage Master Portfolios Portfolio of Investments—November 30, 2010 (Unaudited)

TOTAL RETURN BOND PORTFOLIO

Principal		Security Name	Interest Rate		Maturity Date		Value
Federal National Mortgage Association (continued)
$	183,800	FNMA #545686		6.50%		06/01/2017	$	201,154
	46,099	FNMA #545759		6.50		07/01/2032		52,097
	73,470	FNMA #545819		6.50		08/01/2032		83,030
	5,337,557	FNMA #555088±		6.32		08/01/2012		5,598,471
	359,683	FNMA #555285		6.00		03/01/2033		396,659
	31,522,832	FNMA #555424(o)		5.50		05/01/2033		34,122,124
	43,191	FNMA #555514		6.00		11/01/2017		47,221
	229,664	FNMA #654582		6.50		07/01/2017		252,065
	4,034,593	FNMA #677018		5.50		01/01/2033		4,368,536
	15,025,427	FNMA #725162		6.00		02/01/2034		16,570,086
	97,648,831	FNMA #725228(o)		6.00		03/01/2034		107,687,427
	62,646,726	FNMA #725229(o)		6.00		03/01/2034		69,087,000
	8,703,636	FNMA #725423		5.50		05/01/2034		9,421,315
	6,785,878	FNMA #725424		5.50		04/01/2034		7,345,424
	5,394,300	FNMA #725690		6.00		08/01/2034		5,923,565
	3,370,828	FNMA #725773		5.50		09/01/2034		3,644,564
	305,621	FNMA #725922		6.50		12/01/2029		342,139
	11,495,734	FNMA #735116(o)		6.00		12/01/2034		12,677,530
	15,633,293	FNMA #735503(o)		6.00		04/01/2035		17,240,443
	1,203,588	FNMA #735504		6.00		04/01/2035		1,327,321
	138,204	FNMA #745943		6.00		11/01/2033		152,412
	3,043,916	FNMA #808350		5.50		09/01/2034		3,276,349
	1,602,994	FNMA #838303±		6.00		07/01/2037		1,726,721
	1,401,995	FNMA #873978±		6.06		09/01/2016		1,561,569
	2,460,000	FNMA #874474±		5.37		04/01/2017		2,718,902
	3,341,965	FNMA #874475±		5.40		05/01/2017		3,698,526
	6,462,194	FNMA #888560		6.00		11/01/2035		7,126,528
	2,340,402	FNMA #888635		5.50		09/01/2036		2,533,385
	1,885,933	FNMA #888941±		6.05		10/01/2037		2,033,657
	4,364,798	FNMA #889213		5.50		10/01/2020		4,758,403
	3,070,567	FNMA #889859		6.50		09/01/2038		3,435,546
	1,372,906	FNMA #890221		5.50		12/01/2033		1,484,856
	840,458	FNMA #893916±		6.34		10/01/2036		908,223
	788,449	FNMA #905629±		6.02		12/01/2036		849,872
	1,248,469	FNMA #906403±		5.89		01/01/2037		1,343,948
	1,646,003	FNMA #906404±		5.90		01/01/2037		1,772,276
	956,835	FNMA #909569±		5.85		02/01/2037		1,030,681
	1,187,250	FNMA #910293±		5.94		03/01/2037		1,277,827
	1,117,072	FNMA #914819±		5.91		04/01/2037		1,203,126
	144,641	FNMA #931676		5.50		01/01/2019		157,684
	2,719,160	FNMA #938185±		5.94		07/01/2037		2,928,489
	798,107	FNMA #941143±		6.05		10/01/2037		860,158
	693,090	FNMA #945646±		6.04		09/01/2037		747,221
	1,907,828	FNMA #947380±		5.90		10/01/2037		2,053,859
	1,338,264	FNMA #947424±		5.66		10/01/2037		1,437,514
	1,042,212	FNMA #952835±		5.92		09/01/2037		1,123,622
	1,273,736	FNMA #959331±		6.07		11/01/2037		1,373,581
	768,196	FNMA #990605		6.00		09/01/2038		836,606
	328,927	FNMA #995097		6.50		10/01/2037		368,024
	7,567,120	FNMA #995485		6.00		04/01/2035		8,345,043
	2,972,163	FNMA #995508		6.00		12/01/2035		3,277,710
	2,243,602	FNMA #AB1218		3.50		07/01/2025		2,298,024
	4,739,418	FNMA #AB1579		4.50		10/01/2040		4,974,234
	3,636,455	FNMA #AD0086±		5.52		02/01/2039		3,903,950
	3,019,703	FNMA #AD0212		5.50		04/01/2021		3,292,011
	157,221	FNMA #AD0531		5.50		11/01/2023		171,398

Portfolio of Investments—November 30, 2010 (Unaudited) Wells Fargo Advantage Master Portfolios   43

TOTAL RETURN BOND PORTFOLIO

Principal		Security Name	Interest Rate		Maturity Date		Value
Federal National Mortgage Association (continued)
$	9,287,617	FNMA #AD0584		7.00%		01/01/2039	$	10,476,597
	291,355	FNMA #AD0666		5.50		08/01/2037		315,379
	8,981,598	FNMA #AD0682		6.00		12/01/2035		9,904,934
	17,375,219	FNMA #AE0096(o)		5.50		07/01/2025		18,992,020
	11,869,499	FNMA #AE0097(o)		5.50		04/01/2027		12,902,764
	21,564,903	FNMA #AE0133(o)		6.00		07/01/2037		23,782,156
	12,432,381	FNMA #AE0303(o)		6.00		08/01/2040		13,711,785
	15,283,475	FNMA #AE0482(o)		5.50		10/01/2040		16,548,487
	657,020	FNMA #AE0622		6.50		03/01/2035		742,507
	23,190,688	FNMA #MA0511(o)		4.50		09/01/2030		24,299,493
	21,319,766	FNMA #890248(o)		6.00		07/01/2040		23,513,631
	31,166,942	FNMA #AE0364(o)		5.50		09/01/2040		33,696,436
	53,534	FNMA Series 2006-44 Class 0A		5.50		12/25/2026		54,121
	49,793	FNMA Series 1998-38 Class Pl		6.00		11/25/2028		55,776
	72,165	FNMA Series 1999-54 Class LH		6.50		11/25/2029		80,560
	100,000	FNMA Series 2004-45 Class VB		4.50		10/25/2028		106,943
	75,000	FNMA Series 2005-31 Class PB		5.50		04/25/2035		85,061
	58,051	FNMA Series 2006-57 Class PA		5.50		08/25/2027		58,693
	4,584,494	FNMA Series 2009-102 Class PN		5.00		11/25/2039		4,987,742
								1,309,592,180
Government National Mortgage Association: 4.24%
	16,889,000	GNMA%%(a)		4.00		01/15/2040		17,375,403
	4,387,000	GNMA%%(a)		3.00		10/20/2033		4,512,468
	85,600,000	GNMA%%		4.00		01/15/2040		87,097,486
	8,600,000	GNMA%%		4.00		01/15/2040		8,782,698
	2,894,000	GNMA%%(a)		5.50		01/15/2040		2,985,161
	999,999	GNMA #004696		4.50		05/20/2040		1,055,349
	379	GNMA #065183		11.50		06/15/2013		382
	4,339	GNMA #065561		11.50		05/15/2013		4,839
	5,292,952	GNMA #082651±		3.50		10/20/2040		5,527,906
	882,049	GNMA #082664±		3.50		11/20/2040		921,203
	54,738	GNMA #267461±		8.05		07/15/2019		62,440
	7,073	GNMA #270973±		8.05		09/15/2019		7,147
	18,411	GNMA #270981±		8.05		09/15/2019		21,002
	50,524	GNMA #270992±		8.05		08/15/2019		57,633
	20,641	GNMA #270995±		8.05		07/15/2019		23,545
	6,003	GNMA #271015±		8.05		11/15/2019		6,064
	23,691	GNMA #271020±		8.05		02/15/2020		27,279
	34,609	GNMA #271179±		8.05		10/15/2019		39,479
	17,035	GNMA #274696±		8.05		10/15/2019		19,432
	7,745	GNMA #274698±		8.05		02/15/2020		7,828
	12,198	GNMA #276604±		8.05		10/15/2019		12,336
	29,827	GNMA #277013±		8.05		11/15/2019		34,024
	10,710	GNMA #277020		7.75		07/15/2020		10,767
	15,033	GNMA #279234±		8.05		10/15/2020		17,309
	64,200	GNMA #279254		7.75		09/20/2020		73,577
	127,978	GNMA #302430		7.75		03/20/2021		147,525
	40,907	GNMA #310462		7.75		07/20/2021		47,156
	35,754	GNMA #313386		7.75		08/15/2021		41,361
	125,958	GNMA #781113		7.00		11/15/2029		145,220
	7,276,367	GNMA #782044(o)		6.50		12/15/2032		8,401,610
								137,465,629
Total Agency Securities (Cost $1,789,229,351)								1,800,713,935

44   Wells Fargo Advantage Master Portfolios Portfolio of Investments—November 30, 2010 (Unaudited)

TOTAL RETURN BOND PORTFOLIO

Principal		Security Name	Interest Rate		Maturity Date		Value
Asset Backed Securities: 8.90%
$	9,279,000	Aesop Series 2010-5A Class A		3.15%		03/20/2017	$	9,159,121
	7,348,000	Allya Auto Receivables Trust Series 2010-4 Class A4		1.35		12/15/2015		7,253,514
	2,669,000	Bank of America Credit Card Trust Series 2006-A12 Class A12±		0.27		03/15/2014		2,664,647
	6,230,000	Bank of America Credit Card Trust Series 2008-7 Class A±		0.95		12/15/2014		6,274,407
	10,657,000	Capital One Multi-Asset Execution Trust Series 2004 Class A8±		0.38		08/15/2014		10,633,363
	10,882,000	Capital One Multi-Asset Execution Trust Series 2005-A10 Class A±		0.33		09/15/2015		10,792,018
	3,572,000	Capital One Multi-Asset Execution Trust Series 2006-12 Class A±		0.31		07/15/2016		3,524,671
	11,400,000	Capital One Multi-Asset Execution Trust Series 2006-4 Class A±		0.29		12/16/2013		11,396,005
	3,538,000	Capital One Multi-Asset Execution Trust Series 2006-A5 Class A5±		0.31		01/15/2016		3,501,917
	6,994,000	Captial One Multi-Asset Execution Trust Series 2007-A8 Class A8±		0.59		10/15/2015		6,964,546
	8,027,000	Chase Issuance Trust Series 2009-A2 Class A2±		1.80		04/15/2014		8,168,504
	2,007,000	Chase Issuance Trust Series 2009-A3 Class A3±		2.40		06/17/2013		2,025,919
	6,758,000	CitiBank Credit Card Issuance Trust Series 2009-A2 Class A2±		1.80		05/15/2014		6,886,068
	12,472,000	Comet Series 2009-A2 Class A2		3.20		04/15/2014		12,635,484
	11,190,692	Developers Diversified Realty Corporation Series 2009-DDR1 Class A		3.81		10/14/2022		11,773,086
	3,967,000	Discover Card Master Trust I Series 2006-2 Class A2±		0.28		01/16/2014		3,961,422
	2,753,000	Discover Card Master Trust Series 2008-A3 Class A3		5.10		10/15/2013		2,798,059
	5,219,262	Ford Credit Auto Owner Trust Series 2009-C Class A3		2.72		11/15/2013		5,290,672
	3,930,319	Honda Auto Receivables 2010-1 Owner Trust Class A2		0.62		02/21/2012		3,931,851
	10,326,000	MBNA Credit Card Master Note Trust Series 2001-2 Class A±		0.50		12/16/2013		10,329,029
	11,993,000	MBNA Credit Card Master Note Trust Series 2006-A5 Class A5±		0.31		10/15/2015		11,907,310
	275,507	Morgan Stanley ABS Capital I Series 2007-HE2 Class A2A±		0.29		01/25/2037		267,425
	203,598	Morgan Stanley Home Equity Loans Series 2007-1 Class A1±		0.30		12/25/2036		198,311
	17,309,150	Nelnet Student Loan Trust Series 2008-3 Class A4±		1.94		11/25/2024		17,855,840
	12,016,275	SLM Student Loan Trust Series 2004-5 Class A4±		0.44		01/25/2021		11,962,181
	6,605,000	SLM Student Loan Trust Series 2004-7 Class A5±		0.46		01/27/2020		6,555,758
	22,628,000	SLM Student Loan Trust Series 2004-9 Class A5±		0.44		01/27/2020		22,267,405
	7,137,000	SLM Student Loan Trust Series 2006-3 Class A4±		0.37		07/25/2019		7,083,443
	9,196,000	SLM Student Loan Trust Series 2007-4 Class A3±		0.35		01/25/2022		9,117,272
	13,384,000	SLM Student Loan Trust Series 2008-1 Class A4A±		1.89		12/15/2032		13,843,478
	3,207,000	SLM Student Loan Trust Series 2008-4 Class A4±		1.94		07/25/2022		3,340,057
	16,716,171	SLM Student Loan Trust Series 2008-5 Class A2±		1.39		10/25/2016		16,932,632
	15,880,000	SLM Student Loan Trust Series 2008-5 Class A4±		1.99		07/25/2023		16,514,171
	10,718,000	SLM Student Loan Trust Series 2008-6 Class A2±		0.84		10/25/2017		10,776,357
Total Asset Backed Securities (Cost $288,432,422)								288,585,943
Collateralized Mortgage Obligations: 19.43%
	2,671,043	Asset Securitization Corporation Series 1996-D3 Class A2±		7.77		10/13/2026		2,733,063
	1,368,000	Bank of America Commercial Mortgage Incorporated Series  2002-2 Class B±		5.27		07/11/2043		1,424,454
	1,837,000	Bank of America Commercial Mortgage Incorporated Series  2004-6 Class A3±		4.51		12/10/2042		1,884,144
	1,577,968	Bank of America Commercial Mortgage Incorporated Series  2000-2 Class E±		7.63		09/15/2032		1,573,308
	1,345,000	Bank of America Commercial Mortgage Incorporated Series 2002-PB2 Class B±		6.31		06/11/2035		1,402,330
	9,905,000	Bank of America Commercial Mortgage Incorporated Series  2005-4 Class A5A±		4.93		07/10/2045		10,450,806
	2,225,000	Bank of America Commercial Mortgage Incorporated Series  2005-5 Class A4±		5.12		10/10/2045		2,427,625
	2,108,000	Bank of America Commercial Mortgage Incorporated Series  2005-6 Class A4±		5.37		09/10/2047		2,308,279
	10,449,000	Bank of America Commercial Mortgage Incorporated Series  2006-5 Class A4±		5.41		09/10/2047		11,010,231
	5,533,000	Bear Stearns Commercial Mortgage Securities Incorporated Series 2002-PBW1 Class A2±		4.72		11/11/2035		5,760,140
	671,305	Bear Stearns Commercial Mortgage Securities Incorporated Series 2003-T12 Class A3±		4.24		08/13/2039		680,205
	1,788,000	Bear Stearns Commercial Mortgage Securities Incorporated Series 2004-PWR4 Class A3±		5.47		06/11/2041		1,947,733
	4,830,000	Bear Stearns Commercial Mortgage Securities Incorporated Series 2005 Power 7 Mortgage Certificate Class A3±		5.12		02/11/2041		5,163,094
	2,656,432	Bear Stearns Commercial Mortgage Securities Incorporated Series 2005-PWR7 Class A±		4.95		02/11/2041		2,728,146

Portfolio of Investments—November 30, 2010 (Unaudited) Wells Fargo Advantage Master Portfolios   45

TOTAL RETURN BOND PORTFOLIO

Principal		Security Name	Interest Rate		Maturity Date		Value
Collateralized Mortgage Obligations (continued)
$	1,280,804	Bear Stearns Commercial Mortgage Securities Incorporated Series 2007-PRW1 Class A1±		5.59%		06/11/2040	$	1,305,461
	588,786	Citigroup Mortgage Loan Trust Incorporated Series 2007-AHL1 Class A2A±		0.29		12/25/2036		565,256
	5,950,000	Commercial Mortgage Pass-Through Certificate Series 1999-C1 Class A4±		6.98		01/17/2032		6,457,837
	5,070,000	Commercial Mortgage Pass-Through Certificate Series 2001-J2 Class B±		6.30		07/16/2034		5,598,374
	8,661,000	Commercial Mortgage Pass-Through Certificate Series 2004-LB2A Class A4±		4.72		03/10/2039		9,104,419
	3,875,000	Commercial Mortgage Pass-Through Certificate Series 2010-C1 Class A1±		3.16		07/10/2046		3,938,889
	5,037,000	Commercial Mortgage Pass-Through Certificate Series 2010-CI Class A3±		4.21		07/10/2046		5,027,043
	20,546	Credit Suisse First Boston Mortgage Securities Corporation Series 2002-CKS4 Class A1±		4.49		11/15/2036		20,576
	403,000	Credit Suisse First Boston Mortgage Securities Corporation Series 2002-CKS4 Class A2±		5.18		11/15/2036		419,914
	3,170,000	Credit Suisse First Boston Mortgage Securities Corporation Series 2003 C4 B±		5.25		08/15/2036		3,320,142
	3,156,000	Credit Suisse First Boston Mortgage Securities Corporation Series 2003-CPN1 Class A2±		4.60		03/15/2035		3,316,354
	737,027	Credit Suisse First Boston Mortgage Securities Corporation Series 2005-C1 Class A3±		4.81		02/15/2038		758,943
	4,212,000	Credit Suisse First Boston Mortgage Securities Corporation Series 2005-C2 Class A4±		4.83		04/15/2037		4,381,084
	2,750,000	Credit Suisse First Boston Mortgage Securities Corporation Series 2007-C2 Class A2±		5.45		01/15/2049		2,811,076
	14,937,000	Discover Card Master Trust Series 2009-A2 Class A±		1.55		02/17/2015		15,169,099
	2,761,000	ESA Trust Series 2010-ESHA Class A±		2.95		11/05/2027		2,753,873
	4,778,877	FHLMC Series 2479 Class PG		6.00		08/15/2032		5,265,191
	3,954,000	FHLMC Series 2558 Class BD		5.00		01/15/2018		4,324,806
	7,318,000	FHLMC Series 2590 Class BY		5.00		03/15/2018		8,017,419
	3,380,000	FHLMC Series 2676 Class CY		4.00		09/15/2018		3,604,852
	268,793	FHLMC Series 2727 Class PW±		3.57		06/15/2029		274,140
	3,904,000	FHLMC Series 2843 Class BC		5.00		08/15/2019		4,287,255
	241,175	FHLMC Series 2980 Class QA		6.00		05/15/2035		267,217
	2,469,782	FHLMC Series 3028 Class PG		5.50		09/15/2035		2,686,762
	4,883,969	FHLMC Series 3052 Class MH		5.25		10/15/2034		5,312,485
	3,340,723	FHLMC Series 3325 Class JL		5.50		06/15/2037		3,708,865
	3,752,000	FHLMC Series K003 Class AAVB		4.77		05/25/2018		4,095,561
	7,469,342	FHLMC Series K008 Class A1		2.75		12/25/2019		7,518,195
	1,839,000	First Union National Bank Commercial Mortgage Series 2001-C4 Class B±(l)		6.42		12/12/2033		1,908,915
	5,501,655	FNMA Series 2009-110 Class DA		4.50		01/25/2040		5,828,187
	31,958,137	FNMA Series 2001-81 Class HE		6.50		01/25/2032		36,074,214
	3,666,000	FNMA Series 2002-94 Class HQ		4.50		01/25/2018		3,910,031
	1,482,582	FNMA Series 2004-60 Class PA		5.50		04/25/2034		1,618,755
	1,441,331	FNMA Series 2005-58 Class MA		5.50		07/25/2035		1,621,272
	4,932,183	FNMA Series 2007-30 Class MA		4.25		02/25/2037		5,201,088
	94,675	FNMA Series 2007-39 Class NA		4.25		01/25/2037		99,599
	7,441,753	FNMA Series 2007-77 Class MH		6.00		12/25/2036		8,149,593
	9,674,717	FNMA Series 2009-71 Class JT		6.00		06/25/2036		10,672,422
	10,130,014	FNMA Series 2009-78 Class J		5.00		09/25/2019		10,885,017
	4,683,199	FNMA Series 2009-93 Class PD		4.50		09/25/2039		4,840,525
	6,993,000	FNMA Series 2009-M1 Class A2±		4.29		07/25/2019		7,402,574
	6,303,000	FNMA Series 2009-M2 Class A3		4.00		01/25/2019		6,558,326
	6,743,281	FNMA Series 2010-15 Class KA		4.00		03/25/2039		7,056,787
	16,500,936	FNMA Series 2010-54 Class EA		4.50		06/25/2040		17,209,642
	2,860,000	FNMA Series 2010-M1 Class A2±		4.45		09/25/2019		3,032,009
	23,721,000	FNMA Series 2010-M3 Class A3±		4.33		03/25/2020		25,096,417
	4,152,000	FNMA Series K005 Class A2±		4.32		11/25/2019		4,386,503
	661,568	GE Capital Commercial Mortgage Corporation Series 2001-3 Class A1±		5.56		06/10/2038		662,939

46   Wells Fargo Advantage Master Portfolios Portfolio of Investments—November 30, 2010 (Unaudited)

TOTAL RETURN BOND PORTFOLIO

Principal		Security Name	Interest Rate		Maturity Date		Value
Collateralized Mortgage Obligations (continued)
$	4,091,096	GE Capital Commercial Mortgage Corporation Series 2002-1A Class A3±		6.27%		12/10/2035	$	4,271,316
	977,000	GMAC Commercial Mortgage Securities Incorporated Series 2001-C2 Class B±		6.79		04/15/2034		999,300
	1,712,000	GMAC Commercial Mortgage Securities Incorporated Series 2003-C2 Class A2±		5.66		05/10/2040		1,853,380
	3,123,000	GMAC Commercial Mortgage Securities Incorporated Series 2003-C2 Class B±		5.67		05/10/2040		3,307,054
	1,384,000	GMAC Commercial Mortgage Securities Incorporated Series 2003-C2 Class D±		5.67		05/10/2040		1,401,950
	3,108,000	GMAC Commercial Mortgage Securities Incorporated Series 2004-C2 Class A4±		5.30		08/10/2038		3,343,162
	1,956,000	GNMA Series 2006-37 Class JG		5.00		07/20/2036		2,136,634
	2,226,300	Greenwich Capital Commercial Funding Corporation Series 2003-C1 Class B±		4.23		07/05/2035		2,309,514
	8,433,000	Greenwich Capital Commercial Funding Corporation Series 2005-GG5 Class A5±		5.22		04/10/2037		8,939,545
	278,173	GS Mortgage Securities Corporation II Series 2004-C1 Class A2±		4.32		10/10/2028		278,047
	1,569,000	GS Mortgage Securities Corporation II Series 2006-GG6 Class A4±		5.55		04/10/2038		1,677,174
	9,641,926	Impact Funding LLC±		5.31		01/25/2051		9,704,599
	1,342,422	JPMorgan Chase Commercial Mortgage Securities Corporation Series 2000-C10 Class C±		7.90		08/15/2032		1,341,779
	1,766,000	JPMorgan Chase Commercial Mortgage Securities Corporation Series 2001-CIBC2 Class D±		6.85		04/15/2035		1,786,848
	1,007,000	JPMorgan Chase Commercial Mortgage Securities Corporation Series 2002 C2 Certificate Class B±		5.21		12/12/2034		1,049,152
	1,334,000	JPMorgan Chase Commercial Mortgage Securities Corporation Series 2002-CIB5 Class A2±		5.16		10/12/2037		1,404,782
	2,367,000	JPMorgan Chase Commercial Mortgage Securities Corporation Series 2002-CIBC 4 Class C±		6.45		05/12/2034		2,457,662
	1,902,660	JPMorgan Chase Commercial Mortgage Securities Corporation Series 2003-C1 Class A1±		4.28		01/12/2037		1,955,126
	870,053	JPMorgan Chase Commercial Mortgage Securities Corporation Series 2003-CB6 Class A1±		4.39		07/12/2037		898,567
	3,171,300	JPMorgan Chase Commercial Mortgage Securities Corporation Series 2003-CB7 Class A4±		4.88		01/12/2038		3,374,011
	3,207,000	JPMorgan Chase Commercial Mortgage Securities Corporation Series 2004-C2 Class A3±		5.40		05/15/2041		3,446,056
	7,501,540	JPMorgan Chase Commercial Mortgage Securities Corporation Series 2004-CB9 Class A4±		5.54		06/12/2041		8,032,564
	1,988,120	JPMorgan Chase Commercial Mortgage Securities Corporation Series 2004-CIBC9 Class A2±		5.11		06/12/2041		2,009,714
	1,332,000	JPMorgan Chase Commercial Mortgage Securities Corporation Series 2005-LDP4 Class A4±		4.92		10/15/2042		1,429,123
	1,810,000	JPMorgan Chase Commercial Mortgage Securities Corporation Series 2005-LDP5 Class A4±		5.36		12/15/2044		1,978,294
	3,780,750	JPMorgan Chase Commercial Mortgage Securities Corporation Series 2006 Class A4±		5.48		12/12/2044		4,026,490
	3,568,886	JPMorgan Chase Commercial Mortgage Securities Corporation Series 2006-CB14 Class A2±		5.44		12/12/2044		3,586,083
	1,825,000	JPMorgan Chase Commercial Mortgage Securities Corporation Series 2006-CB16 Class A4±		5.55		05/12/2045		1,954,296
	11,364,000	JPMorgan Chase Commercial Mortgage Securities Corporation Series 2006-CB17 Class A4±		5.43		12/12/2043		12,017,506
	1,794,000	JPMorgan Chase Commercial Mortgage Securities Corporation Series 2006-LDP9 Class A2±		5.13		05/15/2047		1,879,578
	1,817,000	JPMorgan Chase Commercial Mortgage Securities Corporation Series 2006-LDP9 Class A3±		5.34		05/15/2047		1,895,113
	3,050,000	JPMorgan Chase Commercial Mortgage Securities Corporation Series 2007 Class A±		6.00		06/15/2049		3,245,936
	4,772,000	JPMorgan Chase Commercial Mortgage Securities Corporation Series 2007-LD12 Class A3±		6.19		02/15/2051		5,015,460

Portfolio of Investments—November 30, 2010 (Unaudited) Wells Fargo Advantage Master Portfolios   47

TOTAL RETURN BOND PORTFOLIO

Principal		Security Name	Interest Rate		Maturity Date		Value
Collateralized Mortgage Obligations (continued)
$	10,869	JPMorgan Chase Commercial Mortgage Securities Corporation Series 2008-C2 Class A1±		5.02%		02/12/2051	$	10,873
	9,678,000	JPMorgan Chase Commercial Mortgage Securities Corporation Series 2009-IWST Class A2±		5.63		12/05/2027		10,708,968
	7,325,568	JPMorgan Chase Commercial Mortgage Securities Corporation Series 2010-C1 Class A1±		3.85		06/15/2043		7,609,976
	4,379,101	Lehman Brothers UBS Commercial Mortgage Trust Series 2001-C2 Class A2±		6.65		11/15/2027		4,402,996
	6,452,347	Lehman Brothers UBS Commercial Mortgage Trust Series 2001-C3 Class A2±		6.37		12/15/2028		6,548,020
	6,652,000	Lehman Brothers UBS Commercial Mortgage Trust Series 2002-C2 Class A4±		5.59		06/15/2031		6,985,783
	1,077,479	Lehman Brothers UBS Commercial Mortgage Trust Series 2002-C4 Class A4±		4.56		09/15/2026		1,096,952
	16,751,196	Lehman Brothers UBS Commercial Mortgage Trust Series 2002-C4 Class A5±		4.85		09/15/2031		17,584,060
	3,836,000	Lehman Brothers UBS Commercial Mortgage Trust Series 2002-C7 Class A4±		4.96		12/15/2031		4,063,463
	5,071,000	Lehman Brothers UBS Commercial Mortgage Trust Series 2003-C8 Class A4±		5.12		11/15/2032		5,458,456
	1,887,000	Lehman Brothers UBS Commercial Mortgage Trust Series 2004-C1 Class A4±		4.57		01/15/2031		1,979,341
	1,233,000	Lehman Brothers UBS Commercial Mortgage Trust Series 2004-C7 Class A5±		4.63		10/15/2029		1,283,578
	1,740,000	Lehman Brothers UBS Commercial Mortgage Trust Series 2005-C1 Class A 4±		4.74		02/15/2030		1,840,039
	5,349,000	Lehman Brothers UBS Commercial Mortgage Trust Series 2005-C2 Class A4±		5.00		04/15/2030		5,482,230
	873,000	Lehman Brothers UBS Commercial Mortgage Trust Series 2007-C1 Class AAB±		5.40		02/15/2040		937,241
	1,751,000	Lehman Brothers UBS Commercial Mortgage Trust Series 2007-C3 Class A3±		6.13		07/15/2044		1,859,062
	4,655,000	Lehman Brothers UBS Commercial Mortgage Trust Series 2007-C3 Class A4±		6.14		07/15/2044		4,942,015
	6,831,000	Lehman Brothers UBS Commercial Mortgage Trust Series 2007-C6 Class A3±		5.93		07/15/2040		7,164,487
	3,283,500	Lehman Brothers UBS Commercial Mortgage Trust Series 2008-C1 Class A2±		6.32		04/15/2041		3,589,562
	5,580,000	Merrill Lynch Mortgage Trust Series 2003-KEY1 Class A4±		5.24		11/12/2035		5,952,984
	5,488,000	Merrill Lynch Mortgage Trust Series 2004-KEY2 Class A4±		4.86		08/12/2039		5,799,764
	2,626,568	Merrill Lynch Mortgage Trust Series 2005-CIP1 Class A2±		4.96		07/12/2038		2,664,579
	2,169,000	Merrill Lynch Mortgage Trust Series 2005-CIP1 Class A3A±		4.95		07/12/2038		2,282,192
	1,310,900	Merrill Lynch Mortgage Trust Series 2005-CKI1 Class A6±		5.41		11/12/2037		1,439,011
	1,367,000	Morgan Stanley Capital I Series 2002-HQ Class B±		6.64		04/15/2034		1,441,386
	3,570,000	Morgan Stanley Capital I Series 2003-IQ6 Class A4±		4.97		12/15/2041		3,831,228
	2,786,810	Morgan Stanley Capital I Series 2003-T11 Class A4±		5.15		06/13/2041		2,976,202
	5,590,000	Morgan Stanley Capital I Series 2004-IQ8 Class A4±		4.90		06/15/2040		5,781,338
	2,443,000	Morgan Stanley Capital I Series 2004-T15 Class A4±		5.27		06/13/2041		2,644,380
	11,621,000	Morgan Stanley Capital I Series 2005-HQ6 Class A4A±		4.99		08/13/2042		12,482,443
	328,096	Morgan Stanley Capital I Series 2005-T17 Class A4±		4.52		12/13/2041		333,964
	4,435,000	Morgan Stanley Capital I Series 2006-IQ12 Class ANM±		5.31		12/15/2043		4,552,659
	1,844,720	Morgan Stanley Capital I Series 2007-HQ13 Class A1±		5.36		12/15/2044		1,893,798
	9,882,500	Morgan Stanley Capital I Series 2007-HQ13 Class A3±		5.57		12/15/2044		10,227,643
	1,186,000	Morgan Stanley Capital I Series 2007-IQ14 Class AAB±		5.65		04/15/2049		1,253,671
	3,484,545	Morgan Stanley Dean Witter Capital I Series 2001-TOP3 Class A4±		6.39		07/15/2033		3,545,981
	3,032,000	Morgan Stanley Dean Witter Capital I Series 2003-HQ2 Class A2±		4.92		03/12/2035		3,207,288
	1,456,000	Morgan Stanley Dean Witter Capital I Series 2003-HQ2 Class B±		5.04		03/12/2035		1,502,023
	3,344,000	Morgan Stanley Dean Witter Capital I Series 2004-HQ3 Class A4±		4.80		01/13/2041		3,536,119
	3,533,000	Morgan Stanley Dean Witter Capital I Series 2005-IQ9 Class A5±		4.70		07/15/2056		3,739,819
	494,942	Morgan Stanley Mortgage Loan Trust Series 2007-6XS Class 2A1S±		0.36		02/25/2047		409,775
	5,409,589	Nomura Asset Securities Corporation Series 1998-D6 Class A2±		7.29		03/15/2030		5,991,582
	1,072,157	PNC Mortgage Acceptance Corporation Series 2001-C1 Class A2±		6.36		03/12/2034		1,078,663
	2,027,000	Prudential Mortgage Capital Funding LLC Series 2001-ROCK Class B±		6.76		05/10/2034		2,066,876
	613,893	Salomon Brothers Mortgage Securities Incorporated VII Series 2000-C2 Class C±		7.73		07/18/2033		613,150
	3,901,871	Salomon Brothers Mortgage Securities Incorporated VII Series 2001-C2 Class A3±		6.50		11/13/2036		4,011,481
	2,274,553	Sequoia Mortgage Trust Series 2010-H1 Series A1±		3.75		02/25/2040		2,304,477
	183,222	Structured Asset Securities Corporation Series 1982 Class B±		4.84		03/01/2020		178,376
	100,225	Structured Asset Securities Corporation Series 1998-2 Class A±		0.77		02/25/2028		95,765
	3,589,679	US Bank NA Series 2007-1 Class A±		5.92		05/25/2012		3,744,825
	285,759	Wachovia Bank Commercial Mortgage Trust Series 2003-C7 Class A1±(l)		4.24		10/15/2035		287,962
	1,678,000	Wachovia Bank Commercial Mortgage Trust Series 2003-C8 Class A3±(l)		4.45		11/15/2035		1,729,007
Total Collateralized Mortgage Obligations (Cost $616,442,411)								630,172,789

48   Wells Fargo Advantage Master Portfolios Portfolio of Investments—November 30, 2010 (Unaudited)

TOTAL RETURN BOND PORTFOLIO

Principal		Security Name	Interest Rate		Maturity Date		Value
Corporate Bonds and Notes: 16.35%
Consumer Discretionary: 0.99%
Leisure Equipment & Products: 0.08%
$	2,765,000	Mattel Incorporated		6.20%		10/01/2040	$	2,691,457
Media: 0.91%
	6,016,000	Comcast Corporation		8.38		03/15/2013		6,916,782
	4,395,000	DirecTV Incorporated		6.00		08/15/2040		4,361,994
	5,732,000	NBC Universal Incorporated		2.88		04/01/2016		5,705,914
	4,776,000	NBC Universal Incorporated		4.38		04/01/2021		4,793,518
	2,983,000	NBC Universal Incorporated		5.95		04/01/2041		3,046,266
	3,125,000	Time Warner Incorporated		5.88		11/15/2040		3,099,200
	1,314,000	Time Warner Incorporated		6.10		07/15/2040		1,385,930
								29,309,604
Consumer Staples: 1.69%
Beverages: 0.88%
	7,955,000	Anheuser-Busch InBev Worldwide Incorporated		4.13		01/15/2015		8,531,674
	9,465,000	Coca Cola Company		1.50		11/15/2015		9,260,528
	6,445,000	Coca Cola Company		3.15		11/15/2020		6,262,046
	1,755,000	Pepsico Incorporated		3.13		11/01/2020		1,704,767
	2,690,000	Pepsico Incorporated		4.88		11/01/2040		2,642,365
								28,401,380
Food & Staples Retailing: 0.28%
	5,510,000	WalMart Stores Incorporated		3.25		10/25/2020		5,376,024
	3,730,000	WalMart Stores Incorporated		5.00		10/25/2040		3,695,509
								9,071,533
Food Products: 0.22%
	4,585,000	Kraft Foods Incorporated Class A		5.38		02/10/2020		5,106,425
	1,845,000	Kraft Foods Incorporated Class A		6.50		02/09/2040		2,120,300
								7,226,725
Tobacco: 0.31%
	4,308,000	Altria Group Incorporated		9.70		11/10/2018		5,793,153
	2,875,000	Altria Group Incorporated		10.20		02/06/2039		4,151,532
								9,944,685
Energy: 1.50%
Oil, Gas & Consumable Fuels: 1.50%
	7,225,000	Anadarko Petroleum Corporation		5.95		09/15/2016		7,709,559
	4,705,000	Anadarko Petroleum Corporation		6.38		09/15/2017		5,082,793
	3,057,000	Energy Transfer Partners LP		9.00		04/15/2019		3,850,927
	3,364,000	Husky Energy Incorporated		7.25		12/15/2019		4,062,477
	2,700,000	Midamerican Energy Holdings Company		6.50		09/15/2037		3,137,262
	2,805,000	PacifiCorp		6.25		10/15/2037		3,249,267
	4,198,000	Plains All American Pipeline		3.95		09/15/2015		4,389,584
	9,361,000	Rockies Express Pipeline		3.90		04/15/2015		9,431,769
	5,999,000	Valero Energy Corporation		9.38		03/15/2019		7,588,945
								48,502,583

Portfolio of Investments—November 30, 2010 (Unaudited) Wells Fargo Advantage Master Portfolios   49

TOTAL RETURN BOND PORTFOLIO

Principal		Security Name	Interest Rate		Maturity Date		Value
Financials: 5.98%
Capital Markets: 1.06%
$	2,445,000	Goldman Sachs Group Incorporated		3.70%		08/01/2015	$	2,497,810
	4,985,000	Goldman Sachs Group Incorporated		6.00		06/15/2020		5,344,114
	2,446,000	Goldman Sachs Group Incorporated		6.75		10/01/2037		2,454,759
	5,837,000	Lazard Group LLC		7.13		05/15/2015		6,420,233
	7,827,000	Lazard Group LLC		6.85		06/15/2017		8,312,039
	6,265,000	Morgan Stanley		3.45		11/02/2015		6,148,565
	3,000,000	Morgan Stanley		5.95		12/28/2017		3,168,237
								34,345,757
Consumer Finance: 0.54%
	12,155,000	American Express Company		2.75		09/15/2015		12,015,570
	4,460,000	Capital One Bank USA NA		8.80		07/15/2019		5,551,237
								17,566,807
Diversified Financial Services: 2.56%
	5,655,000	Bank of America Corporation		7.38		05/15/2014		6,318,750
	8,115,000	Bank of America Corporation		3.70		09/01/2015		8,011,745
	4,735,000	Bank of America Corporation		6.00		09/01/2017		4,972,010
	8,585,000	Bank of America Corporation		5.63		07/01/2020		8,630,681
	6,214,000	Barclays Bank plc		5.14		10/14/2020		5,713,462
	10,460,000	BNP Paribas		2.20		11/02/2015		10,318,978
	9,195,000	Citigroup Incorporated		1.88		10/22/2012		9,418,209
	3,814,000	Citigroup Incorporated		6.38		08/12/2014		4,224,611
	4,065,000	Citigroup Incorporated		4.75		05/19/2015		4,241,307
	6,325,000	Citigroup Incorporated		5.38		08/09/2020		6,471,082
	1,780,000	JPMorgan Chase & Company		5.50		10/15/2040		1,779,902
	6,600,000	JPMorgan Chase Bank NA		6.00		10/01/2017		7,417,879
	5,630,000	JPMorgan Chase Capital XXV		6.80		10/01/2037		5,626,521
								83,145,137
Insurance: 0.64%
	3,795,000	American International Group		6.40		12/15/2020		3,785,171
	4,925,000	Hartford Financial Services Group		5.50		03/30/2020		5,020,698
	3,223,000	Liberty Mutual Group		7.50		08/15/2036		3,186,287
	1,810,000	Prudential Financial Incorporated		4.50		11/15/2020		1,794,564
	4,325,000	Prudential Financial Incorporated		6.20		11/15/2040		4,426,235
	2,480,000	WR Berkley Corporation		5.38		09/15/2020		2,478,854
								20,691,809
Real Estate Investment Trusts (REITS): 1.18%
	2,850,000	Boston Properties LP		4.13		05/15/2021		2,765,822
	721,000	HCP Incorporated Series MTN		6.30		09/15/2016		795,032
	1,860,000	HCP Incorporated Series MTN		6.70		01/30/2018		2,052,581
	5,630,000	Health Care Property Investors Incorporated		5.65		12/15/2013		6,104,547
	1,640,000	Health Care Property Investors Incorporated		6.00		01/30/2017		1,753,731
	1,890,000	Kilroy Realty Corporation		5.00		11/03/2015		1,910,425
	2,660,000	Kilroy Realty Corporation		6.63		06/01/2020		2,703,972
	3,123,000	Reckson Operating Partnership LP		7.75		03/15/2020		3,381,269
	3,125,000	Reliance Holdings Limited		4.50		10/19/2020		2,971,428
	2,760,000	Tanger Properties LP		6.13		06/01/2020		3,038,454
	2,680,000	Ventas Realty LP		3.13		11/30/2015		2,630,356
	2,970,000	WEA Finance LLC		7.50		06/02/2014		3,429,495

50   Wells Fargo Advantage Master Portfolios Portfolio of Investments—November 30, 2010 (Unaudited)

TOTAL RETURN BOND PORTFOLIO

Principal		Security Name	Interest Rate		Maturity Date		Value
Real Estate Investment Trusts (REITs) (continued)
$	3,414,000	WEA Finance LLC		7.13%		04/15/2018	$	3,992,540
	580,000	WEA Finance LLC		6.75		09/02/2019		669,145
								38,198,797
Health Care: 0.95%
Biotechnology: 0.25%
	8,184,000	Amgen Incorporated		3.45		10/01/2020		8,056,068
Health Care Equipment & Supplies: 0.20%
	2,932,000	Becton Dickinson & Company		3.25		11/12/2020		2,861,219
	3,495,000	CareFusion Corporation		4.13		08/01/2012		3,652,313
								6,513,532
Health Care Providers & Services: 0.17%
	5,519,000	Coventry Health Care Incorporated		5.95		03/15/2017		5,579,759
Life Sciences Tools & Services: 0.10%
	3,067,000	Life Technologies Corporation		4.40		03/01/2015		3,239,313
Pharmaceuticals: 0.23%
	7,615,000	Allergan Incorporated		3.38		09/15/2020		7,468,320
Industrials: 0.49%
Aerospace & Defense: 0.29%
	4,780,000	Northrop Grumman Corporation		3.50		03/15/2021		4,612,461
	1,975,000	Northrop Grumman Corporation		5.05		11/15/2040		1,912,699
	3,095,000	Raytheon Corporation		3.13		10/15/2020		2,963,797
								9,488,957
Road & Rail: 0.20%
	6,181,000	BSNF Railway Company		5.75		05/01/2040		6,497,690
Information Technology: 0.91%
Communications Equipment: 0.14%
	1,485,000	Cisco Systems Incorporated		4.45		01/15/2020		1,606,304
	1,694,000	Cisco Systems Incorporated		5.50		01/15/2040		1,788,117
	1,255,000	Harris Corporation		6.15		12/15/2040		1,248,148
								4,642,569
Computers & Peripherals: 0.45%
	9,645,000	Hewlett Packard Company LP		2.13		09/13/2015		9,673,260
	4,830,000	Hewlett Packard Company LP		3.75		12/01/2020		4,829,740
								14,503,000
Electronic Equipment & Instruments: 0.14%
	1,900,000	Arrow Electronics Incorporated		3.38		11/01/2015		1,872,463
	2,830,000	Arrow Electronics Incorporated		5.13		03/01/2021		2,780,359
								4,652,822
Software: 0.18%
	4,012,000	Adobe Systems Incorporated		4.75		02/01/2020		4,278,758
	1,456,000	Oracle Corporation		5.38		07/15/2040		1,507,676
								5,786,434

Portfolio of Investments—November 30, 2010 (Unaudited) Wells Fargo Advantage Master Portfolios   51

TOTAL RETURN BOND PORTFOLIO

Principal		Security Name	Interest Rate		Maturity Date		Value
Materials: 0.88%
Chemicals: 0.67%
$	6,095,000	Dow Chemical Company		4.85%		08/15/2012	$	6,460,529
	3,265,000	Dow Chemical Company		5.90		02/15/2015		3,661,900
	5,875,000	Dow Chemical Company		8.55		05/15/2019		7,418,445
	3,195,000	Dow Chemical Company		4.25		11/15/2020		3,116,368
	1,145,000	Sinochem Corporation		6.30		11/12/2040		1,147,401
								21,804,643
Metals & Mining: 0.21%
	6,755,000	Codelco Incorporated		3.75		11/04/2020		6,598,730
Telecommunication Services: 0.85%
Diversified Telecommunication Services: 0.37%
	3,435,000	Frontier Communications Corporation		8.25		04/15/2017		3,778,500
	975,000	Frontier Communications Corporation		8.13		10/01/2018		1,072,500
	1,865,000	Frontier Communications Corporation		8.50		04/15/2020		2,051,500
	4,616,000	Qwest Corporation		7.50		10/01/2014		5,227,620
								12,130,120
Wireless Telecommunication Services: 0.48%
	1,889,000	American Tower Corporation		5.05		09/01/2020		1,945,993
	3,055,000	Cellco Partnership / Verizon Wireless Capital LLC		8.50		11/15/2018		4,133,580
	8,430,000	Verizon Wireless Corporation		5.55		02/01/2014		9,407,155
								15,486,728
Utilities: 2.11%
Electric Utilities: 1.14%
	6,620,000	DPL Incorporated		6.88		09/01/2011		6,909,585
	5,080,000	Duke Energy Corporation		6.30		02/01/2014		5,751,921
	3,900,000	Exelon Generation Company LLC		4.00		10/01/2020		3,808,362
	1,735,000	Exelon Generation Company LLC		5.75		10/01/2041		1,685,131
	3,030,000	FirstEnergy Solutions Company		6.05		08/15/2021		3,214,769
	1,786,000	FirstEnergy Solutions Company		6.80		08/15/2039		1,784,861
	10,280,000	Nevada Power Company Series A		8.25		06/01/2011		10,653,390
	2,995,000	Progress Energy Incorporated		6.85		04/15/2012		3,227,436
								37,035,455
Gas Utilities: 0.35%
	1,080,000	El Paso Pipeline Corporation		4.10		11/15/2015		1,084,160
	6,480,000	El Paso Pipeline Corporation		7.50		11/15/2040		6,673,357
	3,395,000	Pacific Gas & Electric Company		5.40		01/15/2040		3,458,079
								11,215,596
Multi-Utilities: 0.62%
	6,955,000	CMS Energy Corporation		5.05		02/15/2018		7,017,143
	9,955,000	Dominion Resources Incorporated Puttable§		8.88		01/15/2019		13,252,882
								20,270,025
Total Corporate Bonds and Notes (Cost $517,184,241)								530,066,035
Municipal Bonds and Notes: 0.75%
California: 0.42%
	895,000	California State Build America Bonds (Property Tax Revenue)§±		7.63		03/01/2040		926,477
	4,730,000	California State Build America Bonds (Property Tax Revenue)§±		7.60		11/01/2040		4,883,583

52     Wells Fargo Advantage Master Portfolios Portfolio of Investments—November 30, 2010 (Unaudited)

TOTAL RETURN BOND PORTFOLIO

Principal		Security Name	Interest Rate		Maturity Date		Value
California (continued)
$	3,640,000	Los Angeles CA Community College District Build America Bonds (Property Tax Revenue)§±		6.75%		08/01/2049	$	3,812,572
	4,080,000	Los Angeles CA DW & P Build America Bonds (Utilities Revenue)§±		6.57		07/01/2045		4,054,337
								13,676,969
Nevada: 0.14%
	4,315,000	Clark County NV (Transportation Revenue)§±		6.82		07/01/2045		4,547,061
New Jersey: 0.06%
	2,145,000	New Jersey Transportation Trust Fund Authority Build America Bonds (Transportation Revenue)§±		5.75		12/15/2028		2,096,480
Texas: 0.13%
	4,138,000	North Texas Tollway Authority (Transportation Revenue)§±		6.72		01/01/2049		4,103,820
Total Municipal Bonds and Notes (Cost $24,479,185)								24,424,330
US Treasury Securities: 12.50%
US Treasury Bonds: 7.64%
	1,395,000	US Treasury Bond		0.50		10/15/2013		1,388,134
	32,228,000	US Treasury Bond		0.50		11/15/2013		32,036,630
	1,819,000	US Treasury Bond«		1.25		10/31/2015		1,803,084
	61,245,000	US Treasury Bond(o)		1.38		11/30/2015		60,986,607
	16,689,000	US Treasury Bond(o)		2.25		11/30/2017		16,796,961
	26,241,000	US Treasury Bond«		2.63		11/15/2020		25,855,572
	3,313,000	US Treasury Bond		5.38		02/15/2031		4,044,447
	26,783,000	US Treasury Bond		4.50		02/15/2036		28,938,201
	13,900,000	US Treasury Bond		4.25		05/15/2039		14,271,394
	12,491,000	US Treasury Bond		4.38		11/15/2039		13,086,271
	14,738,000	US Treasury Bond		4.63		02/15/2040		16,096,667
	29,359,000	US Treasury Bond		4.38		05/15/2040		30,753,553
	1,783,000	US Treasury Bond		3.88		08/15/2040		1,713,073
								247,770,594
US Treasury Notes: 4.86%
	4,423,000	US Treasury Note		6.25		05/15/2030		5,947,555
	9,045,000	US Treasury Note		8.75		08/15/2020		13,748,400
	17,915,000	US Treasury Note		8.88		08/15/2017		25,682,837
	9,699,000	US Treasury Note		4.88		08/15/2016		11,391,020
	16,140,000	US Treasury Note		4.75		08/15/2017		18,900,198
	66,108,000	US Treasury Note«		1.88		10/31/2017		65,038,901
	17,090,000	US Treasury Note«		2.63		08/15/2020		16,897,738
								157,606,649
Total US Treasury Securities (Cost $405,258,481)								405,377,243
Yankee Corporate Bonds and Notes: 6.37%
Consumer Discretionary: 0.27%
Media: 0.27%
	4,055,000	British Sky Broadcasting Group plc		9.50		11/15/2018		5,496,362
	2,855,000	Thomson Reuters Corporation		5.95		07/15/2013		3,207,758
								8,704,120

Portfolio of Investments—November 30, 2010 (Unaudited) Wells Fargo Advantage Master Portfolios   53

TOTAL RETURN BOND PORTFOLIO

Principal		Security Name	Interest Rate		Maturity Date		Value
Consumer Staples: 0.30%
Food & Staples Retailing: 0.30%
$	2,980,000	Woolworths Limited		2.55%		09/22/2015	$	3,011,877
	6,655,000	Woolworths Limited		4.00		09/22/2020		6,684,209
								9,696,086
Energy: 0.77%
Oil, Gas & Consumable Fuels: 0.77%
	2,795,000	Husky Energy Incorporated		5.90		06/15/2014		3,099,138
	1,049,000	Petrobras International Finance Company		6.88		01/20/2040		1,130,097
	6,788,000	Shell International		3.10		06/28/2015		7,114,577
	3,625,000	TransCanada Pipelines Limited		3.80		10/01/2020		3,661,953
	9,595,000	Transocean Incorporated		4.95		11/15/2015		10,003,536
								25,009,301
Financials: 3.12%
Commercial Banks: 1.84%
	5,520,000	DnB Nor Boligkreditt AS		2.10		10/14/2015		5,467,786
	5,808,000	HSBC Holdings plc		6.80		06/01/2038		6,185,166
	5,605,000	Itau Unibanco Holding SA		6.20		04/15/2020		5,874,135
	1,395,000	Korea Development Bank		4.38		08/10/2015		1,449,531
	7,229,000	Korea Development Bank		3.25		03/09/2016		7,093,702
	6,265,000	Lloyds TSB Bank plc		6.50		09/14/2020		5,776,217
	8,661,000	Nordea Bank AB		3.70		11/13/2014		9,077,915
	9,040,000	Swedish Export Credit		3.25		09/16/2014		9,594,966
	8,980,000	Westpac Banking Corporation		2.25		11/19/2012		9,204,329
								59,723,747
Consumer Finance: 0.26%
	8,290,000	Finance For Danish Industry		2.00		06/12/2013		8,493,461
Diversified Financial Services: 0.17%
	4,915,000	Credit Suisse New York NY		6.00		02/15/2018		5,361,090
Real Estate Investment Trusts (REITS): 0.37%
	7,460,000	Qatari Diar Finance QSC		5.00		07/21/2020		7,593,743
	4,115,000	Westfield Group		5.40		10/01/2012		4,383,072
								11,976,815
Thrifts & Mortgage Finance: 0.48%
	14,845,000	Achmea Hypotheekbank NV		3.20		11/03/2014		15,654,528
Materials: 0.18%
Metals & Mining: 0.18%
	3,510,000	Vale Overseas Limited		4.63		09/15/2020		3,537,276
	1,977,000	Vale Overseas Limited		6.88		11/10/2039		2,197,847
								5,735,123
Telecommunication Services: 1.42%
Diversified Telecommunication Services: 0.91%
	1,910,000	British Telecommunications plc		9.88		12/15/2030		2,546,336
	11,205,000	Hutchison Whampoa International Limited		4.63		09/11/2015		11,981,249
	3,155,000	Qtel International Finance		4.75		02/16/2021		2,935,664

54   Wells Fargo Advantage Master Portfolios Portfolio of Investments—November 30, 2010 (Unaudited)

TOTAL RETURN BOND PORTFOLIO

Principal		Security Name	Interest Rate			Maturity Date		Value
Diversified Telecommunication Services (continued)
$	4,265,000	Telefonica Emisiones SAU		5.98%			06/20/2011	$	4,382,812
	1,051,000	Telefonica Emisiones SAU		5.13			04/27/2020		1,065,738
	6,670,000	Telemar Norte Leste SAU		5.50			10/23/2020		6,619,975
									29,531,774
Wireless Telecommunication Services: 0.50%
	6,005,000	America Moviles SA		5.00			10/16/2019		6,382,528
	1,215,000	Rogers Cable Incorporated		5.50			03/15/2014		1,350,963
	6,977,000	Rogers Wireless Incorporated		6.38			03/01/2014		6,182,716
	3,010,000	Telefonica Moviles Chile		2.88			11/09/2015		2,947,720
									16,863,927
Utilities: 0.31%
Electric Utilities: 0.13%
	4,255,000	Korea Hydro & Nuclear Power Company Limited		3.13			09/16/2015		4,195,621
Gas Utilities: 0.18%
	4,535,000	Odebrecht Drilling SA		6.35			06/30/2021		4,603,025
	1,080,000	Petroleos Mexicanos Corporation		5.50			01/21/2021		1,128,600
									5,731,625
Total Yankee Corporate Bonds and Notes (Cost $202,726,290)									206,677,218
Yankee Government Bonds: 1.33%
	3,135,000	Korea		5.50			10/17/2012		3,326,564
	6,880,000	Norway		1.75			10/05/2015		6,847,286
	2,644,000	Province of Quebec		3.50			07/29/2020		2,666,610
	7,070,000	Republic of Chile		3.88			08/05/2020		7,176,050
	3,555,000	Republic of Peru		5.63			11/18/2050		3,421,688
	3,605,000	Republic of Poland		3.88			07/16/2015		3,618,818
	1,600,000	Russia		3.63			04/29/2015		1,603,200
	13,835,000	State of Qatar		4.00			01/20/2015		14,422,988
Total Yankee Government Bonds (Cost $42,913,423)									43,083,204
Short-Term Investments: 10.30%
Corporate Bonds and Notes: 0.23%
	4,273,731	Gryphon Funding Limited(a)(i)(v)		0.00			08/05/2011		1,784,710
	12,927,585	VFNC Corporation††±(a)(i)(v)		0.25			09/29/2011		7,368,723
									9,153,433
Shares			Yield
Investment Companies: 10.01%
	231,066,530	Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)(o)		0.14					231,066,530
	93,627,275	Wells Fargo Securities Lending Cash Investments, LLC(l)(u)(v)		0.26					93,627,275
									324,693,805
Total Short-Term Investments (Cost $332,104,362)									333,847,238
Total Investments in Securities (Cost $4,218,770,166)*				131.47	%				4,262,947,935
Other Assets and Liabilities, Net				(31.47	)				(1,020,393,395	)
Total Net Assets				100.00	%			$	3,242,554,540

Portfolio of Investments—November 30, 2010 (Unaudited) Wells Fargo Advantage Master Portfolios   55

TOTAL RETURN BOND PORTFOLIO

Principal			Security Name	Interest Rate		Maturity Date		Value
Schedule of TBA Sale Commitments: (14.38%)
$	(15,900,000	)	FNMA%%		5.50%		06/15/2038	$	(17,017,434	)
	(44,400,000	)	FNMA%%		5.50		06/15/2038		(47,161,147	)
	(62,800,000	)	FNMA%%		5.50		01/25/2023		(68,452,000	)
	(3,600,000	)	FNMA%%		5.50		03/25/2038		(3,884,062	)
	(42,000,000	)	FNMA%%		5.50		03/25/2038		(45,274,698	)
	30,500,000		FNMA%%		6.00		08/25/2038		(32,458,680	)
	(840,000	)	FNMA%%		6.00		08/25/2038		(8,978,810	)
	(6,500,000	)	FNMA%%		5.50		03/25/2038		(7,063,674	)
	(50,000,000	)	FNMA%%		5.00		03/25/2039		(53,078,100	)
	(9,300,000	)	FNMA%%		4.50		12/25/2039		(9,596,438	)
	(58,300,000	)	FNMA%%		6.00		12/01/2038		(63,437,688	)
	(65,800,000	)	FNMA%%		5.50		12/01/2038		(71,475,250	)
	(35,800,000	)	FNMA%%						(38,412,290	)
Total Schedule of TBA Sale Commitments (Proceeds $(464,788,260))									(466,290,271	)

«	All or a portion of this security is on loan.
%%	Securities issued on a when-issued (TBA) and/or delayed delivery basis.
††	Securities that may be resold to “qualified institutional buyers” under Rule 144A or securities offered pursuant to Section 4(2) of the Securities Act of 1933, as amended.
±	Variable rate investments.
(a)	Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.
(i)	Illiquid security.
(l)	Investment in an affiliate.
§	These securities are subject to a demand feature which reduces the effective maturity.
(u)	Rate shown is the 7-day annualized yield at period end.
(o)	Security pledged as collateral for when-issued (TBA) securities.
(v)	Security represents investment of cash collateral received from securities on loan.
#	Security pledges collateral for credit default swaps.
*	Cost for federal income tax purposes is $4,228,300,275 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	48,020,181
Gross unrealized depreciation		(13,372,521	)
Net unrealized appreciation	$	34,647,660

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

56   Wells Fargo Advantage Master Portfolios Statements of Assets and Liabilities—November 30, 2010 (Unaudited)

	Inflation-		Managed				Total
	Protected		Fixed		Stable		Return
	Bond		Income		Income		Bond
	Portfolio		Portfolio		Portfolio		Portfolio
Assets
Investments
In unaffiliated securities (including securities on loan), at value	$	99,269,517	$	141,454,029	$	35,033,029	$	3,934,328,246
In affiliated securities, at value		2,342,088		9,235,206		1,277,321		328,619,689
Total investments, at value (see cost below)		101,611,605		150,689,235		36,310,350		4,262,947,935
Receivable for investments sold		553,170		27,858,789		0		1,334,595,863
Principal paydown receivable		0		0		0		1,440,526
Receivable for interest		593,355		1,336,035		91,056		19,376,439
Receivable for securities lending income		0		2,158		95,241		3,730
Unrealized gains on credit default swap transactions		0		0		0		68,571
Premiums paid on credit default swap transactions		0		0		0		162,575
Prepaid expenses and other assets		1,565		6,638		1,836		2,059,078
Total assets		102,759,695		179,892,855		36,498,483		5,620,654,717
Liabilities
Payable for investments purchased		1,325,433		28,556,796		0		1,807,999,669
Unrealized losses on credit default swap transactions		0		0		0		150,015
Payable upon receipt of securities loaned		2,195,000		585,000		238,625		101,037,832
TBA sale commitments, at value		0		0		0		466,290,271
Payable for interest on TBA sale commitments		0		0		0		959,178
Premium received on credit default swap transactions		0		0		0		541,843
Investment advisory fee payable		32,472		38,970		4,380		917,902
Accrued expenses and other liabilities		55,924		10,907		18,176		203,467
Total liabilities		3,608,829		29,191,673		261,181		2,378,100,177
Total net assets	$	99,150,866	$	150,701,182	$	36,237,302	$	3,242,554,540
Total investments, at cost	$	94,073,157	$	154,762,849	$	36,640,733	$	4,218,770,166
Securities on loan, at value	$	2,147,115	$	573,044	$	233,636	$	98,974,021
Proceeds received on TBA sale commitments	$	0	$	0	$	0	$	464,788,260

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

Statements of Operations—For the Six Months Ended November 30, 2010 (Unaudited) Wells Fargo Advantage Master Portfolios   57

	Inflation-			Managed						Total
	Protected			Fixed			Stable			Return
	Bond			Income			Income			Bond
	Portfolio			Portfolio			Portfolio			Portfolio
Investment income
Interest*	$	1,305,579		$	6,295,034		$	1,023,451		$	49,305,894
Income from affiliated securities		322			18,355			40,084			283,225
Securities lending income, net		0			1,140			0			100,321
Total investment income		1,305,901			6,314,529			1,063,535			49,689,440
Expenses
Investment advisory fee		236,414			590,332			181,798			5,518,403
Custody and accounting fees		1,775			6,561			6,307			48,189
Professional fees		18,456			25,636			23,631			25,636
Shareholder report expenses		838			1,512			802			2,507
Trustees’ fees and expenses		5,303			5,303			5,303			5,303
Other fees and expenses		2,473			4,152			3,595			13,855
Total expenses		265,259			633,496			221,436			5,613,893
Less:
Fee waivers and/or expense reimbursements		(5,111	)		(59,694	)		(37,139	)		(279,369	)
Net expenses		260,148			573,802			184,297			5,334,524
Net investment income		1,045,753			5,740,727			879,238			44,354,916
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		3,651,159			5,111,383			(16,990,699	)		94,926,410
Affiliated securities		0			0			(450,518	)		195,113
Credit default swap transactions		0			0			0			(155,117	)
TBA sale commitments		0			0			0			(394,175	)
Net realized gains (losses) on investments		3,651,159			5,111,383			(17,441,217	)		94,572,231
Net change in unrealized gains (losses) on:
Unaffiliated securities		1,240,747			6,980,937			16,925,540			(13,147,483	)
Affiliated securities		0			220,956			(3,976	)		(123,922	)
Credit default swap transactions		0			0			0			3,042
TBA sale commitments		0			0			0			(1,368,943	)
Net change in unrealized gains (losses) on investments		1,240,747			7,201,893			16,921,564			(14,637,306	)
Net realized and unrealized gains (losses) on investments		4,891,906			12,313,276			(519,653	)		79,934,925
Net increase in net assets resulting from operations	$	5,937,659		$	18,054,003		$	359,585		$	124,289,841
* Net of foreign withholding taxes of	$	0		$	0		$	0		$	54,055

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

58 Wells Fargo Advantage Master Portfolios Statements of Changes in Net Assets

	Inflation-Protected Bond Portfolio
	Six Months Ended
	November 30, 2010			Year Ended
	(Unaudited)			May 31, 2010
Operations
Net investment income	$	1,045,753		$	5,225,187
Net realized gains (losses) on investments		3,651,159			1,287,419
Net change in unrealized gains (losses) on investments		1,240,747			6,266,230
Net increase in net assets resulting from operations		5,937,659			12,778,836
Capital shares transactions
Transactions in Investor’s beneficial interests
Contributions		17,511,181			46,961,891
Withdrawals		(62,004,127	)		(67,163,810	)
Net increase (decrease) from transactions in Investor’s beneficial interests		(44,492,946	)		(20,201,919	)
Net increase (decrease) in net assets		(38,555,287	)		(7,423,083	)
Net assets
Beginning of period		137,706,153			145,129,236
End of period	$	99,150,866		$	137,706,153

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

Statements of Changes in Net Assets Wells Fargo Advantage Master Portfolios   59

Managed Fixed Income Portfolio						Stable Income Portfolio							Total Return Bond Portfolio
Six Months Ended						Six Months Ended							Six Months Ended
November 30, 2010			Year Ended			November 30, 2010				Year Ended			November 30, 2010			Year Ended
(Unaudited)			May 31, 2010			(Unaudited)				May 31, 2010			(Unaudited)			May 31, 2010
$	5,740,727		$	17,209,657		$	879,238			$	5,937,369		$	44,354,916		$	98,341,751
	5,111,383			(62,295	)		(17,441,217	)			(13,604,095	)		94,572,231			123,252,768
	7,201,893			50,710,040			16,921,564				38,247,222			(14,637,306	)		38,195,601
	18,054,003			67,857,402			359,585				30,580,496			124,289,841			259,790,120
	74,297,434			178,159,889			7,814,112				52,372,301			878,037,428			1,458,739,298
	(389,797,337	)		(291,354,130	)		(219,105,119	)			(210,341,503	)		(380,678,315	)		(1,059,512,367	)
	(315,499,903	)		(113,194,241	)		(211,291,007	)	��		(157,969,202	)		497,359,113			399,226,931
	(297,445,900	)		(45,336,839	)		(210,931,422	)			(127,388,706	)		621,648,954			659,017,051
	448,147,082			493,483,921			247,168,724				374,557,430			2,620,905,586			1,961,888,535
$	150,701,182		$	448,147,082		$	36,237,302			$	247,168,724		$	3,242,554,540		$	2,620,905,586

60   Wells Fargo Advantage Master Portfolios Financial Highlights

	Ratio to Average Net Assets (Annualized)												Portfolio
	Net Investment			Gross			Net			Total			Turnover
	Income			Expenses			Expenses			Return1			Rate2
Inflation-Protected Bond Portfolio
June 1, 2010 to November 30, 2010 (Unaudited)		0.14	%		0.45	%		0.44	%		4.76	%		8	%
June 1, 2009 to May 31, 2010		3.53	%		0.45	%		0.44	%		8.28	%		31	%
June 1, 2008 to May 31, 2009		1.70	%		0.45	%		0.37	%		(1.33	)%		53	%
June 1, 2007 to May 31, 2008		5.78	%		0.48	%		0.40	%		12.78	%		40	%
June 1, 2006 to May 31, 2007		4.39	%		0.49	%		0.34	%		4.31	%		37	%
June 25, 20053 to May 31, 2006		4.29	%		0.52	%		0.52	%		(1.77	)%		47	%
Managed Fixed Income Portfolio
June 1, 2010 to November 30, 2010 (Unaudited)		3.87	%		0.42	%		0.39	%		4.44	%		73	%
June 1, 2009 to May 31, 2010		3.64	%		0.42	%		0.38	%		14.58	%		59	%
June 1, 2008 to May 31, 2009		5.09	%		0.43	%		0.34	%		(1.72	)%		132	%
June 1, 2007 to May 31, 2008		5.23	%		0.46	%		0.30	%		4.24	%		32	%
June 1, 2006 to May 31, 2007		5.23	%		0.45	%		0.27	%		6.72	%		30	%
June 1, 2005 to May 31, 2006		5.02	%		0.45	%		0.19	%		0.12	%		25	%
Stable Income Portfolio
June 1, 2010 to November 30, 2010 (Unaudited)		1.91	%		0.48	%		0.40	%		1.70	%		11	%
June 1, 2009 to May 31, 2010		1.90	%		0.43	%		0.40	%		9.94	%		10	%
June 1, 2008 to May 31, 2009		3.74	%		0.43	%		0.42	%		(2.73	)%		7	%
June 1, 2007 to May 31, 2008		4.67	%		0.47	%		0.33	%		0.78	%		22	%
June 1, 2006 to May 31, 2007		4.67	%		0.47	%		0.37	%		5.30	%		21	%
June 1, 2005 to May 31, 2006		4.29	%		0.47	%		0.44	%		2.91	%		23	%
Total Return Bond Portfolio
June 1, 2010 to November 30, 2010 (Unaudited)		2.96	%		0.37	%		0.35	%		4.36	%		400	%
June 1, 2009 to May 31, 2010		3.78	%		0.38	%		0.34	%		10.87	%		638	%
June 1, 2008 to May 31, 2009		4.92	%		0.40	%		0.39	%		6.58	%		633	%
June 1, 2007 to May 31, 2008		5.05	%		0.42	%		0.40	%		6.72	%		572	%
June 1, 2006 to May 31, 2007		5.02	%		0.42	%		0.39	%		6.76	%		665	%
June 25, 20053 to May 31, 2006		4.44	%		0.43	%		0.43	%		(0.16	)%		704	%

1.	Total return calculations would have been lower had certain expenses not been waived or reimbursed during the periods shown. Returns for periods less than one year are not annualized.
2.	Portfolio turnover rates presented for periods of less than one year are not annualized.
3.	Commencement of operations.

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

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Master Portfolios   61

1. ORGANIZATION

Wells Fargo Master Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on the following funds: Wells Fargo Advantage Inflation-Protected Bond Portfolio (“Inflation-Protected Bond Portfolio”), Wells Fargo Advantage Managed Fixed Income Portfolio (“Managed Fixed Income Portfolio”), Wells Fargo Advantage Stable Income Portfolio (“Stable Income Portfolio” ) and Wells Fargo Advantage Total Return Bond Portfolio (“Total Return Bond Portfolio” ) (each, a “Portfolio”, collectively, the “Portfolios”). Each Portfolio is a diversified series of the Trust.

Interests in the Portfolios are sold without any sales charge in private placement transactions to qualified investors, including open-end investment management companies.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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 Portfolios’ Fair Value Procedures.

Debt securities of sufficient credit quality with original maturities of 60 days or less and any collateral received from securities lending invested in securities 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 portfolios 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 Portfolios to measure fair value are consistent with the market approach, income approach and/or cost approach, where applicable, for each security type.

Repurchase agreements

The Portfolios may invest in repurchase agreements and may participate in pooled repurchase agreement transactions with other portfolios advised by Wells Fargo Funds Management, LLC. The repurchase agreements must be fully collateralized based on values that are marked-to- market daily. The collateral may be held by an agent bank under a tri-party agreement. It is the custodian’s responsibility to value collateral daily and to take action to obtain additional collateral as necessary to maintain market value equal to or greater than the resale price. The repurchase agreements are collateralized by instruments such as U.S. Treasury, federal agency, or high-grade corporate obligations. There could be potential loss to a Portfolio in the event that such Portfolio is delayed or prevented from exercising its rights to dispose of the collateral, including the risk of a possible decline in the value of the underlying obligations during the period in which a Portfolio seeks to assert its rights.

62   Wells Fargo Advantage Master Portfolios Notes to Financial Statements (Unaudited)

Security loans

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

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

In a securities lending transaction, the net asset value of a Portfolio will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of instruments in which cash collateral is invested. The amount of securities lending activity undertaken by a Portfolio fluctuates from time to time. After the occurrence of a default or impairment of structured investment vehicles purchased in a joint account by the Portfolios’ former securities lending agent, as the various participating Portfolios’ 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 Portfolio. In order to eliminate the fluctuation of the various Portfolios’ ratable exposure to the defaulted or impaired structured investment vehicles, the adviser to the Portfolios 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 portfolios participating in securities lending (“side pocketing”) based on each Portfolio’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 Portfolio’s ownership of defaulted or impaired structured investment vehicle in the joint account based on each such Portfolio’s percentage ownership of the joint account as of such date.

When-issued transactions

Each Portfolio may purchase securities on a forward commitment or ‘when-issued’ basis. A Portfolio records a when-issued transaction on the trade date and will segregate assets 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 Portfolio begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Term loans

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

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Master Portfolios   63

Futures contracts

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

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

TBA sale commitments

A Portfolio may enter into To Be Announced (“TBA”) sale commitments to hedge its portfolio positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities, or an offsetting TBA purchase commitment deliverable on or before the sale commitment date, are held as “cover” for the transaction. Unsettled TBA sale commitments are valued at the current market value of the underlying securities, generally according to the procedures described under “Securities valuation”. The contract is marked-to-market daily and the change in market value is recorded by the Portfolio as an unrealized gain or loss. If the TBA sale commitment is closed through the acquisition of an offsetting purchase commitment, the Portfolio realizes a gain or loss. If the Portfolio delivers securities under the commitment, the Portfolio realizes a gain or a loss from the sale of the securities based upon the unit price established at the date the commitment was entered into.

Inflation-indexed bonds and TIPS

Certain Portfolios may invest in inflation-indexed bonds, including Treasury Inflation-Protected Securities (TIPS). Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds (other than municipal inflation indexed bonds and certain corporate inflation-indexed bonds) will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Inflation-indexed bonds, including TIPS, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than other fixed income securities with similar durations.

Credit default swaps

Certain Portfolios may be subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swap contracts for hedging or speculative purposes to provide or receive a measure of protection against default on a referenced entity, obligation or index or for investment gains. Credit default swaps involve an exchange of a stream of payments for protection against the loss in value of an underlying security or index. Under the terms of the swap, one party acts as a guarantor (referred to as the seller of protection) and receives a periodic stream of payments, provided that there is no credit event, from another party (referred to as the buyer of protection) that is a fixed percentage applied to a notional principal amount over the term of the swap. An index credit default swap references all the names in the index, and if a credit event is triggered, the credit event is settled based on that name’s weight in the index. A credit event includes bankruptcy, failure to pay, obligation default, obligation acceleration, repudiation/moratorium, and restructuring. The Portfolio may enter into credit default swaps as either the

64   Wells Fargo Advantage Master Portfolios Notes to Financial Statements (Unaudited)

seller of protection or the buyer of protection. As the seller of protection, the Portfolio is subject to investment exposure on the notional amount of the swap and has assumed the risk of default of the underlying security or index. As the buyer of protection, the Portfolio could be exposed to risks if the seller of the protection defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates. The maximum potential amount of future payments (undiscounted) that the Portfolio as the seller of protection could be required to make under the credit default swap contract would be an amount equal to the notional amount of the swap contract. The Portfolio’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. This risk is mitigated by having a master netting arrangement between the Portfolio and the counterparty and by having the counterparty post collateral to cover the Portfolio’s exposure to the counterparty.

If the Portfolio is the seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of protection the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is the buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will receive from the seller of protection the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index.

Any premiums paid or received on the transactions are recorded as an asset or liability on the Statements of Assets and Liabilities and amortized. The value of the swap contract is marked-to-market daily based on quotations from an independent pricing service or market makers and any change in value is recorded as an unrealized gain or loss. Periodic payments made or received are recorded as realized gains or losses. In addition, payments received or made as a result of a credit event or termination of the contract are recognized as realized gains or losses.

Certain credit default swap contracts entered into by the Portfolio provide for conditions that result in events of default or termination that enable the counterparty to the agreement to cause an early termination of the transactions under those agreements. Any election by the counterparty to terminate early may impact the amounts reported on the financial statements.

Mortgage dollar roll transactions

The Portfolios may engage in mortgage dollar roll transactions with respect to mortgage-backed securities issued by Government National Mortgage Association (GNMA), Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC). In a mortgage dollar roll transaction, a Portfolio sells a mortgage-backed security to a financial institution, such as a bank or broker-dealer and simultaneously agrees to repurchase a substantially similar security from the institution at a later date at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different pre-payment histories. During the roll period, a Portfolio foregoes principal and interest paid on the securities. A Portfolio is compensated by the difference between the current sales price and the forward price for the future purchase as well as by the earnings on the cash proceeds of the initial sale. Mortgage dollar rolls may be renewed without physical delivery of the securities subject to the contract. The Portfolios account for the dollar roll transactions as purchases and sales.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are 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.

Interest income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Master Portfolios   65

Federal and other taxes

Each Portfolio is treated as a separate entity for federal income tax purposes. The Portfolios are not required to pay federal income taxes on their net investment income and net capital gain as they are treated as partnerships for federal income tax purposes. All interest, dividends, gains and losses of a Portfolio are deemed to have been “passed through” to the interest holders in proportion to their holdings of the Portfolio regardless of whether such interest, dividends and gains have been distributed by the Portfolio.

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

3. FAIR VALUATION MEASUREMENTS

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

§	Level 1 — quoted prices in active markets for identical securities
§	Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
§	Level 3 — significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

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

As of November 30, 2010, the inputs used in valuing each Portfolio’s assets, which are carried at fair value, were as follows:

			Significant Other		Significant
	Quoted Prices		Observable Inputs		Unobservable Inputs
Investments in Securities	(Level 1)		(Level 2)		(Level 3)		Total
Inflation-Protected Bond Portfolio
U.S. Treasury obligations	$	97,809,577	$	0	$	0	$	97,809,577
Short-term investments
Corporate bonds and notes		0		0		1,459,940		1,459,940
Investment companies		1,098,477		1,243,611		0		2,342,088
Total	$	98,908,054	$	1,243,611	$	1,459,940	$	101,611,605
Managed Fixed Income Portfolio
Agency securities	$	0	$	5,801,806	$	0	$	5,801,806
Asset-backed securities		0		13,013,775		2,459,593		15,473,368
Collateralized mortgage obligations		0		53,840,537		784,247		54,624,784
Corporate bonds and notes		0		44,732,974		0		44,732,974
Term loans		0		578,925		0		578,925
Yankee corporate bonds and notes		0		2,644,619		0		2,644,619
Municipal bonds and notes		0		18,828,230		0		18,828,230
U.S. Treasury obligations		3,338,714		0		0		3,338,714
Short-term investments
Corporate bonds and notes		0		0		710,811		710,811
Investment companies		3,833,213		121,791		0		3,955,004
Total	$	7,171,927	$	139,562,657	$	3,954,651	$	150,689,235

66   Wells Fargo Advantage Master Portfolios Notes to Financial Statements (Unaudited)

			Significant Other		Significant
	Quoted Prices		Observable Inputs		Unobservable Inputs
Investments in Securities	(Level 1)		(Level 2)		(Level 3)		Total
Stable Income Portfolio
Asset-backed securities	$	0	$	5,848,598	$	0	$	5,848,598
Collateralized mortgage obligations		0		6,702,671		0		6,702,671
Corporate bonds and notes		0		3,578,753		0		3,578,753
Loan participations		0		641,149		0		641,149
Agency securities		0		17,234,167		0		17,234,167
Municipal bonds and notes		0		769,705		0		769,705
Short-term investments
Corporate bonds and notes		0		0		317,616		317,616
Investment companies		1,186,045		31,646		0		1,217,691
Total	$	1,186,045	$	34,806,689	$	317,616	$	36,310,350
Total Return Bond Portfolio
Agency securities	$	0	$	1,775,840,903	$	24,873,032	$	1,800,713,935
Asset-backed securities		0		288,585,943		0		288,585,943
Collateralized mortgage obligations		0		630,172,789		0		630,172,789
Corporate bonds and notes		0		530,066,035		0		530,066,035
Yankee government bonds		0		43,083,204		0		43,083,204
Yankee corporate bonds and notes		0		206,677,218		0		206,677,218
Municipal bonds and notes		0		24,424,330		0		24,424,330
U.S. Treasury obligations		405,377,243		0		0		405,377,243
Short-term investments
Corporate bonds and notes		0		0		9,153,433		9,153,433
Investment companies		231,066,530		93,627,275		0		324,693,805
Total	$	636,443,773	$	3,592,477,697	$	34,026,465	$	4,262,947,935

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

As of November 30, 2010, the inputs used in valuing the Total Return Bond Portfolio’s other financial instruments, which are carried at fair value, were as follows:

			Significant Other			Significant
	Quoted Prices		Observable Inputs			Unobservable Inputs
Other financial instruments	(Level 1)		(Level 2)			(Level 3)		Total
Credit default swap contracts*	$	0	$	(460,712	)	$	0	$	(460,712	)
TBA sale committments		0		(466,290,271	)		0		(466,290,271	)

* The value of swap contracts consists of unrealized gains (losses) and premiums paid/received on swap contracts as reflected on the Statement of Assets and Liabilities.

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

	Inflation-Protected			Managed Fixed Income
	Bond Portfolio			Portfolio
	Corporate			Corporate			Asset		Collateralized
	bonds and			bonds and			backed		mortgage
	notes			notes			securities		obligations		Total
Balance as of May 31, 2010	$	1,555,707		$	757,438		$	0	$	0	$	757,438
Realized gains (losses)		0			0			0		0		0
Change in unrealized gains (losses)		131,916			64,228			0		0		64,228
Purchases		0			0			0		0		0
Sales		(227,683	)		(110,855	)		0		0		(110,855	)
Transfers into Level 3		0			0			2,459,593		784,247		3,243,840
Transfers out Level 3		0			0			0		0		0
Balance as of November 30, 2010	$	1,459,940		$	710,811		$	2,459,593	$	784,247	$	3,954,651
Change in unrealized gains (losses) included in earnings relating to securities still held at November 30, 2010	$	26,958		$	13,116		$	0	$	0	$	13,116

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Master Portfolios   67

	Stable Income			Total Return Bond
	Portfolio			Portfolio
	Corporate			Corporate
	bonds and			bonds and			Agency
	notes			notes			Securities			Total
Balance as of May 31, 2010	$	725,511		$	9,753,867		$	0		$	9,753,867
Realized gains (losses)		0			0			30,573			30,573
Change in unrealized gains (losses)		380,882			827,080			29,373			856,453
Purchases		0			0			33,203,491			24,813,086
Sales		(788,777	)		(1,427,514	)		(8,390,405	)		(1,427,514	)
Transfers into Level 3		0			0			0			0
Transfers out Level 3		0			0			0			0
Balance as of November 30, 2010	$	317,616		$	9,153,433		$	24,873,032		$	34,026,465
Change in unrealized gains (losses) included in earnings relating to securities still held at November 30, 2010	$	5,865		$	169,021		$	29,373		$	198,394

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Investment advisory fees

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

Pursuant to the contract, Funds Management is paid an annual investment advisory fee starting at 0.40% and declining to 0.30% as the average daily net assets of each Portfolio increases. For the six months ended November 30, 2010, the investment advisory fee was equivalent to an annual rate of 0.40% of the average daily net assets of each Portfolio, except Total Return Bond Portfolio. The investment advisory fee was equivalent to an annual rate of 0.36% of Total Return Bond Portfolio’s average daily net assets.

Funds Management may retain the services of certain investment sub-advisers to provide daily portfolio management to the Portfolios. Wells Capital Management, an affiliate of Funds Management, is the investment sub-adviser to Inflation-Protected Bond Portfolio and Total Return Bond Portfolio. Galliard Capital Management Incorporated, an affiliate of Funds Management and indirect wholly owned subsidiary of Wells Fargo, is the investment sub-adviser to Managed Fixed Income Portfolio and Stable Income Portfolio.

The fees related to investment sub-advisory services are borne directly by the investment adviser and do not increase the overall fees paid by a Portfolio to the investment adviser. The investment sub-advisers are each paid an annual investment sub-advisory fee which is calculated based on the average daily net assets of each Portfolio as follows:

		Annual investment sub-advisory fee
	Investment sub-adviser	starting at			declining to
Inflation-Protected Bond Portfolio	Wells Capital Management		0.20	%		0.10	%
Managed Fixed Income Portfolio	Galliard Capital Management Incorporated		0.20	%*		0.10	%*
Stable Income Portfolio	Galliard Capital Management Incorporated		0.15	%*		0.05	%*
Total Return Bond Portfolio	Wells Capital Management		0.20	%		0.10	%

* Prior to August 25, 2010 the investment sub-advisory rate paid to Galliard started at 0.10% and declined to 0.03% as average daily net assets increased.

Funds Management has contractually waived and/or reimbursed investment advisory fees during the six months ended November 30, 2010 to the extent necessary to maintain certain net operating expense ratios for the Portfolios.

68   Wells Fargo Advantage Master Portfolios Notes to Financial Statements (Unaudited)

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, exclusive of short-term securities (securities with maturities of one year or less at purchase date) for the six months ended November 30, 2010, were as follows:

	Purchases at Cost				Sales Proceeds
	U.S. Government		Non-U.S. Government		U.S. Government		Non-U.S. Government
Inflation-Protected Bond Portfolio	$	8,839,999	$	0	$	51,763,127	$	0
Managed Fixed Income Portfolio		197,069,370		304,137		317,894,875		162,838,762
Stable Income Portfolio		12,582,959		16,334,832		71,727,043		11,223,226
Total Return Bond Portfolio		11,006,649,006		1,882,659,949		10,786,195,681		1,960,231,924

6. REDEMPTION IN-KIND

After the close of business on June 18, 2010, Stable Income Portfolio redeemed assets through an in-kind redemption. In the transaction, the value of securities issued in the redemption, the percentage of the Stable Income Portfolio redeemed at the time of the transaction and the gains (losses) realized by Stable Income Porfolio were $80,598,750, 53% and ($305,145), respectively. The gains (losses) realized by Stable Income Portfolio are reflected in the amounts on the Statements of Operations.

7. DERIVATIVE TRANSACTIONS

Total Return Bond Portfolio entered into credit default swap contracts as a substitute for taking a position in the underlying security or basket of securities or to potentially enhance the Portfolio’s total return. As of November 30, 2010, the Total Return Bond Portfolio had the following credit default swap contracts outstanding.

Credit default swaps on debt obligations — Buy protection

Rating of

Fixed

Frequency

Upfront

Reference

Reference

Payments

of

Premiums

Debt

Debt

Notional

Made by

Payments

Market

Paid/

Unrealized

Expiration

Counterparty

Obligation

Obligation*

Amount

the Fund

Made

Value

(Received)

Gains (Losses)

03/20/2015

Barclays

Cisco

Capital

Systems,

5.25%,

02/22/2011##

A1

$

5,000,000

1.00

%

Quarterly

$

(188,647

)

$

(100,908

)

$

(87,739

)

06/20/2015

Barclays

Oracle

Capital

Corporation,

5.25%,

01/15/2016##

A2

5,000,000

1.00

%

Quarterly

111,607

70,803

40,804

06/20/2015

Barclays

Oracle

Capital

Corporation,

5.25%,

01/15/2016##

A2

5,000,000

1.00

%

Quarterly

111,607

91,772

19,835

12/20/2015

Barclays

Campbell

Capital

Soup

Company,

4.875%,

10/01/2013##

A2

5,000,000

1.00

%

Quarterly

(44,749

)

(23,700

)

(21,049

)

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Master Portfolios   69

Credit default swaps on debt obligations — Sell protection

			Rating of				Fixed			Frequency				Upfront
		Reference	Reference				Payments			of				Premiums
		Debt	Debt		Notional		Received by			Payments	Market			Paid/			Unrealized
Expiration	Counterparty	Obligation	Obligation*		Amount		the Fund			Received	Value			(Received)			Gains (Losses)
09/20/2015	Barclays	Cisco
	Capital	Systems,
		5.25%,
		02/22/2011#		A1	$	5,000,000		1.00	%	Quarterly	$	(157,272	)	$	(129,734	)	$	(27,538	)
09/20/2015	Barclays	Anheuser-
	Capital	Busch Inbev,
		8.625%,
		01/30/2017#	Baa2			5,000,000		1.00	%	Quarterly		(157,271	)		(143,582	)		(13,689	)
12/20/2015	Barclays	Campbell
	Capital	Soup
		Company,
		4.875%,
		10/01/2013#		A2	$	5,000,000		1.00	%	Quarterly	$	(135,987	)	$	(143,919	)	$	7,932

*	Reflects the ratings of a nationally recognized ratings agency at period end. A rating of D would most likely indicate a trigger event of default has occurred although circumstances including bankruptcy, failure to pay, obligation default, obligation acceleration, repudiation/moratorium and restructuring may also cause a credit event to take place.
##	The Fund entered into the swap contract for hedging purposes.
#	The Fund entered into the swap contract for speculative purposes.

Total Return Bond Portfolio had an average notional balance of $26,256,831 during the six months ended November 30, 2010.

Certain of the Portfolio’s derivative transactions may contain provisions for early termination in the event the net assets of the Portfolio declines below specific levels identified by the counterparty. If these levels are triggered, the counterparty may terminate the transaction and seek payment or request full collateralization of the derivative transaction in net liability positions. On November 30, 2010, the aggregate fair value of all derivative instruments with net asset contingent features that were in a liability positions amounted to $691,858.

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. INDEMNIFICATION

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

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

(b) There were no significant changes in the Trust’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second quarter of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS

(a)(1) Not required in this filing.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.

SIGNATURES

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

Wells Fargo Master Trust
By:	/s/ Karla M. Rabusch
	Karla M. Rabusch
	President
Date: January 28, 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: January 28, 2011
By:	/s/ Kasey L. Phillips
	Kasey L. Phillips
	Treasurer
	Date: January 28, 2011