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: September 30, 2010

Date of reporting period: March 31, 2011

ITEM 1. REPORT TO SHAREHOLDERS

WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS

§	Wells Fargo Advantage C&B Large Cap Value Fund
§	Wells Fargo Advantage Diversified Equity Fund
§	Wells Fargo Advantage Diversified Small Cap Fund
§	Wells Fargo Advantage Emerging Growth Fund
§	Wells Fargo Advantage Equity Value Fund
§	Wells Fargo Advantage International Value Fund
§	Wells Fargo Advantage Small Company Growth Fund
§	Wells Fargo Advantage Small Company Value Fund

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Contents

Letter to Shareholders	2
Performance Highlights
Wells Fargo Advantage C&B Large Cap Value Fund	6
Wells Fargo Advantage Diversified Equity Fund	8
Wells Fargo Advantage Diversified Small Cap Fund	10
Wells Fargo Advantage Emerging Growth Fund	12
Wells Fargo Advantage Equity Value Fund	14
Wells Fargo Advantage International Value Fund	16
Wells Fargo Advantage Small Company Growth Fund	18
Wells Fargo Advantage Small Company Value Fund	20
Fund Expenses	22
Portfolio of Investments
Wells Fargo Advantage C&B Large Cap Value Fund	26
Wells Fargo Advantage Diversified Equity Fund	26
Wells Fargo Advantage Diversified Small Cap Fund	27
Wells Fargo Advantage Emerging Growth Fund	27
Wells Fargo Advantage Equity Value Fund	28
Wells Fargo Advantage International Value Fund	28
Wells Fargo Advantage Small Company Growth Fund	29
Wells Fargo Advantage Small Company Value Fund	29
Financial Statements
Statements of Assets and Liabilities	30
Statements of Operations	32
Statements of Changes in Net Assets	34
Financial Highlights	42
Notes to Financial Statements	52
(continued next page)

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

NOT FDIC INSURED § NO BANK GUARANTEE § MAY LOSE VALUE

Contents (continued)

Master Portfolios
Portfolio of Investments
Wells Fargo Advantage C&B Large Cap Value Portfolio	59
Wells Fargo Advantage Disciplined Value Portfolio	63
Wells Fargo Advantage Diversified Large Cap Growth Portfolio	69
Wells Fargo Advantage Emerging Growth Portfolio	75
Wells Fargo Advantage Equity Value Portfolio	79
Wells Fargo Advantage Index Portfolio	83
Wells Fargo Advantage International Equity Portfolio (formerly Wells Fargo Advantage International Core Portfolio)	97
Wells Fargo Advantage International Growth Portfolio	101
Wells Fargo Advantage International Index Portfolio	104
Wells Fargo Advantage International Value Portfolio	124
Wells Fargo Advantage Small Cap Value Portfolio (formerly Wells Fargo Advantage Strategic Small Cap Value Portfolio)	129
Wells Fargo Advantage Small Company Growth Portfolio	134
Wells Fargo Advantage Small Company Value Portfolio	140
Financial Statements
Statements of Assets and Liabilities	146
Statements of Operations	150
Statements of Changes in Net Assets	154
Financial Highlights	161
Notes to Financial Statements	163
Other Information	174
List of Abbreviations	182

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WELLS FARGO
    INVESTMENT HISTORY

1932	Keystone creates one of the first mutual fund families.
1971	Wells Fargo & Company introduces one of the first institutional index funds.
1978	Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.
1984	Wells Fargo Stagecoach Funds launches its first asset allocation fund.
1989	The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.
1994	Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo Advantage Dow Jones Target Date FundsSM).
1996	Evergreen Investments and Keystone Funds merge.
1997	Wells Fargo launches Wells Fargo Advantage WealthBuilder PortfoliosSM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.
1999	Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.
2002	Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.
2005	The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo Advantage Funds, resulting in one of the top 20 mutual fund companies in the United States.
2006	Wells Fargo Advantage Funds relaunches the target date product line as Wells Fargo Advantage Dow Jones Target Date Funds.
2010	The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of Wells Fargo Advantage Funds.

Wells Fargo Advantage Funds^®

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

Strength

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

Expertise

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

Partnership

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

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

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

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

NOT FDIC INSURED § NO BANK GUARANTEE § MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 120 mutual funds across a wide range of asset classes, representing over $235 billion in assets under management, as of March 31, 2011.

Equity Funds

Asia Pacific Fund	Enterprise Fund†	Opportunity Fund†
C&B Large Cap Value Fund	Equity Value Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Global Opportunities Fund	Premier Large Company Growth Fund
Capital Growth Fund	Growth Fund	Small Cap Growth Fund
Classic Value Fund	Growth Opportunities Fund	Small Cap Opportunities Fund
Common Stock Fund	Health Care Fund	Small Cap Value Fund
Core Equity Fund	Index Fund	Small Company Growth Fund
Disciplined Global Equity Fund	International Equity Fund	Small Company Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small/Mid Cap Core Fund
Disciplined Value Fund	Intrinsic Small Cap Value Fund	Small/Mid Cap Value Fund
Discovery Fund†	Intrinsic Value Fund	Social Sustainability Fund†
Diversified Equity Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified International Fund	Large Cap Core Fund	Special Small Cap Value Fund
Diversified Small Cap Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Growth Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Emerging Markets Equity Fund	Mid Cap Growth Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Utility and Telecommunications Fund
Bond Funds
Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund
Asset Allocation Funds
Asset Allocation Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Conservative Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†
Money Market Funds
100% Treasury Money Market Fund	Minnesota Money Market Fund	New Jersey Municipal Money Market Fund
California Municipal Money Market Fund	Money Market Fund	New York Municipal Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Pennsylvania Municipal Money Market Fund
Government Money Market Fund	Municipal Money Market Fund	Prime Investment Money Market Fund
Heritage Money Market Fund†	National Tax-Free Money Market Fund	Treasury Plus Money Market Fund
Variable Trust Funds1
VT Core Equity Fund	VT Intrinsic Value Fund	VT Small Cap Value Fund
VT Discovery Fund†	VT Omega Growth Fund	VT Total Return Bond Fund
VT Index Asset Allocation Fund	VT Opportunity Fund†
VT International Equity Fund	VT Small Cap Growth Fund

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

1.

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

†

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

Not part of the semi-annual report.

2     Wells Fargo Equity Gateway Funds Letter to Shareholders

Karla M. Rabusch,
President
Wells Fargo Advantage Funds

In one bright spot for the economy, the beleaguered labor market showed signs of life.

Dear Valued Shareholder,

We are pleased to provide you with this semi-annual report for the Wells Fargo Advantage Equity Gateway Funds for the six-month period that ended March 31, 2011. The equity markets built upon the rally that began in 2009 by delivering strong, broad-based gains against the backdrop of a strengthening economy, but the six-month period was not without occasional bouts of market volatility, once again highlighting the value of a sound, well-diversified investment strategy. As always, we believe that such a strategy may enable investors to balance risks and opportunities as they pursue long-term financial goals in a dynamic market environment.

The economic recovery stayed firmly on track.

At the outset of the six-month period, legitimate fears of a double-dip recession loomed over a decidedly lackluster economic recovery. Those fears had largely dissipated by the end of the period, amid mounting evidence of—and confidence in—the sustainability of the recovery. Gross domestic product (GDP) grew at an annualized rate of 3.1% in the fourth quarter of 2010 and 2.9% in the first quarter of 2011, capping a streak of seven consecutive quarters of positive GDP growth. More than anything, the economy’s resilience in the face of numerous challenges—both domestic and global—demonstrated that the recovery has found firmer footing than what it was on in previous quarters.

The labor market improved, but housing remained weak.

In one bright spot for the economy, the beleaguered labor market showed signs of life. As of March 31, 2011, the unemployment rate stood at 8.8%—still quite elevated but down from the mid-9% range from the fall of 2010. Private employer payrolls increased at a rate of roughly 200,000 a month in February and March, after growing by only 1.1 million in all of 2010. Encouraging data in areas such as manufacturing, business investment, and even consumer spending also supported the case for a sustainable recovery.

At the same time, persistent weakness in the housing market remained a source of concern. After slight improvement on this front in late 2010, housing starts and existing home sales lost momentum in the first quarter of 2011. Meanwhile, recent spikes in food and energy prices have created additional potential headwinds to economic growth. These and other risks—including domestic federal spending, Europe’s sovereign debt issues, and China’s efforts to control inflation—bear close watching in the period ahead.

The Federal Reserve (Fed) continued to do its part.

Despite recent worries about the prospect of higher inflation, U.S. core inflation, which excludes food and energy prices, has been fairly benign. As a result, the Fed has been able to hold its target range for the federal funds rate—a proxy for short-term interest rates—steady at 0% to 0.25%.

Letter to Shareholders Wells Fargo Equity Gateway Funds     3

On March 15, 2011, in its final statement of the six-month period, the Fed indicated that it plans to keep short-term rates at exceptionally low levels for “an extended period” in order to promote a more robust economic expansion. For the same reason, the Fed also stated that it intends to proceed with its second round of quantitative easing (QE2)—a stimulus program designed to purchase $600 billion in longer-term Treasury securities by the end of the second quarter of 2011. The unofficial unveiling of QE2 in the third quarter of 2010 marked a significant turning point in investor sentiment, setting the stage for the strong run in the equity markets that we have seen over the past two quarters.

The equity markets rewarded investors.

QE2 was certainly not the only catalyst for the equity markets during the past six months. Better-than-expected corporate earnings power also played a role in lifting stock prices, as the majority of companies in the S&P 500 Index continued to beat Wall Street’s quarterly earnings estimates. The midterm elections in November 2010 and the extension of the Bush tax cuts in December provided additional tailwinds for the markets, aided by the more upbeat economic data reported during the six-month period.

For the first quarter of 2011, the S&P 500 Index¹ and the Dow Jones Industrial Average² rose 5.9% and 7.1%, respectively, after posting gains of 10.8% and 8.0%, respectively, for the final three months of 2010. Investors were generally rewarded across the market-capitalization spectrum during both quarters, with small- and mid-cap stocks outpacing their large-cap counterparts, as well as across investment styles and economic sectors. International stocks, as represented by the MSCI EAFE³ Index, also performed well.

Of course, the equity markets did not advance in a straight line throughout the period. Stocks pulled back in February 2011 on news of the geopolitical turmoil in North Africa and the Middle East, only to stumble again in March in response to the earthquake and subsequent tsunami in Japan. On both occasions, however, markets resumed their upward trajectory in relatively short order. By contrast, had these events occurred a year or so earlier when the markets were more fragile, the damage may have been far worse.

Stay focused on the long term.

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

By staying focused on your long-term goals, you may be better positioned to both navigate falling markets and participate in rising markets.

1.	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.
2.	The Dow Jones Industrial Average is a price-weighted index of 30 “blue-chip” industrial U.S. stocks. You cannot invest directly in an index.
3.	The Morgan Stanley Capital International Europe, Australasia, and Far East (“MSCI EAFE”) Stock Index is an unmanaged group of securities widely regarded by investors to be representations of the stock markets of Europe, Australasia, and the Far East. You cannot invest directly in an index. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

4     Wells Fargo Equity Gateway Funds Letter to Shareholders

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

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

Sincerely,

Karla M. Rabusch
President
Wells Fargo Advantage Funds

This page is intentionally left blank.

6     Wells Fargo Equity Gateway Funds Performance Highlights

Wells Fargo Advantage C&B Large Cap Value Fund¹

INVESTMENT OBJECTIVE

The Fund seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal.

ADVISER
Wells Fargo Funds Management, LLC

SUB-ADVISER FOR
MASTER PORTFOLIO
Cooke & Bieler, L.P.

PORTFOLIO MANAGERS
Kermit S. Eck, CFA
Daren C. Heitman, CFA
Steve Lyons, CFA
Michael M. Meyer, CFA
Edward W. O’Connor, CFA
R. James O’Neil, CFA
Mehul Trivedi, CFA
William Weber, CFA

FUND INCEPTION
May 15, 1990

TEN LARGEST EQUITY HOLDINGS3
(AS OF MARCH 31, 2011)
Exxon Mobil Corporation	4.16	%
Omnicom Group Incorporated	3.59	%
Quest Diagnostics Incorporated	3.08	%
Johnson & Johnson	3.01	%
State Street Corporation	3.00	%
Kohl’s Corporation	2.96	%
American Express Company	2.89	%
Vodafone Group PLC ADR	2.80	%
JPMorgan Chase & Company	2.73	%
Colgate-Palmolive Company	2.70	%

1.	The fund is a gateway feeder fund that invests all its assets in a single master portfolio of the Wells Fargo Master Trust (the “Master Trust”) with a substantially similar investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the master portfolio in which it invests. See Notes to Financial Statement for a discussion of the Master Trust.
2.	Sector distribution is subject to change and represents the sector distribution of the master portfolio which is calculated based on total long-term investment of the master portfolio.
3.	The ten largest equity holdings are calculated based on the value of the portfolio securities of the master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

Performance Highlights Wells Fargo Equity Gateway Funds     7

Wells Fargo Advantage C&B Large Cap Value Fund (continued)

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

	Inception		Including Sales Charge								Excluding Sales Charge								Expense Ratios5
	Date		6 Months*		1 Year		5 Year		10 Year		6 Months*		1 Year		5 Year		10 Year		Gross			Net6
Class A (CBEAX)		7/26/2004		7.59		5.34		0.55		4.68		14.21		11.82		1.75		5.31		1.29	%		1.15	%
Class B (CBEBX)**		7/26/2004		8.91		6.07		0.60		4.77		13.91		11.07		0.99		4.77		2.04	%		1.90	%
Class C (CBECX)		7/26/2004		12.90		10.06		1.00		4.55		13.90		11.06		1.00		4.55		2.04	%		1.90	%
Administrator Class (CBLLX)		7/26/2004										14.36		12.11		1.96		5.45		1.13	%		0.95	%
Institutional Class (CBLSX)		7/26/2004										14.64		12.39		2.24		5.66		0.86	%		0.70	%
Investor Class (CBEQX)		5/15/1990										14.38		11.98		1.76		5.31		1.36	%		1.20	%
Russell 1000® Value Index7												17.68		15.15		1.38		4.53

*	Returns for periods of less than one year are not annualized.
**	Class B shares are closed to investment, except in connection with the reinvestment of any distributions and permitted exchanges.

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

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

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

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Consult the Fund’s prospectus for additional information on these and other risks.

4.	Effective June 20, 2008, Class D was renamed Investor Class and modified to assume the features and attributes of the Investor Class. Historical performance shown for Class A, Class B and Class C shares prior to their inception reflects the performance of the Investor Class shares, adjusted to reflect the higher expenses applicable to Class A, Class B and Class C shares. Historical performance shown for the Administrator and Institutional Class shares prior to their inception reflects the performance of the Investor Class shares, and includes the higher expenses applicable to the Investor Class shares. If these expenses had not been included, returns would be higher.
5.	Reflects the expense ratios as stated in the January 31, 2011 prospectuses.
6.	The Adviser has committed through January 31, 2012 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amount shown above. Without this cap, the Fund’s returns would have been lower.
7.	The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. You cannot invest directly in an index.

8     Wells Fargo Equity Gateway Funds Performance Highlights

Wells Fargo Advantage Diversified Equity Fund¹

INVESTMENT OBJECTIVE
The Fund seeks long-term capital appreciation.

ADVISER
Wells Fargo Funds Management, LLC

SUB-ADVISERS FOR
MASTER PORTFOLIOS
Artisan Partners Limited Partnership
Cadence Capital Management LLC
Cooke & Bieler, L.P.
LSV Asset Management
Peregrine Capital Management, Inc.
SSgA Funds Management, Inc.
Systematic Financial Management, L.P.
Wells Capital Management Incorporated

PORTFOLIO MANAGERS
Thomas C. Biwer, CFA
Christian L. Chan, CFA
Andrew Owen, CFA

FUND INCEPTION
December 31, 1988

TEN LARGEST EQUITY HOLDINGS3
(AS OF MARCH 31, 2011)
Apple Incorporated	2.28	%
General Electric Company	1.50	%
JPMorgan Chase & Co.	1.38	%
Chevron Corporation	1.30	%
Exxon Mobil Corporation	1.21	%
Google Incorporated	1.14	%
Qualcomm Incorporated	0.92	%
Bank of America Corporation	0.82	%
AT&T Incorporated	0.79	%
Oracle Corporation	0.78	%

1.	The fund is a gateway blended fund that invests all its assets in two or more master portfolios of the Wells Fargo Master Trust (the “Master Trust”) in varying proportions. References to the investment activities of the Fund are intended to refer to the investment activities of the master portfolios in which it invests. See Notes to Financial Statement for a discussion of the Master Trust.
2.	Sector distribution is subject to change and represents the sector distribution of the master portfolios which is calculated based on total long-term investment of the master portfolios.
3.	The ten largest equity holdings are calculated based on the value of the portfolio securities of the master portfolios allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

Performance Highlights Wells Fargo Equity Gateway Funds     9

Wells Fargo Advantage Diversified Equity Fund (continued)

AVERAGE ANNUAL TOTAL RETURN (%) (AS OF MARCH 31, 2011)

	Inception		Including Sales Charge								Excluding Sales Charge								Expense Ratios4
	Date		6 Months*		1 Year		5 Year		10 Year		6 Months*		1 Year		5 Year		10 Year		Gross			Net5
Class A (NVDAX)		5/2/1996		11.20		9.74		0.35		2.42		17.98		16.44		1.55		3.02		1.46	%		1.25	%
Class B (NVDBX)**		5/6/1996		12.47		10.54		0.39		2.48		17.47		15.54		0.78		2.48		2.21	%		2.00	%
Class C (WFDEX)		10/1/1998		16.51		14.57		0.78		2.25		17.51		15.57		0.78		2.25		2.21	%		2.00	%
Administrator Class (NVDEX)		11/11/1994										18.12		16.72		1.80		3.28		1.30	%		1.00	%
Diversified Equity Composite Index6												17.46		16.47		2.73		4.42
S&P 500® Index7												17.31		15.65		2.62		3.29

*	Returns for periods of less than one year are not annualized.
**	Class B shares are closed to investment, except in connection with the reinvestment of any distributions and permitted exchanges.

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

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

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

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

4.	Reflects the expense ratios as stated in the January 31, 2011 prospectuses.
5.	The Adviser has committed through July 18, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amount shown above. Without this cap, the Fund’s returns would have been lower.
6.	Source: Wells Fargo Funds Management, LLC. The Diversified Equity Composite Index is weighted 25% in the Russell 1000® Value Index (measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values), 25% in the S&P 500® Index, 25% in the Russell 1000® Growth Index (measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values), 15% in the MSCI EAFE Index (an unmanaged group of securities generally representative of the stock markets of Europe, Australasia and the Far East), and 10% in the Russell 2000® Index (measures the performance of the 2,000 smallest companies in the Russell 3000® Index). You cannot invest directly in an index.
7.	The S&P 500® Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

10     Wells Fargo Equity Gateway Funds Performance Highlights

Wells Fargo Advantage Diversified Small Cap Fund¹

INVESTMENT OBJECTIVE
The Fund seeks long-term capital appreciation.

ADVISER
Wells Fargo Funds Management, LLC

SUBADVISERS FOR
MASTER PORTFOLIOS
Peregrine Capital Management, Inc.
Wells Capital Management Incorporated

PORTFOLIO MANAGERS
Thomas C. Biwer, CFA
Christian L. Chan, CFA
Andrew Owen, CFA

FUND INCEPTION
December 31, 1997

TEN LARGEST EQUITY HOLDINGS3
(AS OF MARCH 31, 2011)
Interoil Corporation	1.51	%
Randgold Resources Limited ADR	1.26	%
SuccessFactors Incorporated	1.03	%
Aruba Networks Incorporated	0.87	%
Chimera Investment Corporation	0.83	%
Ulta Salon Cosmetics & Fragrance Incorporated	0.80	%
Brigham Exploration Company	0.74	%
Northern Oil And Gas Incorporated	0.72	%
Helix Energy Solutions Group	0.72	%
Global Industries Limited	0.67	%

1.	The fund is a gateway blended fund that invests all its assets in two or more master portfolios of the Wells Fargo Master Trust (the “Master Trust”) in varying proportions. References to the investment activities of the Fund are intended to refer to the investment activities of the master portfolios in which it invests. See Notes to Financial Statement for a discussion of the Master Trust.
2.	Sector distribution is subject to change and represents the sector distribution of the master portfolios which is calculated based on total long-term investment of the master portfolios.
3.	The ten largest equity holdings are calculated based on the value of the portfolio securities of the master portfolios allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

Performance Highlights Wells Fargo Equity Gateway Funds     11

Wells Fargo Advantage Diversified Small Cap Fund (continued)

AVERAGE ANNUAL TOTAL RETURN (%) (AS OF MARCH 31, 2011)

										Expense Ratios4
	Inception Date	6 Months*		1 Year		5 Year		10 Year		Gross			Net5
Administrator Class (NVDSX)	12/31/1997		26.57		27.98		2.48		8.02		1.43	%		1.00	%
Russell 2000® Index6			25.48		25.79		3.35		7.87

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

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Current month-end performance is available on the Fund’s Web site — www.wellsfargo.com/advantagefunds.

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

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

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

4.	Reflects the expense ratios as stated in the January 31, 2011 prospectus.
5.	The Adviser has committed through January 31, 2012 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amount shown above. Without this cap, the Fund’s returns would have been lower.
6.	Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 8% of the total market capitalization of the Russell 3000® Index.

12     Wells Fargo Equity Gateway Funds Performance Highlights

Wells Fargo Advantage Emerging Growth Fund¹

INVESTMENT OBJECTIVE
The Fund seeks long-term capital appreciation.

ADVISER
Wells Fargo Funds Management, LLC

SUB-ADVISER FOR
MASTER PORTFOLIO
Wells Capital Management Incorporated

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

FUND INCEPTION
January 31, 2007

TEN LARGEST EQUITY HOLDINGS3
(AS OF MARCH 31, 2011)
Brigham Exploration Company	2.82	%
Northern Oil And Gas Incorporated	2.75	%
Aruba Networks Incorporated	2.59	%
Financial Engines Incorporated	2.50	%
SuccessFactors Incorporated	2.49	%
Tractor Supply Company	2.30	%
Shutterfly Incorporated	2.26	%
Altra Holdings Incorporated	2.21	%
Polypore International Incorporated	2.20	%
HMS Holdings Corporation	2.19	%

1.	The fund is a gateway feeder fund that invests all its assets in a single master portfolio of the Wells Fargo Master Trust (the “Master Trust”) with a substantially similar investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the master portfolio in which it invests. See Notes to Financial Statement for a discussion of the Master Trust.
2.	Sector distribution is subject to change and represents the sector distribution of the master portfolio which is calculated based on total long-term investment of the master portfolio.
3.	The ten largest equity holdings are calculated based on the value of the portfolio securities of the master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

Performance Highlights Wells Fargo Equity Gateway Funds     13

Wells Fargo Advantage Emerging Growth Fund (continued)

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

			Including Sales Charge						Excluding Sales Charge						Expense Ratios5
	Inception Date		6 Months*		1 Year		Life of Fund		6 Months*		1 Year		Life of Fund		Gross			Net6
Class A (WEMAX)		3/31/2008		27.88		33.65		4.92		35.68		41.80		6.42		4.78	%		1.45	%
Class C (WEMCX)		3/31/2008		34.05		39.78		5.63		35.05		40.78		5.63		5.53	%		2.20	%
Administrator Class (WFGDX)		1/31/2007								35.77		42.01		6.68		4.62	%		1.20	%
Institutional Class (WEMIX)		3/31/2008								35.97		42.48		6.88		4.35	%		0.95	%
Investor Class (WFGTX)		1/31/2007								35.59		41.72		6.41		4.85	%		1.49	%
Russell 2000® Growth Index7										27.93		31.04		4.99

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

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

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

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

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

4.	Historical performance shown for Class C shares prior to their inception reflects the performance of the Investor Class shares, adjusted to reflect the higher expenses applicable to Class C shares. Historical performance shown for Class A shares prior to their inception reflects the performance of the Investor Class shares, and includes the higher expenses applicable to the Investor Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns would be higher.
5.	Reflects the expense ratios as stated in the January 31, 2011 prospectuses.
6.	The Adviser has committed through January 31, 2012 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amount shown above. Without this cap, the Fund’s returns would have been lower.
7.	The Russell 2000® Growth Index measures the performance of those Russell 2000® companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.

14     Wells Fargo Equity Gateway Funds Performance Highlights

Wells Fargo Advantage Equity Value Fund¹

INVESTMENT OBJECTIVE
The Fund seeks long-term capital appreciation.

ADVISER
Wells Fargo Funds Management, LLC

SUB-ADVISER FOR
MASTER PORTFOLIO
Systematic Financial Management, L.P.

PORTFOLIO MANAGERS
D. Kevin McCreesh, CFA
Ronald M. Mushock, CFA

FUND INCEPTION
August 29, 2003

TEN LARGEST EQUITY HOLDINGS3
(AS OF MARCH 31, 2011)
JPMorgan Chase & Company	4.28	%
Chevron Corporation	4.28	%
General Electric Company	3.55	%
UnitedHealth Group Incorporated	3.20	%
Hess Corporation	2.71	%
Pfizer Incorporated	2.71	%
Bank of America Corporation	2.69	%
Citigroup Incorporated	2.67	%
AT&T Incorporated	2.57	%
PNC Financial Services Group	2.50	%

1.	The fund is a gateway feeder fund that invests all its assets in a single master portfolio of the Wells Fargo Master Trust (the “Master Trust”) with a substantially similar investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the master portfolio in which it invests. See Notes to Financial Statement for a discussion of the Master Trust.
2.	Sector distribution is subject to change and represents the sector distribution of the master portfolio which is calculated based on total long-term investment of the master portfolio.
3.	The ten largest equity holdings are calculated based on the value of the portfolio securities of the master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

Performance Highlights Wells Fargo Equity Gateway Funds     15

Wells Fargo Advantage Equity Value Fund (continued)

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

	Inception		Including Sales Charge								Excluding Sales Charge								Expense Ratios5
	Date		6 Months*		1 Year		5 Year		Life of Fund		6 Months*		1 Year		5 Year		Life of Fund		Gross			Net6
Class A (WLVAX)		8/29/2003		12.90		9.42		0.55		5.65		19.79		16.09		1.75		6.47		1.29	%		1.25	%
Class B (WLVBX)**		8/29/2003		14.29		10.20		0.61		5.76		19.29		15.20		1.00		5.76		2.04	%		2.00	%
Class C (WLVCX)		8/29/2003		18.27		14.15		0.97		5.67		19.27		15.15		0.97		5.67		2.04	%		2.00	%
Administrator Class (WLVIX)		8/29/2003										19.86		16.32		2.04		6.77		1.13	%		1.00	%
Institutional Class (WLVSX)		8/31/2006										20.08		16.53		2.24		6.91		0.86	%		0.75	%
Russell 1000® Value Index7												17.68		15.15		1.38		6.38

*	Returns for periods of less than one year are not annualized.
**	Class B shares are closed to investment, except in connection with the reinvestment of any distributions and permitted exchanges.

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

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

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

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

4.	Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns would be higher.
5.	Reflects the expense ratios as stated in the January 31, 2011 prospectuses.
6.	The Adviser has committed through January 31, 2012 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amount shown above. Without this cap, the Fund’s returns would have been lower.
7.	The Russell 1000® Value Index measures the performance of those Russell 1000® companies with lower price-to-book ratios and lower forecasted growth values. You cannot invest directly in an index.

16     Wells Fargo Equity Gateway Funds Performance Highlights

Wells Fargo Advantage International Value Fund¹

INVESTMENT OBJECTIVE
The Fund seeks long-term capital appreciation.

ADVISER
Wells Fargo Funds Management, LLC

SUB-ADVISER FOR
MASTER PORTFOLIO
LSV Asset Management

PORTFOLIO MANAGERS
Josef Lakonishok
Puneet Mansharamani, CFA
Menno Vermeulen, CFA

FUND INCEPTION
October 31, 2003

TEN LARGEST EQUITY HOLDINGS3
(AS OF MARCH 31, 2011)
Royal Dutch Shell plc	2.82	%
Sanofi Aventis SA	1.74	%
Astrazeneca plc	1.49	%
Banco Santander SA	1.47	%
Vodafone Group	1.42	%
Allianz SE	1.37	%
Novartis Limited AG	1.32	%
Enel SpA	1.28	%
Lukoil ADR	1.27	%
China Petroleum & Chemical Corporation	1.26	%

1.	The fund is a gateway feeder fund that invests all its assets in a single master portfolio of the Wells Fargo Master Trust (the “Master Trust”) with a substantially similar investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the master portfolio in which it invests. See Notes to Financial Statement for a discussion of the Master Trust.
2.	Geographic allocation is subject to change and represents the geographic allocation of the master portfolio which is calculated based on the total net assets of the master portfolio.
3.	The ten largest equity holdings are calculated based on the value of the portfolio securities of the master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

Performance Highlights Wells Fargo Equity Gateway Funds     17

Wells Fargo Advantage International Value Fund (continued)

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

	Inception		Including Sales Charge									Excluding Sales Charge									Expense Ratios5
	Date		6 Months*		1 Year		5 Year			Life of Fund		6 Months*		1 Year		5 Year			Life of Fund		Gross			Net6
Class A (WFFAX)		10/31/2003		4.05		3.88		(1.77	)		5.92		10.39		10.22		(0.60	)		6.77		1.75	%		1.50	%
Class B (WFVBX)**		4/8/2005		4.97		4.36		(1.79	)		6.00		9.97		9.36		(1.36	)		6.00		2.50	%		2.25	%
Class C (WFVCX)		4/8/2005		8.97		8.35		(1.37	)		5.94		9.97		9.35		(1.37	)		5.94		2.50	%		2.25	%
Administrator Class (WFVDX)		4/8/2005											10.55		10.46		(0.37	)		6.95		1.59	%		1.25	%
Institutional Class (WFVIX)		8/31/2006											10.66		10.75		(0.18	)		7.08		1.32	%		1.05	%
MSCI EAFE® Value Index7													10.09		8.21		0.39			7.91

*	Returns for periods of less than one year are not annualized.
**	Class B shares are closed to investment, except in connection with the reinvestment of any distributions and permitted exchanges.

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

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

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

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to smaller company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

4.	Historical performance shown for Class B and Class C shares prior to their inception reflects the performance of Class A shares, adjusted to reflect the higher expenses applicable to Class B and C shares. Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for the Administrator Class shares prior to their inception reflects the performance of the Class A shares, and includes the higher expenses applicable to the Class A shares. If these expenses had not been included, returns would be higher.
5.	Reflects the expense ratios as stated in the January 31, 2011 prospectuses.
6.	The Adviser has committed through January 31, 2012 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amount shown above. Without this cap, the Fund’s returns would have been lower.
7.	The Morgan Stanley Capital International Europe, Australasia, and Far East Value Index (MSCI EAFE Value Index) is an unmanaged market capitalization index designed to measure the performance of value securities within developed equity markets, excluding the United States & Canada. You cannot invest directly in an index.

18     Wells Fargo Equity Gateway Funds Performance Highlights

Wells Fargo Advantage Small Company Growth Fund¹

INVESTMENT OBJECTIVE
The Fund seeks long-term capital appreciation.

ADVISER
Wells Fargo Funds Management, LLC

SUB-ADVISER FOR
MASTER PORTFOLIO
Peregrine Capital Management, Inc.

PORTFOLIO MANAGERS
William A. Grierson, CFA
Daniel J. Hagen, CFA
Robert B. Mersky, CFA
James P. Ross, CFA
Paul E. von Kuster, CFA

FUND INCEPTION
December 31, 1982

TEN LARGEST EQUITY HOLDINGS3
(AS OF MARCH 31, 2011)
Sensata Technologies Holdings	1.85	%
Success Factors Incorporated	1.48	%
Gentex Corporation	1.44	%
SS&C Technologies Holdings	1.35	%
United Natural Food Incorporated	1.34	%
General Cable Corporation	1.33	%
Alere Corporation	1.30	%
Rosetta Resource Incorporated	1.30	%
Omnicell Incorporated	1.29	%
Parametric Technology Corporation	1.23	%

1.	The fund is a gateway feeder fund that invests all its assets in a single master portfolio of the Wells Fargo Master Trust (the “Master Trust”) with a substantially similar investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the master portfolio in which it invests. See Notes to Financial Statement for a discussion of the Master Trust.
2.	Sector distribution is subject to change and represents the sector distribution of the master portfolio which is calculated based on total long-term investment of the master portfolio.
3.	The ten largest equity holdings are calculated based on the value of the portfolio securities of the master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

Performance Highlights Wells Fargo Equity Gateway Funds     19

Wells Fargo Advantage Small Company Growth Fund (continued)

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

	Inception		Including Sales Charge								Excluding Sales Charge								Expense Ratio5
	Date		6 Months*		1 Year		5 Year		10 Year		6 Months*		1 Year		5 Year		10 Year		Gross			Net6
Class A (WFSAX)		1/30/2004		27.92		31.32		2.34		5.78		35.72		39.33		3.56		6.41		1.45	%		1.45	%
Class B (WFSBX)**		1/30/2004		30.22		33.27		2.42		5.85		35.22		38.27		2.78		5.85		2.20	%		2.20	%
Class C (WSMCX)		1/30/2004		34.22		37.30		2.82		5.70		35.22		38.30		2.82		5.70		2.20	%		2.20	%
Administrator Class (NVSCX)		11/11/1994										35.87		39.67		3.84		6.68		1.29	%		1.20	%
Institutional Class (WSCGX)		3/31/2008										36.10		40.09		3.98		6.75		1.02	%		0.95	%
Russell 2000® Growth Index 7												27.93		31.04		4.34		6.44

*	Returns for periods of less than one year are not annualized.
**	Class B shares are closed to investment, except in connection with the reinvestment of any distributions and permitted exchanges.

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

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

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

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

4.	Historical performance shown for Class A, Class B, and Class C shares prior to their inception reflects the performance of the Administrator Class shares, adjusted to reflect the higher expenses applicable to Class A, Class B, and Class C shares. Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns would be higher.
5.	Reflects the expense ratios as stated in the January 31, 2011 prospectuses.
6.	The Adviser has committed through January 31, 2012 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amount shown above. Without this cap, the Fund’s returns would have been lower.
7.	The Russell 2000® Growth Index measures the performance shown of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.

20     Wells Fargo Equity Gateway Funds Performance Highlights

Wells Fargo Advantage Small Company Value Fund¹

INVESTMENT OBJECTIVE
The Fund seeks long-term capital appreciation.

ADVISER
Wells Fargo Funds Management, LLC

SUB-ADVISER FOR
MASTER PORTFOLIO
Peregrine Capital Management, Inc.

FUND MANAGERS
Jason R. Ballsrud, CFA
Tasso H. Coin, Jr., CFA
Douglas G. Pugh, CFA

FUND INCEPTION
June 1, 1997

TEN LARGEST EQUITY HOLDINGS3
(AS OF MARCH 31, 2011)
Titan International Incorporated	1.61	%
Helix Energy Solutions Group Incorporated	1.43	%
Caci International Incorporated	1.34	%
Gaylord Entertainment Company	1.30	%
Lasalle Hotel Properties	1.30	%
Wellcare Health Plans Incorporated	1.29	%
TTM Technologies Incorporated	1.28	%
Hanesbrands Incorporated	1.26	%
Cinemark Holdings Incorporated	1.26	%
RC2 Corporation	1.21	%

1.	The fund is a gateway feeder fund that invests all its assets in a single master portfolio of the Wells Fargo Master Trust (the “Master Trust”) with a substantially similar investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the master portfolio in which it invests. See Notes to Financial Statement for a discussion of the Master Trust.
2.	Sector distribution is subject to change and represents the sector distribution of the master portfolio which is calculated based on total long-term investment of the master portfolio.
3.	The ten largest equity holdings are calculated based on the value of the portfolio securities of the master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

Performance Highlights Wells Fargo Equity Gateway Funds     21

Wells Fargo Advantage Small Company Value Fund (continued)

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

	Inception		Including Sales Charge								Excluding Sales Charge								Expense Ratios5
	Date		6 Months*		1 Year		5 Year		10 Year		6 Months*		1 Year		5 Year		10 Year		Gross			Net6
Class A (SCVAX)		1/31/2002		18.52		18.73		0.04		8.41		25.75		25.97		1.23		9.05		1.59	%		1.45	%
Class B (SCVBX)**		1/31/2002		20.21		19.98		0.13		8.47		25.21		24.98		0.52		8.47		2.34	%		2.20	%
Class C (SCVFX)		8/30/2002		24.21		23.98		0.52		8.25		25.21		24.98		0.52		8.25		2.34	%		2.20	%
Administrator Class (SCVIX)		1/31/2002										25.89		26.22		1.54		9.33		1.43	%		1.20	%
Institutional Class (SCVNX)		7/30/2010										26.06		26.39		1.56		9.34		1.16	%		1.00	%
Russell 2000® Value Index7												22.97		20.63		2.23		9.01

*	Returns for periods of less than one year are not annualized.
**	Class B shares are closed to investment, except in connection with the reinvestment of any distributions and permitted exchanges.

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

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

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

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

4.	Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for the Administrator Class, Class A, Class B and Class C shares prior to their inception reflects the performance of the Small Company Value Portfolio, a master portfolio in which the Fund invests, adjusted to reflect Administrator Class, Class A, Class B and Class C expenses. The Small Company Value Portfolio has a substantially similar investment objective and substantially similar investment strategies as the Fund.
5.	Reflects the expense ratios as stated in the January 31, 2011 prospectuses.
6.	The Adviser has committed through January 31, 2012 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amount shown above. Without this cap, the Fund’s returns would have been lower.
7.	The Russell 2000® Value Index measures the performance of those Russell 2000® companies with lower price-to- book ratios and lower forecasted growth values. You cannot invest directly in an index.

22     Wells Fargo Equity Gateway Funds Fund Expenses

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

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning		Ending		Expenses
	Account Value		Account Value		Paid During the		Net Annual
Wells Fargo Advantage C&B Large Cap Value Fund	10-01-2010		03-31-2011		Period1		Expense Ratio
Class A
Actual	$	1,000.00	$	1,142.08	$	6.20		1.16	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.15	$	5.84		1.16	%
Class B
Actual	$	1,000.00	$	1,139.09	$	10.13		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.46	$	9.55		1.90	%
Class C
Actual	$	1,000.00	$	1,139.02	$	10.13		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.46	$	9.55		1.90	%
Administrator Class
Actual	$	1,000.00	$	1,143.56	$	5.08		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.19	$	4.78		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,146.38	$	3.75		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.44	$	3.53		0.70	%
Investor Class
Actual	$	1,000.00	$	1,143.82	$	6.41		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.04		1.20	%

Fund Expenses Wells Fargo Equity Gateway Funds     23

	Beginning		Ending		Expenses
	Account Value		Account Value		Paid During the		Net Annual
Wells Fargo Advantage Diversified Equity Fund	10-01-2010		03-31-2011		Period1		Expense Ratio
Class A
Actual	$	1,000.00	$	1,179.80	$	6.79		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70	$	6.29		1.25	%
Class B
Actual	$	1,000.00	$	1,174.73	$	10.84		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.96	$	10.05		2.00	%
Class C
Actual	$	1,000.00	$	1,175.14	$	10.85		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.96	$	10.05		2.00	%
Administrator Class
Actual	$	1,000.00	$	1,181.17	$	5.44		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.95	$	5.04		1.00	%
Wells Fargo Advantage Diversified Small Cap Fund
Administrator Class
Actual	$	1,000.00	$	1,265.70	$	5.65		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.95	$	5.04		1.00	%
Wells Fargo Advantage Emerging Growth Fund
Class A
Actual	$	1,000.00	$	1,356.84	$	8.76		1.49	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.49		1.49	%
Class C
Actual	$	1,000.00	$	1,350.48	$	13.07		2.23	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.81	$	11.20		2.23	%
Administrator Class
Actual	$	1,000.00	$	1,357.74	$	7.11		1.21	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.90	$	6.09		1.21	%
Institutional Class
Actual	$	1,000.00	$	1,359.67	$	5.71		0.97	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.09	$	4.89		0.97	%
Investor Class
Actual	$	1,000.00	$	1,355.86	$	8.81		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.45	$	7.54		1.50	%
Wells Fargo Advantage Equity Value Fund
Class A
Actual	$	1,000.00	$	1,197.90	$	6.85		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70	$	6.29		1.25	%
Class B
Actual	$	1,000.00	$	1,192.91	$	10.93		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.96	$	10.05		2.00	%
Class C
Actual	$	1,000.00	$	1,192.68	$	10.93		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.96	$	10.05		2.00	%
Administrator Class
Actual	$	1,000.00	$	1,198.56	$	5.48		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.95	$	5.04		1.00	%
Institutional Class
Actual	$	1,000.00	$	1,200.75	$	4.12		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.19	$	3.78		0.75	%

24     Wells Fargo Equity Gateway Funds Fund Expenses

	Beginning		Ending		Expenses
	Account Value		Account Value		Paid During the		Net Annual
Wells Fargo Advantage International Value Fund	10-01-2010		03-31-2011		Period1		Expense Ratio
Class A
Actual	$	1,000.00	$	1,103.94	$	7.76		1.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.44		1.48	%
Class B
Actual	$	1,000.00	$	1,099.74	$	11.67		2.23	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.81	$	11.20		2.23	%
Class C
Actual	$	1,000.00	$	1,099.66	$	11.67		2.23	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.81	$	11.20		2.23	%
Administrator Class
Actual	$	1,000.00	$	1,105.51	$	6.56		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70	$	6.29		1.25	%
Institutional Class
Actual	$	1,000.00	$	1,106.62	$	5.46		1.04	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.75	$	5.24		1.04	%
Wells Fargo Advantage Small Company Growth Fund
Class A
Actual	$	1,000.00	$	1,357.21	$	8.46		1.44	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.75	$	7.24		1.44	%
Class B
Actual	$	1,000.00	$	1,352.20	$	12.84		2.19	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.01	$	11.00		2.19	%
Class C
Actual	$	1,000.00	$	1,352.16	$	12.84		2.19	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.01	$	11.00		2.19	%
Administrator Class
Actual	$	1,000.00	$	1,358.69	$	7.06		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.04		1.20	%
Institutional Class
Actual	$	1,000.00	$	1,361.01	$	5.59		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.19	$	4.78		0.95	%
Wells Fargo Advantage Small Company Value Fund
Class A
Actual	$	1,000.00	$	1,257.47	$	8.05		1.43	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.80	$	7.19		1.43	%
Class B
Actual	$	1,000.00	$	1,252.12	$	12.24		2.18	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.06	$	10.95		2.18	%
Class C
Actual	$	1,000.00	$	1,252.12	$	12.24		2.18	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.06	$	10.95		2.18	%

Fund Expenses Wells Fargo Equity Gateway Funds     25

	Beginning		Ending		Expenses
	Account Value		Account Value		Paid During the		Net Annual
Wells Fargo Advantage Small Company Value Fund (continued)	10-01-2010		03-31-2011		Period1		Expense Ratio
Administrator Class
Actual	$	1,000.00	$	1,258.87	$	6.76		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.04		1.20	%
Institutional Class
Actual	$	1,000.00	$	1,260.61	$	5.52		0.98	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.04	$	4.94		0.98	%

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

26     Wells Fargo Equity Gateway Funds Portfolio of Investments—March 31, 2011 (Unaudited)

C&B LARGE CAP VALUE FUND

Shares		Security Name			Value
Investments in Affiliated Master Portfolio: 100.22%
	N/A	Wells Fargo Advantage C&B Large Cap Value Portfolio			$	349,308,473
Total Investments in Affiliated Master Portfolio (Cost $ 291,199,047)						349,308,473
Total Investments in Securities (Cost $291,199,047)*			100.22	%		349,308,473
Other Assets and Liabilities, Net			(0.22	)		(750,616	)
Total Net Assets			100.00	%	$	348,557,857

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

DIVERSIFIED EQUITY FUND

Shares		Security Name	Value
Investments in Affiliated Master Portfolios: 99.99%
	N/A	Wells Fargo Advantage C&B Large Cap Value Portfolio	$	40,144,924
	N/A	Wells Fargo Advantage Disciplined Value Portfolio		40,639,206
	N/A	Wells Fargo Advantage Diversified Large Cap Growth Portfolio		122,435,835
	N/A	Wells Fargo Advantage Emerging Growth Portfolio		12,408,855
	N/A	Wells Fargo Advantage Equity Value Portfolio		40,698,684
	N/A	Wells Fargo Advantage Index Portfolio		121,507,303
	N/A	Wells Fargo Advantage International Equity Portfolio		18,046,767
	N/A	Wells Fargo Advantage International Growth Portfolio		17,959,314
	N/A	Wells Fargo Advantage International Index Portfolio		17,857,563
	N/A	Wells Fargo Advantage International Value Portfolio		17,862,053
	N/A	Wells Fargo Advantage Small Cap Value Portfolio		12,248,042
	N/A	Wells Fargo Advantage Small Company Growth Portfolio		12,336,467
	N/A	Wells Fargo Advantage Small Company Value Portfolio		12,252,852
Total Investments in Affiliated Master Portfolios (Cost $427,418,149)				486,397,865

Principal					Interest Rate			Maturity Date
Short-Term Investments: 0.10%
Corporate Bonds & Notes: 0.10%
$	397,869	Gryphon Funding Limited(a)(i)				0.00	%		08/05/2011		164,598
	524,641	VFNC Corporation(a)††(i)±				0.26			09/29/2011		314,785
Total Short-Term Investments (Cost $280,314)											479,383
Total Investments in Securities (Cost $427,698,463)*			100.09	%							486,877,248
Other Assets and Liabilities, Net			(0.09	)							(420,934	)
Total Net Assets			100.00	%						$	486,456,314

(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
±	Variable rate investments.
*	Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

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

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Equity Gateway Funds     27

DIVERSIFIED SMALL CAP FUND

Shares		Security Name	Value
Investments in Affiliated Master Portfolios: 99.78%
	N/A	Wells Fargo Advantage Emerging Growth Portfolio	$	36,945,615
	N/A	Wells Fargo Advantage Small Cap Value Portfolio		35,875,162
	N/A	Wells Fargo Advantage Small Company Growth Portfolio		36,476,183
	N/A	Wells Fargo Advantage Small Company Value Portfolio		35,921,330
Total Investments in Affiliated Master Portfolios (Cost $119,287,446)				145,218,290

Principal					Interest Rate			Maturity Date
Short-Term Investments: 0.63%
Corporate Bonds & Notes: 0.63%
$	761,870	Gryphon Funding Limited(a)(i)				0.00	%		08/05/2011		315,186
	1,004,625	VFNC Corporation(a)††(i)±				0.26			09/29/2011		602,775
Total Short-Term Investments (Cost $536,767)											917,961
Total Investments in Securities (Cost $119,824,213)*			100.41	%							146,136,251
Other Assets and Liabilities, Net			(0.41	)							(599,255	)
Total Net Assets			100.00	%						$	145,536,996

(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
±	Variable rate investments.
*	Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

EMERGING GROWTH FUND

Shares		Security Name			Value
Investments in Affiliated Master Portfolio: 96.79%
	N/A	Wells Fargo Advantage Emerging Growth Portfolio			$	10,315,874
Total Investments in Affiliated Master Portfolio (Cost $8,332,763)						10,315,874
Total Investments in Securities (Cost $8,332,763)*			96.79	%		10,315,874
Other Assets and Liabilities, Net			3.21			342,596
Total Net Assets			100.00	%	$	10,658,470

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

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

28     Wells Fargo Equity Gateway Funds Portfolio of Investments—March 31, 2011 (Unaudited)

EQUITY VALUE FUND

Shares		Security Name			Value
Investments in Affiliated Master Portfolio: 100.06%
	N/A	Wells Fargo Advantage Equity Value Portfolio			$	227,691,727
Total Investments in Affiliated Master Portfolio (Cost $197,047,065)						227,691,727
Total Investments in Securities (Cost $197,047,065)*			100.06	%		227,691,727
Other Assets and Liabilities, Net			(0.06	)		(138,701	)
Total Net Assets			100.00	%	$	227,553,026

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

INTERNATIONAL VALUE FUND

Shares		Security Name			Value
Investments in Affiliated Master Portfolio: 99.78%
	N/A	Wells Fargo Advantage International Value Portfolio			$	309,168,533
Total Investments in Affiliated Master Portfolio (Cost $320,567,218)						309,168,533
Total Investments in Securities (Cost $320,567,218)*			99.78	%		309,168,533
Other Assets and Liabilities, Net			0.22			675,899
Total Net Assets			100.00	%	$	309,844,432

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

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

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Equity Gateway Funds     29

SMALL COMPANY GROWTH FUND

Shares		Security Name			Value
Investments in Affiliated Master Portfolio: 101.51%
	N/A	Wells Fargo Advantage Small Company Growth Portfolio			$	301,450,576
Total Investments in Affiliated Master Portfolio (Cost $ 258,901,088)						301,450,576
Total Investments in Securities (Cost $258,901,088)*			101.51	%		301,450,576
Other Assets and Liabilities, Net			(1.51	)		(4,475,548	)
Total Net Assets			100.00	%	$	296,975,028

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

SMALL COMPANY VALUE FUND

Shares		Security Name			Value
Investments in Affiliated Master Portfolio: 99.89%
	N/A	Wells Fargo Advantage Small Company Value Portfolio			$	100,584,420
Total Investments in Affiliated Master Portfolio (Cost $73,126,777)						100,584,420
Total Investments in Securities (Cost $73,126,777)*			99.89	%		100,584,420
Other Assets and Liabilities, Net			0.11			108,947
Total Net Assets			100.00	%	$	100,693,367

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

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

30     Wells Fargo Equity Gateway Funds Statements of Assets and Liabilities—March 31, 2011 (Unaudited)

	C&B Large			Diversified
	Cap Value			Equity
	Fund			Fund
Assets
Investments
In affiliated Master Portfolio(s), at value	$	349,308,473		$	486,397,865
In unaffiliated securities, at value		0			479,383
Total investments, at value (see cost below)		349,308,473			486,877,248
Receivable for Fund shares sold		305,059			443,266
Receivable from adviser		3,935			0
Prepaid expenses and other assets		42,903			34,650
Total assets		349,660,370			487,355,164
Liabilities
Payable for Fund shares redeemed		962,609			490,096
Advisory fee payable		0			120,768
Distribution fees payable		8,801			14,936
Due to other related parties		0			97,521
Shareholder report expenses payable		58,390			67,713
Shareholder servicing fees payable		52,958			101,211
Professional fees payable		19,755			853
Accrued expenses and other liabilities		0			5,752
Total liabilities		1,102,513			898,850
Total net assets	$	348,557,857		$	486,456,314
NET ASSETS CONSIST OF
Paid-in capital	$	408,123,918		$	418,527,960
Undistributed (overdistributed) net investment income (loss)		870,157			(391,809	)
Accumulated net realized gains (losses) on investments		(118,545,644	)		9,141,378
Net unrealized gains (losses) on investments		58,109,426			59,178,785
Total net assets	$	348,557,857		$	486,456,314
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets — Class A	$	27,003,484		$	94,046,244
Shares outstanding — Class A		3,198,068			3,220,968
Net asset value per share — Class A	$	8.44		$	29.20
Maximum offering price per share — Class A2	$	8.95		$	30.98
Net assets — Class B	$	6,792,592		$	6,445,863
Shares outstanding — Class B		805,017			234,991
Net asset value per share — Class B	$	8.44		$	27.43
Net assets — Class C	$	7,001,180		$	3,369,327
Shares outstanding — Class C		831,639			120,428
Net asset value per share — Class C	$	8.42		$	27.98
Net assets — Administrator Class	$	119,981,409		$	382,594,880
Shares outstanding — Administrator Class		14,215,292			13,076,064
Net asset value per share — Administrator Class	$	8.44		$	29.26
Net assets — Institutional Class	$	100,181,843		NA
Shares outstanding — Institutional Class		11,830,857		NA
Net asset value per share — Institutional Class	$	8.47		NA
Net assets — Investor Class	$	87,597,349		NA
Shares outstanding — Investor Class		10,372,197		NA
Net asset value per share — Investor Class	$	8.45		NA
Total investments, at cost	$	291,199,047		$	427,698,463

1.	Each Fund has an unlimited number of authorized shares.
2.	Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

Statements of Assets and Liabilities—March 31, 2011 (Unaudited) Wells Fargo Equity Gateway Funds     31

Diversified			Emerging			Equity			International			Small			Small
Small Cap			Growth			Value			Value			Company			Company
Fund			Fund			Fund			Fund			Growth Fund			Value Fund
$	145,218,290		$	10,315,874		$	227,691,727		$	309,168,533		$	301,450,576		$	100,584,420
	917,961			0			0			0			0			0
	146,136,251			10,315,874			227,691,727			309,168,533			301,450,576			100,584,420
	48,265			287,509			78,535			1,296,602			597,806			444,570
	0			20,436			0			7,654			0			0
	16,744			57,105			59,061			35,454			47,832			47,629
	146,201,260			10,680,924			227,829,323			310,508,243			302,096,214			101,076,619
	510,240			2,308			206,355			483,123			5,014,180			229,830
	15,014			0			2,496			0			20,976			16,447
	0			114			847			557			1,148			2,430
	17,966			2,826			0			40,068			0			0
	74,215			0			18,371			53,150			26,889			101,078
	29,943			1,940			27,962			64,838			39,425			20,217
	12,458			15,266			19,168			19,458			15,615			13,250
	4,428			0			1,098			2,617			2,953			0
	664,264			22,454			276,297			663,811			5,121,186			383,252
$	145,536,996		$	10,658,470		$	227,553,026		$	309,844,432		$	296,975,028		$	100,693,367
$	230,192,775		$	10,084,157		$	249,366,947		$	370,809,014		$	317,991,889		$	203,580,117
	(52,198	)		(60,359	)		153,233			1,486,698			(1,805,358	)		1,332,572
	(110,915,619	)		(1,348,439	)		(52,611,816	)		(51,052,595	)		(61,760,991	)		(131,676,965	)
	26,312,038			1,983,111			30,644,662			(11,398,685	)		42,549,488			27,457,643
$	145,536,996		$	10,658,470		$	227,553,026		$	309,844,432		$	296,975,028		$	100,693,367
NA			$	1,841,524		$	5,189,011		$	6,307,617		$	6,570,940		$	28,055,277
NA				142,875			373,914			462,421			228,122			1,961,062
NA			$	12.89		$	13.88		$	13.64		$	28.80		$	14.31
NA			$	13.68		$	14.73		$	14.47		$	30.56		$	15.18
NA			NA			$	427,549		$	219,975		$	383,139		$	1,653,114
NA			NA				31,006			16,212			14,194			124,680
NA			NA			$	13.79		$	13.57		$	26.99		$	13.26
NA			$	192,095		$	944,177		$	650,381		$	1,557,019		$	2,190,936
NA				15,244			68,997			48,452			57,041			165,205
NA			$	12.60		$	13.68		$	13.42		$	27.30		$	13.26
$	145,536,996		$	72,029		$	127,228,337		$	300,939,058		$	170,724,324		$	68,778,472
	10,584,601			5,552			9,007,637			22,198,099			5,792,548			4,731,782
$	13.75		$	12.97		$	14.12		$	13.56		$	29.47		$	14.54
NA			$	13,868		$	93,763,952		$	1,727,401		$	117,739,606		$	15,568
NA				1,060			6,643,557			127,229			3,968,570			1,069
NA			$	13.08		$	14.11		$	13.58		$	29.67		$	14.56
NA			$	8,538,954		NA			NA			NA			NA
NA				664,929		NA			NA			NA			NA
NA			$	12.84		NA			NA			NA			NA
$	119,824,213		$	8,332,763		$	197,047,065		$	320,567,218		$	258,901,088		$	73,126,777

32     Wells Fargo Equity Gateway Funds Statements of Operations—Six Months Ended March 31, 2011 (Unaudited)

	C&B Large			Diversified
	Cap Value			Equity
	Fund			Fund
Investment income
Dividends allocated from affiliated Master Portfolio(s)*	$	3,413,022		$	3,915,905
Interest allocated from affiliated Master Portfolio(s)		38,535			70,372
Interest		0			241
Expenses allocated from affiliated Master Portfolio(s)		(1,172,260	)		(1,539,302	)
Waivers allocated from affiliated Master Portfolio(s)		0			166,136
Total investment income (loss)		2,279,297			2,613,352
Expenses
Advisory fee		0			595,193
Administration fees
Fund level		87,209			119,039
Class A		38,792			118,248
Class B		9,012			9,382
Class C		8,814			4,402
Administrator Class		59,714			187,295
Institutional Class		39,146		NA
Investor Class		145,121		NA
Shareholder servicing fees
Class A		37,300			113,700
Class B		8,665			9,021
Class C		8,475			4,232
Administrator Class		149,286			468,031
Investor Class		109,940		NA
Distribution fees
Class B		25,996			27,063
Class C		25,425			12,697
Custody and accounting fees		8,193			12,011
Professional fees		18,377			3,766
Registration fees		42,251			7,098
Shareholder report expenses		80,514			2,060
Trustees’ fees and expenses		5,274			2,479
Other fees and expenses		7,795			17,626
Total expenses		915,299			1,713,343
Less: Fee waivers and/or expense reimbursements		(346,838	)		(534,859	)
Net expenses		568,461			1,178,484
Net investment income (loss)		1,710,836			1,434,868
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Securities transactions allocated from affiliated Master Portfolio(s)		9,910,243			50,947,196
Unaffiliated securities		0			5,744
Net realized gains on investments		9,910,243			50,952,940
Net change in unrealized gains (losses) on:
Securities transactions allocated from affiliated Master Portfolio(s)		35,277,091			25,603,805
Unaffiliated securities		0			199,069
Net change in unrealized gains (losses) on investments		35,277,091			25,802,874
Net realized and unrealized gains (losses) on investments		45,187,334			76,755,814
Net increase in net assets resulting from operations	$	46,898,170		$	78,190,682
* Net of foreign withholding taxes of	$	24,970		$	58,640

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

Statements of Operations—Six Months Ended March 31, 2011 (Unaudited) Wells Fargo Equity Gateway Funds     33

Diversified			Emerging			Equity			International			Small			Small
Small Cap			Growth			Value			Value			Company			Company
Fund			Fund			Fund			Fund			Growth Fund			Value Fund
$	765,256		$	2,873		$	1,439,052		$	3,544,481		$	550,926		$	1,369,378
	32,848			2,325			20,146			64,088			72,058			35,595
	461			0			0			0			0			0
	(519,639	)		(32,410	)		(734,461	)		(1,450,842	)		(1,157,797	)		(393,059	)
	41,006			1,768			0			24,996			0			0
	319,932			(25,444	)		724,737			2,182,723			(534,813	)		1,011,914
	166,637			0			0			0			0			0
	33,328			1,666			54,112			73,249			70,037			23,348
NA				824			6,390			8,524			6,752			32,938
NA			NA				607			367			413			2,418
NA				151			926			851			1,442			2,587
	66,655			45			63,289			141,929			127,113			32,097
NA				5			33,510			658			7,720			5
NA				9,593		NA			NA			NA			NA
NA				792			6,144			8,196			6,492			31,672
NA			NA				584			353			397			2,325
NA				145			890			819			1,386			2,487
	166,637			112			158,223			354,820			313,293			80,242
NA				7,268		NA			NA			NA			NA
NA			NA				1,751			1,058			1,191			6,974
NA				436			2,670			2,456			4,159			7,462
	4,220			136			4,925			6,901			6,126			2,312
	10,466			14,100			18,422			18,156			14,871			12,450
	7,480			39,144			14,959			22,439			22,439			10,783
	10,863			7,364			19,945			10,849			24,932			28,307
	5,274			5,274			5,274			5,274			5,274			3,565
	2,601			2,263			3,514			3,561			3,608			2,351
	474,161			89,318			396,135			660,460			617,645			284,323
	(286,244	)		(69,690	)		(138,560	)		(237,787	)		(103,510	)		(68,240	)
	187,917			19,628			257,575			422,673			514,135			216,083
	132,015			(45,072	)		467,162			1,760,050			(1,048,948	)		795,831
	24,629,922			608,233			28,080,499			6,532,806			40,648,502			13,796,779
	10,999			0			0			0			0			0
	24,640,921			608,233			28,080,499			6,532,806			40,648,502			13,796,779
	6,007,608			1,398,360			10,566,453			20,292,240			44,137,355			6,815,280
	381,194			0			0			0			0			0
	6,388,802			1,398,360			10,566,453			20,292,240			44,137,355			6,815,280
	31,029,723			2,006,593			38,646,952			26,825,046			84,785,857			20,612,059
$	31,161,738		$	1,961,521		$	39,114,114		$	28,585,096		$	83,736,909		$	21,407,890
$	636		$	0		$	4,253		$	320,151		$	0		$	0

34     Wells Fargo Equity Gateway Funds Statements of Changes in Net Assets

	C&B Large Cap Value Fund
	Six Months Ended
	March 31, 2011						Year Ended
	(Unaudited)						September 30, 2010
Operations
Net investment income (loss)				$	1,710,836					$	4,637,994
Net realized gains (losses) on investments					9,910,243						(35,958,385	)
Net change in unrealized gains (losses) on investments					35,277,091						60,419,084
Net increase in net assets resulting from operations					46,898,170						29,098,693
Distributions to shareholders from
Net investment income
Class A					(367,230	)					(382,177	)
Class B					(28,639	)					(29,793	)
Class C					(34,516	)					(29,114	)
Administrator Class					(1,608,766	)					(2,682,789	)
Institutional Class					(1,565,092	)					(427,090	)
Investor Class					(857,245	)					(2,494,070	)
Total distributions to shareholders					(4,461,488	)					(6,045,033	)
	Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		117,477			959,355			597,784			4,351,800
Class B		14,634			120,352			950			6,827
Class C		82,190			677,374			79,488			575,853
Administrator Class		861,086			7,037,856			3,340,572			24,042,466
Institutional Class		1,771,723			14,680,424			9,629,025			69,363,008
Investor Class		655,251			5,329,399			9,583,038			69,568,098
					28,804,760						167,908,052
Reinvestment of distributions
Class A		42,308			341,845			49,264			356,182
Class B		3,370			27,268			3,943			28,504
Class C		4,072			32,862			3,689			26,635
Administrator Class		195,763			1,579,809			236,540			1,707,820
Institutional Class		60,627			490,473			49,996			361,970
Investor Class		102,751			830,226			341,703			2,463,677
					3,302,483						4,944,788
Payment for shares redeemed
Class A		(1,113,788	)		(9,045,074	)		1,280,290	)		(9,284,320	)
Class B		(147,529	)		(1,189,236	)		(319,445	)		(2,312,844	)
Class C		(144,013	)		(1,154,296	)		(169,891	)		(1,237,233	)
Administrator Class		(2,182,566	)		(17,709,893	)		(19,730,392	)		(143,163,550	)
Institutional Class		(2,711,256	)		(22,235,945	)		(719,404	)		(5,320,552	)
Investor Class		(1,812,680	)		(14,634,727	)		(26,846,096	)		(192,739,685	)
					(65,969,171	)					(354,058,184	)

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

Statements of Changes in Net Assets Wells Fargo Equity Gateway Funds     35

Diversified Equity Fund												Diversified Small Cap Fund
Six Months Ended												Six Months Ended
March 31, 2011						Year Ended						March 31, 2011						Year Ended
(Unaudited)						September 30, 2010						(Unaudited)						September 30, 2010
			$	1,434,868					$	3,340,030					$	132,015					$	(17,539	)
				50,952,940						55,288,551						24,640,921						(1,831,960	)
				25,802,874						(16,877,537	)					6,388,802						17,928,149
				78,190,682						41,751,044						31,161,738						16,078,650
				(516,123	)					(1,288,490	)				NA						NA
				0						(77,748	)				NA						NA
				0						(26,810	)				NA						NA
				(3,081,569	)					(5,224,703	)					(80,348	)					(1,273,368	)
			NA						NA						NA						NA
			NA						NA						NA						NA
				(3,597,692	)					(6,617,751	)					(80,348	)					(1,273,368	)
Shares						Shares						Shares						Shares
	99,558			2,746,771			279,656			6,703,230		NA			NA			NA			NA
	819			20,391			790			17,293		NA			NA			NA			NA
	4,085			109,660			4,978			114,344		NA			NA			NA			NA
	659,657			18,357,924			1,132,981			26,736,041			199,543			2,514,564			1,260,989			12,415,171
NA			NA			NA			NA			NA			NA			NA			NA
NA			NA			NA			NA			NA			NA			NA			NA
				21,234,746						33,570,908						2,514,564						12,415,171
	17,205			469,860			50,948			1,222,735		NA			NA			NA			NA
	0			0			3,388			76,714		NA			NA			NA			NA
	0			0			1,140			26,311		NA			NA			NA			NA
	111,627			3,051,878			215,496			5,180,520			6,290			79,886			123,928			1,224,412
NA			NA			NA			NA			NA			NA			NA			NA
NA			NA			NA			NA			NA			NA			NA			NA
				3,521,738						6,506,280						79,886						1,224,412
	(339,731	)		(9,304,987	)		(1,193,951	)		(28,206,441	)	NA			NA			NA			NA
	(100,997	)		(2,597,106	)		(210,512	)		(4,750,842	)	NA			NA			NA			NA
	(21,395	)		(566,384	)		(19,674	)		(450,106	)	NA			NA			NA			NA
	(2,069,460	)		(56,373,518	)		(15,894,091	)		(378,629,586	)		(580,781	)		(7,238,559	)		(43,716,300	)		(424,913,659	)
NA			NA			NA			NA			NA			NA			NA			NA
NA			NA			NA			NA			NA			NA			NA			NA
				(68,841,995	)					(412,036,975	)					(7,238,559	)					(424,913,659	)

36     Wells Fargo Equity Gateway Funds Statements of Changes in Net Assets

	C&B Large Cap Value Fund
	Six Months Ended
	March 31, 2011					Year Ended
	(Unaudited)					September 30, 2010
	Shares					Shares
Capital share transactions (continued)
Net asset value of shares issued in acquisition
Class A		0	$	0			0	$	0
Class B		0		0			0		0
Class C		0		0			0		0
Administrator Class				0			0		0
				0					0
Net decrease in net assets resulting from capital share transactions				(33,861,928	)				(181,205,344	)
Total increase (decrease) in net assets				8,574,754					(158,151,684	)
Net assets
Beginning of period				339,983,103					498,134,787
End of period			$	348,557,857				$	339,983,103
Undistributed (overdistributed) net investment income (loss)			$	870,157				$	3,620,809

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

Statements of Changes in Net Assets Wells Fargo Equity Gateway Funds     37

Diversified Equity Fund										Diversified Small Cap Fund
Six Months Ended											Six Months Ended
March 31, 2011					Year Ended						March 31, 2011					Year Ended
(Unaudited)					September 30, 2010						(Unaudited)					September 30, 2010
Shares					Shares						Shares					Shares
	0	$	0			654,209	$	14,994,398			NA		$	NA			NA	$	NA
	0		0			47,961		1,032,510			NA		NA			NA		NA
	0		0			19,408		426,111			NA		NA			NA		NA
	0		0			3,511,419		80,723,411				0		0			0		0
			0					97,176,430						0					0
			(44,085,511	)				(274,783,357	)					(4,644,109	)				(411,274,076	)
			30,507,479					(239,650,064	)					26,437,281					(396,468,794	)
			455,948,835					695,598,899						119,099,715					515,568,509
		$	486,456,314				$	455,948,835					$	145,536,996				$	119,099,715
		$	(391,809	)			$	1,771,015					$	(52,198	)			$	(103,865	)

38     Wells Fargo Equity Gateway Funds Statements of Changes in Net Assets

	Emerging Growth Fund
	Six Months Ended
	March 31, 2011						Year Ended
	(Unaudited)						September 30, 2010
Operations
Net investment income (loss)				$	(45,072	)				$	(41,506	)
Net realized gains (losses) on investments					608,233						568,446
Net change in unrealized gains (losses) on investments					1,398,360						76,360
Net increase in net assets resulting from operations					1,961,521						603,300
Distributions to shareholders from
Net investment income
Class A					0						0
Class B				NA						NA
Class C					0						0
Administrator Class					0						0
Institutional Class					0						0
Total distributions to shareholders					0						0
	Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		136,926			1,594,980			9,722			83,681
Class B	NA			NA			NA			NA
Class C		9,043			100,023			5,141			45,487
Administrator Class		11,651			131,605			4,234			39,580
Institutional Class		8			75			0			0
Investor Class		414,175			4,733,738			115,505			1,012,616
					6,560,421						1,181,364
Reinvestment of distributions
Class A		0			0			0			0
Class B	NA			NA			NA			NA
Class C		0			0			0			0
Administrator Class		0			0			0			0
Institutional Class		0			0			0			0
					0						0
Payment for shares redeemed
Class A		(8,953	)		(99,540	)		(330	)		(2,772	)
Class B	NA			NA			NA			NA
Class C		0			0			0			0
Administrator Class		(11,395	)		(132,218	)		(992	)		(9,150	)
Institutional Class		(8	)		(75	)		0			0
Investor Class		(140,440	)		(1,596,577	)		(86,092	)		(746,906	)
					(1,828,410	)					(758,828	)
Net increase (decrease) in net assets resulting from capital share transactions					4,732,011						422,536
Total increase (decrease) in net assets					6,693,532						1,025,836
Net assets
Beginning of period					3,964,938						2,939,102
End of period				$	10,658,470					$	3,964,938
Undistributed net investment income (loss)				$	(60,359	)				$	(15,287	)

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

Statements of Changes in Net Assets Wells Fargo Equity Gateway Funds     39

Equity Value Fund												International Value Fund
Six Months Ended												Six Months Ended
March 31, 2011									Year Ended			March 31, 2011						Year Ended
(Unaudited)									September 30, 2010			(Unaudited)						September 30, 2010
			$	467,162					$	1,379,712					$	1,760,050					$	5,537,340
				28,080,499						20,092,871						6,532,806						(16,956,055	)
				10,566,453						(943,973	)					20,292,240						14,710,904
				39,114,114						20,528,610						28,585,096						3,292,189
				(13,942	)					(40,322	)					(114,932	)					(103,184	)
				0						0						(1,636	)					(5,466	)
				0						(1,106	)					(6,432	)					(9,627	)
				(636,854	)					(1,636,928	)					(5,627,082	)					(4,727,636	)
				(625,907	)					(837,569	)					(39,486	)					(35,242	)
				(1,276,703	)					(2,515,925	)					(5,789,568	)					(4,881,155	)
Shares						Shares						Shares						Shares
	28,904			376,649			98,792			1,163,569			52,556			701,204			112,318			1,397,903
	5,000			65,778			4,346			47,141			1			16			561			7,035
	19,480			259,397			18,712			217,776			4,827			62,796			14,875			172,928
	1,101,840			14,217,876			3,200,448			36,588,652			2,783,520			36,970,652			5,597,652			67,554,164
	427,465			5,621,715			998,464			11,269,008			4,515			59,906			12,410			151,244
NA			NA			NA			NA			NA			NA			NA			NA
				20,541,415						49,286,146						37,794,574						69,283,274
	1,029			13,190			3,469			38,813			8,377			108,054			7,630			94,002
	0			0			0			0			127			1,633			429			5,244
	0			0			95			1,060			439			5,582			708			8,602
	48,526			632,771			142,259			1,617,490			419,849			5,382,472			371,944			4,552,598
	47,928			624,026			73,518			835,165			3,078			39,486			2,870			35,242
				1,269,987						2,492,528						5,537,227						4,695,688
	(37,075	)		(491,394	)		(131,025	)		(1,465,223	)		(138,386	)		(1,837,737	)		(272,428	)		(3,308,539	)
	(17,813	)		(228,119	)		(28,354	)		(311,449	)		(11,187	)		(146,769	)		(19,951	)		(242,576	)
	(3,368	)		(43,188	)		(26,788	)		(301,039	)		(10,751	)		(137,321	)		(24,869	)		(299,110	)
	(2,420,263	)		(31,524,757	)		(7,361,042	)		(85,159,277	)		(1,751,847	)		(23,228,589	)		(3,484,483	)		(42,497,896	)
	(33,341	)		(449,526	)		(352,794	)		(4,087,633	)		(1,066	)		(14,160	)		(33,508	)		(404,089	)
NA			NA			NA			NA			NA			NA			NA			NA
				(32,736,984	)					(91,324,621	)					25,364,576	)					(46,752,210	)
				(10,925,582	)					(39,545,947	)					17,967,225						27,226,752
				26,911,829						(21,533,262	)					40,762,753						25,637,786
				200,641,197						222,174,459						269,081,679						243,443,893
			$	227,553,026					$	200,641,197					$	309,844,432					$	269,081,679
			$	153,233					$	962,774					$	1,486,698					$	5,516,216

40     Wells Fargo Equity Gateway Funds Statements of Changes in Net Assets

	Small Company Growth Fund
	Six Months Ended
	March 31, 2011						Year Ended
	(Unaudited)						September 30, 2010
Operations
Net investment income (loss)				$	(1,048,948	)				$	(2,187,622	)
Net realized gains on investments					40,648,502						36,495,540
Net change in unrealized gains (losses) on investments					44,137,355						3,004,117
Net increase in net assets resulting from operations					83,736,909						37,312,035
	Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		66,665			1,722,306			98,706			1,955,347
Class B		3,034			70,717			368			6,747
Class C		19,012			481,577			22,294			405,095
Administrator Class		478,580			12,645,951			2,299,261			44,213,098
Institutional Class		4,277,891			121,675,481			54,637			1,122,279
					136,596,032						47,702,566
Payment for shares redeemed
Class A		(28,957	)		(720,085	)		(38,061	)		(725,493	)
Class B		(1,395	)		(32,280	)		(5,563	)		(99,919	)
Class C		(2,560	)		(65,598	)		(15,785	)		(288,335	)
Administrator Class		(5,644,352	)		(156,850,714	)		(3,479,054	)		(72,540,910	)
Institutional Class		(363,221	)		(9,738,328	)		(1,233	)		(25,346	)
					(167,407,005	)					(73,680,003	)
Net decrease in net assets resulting from capital share transactions					(30,810,973	)					(25,977,437	)
Total increase (decrease) in net assets					52,925,936						11,334,598
Net assets
Beginning of period					244,049,092						232,714,494
End of period				$	296,975,028					$	244,049,092
Undistributed net investment income (loss)				$	(1,805,358	)				$	(756,410	)

1. Class commenced operations on July 30, 2010.

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

Statements of Changes in Net Assets Wells Fargo Equity Gateway Funds     41

Small Company Value Fund
			Six Months Ended
			March 31, 2011			Year Ended
			(Unaudited)			September 30, 2010
			$	795,831					$	(124,023	)
				13,796,779						20,606,462
				6,815,280						(11,350,203	)
				21,407,890						9,132,236
	Shares						Shares
	337,843			4,436,450			974,362			10,321,699
	849			9,341			1,522			17,081
	10,333			125,713			31,632			323,254
	579,486			7,614,476			1,050,229			11,445,290
	181			2,496			8881			10,0001
				12,188,476						22,117,324
	(353,420	)		(4,617,286	)		(1,051,045	)		(11,266,343	)
	(72,583	)		(866,669	)		(108,626	)		(1,089,019	)
	(11,626	)		(140,253	)		(21,321	)		(213,740	)
	(1,050,300	)		(13,704,738	)		(8,323,953	)		(80,757,084	)
	0			0			0	1		0	1
				(19,328,946	)					(93,326,186	)
				(7,140,470	)					(71,208,862	)
				14,267,420						(62,076,646	)
				86,425,947						148,502,573
			$	100,693,367					$	86,425,947
			$	1,332,572					$	536,741

42     Wells Fargo Equity Gateway Funds Financial Highlights

	Beginning					Net Realized			Distributions
	Net Asset		Net			and Unrealized			from Net			Distributions
	Value Per		Investment			Gains (Losses)			Investment			from Net
	Share		Income			on Investments			Income			Realized Gains
C&B Large Cap Value Fund
Class A
October 1, 2010 to March 31, 2011 (Unaudited)	$	7.48		0.05			1.01			(0.10	)		0.00
October 1, 2009 to September 30, 2010	$	7.06		0.08			0.42			(0.08	)		0.00
October 1, 2008 to September 30, 2009	$	7.69		0.10	4		(0.60	)		(0.13	)		(0.00	)5
October 1, 2007 to September 30, 2008	$	10.19		0.11	4		(2.12	)		(0.09	)		(0.40	)
October 1, 2006 to September 30, 2007	$	9.67		0.09	4		0.98			(0.11	)		(0.44	)
October 1, 2005 to September 30, 2006	$	8.62		0.11			1.16			(0.04	)		(0.18	)
Class B
October 1, 2010 to March 31, 2011 (Unaudited)	$	7.44		0.01			1.02			(0.03	)		0.00
October 1, 2009 to September 30, 2010	$	7.02		0.03			0.42			(0.03	)		0.00
October 1, 2008 to September 30, 2009	$	7.61		0.05	4		(0.58	)		(0.06	)		(0.00	)5
October 1, 2007 to September 30, 2008	$	10.08		0.04	4		(2.11	)		0.00			(0.40	)
October 1, 2006 to September 30, 2007	$	9.58		0.02	4		0.96			(0.04	)		(0.44	)
October 1, 2005 to September 30, 2006	$	8.56		0.05			1.15			0.00			(0.18	)
Class C
October 1, 2010 to March 31, 2011 (Unaudited)	$	7.43		0.01			1.02			(0.04	)		0.00
October 1, 2009 to September 30, 2010	$	7.02		0.02			0.42			(0.03	)		0.00
October 1, 2008 to September 30, 2009	$	7.60		0.05	4		(0.57	)		(0.06	)		(0.00	)5
October 1, 2007 to September 30, 2008	$	10.08		0.04	4		(2.11	)		(0.01	)		(0.40	)
October 1, 2006 to September 30, 2007	$	9.58		0.02	4		0.96			(0.04	)		(0.44	)
October 1, 2005 to September 30, 2006	$	8.56		0.05			1.15			0.00			(0.18	)
Administrator Class
October 1, 2010 to March 31, 2011 (Unaudited)	$	7.47		0.05			1.03			(0.11	)		0.00
October 1, 2009 to September 30, 2010	$	7.06		0.08	4		0.42			(0.09	)		0.00
October 1, 2008 to September 30, 2009	$	7.70		0.11	4		(0.60	)		(0.15	)		(0.00	)5
October 1, 2007 to September 30, 2008	$	10.22		0.13	4		(2.13	)		(0.12	)		(0.40	)
October 1, 2006 to September 30, 2007	$	9.69		0.12	4		0.98			(0.13	)		(0.44	)
October 1, 2005 to September 30, 2006	$	8.64		0.13			1.16			(0.06	)		(0.18	)
Institutional Class
October 1, 2010 to March 31, 2011 (Unaudited)	$	7.51		0.06			1.03			(0.13	)		0.00
October 1, 2009 to September 30, 2010	$	7.09		0.11	4		0.42			(0.11	)		0.00
October 1, 2008 to September 30, 2009	$	7.75		0.12	4		(0.61	)		(0.17	)		(0.00	)5
October 1, 2007 to September 30, 2008	$	10.27		0.15	4		(2.13	)		(0.14	)		(0.40	)
October 1, 2006 to September 30, 2007	$	9.74		0.15	4		0.97			(0.15	)		(0.44	)
October 1, 2005 to September 30, 2006	$	8.67		0.16			1.17			(0.08	)		(0.18	)
Investor Class
October 1, 2010 to March 31, 2011 (Unaudited)	$	7.46		0.03			1.04			(0.08	)		0.00
October 1, 2009 to September 30, 2010	$	7.04		0.06			0.44			(0.08	)		0.00
October 1, 2008 to September 30, 2009	$	7.68		0.09	4		(0.59	)		(0.14	)		(0.00	)5
October 1, 2007 to September 30, 20086	$	10.19		0.11	4		(2.13	)		(0.09	)		(0.40	)
October 1, 2006 to September 30, 20076	$	9.67		0.10	4		0.97			(0.11	)		(0.44	)
October 1, 2005 to September 30, 20066	$	8.62		0.11			1.16			(0.04	)		(0.18	)

1.	Includes net expenses allocated from Master Portfolio(s) in which the Fund invests.
2.	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
3.	Portfolio turnover rate is calculated by aggregating the results of multiplying the Fund’s investment percentage in the respective Master Portfolio by the corresponding Master Portfolio’s portfolio turnover rate.
4.	Calculated based upon average shares outstanding.
5.	Amount represents less than $0.005 per share.
6.	On June 20, 2008, Class D and Class Z were renamed to Investor Class.
7.	Commencement of class operations.

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

Financial Highlights Wells Fargo Equity Gateway Funds     43

Ending
Net Asset		Ratio to Average Net Assets (Annualized)												Portfolio			Net Assets at
Value Per		Net Investment			Gross			Net			Total			Turnover			End of Period
Share		Income			Expenses1			Expenses1			Return2			Rate3			(000’s omitted)
$	8.44		0.81	%		1.32	%		1.15	%		14.21	%		12	%	$	27,003
$	7.48		0.96	%		1.32	%		1.15	%		7.14	%		13	%	$	31,038
$	7.06		1.66	%		1.30	%		1.15	%		(6.05	)%		28	%	$	33,784
$	7.69		1.20	%		1.32	%		1.19	%		(20.51	)%		21	%	$	40,157
$	10.19		0.94	%		1.30	%		1.20	%		11.20	%		24	%	$	72,865
$	9.67		1.25	%		1.30	%		1.20	%		15.02	%		29	%	$	57,288
$	8.44		0.08	%		2.07	%		1.90	%		13.91	%		12	%	$	6,793
$	7.44		0.20	%		2.07	%		1.90	%		6.36	%		13	%	$	6,951
$	7.02		0.91	%		2.04	%		1.90	%		(6.73	)%		28	%	$	8,773
$	7.61		0.43	%		2.07	%		1.94	%		(21.19	)%		21	%	$	13,461
$	10.08		0.18	%		2.05	%		1.95	%		10.33	%		24	%	$	25,029
$	9.58		0.48	%		2.05	%		1.95	%		14.20	%		29	%	$	26,082
$	8.42		0.09	%		2.08	%		1.90	%		13.90	%		12	%	$	7,001
$	7.43		0.21	%		2.07	%		1.90	%		6.29	%		13	%	$	6,607
$	7.02		0.90	%		2.04	%		1.90	%		(6.62	)%		28	%	$	6,852
$	7.60		0.44	%		2.06	%		1.94	%		(21.21	)%		21	%	$	9,424
$	10.08		0.19	%		2.05	%		1.95	%		10.34	%		24	%	$	16,926
$	9.58		0.49	%		2.05	%		1.95	%		14.20	%		29	%	$	15,120
$	8.44		1.03	%		1.17	%		0.95	%		14.36	%		12	%	$	119,981
$	7.47		1.13	%		1.13	%		0.95	%		7.33	%		13	%	$	114,664
$	7.06		1.89	%		1.11	%		0.95	%		(5.83	)%		28	%	$	222,489
$	7.70		1.43	%		1.13	%		0.95	%		(20.42	)%		21	%	$	260,883
$	10.22		1.23	%		1.12	%		0.95	%		11.52	%		24	%	$	590,511
$	9.69		1.48	%		1.12	%		0.95	%		15.24	%		29	%	$	241,435
$	8.47		1.28	%		0.89	%		0.70	%		14.64	%		12	%	$	100,182
$	7.51		1.48	%		0.88	%		0.70	%		7.51	%		13	%	$	95,466
$	7.09		2.11	%		0.85	%		0.70	%		(5.62	)%		28	%	$	26,582
$	7.75		1.68	%		0.87	%		0.70	%		(20.10	)%		21	%	$	27,494
$	10.27		1.45	%		0.85	%		0.70	%		11.69	%		24	%	$	57,189
$	9.74		1.74	%		0.85	%		0.70	%		15.63	%		29	%	$	70,113
$	8.45		0.78	%		1.40	%		1.20	%		14.38	%		12	%	$	87,597
$	7.46		0.87	%		1.41	%		1.20	%		7.15	%		13	%	$	85,256
$	7.04		1.62	%		1.40	%		1.20	%		(6.06	)%		28	%	$	199,654
$	7.68		1.20	%		1.35	%		1.20	%		(20.59	)%		21	%	$	153,917
$	10.19		0.95	%		1.30	%		1.20	%		11.20	%		24	%	$	222,142
$	9.67		1.22	%		1.30	%		1.20	%		15.01	%		29	%	$	163,397

44     Wells Fargo Equity Gateway Funds Financial Highlights

	Beginning					Net Realized			Distributions
	Net Asset		Net			and Unrealized			from Net			Distributions
	Value Per		Investment			Gains (Losses)			Investment			from Net
	Share		Income (Loss)			on Investments			Income			Realized Gains
Diversified Equity Fund
Class A
October 1, 2010 to March 31, 2011 (Unaudited)	$	24.89		0.07			4.39			(0.15	)		0.00
October 1, 2009 to September 30, 2010	$	23.41		0.18			1.66			(0.36	)		0.00
October 1, 2008 to September 30, 2009	$	27.70		0.23	4		(2.30	)		(0.26	)		(1.96	)
October 1, 2007 to September 30, 2008	$	42.92		0.27	4		(9.47	)		(0.25	)		(5.77	)
October 1, 2006 to September 30, 2007	$	40.36		0.23	4		6.33			(0.21	)		(3.79	)
October 1, 2005 to September 30, 2006	$	41.90		0.22	4		3.32			(0.12	)		(4.96	)
Class B
October 1, 2010 to March 31, 2011 (Unaudited)	$	23.35		(0.06	)4		4.14			0.00			0.00
October 1, 2009 to September 30, 2010	$	21.96		(0.01	)4		1.57			(0.17	)		0.00
October 1, 2008 to September 30, 2009	$	26.00		0.08	4		(2.16	)		0.00			(1.96	)
October 1, 2007 to September 30, 2008	$	40.68		0.01	4		(8.92	)		0.00			(5.77	)
October 1, 2006 to September 30, 2007	$	38.53		(0.08	)4		6.02			0.00			(3.79	)
October 1, 2005 to September 30, 2006	$	40.38		(0.07	)4		3.18			0.00			(4.96	)
Class C
October 1, 2010 to March 31, 2011 (Unaudited)	$	23.81		(0.05	)4		4.22			0.00			0.00
October 1, 2009 to September 30, 2010	$	22.43		(0.01	)4		1.60			(0.21	)		0.00
October 1, 2008 to September 30, 2009	$	26.53		0.08	4		(2.20	)		(0.02	)		(1.96	)
October 1, 2007 to September 30, 2008	$	41.38		0.02	4		(9.10	)		0.00			(5.77	)
October 1, 2006 to September 30, 2007	$	39.13		(0.07	)4		6.11			0.00			(3.79	)
October 1, 2005 to September 30, 2006	$	40.94		(0.07	)4		3.22			0.00			(4.96	)
Administrator Class
October 1, 2010 to March 31, 2011 (Unaudited)	$	24.98		0.08	4		4.43			(0.23	)		0.00
October 1, 2009 to September 30, 2010	$	23.47		0.20	4		1.70			(0.39	)		0.00
October 1, 2008 to September 30, 2009	$	27.79		0.28	4		(2.32	)		(0.32	)		(1.96	)
October 1, 2007 to September 30, 2008	$	43.03		0.36	4		(9.49	)		(0.34	)		(5.77	)
October 1, 2006 to September 30, 2007	$	40.46		0.33	4		6.33			(0.30	)		(3.79	)
October 1, 2005 to September 30, 2006	$	41.98		0.32	4		3.33			(0.21	)		(4.96	)
Diversified Small Cap Fund
Administrator Class
October 1, 2010 to March 31, 2011 (Unaudited)	$	10.87		0.01			2.88			(0.01	)		0.00
October 1, 2009 to September 30, 2010	$	9.67		0.10			1.20			(0.10	)		0.00
October 1, 2008 to September 30, 2009	$	10.40		0.03	4		(0.76	)		(0.00	)5		0.00
October 1, 2007 to September 30, 2008	$	14.89		0.01			(2.85	)		0.00			(1.62	)
October 1, 2006 to September 30, 2007	$	14.66		(0.03	)		1.96			0.00			(1.70	)
October 1, 2005 to September 30, 2006	$	14.97		(0.02	)		1.01			0.00			(1.30	)
Emerging Growth Fund
Class A
October 1, 2010 to March 31, 2011 (Unaudited)	$	9.50		(0.08	)4		3.47			0.00			0.00
October 1, 2009 to September 30, 2010	$	7.93		(0.12	)		1.69			0.00			0.00
October 1, 2008 to September 30, 2009	$	8.51		(0.07	)4		(0.51	)		0.00			0.00
March 31, 20087 to September 30, 2008	$	9.43		(0.05	)		(0.87	)		0.00			0.00
Class C
October 1, 2010 to March 31, 2011 (Unaudited)	$	9.32		(0.11	)4		3.39			0.00			0.00
October 1, 2009 to September 30, 2010	$	7.85		(0.16	)4		1.63			0.00			0.00
October 1, 2008 to September 30, 2009	$	8.48		(0.12	)4		(0.51	)		0.00			0.00
March 31, 20087 to September 30, 2008	$	9.43		(0.09	)		(0.86	)		0.00			0.00
Administrator Class
October 1, 2010 to March 31, 2011 (Unaudited)	$	9.56		(0.07	)		3.48			0.00			0.00
October 1, 2009 to September 30, 2010	$	8.08		(0.01	)		1.49			0.00			0.00
October 1, 2008 to September 30, 2009	$	8.53		(0.05	)4		(0.40	)		0.00			0.00
October 1, 2007 to September 30, 2008	$	12.40		(0.07	)		(3.70	)		0.00			(0.06	)
January 31, 20077 to September 30, 2007	$	10.00		(0.06	)		2.46			0.00			0.00

Please see footnotes on page 42.

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

Financial Highlights Wells Fargo Equity Gateway Funds     45

Distributions			Ending
from Tax Basis			Net Asset		Ratio to Average Net Assets (Annualized)												Portfolio			Net Assets at
Return of			Value Per		Net Investment			Gross			Net			Total			Turnover			End of Period
Capital			Share		Income (Loss)			Expenses1			Expenses1			Return2			Rate3			(000’s omitted)
	0.00		$	29.20		0.42	%		1.41	%		1.25	%		17.98	%		41	%	$	94,046
	0.00		$	24.89		0.71	%		1.48	%		1.25	%		7.90	%		44	%	$	85,735
	0.00		$	23.41		1.16	%		1.43	%		1.25	%		(5.33	)%		48	%	$	85,504
	0.00		$	27.70		0.81	%		1.42	%		1.25	%		(24.44	)%		37	%	$	90,444
	0.00		$	42.92		0.57	%		1.43	%		1.25	%		17.16	%		36	%	$	131,810
	0.00		$	40.36		0.57	%		1.42	%		1.25	%		9.02	%		35	%	$	119,122
	0.00		$	27.43		(0.34	)%		2.16	%		2.00	%		17.47	%		41	%	$	6,446
	0.00		$	23.35		(0.04	)%		2.23	%		2.00	%		7.15	%		44	%	$	7,825
	0.00		$	21.96		0.43	%		2.18	%		1.99	%		(6.03	)%		48	%	$	10,839
	0.00		$	26.00		0.03	%		2.17	%		2.00	%		(25.01	)%		37	%	$	19,054
	0.00		$	40.68		(0.19	)%		2.18	%		2.00	%		16.24	%		36	%	$	41,273
	0.00		$	38.53		(0.19	)%		2.17	%		2.00	%		8.21	%		35	%	$	51,171
	0.00		$	27.98		(0.33	)%		2.16	%		2.00	%		17.51	%		41	%	$	3,369
	0.00		$	23.81		(0.05	)%		2.23	%		2.00	%		7.10	%		44	%	$	3,280
	0.00		$	22.43		0.41	%		2.17	%		2.00	%		(6.02	)%		48	%	$	2,958
	0.00		$	26.53		0.05	%		2.15	%		2.00	%		(25.00	)%		37	%	$	3,491
	0.00		$	41.38		(0.18	)%		2.18	%		2.00	%		16.25	%		36	%	$	6,504
	0.00		$	39.13		(0.19	)%		2.17	%		2.00	%		8.20	%		35	%	$	6,451
	0.00		$	29.26		0.67	%		1.25	%		1.00	%		18.12	%		41	%	$	382,595
	0.00		$	24.98		0.83	%		1.29	%		1.00	%		8.18	%		44	%	$	359,109
	0.00		$	23.47		1.41	%		1.25	%		1.00	%		(5.09	)%		48	%	$	596,298
	0.00		$	27.79		1.05	%		1.24	%		1.00	%		(24.24	)%		37	%	$	678,818
	0.00		$	43.03		0.81	%		1.25	%		1.00	%		17.41	%		36	%	$	1,084,181
	0.00		$	40.46		0.82	%		1.24	%		1.00	%		9.30	%		35	%	$	1,145,044
	0.00		$	13.75		0.20	%		1.43	%		1.00	%		26.57	%		49	%	$	145,537
	0.00		$	10.87		(0.01	)%		1.43	%		1.00	%		13.58	%		58	%	$	119,100
	0.00		$	9.67		0.36	%		1.32	%		1.00	%		(7.00	)%		61	%	$	515,569
	(0.03	)	$	10.40		0.06	%		1.30	%		1.14	%		(20.61	)%		56	%	$	569,169
	0.00		$	14.89		(0.21	)%		1.36	%		1.20	%		13.75	%		67	%	$	757,352
	0.00		$	14.66		(0.14	)%		1.31	%		1.20	%		6.93	%		63	%	$	679,774
	0.00		$	12.89		(1.34	)%		3.69	%		1.45	%		35.68	%		53	%	$	1,842
	0.00		$	9.50		(1.17	)%		4.65	%		1.46	%		19.80	%		97	%	$	142
	0.00		$	7.93		(1.09	)%		8.23	%		1.45	%		(6.82	)%		147	%	$	44
	0.00		$	8.51		(1.05	)%		4.16	%		1.45	%		(9.76	)%		191	%	$	14
	0.00		$	12.60		(2.05	)%		4.29	%		2.20	%		35.05	%		53	%	$	192
	0.00		$	9.32		(1.93	)%		5.40	%		2.22	%		18.85	%		97	%	$	58
	0.00		$	7.85		(1.84	)%		7.93	%		2.20	%		(7.43	)%		147	%	$	8
	0.00		$	8.48		(1.82	)%		4.85	%		2.20	%		(10.07	)%		191	%	$	9
	0.00		$	12.97		(1.09	)%		3.14	%		1.20	%		35.77	%		53	%	$	72
	0.00		$	9.56		(0.78	)%		4.54	%		1.20	%		19.95	%		97	%	$	51
	0.00		$	8.08		(0.79	)%		6.89	%		1.20	%		(5.28	)%		147	%	$	17
	(0.04	)	$	8.53		(0.76	)%		3.87	%		1.20	%		(30.63	)%		191	%	$	59
	0.00		$	12.40		(0.80	)%		10.20	%		1.20	%		24.00	%		125	%	$	18

46     Wells Fargo Equity Gateway Funds Financial Highlights

	Beginning					Net Realized			Distributions
	Net Asset		Net			and Unrealized			from Net			Distributions
	Value Per		Investment			Gains (Losses)			Investment			from Net
	Share		Income (Loss)			on Investments			Income			Realized Gains
Emerging Growth Fund (continued)
Institutional Class
October 1, 2010 to March 31, 2011 (Unaudited)	$	9.62		(0.05	)		3.51			0.00			0.00
October 1, 2009 to September 30, 2010	$	8.00		(0.07	)		1.69			0.00			0.00
October 1, 2008 to September 30, 2009	$	8.53		(0.04	)4		(0.49	)		0.00			0.00
March 31, 20087 to September 30, 2008	$	9.43		(0.03	)		(0.87	)		0.00			0.00
Investor Class
October 1, 2010 to March 31, 2011 (Unaudited)	$	9.47		(0.08	)4		3.45			0.00			0.00
October 1, 2009 to September 30, 2010	$	7.91		(0.09	)		1.65			0.00			0.00
October 1, 2008 to September 30, 2009	$	8.49		(0.07	)4		(0.51	)		0.00			0.00
October 1, 2007 to September 30, 2008	$	12.38		(0.13	)		(3.66	)		0.00			(0.06	)
January 31, 20077 to September 30, 2007	$	10.00		(0.05	)		2.43			0.00			0.00
Equity Value Fund
Class A
October 1, 2010 to March 31, 2011 (Unaudited)	$	11.62		0.01			2.29			(0.04	)		0.00
October 1, 2009 to September 30, 2010	$	10.76		0.04			0.92			(0.10	)		0.00
October 1, 2008 to September 30, 2009	$	11.79		0.12	4		(1.03	)		(0.12	)		(0.00	)5
October 1, 2007 to September 30, 2008	$	17.53		0.17	4		(4.62	)		(0.12	)		(1.17	)
October 1, 2006 to September 30, 2007	$	15.12		0.12	4		2.77			(0.10	)		(0.38	)
October 1, 2005 to September 30, 2006	$	13.82		0.09			1.32			(0.08	)		(0.03	)
Class B
October 1, 2010 to March 31, 2011 (Unaudited)	$	11.56		(0.04	)4		2.27			0.00			0.00
October 1, 2009 to September 30, 2010	$	10.67		(0.05	)4		0.94			0.00			0.00
October 1, 2008 to September 30, 2009	$	11.63		0.06	4		(1.02	)		0.00			(0.00	)5
October 1, 2007 to September 30, 2008	$	17.31		0.06	4		(4.57	)		0.00			(1.17	)
October 1, 2006 to September 30, 2007	$	14.95		0.00	4		2.74			0.00			(0.38	)
October 1, 2005 to September 30, 2006	$	13.69		0.00			1.29			0.00			(0.03	)
Class C
October 1, 2010 to March 31, 2011 (Unaudited)	$	11.47		(0.04	)4		2.25			0.00			0.00
October 1, 2009 to September 30, 2010	$	10.63		(0.04	)		0.90			(0.02	)		0.00
October 1, 2008 to September 30, 2009	$	11.61		0.06	4		(1.02	)		(0.02	)		(0.00	)5
October 1, 2007 to September 30, 2008	$	17.29		0.05	4		(4.56	)		0.00			(1.17	)
October 1, 2006 to September 30, 2007	$	14.95		0.00	4		2.74			(0.02	)		(0.38	)
October 1, 2005 to September 30, 2006	$	13.69		(0.01	)		1.30			0.00			(0.03	)
Administrator Class
October 1, 2010 to March 31, 2011 (Unaudited)	$	11.84		0.03	4		2.32			(0.07	)		0.00
October 1, 2009 to September 30, 2010	$	10.94		0.06	4		0.96			(0.12	)		0.00
October 1, 2008 to September 30, 2009	$	12.01		0.15	4		(1.06	)		(0.16	)		(0.00	)5
October 1, 2007 to September 30, 2008	$	17.82		0.20	4		(4.70	)		(0.14	)		(1.17	)
October 1, 2006 to September 30, 2007	$	15.36		0.16	4		2.82			(0.14	)		(0.38	)
October 1, 2005 to September 30, 2006	$	13.96		0.14			1.33			(0.04	)		(0.03	)
Institutional Class
October 1, 2010 to March 31, 2011 (Unaudited)	$	11.84		0.04			2.33			(0.10	)		0.00
October 1, 2009 to September 30, 2010	$	10.95		0.09			0.95			(0.15	)		0.00
October 1, 2008 to September 30, 2009	$	12.03		0.17	4		(1.06	)		(0.19	)		(0.00	)5
October 1, 2007 to September 30, 2008	$	17.84		0.24	4		(4.70	)		(0.18	)		(1.17	)
October 1, 2006 to September 30, 2007	$	15.36		0.19	4		2.82			(0.15	)		(0.38	)
August 31, 20067 to September 30, 2006	$	15.17		0.01			0.18			0.00			0.00
International Value Fund
Class A
October 1, 2010 to March 31, 2011 (Unaudited)	$	12.58		0.06	4		1.23			(0.23	)		0.00
October 1, 2009 to September 30, 2010	$	12.67		0.23	4		(0.17	)		(0.15	)		0.00
October 1, 2008 to September 30, 2009	$	12.66		0.23	4		0.22			(0.44	)		0.00
October 1, 2007 to September 30, 2008	$	20.21		0.51	4		(7.24	)		(0.36	)		(0.46	)
October 1, 2006 to September 30, 2007	$	16.75		0.48	4		3.07			(0.08	)		(0.01	)
October 1, 2005 to September 30, 2006	$	14.13		0.35	4		2.32			0.00			(0.05	)

Please see footnotes on page 42.

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

Financial Highlights Wells Fargo Equity Gateway Funds     47

Distributions			Ending
from Tax Basis			Net Asset		Ratio to Average Net Assets (Annualized)												Portfolio			Net Assets at
Return of			Value Per		Net Investment			Gross			Net			Total			Turnover			End of Period
Capital			Share		Income (Loss)			Expenses1			Expenses1			Return2			Rate3			(000’s omitted)
	0.00		$	13.08		(0.81	)%		3.10	%		0.95	%		35.97	%		53	%	$	14
	0.00		$	9.62		(0.67	)%		4.32	%		0.95	%		20.40	%		97	%	$	10
	0.00		$	8.00		(0.58	)%		6.74	%		0.95	%		(6.33	)%		147	%	$	8
	0.00		$	8.53		(0.56	)%		3.64	%		0.95	%		(9.54	)%		191	%	$	9
	0.00		$	12.84		(1.34	)%		3.58	%		1.49	%		35.59	%		53	%	$	8,539
	0.00		$	9.47		(1.22	)%		4.85	%		1.50	%		19.72	%		97	%	$	3,705
	0.00		$	7.91		(1.11	)%		7.23	%		1.49	%		(6.83	)%		147	%	$	2,862
	(0.04	)	$	8.49		(1.05	)%		3.92	%		1.49	%		(30.84	)%		191	%	$	3,665
	0.00		$	12.38		(1.12	)%		5.86	%		1.49	%		23.80	%		125	%	$	3,242
	0.00		$	13.88		0.10	%		1.30	%		1.25	%		19.79	%		75	%	$	5,189
	0.00		$	11.62		0.32	%		1.31	%		1.25	%		9.07	%		122	%	$	4,428
	0.00		$	10.76		1.28	%		1.37	%		1.25	%		(7.48	)%		142	%	$	4,408
	0.00		$	11.79		1.14	%		1.36	%		1.25	%		(27.24	)%		152	%	$	4,868
	0.00		$	17.53		0.73	%		1.35	%		1.25	%		19.50	%		108	%	$	5,714
	0.00		$	15.12		0.71	%		1.52	%		1.25	%		10.23	%		107	%	$	4,537
	0.00		$	13.79		(0.66	)%		2.05	%		2.00	%		19.29	%		75	%	$	428
	0.00		$	11.56		(0.44	)%		2.08	%		2.00	%		8.34	%		122	%	$	506
	0.00		$	10.67		0.66	%		2.13	%		2.00	%		(8.25	)%		142	%	$	724
	0.00		$	11.63		0.39	%		2.11	%		2.00	%		(27.77	)%		152	%	$	1,502
	0.00		$	17.31		(0.01	)%		2.10	%		2.00	%		18.61	%		108	%	$	3,077
	0.00		$	14.95		(0.04	)%		2.27	%		2.00	%		9.43	%		107	%	$	2,682
	0.00		$	13.68		(0.67	)%		2.05	%		2.00	%		19.27	%		75	%	$	944
	0.00		$	11.47		(0.45	)%		2.08	%		2.00	%		8.09	%		122	%	$	606
	0.00		$	10.63		0.63	%		2.13	%		2.00	%		(8.18	)%		142	%	$	647
	0.00		$	11.61		0.38	%		2.10	%		2.00	%		(27.80	)%		152	%	$	997
	0.00		$	17.29		(0.01	)%		2.10	%		2.00	%		18.60	%		108	%	$	974
	0.00		$	14.95		(0.03	)%		2.27	%		2.00	%		9.43	%		107	%	$	417
	0.00		$	14.12		0.35	%		1.14	%		1.00	%		19.86	%		75	%	$	127,228
	0.00		$	11.84		0.56	%		1.14	%		1.00	%		9.40	%		122	%	$	121,656
	0.00		$	10.94		1.58	%		1.19	%		1.00	%		(7.24	)%		142	%	$	156,382
	0.00		$	12.01		1.37	%		1.16	%		1.00	%		(27.05	)%		152	%	$	183,379
	0.00		$	17.82		0.98	%		1.17	%		1.00	%		19.80	%		108	%	$	85,370
	0.00		$	15.36		0.96	%		1.34	%		1.00	%		10.60	%		107	%	$	71,801
	0.00		$	14.11		0.60	%		0.87	%		0.75	%		20.08	%		75	%	$	93,764
	0.00		$	11.84		0.82	%		0.88	%		0.75	%		9.65	%		122	%	$	73,445
	0.00		$	10.95		1.82	%		0.93	%		0.75	%		(7.13	)%		142	%	$	60,014
	0.00		$	12.03		1.63	%		0.91	%		0.75	%		(26.84	)%		152	%	$	64,824
	0.00		$	17.84		1.13	%		0.90	%		0.75	%		20.01	%		108	%	$	62,639
��	0.00		$	15.36		0.82	%		0.97	%		0.65	%		1.25	%		107	%	$	10
	0.00		$	13.64		0.90	%		1.58	%		1.48	%		10.39	%		16	%	$	6,308
	0.00		$	12.58		1.92	%		1.69	%		1.46	%		0.52	%		27	%	$	6,792
	0.00		$	12.67		2.28	%		1.68	%		1.50	%		4.82	%		41	%	$	8,769
	0.00		$	12.66		3.04	%		1.74	%		1.50	%		(34.48	)%		23	%	$	16,903
	0.00		$	20.21		2.45	%		1.64	%		1.50	%		21.20	%		19	%	$	25,445
	0.00		$	16.75		2.26	%		6.14	%		1.41	%		18.93	%		31	%	$	1,900

48     Wells Fargo Equity Gateway Funds Financial Highlights

	Beginning					Net Realized			Distributions
	Net Asset		Net			and Unrealized			from Net			Distributions
	Value Per		Investment			Gains (Losses)			Investment			from Net
	Share		Income (Loss)			on Investments			Income			Realized Gains
International Value Fund (continued)
Class B
October 1, 2010 to March 31, 2011 (Unaudited)	$	12.42		0.00	4		1.23			(0.08	)		0.00
October 1, 2009 to September 30, 2010	$	12.57		0.12	4		(0.14	)		(0.13	)		0.00
October 1, 2008 to September 30, 2009	$	12.42		0.14	4		0.25			(0.24	)		0.00
October 1, 2007 to September 30, 2008	$	19.82		0.38	4		(7.11	)		(0.21	)		(0.46	)
October 1, 2006 to September 30, 2007	$	16.55		0.27	4		3.09			(0.08	)		(0.01	)
October 1, 2005 to September 30, 2006	$	14.09		0.24	4		2.27			0.00			(0.05	)
Class C
October 1, 2010 to March 31, 2011 (Unaudited)	$	12.33		0.03			1.19			(0.13	)		0.00
October 1, 2009 to September 30, 2010	$	12.51		0.15			(0.18	)		(0.15	)		0.00
October 1, 2008 to September 30, 2009	$	12.44		0.15	4		0.23			(0.31	)		0.00
October 1, 2007 to September 30, 2008	$	19.90		0.38	4		(7.13	)		(0.25	)		(0.46	)
October 1, 2006 to September 30, 2007	$	16.54		0.30	4		3.07			0.00			(0.01	)
October 1, 2005 to September 30, 2006	$	14.09		0.21	4		2.29			0.00			(0.05	)
Administrator Class
October 1, 2010 to March 31, 2011 (Unaudited)	$	12.52		0.07			1.24			(0.27	)		0.00
October 1, 2009 to September 30, 2010	$	12.68		0.25			(0.15	)		(0.26	)		0.00
October 1, 2008 to September 30, 2009	$	12.69		0.25	4		0.20			(0.46	)		0.00
October 1, 2007 to September 30, 2008	$	20.23		0.58	4		(7.27	)		(0.39	)		(0.46	)
October 1, 2006 to September 30, 2007	$	16.65		0.44	4		3.15			0.00			(0.01	)
October 1, 2005 to September 30, 2006	$	14.15		0.32	4		2.34			(0.11	)		(0.05	)
Institutional Class
October 1, 2010 to March 31, 2011 (Unaudited)	$	12.58		0.10			1.22			(0.32	)		0.00
October 1, 2009 to September 30, 2010	$	12.71		0.32			(0.20	)		(0.25	)		0.00
October 1, 2008 to September 30, 2009	$	12.72		0.28	4		0.20			(0.49	)		0.00
October 1, 2007 to September 30, 2008	$	20.28		0.62	4		(7.31	)		(0.41	)		(0.46	)
October 1, 2006 to September 30, 2007	$	16.67		0.46	4		3.16			0.00			(0.01	)
August 31, 20067 to September 30, 2006	$	16.52		0.01	4		0.14			0.00			0.00
Small Company Growth Fund
Class A
October 1, 2010 to March 31, 2011 (Unaudited)	$	21.23		(0.11	)		7.68			0.00			0.00
October 1, 2009 to September 30, 2010	$	18.56		(0.21	)4		2.88			0.00			0.00
October 1, 2008 to September 30, 2009	$	18.38		(0.17	)4		0.35			0.00			0.00
October 1, 2007 to September 30, 2008	$	30.20		(0.24	)4		(7.24	)		0.00			(4.17	)
October 1, 2006 to September 30, 2007	$	30.50		(0.29	)4		5.04			0.00			(5.05	)
October 1, 2005 to September 30, 2006	$	30.87		(0.28	)4		2.22			0.00			(2.31	)
Class B
October 1, 2010 to March 31, 2011 (Unaudited)	$	19.97		(0.21	)4		7.23			0.00			0.00
October 1, 2009 to September 30, 2010	$	17.58		(0.34	)4		2.73			0.00			0.00
October 1, 2008 to September 30, 2009	$	17.55		(0.25	)4		0.28			0.00			0.00
October 1, 2007 to September 30, 2008	$	29.24		(0.40	)4		(6.95	)		0.00			(4.17	)
October 1, 2006 to September 30, 2007	$	29.87		(0.50	)4		4.92			0.00			(5.05	)
October 1, 2005 to September 30, 2006	$	30.51		(0.48	)4		2.15			0.00			(2.31	)
Class C
October 1, 2010 to March 31, 2011 (Unaudited)	$	20.19		(0.21	)4		7.32			0.00			0.00
October 1, 2009 to September 30, 2010	$	17.77		(0.34	)4		2.76			0.00			0.00
October 1, 2008 to September 30, 2009	$	17.73		(0.26	)4		0.30			0.00			0.00
October 1, 2007 to September 30, 2008	$	29.49		(0.39	)4		(7.03	)		0.00			(4.17	)
October 1, 2006 to September 30, 2007	$	30.08		(0.50	)4		4.96			0.00			(5.05	)
October 1, 2005 to September 30, 2006	$	30.69		(0.48	)4		2.18			0.00			(2.31	)
Administrator Class
October 1, 2010 to March 31, 2011 (Unaudited)	$	21.70		(0.10	)4		7.87			0.00			0.00
October 1, 2009 to September 30, 2010	$	18.90		(0.16	)4		2.96			0.00			0.00
October 1, 2008 to September 30, 2009	$	18.68		(0.12	)4		0.34			0.00			0.00
October 1, 2007 to September 30, 2008	$	30.54		(0.19	)4		(7.33	)		0.00			(4.17	)
October 1, 2006 to September 30, 2007	$	30.73		(0.22	)4		5.08			0.00			(5.05	)
October 1, 2005 to September 30, 2006	$	31.01		(0.18	)4		2.21			0.00			(2.31	)

Please see footnotes on page 42.

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

Financial Highlights Wells Fargo Equity Gateway Funds     49

Distributions			Ending
from Tax Basis			Net Asset		Ratio to Average Net Assets (Annualized)												Portfolio			Net Assets at
Return of			Value Per		Net Investment			Gross			Net			Total			Turnover			End of Period
Capital			Share		Income (Loss)			Expenses1			Expenses1			Return2			Rate3			(000’s omitted)
	0.00		$	13.57		0.02	%		2.35	%		2.23	%		9.97	%		16	%	$	220
	0.00		$	12.42		0.99	%		2.44	%		2.21	%		(0.16	)%		27	%	$	339
	0.00		$	12.57		1.39	%		2.44	%		2.25	%		3.82	%		41	%	$	581
	0.00		$	12.42		2.24	%		2.49	%		2.25	%		(34.97	)%		23	%	$	951
	0.00		$	19.82		1.43	%		2.40	%		2.25	%		20.32	%		19	%	$	2,512
	0.00		$	16.55		1.52	%		6.84	%		2.19	%		17.85	%		31	%	$	1,110
	0.00		$	13.42		0.19	%		2.33	%		2.23	%		9.97	%		16	%	$	650
	0.00		$	12.33		1.11	%		2.45	%		2.21	%		(0.21	)%		27	%	$	665
	0.00		$	12.51		1.56	%		2.43	%		2.25	%		3.90	%		41	%	$	791
	0.00		$	12.44		2.29	%		2.46	%		2.25	%		(34.99	)%		23	%	$	799
	0.00		$	19.90		1.54	%		2.40	%		2.25	%		20.36	%		19	%	$	1,305
	0.00		$	16.54		1.38	%		6.29	%		2.14	%		17.78	%		31	%	$	312
	0.00		$	13.56		1.21	%		1.42	%		1.25	%		10.55	%		16	%	$	300,939
	0.00		$	12.52		2.26	%		1.53	%		1.21	%		0.80	%		27	%	$	259,768
	0.00		$	12.68		2.50	%		1.50	%		1.25	%		4.89	%		41	%	$	231,537
	0.00		$	12.69		3.50	%		1.56	%		1.25	%		(34.30	)%		23	%	$	206,603
	0.00		$	20.23		2.29	%		1.47	%		1.25	%		21.55	%		19	%	$	263,305
	0.00		$	16.65		1.94	%		1.61	%		1.24	%		18.98	%		31	%	$	138,269
	0.00		$	13.58		1.42	%		1.15	%		1.04	%		10.66	%		16	%	$	1,727
	0.00		$	12.58		2.51	%		1.08	%		1.01	%		1.01	%		27	%	$	1,518
	0.00		$	12.71		2.79	%		1.23	%		1.05	%		5.15	%		41	%	$	1,766
	0.00		$	12.72		3.83	%		1.29	%		1.05	%		(34.22	)%		23	%	$	786
	0.00		$	20.28		2.40	%		1.20	%		1.05	%		21.70	%		19	%	$	12
	0.00		$	16.67		1.08	%		1.24	%		0.94	%		0.91	%		31	%	$	10
	0.00		$	28.80		(1.01	)%		1.45	%		1.44	%		35.72	%		53	%	$	6,571
	0.00		$	21.23		(1.05	)%		1.50	%		1.45	%		14.39	%		129	%	$	4,042
	0.00		$	18.56		(1.13	)%		1.54	%		1.44	%		0.92	%		169	%	$	2,408
	(0.17	)	$	18.38		(1.09	)%		1.53	%		1.45	%		(27.91	)%		150	%	$	2,109
	0.00		$	30.20		(1.00	)%		1.52	%		1.45	%		17.07	%		138	%	$	3,270
	0.00		$	30.50		(0.89	)%		1.52	%		1.45	%		6.52	%		125	%	$	3,208
	0.00		$	26.99		(1.74	)%		2.19	%		2.19	%		35.22	%		53	%	$	383
	0.00		$	19.97		(1.83	)%		2.24	%		2.20	%		13.54	%		129	%	$	251
	0.00		$	17.58		(1.85	)%		2.29	%		2.19	%		0.17	%		169	%	$	312
	(0.17	)	$	17.55		(1.85	)%		2.28	%		2.20	%		(28.45	)%		150	%	$	344
	0.00		$	29.24		(1.76	)%		2.27	%		2.20	%		16.22	%		138	%	$	750
	0.00		$	29.87		(1.58	)%		2.27	%		2.20	%		5.66	%		125	%	$	899
	0.00		$	27.30		(1.76	)%		2.20	%		2.19	%		35.22	%		53	%	$	1,557
	0.00		$	20.19		(1.81	)%		2.24	%		2.20	%		13.62	%		129	%	$	820
	0.00		$	17.77		(1.87	)%		2.29	%		2.19	%		0.23	%		169	%	$	605
	(0.17	)	$	17.73		(1.85	)%		2.23	%		2.20	%		(28.44	)%		150	%	$	231
	0.00		$	29.49		(1.74	)%		2.27	%		2.20	%		16.24	%		138	%	$	324
	0.00		$	30.08		(1.58	)%		2.27	%		2.20	%		5.73	%		125	%	$	213
	0.00		$	29.47		(0.75	)%		1.28	%		1.20	%		35.87	%		53	%	$	170,724
	0.00		$	21.70		(0.82	)%		1.32	%		1.20	%		14.76	%		129	%	$	237,761
	0.00		$	18.90		(0.85	)%		1.35	%		1.19	%		1.18	%		169	%	$	229,380
	(0.17	)	$	18.68		(0.84	)%		1.34	%		1.20	%		(27.70	)%		150	%	$	242,802
	0.00		$	30.54		(0.75	)%		1.34	%		1.20	%		17.34	%		138	%	$	487,994
	0.00		$	30.73		(0.58	)%		1.33	%		1.20	%		6.80	%		125	%	$	518,506

50     Wells Fargo Equity Gateway Funds Financial Highlights

	Beginning					Net Realized			Distributions
	Net Asset		Net			and Unrealized			from Net			Distributions
	Value Per		Investment			Gains (Losses)			Investment			from Net
	Share		Income (Loss)			on Investments			Income			Realized Gains
Small Company Growth Fund (continued)
Institutional Class
October 1, 2010 to March 31, 2011 (Unaudited)	$	21.81		(0.08	)4		7.94			0.00			0.00
October 1, 2009 to September 30, 2010	$	18.94		(0.05	)4		2.92			0.00			0.00
October 1, 2008 to September 30, 2009	$	18.70		(0.08	)4		0.32			0.00			0.00
March 31, 20087 to September 30, 2008	$	20.18		(0.05	)4		(1.43	)		0.00			0.00
Small Company Value Fund
Class A
October 1, 2010 to March 31, 2011 (Unaudited)	$	11.38		0.10			2.83			0.00			0.00
October 1, 2009 to September 30, 2010	$	9.84		(0.02	)		1.56			0.00			0.00
October 1, 2008 to September 30, 2009	$	10.55		0.04	4		(0.71	)		(0.04	)		0.00
October 1, 2007 to September 30, 2008	$	15.35		0.05	4		(3.36	)		0.00			(1.49	)
October 1, 2006 to September 30, 2007	$	15.55		0.00	4		0.96			0.00			(1.16	)
October 1, 2005 to September 30, 2006	$	15.95		0.01	4		0.92			(0.01	)		(1.32	)
Class B
October 1, 2010 to March 31, 2011 (Unaudited)	$	10.59		0.05	4		2.62			0.00			0.00
October 1, 2009 to September 30, 2010	$	9.20		(0.10	)4		1.49			0.00			0.00
October 1, 2008 to September 30, 2009	$	9.89		(0.01	)4		(0.68	)		0.00			0.00
October 1, 2007 to September 30, 2008	$	14.59		(0.04	)4		(3.17	)		0.00			(1.49	)
October 1, 2006 to September 30, 2007	$	14.94		(0.12	)4		0.93			0.00			(1.16	)
October 1, 2005 to September 30, 2006	$	15.48		(0.11	)4		0.89			0.00			(1.32	)
Class C
October 1, 2010 to March 31, 2011 (Unaudited)	$	10.59		0.04			2.63			0.00			0.00
October 1, 2009 to September 30, 2010	$	9.20		(0.09	)4		1.48			0.00			0.00
October 1, 2008 to September 30, 2009	$	9.89		(0.02	)4		(0.67	)		0.00			0.00
October 1, 2007 to September 30, 2008	$	14.59		(0.04	)4		(3.17	)		0.00			(1.49	)
October 1, 2006 to September 30, 2007	$	14.94		(0.12	)4		0.93			0.00			(1.16	)
October 1, 2005 to September 30, 2006	$	15.48		(0.11	)4		0.89			0.00			(1.32	)
Administrator Class
October 1, 2010 to March 31, 2011 (Unaudited)	$	11.55		0.12	4		2.87			0.00			0.00
October 1, 2009 to September 30, 2010	$	9.94		(0.02	)		1.63			0.00			0.00
October 1, 2008 to September 30, 2009	$	10.69		0.06	4		(0.74	)		(0.07	)		0.00
October 1, 2007 to September 30, 2008	$	15.54		0.08	4		(3.39	)		(0.05	)		(1.49	)
October 1, 2006 to September 30, 2007	$	15.69		0.04	4		0.98			(0.01	)		(1.16	)
October 1, 2005 to September 30, 2006	$	16.08		0.04	4		0.92			(0.03	)		(1.32	)
Institutional Class
October 1, 2010 to March 31, 2011 (Unaudited)	$	11.55		0.13	4		2.88			0.00			0.00
July 30, 20107 to September 30, 2010	$	11.26		0.02			0.27			0.00			0.00

Please see footnotes on page 42.

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

Financial Highlights Wells Fargo Equity Gateway Funds     51

Ending
Net Asset		Ratio to Average Net Assets (Annualized)												Portfolio			Net Assets at
Value Per		Net Investment			Gross			Net			Total			Turnover			End of Period
Share		Income (Loss)			Expenses1			Expenses1			Return2			Rate3			(000’s omitted)
$	29.67		(0.54	)%		1.01	%		0.95	%		36.10	%		53	%	$	117,740
$	21.81		(0.25	)%		1.05	%		0.95	%		14.98	%		129	%	$	1,175
$	18.94		(0.57	)%		1.09	%		0.95	%		1.39	%		169	%	$	9
$	18.70		(0.59	)%		1.08	%		0.95	%		(7.33	)%		150	%	$	54,827
$	14.31		1.52	%		1.53	%		1.43	%		25.75	%		38	%	$	28,055
$	11.38		(0.21	)%		1.65	%		1.45	%		15.53	%		60	%	$	22,492
$	9.84		0.55	%		1.55	%		1.45	%		(6.14	)%		99	%	$	20,202
$	10.55		0.42	%		1.52	%		1.45	%		(22.58	)%		82	%	$	34,964
$	15.35		(0.02	)%		1.55	%		1.45	%		5.95	%		69	%	$	66,379
$	15.55		0.04	%		1.44	%		1.41	%		6.06	%		114	%	$	81,432
$	13.26		0.83	%		2.29	%		2.18	%		25.21	%		38	%	$	1,653
$	10.59		(0.99	)%		2.40	%		2.20	%		14.98	%		60	%	$	2,079
$	9.20		(0.20	)%		2.30	%		2.20	%		(6.88	)%		99	%	$	2,792
$	9.89		(0.33	)%		2.31	%		2.20	%		(23.16	)%		82	%	$	5,086
$	14.59		(0.77	)%		2.30	%		2.20	%		5.15	%		69	%	$	10,413
$	14.94		(0.71	)%		2.18	%		2.15	%		5.24	%		114	%	$	13,463
$	13.26		0.75	%		2.28	%		2.18	%		25.21	%		38	%	$	2,191
$	10.59		(0.94	)%		2.40	%		2.20	%		14.98	%		60	%	$	1,763
$	9.20		(0.26	)%		2.30	%		2.20	%		(6.88	)%		99	%	$	1,437
$	9.89		(0.33	)%		2.30	%		2.20	%		(23.15	)%		82	%	$	1,728
$	14.59		(0.77	)%		2.30	%		2.20	%		5.15	%		69	%	$	3,754
$	14.94		(0.71	)%		2.18	%		2.15	%		5.24	%		114	%	$	4,711
$	14.54		1.83	%		1.37	%		1.20	%		25.89	%		38	%	$	68,778
$	11.55		(0.05	)%		1.47	%		1.20	%		16.20	%		60	%	$	60,081
$	9.94		0.85	%		1.37	%		1.20	%		(6.06	)%		99	%	$	124,072
$	10.69		0.71	%		1.38	%		1.20	%		(22.33	)%		82	%	$	252,275
$	15.54		0.26	%		1.37	%		1.20	%		6.28	%		69	%	$	327,372
$	15.69		0.26	%		1.27	%		1.19	%		6.26	%		114	%	$	272,787
$	14.56		1.93	%		1.06	%		0.98	%		26.06	%		38	%	$	16
$	11.55		1.02	%		1.15	%		1.00	%		2.58	%		60	%	$	10

52      Wells Fargo Equity Gateway Funds Notes to Financial Statements (Unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These Financial statements report on the following funds: Wells Fargo Advantage C&B Large Cap Value Fund (“C&B Large Cap Value Fund”), Wells Fargo Advantage Diversified Equity Fund (“Diversified Equity Fund”), Wells Fargo Advantage Diversified Small Cap Fund (“Diversified Small Cap Fund”), Wells Fargo Advantage Emerging Growth Fund (“Emerging Growth Fund”), Wells Fargo Advantage Equity Value Fund (“Equity Value Fund”), Wells Fargo Advantage International Value Fund (“International Value Fund”), Wells Fargo Advantage Small Company Growth Fund (“Small Company Growth Fund”) and Wells Fargo Advantage Small Company Value Fund (“Small Company Value Fund”) (each, a “Fund”, collectively, the “Funds”). Each Fund is a diversified series of the Trust.

The Funds each seek to achieve its investment objective by investing all investable assets in one or more separate diversified portfolios (each, a “Master Portfolio”, collectively, the “Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each Master Portfolio directly acquires portfolio securities, and a Fund investing in a Master Portfolio acquires an indirect interest in those securities. Each Fund accounts for its investment in the Master Portfolios as partnership investments and records daily its share of the Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of selected Master Portfolios for the six months ended March 31, 2011 are included this report and should be read in conjunction with each Fund’s financial statements. As of March 31, 2011, the Funds own the following percentages of the Master Portfolio(s):

C&B Large

Diversified

Diversified

Emerging

Equity

International

Small

Small

Cap Value

Equity

Small Cap

Growth

Value

Value

Company

Company

Fund

Fund

Fund

Fund

Fund

Fund

Growth Fund

Value Fund

Wells Fargo Advantage

C&B Large Cap Value Portfolio

84

%

10

%

NA

NA

NA

NA

NA

NA

Wells Fargo Advantage

Disciplined Value Portfolio

NA

61

%

NA

NA

NA

NA

NA

NA

Wells Fargo Advantage

Diversified Large Cap Growth Portfolio

NA

61

%

NA

NA

NA

NA

NA

NA

Wells Fargo Advantage

Emerging Growth Portfolio

NA

18

%

55

%

15

%

NA

NA

NA

NA

Wells Fargo Advantage

Equity Value Portfolio

NA

10

%

NA

NA

54

%

NA

NA

NA

Wells Fargo Advantage

Index Portfolio

NA

5

%

NA

NA

NA

NA

NA

NA

Wells Fargo Advantage

International Equity Portfolio

NA

61

%

NA

NA

NA

NA

NA

NA

Wells Fargo Advantage

International Growth Portfolio

NA

14

%

NA

NA

NA

NA

NA

NA

Wells Fargo Advantage

International Index Portfolio

NA

60

%

NA

NA

NA

NA

NA

NA

Wells Fargo Advantage

International Value Portfolio

NA

5

%

NA

NA

NA

91

%

NA

NA

Wells Fargo Advantage

Small Cap Value Portfolio

NA

22

%

64

%

NA

NA

NA

NA

NA

Wells Fargo Advantage

Small Company Growth Portfolio

NA

3

%

10

%

NA

NA

NA

84

%

NA

Wells Fargo Advantage

Small Company Value Portfolio

NA

5

%

15

%

NA

NA

NA

NA

43

%

Notes to Financial Statements (Unaudited) Wells Fargo Equity Gateway Funds     53

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Security transactions and income recognition

Securities transactions are recorded on a trade date basis in the Funds and in each Master Portfolio. Realized gains or losses in the Funds and in each Master Portfolio 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 by the Funds and in each Master Portfolio. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Dividend income in each Master Portfolio is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the Master Portfolio is informed of the ex-dividend date. Dividend income from foreign securities in each Master Portfolio is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

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

Distributions to shareholders

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

Federal and other taxes

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

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

54     Wells Fargo Equity Gateway Funds Notes to Financial Statements (Unaudited)

At September 30, 2010, estimated net capital loss carryforwards, which are available to offset future net realized capital gains, were as follows:

	Expiration
	2017		2018
C&B Large Cap Value Fund	$	34,537,147	$	53,520,270
Diversified Equity Fund		14,512,759		29,051,475
Diversified Small Cap Fund		43,561,868		82,211,371
Emerging Growth Fund		1,791,248		303,910
Equity Value Fund		47,811,418		30,379,874
International Value Fund		8,318,503		39,532,291
Small Company Growth Fund		89,085,896		21,804,704
Small Company Value Fund		51,843,878		80,412,918

At September 30, 2010, current year deferred post-October capital losses, which would be treated as realized for tax purposes on the first day of the succeeding year were:

	Deferred Post-October
	Capital Loss
C&B Large Cap Value Fund	$	7,178,836
Diversified Small Cap Fund		1,324,528
Equity Value Fund		4,070,186
International Value Fund		9,861,190

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

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

Notes to Financial Statements (Unaudited) Wells Fargo Equity Gateway Funds     55

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

At March 31, 2011, each Fund’s investments in the Master Portfolio(s) (except for Diversified Equity Fund and Diversified Small Cap Fund) carried at fair value were designated as Level 2 inputs. Further details on the major security types can be found in the Portfolio of Investments of each Master Portfolio.

As of March 31, 2011, the inputs used in valuing the assets of Diversified Equity Fund and Diversified Small Cap 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
Diversified Equity Fund
Equity securities
Affiliated Master Portfolios	$	0	$	486,397,865	$	0	$	486,397,865
Short-term investments
Corporate bonds and notes		0		0		479,383		479,383
Total	$	0	$	486,397,865	$	479,383	$	486,877,248
Diversified Small Cap Fund
Equity securities
Affiliated Master Portfolios	$	0	$	145,218,290	$	0	$	145,218,290
Short-term investments
Corporate bonds and notes		0		0		917,961		917,961
Total	$	0	$	145,218,290	$	917,961	$	146,136,251

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

	Diversified		Diversified
	Equity		Small Cap
	Fund		Fund
Corporate bonds and notes
Balance as of September 30, 2010	$	0	$	0
Accrued discounts (premiums)		0		0
Realized gains (losses)		0		0
Change in unrealized gains (losses)		0		0
Purchases		0		0
Sales		0		0
Transfers into Level 3		0		0
Transfers out Level 3		0		0
Transfers in from affiliated Master Portfolio		479,383		917,961
Balance as of March 31, 2011	$	479,383	$	917,961
Change in unrealized gains (losses) relating to securities still held at March 31, 2011	$	0	$	0

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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

For each Fund that invests all of its assets in a single Master Portfolio, Funds Management does not currently receive an advisory fee. For each Fund that invests in multiple Master Portfolios, Funds Management is the adviser and is entitled to receive an annual advisory fee of 0.25% of each Fund’s average daily net assets for providing such advisory services, including the determination of the asset allocations of each Fund’s investments in the various Master Portfolios.

56     Wells Fargo Equity Gateway Funds Notes to Financial Statements (Unaudited)

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

Funds Management also serves as the adviser to each Master Portfolio and is entitled to receive a fee from each Master Portfolio for those services.

Administration and transfer agent fees

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

	Class Level Administration Fee
Class A, Class B, Class C		0.26	%
Administrator Class		0.10
Institutional Class		0.08
Investor Class		0.33

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

Distribution fees

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

For the six months ended March 31, 2011, Wells Fargo Funds Distributor, LLC received the following amounts in front-end sales charges and contingent deferred sales charges.

	Front-end sales charges		Contingent deferred sales charges
	Class A		Class B		Class C
C&B Large Cap Value Fund	$	1,442	$	3,275	$	121
Diversified Equity Fund		3,523		5,038		166
Emerging Growth Fund		582		N/A		0
Equity Value Fund		217		699		0
International Value Fund		451		116		3
Small Company Growth Fund		1,735		127		116
Small Company Value Fund		420		225		80

Shareholder servicing fees

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

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

Notes to Financial Statements (Unaudited) Wells Fargo Equity Gateway Funds     57

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 year ended September 30, 2010, were as follows:

	Purchases at Cost*		Sales Proceeds*
C&B Large Cap Value Fund	$	41,299,416	$	72,846,702
Diversified Equity Fund		211,102,596		204,070,856
Diversified Small Cap Fund		79,744,136		71,134,490
Emerging Growth Fund		7,648,259		3,174,337
Equity Value Fund		162,676,754		198,678,297
International Value Fund		49,085,083		49,146,721
Small Company Growth Fund		141,324,327		177,029,408
Small Company Value Fund		43,596,393		29,177,166

* Purchases and sales related to these investments have been calculated by aggregating the results of multiplying such Fund’s ownership percentage of the respective Master Portfolio by the corresponding Master Portfolio’s purchases and sales.

6. ACQUISITION

After the close of business on July 16, 2010, Diversified Equity Fund acquired the net assets of Wells Fargo Advantage Growth Equity Fund. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. Shareholders holding Class A, Class B, Class C, Administrator Class and Institutional Class shares of Wells Fargo Advantage Growth Equity Fund received Class A, Class B, Class C, Administrator Class and Administrator Class shares, respectively, of Diversified Equity Fund in the reorganization. The acquisition was accomplished by a tax-free exchange of all of the shares of Wells Fargo Advantage Growth Equity Fund for 4,232,997 shares of Diversified Equity Fund valued at $97,176,430 at an exchange ratio of 0.43, 0.34, 0.37, 0.45, and 0.45 for Class A, Class B, Class C, Administrator Class and Administrator Class shares, respectively. The investment portfolio of Wells Fargo Advantage Growth Equity Fund with a fair value of $97,257,117, identified cost of $94,788,723 and unrealized appreciation of $2,468,394 at July 16, 2010 were the principal assets acquired by Diversified Equity Fund. The aggregate net assets of Wells Fargo Advantage Growth Equity Fund and Diversified Equity Fund immediately prior to the acquisition were $97,176,430 and $378,307,932, respectively. The aggregate net assets of Diversified Equity Fund immediately after the acquisition were $475,484,362. For financial reporting purposes, assets received and shares issued by Diversified Equity Fund were recorded at fair value; however, the cost basis of the investments received from Wells Fargo Advantage Growth Equity Fund was carried forward to align ongoing reporting Diversified Equity Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed October 1, 2009, the beginning of the annual reporting period for Diversified Equity Fund, the pro forma results of operations for the year ended September 30, 2010 would have been:

Net investment income	$	3,978,785
Net realized and unrealized gains or losses on investments	$	35,855,587
Net increase in net assets resulting from operations	$	39,834,372

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

58     Wells Fargo Equity Gateway Funds Notes to Financial Statements (Unaudited)

7. BANK BORROWINGS

The Trust (excluding Diversified Equity Fund, the money market funds and certain funds in the Trust) and Wells Fargo Variable Trust are parties to a $125,000,000 revolving credit agreement with State Street Bank and Trust Company. Diversified Equity Fund and certain other funds in the Trust are party to a $25,000,000 revolving credit agreement with the Bank of New York Mellon. Under each credit agreement, the Funds are each permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under each credit agreement is charged to each Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, under the credit agreement with State Street Bank and Trust Company, the applicable Funds pay an annual commitment fee equal to 0.125% of the unused balance, which is allocated pro rata. Under the Credit Agreement with Bank of New York Mellon, Diversified Equity Fund and certain other funds in the Trust pay an annual commitment fee equal to 0.15% of the unused balance, which is allocated pro rata.

For the six months ended March 31, 2011, there were no borrowings by the Funds under the agreements.

8. INDEMNIFICATION

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

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     59

C&B LARGE CAP VALUE PORTFOLIO

Shares		Security Name	Value
Common Stocks: 97.62%
Consumer Discretionary: 18.06%
Hotels, Restaurants & Leisure: 4.99%
	137,800	Carnival Corporation	$	5,286,008
	118,400	Darden Restaurants Incorporated		5,816,992
	126,400	McDonald’s Corporation		9,617,776
				20,720,776
Household Durables: 2.55%
	14,026	NVR Incorporated†«		10,603,656
Media: 3.58%
	303,000	Omnicom Group Incorporated		14,865,180
Multiline Retail: 2.96%
	231,500	Kohl’s Corporation†		12,278,760
Specialty Retail: 2.15%
	310,620	Best Buy Company Incorporated«		8,921,006
Textiles, Apparel & Luxury Goods: 1.83%
	77,135	VF Corporation«		7,600,112
Consumer Staples: 11.37%
Beverages: 3.84%
	248,600	Coca-Cola Enterprises Incorporated		6,786,780
	120,100	Diageo plc ADR«		9,154,022
				15,940,802
Household Products: 5.80%
	138,300	Colgate-Palmolive Company		11,169,108
	74,614	Henkel AG & Company KGaA ADR«		3,917,235
	137,900	Kimberly-Clark Corporation		9,000,733
				24,087,076
Personal Products: 1.73%
	265,900	Avon Products Incorporated«		7,189,936
Energy: 6.45%
Oil, Gas & Consumable Fuels: 6.45%
	88,900	Chevron Corporation«		9,550,527
	205,000	Exxon Mobil Corporation		17,246,650
				26,797,177
Financials: 16.98%
Capital Markets: 2.99%
	276,400	State Street Corporation		12,421,416
Consumer Finance: 2.88%
	265,000	American Express Company		11,978,000
Diversified Financial Services: 4.68%
	608,400	Bank of America Corporation		8,109,972
	245,300	JPMorgan Chase & Company		11,308,330
				19,418,302

60     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

C&B LARGE CAP VALUE PORTFOLIO

Shares		Security Name	Value
Insurance: 6.43%
	157,100	Allstate Corporation	$	4,992,638
	136,400	Axis Capital Holdings Limited		4,763,088
	106,800	Chubb Corporation«		6,547,908
	257,700	Willis Group Holdings		10,400,772
				26,704,406
Health Care: 11.18%
Health Care Equipment & Supplies: 3.40%
	162,200	Baxter International Incorporated		8,721,494
	68,000	Becton Dickinson & Company		5,414,160
				14,135,654
Health Care Providers & Services: 4.77%
	170,700	Cardinal Health Incorporated		7,020,891
	221,350	Quest Diagnostics Incorporated		12,776,322
				19,797,213
Pharmaceuticals: 3.01%
	210,800	Johnson & Johnson		12,489,900
Industrials: 17.06%
Aerospace & Defense: 1.58%
	129,300	Raytheon Company«		6,577,491
Air Freight & Logistics: 1.52%
	85,100	United Parcel Service Incorporated Class B		6,324,632
Commercial Services & Supplies: 5.43%
	190,400	Avery Dennison Corporation		7,989,184
	171,310	Cintas Corporation«		5,185,554
	312,200	Republic Services Incorporated		9,378,488
				22,553,226
Industrial Conglomerates: 5.36%
	70,700	3M Company«		6,610,450
	398,700	General Electric Company		7,993,935
	170,500	Tyco International Limited		7,633,285
				22,237,670
Machinery: 3.17%
	57,066	Dover Corporation«		3,751,519
	175,200	Illinois Tool Works Incorporated		9,411,744
				13,163,263
Information Technology: 13.72%
Electronic Equipment & Instruments: 5.97%
	1,138,800	Flextronics International Limited†		8,506,836
	287,320	Molex Incorporated Class A		5,944,651
	297,300	Te Connectivity Limited		10,351,986
				24,803,473

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     61

C&B LARGE CAP VALUE PORTFOLIO

Shares		Security Name	Value
IT Services: 4.12%
	114,800	Fiserv Incorporated†	$	7,200,256
	475,700	Western Union Company		9,880,289
				17,080,545
Semiconductors & Semiconductor Equipment: 2.12%
	155,450	Lam Research Corporation†«		8,807,797
Software: 1.51%
	247,400	Microsoft Corporation		6,274,064
Telecommunication Services: 2.80%
Wireless Telecommunication Services: 2.80%
	404,100	Vodafone Group plc ADR		11,617,875
					��
Total Common Stocks (Cost $339,910,207)				405,389,408

			Yield
Preferred Stocks: 1.29%
Consumer Staples: 1.29%
Household Products: 1.29%
	85,900	Henkel AG & Company KGaA ADR		1.48	%	5,342,980
Total Preferred Stocks (Cost $3,589,099)						5,342,980

Principal					Interest Rate		Maturity Date
Short-Term Investments: 16.07%
Corporate Bonds and Notes: 0.48%
$	1,600,747	Gryphon Funding Limited(a)(i)(v)				0.00		08/05/2011		687,051
	2,189,911	VFNC Corporation(a)††(i)(v)±				0.26		09/29/2011		1,313,947
										2,000,998
Shares						Yield
Investment Companies: 15.59%
	2,152,518	Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)				0.12				2,152,518
	62,606,319	Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)				0.24				62,606,319
										64,758,837
Total Short-Term Investments (Cost $65,903,707)										66,759,835
Total Investments in Securities (Cost $409,403,013)*			114.98	%						477,492,223
Other Assets and Liabilities, Net			(14.98	)						(62,246,730	)
Total Net Assets			100.00	%					$	415,245,493

62     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

C&B LARGE CAP VALUE PORTFOLIO

†	Non-income earning securities.
«	All or a portion of this security is on loan.
(a)	Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.
††	Securities that may be resold to “qualified institutional buyers” under Rule 144A or securities offered pursuant to Section 4(2) of the Securities Act of 1933, as amended.
(i)	Illiquid security.
(v)	Security represents investment of cash collateral received from securities on loan.
(l)	Investment in an affiliate.
(u)	Rate shown is the 7-day annualized yield at period end.
±	Variable rate investments.
*	Cost for federal income tax purposes is $424,262,601 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	59,930,373
Gross unrealized depreciation		(6,700,751	)
Net unrealized appreciation	$	53,229,622

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

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     63

DISCIPLINED VALUE PORTFOLIO

Shares		Security Name	Value
Common Stocks: 97.45%
Consumer Discretionary: 7.87%
Auto Components: 0.37%
	4,491	TRW Automotive Holdings Corporation†	$	247,364
Automobiles: 0.60%
	26,798	Ford Motor Company†		399,558
Household Durables: 0.51%
	4,003	Whirlpool Corporation		341,696
Media: 4.24%
	45,468	Comcast Corporation Class A		1,123,969
	8,815	Dish Network Corporation†		214,733
	13,203	Gannett Company Incorporated		201,082
	3,816	Time Warner Cable Incorporated		272,233
	13,621	Time Warner Incorporated		486,270
	5,403	Viacom Incorporated Class B		251,348
	6,525	Walt Disney Company		281,162
				2,830,797
Multiline Retail: 0.63%
	17,390	Macy’s Incorporated		421,881
Specialty Retail: 1.18%
	1,450	AutoZone Incorporated†«		396,662
	4,880	Best Buy Company Incorporated		140,154
	11,216	GameStop Corporation Class A†«		252,584
				789,400
Textiles, Apparel & Luxury Goods: 0.34%
	2,306	VF Corporation		227,210
Consumer Staples: 9.79%
Beverages: 0.21%
	6,841	Constellation Brands Incorporated Class A†		138,735
Food & Staples Retailing: 2.27%
	7,604	CVS Caremark Corporation		260,969
	13,657	Kroger Company«		327,358
	9,490	Safeway Incorporated		223,395
	13,515	Wal-Mart Stores Incorporated		703,456
				1,515,178
Food Products: 2.78%
	10,869	Archer Daniels Midland Company		391,393
	3,671	Bunge Limited«		265,523
	3,514	Corn Products International Incorporated		182,095
	6,885	Hormel Foods Corporation«		191,678
	2,522	JM Smucker Company		180,046
	11,276	Smithfield Foods Incorporated†		271,301
	19,535	Tyson Foods Incorporated Class A«		374,877
				1,856,913

64     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

DISCIPLINED VALUE PORTFOLIO

Shares		Security Name	Value
Household Products: 1.96%
	2,761	Energizer Holdings Incorporated†	$	196,473
	17,996	Procter & Gamble Company		1,108,554
				1,305,027
Personal Products: 0.30%
	2,477	Herbalife Limited		201,529
Tobacco: 2.27%
	24,683	Altria Group Incorporated		642,498
	5,194	Lorillard Incorporated		493,482
	5,818	Philip Morris International		381,835
				1,517,815
Energy: 13.24%
Energy Equipment & Services: 1.19%
	9,587	McDermott International Incorporated†		243,414
	6,985	National Oilwell Varco Incorporated		553,701
				797,115
Oil, Gas & Consumable Fuels: 12.05%
	3,619	Alpha Natural Resources Incorporated†«		214,860
	5,369	Apache Corporation		702,909
	11,744	Chesapeake Energy Corporation		393,659
	23,307	Chevron Corporation«		2,503,871
	8,053	ConocoPhillips		643,113
	5,217	Devon Energy Corporation		478,764
	1,654	Exxon Mobil Corporation		139,151
	11,946	Frontier Oil Corporation		350,257
	6,698	Hess Corporation		570,737
	17,440	Marathon Oil Corporation		929,726
	1,339	Occidental Petroleum Corporation		139,912
	7,079	Patterson-UTI Energy Incorporated		208,052
	25,830	Valero Energy Corporation		770,251
				8,045,262
Financials: 24.81%
Capital Markets: 2.51%
	7,710	Ameriprise Financial Incorporated		470,927
	5,652	Goldman Sachs Group Incorporated		895,672
	11,333	Morgan Stanley		309,618
				1,676,217
Commercial Banks: 3.87%
	4,041	BOK Financial Corporation«		208,839
	26,175	Fifth Third Bancorp		363,309
	53,124	Huntington Bancshares Incorporated		352,743
	11,087	PNC Financial Services Group Incorporated		698,370
	36,392	US Bancorp«		961,841
				2,585,102
Consumer Finance: 1.67%
	13,409	Capital One Financial Corporation		696,732
	27,229	SLM Corporation†		416,604
				1,113,336

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     65

DISCIPLINED VALUE PORTFOLIO

Shares		Security Name	Value
Diversified Financial Services: 8.04%
	99,904	Bank of America Corporation	$	1,331,720
	11,758	Berkshire Hathaway Incorporated Class B†		983,322
	179,012	Citigroup Incorporated		791,233
	49,096	JPMorgan Chase & Company		2,263,326
				5,369,601
Insurance: 5.44%
	8,614	ACE Limited		557,326
	3,075	Allied World Assurance Company		192,772
	4,531	Assurant Incorporated		174,489
	4,052	Endurance Specialty Holdings Limited«		197,819
	10,642	Hartford Financial Services Group Incorporated		286,589
	7,565	Lincoln National Corporation		227,253
	4,681	MetLife Incorporated«		209,381
	6,779	Protective Life Corporation		179,982
	7,557	Prudential Financial Incorporated		465,360
	4,916	Reinsurance Group of America Incorporated		308,626
	10,633	The Travelers Companies Incorporated		632,451
	6,071	Validus Holdings Limited		202,346
				3,634,394
Real Estate Investment Trusts (REITs): 2.92%
	21,081	Annaly Capital Management Incorporated		367,863
	13,759	Brandywine Realty Trust		167,034
	8,998	Commonwealth REIT		233,678
	10,053	Duke Realty Corporation		140,843
	11,402	Hospitality Properties Trust«		263,956
	7,174	Host Hotels & Resorts Incorporated«		126,334
	5,304	Liberty Property Trust		174,502
	6,914	Senior Housing Properties Trust		159,299
	3,601	Vornado Realty Trust«		315,088
				1,948,597
Thrifts & Mortgage Finance: 0.36%
	25,276	Hudson City Bancorp Incorporated«		244,672
Health Care: 12.87%
Biotechnology: 1.56%
	4,021	Amgen Incorporated†		214,922
	5,341	Biogen Idec Incorporated†		391,976
	2,507	Cephalon Incorporated†«		189,980
	5,773	Gilead Sciences Incorporated†		245,006
				1,041,884
Health Care Equipment & Supplies: 0.53%
	2,956	Cooper Companies Incorporated		205,294
	2,955	St. Jude Medical Incorporated†		151,473
				356,767
Health Care Providers & Services: 3.02%
	6,622	Aetna Incorporated		247,861
	6,584	CIGNA Corporation		291,540
	7,063	Humana Incorporated†		493,986
	21,720	UnitedHealth Group Incorporated		981,744
				2,015,131

66     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

DISCIPLINED VALUE PORTFOLIO

Shares		Security Name	Value
Life Sciences Tools & Services: 0.21%
	2,579	Thermo Fisher Scientific Incorporated†	$	143,263
Pharmaceuticals: 7.55%
	19,761	Eli Lilly & Company		694,994
	14,191	Forest Laboratories Incorporated†		458,369
	15,258	Johnson & Johnson		904,037
	35,513	Merck & Company Incorporated		1,172,284
	8,319	Mylan Laboratories Incorporated†		188,592
	79,890	Pfizer Incorporated	��	1,622,566
				5,040,842
Industrials: 9.13%
Aerospace & Defense: 3.11%
	2,396	Alliant Techsystems Incorporated«		169,325
	8,776	General Dynamics Corporation«		671,891
	1,592	Huntington Ingalls Industries Incorporated†		66,054
	2,131	L-3 Communications Holdings Incorporated		166,879
	9,550	Northrop Grumman Corporation		598,881
	7,974	Raytheon Company«		405,637
				2,078,667
Commercial Services & Supplies: 0.34%
	11,905	RR Donnelley & Sons Company«		225,243
Construction & Engineering: 0.41%
	7,218	KBR Incorporated		272,624
Industrial Conglomerates: 2.45%
	81,586	General Electric Company		1,635,799
Machinery: 1.05%
	5,276	Oshkosh Corporation†		186,665
	7,246	Timken Company		378,966
	2,234	Wabco Holdings Incorporated†		137,704
				703,335
Road & Rail: 1.77%
	10,144	CSX Corporation«		797,318
	3,762	Ryder System Incorporated		190,357
	1,993	Union Pacific Corporation		195,972
				1,183,647
Information Technology: 5.66%
Computers & Peripherals: 0.56%
	13,718	Dell Incorporated†		199,048
	4,227	Hewlett-Packard Company		173,180
				372,228
Electronic Equipment & Instruments: 1.18%
	6,781	Arrow Electronics Incorporated†«		283,988
	4,728	Tech Data Corporation†		240,466
	15,084	Vishay Intertechnology Incorporated†		267,590
				792,044

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     67

DISCIPLINED VALUE PORTFOLIO

Shares		Security Name	Value
IT Services: 1.04%
	5,928	Computer Sciences Corporation	$	288,871
	2,482	International Business Machines Corporation		404,740
				693,611
Semiconductors & Semiconductor Equipment: 1.48%
	16,959	Applied Materials Incorporated		264,900
	4,277	Avago Technologies Limited		133,015
	18,807	Intel Corporation		379,337
	3,702	Lam Research Corporation†«		209,755
				987,007
Software: 1.40%
	36,807	Microsoft Corporation		933,426
Materials: 3.60%
Chemicals: 2.32%
	4,916	Cabot Corporation		227,562
	9,096	E.I. du Pont de Nemours & Company		500,007
	3,040	Eastman Chemical Company		301,933
	13,220	Huntsman Corporation		229,764
	2,149	Lubrizol Corporation		287,880
				1,547,146
Paper & Forest Products: 1.28%
	3,390	Domtar Corporation		311,134
	18,142	International Paper Company		547,526
				858,660
Telecommunication Services: 4.71%
Diversified Telecommunication Services: 4.71%
	62,164	AT&T Incorporated		1,902,218
	32,256	Verizon Communications Incorporated		1,243,146
				3,145,364
Utilities: 5.77%
Electric Utilities: 3.23%
	12,400	DPL Incorporated«		339,884
	7,005	Entergy Corporation		470,806
	17,595	FirstEnergy Corporation		652,599
	21,503	Pepco Holdings Incorporated		401,031
	6,846	Pinnacle West Capital Corporation		292,940
				2,157,260
Gas Utilities: 0.42%
	4,397	Energen Corporation«		277,539
Independent Power Producers & Energy Traders: 0.32%
	6,914	Constellation Energy Group Incorporated		215,233

68     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

DISCIPLINED VALUE PORTFOLIO

Shares		Security Name	Value
Multi-Utilities: 1.80%
	8,733	Ameren Corporation	$	245,135
	14,045	CMS Energy Corporation«		275,845
	4,261	DTE Energy Company«		208,618
	24,683	NiSource Incorporated«		473,420
				1,203,018
Total Common Stocks (Cost $53,814,063)				65,087,137

Principal				Interest Rate			Maturity Date
Short-Term Investments: 18.78%
Corporate Bonds and Notes: 0.19%
$	106,644	Gryphon Funding Limited(a)(i)(v)			0.00	%		08/05/2011		44,119
	140,624	VFNC Corporation(a)††(i)(v)±			0.26			09/29/2011		84,374
										128,493
US Treasury Bill: 0.38%
	250,000	US Treasury Bill^#			0.01			04/21/2011		249,994
Shares							Yield
Investment Companies: 18.21%
	1,319,577	Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)						0.12		1,319,577
	10,843,522	Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)						0.24		10,843,522
										12,163,099
Total Short-Term Investments (Cost $12,486,594)										12,541,586
Total Investments in Securities (Cost $66,300,657)*			116.23	%						77,628,723
Other Assets and Liabilities, Net			(16.23	)						(10,839,779	)
Total Net Assets			100.00	%					$	66,788,944

†	Non-income earning securities.
«	All or a portion of this security is on loan.
(a)	Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.
††	Securities that may be resold to “qualified institutional buyers” under Rule 144A or securities offered pursuant to Section 4(2) of the Securities Act of 1933, as amended.
(i)	Illiquid security.
(v)	Security represents investment of cash collateral received from securities on loan.
±	Variable rate investments.
(l)	Investment in an affiliate.
(u)	Rate shown is the 7-day annualized yield at period end.
^	Zero coupon security. Rate represents yield to maturity.
#	Security pledged as collateral for futures transactions.
*	Cost for federal income tax purposes is $66,944,495 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	11,198,725
Gross unrealized depreciation		(514,497	)
Net unrealized appreciation	$	10,684,228

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

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     69

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Shares		Security Name	Value
Common Stocks: 97.96%
Consumer Discretionary: 19.46%
Auto Components: 1.48%
	7,960	Autoliv Incorporated«	$	590,873
	57,620	Johnson Controls Incorporated«		2,395,263
				2,986,136
Automobiles: 1.31%
	14,559	Daimler AG		1,030,632
	108,070	Ford Motor Company†		1,611,324
				2,641,956
Hotels, Restaurants & Leisure: 4.21%
	17,000	Carnival Corporation		652,120
	24,247	Cheesecake Factory Incorporated†«		729,592
	27,541	Las Vegas Sands Corporation†		1,162,781
	13,000	McDonald’s Corporation		989,170
	106,259	Starbucks Corporation		3,926,270
	8,000	Wynn Resorts Limited«		1,018,000
				8,477,933
Internet & Catalog Retail: 4.63%
	26,571	Amazon.com Incorporated†«		4,786,234
	2,200	Netflix Incorporated†		522,126
	7,900	Priceline.com Incorporated†		4,000,876
				9,309,236
Media: 3.08%
	40,415	CBS Corporation Class B«		1,011,992
	42,095	DIRECTV Group Incorporated†		1,970,046
	74,519	Walt Disney Company		3,211,024
				6,193,062
Multiline Retail: 1.73%
	20,000	Dollar Tree Incorporated†		1,110,400
	49,955	Macy’s Incorporated		1,211,908
	22,332	NU Skin Enterprises Incorporated Class A«		642,043
	10,500	Target Corporation		525,105
				3,489,456
Specialty Retail: 2.36%
	17,500	Abercrombie & Fitch Company Class A		1,027,250
	28,500	CarMax Incorporated†«		914,850
	18,500	Ctrip.com International Limited ADR†«		767,565
	23,593	Dick’s Sporting Goods Incorporated†«		943,248
	6,000	O’Reilly Automotive Incorporated†		344,760
	12,375	Tiffany & Company«		760,320
				4,757,993
Textiles, Apparel & Luxury Goods: 0.66%
	13,000	Coach Incorporated		676,520
	8,500	Nike Incorporated Class B		643,450
				1,319,970

70     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Shares		Security Name	Value
Consumer Staples: 1.23%
Food & Staples Retailing: 0.29%
	9,000	Whole Foods Market Incorporated«	$	593,100
Tobacco: 0.94%
	28,812	Philip Morris International		1,890,932
Energy: 10.30%
Energy Equipment & Services: 4.27%
	7,040	Baker Hughes Incorporated		516,947
	41,198	Halliburton Company		2,053,308
	15,500	National Oilwell Varco Incorporated		1,228,685
	25,128	Rowan Companies Incorporated†«		1,110,155
	39,650	Schlumberger Limited		3,697,759
				8,606,854
Oil, Gas & Consumable Fuels: 6.03%
	14,850	Apache Corporation		1,944,162
	17,326	ConocoPhillips		1,383,654
	6,000	Continental Resources Incorporated†		428,820
	32,309	Hess Corporation		2,753,050
	23,252	Newfield Exploration Company†«		1,767,385
	26,446	Occidental Petroleum Corporation		2,763,343
	7,000	Pioneer Natural Resources Company		713,440
	9,000	Southwestern Energy Company†«		386,730
				12,140,584
Financials: 6.05%
Capital Markets: 1.24%
	9,000	Ameriprise Financial Incorporated		549,720
	93,030	TD Ameritrade Holding Corporation		1,941,536
				2,491,256
Commercial Banks: 1.60%
	27,400	Comerica Incorporated		1,006,128
	46,892	Itau Unibanco Holding SA		1,127,753
	41,500	US Bancorp«		1,096,845
				3,230,726
Consumer Finance: 0.94%
	2,000	MasterCard Incorporated		503,440
	18,791	Visa Incorporated Class A		1,383,393
				1,886,833
Diversified Financial Services: 1.01%
	3,150	CME Group Incorporated		949,883
	23,700	JPMorgan Chase & Company		1,092,570
				2,042,453
Insurance: 1.26%
	56,575	MetLife Incorporated		2,530,600

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     71

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Shares		Security Name	Value
Health Care: 8.96%
Biotechnology: 1.58%
	13,600	Alexion Pharmaceuticals Incorporated†«	$	1,342,048
	28,542	Celgene Corporation†		1,642,021
	4,000	Vertex Pharmaceuticals Incorporated†		191,720
				3,175,789
Health Care Equipment & Supplies: 1.07%
	2,100	Intuitive Surgical Incorporated†«		700,266
	28,500	St. Jude Medical Incorporated†		1,460,910
				2,161,176
Health Care Providers & Services: 2.92%
	21,300	AmerisourceBergen Corporation		842,628
	59,938	Express Scripts Incorporated†		3,333,152
	37,685	UnitedHealth Group Incorporated		1,703,362
				5,879,142
Pharmaceuticals: 3.39%
	30,428	Allergan Incorporated		2,160,997
	39,739	Bristol-Myers Squibb Company		1,050,302
	34,648	Merck & Company Incorporated		1,143,730
	13,100	Shire plc ADR«		1,141,010
	26,267	Teva Pharmaceutical Industries Limited ADR		1,317,815
				6,813,854
Industrials: 12.77%
Aerospace & Defense: 1.58%
	11,240	Goodrich Corporation		961,357
	8,787	Precision Castparts Corporation		1,293,271
	11,000	United Technologies Corporation		931,150
				3,185,778
Air Freight & Logistics: 1.19%
	10,500	C.H. Robinson Worldwide Incorporated«		778,365
	21,800	United Parcel Service Incorporated Class B		1,620,176
				2,398,541
Electrical Equipment: 0.97%
	14,000	ABB Limited ADR		338,660
	27,500	Emerson Electric Company		1,606,825
				1,945,485
Industrial Conglomerates: 1.60%
	160,056	General Electric Company		3,209,123
Machinery: 5.53%
	7,000	Caterpillar Incorporated«		779,450
	20,092	Cummins Incorporated		2,202,485
	16,000	Danaher Corporation		830,400
	10,278	Deere & Company		995,835
	54,352	Eaton Corporation		3,013,275
	14,635	Joy Global Incorporated«		1,446,084
	19,670	Parker Hannifin Corporation«		1,862,356
				11,129,885

72     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Shares		Security Name	Value
Road & Rail: 1.90%
	12,000	Norfolk Southern Corporation	$	831,240
	30,527	Union Pacific Corporation		3,001,720
				3,832,960
Information Technology: 36.18%
Communications Equipment: 6.12%
	3,704	Acme Packet Incorporated†«		262,836
	28,621	American Tower Corporation Class A†		1,483,140
	5,201	Aruba Networks Incorporated†		176,002
	3,800	F5 Networks Incorporated†		389,766
	13,533	Finisar Corporation†		332,912
	35,687	JDS Uniphase Corporation†		743,717
	54,506	Juniper Networks Incorporated†«		2,293,612
	108,276	QUALCOMM Incorporated		5,936,773
	18,759	Riverbed Technology Incorporated†«		706,276
				12,325,034
Computers & Peripherals: 9.36%
	37,397	Apple Incorporated†		13,030,985
	154,786	EMC Corporation†		4,109,568
	35,377	NetApp Incorporated†«		1,704,464
				18,845,017
Electronic Equipment & Instruments: 1.92%
	86,170	Agilent Technologies Incorporated†«		3,858,693
Internet Software & Services: 4.55%
	10,000	Akamai Technologies Incorporated†«		380,000
	15,041	Baidu.com Incorporated ADR†		2,072,800
	11,457	Google Incorporated Class A†		6,716,208
				9,169,008
IT Services: 2.21%
	20,000	Accenture plc		1,099,400
	41,300	Cognizant Technology Solutions Corporation Class A†		3,361,820
				4,461,220
Semiconductors & Semiconductor Equipment: 3.01%
	16,900	Analog Devices Incorporated«		665,522
	47,299	ARM Holdings plc ADR«		1,332,413
	4,500	Avago Technologies Limited		139,950
	23,000	Broadcom Corporation Class A		905,740
	28,500	Microchip Technology Incorporated«		1,083,285
	90,770	Micron Technology Incorporated†		1,040,224
	21,400	NetLogic Microsystems Incorporated†«		899,228
				6,066,362
Software: 9.01%
	39,937	Check Point Software Technologies Limited†«		2,038,784
	28,615	Citrix Systems Incorporated†		2,102,058
	7,000	Intuit Incorporated†«		371,700
	31,500	Microsoft Corporation		798,840
	124,827	Oracle Corporation		4,165,477
	48,605	Red Hat Incorporated†		2,206,181

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     73

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Shares		Security Name	Value
Software (continued)
	26,832	Salesforce.com Incorporated†«	$	3,584,219
	11,178	SuccessFactors Incorporated†«		436,948
	29,822	VMware Incorporated†		2,431,686
				18,135,893
Materials: 2.31%
Chemicals: 1.47%
	7,400	Air Products & Chemicals Incorporated		667,332
	6,000	Ecolab Incorporated		306,120
	19,500	Praxair Incorporated		1,981,200
				2,954,652
Metals & Mining: 0.84%
	24,604	Freeport-McMoRan Copper & Gold Incorporated Class B		1,366,752
	6,000	United States Steel Corporation		323,640
				1,690,392
Telecommunication Services: 0.70%
Wireless Telecommunication Services: 0.70%
	33,700	NII Holdings Incorporated†		1,404,279
Total Common Stocks (Cost $178,864,825)				197,231,363

Principal				Interest Rate			Maturity Date
Short-Term Investments: 21.02%
Corporate Bonds and Notes: 0.99%
$	1,650,909	Gryphon Funding Limited(a)(i)(v)			0.00	%		08/05/2011		682,981
	2,176,938	VFNC Corporation(a)††(i)(v)±			0.26			09/29/2011		1,306,163
										1,989,144
Shares					Yield
Investment Companies: 20.03%
	3,287,470	Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)			0.12					3,287,470
	37,051,991	Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)			0.24					37,051,991
										40,339,461
Total Short-Term Investments (Cost $41,477,549)										42,328,605
Total Investments in Securities (Cost $220,342,374)*			118.98	%						239,559,968
Other Assets and Liabilities, Net			(18.98	)						(38,216,101	)
Total Net Assets			100.00	%					$	201,343,867

74      Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

†	Non-income earning securities.
«	All or a portion of this security is on loan.
(a)	Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.
††	Securities that may be resold to “qualified institutional buyers” under Rule 144A or securities offered pursuant to Section 4(2) of the Securities Act of 1933, as amended.
(i)	Illiquid security.
(v)	Security represents investment of cash collateral received from securities on loan.
(l)	Investment in an affiliate.
(u)	Rate shown is the 7-day annualized yield at period end.
±	Variable rate investments.
*	Cost for federal income tax purposes is $221,315,200 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	20,503,450
Gross unrealized depreciation		(2,258,682	)
Net unrealized appreciation	$	18,244,768

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

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios       75

EMERGING GROWTH PORTFOLIO

Shares		Security Name	Value
Common Stocks: 98.29%
Consumer Discretionary: 16.12%
Hotels, Restaurants & Leisure: 3.73%
	24,600	BJ’s Restaurants Incorporated†«	$	967,518
	7,454	Bravo Brio Restaurant Group Incorporated†		131,861
	28,900	Life Time Fitness Incorporated†«		1,078,259
	20,400	Texas Roadhouse Incorporated†		346,596
				2,524,234
Internet & Catalog Retail: 2.33%
	30,156	Shutterfly Incorporated†		1,578,968
Media: 1.23%
	25,950	IMAX Corporation†		829,881
Specialty Retail: 8.46%
	15,360	Dick’s Sporting Goods Incorporated†		614,093
	30,320	Hibbett Sports Incorporated†		1,085,759
	26,850	Tractor Supply Company		1,607,241
	29,390	Ulta Salon Cosmetics & Fragrance Incorporated†		1,414,541
	29,600	Vitamin Shoppe Incorporated†		1,001,368
				5,723,002
Textiles, Apparel & Luxury Goods: 0.37%
	4,400	Warnaco Group Incorporated†		251,636
Energy: 7.81%
Oil, Gas & Consumable Fuels: 7.81%
	19,500	Approach Resources Incorporated†		655,200
	53,010	Brigham Exploration Company†«		1,970,912
	72,110	Northern Oil & Gas Incorporated†«		1,925,337
	23,100	Oasis Petroleum Incorporated†		730,422
				5,281,871
Financials: 2.58%
Capital Markets: 2.58%
	63,380	Financial Engines Incorporated†		1,746,753
Health Care: 16.95%
Biotechnology: 0.60%
	55,400	Exact Sciences Corporation†		407,744
Health Care Equipment & Supplies: 8.61%
	47,300	DexCom Incorporated†		734,096
	7,200	Heartware International Incorporated†		615,816
	15,590	Masimo Corporation«		516,029
	68,520	NxStage Medical Incorporated†		1,506,070
	15,600	SonoSite Incorporated†		519,792
	44,560	Volcano Corporation†		1,140,736
	17,700	Zoll Medical Corporation†«		793,137
				5,825,676

76     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

EMERGING GROWTH PORTFOLIO

Shares		Security Name	Value
Health Care Providers & Services: 3.63%
	13,890	Catalyst Health Solutions Incorporated†	$	776,868
	7,286	ePocrates Incorporated†		144,263
	18,690	HMS Holdings Corporation†«		1,529,777
				2,450,908
Health Care Technology: 1.55%
	19,100	SXC Health Solutions Corporation†		1,046,680
Pharmaceuticals: 2.56%
	217,650	Akorn Incorporated†		1,255,841
	15,000	Jazz Pharmaceuticals Incorporated†		477,750
				1,733,591
Industrials: 12.27%
Electrical Equipment: 4.56%
	65,440	Altra Holdings Incorporated†		1,545,693
	26,670	Polypore International Incorporated†		1,535,659
				3,081,352
Machinery: 5.32%
	7,750	Badger Meter Incorporated«		319,378
	15,100	Chart Industries Incorporated†		831,104
	31,500	Greenbrier Companies Incorporated†«		893,970
	11,100	Robbins & Myers Incorporated		510,489
	4,000	Sun Hydraulics Corporation		172,400
	2,580	The Middleby Corporation†		240,508
	29,500	Trimas Corporation†		634,250
				3,602,099
Road & Rail: 1.68%
	19,500	Genesee & Wyoming Incorporated†		1,134,900
Trading Companies & Distributors: 0.71%
	20,900	DXP Enterprises Incorporated†		482,372
Information Technology: 41.56%
Communications Equipment: 5.02%
	53,590	Aruba Networks Incorporated†«		1,813,486
	46,500	Ixia†		738,420
	4,420	Riverbed Technology Incorporated†		166,413
	82,200	ShoreTel Incorporated†		676,506
				3,394,825
Electronic Equipment & Instruments: 1.46%
	12,600	OSI Systems Incorporated†		472,878
	13,100	Rofin-Sinar Technologies Incorporated†		517,450
				990,328
Internet Software & Services: 15.25%
	20,800	ComScore Incorporated†		613,808
	5,153	Cornerstone OnDemand Incorporated†		93,939
	16,800	Demand Media Incorporated†«		395,640
	57,600	Envestnet Incorporated†		774,144
	108,350	Liveperson Incorporated†		1,369,544

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios       77

EMERGING GROWTH PORTFOLIO

Shares		Security Name	Value
Internet Software & Services (continued)
	27,670	LogMeIn Incorporated†«	$	1,166,567
	64,500	LoopNet Incorporated†		912,675
	11,110	Mercadolibre Incorporated«		906,909
	72,800	Perficient Incorporated†		874,328
	21,300	Quinstreet Incorporated†«		484,149
	47,400	SciQuest Incorporated†		688,248
	16,000	SouFun Holdings Limited ADR†«		299,360
	81,100	Support.com Incorporated†		420,909
	5,400	Travelzoo Incorporated†«		359,586
	18,430	VistaPrint NV†		956,517
				10,316,323
IT Services: 1.20%
	15,600	Wright Express Corporation†		808,704
Semiconductors & Semiconductor Equipment: 5.93%
	11,800	Cavium Networks Incorporated†		530,174
	93,910	Entegris Incorporated†		823,591
	32,470	Entropic Communications Incorporated†«		274,372
	18,100	EZchip Semiconductor Limited†«		536,575
	25,400	NetLogic Microsystems Incorporated†		1,067,308
	18,100	Silicon Laboratories Incorporated†		782,101
				4,014,121
Software: 12.70%
	26,900	Allot Communications Limited†		421,254
	26,980	Ariba Incorporated†		921,097
	22,700	ChinaCache International Holdings Limited ADR†«		413,821
	5,940	Concur Technologies Incorporated†«		329,373
	27,700	Fortinet Incorporated†		1,218,800
	32,340	PROS Holdings Incorporated†		471,194
	27,500	Radiant Systems Incorporated†		486,750
	22,727	Realpage Incorporated†		630,220
	44,590	SuccessFactors Incorporated†«		1,743,023
	9,500	Ultimate Software Group Incorporated†		558,125
	24,500	VanceInfo Technologies Incorporated ADR†«		769,545
	50,029	Velti plc†«		629,865
				8,593,067
Materials: 1.00%
Chemicals: 1.00%
	26,500	Solutia Incorporated†		673,095
Total Common Stocks (Cost $53,520,011)				66,492,130

Principal			Interest Rate			Maturity Date
Short-Term Investments: 19.69%
Corporate Bonds and Notes: 1.28%
$	717,003	Gryphon Funding Limited(v)(a)(i)		0.00	%		08/05/2011	296,624
	945,462	VFNC Corporation(v)±(a)(i)††		0.26			09/29/2011	567,277
								863,901

78     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

EMERGING GROWTH PORTFOLIO

Shares		Security Name			Yield		Value
Investment Companies: 18.41%
	131,889	Wells Fargo Advantage Cash Investment Money Market Fund(u)(l)			0.12	%	$	131,889
	12,322,968	Wells Fargo Securities Lending Cash Investments LLC(v)(u)(l)			0.24			12,322,968
								12,454,857
Total Short-Term Investments (Cost $12,949,139)								13,318,758
Total Investments in Securities (Cost $66,469,150)*			117.98	%				79,810,888
Other Assets and Liabilities, Net			(17.98	)				(12,161,653	)
Total Net Assets			100.00	%			$	67,649,235

(v)	Security represents investment of cash collateral received from securities on loan.
†	Non-income earning securities.
«	All or a portion of this security is on loan.
±	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.
††	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.
(u)	Rate shown is the 7-day annualized yield at period end.
(l)	Investment in an affiliate.
*	Cost for federal income tax purposes is $66,541,000 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	13,572,142
Gross unrealized depreciation		(302,254	)
Net unrealized appreciation	$	13,269,888

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

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios       79

EQUITY VALUE PORTFOLIO

Shares		Security Name	Value
Common Stocks: 98.89%
Consumer Discretionary: 8.94%
Auto Components: 1.74%
	149,850	Lear Corporation†«	$	7,323,170
Hotels, Restaurants & Leisure: 0.72%
	95,250	Wyndham Worldwide Corporation		3,029,903
Media: 3.98%
	102,900	CBS Corporation Class B«		2,576,616
	164,000	Viacom Incorporated Class B		7,629,280
	152,000	Walt Disney Company		6,549,680
				16,755,576
Multiline Retail: 1.13%
	196,400	Macy’s Incorporated		4,764,664
Specialty Retail: 0.53%
	47,900	Signet Jewelers Limited†		2,204,358
Textiles, Apparel & Luxury Goods: 0.84%
	54,000	Phillips-Van Heusen Corporation«		3,511,620
Consumer Staples: 4.30%
Beverages: 2.05%
	85,000	Constellation Brands Incorporated Class A†		1,723,800
	104,200	The Coca-Cola Company		6,913,670
				8,637,470
Food & Staples Retailing: 2.25%
	235,100	Walgreen Company		9,436,914
Energy: 14.46%
Energy Equipment & Services: 1.56%
	82,700	National Oilwell Varco Incorporated		6,555,629
Oil, Gas & Consumable Fuels: 12.90%
	34,425	Apache Corporation		4,506,921
	167,700	Chevron Corporation		18,016,011
	42,875	Devon Energy Corporation		3,934,639
	134,100	Hess Corporation		11,426,661
	120,200	Marathon Oil Corporation		6,407,862
	59,825	Occidental Petroleum Corporation		6,251,114
	52,000	Peabody Energy Corporation		3,741,920
				54,285,128
Financials: 26.68%
Capital Markets: 0.69%
	113,300	INVESCO Limited		2,895,948
Commercial Banks: 6.04%
	220,000	Branch Banking & Trust Corporation«		6,039,000
	255,700	Fifth Third Bancorp		3,549,116
	340,300	Huntington Bancshares Incorporated		2,259,592

80     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

EQUITY VALUE PORTFOLIO

Shares		Security Name	Value
Commercial Banks (continued)
	340,000	KeyCorp«	$	3,019,200
	167,100	PNC Financial Services Group Incorporated		10,525,629
				25,392,537
Consumer Finance: 3.76%
	105,400	Capital One Financial Corporation		5,476,584
	429,700	Discover Financial Services		10,364,364
				15,840,948
Diversified Financial Services: 9.65%
	850,000	Bank of America Corporation		11,330,500
	2,546,700	Citigroup Incorporated		11,256,414
	391,200	JPMorgan Chase & Company		18,034,320
				40,621,234
Insurance: 6.04%
	254,600	Hartford Financial Services Group Incorporated«		6,856,378
	131,600	Marsh & McLennan Companies Incorporated		3,922,996
	166,600	MetLife Incorporated		7,452,018
	116,700	Prudential Financial Incorporated		7,186,386
				25,417,778
Real Estate Investment Trusts (REITs): 0.50%
	19,475	Simon Property Group Incorporated«		2,086,941
Health Care: 11.74%
Biotechnology: 2.40%
	32,400	Amgen Incorporated†		1,731,780
	47,100	Biogen Idec Incorporated†		3,456,669
	115,800	Gilead Sciences Incorporated†		4,914,552
				10,103,001
Health Care Equipment & Supplies: 1.39%
	96,500	Zimmer Holdings Incorporated†		5,841,145
Health Care Providers & Services: 5.24%
	56,450	McKesson Corporation		4,462,373
	72,800	Medco Health Solutions Incorporated†		4,088,448
	298,400	UnitedHealth Group Incorporated		13,487,680
				22,038,501
Pharmaceuticals: 2.71%
	561,400	Pfizer Incorporated		11,402,034
Industrials: 10.68%
Aerospace & Defense: 1.69%
	6,567	Huntington Ingalls Industries Incorporated†		272,517
	39,400	Northrop Grumman Corporation		2,470,774
	85,650	Raytheon Company		4,357,016
				7,100,307
Construction & Engineering: 0.72%
	80,800	KBR Incorporated		3,051,816

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios       81

EQUITY VALUE PORTFOLIO

Shares		Security Name	Value
Industrial Conglomerates: 3.56%
	747,100	General Electric Company	$	14,979,355
Machinery: 4.34%
	74,800	Caterpillar Incorporated«		8,328,980
	102,700	Eaton Corporation		5,693,688
	80,700	Timken Company		4,220,610
				18,243,278
Road & Rail: 0.37%
	100,400	Hertz Global Holdings Incorporated†«		1,569,252
Information Technology: 9.40%
Communications Equipment: 1.25%
	582,600	Alcatel SA ADR«		3,384,906
	90,100	JDS Uniphase Corporation†		1,877,684
				5,262,590
Computers & Peripherals: 2.49%
	205,300	Dell Incorporated†		2,978,903
	281,900	EMC Corporation†		7,484,445
				10,463,348
IT Services: 1.90%
	62,500	Accenture plc		3,435,625
	27,975	International Business Machines Corporation		4,561,883
				7,997,508
Office Electronics: 0.60%
	237,275	Xerox Corporation		2,526,979
Semiconductors & Semiconductor Equipment: 1.78%
	549,700	Atmel Corporation†		7,492,411
Software: 1.38%
	312,700	Symantec Corporation†		5,797,458
Materials: 7.25%
Chemicals: 3.09%
	41,300	Agrium Incorporated		3,810,338
	84,500	Dow Chemical Company		3,189,875
	109,100	E.I. du Pont de Nemours & Company		5,997,227
				12,997,440
Metals & Mining: 4.16%
	353,600	Alcoa Incorporated		6,241,040
	141,900	Freeport-McMoRan Copper & Gold Incorporated Class B		7,882,545
	24,875	Walter Industries Incorporated		3,368,821
				17,492,406
Telecommunication Services: 4.44%
Diversified Telecommunication Services: 4.44%
	353,600	AT&T Incorporated		10,820,160
	204,400	Verizon Communications Incorporated		7,877,576
				18,697,736

82     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

EQUITY VALUE PORTFOLIO

Shares		Security Name								Value
Utilities: 1.00%
Water Utilities: 1.00%
	149,900	American Water Works Company Incorporated								$	4,204,693
Total Common Stocks (Cost $358,288,978)											416,021,076
Principal					Interest Rate			Maturity Date
Short-Term Investments: 8.67%
Corporate Bonds and Notes: 0.33%
$	1,155,437	Gryphon Funding Limited(a)(i)(v)				0.00	%		08/05/2011		478,004
	1,523,593	VFNC Corporation(a)††(i)(v)±				0.26			09/29/2011		914,156
											1,392,160
Shares					Yield
Investment Companies: 8.34%
	2,676,166	Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)				0.12					2,676,166
	32,434,261	Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)				0.24					32,434,261
											35,110,427
Total Short-Term Investments (Cost $35,906,951)											36,502,587
Total Investments in Securities (Cost $394,195,929)*			107.56	%							452,523,663
Other Assets and Liabilities, Net			(7.56	)							(31,824,405	)
Total Net Assets			100.00	%						$	420,699,258

†	Non-income earning securities.
«	All or a portion of this security is on loan.
(a)	Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the
	Board of Trustees.
††	Securities that may be resold to “qualified institutional buyers” under Rule 144A or securities offered pursuant to Section 4(2) of the Securities Act of 1933, as amended.
(i)	Illiquid security.
(v)	Security represents investment of cash collateral received from securities on loan.
(l)	Investment in an affiliate.
(u)	Rate shown is the 7-day annualized yield at period end.
±	Variable rate investments.
*	Cost for federal income tax purposes is $394,662,015 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	59,063,578
Gross unrealized depreciation		(1,201,930	)
Net unrealized appreciation	$	57,861,648

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

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios       83

INDEX PORTFOLIO

Shares		Security Name	Value
Common Stocks: 98.62%
Consumer Discretionary: 10.29%
Auto Components: 0.26%
	138,721	Johnson Controls Incorporated	$	5,766,632
	49,762	The Goodyear Tire & Rubber Company†«		745,435
				6,512,067
Automobiles: 0.54%
	774,701	Ford Motor Company†		11,550,792
	48,235	Harley-Davidson Incorporated		2,049,505
				13,600,297
Distributors: 0.07%
	32,288	Genuine Parts Company		1,731,928
Diversified Consumer Services: 0.11%
	25,212	Apollo Group Incorporated Class A†		1,051,593
	12,621	DeVry Incorporated		695,038
	62,515	H&R Block Incorporated«		1,046,501
				2,793,132
Hotels, Restaurants & Leisure: 1.60%
	88,385	Carnival Corporation		3,390,449
	28,281	Darden Restaurants Incorporated		1,389,446
	61,194	International Game Technology«		993,179
	59,530	Marriott International Incorporated Class A		2,118,077
	213,668	McDonald’s Corporation		16,257,998
	152,781	Starbucks Corporation		5,645,258
	39,356	Starwood Hotels & Resorts Worldwide Incorporated«		2,287,371
	35,484	Wyndham Worldwide Corporation		1,128,746
	15,569	Wynn Resorts Limited		1,981,155
	95,733	Yum! Brands Incorporated		4,918,762
				40,110,441
Household Durables: 0.41%
	57,551	D.R. Horton Incorporated«		670,469
	31,421	Fortune Brands Incorporated		1,944,646
	14,268	Harman International Industries Incorporated		668,028
	29,983	Leggett & Platt Incorporated«		734,584
	32,910	Lennar Corporation«		596,329
	59,515	Newell Rubbermaid Incorporated		1,138,522
	68,847	Pulte Homes Incorporated†«		509,468
	34,244	Stanley Black & Decker Incorporated		2,623,090
	15,574	Whirlpool Corporation		1,329,397
				10,214,533
Internet & Catalog Retail: 0.85%
	72,969	Amazon.com Incorporated†		13,143,906
	40,973	Expedia Incorporated		928,448
	8,991	Netflix Incorporated†		2,133,834
	10,066	Priceline.com Incorporated†		5,097,825
				21,304,013

84     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

INDEX PORTFOLIO

Shares		Security Name	Value
Leisure Equipment & Products: 0.12%
	28,066	Hasbro Incorporated	$	1,314,611
	71,410	Mattel Incorporated		1,780,251
				3,094,862
Media: 3.25%
	47,630	Cablevision Systems Corporation New York Group Class A		1,648,474
	137,708	CBS Corporation Class B		3,448,208
	568,628	Comcast Corporation Class A		14,056,484
	162,513	DIRECTV Group Incorporated†		7,605,608
	57,664	Discovery Communications Incorporated Class C†«		2,300,794
	49,088	Gannett Company Incorporated		747,610
	100,188	Interpublic Group of Companies Incorporated		1,259,363
	62,807	McGraw-Hill Companies Incorporated		2,474,596
	467,709	News Corporation Class A		8,212,970
	58,170	Omnicom Group Incorporated		2,853,820
	18,553	Scripps Networks Interactive Incorporated		929,320
	70,325	Time Warner Cable Incorporated		5,016,986
	223,813	Time Warner Incorporated		7,990,124
	122,259	Viacom Incorporated Class B		5,687,489
	388,930	Walt Disney Company		16,758,994
	1,085	Washington Post Company Class B«		474,753
				81,465,593
Multiline Retail: 0.74%
	15,456	Big Lots Incorporated†		671,254
	25,884	Family Dollar Stores Incorporated		1,328,367
	48,476	JCPenney Company Incorporated		1,740,773
	59,881	Kohl’s Corporation†		3,176,088
	86,692	Macy’s Incorporated		2,103,148
	34,378	Nordstrom Incorporated		1,542,885
	8,921	Sears Holdings Corporation†«		737,321
	145,015	Target Corporation		7,252,200
				18,552,036
Specialty Retail: 1.84%
	17,868	Abercrombie & Fitch Company Class A		1,048,852
	13,128	AutoNation Incorporated†«		464,337
	5,471	AutoZone Incorporated†		1,496,647
	52,169	Bed Bath & Beyond Incorporated†		2,518,198
	67,007	Best Buy Company Incorporated		1,924,441
	46,193	CarMax Incorporated†		1,482,795
	31,006	GameStop Corporation Class A†«		698,255
	89,333	Gap Incorporated		2,024,286
	335,631	Home Depot Incorporated		12,438,485
	54,168	Limited Brands Incorporated		1,781,044
	282,625	Lowe’s Companies Incorporated		7,469,779
	28,903	O’Reilly Automotive Incorporated†		1,660,766
	21,664	RadioShack Corporation«		325,177
	24,389	Ross Stores Incorporated«		1,734,546
	147,347	Staples Incorporated		2,861,479
	25,887	Tiffany & Company«		1,590,497
	81,060	TJX Companies Incorporated«		4,031,114
	26,205	Urban Outfitters Incorporated†«		781,695
				46,332,393

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios       85

INDEX PORTFOLIO

Shares		Security Name	Value
Textiles, Apparel & Luxury Goods: 0.50%
	60,575	Coach Incorporated	$	3,152,323
	78,397	Nike Incorporated Class B		5,934,653
	13,395	Polo Ralph Lauren Corporation		1,656,292
	17,728	VF Corporation		1,746,740
				12,490,008
Consumer Staples: 10.07%
Beverages: 2.37%
	21,111	Brown-Forman Corporation Class B		1,441,881
	67,619	Coca-Cola Enterprises Incorporated		1,845,999
	36,034	Constellation Brands Incorporated Class A†		730,770
	45,870	Dr Pepper Snapple Group Incorporated		1,704,529
	32,527	Molson Coors Brewing Company		1,525,191
	324,916	PepsiCo Incorporated«		20,927,840
	469,877	The Coca-Cola Company		31,176,339
				59,352,549
Food & Staples Retailing: 2.20%
	89,400	Costco Wholesale Corporation«		6,554,808
	280,203	CVS Caremark Corporation		9,616,567
	130,243	Kroger Company		3,121,925
	75,407	Safeway Incorporated		1,775,081
	43,454	SUPERVALU Incorporated«		388,044
	119,339	Sysco Corporation«		3,305,690
	401,224	Wal-Mart Stores Incorporated		20,883,709
	188,911	Walgreen Company		7,582,888
	30,214	Whole Foods Market Incorporated		1,991,103
				55,219,815
Food Products: 1.67%
	130,520	Archer Daniels Midland Company		4,700,025
	37,382	Campbell Soup Company«		1,237,718
	89,235	ConAgra Foods Incorporated		2,119,331
	37,505	Dean Foods Company†«		375,050
	130,215	General Mills Incorporated		4,759,358
	65,909	H.J. Heinz Company		3,217,677
	28,355	Hormel Foods Corporation«		789,403
	24,383	JM Smucker Company		1,740,702
	51,593	Kellogg Company		2,784,990
	358,181	Kraft Foods Incorporated Class A		11,232,556
	27,231	McCormick & Company Incorporated		1,302,459
	41,900	Mead Johnson & Company		2,427,267
	127,477	Sara Lee Corporation		2,252,519
	31,655	The Hershey Company		1,720,449
	61,077	Tyson Foods Incorporated Class A		1,172,068
				41,831,572
Household Products: 2.03%
	28,183	Clorox Company		1,974,783
	101,145	Colgate-Palmolive Company		8,168,470
	82,817	Kimberly-Clark Corporation		5,405,466
	573,602	Procter & Gamble Company		35,333,883
				50,882,602

86     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

INDEX PORTFOLIO

Shares		Security Name	Value
Personal Products: 0.18%
	88,018	Avon Products Incorporated	$	2,380,007
	23,451	Estee Lauder Companies Incorporated Class A		2,259,738
				4,639,745
Tobacco: 1.62%
	428,439	Altria Group Incorporated		11,152,267
	29,809	Lorillard Incorporated		2,832,153
	368,053	Philip Morris International		24,155,318
	69,257	Reynolds American Incorporated«		2,460,701
				40,600,439
Energy: 13.08%
Energy Equipment & Services: 2.56%
	88,937	Baker Hughes Incorporated		6,530,644
	50,127	Cameron International Corporation†«		2,862,252
	14,236	Diamond Offshore Drilling Incorporated«		1,106,137
	24,605	FMC Technologies Incorporated†«		2,324,680
	187,056	Halliburton Company		9,322,871
	21,777	Helmerich & Payne Incorporated		1,495,862
	58,603	Nabors Industries Limited†		1,780,359
	86,235	National Oilwell Varco Incorporated		6,835,848
	51,667	Noble Corporation«		2,357,049
	23,849	Pioneer Natural Resources Company		2,430,690
	25,872	Rowan Companies Incorporated†		1,143,025
	278,732	Schlumberger Limited		25,994,546
				64,183,963
Oil, Gas & Consumable Fuels: 10.52%
	101,634	Anadarko Petroleum Corporation		8,325,857
	78,388	Apache Corporation		10,262,557
	21,356	Cabot Oil & Gas Corporation«		1,131,227
	134,684	Chesapeake Energy Corporation		4,514,608
	411,126	Chevron Corporation		44,167,266
	292,792	ConocoPhillips		23,382,369
	46,333	CONSOL Energy Incorporated		2,484,839
	82,129	Denbury Resources Incorporated†		2,003,948
	87,450	Devon Energy Corporation		8,025,287
	144,334	El Paso Corporation		2,598,012
	54,861	EOG Resources Incorporated		6,501,577
	30,550	EQT Corporation«		1,524,445
	1,015,523	Exxon Mobil Corporation		85,435,950
	61,550	Hess Corporation		5,244,676
	145,466	Marathon Oil Corporation		7,754,792
	21,188	Massey Energy Company«		1,448,412
	39,497	Murphy Oil Corporation		2,899,870
	27,512	Newfield Exploration Company†		2,091,187
	35,993	Noble Energy Incorporated		3,478,723
	166,472	Occidental Petroleum Corporation		17,394,659
	55,411	Peabody Energy Corporation		3,987,376
	36,107	QEP Resources Incorporated		1,463,778
	32,869	Range Resources Corporation«		1,921,522
	71,220	Southwestern Energy Company†		3,060,323
	132,837	Spectra Energy Corporation		3,610,510
	24,703	Sunoco Incorporated		1,126,210

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios       87

INDEX PORTFOLIO

Shares		Security Name	Value
Oil, Gas & Consumable Fuels (continued)
	29,322	Tesoro Petroleum Corporation†«	$	786,709
	120,056	The Williams Companies Incorporated		3,743,346
	116,525	Valero Energy Corporation		3,474,776
				263,844,811
Financials: 16.24%
Capital Markets: 2.37%
	50,485	Ameriprise Financial Incorporated		3,083,624
	254,327	Bank of New York Mellon Corporation		7,596,747
	204,544	Charles Schwab Corporation		3,687,928
	45,312	E*TRADE Financial Corporation†		708,227
	18,965	Federated Investors Incorporated Class B«		507,314
	29,694	Franklin Resources Incorporated		3,714,126
	106,600	Goldman Sachs Group Incorporated		16,892,902
	94,287	Invesco Limited		2,409,976
	38,110	Janus Capital Group Incorporated«		475,232
	31,178	Legg Mason Incorporated		1,125,214
	316,546	Morgan Stanley		8,648,037
	49,582	Northern Trust Corporation		2,516,287
	102,849	State Street Corporation		4,622,034
	53,042	T. Rowe Price Group Incorporated		3,523,050
				59,510,698
Commercial Banks: 2.86%
	142,255	Branch Banking & Trust Corporation		3,904,900
	36,202	Comerica Incorporated		1,329,337
	187,958	Fifth Third Bancorp		2,608,857
	53,936	First Horizon National Corporation		604,623
	176,812	Huntington Bancshares Incorporated		1,174,032
	194,784	KeyCorp		1,729,682
	24,623	M&T Bank Corporation«		2,178,397
	108,569	Marshall & Ilsley Corporation		867,466
	107,624	PNC Financial Services Group Incorporated		6,779,236
	257,588	Regions Financial Corporation		1,870,089
	109,721	SunTrust Banks Incorporated		3,164,354
	393,615	US Bancorp		10,403,244
	1,078,904	Wells Fargo & Company(l)		34,201,257
	37,482	Zions Bancorporation«		864,335
				71,679,809
Consumer Finance: 1.44%
	214,241	American Express Company		9,683,693
	93,665	Capital One Financial Corporation		4,866,833
	111,667	Discover Financial Services		2,693,408
	19,792	MasterCard Incorporated		4,982,042
	65,925	Paychex Incorporated		2,067,408
	107,911	SLM Corporation†		1,651,038
	99,252	Visa Incorporated Class A		7,306,932
	132,460	Western Union Company		2,751,194
				36,002,548
Diversified Financial Services: 5.29%
	2,072,816	Bank of America Corporation		27,630,637
	354,497	Berkshire Hathaway Incorporated Class B†		29,646,584

88     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

INDEX PORTFOLIO

Shares		Security Name	Value
Diversified Financial Services (continued)
	5,950,684	Citigroup Incorporated	$	26,302,023
	13,725	CME Group Incorporated		4,138,774
	15,029	InterContinental Exchange Incorporated†		1,856,683
	815,824	JPMorgan Chase & Company		37,609,486
	40,532	Leucadia National Corporation«		1,521,571
	40,874	Moody’s Corporation		1,386,037
	30,671	NASDAQ Stock Market Incorporated†		792,539
	53,494	NYSE Euronext Incorporated		1,881,384
				132,765,718
Insurance: 2.61%
	68,719	ACE Limited		4,446,119
	96,299	AFLAC Incorporated		5,082,661
	108,497	Allstate Corporation		3,448,035
	29,418	American International Group Incorporated†«		1,033,749
	68,217	AON Corporation		3,612,772
	20,467	Assurant Incorporated		788,184
	60,461	Chubb Corporation		3,706,864
	33,382	Cincinnati Financial Corporation«		1,094,930
	100,329	Genworth Financial Incorporated†		1,350,428
	91,082	Hartford Financial Services Group Incorporated		2,452,838
	64,676	Lincoln National Corporation		1,942,867
	64,393	Loews Corporation		2,774,694
	111,429	Marsh & McLennan Companies Incorporated«		3,321,698
	216,096	MetLife Incorporated		9,665,974
	65,703	Principal Financial Group Incorporated«		2,109,723
	99,533	Prudential Financial Incorporated		6,129,242
	135,175	The Progressive Corporation		2,856,248
	88,280	The Travelers Companies Incorporated		5,250,894
	15,959	Torchmark Corporation		1,060,954
	63,423	UnumProvident Corporation		1,664,854
	63,695	XL Group plc		1,566,897
				65,360,625
Real Estate Investment Trusts (REITs): 1.53%
	24,193	Apartment Investment & Management Company Class A		616,196
	17,630	AvalonBay Communities Incorporated		2,117,010
	29,209	Boston Properties Incorporated		2,770,474
	60,207	Equity Residential«		3,396,277
	82,127	HCP Incorporated«		3,115,898
	36,072	Health Care REIT Incorporated«		1,891,616
	139,352	Host Hotels & Resorts Incorporated«		2,453,989
	83,237	Kimco Realty Corporation		1,526,567
	33,146	Plum Creek Timber Company«		1,445,497
	116,826	ProLogis		1,866,879
	28,622	Public Storage Incorporated«		3,174,466
	60,819	Simon Property Group Incorporated«		6,517,364
	33,366	Ventas Incorporated«		1,811,774
	33,476	Vornado Realty Trust		2,929,150
	110,016	Weyerhaeuser Company		2,706,394
				38,339,551
Real Estate Management & Development: 0.06%
	59,643	CB Richard Ellis Group Incorporated Class A†		1,592,468

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios       89

INDEX PORTFOLIO

Shares		Security Name	Value
Thrifts & Mortgage Finance: 0.08%
	107,872	Hudson City Bancorp Incorporated«	$	1,044,201
	74,138	People’s United Financial Incorporated		932,656
				1,976,857
Health Care: 10.78%
Biotechnology: 1.26%
	190,967	Amgen Incorporated†		10,207,186
	49,339	Biogen Idec Incorporated†		3,620,989
	95,211	Celgene Corporation†		5,477,489
	15,510	Cephalon Incorporated†«		1,175,348
	53,491	Genzyme Corporation†		4,073,340
	162,871	Gilead Sciences Incorporated†		6,912,245
				31,466,597
Health Care Equipment & Supplies: 1.85%
	118,667	Baxter International Incorporated		6,380,725
	45,284	Becton Dickinson & Company		3,605,512
	311,987	Boston Scientific Corporation†		2,243,187
	17,417	C.R. Bard Incorporated«		1,729,682
	45,687	CareFusion Corporation†		1,288,373
	101,140	Covidien plc«		5,253,212
	29,111	DENTSPLY International Incorporated		1,076,816
	34,129	Hospira Incorporated†		1,883,921
	7,960	Intuitive Surgical Incorporated†		2,654,342
	219,009	Medtronic Incorporated		8,618,004
	66,667	St. Jude Medical Incorporated†		3,417,350
	68,909	Stryker Corporation		4,189,667
	24,586	Varian Medical Systems Incorporated†«		1,662,997
	39,347	Zimmer Holdings Incorporated†		2,381,674
				46,385,462
Health Care Providers & Services: 2.03%
	78,746	Aetna Incorporated		2,947,463
	56,135	AmerisourceBergen Corporation		2,220,701
	71,629	Cardinal Health Incorporated		2,946,101
	55,549	CIGNA Corporation		2,459,710
	30,674	Coventry Health Care Incorporated†		978,194
	19,661	DaVita Incorporated†		1,681,212
	108,193	Express Scripts Incorporated†		6,016,613
	34,518	Humana Incorporated†		2,414,189
	20,480	Laboratory Corporation of America Holdings†		1,886,822
	52,073	McKesson Corporation		4,116,371
	82,833	Medco Health Solutions Incorporated†		4,651,901
	19,610	Patterson Companies Incorporated«		631,246
	31,905	Quest Diagnostics Incorporated		1,841,557
	99,522	Tenet Healthcare Corporation†		741,439
	223,989	UnitedHealth Group Incorporated		10,124,303
	76,905	WellPoint Incorporated†		5,367,200
				51,025,022
Health Care Technology: 0.07%
	14,686	Cerner Corporation†«		1,633,083

90     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

INDEX PORTFOLIO

Shares		Security Name	Value
Life Sciences Tools & Services: 0.34%
	36,864	Life Technologies Corporation†	$	1,932,411
	23,220	PerkinElmer Incorporated		609,989
	79,996	Thermo Fisher Scientific Incorporated†		4,443,778
	18,703	Waters Corporation†		1,625,291
				8,611,469
Pharmaceuticals: 5.15%
	316,945	Abbott Laboratories		15,546,152
	62,603	Allergan Incorporated		4,446,065
	348,658	Bristol-Myers Squibb Company		9,215,031
	208,639	Eli Lilly & Company		7,337,834
	58,592	Forest Laboratories Incorporated†		1,892,522
	560,173	Johnson & Johnson		33,190,250
	631,416	Merck & Company Incorporated		20,843,042
	89,509	Mylan Laboratories Incorporated†		2,029,169
	1,637,424	Pfizer Incorporated		33,256,081
	25,769	Watson Pharmaceuticals Incorporated†		1,443,322
				129,199,468
Health Care Equipment & Supplies: 0.08%
	23,522	Edwards Lifesciences Corporation†		2,046,414
Industrials: 11.10%
Aerospace & Defense: 2.69%
	150,794	Boeing Company		11,148,200
	76,330	General Dynamics Corporation		5,843,825
	25,724	Goodrich Corporation		2,200,174
	160,588	Honeywell International Incorporated		9,588,709
	1	Huntington Ingalls Industries Incorporated†		21
	37,622	ITT Corporation		2,259,201
	23,181	L-3 Communications Holdings Incorporated		1,815,304
	58,753	Lockheed Martin Corporation		4,723,741
	59,661	Northrop Grumman Corporation		3,741,341
	29,379	Precision Castparts Corporation		4,324,001
	73,665	Raytheon Company		3,747,339
	31,761	Rockwell Collins Incorporated		2,059,066
	188,510	United Technologies Corporation		15,957,372
				67,408,294
Air Freight & Logistics: 1.03%
	34,009	C.H. Robinson Worldwide Incorporated«		2,521,087
	43,458	Expeditors International of Washington Incorporated		2,178,984
	64,516	FedEx Corporation		6,035,472
	202,162	United Parcel Service Incorporated Class B		15,024,680
				25,760,223
Airlines: 0.08%
	153,101	Southwest Airlines Company		1,933,666
Building Products: 0.04%
	73,342	Masco Corporation		1,020,921
Commercial Services & Supplies: 0.58%
	21,888	Avery Dennison Corporation		918,420
	25,889	Cintas Corporation		783,660

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios       91

INDEX PORTFOLIO

Shares		Security Name	Value
Commercial Services & Supplies (continued)
	10,180	Dun & Bradstreet Corporation	$	816,843
	25,137	Equifax Incorporated«		976,572
	41,000	Iron Mountain Incorporated		1,280,430
	41,735	Pitney Bowes Incorporated«		1,072,172
	62,925	Republic Services Incorporated		1,890,267
	29,962	Robert Half International Incorporated«		916,837
	42,297	RR Donnelley & Sons Company«		800,259
	17,489	Stericycle Incorporated†«		1,550,750
	97,380	Waste Management Incorporated		3,636,169
				14,642,379
Construction & Engineering: 0.20%
	36,158	Fluor Corporation		2,663,398
	25,883	Jacobs Engineering Group Incorporated†		1,331,163
	44,137	Quanta Services Incorporated†«		989,993
				4,984,554
Electrical Equipment: 0.54%
	154,443	Emerson Electric Company		9,024,104
	29,153	Rockwell Automation Incorporated		2,759,331
	19,525	Roper Industries Incorporated«		1,688,132
				13,471,567
Industrial Conglomerates: 2.52%
	145,778	3M Company«		13,630,243
	2,174,670	General Electric Company		43,602,134
	56,531	Textron Incorporated«		1,548,384
	97,025	Tyco International Limited		4,343,809
				63,124,570
Machinery: 2.43%
	130,831	Caterpillar Incorporated		14,568,032
	40,519	Cummins Incorporated		4,441,693
	110,700	Danaher Corporation		5,745,330
	86,229	Deere & Company		8,354,728
	38,204	Dover Corporation		2,511,531
	69,714	Eaton Corporation		3,864,944
	11,413	Flowserve Corporation		1,469,994
	102,076	Illinois Tool Works Incorporated		5,483,523
	67,498	Ingersoll-Rand plc		3,260,828
	21,460	Joy Global Incorporated		2,120,463
	74,820	Paccar Incorporated		3,916,827
	23,649	Pall Corporation		1,362,419
	33,153	Parker Hannifin Corporation		3,138,926
	11,937	Snap-On Incorporated«		716,936
				60,956,174
Road & Rail: 0.85%
	75,853	CSX Corporation		5,962,046
	72,931	Norfolk Southern Corporation		5,051,930
	10,492	Ryder System Incorporated		530,895
	100,557	Union Pacific Corporation		9,887,770
				21,432,641

92     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

INDEX PORTFOLIO

Shares		Security Name	Value
Trading Companies & Distributors: 0.14%
	30,194	Fastenal Company«	$	1,957,477
	11,947	W.W. Grainger Incorporated«		1,644,863
				3,602,340
Information Technology: 17.28%
Communications Equipment: 2.05%
	1,132,135	Cisco Systems Incorporated†		19,416,115
	16,537	F5 Networks Incorporated†		1,696,200
	26,201	Harris Corporation		1,299,570
	45,922	JDS Uniphase Corporation†		957,014
	109,552	Juniper Networks Incorporated†		4,609,948
	60,264	Motorola Mobility Holdings Incorporated†		1,470,442
	68,958	Motorola Solutions Incorporated†		3,081,733
	336,640	QUALCOMM Incorporated		18,457,971
	74,266	Tellabs Incorporated«		389,154
				51,378,147
Computers & Peripherals: 4.33%
	188,678	Apple Incorporated†		65,744,849
	343,932	Dell Incorporated†		4,990,453
	423,649	EMC Corporation†		11,247,881
	445,348	Hewlett-Packard Company		18,245,908
	16,099	Lexmark International Incorporated†		596,307
	75,340	NetApp Incorporated†		3,629,881
	48,476	SanDisk Corporation†		2,234,259
	47,445	Western Digital Corporation†		1,769,224
				108,458,762
Electronic Equipment & Instruments: 0.57%
	70,681	Agilent Technologies Incorporated†		3,165,095
	36,031	Amphenol Corporation Class A		1,959,726
	320,657	Corning Incorporated		6,615,154
	32,668	FLIR Systems Incorporated†«		1,130,639
	40,156	Jabil Circuit Incorporated		820,387
	28,290	Molex Incorporated«		710,645
				14,401,646
Internet Software & Services: 1.79%
	38,328	Akamai Technologies Incorporated†		1,456,464
	233,998	eBay Incorporated†		7,263,298
	51,361	Google Incorporated Class A†		30,108,332
	26,666	Monster Worldwide Incorporated†«		423,989
	35,523	VeriSign Incorporated		1,286,288
	268,168	Yahoo! Incorporated†		4,464,997
				45,003,368
IT Services: 2.38%
	101,666	Automatic Data Processing Incorporated		5,216,482
	62,303	Cognizant Technology Solutions Corporation Class A†		5,071,464
	31,762	Computer Sciences Corporation		1,547,762
	54,527	Fidelity National Information Services Incorporated		1,782,488
	29,917	Fiserv Incorporated†		1,876,394
	249,761	International Business Machines Corporation		40,728,526
	60,157	SAIC Incorporated†«		1,017,856

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios       93

INDEX PORTFOLIO

Shares		Security Name	Value
IT Services (continued)
	34,447	Teradata Corporation†	$	1,746,463
	33,273	Total System Services Incorporated«		599,579
				59,587,014
Office Electronics: 0.12%
	286,606	Xerox Corporation		3,052,354
Semiconductors & Semiconductor Equipment: 2.44%
	117,882	Advanced Micro Devices Incorporated†«		1,013,785
	65,528	Altera Corporation		2,884,543
	61,360	Analog Devices Incorporated		2,416,357
	270,215	Applied Materials Incorporated		4,220,758
	97,396	Broadcom Corporation Class A		3,835,454
	11,083	First Solar Incorporated†«		1,782,590
	1,123,944	Intel Corporation		22,669,950
	34,247	KLA-Tencor Corporation		1,622,280
	46,461	Linear Technology Corporation		1,562,483
	126,164	LSI Logic Corporation†		857,915
	47,168	MEMC Electronic Materials Incorporated†«		611,297
	38,589	Microchip Technology Incorporated«		1,466,768
	175,651	Micron Technology Incorporated†		2,012,960
	49,386	National Semiconductor Corporation		708,195
	18,469	Novellus Systems Incorporated†		685,754
	118,989	NVIDIA Corporation†		2,196,537
	37,959	Teradyne Incorporated†«		676,050
	240,036	Texas Instruments Incorporated		8,295,644
	53,465	Xilinx Incorporated«		1,753,652
				61,272,972
Software: 3.60%
	103,652	Adobe Systems Incorporated†		3,437,100
	46,879	Autodesk Incorporated†		2,067,833
	36,582	BMC Software Incorporated†		1,819,589
	78,344	CA Incorporated		1,894,358
	38,424	Citrix Systems Incorporated†		2,822,627
	44,802	Compuware Corporation†		517,463
	68,468	Electronic Arts Incorporated†«		1,337,180
	55,772	Intuit Incorporated†		2,961,493
	1,514,313	Microsoft Corporation		38,402,978
	72,003	Novell Incorporated†		426,978
	796,748	Oracle Corporation		26,587,481
	39,518	Red Hat Incorporated†		1,793,722
	24,220	Salesforce.com Incorporated†		3,235,308
	156,314	Symantec Corporation†		2,898,062
				90,202,172
Materials: 3.64%
Chemicals: 2.11%
	44,016	Air Products & Chemicals Incorporated		3,969,363
	15,347	Airgas Incorporated		1,019,348
	14,602	CF Industries Holdings Incorporated		1,997,408
	239,191	Dow Chemical Company		9,029,460
	188,751	E.I. du Pont de Nemours & Company		10,375,642
	14,489	Eastman Chemical Company		1,439,047
	47,650	Ecolab Incorporated		2,431,103

94     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

INDEX PORTFOLIO

Shares		Security Name	Value
Chemicals (continued)
	14,640	FMC Corporation	$	1,243,375
	16,436	International Flavors & Fragrances Incorporated		1,023,963
	109,917	Monsanto Company		7,942,602
	32,889	PPG Industries Incorporated«		3,131,362
	62,118	Praxair Incorporated		6,311,189
	18,229	Sherwin-Williams Company		1,531,054
	24,973	Sigma-Aldrich Corporation«		1,589,282
				53,034,198
Construction Materials: 0.05%
	26,431	Vulcan Materials Company«		1,205,254
Containers & Packaging: 0.15%
	34,652	Ball Corporation		1,242,274
	21,922	Bemis Company Incorporated		719,261
	33,529	Owens-Illinois Incorporated†«		1,012,241
	32,626	Sealed Air Corporation«		869,809
				3,843,585
Metals & Mining: 1.18%
	22,579	AK Steel Holding Corporation«		356,297
	217,639	Alcoa Incorporated		3,841,328
	20,215	Allegheny Technologies Incorporated«		1,368,960
	27,743	Cliffs Natural Resources Incorporated		2,726,582
	193,843	Freeport-McMoRan Copper & Gold Incorporated Class B		10,767,979
	101,022	Newmont Mining Corporation		5,513,781
	64,697	Nucor Corporation		2,977,356
	18,450	Titanium Metals Corporation†«		342,801
	29,442	United States Steel Corporation«		1,588,101
				29,483,185
Paper & Forest Products: 0.15%
	90,059	International Paper Company		2,717,981
	34,482	MeadWestvaco Corporation		1,045,839
				3,763,820
Telecommunication Services: 3.00%
Diversified Telecommunication Services: 2.69%
	1,210,664	AT&T Incorporated		37,046,318
	62,589	CenturyTel Incorporated«		2,600,573
	203,526	Frontier Communications Corporation«		1,672,984
	356,909	Qwest Communications International Incorporated		2,437,688
	579,190	Verizon Communications Incorporated		22,321,983
	103,281	Windstream Corporation«		1,329,226
				67,408,772
Wireless Telecommunication Services: 0.31%
	81,431	American Tower Corporation Class A†		4,219,754
	54,047	MetroPCS Communications Incorporated†«		877,723
	612,418	Sprint Nextel Corporation†«		2,841,620
				7,939,097

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios       95

INDEX PORTFOLIO

Shares		Security Name	Value
Utilities: 3.14%
Electric Utilities: 1.79%
	98,469	American Electric Power Company Incorporated	$	3,460,201
	59,795	Consolidated Edison Incorporated«		3,032,802
	272,209	Duke Energy Corporation		4,940,593
	66,726	Edison International		2,441,504
	36,667	Entergy Corporation		2,464,389
	135,550	Exelon Corporation		5,590,082
	85,649	FirstEnergy Corporation		3,176,721
	86,211	Nextera Energy Incorporated		4,751,950
	36,148	Northeast Utilities		1,250,721
	46,097	Pepco Holdings Incorporated		859,709
	22,278	Pinnacle West Capital Corporation		953,276
	99,204	PPL Corporation«		2,509,861
	60,118	Progress Energy Incorporated		2,773,845
	173,182	The Southern Company		6,599,966
				44,805,620
Gas Utilities: 0.08%
	9,329	Nicor Incorporated		500,967
	21,918	ONEOK Incorporated		1,465,876
				1,966,843
Independent Power Producers & Energy Traders: 0.16%
	135,605	AES Corporation†		1,762,865
	40,930	Constellation Energy Group Incorporated		1,274,151
	50,696	NRG Energy Incorporated†		1,091,992
				4,129,008
Multi-Utilities: 1.11%
	49,264	Ameren Corporation		1,382,840
	87,009	CenterPoint Energy Incorporated		1,527,878
	51,639	CMS Energy Corporation«		1,014,190
	118,958	Dominion Resources Incorporated		5,317,423
	34,702	DTE Energy Company		1,699,010
	15,976	Integrys Energy Group Incorporated		806,948
	57,200	NiSource Incorporated«		1,097,096
	81,154	PG&E Corporation		3,585,384
	103,637	Public Service Enterprise Group Incorporated		3,265,602
	23,308	SCANA Corporation«		917,636
	49,256	Sempra Energy		2,635,196
	44,010	TECO Energy Incorporated		825,628
	47,872	Wisconsin Energy Corporation		1,460,096
	98,854	Xcel Energy Incorporated		2,361,621
				27,896,548
Total Common Stocks (Cost $2,033,292,331)				2,473,522,282

			Yield
Short-Term Investments: 6.14%
Investment Companies: 5.77%
	27,268,441	Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)		0.12	%	27,268,441
	117,369,173	Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)		0.24		117,369,173
						144,637,614

96     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

INDEX PORTFOLIO

Principal		Security Name			Interest Rate			Maturity Date		Value
Corporate Bonds and Notes: 0.23%
$	4,843,682	Gryphon Funding Limited(a)(i)(v)				0.00	%		08/05/2011	$	2,003,831
	6,387,023	VFNC Corporation ±(a)††(i)(v)				0.26			09/29/2011		3,832,214
											5,836,045
US Treasury Bills: 0.14%
	1,000,000	US Treasury Bill^#				0.04			05/12/2011		999,949
	2,500,000	US Treasury Bill^#				0.05			05/05/2011		2,499,890
											3,499,839
Total Short-Term Investments (Cost $151,476,222)											153,973,498
Total Investments in Securities (Cost $2,184,768,553)*			104.76	%							2,627,495,780
Other Assets and Liabilities, Net			(4.76	)							(119,417,336	)
Total Net Assets			100.00	%						$	2,508,078,444

†	Non-income earning securities.
«	All or a portion of this security is on loan.
±	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.
(v)	Security represents investment of cash collateral received from securities on loan.
(l)	Investment in an affiliate. The total cost of affiliated investments is $186,325,245.
(u)	Rate shown is the 7-day annualized yield at period end.
^	Zero coupon security. Rate represents yield to maturity.
#	Security pledged as collateral for futures transactions.
*	Cost for federal income tax purposes is $2,266,958,122 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	577,101,364
Gross unrealized depreciation		(216,563,706	)
Net unrealized appreciation	$	360,537,658

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

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     97

INTERNATIONAL EQUITY PORTFOLIO

Shares		Security Name	Value
Common Stocks: 94.62%
Argentina: 0.62%
	13,403	Irsa Inversiones y Representaciones SA ADR (Financials, Real Estate Management & Development)	$	185,766
Australia: 3.04%
	19,660	AMP Limited (Financials, Insurance)		110,421
	3,877	Commonwealth Bank of Australia (Financials, Commercial Banks)		210,133
	3,422	Macquarie Group Limited (Financials, Capital Markets)		129,547
	6,335	Newcrest Mining Limited (Materials, Metals & Mining)		260,925
	7,602	Westpac Banking Corporation (Financials, Commercial Banks)		191,310
				902,336
Belgium: 0.62%
	3,226	Anheuser-Busch InBev NV (Consumer Staples, Beverages)		183,767
Brazil: 0.46%
	6,572	Banco Bradesco SA ADR (Financials, Commercial Banks)«		136,369
Canada: 5.20%
	11,817	Brookfield Asset Management Incorporated (Financials, Real Estate Management & Development)		383,580
	7,704	Canadian Natural Resources Limited (Energy, Oil, Gas & Consumable Fuels)		380,949
	3,432	EnCana Corporation (Energy, Oil, Gas & Consumable Fuels)		118,695
	3,141	Goldcorp Incorporated (Materials, Metals & Mining)		156,613
	5,345	Suncor Energy Incorporated (Energy, Oil, Gas & Consumable Fuels)		239,712
	4,992	Teck Cominco Incorporated Limited (Materials, Metals & Mining)		264,609
				1,544,158
Cayman Islands: 2.23%
	2,974	NetEase.com Incorporated ADR (Information Technology, Internet Software & Services)†		147,243
	4,804	SINA Corporation (Information Technology, Internet Software & Services)Ǡ		514,220
				661,463
China: 3.01%
	1,070	Baidu.com Incorporated ADR (Information Technology, Internet Software & Services)†		147,457
	184,000	China Infrastructure Machinery Holdings Limited (Industrials, Machinery)		129,392
	2,261	China Mobile Limited ADR (Telecommunication Services, Wireless Telecommunication Services)		104,549
	2,149	Ctrip.com International Limited ADR (Consumer Discretionary, Specialty Retail)Ǡ		89,162
	336,000	Shanghai Electric Corporation (Industrials, Electrical Equipment)		168,031
	5,200	Tencent Holdings Limited (Information Technology, Internet Software & Services)		126,682
	28,000	ZTE Corporation (Telecommunication Services, Wireless Telecommunication Services)		130,307
				895,580
Denmark: 1.16%
	15	A.P. Moller-Maersk A/S Class B (Industrials, Marine)		141,099
	1,884	Carlsberg A/S (Consumer Staples, Beverages)		202,860
				343,959
France: 11.00%
	3,209	Alstom RGPT (Industrials, Machinery)		189,757
	4,228	BNP Paribas SA (Financials, Commercial Banks)		309,243
	3,387	Carrefour SA (Consumer Staples, Food & Staples Retailing)		149,954
	4,436	Compagnie de Saint-Gobain (Industrials, Building Products)		271,617

98     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

INTERNATIONAL EQUITY PORTFOLIO

Shares		Security Name	Value
France (continued)
	11,090	France Telecom SA (Telecommunication Services, Diversified Telecommunication Services)	$	248,482
	2,644	Groupe Danone (Consumer Staples, Food Products)		172,721
	1,781	LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		281,934
	2,471	Pernod-Ricard (Consumer Staples, Beverages)		230,775
	3,373	Peugeot SA (Consumer Discretionary, Automobiles)		133,272
	1,286	Pinault-Printempts-Redoute SA (Consumer Discretionary, Multiline Retail)		197,105
	2,808	Publicis Groupe (Consumer Discretionary, Media)		157,489
	2,525	Sanofi-Aventis SA (Health Care, Pharmaceuticals)		177,043
	4,169	Societe Generale (Financials, Commercial Banks)		270,896
	2,777	Technip SA (Energy, Energy Equipment & Services)		296,151
	2,996	Total SA (Energy, Oil, Gas & Consumable Fuels)		182,384
				3,268,823
Germany: 9.52%
	2,329	Allianz AG (Financials, Insurance)		326,864
	2,762	BASF SE (Materials, Chemicals)		238,890
	4,310	Bayer AG (Health Care, Pharmaceuticals)		333,748
	4,346	Daimler AG (Consumer Discretionary, Automobiles)«		307,034
	1,707	Deutsche Boerse AG (Financials, Diversified Financial Services)«		129,546
	4,076	Fresenius SE (Health Care, Health Care Equipment & Supplies)		377,032
	1,773	Hochtief AG (Industrials, Construction & Engineering)		190,714
	2,532	Metro AG (Consumer Staples, Food & Staples Retailing)		173,012
	1,257	Muenchener Rueckversicherungs-Gesellschaft AG (Financials, Insurance)		197,738
	3,733	SAP AG (Information Technology, Software)		228,546
	2,386	Siemens AG (Industrials, Industrial Conglomerates)		327,019
				2,830,143
Israel: 0.46%
	2,728	Teva Pharmaceutical Industries Limited ADR (Health Care, Pharmaceuticals)		136,864
Italy: 0.58%
	58,445	Intesa Sanpaolo (Financials, Commercial Banks)		172,945
Japan: 11.73%
	4,400	Canon Incorporated (Information Technology, Office Electronics)		191,488
	91,000	Isuzu Motors Limited (Consumer Discretionary, Automobiles)		359,930
	4,100	JFE Holdings Incorporated (Materials, Metals & Mining)		119,974
	10,700	Komatsu Limited (Industrials, Machinery)		363,399
	6,400	Makita Corporation (Industrials, Machinery)		297,764
	42,300	Mitsubishi UFJ Financial Group Incorporated (Financials, Commercial Banks)		195,278
	400	Nintendo Company Limited (Information Technology, Software)		108,055
	17,000	NKSJ Holdings Incorporated (Financials, Insurance)		110,976
	28,700	Nomura Holdings Incorporated (Financials, Capital Markets)		150,090
	67,000	Sumitomo Heavy Industries Limited (Industrials, Machinery)		437,377
	2,400	Sumitomo Mitsui Financial Group Incorporated (Financials, Commercial Banks)		74,614
	1,700	TDK Corporation (Information Technology, Electronic Equipment & Instruments)		100,451
	2,100	Tokyo Electron Limited (Information Technology, Semiconductors & Semiconductor Equipment)		115,755
	17,000	Toshiba Corporation (Information Technology, Computers & Peripherals)		83,181
	13,900	Toyota Motor Corporation (Consumer Discretionary, Automobiles)		559,810
	606	Yahoo! Japan Corporation (Information Technology, Internet Software & Services)		216,814
				3,484,956
Luxembourg: 0.23%
	1,907	ArcelorMittal (Materials, Metals & Mining)		68,984

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     99

INTERNATIONAL EQUITY PORTFOLIO

Shares		Security Name	Value
Netherlands: 6.20%
	4,056	ASML Holding NV (Information Technology, Semiconductors & Semiconductor Equipment)	$	178,768
	17,621	ING Groep NV (Financials, Diversified Financial Services)		223,029
	3,630	Koninklijke Philips Electronics NV (Materials, Chemicals)		116,033
	11,246	New World Resources NV (Materials, Metals & Mining)		184,918
	1,500	Nielsen Holdings NV (Industrials, Professional Services)†		40,965
	8,502	Randstad Holdings NV (Industrials, Commercial Services & Supplies)		473,527
	7,017	Unilever NV (Consumer Staples, Food Products)		220,022
	19,627	USG People NV (Industrials, Commercial Services & Supplies)		406,104
				1,843,366
Norway: 0.52%
	9,379	Telenor ASA (Telecommunication Services, Diversified Telecommunication Services)		154,331
Singapore: 0.43%
	11,000	DBS Group Holdings Limited (Financials, Commercial Banks)		127,759
South Korea: 1.48%
	1,212	Hyundai Motor Company Limited (Consumer Discretionary, Automobiles)		224,291
	253	Samsung Electronics Company Limited (Consumer Discretionary, Specialty Retail)		214,956
				439,247
Spain: 4.72%
	19,038	Banco Bilbao Vizcaya Argentaria SA (Financials, Commercial Banks)		230,981
	21,247	Banco Santander Central Hispano SA (Financials, Commercial Banks)		246,671
	1,888	Industria de Diseno Textil SA (Consumer Discretionary, Specialty Retail)		151,497
	32,557	International Consolidated Airlines (Industrials, Airlines)†		118,557
	13,193	Repsol YPF SA (Energy, Oil, Gas & Consumable Fuels)		452,003
	8,110	Telefonica SA (Telecommunication Services, Diversified Telecommunication Services)		203,032
				1,402,741
Switzerland: 8.69%
	5,996	ABB Limited (Industrials, Electrical Equipment)		144,008
	3,392	Compagnie Financiere Richemont SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		195,912
	8,540	Credit Suisse Group (Financials, Capital Markets)		362,892
	8,732	Nestle SA (Consumer Staples, Food Products)		500,533
	6,059	Novartis AG (Health Care, Pharmaceuticals)		328,644
	1,189	Roche Holdings AG (Health Care, Pharmaceuticals)		169,839
	626	Swatch Group AG Class B (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		276,776
	16,248	UBS AG (Financials, Capital Markets)		291,526
	1,122	Zurich Financial Services AG (Financials, Insurance)		314,062
				2,584,192
United Kingdom: 22.72%
	3,989	Anglo American plc (Materials, Metals & Mining)		205,221
	14,777	Antofagasta plc (Materials, Metals & Mining)		322,628
	87,092	Ashtead Group plc (Industrials, Trading Companies & Distributors)		277,190
	90,381	Barclays plc (Financials, Commercial Banks)		402,417
	11,168	BG Group plc (Health Care, Health Care Providers & Services)		277,872
	12,146	BHP Billiton plc (Materials, Metals & Mining)		479,321
	23,003	BP plc (Energy, Oil, Gas & Consumable Fuels)		167,532
	12,004	Burberry Group plc (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		226,075
	12,807	Cookson Group plc (Utilities, Multi-Utilities)		141,658
	3,978	Diageo plc (Consumer Staples, Beverages)		76,569
	10,942	Experian Group Limited (Financials, Diversified Financial Services)		135,510
	142,177	Game Group plc (Consumer Discretionary, Specialty Retail)		128,865

100     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

INTERNATIONAL EQUITY PORTFOLIO

Shares		Security Name	Value
United Kingdom (continued)
	13,538	GlaxoSmithKline plc (Health Care, Pharmaceuticals)	$	258,331
	82,406	Hays plc (Industrials, Commercial Services & Supplies)		153,744
	48,609	HSBC Holdings plc (Financials, Commercial Banks)		499,842
	7,475	Intercontinental Hotels Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		153,250
	4,139	Intertek Group plc (Industrials, Commercial Services & Supplies)		135,053
	24,979	Kingfisher plc (Consumer Discretionary, Specialty Retail)		98,535
	237,573	Lloyds TSB Group plc (Financials, Commercial Banks)†		221,389
	24,334	Persimmon plc (Consumer Discretionary, Household Durables)		173,713
	6,216	Rio Tinto plc (Materials, Metals & Mining)		436,661
	12,400	Royal Dutch Shell plc Class A (Energy, Oil, Gas & Consumable Fuels)		450,356
	7,126	Standard Chartered plc (Financials, Commercial Banks)		184,848
	14,541	Travis Perkins plc (Industrials, Trading Companies & Distributors)		236,999
	139,228	Vodafone Group plc (Telecommunication Services, Wireless Telecommunication Services)		394,212
	12,556	WPP plc (Consumer Discretionary, Media)		154,794
	15,428	Xstrata plc (Materials, Metals & Mining)		360,600
				6,753,185
Total Common Stocks (Cost $24,031,225)				28,120,934
Investment Companies: 1.32%
	3,262	iShares MSCI China ETF		196,014
	5,257	Vanguard MSCI EAFE ETF		196,139
Total Investment Companies (Cost $393,360)				392,153

					Yield
Short-Term Investments: 4.89%
Investment Companies: 4.89%
	544,410	Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)				0.12	%		544,410
	907,670	Wells Fargo Securities Lending Cash Investments, LLC(l)(u)(v)				0.24			907,670
Total Short-Term Investments (Cost $1,452,080)									1,452,080
Total Investments in Securities (Cost $25,876,665)*			100.83	%					29,965,167
Other Assets and Liabilities, Net			(0.83	)					(245,832	)
Total Net Assets			100.00	%				$	29,719,335

«	All or a portion of this security is on loan.
(l)	Investment in an affiliate.
(u)	Rate shown is the 7-day annualized yield at period end.
†	Non-income earning securities.
(v)	Security represents investment of cash collateral received from securities on loan.
*	Cost for federal income tax purposes is $26,483,905 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	3,671,750
Gross unrealized depreciation		(190,488	)
Net unrealized appreciation	$	3,481,262

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

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     101

INTERNATIONAL GROWTH PORTFOLIO

Shares		Security Name	Value
Common Stocks: 95.29%
Australia: 2.83%
	755,069	Asciano Group (Industrials, Road & Rail)	$	1,358,949
	17,512	Coca-Cola Amatil Limited (Consumer Staples, Beverages)		212,653
	330,353	Foster’s Group Limited (Consumer Staples, Beverages)		1,954,527
				3,526,129
Belgium: 1.89%
	41,397	Anheuser-Busch InBev NV (Consumer Staples, Beverages)		2,358,152
Bermuda: 2.30%
	81,966	Hongkong Land Holdings Limited (Financials, Real Estate Management & Development)		573,762
	983,921	Huabao International Holdings Limited (Materials, Chemicals)		1,512,839
	510,846	NWS Holdings Limited (Industrials, Industrial Conglomerates)		781,517
				2,868,118
Brazil: 0.99%
	30,668	Petroleo Brasileiro SA ADR (Energy, Oil, Gas & Consumable Fuels)		1,239,907
Canada: 2.68%
	8,399	Canadian National Railway Company (Industrials, Road & Rail)«		632,193
	42,164	Canadian Pacific Railway Limited (Industrials, Road & Rail)«		2,712,832
				3,345,025
Cayman Islands: 6.68%
	284,500	China Resources Land Limited (Industrials, Machinery)		532,531
	2,134,629	Sands China Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		4,764,019
	3,776	SINA Corporation (Information Technology, Internet Software & Services)Ǡ		404,183
	943,550	Wynn Macau Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		2,632,243
				8,332,976
China: 4.79%
	21,161	Baidu.com Incorporated ADR (Information Technology, Internet Software & Services)†		2,916,197
	1,498,029	China Construction Bank (Financials, Commercial Banks)		1,403,942
	25,452	Ctrip.com International Limited ADR (Consumer Discretionary, Specialty Retail)Ǡ		1,056,003
	10,424	E-Commerce China Dangdang ADR (Consumer Discretionary, Internet & Catalog Retail)Ǡ		215,047
	15,700	Tencent Holdings Limited (Information Technology, Internet Software & Services)		382,481
				5,973,670
France: 9.09%
	21,297	BNP Paribas SA (Financials, Commercial Banks)		1,557,698
	6,124	Compagnie de Saint-Gobain (Industrials, Building Products)		374,973
	1,588	LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		251,382
	188,264	Natixis (Financials, Commercial Banks)		1,064,829
	30,617	Pernod-Ricard (Consumer Staples, Beverages)		2,859,427
	15,165	Publicis Groupe (Consumer Discretionary, Media)		850,539
	11,238	Unibail-Rodamco (Financials, Real Estate Management & Development)		2,434,364
	31,218	Vinci SA (Industrials, Construction & Engineering)		1,950,857
				11,344,069
Germany: 13.03%
	16,896	BASF SE (Materials, Chemicals)		1,461,363
	49,019	Bayer AG (Health Care, Pharmaceuticals)		3,795,824
	19,564	Beiersdorf AG (Consumer Staples, Personal Products)		1,194,024
	7,538	Brenntag AG (Materials, Chemicals)		837,108

102     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

INTERNATIONAL GROWTH PORTFOLIO

Shares		Security Name	Value
Germany (continued)
	48,903	Daimler AG (Consumer Discretionary, Automobiles)	$	3,454,869
	16,203	Linde AG (Materials, Chemicals)		2,559,213
	21,586	Siemens AG (Industrials, Industrial Conglomerates)		2,958,520
				16,260,921
Hong Kong: 11.21%
	779,600	AIA Group Limited (Financials, Insurance)†		2,400,373
	61,900	Bank of East Asia Limited (Financials, Commercial Banks)		263,005
	95,651	Beijing Enterprises Holdings Limited (Financials, Diversified Financial Services)		545,976
	299,543	BOC Hong Kong Holdings Limited (Financials, Commercial Banks)		976,199
	114,600	Cheung Kong Holdings Limited (Financials, Real Estate Management & Development)		1,868,122
	257,989	China Overseas Land & Investment Limited (Financials, Real Estate Management & Development)		524,698
	238,401	Galaxy Entertainment Group Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)†		346,941
	69,848	Hang Seng Bank Limited (Financials, Commercial Banks)		1,127,833
	197,600	Henderson Land Development Company Limited (Financials, Real Estate Management & Development)		1,369,232
	62,100	Hong Kong Exchanges & Clearing Limited (Financials, Diversified Financial Services)		1,349,210
	830,900	Sino Land Company (Financials, Real Estate Management & Development)		1,476,244
	109,300	Sun Hung Kai Properties Limited (Financials, Real Estate Management & Development)		1,731,140
				13,978,973
India: 1.18%
	15,179	Coal India Limited (Energy, Oil, Gas & Consumable Fuels)		117,940
	86,323	Housing Development Finance Corporation (Industrials, Construction & Engineering)		1,357,320
				1,475,260
Ireland: 0.53%
	11,973	Accenture plc (Information Technology, IT Services)		658,156
Italy: 2.10%
	104,261	Fiat Industrial (Consumer Discretionary, Auto Components)†		1,496,795
	377,567	Intesa Sanpaolo (Financials, Commercial Banks)		1,117,263
				2,614,058
Japan: 8.88%
	48,000	Bridgestone Corporation (Consumer Discretionary, Auto Components)		1,005,819
	27,700	Canon Incorporated (Information Technology, Office Electronics)		1,205,506
	58,800	Honda Motor Company Limited (Consumer Discretionary, Automobiles)		2,209,065
	110	Japan Tobacco Incorporated (Consumer Staples, Tobacco)		397,391
	67	KDDI Corporation (Telecommunication Services, Wireless Telecommunication Services)		414,823
	37,800	Kubota Corporation (Industrials, Machinery)		356,278
	175,100	Mitsui & Company Limited (Industrials, Trading Companies & Distributors)		3,138,664
	58,800	Softbank Corporation (Telecommunication Services, Wireless Telecommunication Services)		2,346,910
				11,074,456
Netherlands: 3.06%
	23,583	Akzo Nobel NV (Materials, Chemicals)		1,620,290
	152,623	ING Groep NV (Financials, Diversified Financial Services)		1,931,751
	10,381	TNT NV (Industrials, Air Freight & Logistics)		266,286
				3,818,327
Russia: 1.38%
	53,187	Gazprom ADR (Energy, Oil, Gas & Consumable Fuels)		1,720,068
Singapore: 0.24%
	33,427	City Developments Limited (Financials, Real Estate Management & Development)		305,497

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     103

INTERNATIONAL GROWTH PORTFOLIO

Shares		Security Name	Value
Spain: 1.32%
	16,700	Amadeus IT Holding SA (Information Technology, IT Services)	$	319,508
	16,546	Industria de Diseno Textil SA (Consumer Discretionary, Specialty Retail)		1,327,681
				1,647,189
Sweden: 0.86%
	56,780	Sandvik AB (Industrials, Machinery)		1,071,389
Switzerland: 8.23%
	52,604	ABB Limited (Industrials, Electrical Equipment)		1,263,412
	36,578	Adecco SA (Industrials, Professional Services)		2,405,347
	69,951	Nestle SA (Consumer Staples, Food Products)		4,009,712
	5,854	Swatch Group AG Class B (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		2,588,252
				10,266,723
United Kingdom: 12.02%
	25,059	BG Group plc (Health Care, Health Care Providers & Services)		623,496
	172,475	Experian Group Limited (Financials, Diversified Financial Services)		2,136,002
	486,323	Genting International plc (Consumer Staples, Hotels, Restaurants & Leisure)†		790,926
	43,650	Imperial Tobacco Group plc (Consumer Staples, Tobacco)		1,349,349
	555,262	Kingfisher plc (Consumer Discretionary, Specialty Retail)		2,190,356
	24,811	Standard Chartered plc (Financials, Commercial Banks)		643,595
	382,128	Tesco plc (Consumer Staples, Food & Staples Retailing)		2,335,566
	271,724	WPP plc (Consumer Discretionary, Media)		3,349,887
	67,589	Xstrata plc (Materials, Metals & Mining)		1,579,773
				14,998,950
Total Common Stocks (Cost $102,497,472)				118,878,013

					Yield
Short-Term Investments: 10.45%
Investment Companies: 10.45%
	5,345,034	Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)				0.12	%		5,345,034
	7,685,687	Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)				0.24			7,685,687
Total Short-Term Investments (Cost $13,030,721)									13,030,721
Total Investments in Securities (Cost $115,528,193)*			105.74	%					131,908,734
Other Assets and Liabilities, Net			(5.74	)					(7,157,526	)
Total Net Assets			100.00	%				$	124,751,208

(v)	Security represents investment of cash collateral received from securities on loan.
(l)	Investment in an affiliate.
«	All or a portion of this security is on loan.
†	Non-income earning securities.
(u)	Rate shown is the 7-day annualized yield at period end.
*	Cost for federal income tax purposes is $118,041,442 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	15,295,223
Gross unrealized depreciation		(1,427,931	)
Net unrealized appreciation	$	13,867,292

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

104     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

INTERNATIONAL INDEX PORTFOLIO

Shares		Security Name	Value
Common Stocks: 99.77%
Australia: 8.86%
	1,213	AGL Energy Limited (Utilities, Multi-Utilities)	$	17,954
	6,177	Alumina Limited (Materials, Metals & Mining)		15,717
	3,225	Amcor Limited (Materials, Containers & Packaging)		23,551
	7,295	AMP Limited (Financials, Insurance)		40,973
	7,708	Asciano Group (Industrials, Road & Rail)		13,873
	450	ASX Limited (Financials, Diversified Financial Services)		16,021
	6,679	Australia & New Zealand Banking Group Limited (Financials, Commercial Banks)		164,490
	991	Bendigo Bank Limited (Financials, Commercial Banks)		9,769
	8,724	BHP Billiton Limited (Materials, Metals & Mining)		420,142
	612	Billabong International Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		4,779
	4,803	BlueScope Steel Limited (Industrials, Professional Services)		9,812
	1,915	Boral Limited (Materials, Construction Materials)		9,904
	3,746	Brambles Limited (Industrials, Commercial Services & Supplies)		27,433
	400	Caltex Australia Limited (Energy, Oil, Gas & Consumable Fuels)		6,454
	5,717	CFS Retail Property Trust (Financials, Real Estate Investment Trusts (REITs))		10,881
	1,306	Coca-Cola Amatil Limited (Consumer Staples, Beverages)		15,859
	149	Cochlear Limited (Health Care, Health Care Equipment & Supplies)		12,790
	4,057	Commonwealth Bank of Australia (Financials, Commercial Banks)		219,889
	1,171	Computershare Limited (Information Technology, IT Services)		11,216
	1,188	Crown Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		10,015
	1,444	CSL Limited (Health Care, Biotechnology)		53,366
	1,496	CSR Limited (Industrials, Industrial Conglomerates)		5,075
	12,665	DB Rreef Trust (Financials, Real Estate Investment Trusts (REITs))		11,135
	19	Duluxgroup Limited (Materials, Chemicals)		53
	6,273	Fairfax Media Limited (Consumer Discretionary, Media)		8,370
	2,862	Fortescue Metals Group Limited (Materials, Metals & Mining)		18,976
	5,085	Foster’s Group Limited (Consumer Staples, Beverages)		30,085
	4,250	Goodman Fielder Limited (Consumer Staples, Food Products)		5,407
	4,457	GPT Group (Financials, Real Estate Investment Trusts (REITs))		14,476
	1,574	Harvey Norman Holdings Limited (Consumer Discretionary, Multiline Retail)		4,884
	4,213	Incitec Pivot Limited (Materials, Chemicals)		18,869
	5,605	Insurance Australia Group Limited (Financials, Insurance)		20,813
	356	Leighton Holdings Limited (Industrials, Construction & Engineering)		10,859
	1,444	Lend Lease Corporation Limited (Financials, Real Estate Management & Development)		13,547
	382	MacArthur Coal Limited (Materials, Metals & Mining)		4,583
	2	Macquaire Office Trust (Financials, Real Estate Investment Trusts (REITs))		7
	1,087	Macquarie Airports Group (Industrials, Transportation Infrastructure)		3,418
	18,390	Macquarie Goodman Group (Financials, Real Estate Investment Trusts (REITs))		13,030
	930	Macquarie Group Limited (Financials, Capital Markets)		35,207
	2,269	Metcash Limited (Consumer Staples, Food & Staples Retailing)		9,763
	8,853	Mirvac Group (Financials, Real Estate Investment Trusts (REITs))		11,401
	5,589	National Australia Bank Limited (Financials, Commercial Banks)		149,438
	2,014	Newcrest Mining Limited (Materials, Metals & Mining)		82,952
	3,508	OneSteel Limited (Materials, Metals & Mining)		8,854
	949	Orica Limited (Materials, Chemicals)		25,885
	2,670	Origin Energy Limited (Energy, Oil, Gas & Consumable Fuels)		44,795
	7,906	OZ Minerals Limited (Materials, Metals & Mining)		13,043
	2,019	Paladin Energy Limited (Energy, Oil, Gas & Consumable Fuels)†		7,539
	3,289	Qantas Airways Limited (Industrials, Airlines)		7,416
	2,658	QBE Insurance Group Limited (Financials, Insurance)		48,580
	4,487	QR National Limited (Industrials, Road & Rail)†		15,548
	343	Ramsay Health Care Limited (Health Care, Health Care Providers & Services)		6,773
	1,148	Rio Tinto Limited (Materials, Metals & Mining)		100,635
	2,195	Santos Limited (Energy, Oil, Gas & Consumable Fuels)		35,305

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     105

INTERNATIONAL INDEX PORTFOLIO

Shares		Security Name	Value
Australia (continued)
	488	Sims Group Limited (Materials, Metals & Mining)	$	8,838
	969	Sonic Healthcare Limited (Health Care, Health Care Providers & Services)		12,007
	4,134	SP AusNet (Utilities, Electric Utilities)		3,763
	6,260	Stockland (Financials, Real Estate Investment Trusts (REITs))		24,022
	3,381	SunCorp-Metway Limited (Financials, Insurance)		29,656
	1,878	Tabcorp Holdings Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		14,549
	3,377	Tatts Group Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		8,174
	11,473	Telstra Corporation Limited (Telecommunication Services, Diversified Telecommunication Services)		33,465
	1,674	Toll Holdings Limited (Industrials, Air Freight & Logistics)		10,268
	3,646	Transurban Group (Industrials, Transportation Infrastructure)		20,252
	2,701	Wesfarmers Limited (Consumer Staples, Food & Staples Retailing)		88,786
	385	Wesfarmers Limited Price Protected Shares (Consumer Staples, Food & Staples Retailing)		12,819
	5,754	Westfield Group (Financials, Real Estate Investment Trusts (REITs))		55,588
	5,754	Westfield Retail Trust (Financials, Real Estate Investment Trusts (REITs))†		15,593
	7,830	Westpac Banking Corporation (Financials, Commercial Banks)		197,056
	1,640	Woodside Petroleum Limited (Energy, Oil, Gas & Consumable Fuels)		79,388
	3,132	Woolworths Limited (Consumer Staples, Food & Staples Retailing)		87,080
	505	WorleyParsons Limited (Energy, Energy Equipment & Services)		16,182
				2,619,095
Austria: 0.35%
	497	Erste Bank Der Oesterreichischen Sparkassen AG (Financials, Commercial Banks)		25,078
	2,606	IMMOFINANZ Immobilien Anlagen AG (Financials, Real Estate Investment Trusts (REITs))		11,767
	389	OMV AG (Energy, Oil, Gas & Consumable Fuels)		17,581
	128	Raiffeisen International Bank Holdings (Financials, Commercial Banks)		7,104
	843	Telekom Austria AG (Telecommunication Services, Diversified Telecommunication Services)		12,329
	178	Verbund — Oesterreichische Elektrizitaetswirtschafts AG (Utilities, Electric Utilities)		7,908
	289	Voestalpine AG (Materials, Metals & Mining)		13,569
	114	Wiener Staedtische Allgemeine Versicherung AG (Financials, Insurance)		6,511
				101,847
Belgium: 0.95%
	1,902	Anheuser-Busch InBev NV (Consumer Staples, Beverages)		108,346
	2,600	Anheuser-Busch InBev NV Strip VVPR (Consumer Staples, Beverages)†		18
	102	Bekaert SA (Industrials, Electrical Equipment)		11,635
	395	Belgacom SA (Telecommunication Services, Diversified Telecommunication Services)		15,302
	199	Colruyt SA (Consumer Staples, Food & Staples Retailing)		10,480
	272	Delhaize Group (Consumer Staples, Food & Staples Retailing)		22,146
	1,642	Dexia (Financials, Commercial Banks)†		6,395
	6,006	Fortis (Financials, Insurance)		17,066
	9,100	Fortis Strip VVPR (Financials, Insurance)†		26
	217	Groupe Bruxelles Lambert SA (Financials, Diversified Financial Services)		20,263
	435	KBC Groep NV (Financials, Commercial Banks)		16,358
	80	Mobistar SA (Telecommunication Services, Wireless Telecommunication Services)		5,546
	67	Nationale A Portefeuille (Financials, Diversified Financial Services)		4,612
	159	Solvay SA (Materials, Chemicals)		18,836
	265	UCB SA (Health Care, Pharmaceuticals)		10,063
	295	Umicore (Materials, Chemicals)		14,631
				281,723
Bermuda: 0.43%
	1,000	Cheung Kong Infrastructure Holdings Limited (Utilities, Electric Utilities)		4,725
	2,843	Esprit Holdings Limited (Consumer Discretionary, Specialty Retail)		13,048
	50	Independent Tankers Corporation Limited (Energy, Oil, Gas & Consumable Fuels)†		14
	1,976	Kerry Properties Limited (Financials, Real Estate Management & Development)		9,882

106     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

INTERNATIONAL INDEX PORTFOLIO

Shares		Security Name	Value
Bermuda (continued)
	6,200	Li & Fung Limited (Consumer Discretionary, Distributors)	$	31,763
	8,914	Mongolia Energy Company Limited (Energy, Oil, Gas & Consumable Fuels)†		1,799
	7,986	Noble Group Limited (Industrials, Trading Companies & Distributors)		13,558
	4,084	NWS Holdings Limited (Industrials, Industrial Conglomerates)		6,248
	200	Orient Overseas International Limited (Industrials, Marine)		2,099
	728	Seadrill Limited (Energy, Energy Equipment & Services)		26,328
	4,333	Shangri-La Asia Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		11,197
	2,000	Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		6,364
				127,025
Cayman Islands: 0.13%
	500	ASM Pacific Technology (Information Technology, Semiconductors & Semiconductor Equipment)		6,277
	6,000	Foxconn International Holdings Limited (Information Technology, Electronic Equipment & Instruments)†		3,602
	1,500	Lifestyle International Holdings Limited (Consumer Discretionary, Multiline Retail)		3,591
	5,962	Sands China Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		13,306
	3,812	Wynn Macau Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		10,634
				37,410
Cyprus: 0.02%
	1,977	Bank of Cyprus Public Company Limited (Financials, Commercial Banks)		7,173
Denmark: 1.12%
	1	A.P. Moller-Maersk A/S Class A (Industrials, Marine)		9,190
	4	A.P. Moller-Maersk A/S Class B (Industrials, Marine)		37,626
	312	Carlsberg A/S (Consumer Staples, Beverages)		33,595
	67	Coloplast AS Class B (Health Care, Health Care Equipment & Supplies)		9,704
	409	Danske Bank (Financials, Commercial Banks)†		9,134
	1,228	Danske Bank (Financials, Commercial Banks)		27,192
	550	DSV A/S (Industrials, Road & Rail)		13,580
	1,102	Novo Nordisk A/S Class B (Health Care, Pharmaceuticals)		138,452
	106	Novozymes A/S Class B (Materials, Chemicals)		16,229
	141	Pandora A/S (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		7,196
	75	Trygvesta A/S (Financials, Insurance)		4,411
	548	Vestas Wind Systems A/S (Industrials, Electrical Equipment)†		23,769
	20	William Demant Holding (Health Care, Health Care Equipment & Supplies)†		1,732
				331,810
Finland: 1.10%
	357	Elisa Oyj (Telecommunication Services, Diversified Telecommunication Services)		7,857
	1,155	Fortum Oyj (Energy, Oil, Gas & Consumable Fuels)		39,219
	138	Kesko Oyj (Consumer Staples, Food & Staples Retailing)		6,454
	421	Kone Oyj (Industrials, Machinery)		24,224
	357	Metso Oyj (Industrials, Machinery)		19,195
	380	Neste Oil Oyj Limited (Energy, Oil, Gas & Consumable Fuels)		7,836
	9,876	Nokia Oyj (Telecommunication Services, Diversified Telecommunication Services)		84,467
	280	Nokian Renkaat Oyj (Consumer Discretionary, Auto Components)		11,916
	368	OKO Bank (Financials, Diversified Financial Services)		5,017
	267	Orion Oyj (Health Care, Pharmaceuticals)		6,478
	238	Outokumpu Oyj (Materials, Metals & Mining)		4,122
	200	Rautaruukki Oyj (Materials, Metals & Mining)		4,796
	1,107	Sampo Oyj (Financials, Insurance)		35,315
	240	SanomaWSOY Oyj (Consumer Discretionary, Media)		5,432
	1,560	Stora Enso Oyj (Materials, Paper & Forest Products)		18,582
	1,430	UPM-Kymmene Oyj (Materials, Paper & Forest Products)		30,237
	376	Wartsila Oyj (Industrials, Machinery)		14,680
				325,827

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     107

INTERNATIONAL INDEX PORTFOLIO

Shares		Security Name	Value
France: 9.80%
	378	Accor SA (Consumer Discretionary, Hotels, Restaurants & Leisure)	$	16,984
	88	Aeroports de Paris (Industrials, Transportation Infrastructure)		8,106
	400	Air France-KLM (Industrials, Airlines)		6,661
	732	Air Liquide SA (Materials, Chemicals)		97,266
	5,904	Alcatel SA (Information Technology, Communications Equipment)		33,895
	541	Alstom RGPT (Industrials, Machinery)		31,991
	134	Atos Origin SA (Information Technology, IT Services)		7,857
	4,538	AXA SA (Financials, Insurance)		94,829
	35	BioMerieux (Health Care, Health Care Equipment & Supplies)		3,671
	2,499	BNP Paribas SA (Financials, Commercial Banks)		182,781
	607	Bouygues SA (Industrials, Construction & Engineering)		29,149
	129	Bureau Veritas SA (Industrials, Commercial Services & Supplies)		10,132
	397	Cap Gemini SA (Information Technology, IT Services)		23,059
	1,584	Carrefour SA (Consumer Staples, Food & Staples Retailing)		70,129
	142	Casino Guichard Perrachon SA (Consumer Discretionary, Hotels, Restaurants & Leisure)		13,441
	168	Christian Dior SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		23,649
	440	CNP Assurances (Financials, Insurance)		9,341
	1,023	Compagnie de Saint-Gobain (Industrials, Building Products)		62,638
	378	Compagnie Generale de Geophysique — Veritas (Energy, Energy Equipment & Services)†		13,631
	454	Compagnie Generale Des Establissements Michelin (Consumer Discretionary, Auto Components)		38,347
	2,460	Credit Agricole SA (Financials, Commercial Banks)		40,371
	156	Dassault Systemes SA (Information Technology, Software)		11,989
	434	Edenred (Consumer Staples, Commercial Services & Supplies)		13,098
	120	Eiffage SA (Industrials, Construction & Engineering)†		7,209
	682	Electricite de France (Utilities, Electric Utilities)		28,242
	15	Eramet (Materials, Metals & Mining)		5,544
	532	Essilor International SA Cie Generale d’Optique (Health Care, Health Care Equipment & Supplies)		39,507
	86	Eurazeo (Financials, Diversified Financial Services)		6,725
	260	Eutelsat Communications (Consumer Discretionary, Media)		10,385
	72	Fonciere des Regions (Financials, Real Estate Investment Trusts (REITs))		7,672
	4,871	France Telecom SA (Telecommunication Services, Diversified Telecommunication Services)		109,139
	3,221	Gaz de France (Utilities, Multi-Utilities)		131,238
	1,701	GDF Suez (Utilities, Electric Utilities)		2
	56	Gecina SA (Financials, Real Estate Investment Trusts (REITs))		7,724
	1,507	Groupe Danone (Consumer Staples, Food Products)		98,446
	1,205	Groupe Eurotunnel SA (Industrials, Transportation Infrastructure)		12,820
	28	Hermes International (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		6,139
	69	ICADE (Financials, Real Estate Investment Trusts (REITs))		8,515
	48	ILIAD SA (Telecommunication Services, Diversified Telecommunication Services)		5,755
	112	Imerys SA (Materials, Construction Materials)		8,211
	197	JC Decaux SA (Consumer Discretionary, Media)		6,611
	270	Klepierre (Financials, Real Estate Investment Trusts (REITs))		10,959
	630	L’Oreal SA (Consumer Staples, Personal Products)		73,391
	528	Lafarge SA (Materials, Construction Materials)		32,936
	299	Lagardere SCA (Consumer Discretionary, Media)		12,765
	333	Legrand SA (Industrials, Electrical Equipment)		13,853
	637	LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		100,838
	188	M6 Metropole Television (Consumer Discretionary, Media)		4,913
	2,215	Natixis (Financials, Commercial Banks)		12,528
	94	Neopost SA (Information Technology, Office Electronics)		8,234
	369	PagesJaunes SA (Consumer Discretionary, Media)		3,696
	526	Pernod-Ricard (Consumer Staples, Beverages)		49,125
	393	Peugeot SA (Consumer Discretionary, Automobiles)		15,528
	197	Pinault-Printempts-Redoute SA (Consumer Discretionary, Multiline Retail)		30,194
	336	Publicis Groupe (Consumer Discretionary, Media)		18,845
	506	Renault SA (Consumer Discretionary, Automobiles)		27,974

108     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

INTERNATIONAL INDEX PORTFOLIO

Shares		Security Name	Value
France (continued)
	424	Safran SA (Industrials, Aerospace & Defense)	$	14,986
	2,734	Sanofi-Aventis SA (Health Care, Pharmaceuticals)		191,697
	629	Schneider Electric SA (Industrials, Electrical Equipment)		107,505
	444	SCOR SE (Financials, Insurance)		12,091
	79	Societe BIC SA (Industrials, Commercial Services & Supplies)		7,022
	1,670	Societe Generale (Financials, Commercial Banks)		108,514
	348	Societe Television Francaise 1 (Consumer Discretionary, Media)		6,389
	245	Sodexho Alliance SA (Consumer Discretionary, Hotels, Restaurants & Leisure)		17,892
	684	Suez Environnement SA (Utilities, Water Utilities)		14,153
	270	Technip SA (Energy, Energy Equipment & Services)		28,794
	265	Thales SA (Industrials, Aerospace & Defense)		10,570
	5,518	Total SA (Energy, Oil, Gas & Consumable Fuels)		335,913
	243	Unibail-Rodamco (Financials, Real Estate Management & Development)		52,638
	287	Vallourec SA (Industrials, Machinery)		32,197
	952	Veolia Environnement (Utilities, Multi-Utilities)		29,601
	1,162	Vinci SA (Industrials, Construction & Engineering)		72,615
	3,257	Vivendi SA (Consumer Discretionary, Media)		93,009
				2,894,264
Germany: 8.12%
	545	Adidas-Salomon AG (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		34,336
	1,177	Allianz AG (Financials, Insurance)		165,186
	39	Axel Springer AG (Consumer Discretionary, Media)		6,304
	2,394	BASF SE (Materials, Chemicals)		207,061
	2,160	Bayer AG (Health Care, Pharmaceuticals)		167,261
	854	Bayerische Motoren Werke AG (Consumer Discretionary, Automobiles)		71,104
	230	Beiersdorf AG (Consumer Staples, Personal Products)		14,037
	74	Brenntag AG (Materials, Chemicals)		8,218
	224	Celesio AG (Health Care, Health Care Providers & Services)		5,501
	1,842	Commerzbank AG (Financials, Commercial Banks)		14,355
	132	Continental AG (Consumer Discretionary, Auto Components)		11,911
	2,352	Daimler AG (Consumer Discretionary, Automobiles)«		166,163
	2,409	Deutsche Bank AG (Financials, Capital Markets)		141,631
	516	Deutsche Boerse AG (Financials, Diversified Financial Services)		39,160
	580	Deutsche Lufthansa AG (Industrials, Airlines)		12,293
	2,245	Deutsche Post AG (Industrials, Air Freight & Logistics)		40,470
	7,456	Deutsche Telekom AG (Telecommunication Services, Diversified Telecommunication Services)		114,859
	4,666	E.ON AG (Utilities, Electric Utilities)		142,503
	109	Fraport AG (Industrials, Transportation Infrastructure)		7,988
	499	Fresenius Medical Care AG & Company (Health Care, Health Care Providers & Services)		33,513
	277	Fresenius SE (Health Care, Health Care Equipment & Supplies)		25,623
	436	GEA Group AG (Industrials, Machinery)		14,360
	179	Hannover Rueckversicherung AG (Financials, Insurance)		9,773
	379	Heidelbergcement AG (Materials, Construction Materials)		26,472
	338	Henkel KGaA (Consumer Staples, Household Products)		17,659
	120	Hochtief AG (Industrials, Construction & Engineering)		12,908
	2,863	Infineon Technologies AG (Information Technology, Semiconductors & Semiconductor Equipment)		29,356
	377	K+S AG (Materials, Chemicals)		28,461
	142	Kabel Deutschland Holding AG (Consumer Discretionary, Media)†		7,526
	219	LANXESS AG (Materials, Chemicals)		16,381
	436	Linde AG (Materials, Chemicals)		68,865
	275	MAN AG (Industrials, Machinery)		34,296
	167	Merck KGaA (Health Care, Pharmaceuticals)		15,071
	341	Metro AG (Consumer Staples, Food & Staples Retailing)		23,301
	495	Muenchener Rueckversicherungs-Gesellschaft AG (Financials, Insurance)		77,868
	15	PUMA AG Rudolf Dassler Sport (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		4,399

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     109

INTERNATIONAL INDEX PORTFOLIO

Shares		Security Name	Value
Germany (continued)
	1,102	RWE AG (Utilities, Multi-Utilities)	$	70,193
	125	Salzgitter AG (Materials, Metals & Mining)		9,867
	2,224	SAP AG (Information Technology, Software)		136,160
	2,136	Siemens AG (Industrials, Industrial Conglomerates)		292,755
	194	Suedzucker AG (Consumer Staples, Food Products)		5,411
	881	Thyssenkrupp AG (Materials, Metals & Mining)		35,996
	410	TUI AG (Consumer Discretionary, Hotels, Restaurants & Leisure)		4,900
	356	United Internet AG (Information Technology, Internet Software & Services)		6,407
	78	Volkswagen AG (Consumer Discretionary, Automobiles)		11,972
	46	Wacker Chemie AG (Materials, Chemicals)		10,346
				2,400,180
Greece: 0.25%
	1,509	Alpha Bank AE (Financials, Commercial Banks)		9,730
	465	Coca-Cola Hellenic Bottling Company SA (Consumer Staples, Beverages)		12,488
	961	EFG Eurobank Ergasias SA (Financials, Commercial Banks)		5,992
	730	Hellenic Telecommunications Organization SA (Telecommunication Services, Diversified Telecommunication Services)†		8,152
	2,157	National Bank of Greece SA (Financials, Commercial Banks)		19,197
	590	Opap SA (Consumer Discretionary, Hotels, Restaurants & Leisure)		12,634
	340	Public Power Corporation SA (Utilities, Electric Utilities)		5,917
				74,110
Hong Kong: 2.30%
	20,600	AIA Group Limited (Financials, Insurance)†		63,427
	4,186	Bank of East Asia Limited (Financials, Commercial Banks)		17,786
	10,000	BOC Hong Kong Holdings Limited (Financials, Commercial Banks)		32,590
	3,000	Cathay Pacific Airways Limited (Industrials, Airlines)		7,189
	4,000	Cheung Kong Holdings Limited (Financials, Real Estate Management & Development)		65,205
	5,000	CLP Holdings Limited (Utilities, Electric Utilities)		40,432
	2,000	Hang Lung Group Limited (Financials, Real Estate Management & Development)		12,380
	6,000	Hang Lung Properties Limited (Financials, Real Estate Management & Development)		26,265
	2,000	Hang Seng Bank Limited (Financials, Commercial Banks)		32,294
	3,107	Henderson Land Development Company Limited (Financials, Real Estate Management & Development)		21,529
	11,342	Hong Kong & China Gas Company Limited (Utilities, Gas Utilities)		27,208
	3,500	Hong Kong Electric Holdings Limited (Utilities, Electric Utilities)		23,398
	2,000	Hong Kong Exchanges & Clearing Limited (Financials, Diversified Financial Services)		43,453
	1,000	Hopewell Holdings (Financials, Real Estate Management & Development)		3,002
	5,000	Hutchison Whampoa Limited (Industrials, Industrial Conglomerates)		59,201
	1,809	Hysan Development Company Limited (Financials, Real Estate Management & Development)		7,442
	3,584	MTR Corporation Limited (Industrials, Road & Rail)		13,270
	6,611	New World Development Limited (Financials, Real Estate Management & Development)		11,678
	11,977	PCCW Limited (Telecommunication Services, Diversified Telecommunication Services)		4,989
	4,193	Sino Land Company (Financials, Real Estate Management & Development)		7,450
	4,000	SJM Holdings Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		7,004
	4,057	Sun Hung Kai Properties Limited (Financials, Real Estate Management & Development)		64,257
	2,000	Swire Pacific Limited (Financials, Real Estate Management & Development)		29,311
	6,048	The Link REIT (Financials, Real Estate Investment Trusts (REITs))		18,933
	3,625	Wharf Holdings Limited (Financials, Real Estate Management & Development)		25,002
	2,000	Wheelock & Company (Financials, Real Estate Management & Development)		7,508
	500	Wing Hang Bank Limited (Financials, Commercial Banks)		5,888
				678,091

110     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

INTERNATIONAL INDEX PORTFOLIO

Shares		Security Name	Value
Ireland: 0.28%
	10,068	Bank of Ireland plc (Financials, Commercial Banks)†(a)	$	3,139
	1,841	CRH plc (Materials, Construction Materials)		42,215
	1,473	Elan Corporation plc (Health Care, Pharmaceuticals)†		10,135
	1,288	James Hardie Industries NV (Materials, Construction Materials)†		8,127
	369	Kerry Group plc (Consumer Staples, Food Products)		13,738
	186	Ryanair Holdings plc ADR (Industrials, Airlines)«		5,171
				82,525
Israel: 0.77%
	2,612	Bank Hapoalim Limited (Financials, Commercial Banks)†		13,584
	3,047	Bank Leumi Le-Israel (Financials, Commercial Banks)		15,602
	4,581	Bezeq Israeli Telecommunication Corporation Limited (Telecommunication Services, Diversified Telecommunication Services)		13,584
	147	Cellcom Israel Limited (Telecommunication Services, Wireless Telecommunication Services)		4,824
	12	Delek Group Limited (Industrials, Industrial Conglomerates)		3,248
	69	Elbit Systems Limited (Industrials, Aerospace & Defense)		3,842
	1,191	Israel Chemicals Limited (Materials, Chemicals)		19,609
	1,639	Israel Discount Bank Limited (Financials, Commercial Banks)†		3,456
	671	Makhteshim-Agan Industries Limited (Materials, Chemicals)		3,549
	183	Nice Systems Limited (Information Technology, Software)†		6,757
	252	Partner Communications Company Limited (Telecommunication Services, Wireless Telecommunication Services)†		4,791
	2,456	Teva Pharmaceutical Industries Limited (Health Care, Pharmaceuticals)		123,215
	7	The Israel Corporation Limited (Materials, Chemicals)		8,387
	359	United Mizrahi Bank Limited (Financials, Commercial Banks)		4,054
				228,502
Italy: 2.81%
	3,249	AEM SpA (Utilities, Multi-Utilities)		5,263
	3,051	Assicurazioni Generali SpA (Financials, Insurance)		66,069
	620	Atlantia SpA (Industrials, Transportation Infrastructure)		14,208
	334	Autogrill SpA (Consumer Discretionary, Hotels, Restaurants & Leisure)		4,703
	1,676	Banca Carige SpA (Financials, Commercial Banks)		3,969
	6,574	Banca Monte Dei Paschi di Siena SpA (Financials, Commercial Banks)«		8,203
	3,821	Banco Popolare SpA (Financials, Commercial Banks)		11,393
	720	Beni Stabili SpA (Financials, Real Estate Management & Development)		724
	3,940	Enel Green Power SpA (Utilities, Multi-Utilities)		10,933
	17,021	Enel SpA (Utilities, Multi-Utilities)		107,295
	6,748	ENI SpA (Energy, Oil, Gas & Consumable Fuels)		165,731
	190	Exor SpA (Financials, Diversified Financial Services)		5,846
	1,989	Fiat Industrial (Consumer Discretionary, Auto Components)†		28,555
	1,989	Fiat SpA (Consumer Discretionary, Automobiles)		18,012
	1,029	Finmeccanica SpA (Industrials, Aerospace & Defense)		12,950
	20,198	Intesa Sanpaolo SpA RNC (Financials, Commercial Banks)		59,768
	2,763	Intesa Sanpaolo SpA (Financials, Commercial Banks)		7,303
	344	Luxottica Group SpA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		11,232
	1,799	Mediaset SpA (Consumer Discretionary, Media)		11,432
	1,197	Mediobanca SpA (Financials, Capital Markets)		12,248
	4,363	Parmalat SpA (Consumer Staples, Food Products)		14,617
	705	Pirelli & Company SpA (Consumer Discretionary, Auto Components)		6,195
	705	Prelios SpA (Financials, Real Estate Management & Development)		550
	537	Prysmian SpA (Industrials, Electrical Equipment)		11,522
	697	Saipem SpA (Energy, Energy Equipment & Services)		37,052
	3,851	Snam Rete Gas SpA (Utilities, Gas Utilities)		21,645

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     111

INTERNATIONAL INDEX PORTFOLIO

Shares		Security Name	Value
Italy (continued)
	16,221	Telecom Italia SpA RSP (Telecommunication Services, Diversified Telecommunication Services)	$	21,816
	24,797	Telecom Italia SpA (Telecommunication Services, Diversified Telecommunication Services)		38,129
	3,371	Terna SpA (Utilities, Electric Utilities)		16,138
	34,858	UniCredito Italiano SpA (Financials, Commercial Banks)		86,155
	1,378	Unione di Banche SpA (Financials, Commercial Banks)		11,776
				831,432
Japan: 19.99%
	1,000	77 Bank Limited (Financials, Commercial Banks)		5,025
	100	ABC-Mart Incorporated (Consumer Discretionary, Specialty Retail)		3,637
	400	Advantest Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		7,204
	1,600	Aeon Company Limited (Consumer Staples, Food & Staples Retailing)		18,543
	200	Aeon Credit Service Company Limited (Financials, Consumer Finance)		2,753
	200	Aeon Mall Company Limited (Financials, Real Estate Management & Development)		4,294
	500	Aisin Seiki Company Limited (Consumer Discretionary, Auto Components)		17,360
	2,000	Ajinomoto Company Incorporated (Consumer Staples, Food Products)		20,846
	100	Alfresa Holdings Corporation (Health Care, Health Care Providers & Services)		3,841
	2,000	All Nippon Airways Company Limited (Industrials, Airlines)		5,963
	1,000	Amada Company Limited (Industrials, Machinery)		8,343
	1,000	Aozora Bank Limited (Financials, Commercial Banks)		2,260
	1,000	Asahi Breweries Limited (Consumer Staples, Beverages)		16,627
	3,000	Asahi Glass Company Limited (Industrials, Building Products)		37,725
	3,000	Asahi Kasei Corporation (Materials, Chemicals)		20,233
	1,100	Astellas Pharma Incorporated (Health Care, Pharmaceuticals)		40,731
	1,000	Bank of Kyoto Limited (Financials, Commercial Banks)		8,848
	3,000	Bank of Yokohama Limited (Financials, Commercial Banks)		14,246
	200	Benesse Corporation (Consumer Discretionary, Diversified Consumer Services)		8,187
	1,700	Bridgestone Corporation (Consumer Discretionary, Auto Components)		35,623
	600	Brother Industries Limited (Information Technology, Office Electronics)		8,815
	2,900	Canon Incorporated (Information Technology, Office Electronics)		126,208
	100	Canon Marketing Japan Incorporated (Consumer Discretionary, Distributors)		1,242
	700	Casio Computer Company Limited (Consumer Discretionary, Household Durables)		5,537
	4	Central Japan Railway Company (Industrials, Road & Rail)		31,690
	2,000	Chiba Bank Limited (Financials, Commercial Banks)		11,205
	1,700	Chubu Electric Power Company Incorporated (Utilities, Electric Utilities)		37,810
	600	Chugai Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		10,329
	600	Citizen Holdings Company Limited (Information Technology, Electronic Equipment & Instruments)		3,455
	200	Coca-Cola West Japan Company Limited (Consumer Staples, Beverages)		3,811
	1,000	Cosmo Oil Company Limited (Energy, Oil, Gas & Consumable Fuels)		3,114
	400	Credit Saison Company Limited (Financials, Consumer Finance)		6,434
	21	Dai Ichi Mutual Life Insurance (Financials, Insurance)†		31,684
	1,000	Dai Nippon Printing Company Limited (Industrials, Commercial Services & Supplies)		12,178
	1,000	Daicel Chemical Industries Limited (Materials, Chemicals)		6,167
	1,000	Daido Steel Company Limited (Materials, Metals & Mining)		5,686
	1,800	Daiichi Sankyo Company Limited (Health Care, Pharmaceuticals)		34,754
	600	Daikin Industries Limited (Industrials, Building Products)		17,968
	500	Dainippon Sumitomo Pharma Company Limited (Health Care, Pharmaceuticals)		4,659
	200	Daito Trust Construction Company Limited (Financials, Real Estate Management & Development)		13,777
	1,000	Daiwa House Industry Company Limited (Financials, Real Estate Management & Development)		12,287
	4,000	Daiwa Securities Group Incorporated (Financials, Capital Markets)		18,370
	200	Dena Company Limited (Consumer Discretionary, Internet & Catalog Retail)		7,225
	1,000	Denki Kagaku Kogyo Kabushiki Kaisha (Materials, Chemicals)		4,929
	1,300	Denso Corporation (Consumer Discretionary, Auto Components)		43,135
	400	Dentsu Incorporated (Consumer Discretionary, Media)		10,325
	100	Dowa Mining Company Limited (Materials, Metals & Mining)		623

112     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

INTERNATIONAL INDEX PORTFOLIO

Shares		Security Name	Value
Japan (continued)
	900	East Japan Railway Company (Industrials, Road & Rail)	$	50,042
	600	Eisai Company Limited (Health Care, Pharmaceuticals)		21,524
	280	Electric Power Development Company (Utilities, Independent Power Producers & Energy Traders)		8,624
	500	Elpida Memory Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)†		6,438
	200	FamilyMart Company Limited (Consumer Staples, Food & Staples Retailing)		7,514
	500	FANUC Limited (Industrials, Machinery)		75,679
	100	Fast Retailing Company Limited (Consumer Discretionary, Specialty Retail)		12,515
	1,000	Fuji Electric Holdings Company Limited (Industrials, Electrical Equipment)		3,162
	1,000	Fuji Heavy Industries Limited (Consumer Discretionary, Automobiles)		6,444
	1	Fuji Television Network Incorporated (Consumer Discretionary, Media)		1,399
	1,200	Fujifilm Holdings Corporation (Information Technology, Electronic Equipment & Instruments)		37,163
	5,000	Fujitsu Limited (Information Technology, Computers & Peripherals)		28,252
	2,000	Fukuoka Financial Group Incorporated (Financials, Commercial Banks)		8,319
	2,000	Furukawa Electric Company Limited (Industrials, Electrical Equipment)		8,079
	1,000	GS Yuasa Corporation (Industrials, Electrical Equipment)		6,648
	1,000	Gunma Bank Limited (Financials, Commercial Banks)		5,302
	70	Hakuhodo DY Holdings Incorporated (Consumer Discretionary, Media)		3,694
	200	Hamamatsu Photonics (Information Technology, Electronic Equipment & Instruments)		7,923
	2,800	Hankyu Hanshin Holdings Incorporated (Industrials, Transportation Infrastructure)		12,926
	1,000	Hino Motors Limited (Industrials, Machinery)		4,893
	100	Hirose Electric Company Limited (Information Technology, Electronic Equipment & Instruments)		10,772
	200	Hisamitsu Pharmaceutical Company Incorporated (Health Care, Pharmaceuticals)		8,067
	300	Hitachi Chemical Company Limited (Materials, Chemicals)		6,099
	300	Hitachi Construction Machinery Company Limited (Industrials, Machinery)†		7,513
	200	Hitachi High-Technologies Corporation (Information Technology, Electronic Equipment & Instruments)		3,989
	12,000	Hitachi Limited (Information Technology, Electronic Equipment & Instruments)		62,467
	500	Hokkaido Electric Power Company Incorporated (Utilities, Electric Utilities)		9,696
	3,000	Hokuhoku Financial Group Incorporated (Financials, Commercial Banks)		5,843
	500	Hokuriku Electric Power Company (Utilities, Electric Utilities)		11,325
	4,200	Honda Motor Company Limited (Consumer Discretionary, Automobiles)		157,790
	1,100	Hoya Corporation (Information Technology, Electronic Equipment & Instruments)		25,100
	300	Ibiden Company Limited (Information Technology, Electronic Equipment & Instruments)		9,475
	100	Idemitsu Kosan Company Limited (Energy, Oil, Gas & Consumable Fuels)		11,710
	6	Inpex Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		45,516
	960	Isetan Mitsukoshi Holdings Limited (Consumer Discretionary, Multiline Retail)		8,644
	3,000	Ishikawajima-Harima Heavy Industries Company Limited (Industrials, Machinery)		7,321
	3,000	Isuzu Motors Limited (Consumer Discretionary, Automobiles)		11,866
	200	ITO EN Limited (Consumer Staples, Beverages)		3,484
	3,900	Itochu Corporation (Industrials, Trading Companies & Distributors)		40,838
	100	Itochu Techno-Science Corporation (Information Technology, IT Services)		3,238
	800	J Front Retailing Company Limited (Consumer Discretionary, Multiline Retail)		3,328
	100	Japan Petroleum Exploration Company (Energy, Oil, Gas & Consumable Fuels)		5,001
	2	Japan Prime Realty Investment Corporation (Financials, Real Estate Investment Trusts (REITs))		5,400
	1	Japan Real Estate Investment Corporation (Financials, Real Estate Investment Trusts (REITs))		9,461
	4	Japan Retail Fund Investment Corporation (Financials, Real Estate Investment Trusts (REITs))		6,261
	1,000	Japan Steel Works (Industrials, Machinery)		7,826
	12	Japan Tobacco Incorporated (Consumer Staples, Tobacco)		43,352
	1,200	JFE Holdings Incorporated (Materials, Metals & Mining)		35,114
	1,000	JGC Corporation (Industrials, Construction & Engineering)		23,407
	2,000	Joyo Bank Limited (Financials, Commercial Banks)		7,862
	700	JS Group Corporation (Industrials, Building Products)		18,177
	500	JSR Corporation (Materials, Chemicals)		10,032
	600	JTEKT Corporation (Industrials, Machinery)		7,805
	7	Jupiter Telecommunications Company Limited (Consumer Discretionary, Media)		6,875
	5,900	JX Holdings Incorporated (Energy, Energy Equipment & Services)		39,721

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     113

INTERNATIONAL INDEX PORTFOLIO

Shares		Security Name	Value
Japan (continued)
	2,000	Kajima Corporation (Industrials, Construction & Engineering)	$	5,602
	1,000	Kamigumi Company Limited (Industrials, Transportation Infrastructure)		8,548
	1,000	Kaneka Corporation (Industrials, Professional Services)		6,961
	2,000	Kansai Electric Power Company Incorporated (Utilities, Electric Utilities)		43,544
	1,000	Kansai Paint Company Limited (Materials, Chemicals)		8,668
	1,400	Kao Corporation (Consumer Staples, Personal Products)		34,924
	4,000	Kawasaki Heavy Industries Limited (Industrials, Machinery)		17,600
	2,000	Kawasaki Kisen Kaisha Limited (Industrials, Marine)		7,382
	7	KDDI Corporation (Telecommunication Services, Wireless Telecommunication Services)		43,340
	1,000	Keihin Electric Express Railway Company Limited (Industrials, Road & Rail)		7,201
	1,000	Keio Corporation (Industrials, Road & Rail)		5,975
	1,000	Keisei Electric Railway Company Limited (Industrials, Road & Rail)		5,735
	100	Keyence Corporation (Information Technology, Electronic Equipment & Instruments)		25,595
	4,000	Kintetsu Corporation (Industrials, Road & Rail)«		12,840
	2,000	Kirin Brewery Company Limited (Consumer Staples, Beverages)		26,280
	7,000	Kobe Steel Limited (Materials, Metals & Mining)		18,177
	2,500	Komatsu Limited (Industrials, Machinery)		84,906
	300	Konami Corporation (Information Technology, Software)		5,554
	1,000	Konica Minolta Holdings Incorporated (Information Technology, Office Electronics)		8,379
	3,000	Kubota Corporation (Industrials, Machinery)		28,276
	900	Kuraray Company Limited (Materials, Chemicals)		11,599
	300	Kurita Water Industries Limited (Industrials, Machinery)		8,869
	400	Kyocera Corporation (Information Technology, Electronic Equipment & Instruments)		40,539
	1,000	Kyowa Hakko Kogyo Company Limited (Health Care, Pharmaceuticals)		9,377
	1,000	Kyushu Electric Power Company Incorporated (Utilities, Electric Utilities)		19,536
	100	Lawson Incorporated (Consumer Staples, Food & Staples Retailing)		4,821
	100	Mabuchi Motor Company Limited (Industrials, Electrical Equipment)		4,761
	300	Makita Corporation (Industrials, Machinery)		13,958
	4,000	Marubeni Corporation (Industrials, Trading Companies & Distributors)		28,805
	700	Marui Company Limited (Consumer Discretionary, Multiline Retail)		4,519
	100	Maruichi Steel Tube Limited (Materials, Metals & Mining)		2,471
	200	Matsui Securities Company Limited (Financials, Capital Markets)		1,087
	5,200	Matsushita Electric Industrial Company Limited (Consumer Discretionary, Household Durables)		66,141
	4,000	Mazda Motor Corporation (Consumer Discretionary, Automobiles)		8,800
	200	McDonald’s Holdings Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		4,828
	400	Mediceo Paltac Holdings Company Limited (Health Care, Health Care Providers & Services)		3,539
	200	Meiji Holdings Company Limited (Consumer Staples, Food Products)		8,043
	1,900	Millea Holdings Incorporated (Financials, Insurance)		50,801
	1,000	Minebea Company Limited (Industrials, Machinery)		5,518
	100	Miraca Holdings Incorporated (Health Care, Health Care Providers & Services)		3,829
	3,500	Mitsubishi Chemical Holdings Corporation (Materials, Chemicals)		22,006
	3,500	Mitsubishi Corporation (Industrials, Trading Companies & Distributors)		97,157
	5,000	Mitsubishi Electric Corporation (Industrials, Electrical Equipment)		59,029
	3,000	Mitsubishi Estate Company Limited (Financials, Real Estate Management & Development)		50,745
	1,000	Mitsubishi Gas Chemical Company Incorporated (Materials, Chemicals)		7,177
	8,000	Mitsubishi Heavy Industries Limited (Industrials, Machinery)		36,740
	3,000	Mitsubishi Materials Corporation (Materials, Metals & Mining)		10,171
	10,000	Mitsubishi Motors Corporation (Consumer Discretionary, Automobiles)†		12,263
	33,170	Mitsubishi UFJ Financial Group Incorporated (Financials, Commercial Banks)		153,129
	170	Mitsubishi UFJ Securities Company Limited (Financials, Diversified Financial Services)		6,816
	4,600	Mitsui & Company Limited (Industrials, Trading Companies & Distributors)		82,455
	2,000	Mitsui Chemicals Incorporated (Materials, Chemicals)		7,069
	2,000	Mitsui Engineering & Shipbuilding Company Limited (Industrials, Machinery)		4,785
	2,000	Mitsui Fudosan Company Limited (Financials, Real Estate Management & Development)		33,013
	1,000	Mitsui Mining & Smelting Company Limited (Materials, Metals & Mining)		3,474

114     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

INTERNATIONAL INDEX PORTFOLIO

Shares		Security Name	Value
Japan (continued)
	3,000	Mitsui OSK Lines Limited (Industrials, Marine)	$	17,276
	1,400	Mitsui Sumitomo Insurance Group Holdings Incorporated (Financials, Insurance)		31,878
	2,000	Mitsui Trust Holdings Incorporated (Financials, Commercial Banks)		7,093
	200	Mitsumi Electric Company Limited (Information Technology, Electronic Equipment & Instruments)		2,662
	53,600	Mizuho Financial Group Incorporated (Financials, Commercial Banks)		88,925
	4,000	Mizuho Trust & Banking Company Limited (Financials, Commercial Banks)		3,607
	500	Murata Manufacturing Company Limited (Information Technology, Electronic Equipment & Instruments)		36,006
	200	Nabtesco Corporation (Industrials, Machinery)		5,030
	600	Namco Bandai Holdings Incorporated (Consumer Discretionary, Leisure Equipment & Products)		6,542
	7,000	NEC Corporation (Information Technology, Computers & Peripherals)		15,232
	1,000	NGK Insulators Limited (Industrials, Machinery)		17,877
	300	Nidec Corporation (Industrials, Electrical Equipment)		25,968
	800	Nikon Corporation (Consumer Discretionary, Leisure Equipment & Products)		16,494
	300	Nintendo Company Limited (Information Technology, Software)		81,041
	1	Nippon Building Fund Incorporated (Financials, Real Estate Investment Trusts (REITs))		9,738
	1,000	Nippon Electric Glass Company Limited (Information Technology, Electronic Equipment & Instruments)		14,162
	2,000	Nippon Express Company Limited (Industrials, Road & Rail)		7,670
	300	Nippon Paper Group Incorporated (Materials, Paper & Forest Products)		6,391
	2,000	Nippon Sheet Glass Company Limited (Industrials, Building Products)		5,771
	13,000	Nippon Steel Corporation (Materials, Metals & Mining)		41,572
	1,200	Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		53,883
	4,000	Nippon Yusen Kabushiki Kaisha (Industrials, Marine)		15,629
	2,000	Nishi-Nippon City Bank Limited (Financials, Commercial Banks)		5,747
	400	Nissan Chemical Industries Limited (Materials, Chemicals)		4,136
	6,600	Nissan Motor Company Limited (Consumer Discretionary, Automobiles)		58,557
	500	Nisshin Seifun Group Incorporated (Consumer Staples, Food Products)		5,765
	2,000	Nisshin Steel Company Limited (Materials, Metals & Mining)		4,304
	200	Nissin Food Products Company Limited (Consumer Staples, Food Products)		7,050
	100	Nitori Company Limited (Consumer Discretionary, Specialty Retail)		8,788
	400	Nitto Denko Corporation (Materials, Chemicals)		21,207
	4,000	NKSJ Holdings Incorporated (Financials, Insurance)		26,112
	300	NOK Corporation (Consumer Discretionary, Auto Components)		5,316
	9,200	Nomura Holdings Incorporated (Financials, Capital Markets)		48,113
	300	Nomura Real Estate Holding Incorporated (Financials, Real Estate Management & Development)		4,548
	1	Nomura Real Estate Office Fund (Financials, Real Estate Investment Trusts (REITs))		6,768
	300	Nomura Research Institute Limited (Information Technology, IT Services)		6,622
	1,000	NSK Limited (Industrials, Machinery)		8,620
	1,000	NTN Corporation (Industrials, Machinery)		4,797
	3	NTT Data Corporation (Information Technology, IT Services)		9,273
	40	NTT DoCoMo Incorporated (Telecommunication Services, Wireless Telecommunication Services)		70,305
	3	NTT Urban Development Corporation (Financials, Real Estate Management & Development)		2,514
	2,000	Obayashi Corporation (Industrials, Construction & Engineering)		8,896
	20	OBIC Company Limited (Information Technology, IT Services)		3,794
	2,000	Odakyu Electric Railway Company Limited (Industrials, Road & Rail)		16,855
	2,000	OJI Paper Company Limited (Materials, Paper & Forest Products)		9,497
	600	Olympus Corporation (Health Care, Health Care Equipment & Supplies)		16,692
	500	Omron Corporation (Information Technology, Electronic Equipment & Instruments)		14,054
	200	Ono Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		9,834
	100	Oracle Corporation Japan (Information Technology, Software)		4,166
	100	Oriental Land Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		7,947
	280	ORIX Corporation (Financials, Consumer Finance)		26,223
	5,000	Osaka Gas Company Limited (Utilities, Gas Utilities)		19,957
	600	Otsuka Holdings Company Limited (Health Care, Health Care Providers & Services)		14,823
	19	Rakuten Incorporated (Consumer Discretionary, Internet & Catalog Retail)		17,086
	4,800	Resona Holdings Incorporated (Financials, Commercial Banks)		22,852

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     115

INTERNATIONAL INDEX PORTFOLIO

Shares		Security Name	Value
Japan (continued)
	2,000	Ricoh Company Limited (Information Technology, Office Electronics)	$	23,467
	100	Rinnai Corporation (Consumer Discretionary, Household Durables)		6,636
	200	Rohm Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		12,527
	100	Sankyo Company Limited (Consumer Discretionary, Leisure Equipment & Products)		5,127
	200	Santen Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		7,971
	900	Sapporo Hokuyo Holdings Incorporated (Financials, Commercial Banks)		4,328
	1,000	Sapporo Holdings Limited (Consumer Staples, Beverages)		3,727
	59	SBI Holdings Incorporated (Financials, Capital Markets)		7,426
	500	Secom Company Limited (Industrials, Commercial Services & Supplies)		23,233
	500	Sega Sammy Holdings Incorporated (Consumer Discretionary, Leisure Equipment & Products)		8,692
	400	Seiko Epson Corporation (Information Technology, Computers & Peripherals)		6,405
	1,000	Sekisui Chemical Company Limited (Consumer Discretionary, Household Durables)		7,826
	1,000	Sekisui House Limited (Consumer Discretionary, Household Durables)		9,377
	1,600	Senshu Ikeda Holdings Incorporated (Financials, Commercial Banks)		2,174
	1,920	Seven & I Holdings Company Limited (Consumer Staples, Food & Staples Retailing)		48,981
	2	Seven Bank Limited (Financials, Commercial Banks)		4,027
	2,200	Sharp Corporation (Consumer Discretionary, Household Durables)		21,820
	500	Shikoku Electric Power Company Incorporated (Utilities, Electric Utilities)		13,603
	1,000	Shimadzu Corporation (Information Technology, Electronic Equipment & Instruments)		8,884
	200	Shimano Incorporated (Consumer Discretionary, Leisure Equipment & Products)		9,990
	100	Shimanura Company Limited (Consumer Discretionary, Specialty Retail)		8,812
	1,000	Shimizu Corporation (Industrials, Construction & Engineering)		4,448
	1,100	Shin-Etsu Chemical Company Limited (Materials, Chemicals)		54,683
	100	Shinko Electric Industries (Information Technology, Semiconductors & Semiconductor Equipment)		1,024
	1,000	Shinko Securities Company Limited (Financials, Capital Markets)		2,657
	2,000	Shinsei Bank Limited (Financials, Commercial Banks)		2,356
	800	Shionogi & Company Limited (Health Care, Pharmaceuticals)		13,648
	900	Shiseido Company Limited (Consumer Staples, Personal Products)		15,581
	1,000	Shizuoka Bank Limited (Financials, Commercial Banks)		8,271
	4,000	Showa Denko KK (Materials, Chemicals)		8,031
	600	Showa Shell Sekiyu KK (Energy, Oil, Gas & Consumable Fuels)		6,261
	100	SMC Corporation (Industrials, Machinery)		16,458
	2,100	Softbank Corporation (Telecommunication Services, Wireless Telecommunication Services)		83,818
	3,700	Sojitz Corporation (Industrials, Trading Companies & Distributors)		7,384
	2,600	Sony Corporation (Consumer Discretionary, Household Durables)		83,270
	400	Sony Financial Holdings Incorporated (Financials, Insurance)		7,935
	200	Square Enix Company Limited (Information Technology, Software)		3,472
	400	Stanley Electric Company Limited (Consumer Discretionary, Auto Components)		6,612
	300	Sumco Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		6,048
	4,000	Sumitomo Chemical Company Limited (Materials, Chemicals)		19,957
	2,900	Sumitomo Corporation (Industrials, Trading Companies & Distributors)		41,453
	2,000	Sumitomo Electric Industries Limited (Consumer Discretionary, Auto Components)		27,675
	1,000	Sumitomo Heavy Industries Limited (Industrials, Machinery)		6,528
	9,000	Sumitomo Metal Industries Limited (Materials, Metals & Mining)		20,125
	1,000	Sumitomo Metal Mining Company Limited (Materials, Metals & Mining)		17,204
	3,500	Sumitomo Mitsui Financial Group Incorporated (Financials, Commercial Banks)		108,812
	1,000	Sumitomo Realty & Development Company Limited (Financials, Real Estate Management & Development)		20,005
	500	Sumitomo Rubber Industries (Consumer Discretionary, Auto Components)		5,109
	4,000	Sumitomo Trust & Banking Company Limited (Financials, Commercial Banks)(a)		21,066
	200	Suzuken Company Limited (Health Care, Health Care Providers & Services)		5,275
	900	Suzuki Motor Corporation (Consumer Discretionary, Automobiles)		20,114
	700	T&D Holdings Incorporated (Financials, Insurance)		17,252
	3,000	Taisei Corporation (Industrials, Construction & Engineering)		7,394
	1,000	Taiyo Nippon Sanso Corporation (Materials, Chemicals)		8,331
	1,000	Takashimaya Company Limited (Consumer Discretionary, Multiline Retail)		6,384

116     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

INTERNATIONAL INDEX PORTFOLIO

Shares		Security Name	Value
Japan (continued)
	1,900	Takeda Pharmaceutical Company Limited (Health Care, Pharmaceuticals)	$	88,627
	600	Tanabe Seiyaku Company Limited (Health Care, Pharmaceuticals)		9,738
	300	TDK Corporation (Information Technology, Electronic Equipment & Instruments)		17,727
	2,000	Teijin Limited (Materials, Chemicals)		8,944
	400	Terumo Corporation (Health Care, Health Care Equipment & Supplies)		21,087
	800	The Chugoku Electric Power Company Incorporated (Utilities, Electric Utilities)		14,792
	1,000	The Hachijuni Bank Limited (Financials, Commercial Banks)		5,759
	1,000	The Hiroshima Bank Limited (Financials, Commercial Banks)		4,340
	1,000	The Iyo Bank Limited (Financials, Commercial Banks)		8,331
	300	THK Company Limited (Industrials, Machinery)		7,545
	200	TOA Medical Electronics Company (Health Care, Health Care Equipment & Supplies)		7,074
	2,000	Tobu Railway Company Limited (Industrials, Road & Rail)		8,175
	300	Toho Company Limited Tokyo (Consumer Discretionary, Media)		4,303
	1,000	Toho Gas Company Limited (Utilities, Gas Utilities)		5,157
	1,100	Tohoku Electric Power Company Incorporated (Utilities, Electric Utilities)		18,580
	1,000	Tokuyama Corporation (Materials, Chemicals)		5,338
	3,700	Tokyo Electric Power Company Incorporated (Utilities, Electric Utilities)		20,729
	400	Tokyo Electron Limited (Information Technology, Semiconductors & Semiconductor Equipment)		22,049
	6,000	Tokyo Gas Company Limited (Utilities, Gas Utilities)		27,410
	300	Tokyo Steel Manufacturing Company Limited (Materials, Metals & Mining)		3,502
	1,000	Tokyo Tatemono Company Limited (Financials, Real Estate Management & Development)		3,739
	3,000	Tokyu Corporation (Industrials, Road & Rail)		12,443
	1,000	Tokyu Land Corporation (Financials, Real Estate Management & Development)		4,352
	1,000	Tonengeneral Sekiyu KK (Energy, Oil, Gas & Consumable Fuels)		12,347
	1,000	Toppan Printing Company Limited (Industrials, Commercial Services & Supplies)		7,887
	4,000	Toray Industries Incorporated (Materials, Chemicals)		29,094
	10,000	Toshiba Corporation (Information Technology, Computers & Peripherals)		48,930
	1,000	Tosoh Corporation (Materials, Chemicals)		3,595
	1,000	TOTO Limited (Industrials, Building Products)		8,043
	400	Toyo Seikan Kaisha Limited (Materials, Containers & Packaging)		6,559
	200	Toyoda Gosei Company Limited (Consumer Discretionary, Auto Components)		4,167
	200	Toyota Boshoku Corporation (Consumer Discretionary, Auto Components)		2,878
	500	Toyota Industries Corporation (Consumer Discretionary, Auto Components)		15,124
	7,200	Toyota Motor Corporation (Consumer Discretionary, Automobiles)		289,974
	600	Toyota Tsusho Corporation (Industrials, Trading Companies & Distributors)		9,897
	300	Trend Micro Incorporated (Information Technology, Software)		7,989
	200	Tsumura & Company (Health Care, Pharmaceuticals)		6,276
	2,000	UBE Industries Limited Japan (Materials, Chemicals)		6,372
	300	Uni-Charm Corporation (Consumer Discretionary, Household Products)		10,910
	600	UNY Company Limited (Consumer Staples, Food & Staples Retailing)		5,569
	300	Ushio Incorporated (Industrials, Electrical Equipment)		5,868
	70	USS Company Limited (Consumer Discretionary, Specialty Retail)		5,445
	4	West Japan Railway Company (Industrials, Road & Rail)		15,436
	37	Yahoo! Japan Corporation (Information Technology, Internet Software & Services)		13,238
	200	Yakult Honsha Company Limited (Consumer Staples, Food Products)		5,112
	220	Yamada Denki Company Limited (Consumer Discretionary, Specialty Retail)		14,838
	500	Yamaha Corporation (Consumer Discretionary, Leisure Equipment & Products)		5,668
	700	Yamaha Motor Company Limited (Consumer Discretionary, Automobiles)		12,219
	1,000	Yamato Holdings Company Limited (Industrials, Air Freight & Logistics)		15,509
	100	Yamato Kogyo Company Limited (Materials, Metals & Mining)		3,330
	1,000	Yaskawa Electric Corporation (Information Technology, Electronic Equipment & Instruments)		11,854
	600	Yokogawa Electric Corporation (Information Technology, Electronic Equipment & Instruments)		4,573
				5,905,759

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     117

INTERNATIONAL INDEX PORTFOLIO

Shares		Security Name	Value
Luxembourg: 0.60%
	738	Acergy SA (Energy, Energy Equipment & Services)	$	18,643
	113	Aperam (Materials, Metals & Mining)		4,540
	2,261	ArcelorMittal (Materials, Metals & Mining)		81,789
	205	Millicom International Cellular SA (Telecommunication Services, Wireless Telecommunication Services)		19,617
	808	SES FDR (Consumer Discretionary, Media)		20,812
	1,240	Tenaris SA (Energy, Energy Equipment & Services)		30,454
				175,855
Netherlands: 2.95%
	4,107	Aegon NV (Financials, Insurance)		30,755
	614	Akzo Nobel NV (Materials, Chemicals)		42,185
	1,124	ASML Holding NV (Information Technology, Semiconductors & Semiconductor Equipment)		49,540
	205	Boskalis Westminster (Industrials, Construction & Engineering)		10,841
	155	Corio NV (Financials, Real Estate Investment Trusts (REITs))		10,843
	233	Delta Lloyd NV (Financials, Insurance)		6,201
	1,075	European Aeronautic Defence & Space Company (Industrials, Aerospace & Defense)		31,292
	169	Fugro NV (Energy, Energy Equipment & Services)		14,893
	327	Heineken Holding NV (Consumer Staples, Beverages)		15,719
	686	Heineken NV (Consumer Staples, Beverages)		37,483
	10,063	ING Groep NV (Financials, Diversified Financial Services)		127,367
	3,163	Koninklijke Ahold NV (Consumer Staples, Food & Staples Retailing)		42,441
	423	Koninklijke DSM NV (Consumer Staples, Food & Staples Retailing)		25,990
	2,590	Koninklijke Philips Electronics NV (Materials, Chemicals)		82,789
	185	Koninklijke Vopak NV (Industrials, Transportation Infrastructure)		8,901
	611	QIAGEN NV (Health Care, Life Sciences Tools & Services)†		12,205
	242	Randstad Holdings NV (Industrials, Commercial Services & Supplies)		13,478
	1,892	Reed Elsevier NV (Consumer Discretionary, Media)		24,347
	4,131	Royal KPN NV (Telecommunication Services, Diversified Telecommunication Services)		70,371
	487	SBM Offshore NV (Energy, Energy Equipment & Services)		14,135
	1,622	STMicroelectronics (Information Technology, Semiconductors & Semiconductor Equipment)		20,091
	1,048	TNT NV (Industrials, Air Freight & Logistics)		26,883
	4,301	Unilever NV (Consumer Staples, Food Products)		134,860
	778	Wolters Kluwer NV (Consumer Discretionary, Media)		18,193
				871,803
New Zealand: 0.11%
	2,749	Auckland International Airport Limited (Industrials, Transportation Infrastructure)		4,646
	939	Contact Energy Limited (Utilities, Electric Utilities)†		4,170
	1,606	Fletcher Building Limited (Materials, Construction Materials)		11,445
	1,680	Sky City Entertainment Group Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		4,333
	5,046	Telecom Corporation of New Zealand Limited (Telecommunication Services, Diversified Telecommunication Services)		7,739
				32,333
Norway: 0.77%
	480	Aker Kvaerner ASA (Energy, Energy Equipment & Services)		11,032
	2,461	DnB Nor ASA (Financials, Commercial Banks)		37,759
	2,303	Norsk Hydro ASA (Materials, Metals & Mining)		18,890
	2,081	Orkla ASA (Industrials, Industrial Conglomerates)		20,169
	1,456	Renewable Energy Corporation AS (Information Technology, Semiconductors & Semiconductor Equipment)†		5,110
	2,902	Statoil ASA (Energy, Oil, Gas & Consumable Fuels)		80,444
	2,093	Telenor ASA (Telecommunication Services, Diversified Telecommunication Services)		34,440
	400	Yara International ASA (Materials, Chemicals)		20,267
				228,111

118     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

INTERNATIONAL INDEX PORTFOLIO

Shares		Security Name	Value
Portugal: 0.26%
	8,347	Banco Comercial Portugues SA (Financials, Commercial Banks)	$	6,814
	1,557	Banco Espirito Santo SA (Financials, Commercial Banks)		6,377
	526	Brisa-Auto Estradas de Portugal SA (Industrials, Transportation Infrastructure)		3,558
	489	Cimpor Cimentos de Portugal SA (Materials, Construction Materials)		3,544
	4,543	Energias de Portugal SA (Utilities, Electric Utilities)		17,693
	584	Galp Energia SGPS SA (Energy, Oil, Gas & Consumable Fuels)		12,502
	579	Jeronimo Martins (Consumer Staples, Food & Staples Retailing)		9,313
	1,531	Portugal Telecom SGPS SA (Telecommunication Services, Diversified Telecommunication Services)		17,670
				77,471
Singapore: 1.55%
	4,000	Ascendas REIT (Financials, Real Estate Investment Trusts (REITs))(a)		6,460
	7,000	CapitaLand Limited (Financials, Real Estate Management & Development)		18,326
	5,670	CapitaMall Trust (Financials, Real Estate Investment Trusts (REITs))		8,457
	4,000	CapitaMalls Asia Limited (Financials, Real Estate Management & Development)		5,649
	1,000	City Developments Limited (Financials, Real Estate Management & Development)		9,139
	5,000	Comfortdelgro Corporation Limited (Industrials, Road & Rail)		6,188
	2,000	Cosco Corporation Singapore Limited (Industrials, Machinery)		3,253
	4,786	DBS Group Holdings Limited (Financials, Commercial Banks)		55,587
	2,000	Fraser & Neave Limited (Industrials, Industrial Conglomerates)		9,536
	4,000	Global Logistic Properties Limited (Financials, Real Estate Management & Development)†		5,934
	17,672	Golden Agri-Resources Limited (Consumer Staples, Food Products)		9,674
	13,600	Hutchison Port Holdings Trust (Materials, Containers & Packaging)		13,441
	122	Jardine Cycle & Carriage Limited (Consumer Discretionary, Distributors)		3,542
	40	K-REIT Asia (Financials, Real Estate Investment Trusts (REITs))		41
	3,000	Keppel Corporation Limited (Industrials, Industrial Conglomerates)		29,274
	2,000	Keppel Land Limited (Financials, Real Estate Management & Development)		7,124
	3,000	Neptune Orient Lines Limited (Industrials, Marine)		4,617
	3,590	Olam International Limited (Consumer Staples, Food & Staples Retailing)		7,975
	6,519	Oversea-Chinese Banking Corporation Limited (Financials, Commercial Banks)		49,545
	1,980	SembCorp Industries Limited (Industrials, Industrial Conglomerates)		8,184
	2,000	SembCorp Marine Limited (Industrials, Machinery)		9,266
	1,600	Singapore Airlines Limited (Industrials, Airlines)		17,365
	2,000	Singapore Exchange Limited (Financials, Diversified Financial Services)		12,455
	4,000	Singapore Press Holdings Limited (Consumer Discretionary, Media)		12,503
	4,000	Singapore Technologies Engineering Limited (Industrials, Aerospace & Defense)		10,345
	21,000	Singapore Telecommunications Limited (Telecommunication Services, Diversified Telecommunication Services)		50,313
	2,000	StarHub Limited (Telecommunication Services, Wireless Telecommunication Services)		4,284
	3,221	United Overseas Bank Limited (Financials, Commercial Banks)		48,040
	1,000	United Overseas Land Limited (Financials, Real Estate Management & Development)		3,768
	5,000	Wilmar International Limited (Consumer Staples, Food Products)		21,658
	4,000	Yangzijiang Shipbuilding Holdings Limited (Industrials, Machinery)		5,744
				457,687
South Africa: 0.07%
	249	Randgold Resources Limited (Materials, Metals & Mining)		19,844
Spain: 3.66%
	766	Abertis Infraestructuras SA (Industrials, Transportation Infrastructure)		16,642
	75	Acciona SA (Utilities, Electric Utilities)		8,150
	291	Acerinox SA (Materials, Metals & Mining)		5,743

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     119

INTERNATIONAL INDEX PORTFOLIO

Shares		Security Name	Value
Spain (continued)
	381	Actividades de Construccion y Servicios SA (Industrials, Construction & Engineering)	$	17,862
	529	Amadeus IT Holding SA (Information Technology, IT Services)		10,121
	11,192	Banco Bilbao Vizcaya Argentaria SA (Financials, Commercial Banks)		135,789
	2,845	Banco de Sabade (Financials, Commercial Banks)		12,447
	637	Banco de Valencia SA (Financials, Commercial Banks)†		2,853
	2,239	Banco Popular Espanol SA (Financials, Commercial Banks)		13,162
	21,619	Banco Santander Central Hispano SA (Financials, Commercial Banks)		250,990
	842	Bankinter SA (Financials, Commercial Banks)		5,775
	1,115	Cintra Concesiones de Infraestructuras de Transporte SA (Industrials, Construction & Engineering)		13,985
	2,123	Criteria CaixaCorp SA (Financials, Diversified Financial Services)		14,974
	637	EDP Renovaveis SA (Utilities, Independent Power Producers & Energy Traders)†		4,575
	470	Enagas (Utilities, Gas Utilities)		10,604
	112	Fomento de Construcciones y Contratas SA (Industrials, Construction & Engineering)		3,708
	683	Gas Natural SDG SA (Utilities, Gas Utilities)		12,830
	288	Gestevision Telecinco SA (Consumer Discretionary, Media)		3,297
	405	Grifols SA (Health Care, Biotechnology)		7,060
	2,504	Iberdrola Renovables (Utilities, Independent Power Producers & Energy Traders)		10,806
	10,573	Iberdrola SA (Utilities, Electric Utilities)		91,942
	268	Indra Sistemas SA (Information Technology, IT Services)		5,374
	580	Industria de Diseno Textil SA (Consumer Discretionary, Specialty Retail)		46,540
	1,440	International Consolidated Airlines (Industrials, Airlines)†		5,300
	1,709	International Consolidated Airlines (Industrials, Airlines)†		6,223
	2,235	Mapfre SA (Financials, Insurance)		8,422
	279	Red Electrica de Espana (Utilities, Electric Utilities)		15,855
	1,899	Repsol YPF SA (Energy, Oil, Gas & Consumable Fuels)		65,061
	10,662	Telefonica SA (Telecommunication Services, Diversified Telecommunication Services)		266,921
	414	Zardoya-Otis SA (Industrials, Machinery)		6,865
				1,079,876
Sweden: 3.20%
	868	Alfa Laval AB (Industrials, Machinery)		18,854
	887	Assa Abloy AB Class B (Industrials, Building Products)		25,506
	1,750	Atlas Copco AB Class A (Industrials, Machinery)		46,523
	1,050	Atlas Copco AB Class B (Industrials, Machinery)		25,385
	500	Boliden AB (Materials, Metals & Mining)		10,773
	133	CDON Group (Consumer Discretionary, Internet & Catalog Retail)		721
	623	Electrolux AB Class B (Consumer Discretionary, Household Durables)		16,059
	392	Getinge AB (Health Care, Health Care Equipment & Supplies)		9,676
	2,660	Hennes & Mauritz AB Class B (Consumer Discretionary, Specialty Retail)		88,331
	666	Hexagon AB (Industrials, Machinery)		15,901
	131	Holmen AB Class B (Materials, Paper & Forest Products)		4,529
	1	Husqvarna AB A Shares (Consumer Discretionary, Household Durables)		8
	1,207	Husqvarna AB B Shares (Consumer Discretionary, Household Durables)		10,345
	1,200	Investor AB (Financials, Diversified Financial Services)		29,126
	550	Kinnevik Investment AB (Financials, Diversified Financial Services)		12,818
	133	Modern Times Group B Shares (Consumer Discretionary, Media)		10,114
	6,856	Nordea Bank AB (Financials, Commercial Banks)«		75,057
	300	Ratos AB B Shares (Financials, Capital Markets)		11,844
	2,675	Sandvik AB (Industrials, Machinery)		50,475
	892	Scania AB Class B (Industrials, Machinery)		20,675
	907	Securitas AB (Industrials, Commercial Services & Supplies)		10,799
	3,838	Skandinaviska Enskilda Banken AB Class A (Financials, Commercial Banks)«		34,234
	840	Skanska AB (Industrials, Construction & Engineering)		17,687
	1,040	SKF AB Class B (Industrials, Machinery)		30,284
	392	SSAB Svenskt Stal AB Class A (Materials, Metals & Mining)		6,207

120     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

INTERNATIONAL INDEX PORTFOLIO

Shares		Security Name	Value
Sweden (continued)
	1,577	Svenska Cellulosa AB Class B (Materials, Paper & Forest Products)	$	25,384
	1,314	Svenska Handelsbanken (Financials, Commercial Banks)		43,093
	1,800	Swedbank AB (Financials, Commercial Banks)«		30,799
	625	Swedish Match AB (Consumer Staples, Tobacco)		20,784
	821	Tele2 AB (Telecommunication Services, Diversified Telecommunication Services)		18,964
	8,542	Telefonaktiebolaget LM Ericsson Class B (Information Technology, Communications Equipment)		110,160
	5,911	Teliasonera AB (Telecommunication Services, Diversified Telecommunication Services)«		51,085
	3,595	Volvo AB Class B (Industrials, Machinery)		63,221
				945,421
Switzerland: 7.79%
	5,756	ABB Limited (Industrials, Electrical Equipment)		138,244
	259	Actelion Limited (Health Care, Biotechnology)		14,903
	330	Adecco SA (Industrials, Professional Services)		21,701
	241	Aryzta AG (Consumer Staples, Food Products)		12,332
	132	Baloise Holding AG (Financials, Insurance)		13,078
	1,371	Compagnie Financiere Richemont SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		79,185
	2,917	Credit Suisse Group (Financials, Capital Markets)		123,953
	105	Geberit AG (Industrials, Building Products)		22,863
	22	Givaudan SA (Materials, Chemicals)		22,120
	651	Holcim Limited (Materials, Construction Materials)		49,046
	567	Julius Baer Group Limited (Financials, Capital Markets)		24,606
	612	Julius Baer Holding AG (Financials, Capital Markets)		11,627
	145	Kuehne & Nagel International AG (Industrials, Marine)		20,286
	2	Lindt & Spruengli AG (Participation Certificate) (Consumer Staples, Food Products)		5,777
	478	Logitech International SA (Information Technology, Computers & Peripherals)†		8,608
	135	Lonza Group AG (Health Care, Life Sciences Tools & Services)		11,325
	9,004	Nestle SA (Consumer Staples, Food Products)		516,125
	5,509	Novartis AG (Health Care, Pharmaceuticals)		298,812
	80	Pargesa Holding SA (Financials, Diversified Financial Services)		7,665
	119	Phonak Holding AG (Health Care, Health Care Equipment & Supplies)		10,604
	1,824	Roche Holdings AG (Health Care, Pharmaceuticals)		260,543
	126	Schindler Holding AG (Industrials, Machinery)		15,145
	64	Schindler Holding AG (Participation Certificate) (Industrials, Machinery)		7,727
	15	SGS Societe Generale de Surveillance Holding SA (Industrials, Commercial Services & Supplies)		26,701
	5	Sika AG (Materials, Chemicals)		12,041
	23	Straumann Holding AG (Health Care, Health Care Equipment & Supplies)		5,915
	114	Swatch Group AG (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		9,060
	81	Swatch Group AG Class B (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		35,813
	80	Swiss Life Holding (Financials, Insurance)		13,222
	935	Swiss Reinsurance (Financials, Insurance)		53,494
	61	Swisscom AG (Telecommunication Services, Diversified Telecommunication Services)		27,196
	246	Syngenta AG (Materials, Chemicals)		79,947
	840	Transocean Limited (Energy, Energy Equipment & Services)†		66,029
	9,487	UBS AG (Financials, Capital Markets)		170,219
	383	Zurich Financial Services AG (Financials, Insurance)		107,207
				2,303,119
United Kingdom: 21.37%
	2,452	3I Group plc (Financials, Capital Markets)		11,757
	511	Admiral Group plc (Financials, Insurance)		12,739
	678	Aggreko plc (Industrials, Commercial Services & Supplies)		17,141
	854	AMEC plc (Energy, Energy Equipment & Services)		16,344
	3,422	Anglo American plc (Materials, Metals & Mining)		176,050
	1,039	Antofagasta plc (Materials, Metals & Mining)		22,685

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     121

INTERNATIONAL INDEX PORTFOLIO

Shares		Security Name	Value
United Kingdom (continued)
	3,379	ARM Holdings plc (Information Technology, Semiconductors & Semiconductor Equipment)	$	31,168
	924	Associated British Foods plc (Consumer Staples, Food Products)		14,704
	3,667	AstraZeneca plc (Health Care, Pharmaceuticals)		168,419
	551	Autonomy Corporation plc (Information Technology, Software)†		14,045
	7,454	Aviva plc (Financials, Insurance)		51,753
	942	Babcock International Group (Industrials, Commercial Services & Supplies)		9,384
	8,952	BAE Systems plc (Industrials, Aerospace & Defense)		46,658
	2,031	Balfour Beatty plc (Industrials, Construction & Engineering)		11,201
	30,220	Barclays plc (Financials, Commercial Banks)		134,553
	8,818	BG Group plc (Health Care, Health Care Providers & Services)		219,402
	5,713	BHP Billiton plc (Materials, Metals & Mining)		225,454
	49,508	BP plc (Energy, Oil, Gas & Consumable Fuels)		360,570
	5,207	British American Tobacco plc (Consumer Staples, Tobacco)		208,994
	2,332	British Land Company plc (Financials, Real Estate Investment Trusts (REITs))		20,669
	2,964	British Sky Broadcasting plc (Consumer Discretionary, Media)		39,227
	20,603	BT Group plc (Telecommunication Services, Diversified Telecommunication Services)		61,343
	873	Bunzl plc (Industrials, Trading Companies & Distributors)		10,426
	1,171	Burberry Group plc (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		22,054
	7,690	Cable & Wireless Worldwide (Information Technology, Software)		6,470
	3,676	Cairn Energy plc (Energy, Oil, Gas & Consumable Fuels)†		27,250
	1,696	Capita Group plc (Industrials, Commercial Services & Supplies)		20,215
	445	Carnival plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		17,504
	13,296	Centrica plc (Utilities, Multi-Utilities)		69,385
	3,032	Cobham plc (Industrials, Aerospace & Defense)		11,197
	4,991	Compass Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		44,877
	6,480	Diageo plc (Consumer Staples, Beverages)		123,183
	856	Essar Energy plc (Energy, Oil, Gas & Consumable Fuels)		6,497
	677	Eurasian Natural Resources Corporation (Materials, Metals & Mining)		10,171
	2,699	Experian Group Limited (Financials, Diversified Financial Services)		33,426
	1,426	Firstgroup plc (Industrials, Road & Rail)		7,464
	472	Fresnillo plc (Materials, Metals & Mining)		11,683
	3,654	G4S plc (Industrials, Commercial Services & Supplies)		14,971
	16,000	Genting International plc (Consumer Staples, Hotels, Restaurants & Leisure)†		26,021
	13,483	GlaxoSmithKline plc (Health Care, Pharmaceuticals)		257,282
	1,864	Hammerson plc (Financials, Real Estate Investment Trusts (REITs))		13,363
	2,187	Home Retail Group (Consumer Discretionary, Internet & Catalog Retail)		6,775
	46,126	HSBC Holdings plc (Financials, Commercial Banks)		474,308
	1,464	ICAP plc (Financials, Capital Markets)		12,400
	2,687	Imperial Tobacco Group plc (Consumer Staples, Tobacco)		83,063
	1,153	Inmarsat plc (Telecommunication Services, Diversified Telecommunication Services)		11,172
	768	Intercontinental Hotels Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		15,745
	4,003	International Power plc (Utilities, Independent Power Producers & Energy Traders)		19,779
	409	Intertek Group plc (Industrials, Commercial Services & Supplies)		13,345
	2,127	Invensys plc (Industrials, Machinery)		11,779
	1,364	Investec plc (Financials, Capital Markets)		10,453
	9,733	ITV plc (Consumer Discretionary, Media)		12,077
	3,303	J Sainsbury plc (Consumer Staples, Food & Staples Retailing)		17,766
	558	Johnson Matthey plc (Materials, Chemicals)		16,650
	540	Kazakhmys plc (Materials, Metals & Mining)		12,076
	6,204	Kingfisher plc (Consumer Discretionary, Specialty Retail)		24,473
	2,106	Land Securities Group plc (Financials, Real Estate Investment Trusts (REITs))		24,781
	15,410	Legal & General Group plc (Financials, Insurance)		28,478
	1,382	Liberty International plc (Financials, Real Estate Investment Trusts (REITs))		8,491
	107,597	Lloyds TSB Group plc (Financials, Commercial Banks)†		100,267
	442	London Stock Exchange Group plc (Financials, Diversified Financial Services)		5,903
	458	Lonmin plc (Materials, Metals & Mining)		12,512

122     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

INTERNATIONAL INDEX PORTFOLIO

Shares		Security Name	Value
United Kingdom (continued)
	4,465	Man Group plc (Financials, Capital Markets)	$	17,613
	4,158	Marks & Spencer Group plc (Consumer Discretionary, Multiline Retail)		22,459
	9,029	National Grid plc (Utilities, Multi-Utilities)		86,037
	507	Next plc (Consumer Discretionary, Multiline Retail)		16,104
	14,418	Old Mutual plc (Financials, Insurance)		31,456
	2,147	Pearson plc (Consumer Discretionary, Media)		37,921
	672	Petrofac Limited (Energy, Energy Equipment & Services)		16,052
	6,586	Prudential plc (Financials, Insurance)		74,644
	1,632	Reckitt Benckiser Group (Consumer Staples, Household Products)		83,830
	3,197	Reed Elsevier plc (Consumer Discretionary, Media)		27,695
	3,758	Resolution Limited (Financials, Insurance)		17,839
	2,310	Rexam plc (Materials, Containers & Packaging)		13,467
	3,763	Rio Tinto plc (Materials, Metals & Mining)		264,343
	4,927	Rolls Royce Group plc (Industrials, Aerospace & Defense)		48,925
	45,689	Royal Bank of Scotland Group plc (Financials, Commercial Banks)†		29,897
	9,406	Royal Dutch Shell plc Class A (Energy, Oil, Gas & Consumable Fuels)		341,617
	6,996	Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels)		253,639
	2,496	SABMiller plc (Consumer Staples, Beverages)		88,390
	3,406	Sage Group plc (Information Technology, Software)		15,195
	334	Schroders plc (Financials, Capital Markets)		9,302
	2,497	Scottish & Southern Energy plc (Utilities, Electric Utilities)		50,512
	2,176	Segro plc (Financials, Real Estate Investment Trusts (REITs))		11,223
	1,298	Serco Group plc (Industrials, Commercial Services & Supplies)		11,619
	602	Severn Trent plc (Utilities, Water Utilities)		14,109
	1,487	Shire Limited (Health Care, Pharmaceuticals)		43,200
	2,441	Smith & Nephew plc (Health Care, Health Care Equipment & Supplies)		27,528
	1,055	Smiths Group plc (Industrials, Industrial Conglomerates)		21,951
	6,070	Standard Chartered plc (Financials, Commercial Banks)		157,455
	5,937	Standard Life plc (Financials, Insurance)		19,696
	20,792	Tesco plc (Consumer Staples, Food & Staples Retailing)		127,081
	2,544	Thomas Cook Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		6,962
	1,657	TUI Travel plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		6,034
	2,358	Tullow Oil plc (Energy, Oil, Gas & Consumable Fuels)		54,774
	3,369	Unilever plc (Consumer Staples, Food Products)«		102,686
	1,772	United Utilities Group plc (Utilities, Multi-Utilities)		16,814
	299	Vedanta Resources plc (Materials, Metals & Mining)		11,411
	135,595	Vodafone Group plc (Telecommunication Services, Wireless Telecommunication Services)		383,925
	554	Weir Group plc (Industrials, Machinery)		15,384
	448	Whitbread plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		11,858
	5,584	William Morrison Supermarkets plc (Consumer Staples, Food & Staples Retailing)		24,724
	3,327	WPP plc (Consumer Discretionary, Media)		41,016
	5,420	Xstrata plc (Materials, Metals & Mining)		126,683
				6,313,062
United States: 0.16%
	7	Citigroup Incorporated (Financials, Diversified Financial Services)		31
	1	NYSE Euronext (Financials, Diversified Financial Services)		35
	160	Synthes Incorporated (Health Care, Health Care Equipment & Supplies)†		21,635
	767	Wolseley plc (Industrials, Trading Companies & Distributors)		25,828
				47,529
Total Common Stocks (Cost $25,649,793)				29,478,884

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     123

INTERNATIONAL INDEX PORTFOLIO

Shares		Security Name			Yield					Value
Preferred Stocks: 0.46%
Germany: 0.46%
	155	Bayerische Motoren Werke AG (Consumer Discretionary, Automobiles)				0.93	%			$	8,788
	469	Henkel KGaA (Consumer Staples, Household Products)				1.26					29,053
	231	Porsche AG (Consumer Discretionary, Automobiles)				0.13					15,128
	200	ProSiebenSat.1 Media AG (Consumer Discretionary, Media)				0.98					5,854
	116	RWE AG (Utilities, Electric Utilities)				7.62					7,044
	439	Volkswagen AG (Consumer Discretionary, Automobiles)				1.80					71,205
Total Preferred Stocks (Cost $99,435)											137,072
								Expiration Date
Rights: 0.01%
Germany: 0.01%
	231	Porsche Automobile Holdings (Consumer Discretionary, Automobiles)†							04/12/2011		2,003
Sweden: 0.00%
	5,911	TeliaSonera AB (Telecommunication Services, Diversified Telecommunication Services)†							06/23/2011		344
Total Rights (Cost $4,424)											2,347
Warrants: 0.00%
Hong Kong: 0.00%
	1,200	Henderson Land Development (Financials, Real Estate Management & Development)†							06/01/2011		71
Singapore: 0.00%
	2,828	Golden Agri-Resources Limited (Consumer Staples, Food Products)†							07/23/2012		381
Total Warrants (Cost $0)											452
Short-Term Investments: 1.27%
Investment Companies: 1.27%
	43,548	Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)				0.12					43,548
	331,509	Wells Fargo Securities Lending Cash Investments, LLC(l)(u)(v)				0.24					331,509
Total Short-Term Investments (Cost $375,057)											375,057
Total Investments in Securities (Cost $26,128,709)*			101.51	%							29,993,812
Other Assets and Liabilities, Net			(1.51	)							(445,634	)
Total Net Assets			100.00	%						$	29,548,178

†	Non-income earning securities.
(a)	Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.
«	All or a portion of this security is on loan.
(l)	Investment in an affiliate.
(u)	Rate shown is the 7-day annualized yield at period end.
(v)	Security represents investment of cash collateral received from securities on loan.
*	Cost for federal income tax purposes is $27,549,439 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	4,542,060
Gross unrealized depreciation		(2,097,687	)
Net unrealized appreciation	$	2,444,373

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

124     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

INTERNATIONAL VALUE PORTFOLIO

Shares		Security Name	Value
Common Stocks: 94.66%
Australia: 6.26%
	272,500	Bendigo Bank Limited (Financials, Commercial Banks)	$	2,686,129
	404,900	BlueScope Steel Limited (Industrials, Professional Services)		827,146
	627,100	Challenger Financial Services Group Limited (Financials, Diversified Financial Services)		3,197,799
	425,500	Downer EDI Limited (Industrials, Commercial Services & Supplies)		1,668,039
	1,718,600	Goodman Fielder Limited (Consumer Staples, Food Products)		2,186,489
	172,108	Grain Corporation Limited (Consumer Staples, Food Products)		1,354,731
	446,500	Metcash Limited (Consumer Staples, Food & Staples Retailing)		1,921,243
	570,994	Mincor Resources NL (Materials, Metals & Mining)		812,085
	934,300	OneSteel Limited (Materials, Metals & Mining)		2,357,999
	368,800	Sally Malay Mining Limited (Materials, Metals & Mining)		865,933
	121,411	Tabcorp Holdings Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		940,605
	818,100	Telstra Corporation Limited (Telecommunication Services, Diversified Telecommunication Services)		2,386,288
				21,204,486
Austria: 1.28%
	22,100	Erste Bank Der Oesterreichischen Sparkassen AG (Financials, Commercial Banks)		1,115,152
	41,100	OMV AG (Energy, Oil, Gas & Consumable Fuels)		1,857,494
	29,200	Voestalpine AG (Materials, Metals & Mining)		1,370,993
				4,343,639
Belgium: 1.78%
	39,400	Delhaize Group (Consumer Staples, Food & Staples Retailing)		3,207,873
	39,400	KBC Groep NV (Financials, Commercial Banks)		1,481,652
	37,000	Tessenderlo Chemie NV (Materials, Chemicals)†		1,326,116
				6,015,641
Bermuda: 0.60%
	1,133,500	Johnson Electric Holdings Limited (Industrials, Electrical Equipment)		664,489
	429,500	Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		1,366,595
				2,031,084
Brazil: 1.41%
	130,500	Banco do Brasil SA (Financials, Commercial Banks)		2,361,973
	84,400	Cia Saneamento Basico de Sau Paulo (Utilities, Water Utilities)		2,429,670
				4,791,643
Canada: 0.82%
	58,500	Metro Incorporated (Consumer Staples, Food & Staples Retailing)		2,787,726
Cayman Islands: 0.96%
	2,260,000	Chaoda Modern Agriculture Limited (Consumer Staples, Food Products)		1,403,321
	2,204,000	Kingboard Laminates Holdings Limited (Information Technology, Electronic Equipment & Instruments)		1,838,898
				3,242,219
China: 1.80%
	4,269,000	China Petroleum & Chemical Corporation (Energy, Oil, Gas & Consumable Fuels)		4,280,772
	1,747,500	China Railway Construction Corporation (Industrials, Construction & Engineering)		1,815,223
				6,095,995
Denmark: 0.94%
	45,600	Danske Bank (Financials, Commercial Banks)		1,009,732
	93,000	H. Lundbeck A/S (Health Care, Pharmaceuticals)«		2,156,542
				3,166,274

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     125

INTERNATIONAL VALUE PORTFOLIO

Shares		Security Name	Value
Finland: 0.91%
	183,900	Nokia Oyj (Telecommunication Services, Diversified Telecommunication Services)	$	1,572,860
	82,700	TietoEnator Oyj (Information Technology, IT Services)		1,511,911
				3,084,771
France: 8.71%
	54,000	AXA SA (Financials, Insurance)		1,128,417
	30,200	BNP Paribas SA (Financials, Commercial Banks)		2,208,878
	20,800	Casino Guichard Perrachon SA (Consumer Discretionary, Hotels, Restaurants & Leisure)		1,968,819
	209,400	Credit Agricole SA (Financials, Commercial Banks)		3,436,499
	86,100	France Telecom SA (Telecommunication Services, Diversified Telecommunication Services)		1,929,150
	31,200	Rallye SA (Consumer Staples, Food & Staples Retailing)†		1,411,616
	84,100	Sanofi-Aventis SA (Health Care, Pharmaceuticals)		5,896,751
	109,700	SCOR SE (Financials, Insurance)		2,987,294
	17,600	Societe Generale (Financials, Commercial Banks)		1,143,623
	60,200	Total SA (Energy, Oil, Gas & Consumable Fuels)		3,664,723
	130,400	Vivendi SA (Consumer Discretionary, Media)		3,723,777
				29,499,547
Germany: 7.17%
	33,100	Allianz AG (Financials, Insurance)		4,645,428
	46,500	BASF SE (Materials, Chemicals)		4,021,863
	41,200	Deutsche Bank AG (Financials, Capital Markets)		2,422,252
	52,800	E.ON AG (Utilities, Electric Utilities)		1,612,546
	31,000	Hannover Rueckversicherung AG (Financials, Insurance)		1,692,526
	19,700	Muenchener Rueckversicherungs-Gesellschaft AG (Financials, Insurance)		3,098,990
	25,900	Norddeutsche Affinerie AG (Materials, Metals & Mining)		1,382,511
	40,900	RWE AG (Utilities, Multi-Utilities)		2,605,168
	68,300	Thyssenkrupp AG (Materials, Metals & Mining)		2,790,592
				24,271,876
Hong Kong: 0.38%
	543,000	Cathay Pacific Airways Limited (Industrials, Airlines)		1,301,209
India: 0.37%
	91,263	Tata Steel Limited GDR (Industrials, Machinery)		1,263,993
Ireland: 0.05%
	79,300	Allied Irish Banks plc (Financials, Commercial Banks)(a)		21,241
	225,000	Bank of Ireland plc (Financials, Commercial Banks)†(a)		70,151
	111,500	Irish Life & Permanent Group Holdings plc (Financials, Insurance)(a)		63,997
				155,389
Israel: 0.69%
	451,300	Bank Hapoalim Limited (Financials, Commercial Banks)†		2,347,110
Italy: 2.57%
	141,055	Benetton Group SpA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		1,057,487
	688,400	Enel SpA (Utilities, Multi-Utilities)		4,339,469
	135,200	ENI SpA (Energy, Oil, Gas & Consumable Fuels)		3,320,521
				8,717,477
Japan: 18.44%
	203,200	Adeka Corporation (Materials, Chemicals)		1,981,188
	208,000	Chiba Bank Limited (Financials, Commercial Banks)		1,165,280
	169,600	Comsys Holdings Corporation (Industrials, Construction & Engineering)		1,714,758
	73,600	Edion Corporation (Consumer Discretionary, Specialty Retail)«		625,573

126     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

INTERNATIONAL VALUE PORTFOLIO

Shares		Security Name	Value
Japan (continued)
	63,300	Eizo Nanao Corporation (Information Technology, Computers & Peripherals)	$	1,500,692
	262,000	Fuji Heavy Industries Limited (Consumer Discretionary, Automobiles)		1,688,290
	378,000	Fukuoka Financial Group Incorporated (Financials, Commercial Banks)		1,572,349
	57,700	Hitachi Capital Corporation (Financials, Consumer Finance)		755,414
	168,000	Itochu Corporation (Industrials, Trading Companies & Distributors)		1,759,173
	408,000	JX Holdings Incorporated (Energy, Energy Equipment & Services)		2,746,814
	52,000	Kaneka Corporation (Industrials, Professional Services)		361,962
	500	KDDI Corporation (Telecommunication Services, Wireless Telecommunication Services)		3,095,696
	99,000	Kyorin Company Limited (Health Care, Pharmaceuticals)		1,685,309
	148,000	Maeda Road Construction Company Limited (Industrials, Construction & Engineering)		1,517,721
	516,000	Marubeni Corporation (Industrials, Trading Companies & Distributors)		3,715,845
	39,100	Miraca Holdings Incorporated (Health Care, Health Care Providers & Services)		1,497,157
	35,500	Mitsubishi Corporation (Industrials, Trading Companies & Distributors)		985,447
	54,300	Mitsui & Company Limited (Industrials, Trading Companies & Distributors)		973,327
	363,000	Mitsui Mining & Smelting Company Limited (Materials, Metals & Mining)		1,261,205
	396,000	Mitsui Trust Holdings Incorporated (Financials, Commercial Banks)		1,404,424
	1,831,300	Mizuho Financial Group Incorporated (Financials, Commercial Banks)«		3,038,223
	73,100	Nihon Kohden Corporation (Health Care, Health Care Equipment & Supplies)		1,591,538
	107,000	Nippon Electric Glass Company Limited (Information Technology, Electronic Equipment & Instruments)		1,515,340
	74,600	Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		3,349,736
	170,000	Nissan Shatai Company Limited (Consumer Discretionary, Auto Components)		1,265,088
	1,400	NTT DoCoMo Incorporated (Telecommunication Services, Wireless Telecommunication Services)		2,460,688
	208,000	Rengo Company Limited (Materials, Containers & Packaging)		1,357,826
	40,000	Ryosan Company Limited (Information Technology, Electronic Equipment & Instruments)		963,693
	313,000	Sankyu Incorporated (Industrials, Road & Rail)		1,497,644
	33,000	Sanwa Shutter Corporation (Industrials, Building Products)		111,084
	80,800	Sega Sammy Holdings Incorporated (Consumer Discretionary, Leisure Equipment & Products)		1,404,626
	678,000	Sojitz Corporation (Industrials, Trading Companies & Distributors)		1,353,066
	285,000	Sumitomo Corporation (Industrials, Trading Companies & Distributors)		4,073,876
	69,900	Sumitomo Mitsui Financial Group Incorporated (Financials, Commercial Banks)		2,173,135
	34,400	Takeda Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		1,604,616
	62,000	The Keiyo Bank Limited (Financials, Commercial Banks)		310,075
	234,000	Toshiba TEC Corporation (Information Technology, Office Electronics)		1,040,875
	29,400	Tsuruha Holdings Incorporated (Consumer Staples, Food & Staples Retailing)		1,334,275
				62,453,028
Liechtenstein: 0.28%
	7,800	Verwaltungs-Und Privat-Bank AG (Financials, Capital Markets)		949,418
Netherlands: 2.22%
	151,800	Aegon NV (Financials, Insurance)		1,136,752
	237,100	ING Groep NV (Financials, Diversified Financial Services)		3,000,977
	52,700	Koninklijke DSM NV (Consumer Staples, Food & Staples Retailing)		3,238,029
	1,740	Nutreco Holding NV (Consumer Staples, Food Products)		127,612
				7,503,370
Norway: 1.48%
	158,200	Atea ASA (Information Technology, IT Services)†		1,780,742
	98,900	DnB Nor ASA (Financials, Commercial Banks)		1,517,412
	61,700	Statoil ASA (Energy, Oil, Gas & Consumable Fuels)		1,710,340
				5,008,494
Portugal: 0.29%
	245,688	Banco BPI SA (Financials, Commercial Banks)†		427,576
	131,400	Banco Espirito Santo SA (Financials, Commercial Banks)		538,176
				965,752

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     127

INTERNATIONAL VALUE PORTFOLIO

Shares		Security Name	Value
Russia: 1.57%
	38,224	Gazprom Neft Sponsored ADR (Energy, Oil, Gas & Consumable Fuels)	$	1,007,202
	60,400	Lukoil ADR (Energy, Oil, Gas & Consumable Fuels)«		4,311,956
				5,319,158
Singapore: 0.51%
	16,490	Mobilone Limited (Telecommunication Services, Wireless Telecommunication Services)		31,528
	113,000	United Overseas Bank Limited (Financials, Commercial Banks)		1,685,363
				1,716,891
South Africa: 0.66%
	91,400	Exxaro Resources Limited (Materials, Metals & Mining)		2,235,483
South Korea: 0.68%
	174,300	Woori Finance Holdings Company Limited (Financials, Commercial Banks)†		2,311,924
Spain: 4.17%
	185,200	Banco Bilbao Vizcaya Argentaria SA (Financials, Commercial Banks)		2,246,966
	146,100	Banco Espanol de Credito SA (Financials, Commercial Banks)«		1,322,861
	430,300	Banco Santander Central Hispano SA (Financials, Commercial Banks)		4,995,653
	123,800	Repsol YPF SA (Energy, Oil, Gas & Consumable Fuels)		4,241,487
	52,400	Telefonica SA (Telecommunication Services, Diversified Telecommunication Services)		1,311,825
				14,118,792
Sweden: 2.29%
	169,300	Boliden AB (Materials, Metals & Mining)		3,647,840
	113,500	Saab AB (Industrials, Aerospace & Defense)†		2,474,310
	101,800	Svenska Cellulosa AB Class B (Materials, Paper & Forest Products)		1,638,632
				7,760,782
Switzerland: 6.96%
	28,800	Baloise Holding AG (Financials, Insurance)		2,853,348
	101,215	Clariant AG (Materials, Chemicals)		1,825,947
	76,500	Credit Suisse Group (Financials, Capital Markets)		3,250,729
	1,800	Georg Fischer AG (Industrials, Machinery)		1,012,194
	82,500	Novartis AG (Health Care, Pharmaceuticals)		4,474,850
	29,500	Roche Holdings AG (Health Care, Pharmaceuticals)		4,213,827
	28,900	Swiss Reinsurance (Financials, Insurance)		1,653,451
	95	Swisscom AG (Telecommunication Services, Diversified Telecommunication Services)		42,354
	15,200	Zurich Financial Services AG (Financials, Insurance)		4,254,676
				23,581,376
Thailand: 0.78%
	3,105,400	Charoen Pokphand Foods PCL (Consumer Staples, Food Products)		2,643,877
United Kingdom: 17.63%
	190,400	Amlin plc (Financials, Insurance)		1,165,863
	109,800	AstraZeneca plc (Health Care, Pharmaceuticals)		5,042,919
	220,500	Aviva plc (Financials, Insurance)		1,530,926
	684,100	BAE Systems plc (Industrials, Aerospace & Defense)		3,565,559
	242,900	Barclays plc (Financials, Commercial Banks)		1,081,501
	459,300	BP plc (Energy, Oil, Gas & Consumable Fuels)		3,345,111
	1,268,300	BT Group plc (Telecommunication Services, Diversified Telecommunication Services)		3,776,228
	87,468	Charter International plc (Industrials, Machinery)		1,133,754
	390,000	DS Smith plc (Industrials, Professional Services)		1,245,019
	254,700	Firstgroup plc (Industrials, Road & Rail)		1,333,228
	213,300	GlaxoSmithKline plc (Health Care, Pharmaceuticals)		4,070,180

128     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

INTERNATIONAL VALUE PORTFOLIO

Shares		Security Name						Value
United Kingdom (continued)
	184,200	Greene King plc (Consumer Discretionary, Hotels, Restaurants & Leisure)						$	1,322,924
	442,800	Home Retail Group (Consumer Discretionary, Internet & Catalog Retail)							1,371,665
	679,100	Kesa Electricals plc (Consumer Discretionary, Specialty Retail)							1,314,920
	949,700	LogicaCMG plc (Industrials, Professional Services)							1,995,795
	632,790	Marston’s plc (Consumer Discretionary, Hotels, Restaurants & Leisure)							964,365
	42,900	Next plc (Consumer Discretionary, Multiline Retail)							1,362,639
	237,100	Northern Foods plc (Consumer Staples, Food Products)							276,709
	1,123,200	Old Mutual plc (Financials, Insurance)							2,450,498
	374,800	Pace plc (Consumer Discretionary, Household Durables)							914,507
	315,100	Premier Foods plc (Consumer Staples, Food Products)†							141,181
	443,900	Royal & Sun Alliance Insurance Group plc (Financials, Insurance)							936,417
	14,300	Royal Dutch Shell plc Class A (Energy, Oil, Gas & Consumable Fuels)							519,720
	264,000	Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels)							9,571,294
	389,400	Thomas Cook Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)							1,065,696
	279,500	Tullett Prebon plc (Financials, Capital Markets)							1,835,193
	1,698,900	Vodafone Group plc (Telecommunication Services, Wireless Telecommunication Services)							4,810,285
	223,600	WH Smith Public Limited Corporation (Consumer Discretionary, Specialty Retail)							1,556,030
									59,700,126
Total Common Stocks (Cost $333,700,920)									320,588,550
					Yield
Short-Term Investments: 4.53%
Investment Companies: 4.53%
	4,823,589	Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)				0.12	%		4,823,589
	10,507,215	Wells Fargo Securities Lending Cash Investments, LLC(l)(u)(v)				0.24			10,507,215
Total Short-Term Investments (Cost $15,330,804)									15,330,804
Total Investments in Securities (Cost $349,031,724)*			99.19	%					335,919,354
Other Assets and Liabilities, Net			0.81						2,758,002
Total Net Assets			100.00	%				$	338,677,356

«	All or a portion of this security is on loan.
†	Non-income earning securities.
(a)	Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.
(l)	Investment in an affiliate.
(u)	Rate shown is the 7-day annualized yield at period end.
(v)	Security represents investment of cash collateral received from securities on loan.
*	Cost for federal income tax purposes is $349,922,728 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	28,390,248
Gross unrealized depreciation		(42,393,622	)
Net unrealized depreciation	$	(14,003,374	)

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

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     129

SMALL CAP VALUE PORTFOLIO

Shares		Security Name	Value
Common Stocks: 96.85%
Consumer Discretionary: 8.20%
Auto Components: 0.68%
	12,665	Gentex Corporation	$	383,116
Diversified Consumer Services: 0.43%
	46,680	Cambium Learning Group Incorporated†		158,712
	18,610	Corinthian Colleges Incorporated†		83,732
	58,950	Voyager Expanded Learning Corporation(a)		0
				242,444
Hotels, Restaurants & Leisure: 0.90%
	143,645	Century Casinos Incorporated†		429,499
	117,099	Empire Resorts Incorporated		72,601
				502,100
Household Durables: 2.64%
	16,001	Cavco Industries Incorporated†		722,605
	6,655	KB Home Incorporated		82,789
	25,415	Nobility Homes Incorporated†		233,818
	21,891	Skyline Corporation		438,915
				1,478,127
Media: 0.83%
	62,212	Outdoor Channel Holdings Incorporated		464,102
Specialty Retail: 2.72%
	28,035	Collective Brands Incorporated†		604,995
	14,635	Monro Muffler Brake Incorporated		482,662
	3,750	rue21 Incorporated†		108,000
	30,960	Talbots Incorporated†		186,998
	4,210	Vitamin Shoppe Incorporated†		142,424
				1,525,079
Consumer Staples: 0.64%
Personal Products: 0.64%
	31,212	Prestige Brands Holdings Incorporated†		358,938
Energy: 24.71%
Energy Equipment & Services: 10.81%
	88,807	Global Industries Limited†		869,421
	35,165	Helix Energy Solutions Group Incorporated†		604,838
	4,945	Helmerich & Payne Incorporated		339,672
	73,715	ION Geophysical Corporation†		935,443
	31,675	Key Energy Services Incorporated†		492,546
	51,483	Matrix Service Company†		715,614
	105,570	Newpark Resources Incorporated†		829,780
	5,940	Oceaneering International Incorporated†		531,333
	11,035	PHI Incorporated (non-voting)†		244,094
	3,807	PHI Incorporated (voting)†		87,561
	37,244	Willbros Group Incorporated†		406,704
				6,057,006

130     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

SMALL CAP VALUE PORTFOLIO

Shares		Security Name	Value
Oil, Gas & Consumable Fuels: 13.90%
	13,140	El Paso Corporation	$	236,520
	20,088	Endeavour International Corporation†		255,118
	8,490	Energy XXI Bermuda Limited†		289,509
	10,185	Forest Oil Corporation†		385,299
	46,029	InterOil Corporation†		3,435,605
	84,079	McMoRan Exploration Company†		1,489,039
	11,665	PetroQuest Energy Incorporated†		109,184
	20,720	Range Resources Corporation		1,211,291
	9,985	SandRidge Energy Incorporated†		127,808
	29,808	Triangle Petroleum Corporation†		247,406
				7,786,779
Financials: 18.36%
Capital Markets: 0.35%
	12,075	Artio Global Investos Incorporated		195,132
Commercial Banks: 4.95%
	39,331	1st United Bancorp Incorporated†		276,104
	15,365	Bancorp Incorporated†		141,819
	21,476	Center Financial Corporation†		157,634
	5,840	City National Corporation		333,172
	17,410	First Horizon National Corporation		195,166
	7,010	IBERIABANK Corporation		421,511
	31,329	Pacific Premier Bancorp Incorporated†		213,350
	13,365	Park Sterling Corporation†		64,820
	15,940	Sterling Bancorp		159,559
	8,126	Univest Corporation of Pennsylvania		143,993
	12,010	Washington Banking Company		169,341
	8,980	Western Liberty Bancorp†		34,932
	28,930	Whitney Holding Corporation		394,027
	15,870	Wilmington Trust Corporation		71,732
				2,777,160
Insurance: 2.60%
	23,620	Argo Group International Holdings Limited		780,405
	41,380	Hilltop Holdings Incorporated†		415,455
	6,640	Mercury General Corporation		259,823
				1,455,683
Real Estate Investment Trusts (REITs): 10.12%
	12,355	Annaly Capital Management Incorporated		215,595
	63,665	Anworth Mortgage Asset Corporation		451,385
	52,965	Capstead Mortgage Corporation		676,893
	477,145	Chimera Investment Corporation		1,889,494
	9,630	Crexus Investment Corporation		109,939
	13,080	Hatteras Financial Corporation		367,810
	3,850	Invesco Mortgage Capital		83,626
	80,070	MFA Mortgage Investments Incorporated		656,574
	178,860	Origen Financial Incorporated		339,834
	21,261	Redwood Trust Incorporated		330,609
	55,071	UMH Properties Incorporated		547,406
				5,669,165

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     131

SMALL CAP VALUE PORTFOLIO

Shares		Security Name	Value
Thrifts & Mortgage Finance: 0.34%
	10,125	First Niagara Financial Group Incorporated	$	137,498
	4,210	Northwest Bancshares Incorporated		52,793
				190,291
Health Care: 5.25%
Biotechnology: 0.16%
	15,575	Infinity Pharmaceuticals Incorporated†		91,581
Health Care Equipment & Supplies: 1.82%
	74,547	Allied Healthcare Products Incorporated†		325,025
	88,280	Orasure Technologies Incorporated†		693,881
				1,018,906
Health Care Providers & Services: 1.73%
	31,794	Cross Country Healthcare Incorporated†		248,947
	8,635	Ensign Group Incorporated		275,716
	15,800	Gentiva Health Services Incorporated†		442,874
				967,537
Health Care Technology: 0.61%
	22,610	Omnicell Incorporated†		344,576
Life Sciences Tools & Services: 0.93%
	36,930	Accelrys Incorporated†		295,440
	18,975	Nordion Incorporated		224,285
				519,725
Industrials: 14.15%
Air Freight & Logistics: 0.33%
	34,825	Pacer International Incorporated†		183,180
Airlines: 0.78%
	69,405	JetBlue Airways Corporation†		435,169
Building Products: 0.25%
	49,074	Patrick Industries Incorporated†		137,407
Commercial Services & Supplies: 4.75%
	26,363	ABM Industries Incorporated		669,357
	53,115	ACCO Brands Corporation†		506,717
	33,294	GEO Group Incorporated		853,658
	15,349	Healthcare Services Group		269,835
	14,690	Newalta Incorporated		196,846
	11,885	SFN Group Incorporated†		167,460
				2,663,873
Construction & Engineering: 3.94%
	16,645	Chicago Bridge & Iron Company NV		676,786
	36,445	Integrated Electrical Services Incorporated†		125,371
	16,890	MYR Group Incorporated†		404,009
	71,501	Primoris Services Corporation		725,020
	16,438	Sterling Construction Company Incorporated†		277,473
				2,208,659

132     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

SMALL CAP VALUE PORTFOLIO

Shares		Security Name	Value
Electrical Equipment: 0.88%
	23,815	GrafTech International Limited†	$	491,303
Machinery: 1.52%
	13,670	Actuant Corporation Class A		396,430
	33,425	Hardinge Incorporated		457,923
				854,353
Professional Services: 1.70%
	180,390	Hill International Incorporated†		954,263
Information Technology: 12.34%
Communications Equipment: 4.75%
	76,125	Bigband Networks Incorporated†		194,119
	71,910	Brocade Communications Systems Incorporated†		442,247
	103,954	China GrenTech Corporation Limited ADR†		349,285
	454,310	MRV Communications Incorporated†		695,094
	382,850	Sandvine Corporation†		979,943
				2,660,688
Computers & Peripherals: 1.94%
	52,585	Cray Incorporated†		339,173
	69,575	Intermec Incorporated†		750,714
				1,089,887
Electronic Equipment & Instruments: 2.81%
	10,803	Coherent Incorporated†		627,762
	13,265	OSI Systems Incorporated†		497,835
	51,430	Power One Incorporated†		450,013
				1,575,610
IT Services: 1.32%
	134,052	Tier Technologies Incorporated Class B†		737,286
Semiconductors & Semiconductor Equipment: 1.52%
	42,725	MEMC Electronic Materials Incorporated†		553,716
	259,372	Trident Microsystems Incorporated†		298,278
				851,994
Materials: 12.53%
Chemicals: 0.43%
	3,845	International Flavors & Fragrances Incorporated		239,544
Containers & Packaging: 0.36%
	162,629	Intertape Polymer Group Incorporated†		203,286
Metals & Mining: 11.42%
	19,525	Eldorado Gold Corporation		317,477
	9,980	Goldcorp Incorporated		497,004
	203,155	Great Basin Gold Limited†		536,329
	44,910	Jaguar Mining Incorporated†		234,430
	117,155	Petaquilla Minerals Limited†		111,883
	35,170	Randgold Resources Limited ADR†		2,867,762
	10,800	Royal Gold Incorporated		565,920
	88,445	San Gold Corporation†		234,070

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     133

SMALL CAP VALUE PORTFOLIO

Shares		Security Name								Value
Metals & Mining (continued)
	715,700	Sandstorm Gold Limited†								$	664,394
	67,404	Sandstorm Metals & Energy Limited†									41,019
	10,444	Silver Standard Resources Incorporated†									327,733
											6,398,021
Paper & Forest Products: 0.32%
	23,205	Wausau Paper Corporation									177,286
Telecommunication Services: 0.67%
Diversified Telecommunication Services: 0.67%
	139,175	Cincinnati Bell Incorporated†									372,989
Total Common Stocks (Cost $44,288,236)											54,262,245
								Expiration Date
Warrants: 0.04%
Health Care: 0.04%
Health Care Equipment & Supplies: 0.04%
	9,104	EnteroMedics Incorporated†(a)							05/14/2016		23,397
Total Warrants (Cost $0)											23,397
Investment Companies: 0.49%
	10,322	KBW Regional Banking ETF									274,565
Total Investment Companies (Cost $247,316)											274,565
					Yield
Short-Term Investments: 4.29%
Investment Companies: 4.29%
	2,404,290	Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)				0.12	%				2,404,290
Total Short-Term Investments (Cost $2,404,290)											2,404,290
Total Investments in Securities (Cost $46,939,842)*			101.67	%							56,964,497
Other Assets and Liabilities, Net			(1.67	)							(937,184	)
Total Net Assets			100.00	%						$	56,027,313

†	Non-income earning securities.
(a)	Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.
(l)	Investment in an affiliate.
(u)	Rate shown is the 7-day annualized yield at period end.
*	Cost for federal income tax purposes is $48,827,404 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	10,546,133
Gross unrealized depreciation		(2,409,040	)
Net unrealized appreciation	$	8,137,093

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

134     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

SMALL COMPANY GROWTH PORTFOLIO

Shares		Security Name	Value
Common Stocks: 94.65%
Consumer Discretionary: 14.46%
Auto Components: 2.64%
	170,560	Gentex Corporation«	$	5,159,440
	158,310	Modine Manufacturing Company†		2,555,123
	118,420	Stoneridge Incorporated†		1,731,300
				9,445,863
Hotels, Restaurants & Leisure: 0.89%
	143,260	Caribou Coffee Company Incorporated†		1,456,954
	49,070	WMS Industries Incorporated†«		1,734,625
				3,191,579
Media: 0.89%
	79,690	Arbitron Incorporated		3,189,991
Multiline Retail: 0.70%
	128,510	99 Cents Only Stores†«		2,518,796
Specialty Retail: 7.63%
	102,625	Aeropostale Incorporated†«		2,495,840
	118,450	Ascena Retail Group Incorporated†«		3,838,965
	259,870	Chico’s FAS Incorporated«		3,872,063
	102,600	Dick’s Sporting Goods Incorporated†		4,101,948
	196,050	Finish Line Incorporated Class A		3,891,593
	53,470	rue21 Incorporated†«		1,539,936
	270,830	Sonic Automotive Incorporated«		3,794,328
	78,700	Ulta Salon Cosmetics & Fragrance Incorporated†«		3,787,831
				27,322,504
Textiles, Apparel & Luxury Goods: 1.71%
	119,070	Hanesbrands Incorporated†		3,219,653
	50,680	Warnaco Group Incorporated†		2,898,389
				6,118,042
Consumer Staples: 4.05%
Beverages: 0.36%
	104,650	Primo Water Corporation†		1,281,963
Food & Staples Retailing: 1.34%
	107,220	United Natural Foods Incorporated†«		4,805,600
Food Products: 1.59%
	145,950	Darling International Incorporated†		2,243,252
	61,770	Diamond Foods Incorporated«		3,446,766
				5,690,018
Personal Products: 0.76%
	90,910	Elizabeth Arden Incorporated†		2,728,209
Energy: 8.18%
Energy Equipment & Services: 3.35%
	80,150	Complete Production Services Incorporated†		2,549,572
	81,830	Helix Energy Solutions Group Incorporated†		1,407,476
	292,925	Pioneer Drilling Company†		4,042,365

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     135

SMALL COMPANY GROWTH PORTFOLIO

Shares		Security Name	Value
Energy Equipment & Services (continued)
	97,210	Superior Energy Services Incorporated†«	$	3,985,610
				11,985,023
Oil, Gas & Consumable Fuels: 4.83%
	382,130	Abraxas Petroleum Corporation†«		2,235,461
	105,730	Gevo Incorporated†		2,082,881
	137,530	Goodrich Petroleum Corporation†«		3,055,917
	89,670	Gulfport Energy Corporation†		3,241,571
	97,620	Rosetta Resources Incorporated†		4,640,855
	159,560	SandRidge Energy Incorporated†«		2,042,368
				17,299,053
Financials: 7.07%
Capital Markets: 2.45%
	97,290	Evercore Partners Incorporated Class A		3,336,074
	114,630	FXCM Incorporated Class A†		1,493,629
	62,910	LPL Investment Holdings Incorporated†«		2,252,807
	138,760	Medley Capital Corporation†«		1,690,097
				8,772,607
Commercial Banks: 1.58%
	47,090	Signature Bank†		2,655,876
	52,990	SVB Financial Group†«		3,016,721
				5,672,597
Consumer Finance: 0.92%
	86,555	Dollar Financial Corporation†		1,796,016
	141,210	Netspend Holdings Incorporated†«		1,485,529
				3,281,545
Diversified Financial Services: 1.05%
	159,315	Encore Capital Group Incorporated†		3,774,172
Real Estate Investment Trusts (REITs): 0.45%
	98,910	Chatham Lodging Trust		1,607,288
Real Estate Management & Development: 0.62%
	72,790	Altisource Portfolio Solutions SA†		2,233,197
Health Care: 14.50%
Biotechnology: 1.08%
	22,610	Gen-Probe Incorporated†«		1,500,174
	153,070	Seattle Genetics Incorporated†«		2,383,300
				3,883,474
Health Care Equipment & Supplies: 6.35%
	119,100	Alere Incorporated†«		4,661,574
	161,340	American Medical Systems Holdings Incorporated†«		3,491,398
	165,380	DexCom Incorporated†		2,566,698
	400,731	Endologix Incorporated†		2,716,956
	75,475	SonoSite Incorporated†		2,514,827
	261,250	Spectranetics Corporation†		1,230,488
	141,200	Tornier NV†«		2,623,496
	65,390	Zoll Medical Corporation†«		2,930,126
				22,735,563

136     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

SMALL COMPANY GROWTH PORTFOLIO

Shares		Security Name	Value
Health Care Providers & Services: 2.34%
	131,050	Accretive Health Incorporated†«	$	3,637,948
	124,750	Examworks Group Incorporated†«		2,773,193
	75,420	Hanger Orthopedic Group Incorporated†		1,963,183
				8,374,324
Health Care Technology: 2.16%
	121,540	Medidata Solutions Incorporated†		3,107,778
	303,890	Omnicell Incorporated†		4,631,284
				7,739,062
Life Sciences Tools & Services: 1.30%
	61,440	Covance Incorporated†«		3,361,997
	91,840	Pacific BioSciences of California†«		1,290,352
				4,652,349
Pharmaceuticals: 1.27%
	217,510	Nektar Therapeutics†«		2,059,820
	71,140	Salix Pharmaceuticals Limited†		2,492,034
				4,551,854
Industrials: 17.31%
Aerospace & Defense: 0.76%
	140,740	Kratos Defense & Security Solutions Incorporated†		2,004,138
	25,420	SRA International Incorporated Class A†		720,911
				2,725,049
Air Freight & Logistics: 1.55%
	26,090	Atlas Air Worldwide Holdings Incorporated†		1,818,995
	103,150	Hub Group Incorporated Class A†«		3,732,999
				5,551,994
Commercial Services & Supplies: 1.99%
	42,291	Copart Incorporated†		1,832,469
	100,820	Higher One†«		1,456,849
	272,280	SFN Group Incorporated†		3,836,425
				7,125,743
Electrical Equipment: 3.96%
	70,130	EnerSys†		2,787,668
	109,950	General Cable Corporation†«		4,760,835
	191,250	Sensata Technologies Holdings NV†		6,642,113
				14,190,616
Machinery 3.74%
	106,160	Actuant Corporation Class A		3,078,640
	157,430	Briggs & Stratton Corporation«		3,565,790
	93,720	Columbus Mckinnon Corporation†		1,730,071
	98,600	Freightcar America Incorporated		3,205,475
	157,110	Wabash National Corporation†		1,819,334
				13,399,310

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     137

SMALL COMPANY GROWTH PORTFOLIO

Shares		Security Name	Value
Road & Rail: 2.94%
	49,320	Genesee & Wyoming Incorporated†	$	2,870,424
	181,150	Hertz Global Holdings Incorporated†«		2,831,375
	225,090	Swift Transportation Company†«		3,308,823
	57,640	Werner Enterprises Incorporated«		1,525,731
				10,536,353
Trading Companies & Distributors: 2.37%
	102,190	Beacon Roofing Supply Incorporated†		2,091,829
	116,140	Kaman Corporation Class A		4,088,128
	33,620	MSC Industrial Direct Company		2,301,961
				8,481,918
Information Technology: 24.58%
Communications Equipment: 1.71%
	81,920	Aruba Networks Incorporated†		2,772,173
	88,510	Riverbed Technology Incorporated†«		3,332,402
				6,104,575
Electronic Equipment & Instruments: 3.48%
	198,350	Datalink Corporation†		1,269,440
	52,510	Mercury Computer Systems Incorporated†		1,111,112
	170,860	Methode Electronics Incorporated		2,063,989
	100,160	OSI Systems Incorporated†		3,759,005
	107,960	Rofin-Sinar Technologies Incorporated†		4,264,420
				12,467,966
Internet Software & Services: 1.07%
	148,720	Vocus Incorporated†		3,845,899
IT Services: 1.25%
	41,050	Fleetcor Technologies Incorporated†		1,340,693
	240,070	Interxion Holding NV†		3,120,910
				4,461,603
Semiconductors & Semiconductor Equipment: 4.58%
	281,930	Atmel Corporation†		3,842,706
	41,730	Inphi Corporation†		876,747
	148,430	Microsemi Corporation†«		3,073,985
	64,560	NetLogic Microsystems Incorporated†		2,712,811
	239,490	PMC-Sierra Incorporated†		1,796,175
	68,540	Tessera Technologies Incorporated†		1,251,540
	58,850	Varian Semiconductor Equipment Associates Incorporated†		2,864,230
				16,418,194
Software: 12.49%
	125,640	Bottomline Technologies Incorporated†«		3,158,590
	41,610	Broadsoft Incorporated†		1,984,381
	437,030	Cadence Design Systems Incorporated†«		4,261,043
	55,730	CommVault Systems Incorporated†		2,222,512
	47,062	Concur Technologies Incorporated†«		2,609,588
	196,320	Parametric Technology Corporation†		4,415,237
	110,640	Realpage Incorporated†		3,068,047
	50,610	Rovi Corporation†		2,715,227
	80,780	Solarwinds Incorporated†		1,895,099

138     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

SMALL COMPANY GROWTH PORTFOLIO

Shares		Security Name	Value
Software (continued)
	76,350	Sourcefire Incorporated†«	$	2,100,389
	235,990	SS&C Technologies Holdings†		4,818,916
	135,910	SuccessFactors Incorporated†«		5,312,722
	113,730	Synchronoss Technologies Incorporated†		3,952,118
	37,860	Ultimate Software Group Incorporated†		2,224,275
				44,738,144
Materials: 4.50%
Chemicals: 2.62%
	86,510	Methanex Corporation		2,701,707
	138,270	Olin Corporation		3,169,148
	92,370	STR Holdings Incorporated†«		1,771,657
	99,860	Zep Incorporated		1,738,563
				9,381,075
Metals & Mining: 1.43%
	173,770	Minefinders Corporation Limited†		2,288,551
	151,600	Steel Dynamics Incorporated«		2,845,532
				5,134,083
Paper & Forest Products: 0.45%
	59,330	Buckeye Technologies Incorporated		1,615,556
Total Common Stocks (Cost $240,840,752)				339,032,751

Principal			Interest Rate			Maturity Date
Short-Term Investments: 30.11%
Corporate Bonds and Notes: 0.67%
$	1,985,108	Gryphon Funding Limited(a)(i)(v)		0.00	%		08/05/2011	821,239
	2,617,623	VFNC Corporation(a)††(i)(v)±		0.26			09/29/2011	1,570,574
								2,391,813

Shares					Yield
Investment Companies: 29.44%
	12,594,460	Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)				0.12		12,594,460
	92,876,095	Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)				0.24		92,876,095
								105,470,555
Total Short-Term Investments (Cost $106,839,030)								107,862,368
Total Investments in Securities (Cost $347,679,782)*			124.76	%				446,895,119
Other Assets and Liabilities, Net			(24.76	)				(88,679,343	)
Total Net Assets			100.00	%			$	358,215,776

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     139

SMALL COMPANY GROWTH PORTFOLIO

†	Non-income earning securities.
«	All or a portion of this security is on loan.
(a)	Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.
††	Securities that may be resold to “qualified institutional buyers” under Rule 144A or securities offered pursuant to Section 4(2) of the Securities Act of 1933, as amended.
(i)	Illiquid security.
(v)	Security represents investment of cash collateral received from securities on loan.
(l)	Investment in an affiliate.
(u)	Rate shown is the 7-day annualized yield at period end.
±	Variable rate investments.
*	Cost for federal income tax purposes is $350,237,591 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	99,318,084
Gross unrealized depreciation		(2,660,556	)
Net unrealized appreciation	$	96,657,528

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

140     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

SMALL COMPANY VALUE PORTFOLIO

Shares		Security Name	Value
Common Stocks: 96.63%
Consumer Discretionary: 13.25%
Auto Components: 0.91%
	83,140	Cooper Tire & Rubber Company«	$	2,140,855
Hotels, Restaurants & Leisure: 1.30%
	88,720	Gaylord Entertainment Company†«		3,076,810
Household Durables: 0.89%
	89,140	American Greetings Corporation Class A«		2,103,704
Leisure Equipment & Products: 1.91%
	241,530	Callaway Golf Company«		1,647,235
	102,060	RC2 Corporation†		2,867,886
				4,515,121
Media: 1.26%
	153,950	Cinemark Holdings Incorporated«		2,978,933
Specialty Retail: 4.72%
	119,350	Asbury Automotive Group Incorporated†«		2,206,782
	371,030	Bebe Stores Incorporated		2,170,526
	33,850	Children’s Place Retail Stores Incorporated†		1,686,746
	64,700	Genesco Incorporated†«		2,600,940
	71,270	Rent-A-Center Incorporated«		2,488,036
				11,153,030
Textiles, Apparel & Luxury Goods: 2.26%
	110,440	Hanesbrands Incorporated†«		2,986,298
	127,710	Volcom Incorporated«		2,366,466
				5,352,764
Consumer Staples: 1.83%
Food & Staples Retailing: 0.99%
	222,700	SUPERVALU Incorporated«		1,988,711
	23,710	The Pantry Incorporated†		351,619
				2,340,330
Food Products: 0.84%
	100,110	Snyders Lance Incorporated		1,987,184
Energy: 6.69%
Energy Equipment & Services: 5.62%
	276,940	Global Industries Limited†«		2,711,243
	197,150	Helix Energy Solutions Group Incorporated†«		3,390,980
	63,700	Hornbeck Offshore†«		1,965,145
	166,220	Key Energy Services Incorporated†«		2,584,721
	42,510	Unit Corporation†		2,633,495
				13,285,584
Oil, Gas & Consumable Fuels: 1.07%
	50,220	Berry Petroleum Company Class A«		2,533,599

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     141

SMALL COMPANY VALUE PORTFOLIO

Shares		Security Name	Value
Financials: 30.59%
Capital Markets: 2.08%
	177,020	Apollo Investment Corporation	$	2,134,861
	38,800	Stifel Financial Corporation†		2,785,452
				4,920,313
Commercial Banks: 9.45%
	160,270	Associated Banc-Corporation«		2,380,010
	52,800	Bank of the Ozarks Incorporated«		2,307,888
	104,560	Cardinal Financial Corporation		1,219,170
	93,110	Home Bancshares Incorporated		2,118,253
	126,790	MB Financial Incorporated«		2,657,518
	108,750	Pacwest Bancorp«		2,365,313
	101,210	Pinnacle Financial Partners Incorporated†«		1,674,013
	49,990	SVB Financial Group†«		2,845,931
	208,520	Umpqua Holdings Corporation«		2,385,469
	65,160	Wintrust Financial Corporation«		2,394,630
				22,348,195
Insurance: 5.13%
	91,100	Amtrust Financial Services Incorporated«		1,737,277
	50,911	Argo Group International Holdings Limited«		1,682,099
	109,480	Employers Holdings Incorporated		2,261,857
	128,100	Selective Insurance Group Incorporated		2,216,130
	38,170	The Navigators Group Incorporated†«		1,965,755
	112,190	United Fire & Casualty Company		2,267,360
				12,130,478
Real Estate Investment Trusts (REITs): 11.14%
	71,430	American Campus Communities		2,357,190
	126,960	BioMed Realty Trust Incorporated		2,414,779
	180,400	Campus Crest Communities Incorporated		2,134,132
	67,020	Corporate Office Properties Trust		2,422,103
	267,089	Cousins Properties Incorporated«		2,230,193
	90,010	DuPont Fabros Technology Incorporated«		2,182,743
	131,450	First Potomac Realty Trust		2,070,338
	113,660	LaSalle Hotel Properties		3,068,820
	96,400	Pebblebrook Hotel Trust		2,135,260
	128,650	Redwood Trust Incorporated«		2,000,508
	89,643	Sabra Health Care REIT Incorporated		1,578,613
	44,200	Sovran Self Storage Incorporated«		1,748,110
				26,342,789
Thrifts & Mortgage Finance: 2.79%
	167,630	Capitol Federal Financial Incorporated		1,889,190
	177,920	Northwest Bancshares Incorporated		2,231,117
	143,520	Washington Federal Incorporated«		2,488,637
				6,608,944

142     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

SMALL COMPANY VALUE PORTFOLIO

Shares		Security Name	Value
Health Care: 6.87%
Health Care Providers & Services: 6.87%
	87,440	Ensign Group Incorporated	$	2,791,959
	97,820	Gentiva Health Services Incorporated†«		2,741,895
	147,550	Healthways Incorporated†«		2,267,844
	179,980	Medquist Holdings Incorporated†		1,875,392
	207,340	Select Medical Holdings Corporation†		1,671,160
	131,573	Sun Healthcare Group Incorporated†		1,851,232
	72,920	WellCare Health Plans Incorporated†«		3,058,994
				16,258,476
Industrials: 13.34%
Aerospace & Defense: 2.13%
	36,990	Alliant Techsystems Incorporated«		2,614,083
	46,750	Teledyne Technologies Incorporated†«		2,417,443
				5,031,526
Airlines: 0.98%
	53,100	Allegiant Travel Company«		2,326,311
Construction & Engineering: 1.77%
	273,110	Great Lakes Dredge & Dock Company«		2,083,829
	86,240	Tutor Prini Corporation		2,100,806
				4,184,635
Electrical Equipment: 1.07%
	123,170	GrafTech International Limited†«		2,540,997
Machinery: 2.42%
	132,360	Douglas Dynamics Incorporated		1,887,454
	143,690	Titan International Incorporated«		3,823,591
				5,711,045
Road & Rail: 0.89%
	94,250	Marten Transport Limited		2,101,775
Trading Companies & Distributors: 3.05%
	193,390	Aircastle Limited«		2,334,217
	64,750	GATX Corporation		2,503,235
	65,180	TAL International Group Incorporated«		2,364,079
				7,201,531
Transportation Infrastructure: 1.03%
	53,610	Alexander & Baldwin Incorporated«		2,447,297
Information Technology: 14.07%
Communications Equipment: 1.44%
	47,240	Black Box Corporation		1,660,486
	163,210	Emulex Corporation†		1,741,451
				3,401,937
Electronic Equipment & Instruments: 4.96%
	112,900	Aeroflex Holding Corporation†		2,055,909
	92,590	Benchmark Electronics Incorporated†		1,756,432
	280,010	Power One Incorporated†«		2,450,088

Portfolio of Investments—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios     143

SMALL COMPANY VALUE PORTFOLIO

Shares		Security Name	Value
Electronic Equipment & Instruments (continued)
	74,470	Synnex Corporation†«	$	2,437,403
	167,040	TTM Technologies Incorporated†«		3,033,446
				11,733,278
Internet Software & Services: 0.92%
	278,770	EarthLink Incorporated		2,182,769
IT Services: 2.17%
	51,820	CACI International Incorporated Class A†«		3,177,602
	97,600	CSG Systems International Incorporated†		1,946,144
				5,123,746
Semiconductors & Semiconductor Equipment: 4.58%
	105,010	Fairchild Semiconductor International Incorporated†		1,911,182
	200,720	Integrated Silicon Solution Incorporated†«		1,860,674
	257,440	Kulicke & Soffa Industries Incorporated†«		2,407,064
	365,890	RF Micro Devices Incorporated†«		2,345,355
	45,520	Veeco Instruments Incorporated†«		2,314,237
				10,838,512
Materials: 5.83%
Chemicals: 2.20%
	44,840	Cytec Industries Incorporated		2,437,942
	72,400	Kraton Performance Polymers Incorporated†		2,769,300
				5,207,242
Containers & Packaging: 1.70%
	79,530	Graham Packaging Corporation†		1,386,208
	112,660	Temple-Inland Incorporated		2,636,244
				4,022,452
Metals & Mining: 1.93%
	94,450	A.M. Castle & Company†		1,783,216
	89,360	RTI International Metals Incorporated†«		2,783,564
				4,566,780
Telecommunication Services: 1.08%
Diversified Telecommunication Services: 1.08%
	319,180	Iradium Communications Incorporated†«		2,543,865
Utilities: 3.08%
Electric Utilities: 2.20%
	120,530	Great Plains Energy Incorporated		2,413,011
	117,410	Portland General Electric Company		2,790,836
				5,203,847
Independent Power Producers & Energy Traders: 0.88%
	547,173	Genon Energy Incorporated†		2,084,729
Total Common Stocks (Cost $180,946,886)				228,531,383

144     Wells Fargo Advantage Master Portfolios Portfolio of Investments—March 31, 2011 (Unaudited)

SMALL COMPANY VALUE PORTFOLIO

Principal		Security Name	Interest Rate			Maturity Date		Value
Short-Term Investments: 35.30%
Corporate Bonds and Notes: 0.71%
$	1,389,787	Gryphon Funding Limited(a)(i)(v)		0.00	%		08/05/2011	$	574,955
	1,832,615	VFNC Corporation(a)††(i)(v)±		0.26			09/29/2011		1,099,569
									1,674,524

Shares					Yield
Investment Companies: 34.59%
	8,762,815	Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)				0.12		8,762,815
	73,039,919	Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)				0.24		73,039,919
								81,802,734
Total Short-Term Investments (Cost $82,760,813)								83,477,258
Total Investments in Securities (Cost $263,707,699)*			131.93	%				312,008,641
Other Assets and Liabilities, Net			(31.93	)				(75,516,588	)
Total Net Assets			100.00	%			$	236,492,053

†	Non-income earning securities.
«	All or a portion of this security is on loan.
±	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.
(v)	Security represents investment of cash collateral received from securities on loan.
(l)	Investment in an affiliate.
(u)	Rate shown is the 7-day annualized yield at period end.
*	Cost for federal income tax purposes is $277,482,458 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	36,497,463
Gross unrealized depreciation		(1,971,280	)
Net unrealized appreciation	$	34,526,183

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

This page is intentionally left blank.

146   Wells Fargo Advantage Master Portfolios Statements of Assets and Liabilities—March 31, 2011 (Unaudited)

	C&B Large		Disciplined
	Cap Value		Value
	Portfolio		Portfolio
Assets
Investments
In unaffiliated securities (including securities on loan), at value	$	412,733,386	$	65,465,624
In affiliated securities, at value		64,758,837		12,163,099
Total investments, at value (see cost below)		477,492,223		77,628,723
Foreign currency, at value (see cost below)		0		0
Receivable for investments sold		2,874,894		0
Receivable for dividends and interest		911,325		84,569
Receivable for securities lending income		7,496		1,391
Unrealized gains on forward foreign currency exchange contracts		0		0
Prepaid expenses and other assets		1,932		39,113
Total assets		481,287,870		77,753,796
Liabilities
Payable for investments purchased		2,064,275		0
Unrealized losses on forward foreign currency exchange contracts		0		0
Payable upon receipt of securities loaned		63,751,189		10,917,039
Payable for daily variation margin on open futures contracts		0		3,335
Advisory fee payable		218,706		20,170
Custodian fee payable		0		0
Accrued expenses and other liabilities		8,207		24,308
Total liabilities		66,042,377		10,964,852
Total net assets	$	415,245,493	$	66,788,944
Total investments, at cost	$	409,403,013	$	66,300,657
Securities on loan, at value	$	62,371,928	$	10,673,241
Foreign currency, at cost	$	0	$	0

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

Statements of Assets and Liabilities—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios   147

Diversified Large		Emerging		Equity				International		International
Cap Growth		Growth		Value		Index		Equity		Growth
Portfolio		Portfolio		Portfolio		Portfolio		Portfolio		Portfolio
$	199,220,507	$	67,356,031	$	417,413,236	$	2,448,656,909	$	28,513,087	$	118,878,013
	40,339,461		12,454,857		35,110,427		178,838,871		1,452,080		13,030,721
	239,559,968		79,810,888		452,523,663		2,627,495,780		29,965,167		131,908,734
	0		0		0		0		31,089		23,325
	131,913		1,242,169		2,125,665		379,815		1,099,054		2,839,237
	155,703		3,500		291,838		3,144,550		80,048		257,743
	1,626		3,276		3,446		15,975		282		1,357
	0		0		0		0		43,315		0
	524,671		0		1,318		72,334		0		46
	240,373,881		81,059,833		454,945,930		2,631,108,454		31,218,955		135,030,442
	771,118		530,362		773,699		2,046,414		461,640		1,679,862
	0		0		0		0		42,614		0
	38,190,079		12,817,250		33,230,785		120,708,266		907,670		7,685,687
	0		0		0		77,710		0		0
	39,098		44,471		222,060		146,296		19,558		86,870
	3,245		1,461		317		16,891		61,693		798,177
	26,474		17,054		19,811		34,433		6,445		28,638
	39,030,014		13,410,598		34,246,672		123,030,010		1,499,620		10,279,234
$	201,343,867	$	67,649,235	$	420,699,258	$	2,508,078,444	$	29,719,335	$	124,751,208
$	220,342,374	$	66,469,150	$	394,195,929	$	2,184,768,553	$	25,876,665	$	115,528,193
$	37,375,218	$	12,522,633	$	32,437,625	$	117,898,359	$	879,503	$	7,432,361
$	0	$	0	$	0	$	0	$	30,953	$	23,365

148   Wells Fargo Advantage Master Portfolios Statements of Assets and Liabilities—March 31, 2011 (Unaudited)

	International		International
	Index		Value
	Portfolio		Portfolio
Assets
Investments
In unaffiliated securities (including securities on loan), at value	$	29,618,755	$	320,588,550
In affiliated securities, at value		375,057		15,330,804
Total investments, at value (see cost below)		29,993,812		335,919,354
Segregated cash		119,500		0
Foreign currency, at value (see cost below)		221,593		12,378,612
Receivable for investments sold		43		1,205,005
Receivable for dividends and interest		140,618		1,559,626
Receivable for daily variation margin on open futures contracts		17,340		0
Receivable for securities lending income		211		14,148
Prepaid expenses and other assets		29,626		2,578
Total assets		30,522,743		351,079,323
Liabilities
Payable for investments purchased		13,441		816,332
Payable upon receipt of securities loaned		331,509		10,507,215
Advisory fee payable		7,674		242,699
Custodian fee payable		621,941		788,685
Accrued expenses and other liabilities		0		47,036
Total liabilities		974,565		12,401,967
Total net assets	$	29,548,178	$	338,677,356
Total investments, at cost	$	26,128,709	$	349,031,724
Securities on loan, at value	$	316,261	$	10,101,579
Foreign currency, at cost	$	218,938	$	12,317,908

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

Statements of Assets and Liabilities—March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios   149

Small Cap		Small Company		Small Company
Value		Growth		Value
Portfolio		Portfolio		Portfolio
$	54,560,207	$	341,424,564	$	230,205,907
	2,404,290		105,470,555		81,802,734
	56,964,497		446,895,119		312,008,641
	0		0		0
	0		0		0
	666,495		7,121,259		182,132
	123,532		90,386		296,056
	0		0		0
	0		13,070		22,411
	0		0		0
	57,754,524		454,119,834		312,509,240
	1,677,667		1,422,205		1,843,807
	0		94,244,571		73,997,998
	36,004		219,008		149,606
	0		0		10,843
	13,540		18,274		14,933
	1,727,211		95,904,058		76,017,187
$	56,027,313	$	358,215,776	$	236,492,053
$	46,939,842	$	347,679,782	$	263,707,699
$	0	$	91,844,824	$	72,096,258
$	0	$	0	$	0

150    Wells Fargo Advantage Master Portfolios Statements of Operations—Six Months Ended March 31, 2011 (Unaudited)

	C&B Large		Disciplined
	Cap Value		Value
	Portfolio		Portfolio
Investment income
Dividends*	$	4,050,369	$	726,903
Interest		0		209
Income from affiliated securities		5,717		1,785
Securities lending income, net		40,014		8,635
Total investment income		4,096,100		737,532
Expenses
Advisory fee		1,345,595		212,228
Custody and accounting fees		7,729		4,321
Professional fees		24,195		28,405
Shareholder report expenses		2,244		1,247
Trustees’ fees and expenses		5,274		5,274
Other fees and expenses		6,113		3,647
Total expenses		1,391,150		255,122
Less: Fee waivers and/or expense reimbursements		0		(14,031	)
Net expenses		1,391,150		241,091
Net investment income (loss)		2,704,950		496,441
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		11,739,497		2,232,789
Affiliated securities		0		0
Futures transactions		0		351,112
Forward foreign currency contract transactions		0		0
Net realized gains on investments		11,739,497		2,583,901
Net change in unrealized gains (losses) on:
Unaffiliated securities		41,804,036		8,223,140
Affiliated securities		0		0
Futures transactions		0		20,891
Forward foreign currency contract transactions		0		0
Net change in unrealized gains (losses) on investments		41,804,036		8,244,031
Net realized and unrealized gains (losses) on investments		53,543,533		10,827,932
Net increase in net assets resulting from operations	$	56,248,483	$	11,324,373
* Net of foreign withholding taxes of	$	29,609	$	0

1. After the close of business on January 28, 2011, the Diversified Large Cap Growth Portfolio acquired the net assets of Wells Fargo Advantage Disciplined Growth Portfolio, Wells Fargo Advantage Large Cap Appreciation Portfolio and Wells Fargo Advantage Large Company Growth Portfolio. As a result of the reorganization Wells Fargo Advantage Large Company Growth Portfolio became the accounting and performance survivor in the transaction. The information for the period prior to January 31, 2011 is that of the Wells Fargo Advantage Large Company Growth Portfolio.

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

Statements of Operations—Six Months Ended March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios   151

Diversified Large			Emerging			Equity					International			International
Cap Growth			Growth			Value		Index			Equity			Growth
Portfolio1			Portfolio			Portfolio		Portfolio			Portfolio			Portfolio
$	810,376		$	16,941		$	2,669,347	$	24,055,214		$	190,607		$	1,025,571
	0			0			0		1,884			0			0
	2,320			919			5,266		22,630			350			3,952
	25,349			12,496			32,085		200,816			3,491			20,457
	838,045			30,356			2,706,698		24,280,544			194,448			1,049,980
	508,192			149,274			1,303,097		1,019,705			123,925			496,736
	5,576			6,123			10,610		80,843			28,947			285,952
	22,824			16,494			31,994		28,219			21,814			32,667
	2,674			3,621			1,995		5,984			499			613
	5,274			5,274			5,274		5,274			5,274			5,274
	1,496			1,757			5,808		16,552			12,987			8,960
	546,036			182,543			1,358,778		1,156,577			193,446			830,202
	(59,658	)		(9,636	)		0		0			(14,733	)		(145,595	)
	486,378			172,907			1,358,778		1,156,577			178,713			684,607
	351,667			(142,551	)		1,347,920		23,123,967			15,735			365,373
	31,315,301			4,210,846			54,063,369		36,627,371			1,945,234			6,135,524
	0			0			0		810,316			0			0
	0			0			0		4,438,623			0			0
	0			0			0		0			(48,297	)		0
	31,315,301			4,210,846			54,063,369		41,876,310			1,896,937			6,135,524
	(1,881,599	)		7,009,139			18,122,106		304,704,639			1,466,525			4,457,334
	0			0			0		6,375,042			0			0
	0			0			0		(109,372	)		0			0
	0			0			0		0			27,985			0
	(1,881,599	)		7,009,139			18,122,106		310,970,309			1,494,510			4,457,334
	29,433,702			11,219,985			72,185,475		352,846,619			3,391,447			10,592,858
$	29,785,369		$	11,077,434		$	73,533,395	$	375,970,586		$	3,407,182		$	10,958,231
$	2,118		$	0		$	7,850	$	3,801		$	23,998		$	34,987

152   Wells Fargo Advantage Master Portfolios Statements of Operations—Six Months Ended March 31, 2011 (Unaudited)

	International			International
	Index			Value
	Portfolio			Portfolio
Investment income
Dividends*	$	333,085		$	3,889,191
Interest		0			1,549
Income from affiliated securities		128			5,701
Securities lending income, net		2,810			64,623
Total investment income		336,023			3,961,064
Expenses
Advisory fee		50,762			1,366,655
Custody and accounting fees		105,162			202,074
Professional fees		12,199			14,109
Shareholder report expenses		499			742
Trustees’ fees and expenses		5,274			3,565
Other fees and expenses		852			7,653
Total expenses		174,748			1,594,798
Less: Fee waivers and/or expense reimbursements		(100,948	)		(27,521	)
Net expenses		73,800			1,567,277
Net investment income (loss)		262,223			2,393,787
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		78,212			7,101,343
Futures transactions		16,944			0
Net realized gains on investments		95,156			7,101,343
Net change in unrealized gains (losses) on:
Unaffiliated securities		2,511,215			22,467,702
Futures transactions		19,445			0
Net change in unrealized gains (losses) on investments		2,530,660			22,467,702
Net realized and unrealized gains (losses) on investments		2,625,816			29,569,045
Net increase in net assets resulting from operations	$	2,888,039		$	31,962,832
* Net of foreign withholding taxes of	$	23,374		$	351,171

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

Statements of Operations—Six Months Ended March 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios   153

Small Cap			Small Company			Small Company
Value			Growth			Value
Portfolio			Portfolio			Portfolio
$	462,899		$	646,027		$	2,664,098
	0			0			0
	3,099			9,656			5,387
	0			74,618			67,557
	465,998			730,301			2,737,042
	243,393			1,309,165			735,785
	10,463			7,551			9,985
	22,123			26,954			20,319
	997			1,496			1,247
	6,516			5,274			3,565
	3,013			4,649			2,670
	286,505			1,355,089			773,571
	(8,305	)		0			0
	278,200			1,355,089			773,571
	187,798			(624,788	)		1,963,471
	8,360,757			49,766,935			25,644,575
	0			0			0
	8,360,757			49,766,935			25,644,575
	1,836,188			49,427,481			12,884,407
	0			0			0
	1,836,188			49,427,481			12,884,407
	10,196,945			99,194,416			38,528,982
$	10,384,743		$	98,569,628		$	40,492,453
$	1,002		$	0		$	0

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

	C&B Large Cap Value Portfolio
	Six Months Ended
	March 31, 2011			Year Ended
	(Unaudited)			September 30, 2010
Operations
Net investment income (loss)	$	2,704,950		$	7,791,963
Net realized gains (losses) on investments		11,739,497			(54,309,479	)
Net change in unrealized gains (losses) on investments		41,804,036			82,445,650
Net increase in net assets resulting from operations		56,248,483			35,928,134
Capital shares transactions
Transactions in investors’ beneficial interests
Contributions		8,100,394			48,638,019
Withdrawals		(54,457,794	)		(315,082,983	)
Net increase (decrease) in net assets resulting from capital share transactions		(46,357,400	)		(266,444,964	)
Total increase (decrease) in net assets		9,891,083			(230,516,830	)
Net assets
Beginning of period		405,354,410			635,871,240
End of period	$	415,245,493		$	405,354,410

1.

After the close of business on January 28, 2011, the Diversified Large Cap Growth Portfolio acquired the net assets of Wells Fargo Advantage Disciplined Growth Portfolio, Wells Fargo Advantage Large Cap Appreciation Portfolio and Wells Fargo Advantage Large Company Growth Portfolio. As a result of the reorganization Wells Fargo Advantage Large Company Growth Portfolio became the accounting and performance survivor in the transaction. The information for the periods prior to January 31, 2011 is that of the Wells Fargo Advantage Large Company Growth Portfolio.

2.

Amount includes $58,317,244 related to acquisitions during the period. See Notes to Financial Statements for a discussion of the acquisitions.

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

Statements of Changes in Net Assets Wells Fargo Advantage Master Portfolios     155

Disciplined Value Portfolio						Diversified Large Cap Growth Portfolio						Emerging Growth Portfolio
Six Months Ended						Six Months Ended						Six Months Ended
March 31, 2011			Year Ended			March 31, 20111			Year Ended			March 31, 2011			Year Ended
(Unaudited)			September 30, 2010			(Unaudited)			September 30, 20101			(Unaudited)			September 30, 2010
$	496,441		$	3,322,328		$	351,667		$	3,538,982		$	(142,551	)	$	(249,199	)
	2,583,901			(5,588,885	)		31,315,301			42,584,508			4,210,846			14,580,826
	8,244,031			5,925,992			(1,881,599	)		(43,061,314	)		7,009,139			(8,153,079	)
	11,324,373			3,659,435			29,785,369			3,062,176			11,077,434			6,178,548
	1,053,397			20,692,280			61,472,960	2		44,712,558			35,795,091			4,351,133
	(9,574,563	)		(223,668,350	)		(25,278,918	)		(897,265,962	)		(6,202,293	)		(72,176,151	)
	(8,521,166	)		(202,976,070	)		36,194,042			(852,553,404	)		29,592,798			(67,825,018	)
	2,803,207			(199,316,635	)		65,979,411			(849,491,228	)		40,670,232			(61,646,470	)
	63,985,737			263,302,372			135,364,456			984,855,684			26,979,003			88,625,473
$	66,788,944		$	63,985,737		$	201,343,867		$	135,364,456		$	67,649,235		$	26,979,003

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

	Equity Value Portfolio
	Six Months Ended
	March 31, 2011			Year Ended
	(Unaudited)			September 30, 2010
Operations
Net investment income	$	1,347,920		$	4,167,415
Net realized gains on investments		54,063,369			44,332,711
Net change in unrealized gains (losses) on investments		18,122,106			(6,108,053	)
Net increase in net assets resulting from operations		73,533,395			42,392,073
Capital shares transactions
Transactions in investors’ beneficial interests
Contributions		16,481,052			86,681,017
Withdrawals		(84,412,467	)		(227,091,516	)
Net decrease in net assets resulting from capital share transactions		(67,931,415	)		(140,410,499	)
Total increase (decrease) in net assets		5,601,980			(98,018,426	)
Net assets
Beginning of period		415,097,278			513,115,704
End of period	$	420,699,258		$	415,097,278

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

Statements of Changes in Net Assets Wells Fargo Advantage Master Portfolios     157

Index Portfolio						International Equity Portfolio						International Growth Portfolio
Six Months Ended						Six Months Ended						Six Months Ended
March 31, 2011			Year Ended			March 31, 2011			Year Ended			March 31, 2011			Year Ended
(Unaudited)			September 30, 2010			(Unaudited)			September 30, 2010			(Unaudited)			September 30, 2010
$	23,123,967		$	40,858,898		$	15,735		$	312,324		$	365,373		$	1,280,938
	41,876,310			106,935,226			1,896,937			9,000,290			6,135,524			9,606,785
	310,970,309			222,232,396			1,494,510			(8,318,791	)		4,457,334			(7,813,621	)
	375,970,586			370,026,520			3,407,182			993,823			10,958,231			3,074,102
	99,539,874			431,513,946			1,023,413			10,746,475			13,313,449			44,525,988
	(187,127,747	)		(548,429,110	)		(3,798,938	)		(55,194,605	)		(29,502,879	)		(73,245,020	)
	(87,587,873	)		(116,915,164	)		(2,775,525	)		(44,448,130	)		(16,189,430	)		(28,719,032	)
	288,382,713			253,111,356			631,657			(43,454,307	)		(5,231,199	)		(25,644,930	)
	2,219,695,731			1,966,584,375			29,087,678			72,541,985			129,982,407			155,627,337
$	2,508,078,444		$	2,219,695,731		$	29,719,335		$	29,087,678		$	124,751,208		$	129,982,407

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

	International Index Portfolio
	Six Months Ended
	March 31, 2011			Year Ended
	(Unaudited)			September 30, 2010
Operations
Net investment income (loss)	$	262,223		$	1,114,490
Net realized gains (losses) on investments		95,156			(801,132	)
Net change in unrealized gains (losses) on investments		2,530,660			(991,719	)
Net increase (decrease) in net assets resulting from operations		2,888,039			(678,361	)
Capital shares transactions
Transactions in investors’ beneficial interests
Contributions		1,363,510			11,233,320
Withdrawals		(3,628,613	)		(54,306,160	)
Net increase (decrease) in net assets resulting from capital share transactions		(2,265,103	)		(43,072,840	)
Total increase (decrease) in net assets		622,936			(43,751,201	)
Net assets
Beginning of period		28,925,242			72,676,443
End of period	$	29,548,178		$	28,925,242

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

Statements of Changes in Net Assets Wells Fargo Advantage Master Portfolios      159

International Value Portfolio						Small Cap Value Portfolio						Small Company Growth Portfolio
Six Months Ended						Six Months Ended						Six Months Ended
March 31, 2011			Year Ended			March 31, 2011			Year Ended			March 31, 2011			Year Ended
(Unaudited)			September 30, 2010			(Unaudited)			September 30, 2010			(Unaudited)			September 30, 2010
$	2,393,787		$	7,152,453		$	187,798		$	579,980		$	(624,788	)	$	(1,593,006	)
	7,101,343			(14,924,156	)		8,360,757			(12,558,165	)		49,766,935			58,656,563
	22,467,702			10,068,193			1,836,188			17,092,947			49,427,481			(11,673,458	)
	31,962,832			2,296,490			10,384,743			5,114,762			98,569,628			45,390,099
	15,484,262			39,614,812			1,713,171			10,637,680			24,828,180			46,698,694
	(6,563,304	)		(59,159,900	)		(15,079,756	)		(175,872,745	)		(68,548,925	)		(180,510,140	)
	8,920,958			(19,545,088	)		(13,366,585	)		(165,235,065	)		(43,720,745	)		(133,811,446	)
	40,883,790			(17,248,598	)		(2,981,842	)		(160,120,303	)		54,848,883			(88,421,347	)
	297,793,566			315,042,164			59,009,155			219,129,458			303,366,893			391,788,240
$	338,677,356		$	297,793,566		$	56,027,313		$	59,009,155		$	358,215,776		$	303,366,893

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

	Small Company Value Portfolio
	Six Months Ended
	March 31, 2011			Year Ended
	(Unaudited)			September 30, 2010
Operations
Net investment income	$	1,963,471		$	516,369
Net realized gains on investments		25,644,575			33,420,687
Net change in unrealized gains (losses) on investments		12,884,407			(12,991,739	)
Net increase in net assets resulting from operations		40,492,453			20,945,317
��
Capital shares transactions
Transactions in investors’ beneficial interests
Contributions		47,788,260			28,466,433
Withdrawals		(12,351,203	)		(128,081,070	)
Net increase (decrease) in net assets resulting from capital share transactions		35,437,057			(99,614,637	)
Total increase (decrease) in net assets		75,929,510			(78,669,320	)
Net assets
Beginning of period		160,562,543			239,231,863
End of period	$	236,492,053		$	160,562,543

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

Financial Highlights Wells Fargo Advantage Master Portfolios     161

	Ratio to Average Net Assets (Annualized)												Portfolio
	Net Investment			Gross			Net			Total			Turnover
	Income (Loss)			Expenses			Expenses			Return1			Rate
C&B Large Cap Value Portfolio
October 1, 2010 to March 31, 2011 (Unaudited)		1.31	%		0.67	%		0.67	%		14.60	%		12	%
October 1, 2009 to September 30, 2010		1.40	%		0.70	%		0.68	%		7.49	%		13	%
October 1, 2008 to September 30, 2009		2.19	%		0.73	%		0.64	%		(5.53	)%		28	%
October 1, 2007 to September 30, 2008		1.71	%		0.73	%		0.68	%		(20.18	)%		21	%
October 1, 2006 to September 30, 2007		1.48	%		0.74	%		0.68	%		11.88	%		24	%
October 1, 2005 to September 30, 2006		1.77	%		0.76	%		0.66	%		15.30	%		29	%
Disciplined Value Portfolio
October 1, 2010 to March 31, 2011 (Unaudited)		0.76	%		0.78	%		0.74	%		19.01	%		25	%
October 1, 2009 to September 30, 2010		1.73	%		0.73	%		0.72	%		7.02	%		46	%
October 1, 2008 to September 30, 2009		2.69	%		0.75	%		0.69	%		(9.66	)%		11	%
October 1, 2007 to September 30, 2008		2.16	%		0.75	%		0.57	%		(23.18	)%		8	%
October 1, 2006 to September 30, 2007		1.91	%		0.76	%		0.57	%		15.91	%		16	%
October 1, 2005 to September 30, 2006		1.84	%		0.75	%		0.70	%		11.21	%		7	%
Diversified Large Cap Growth Portfolio3
October 1, 2010 to March 31, 2011 (Unaudited)		0.22	%		0.70	%		0.62	%		20.66	%		91	%
October 1, 2009 to September 30, 2010		0.66	%		0.70	%		0.62	%		7.51	%		11	%
October 1, 2008 to September 30, 2009		0.97	%		0.70	%		0.62	%		3.31	%		13	%
October 1, 2007 to September 30, 2008		0.48	%		0.68	%		0.67	%		(22.59	)%		7	%
October 1, 2006 to September 30, 2007		0.46	%		0.70	%		0.68	%		17.80	%		10	%
October 1, 2005 to September 30, 2006		0.14	%		0.70	%		0.61	%		1.41	%		6	%
Emerging Growth Portfolio
October 1, 2010 to March 31, 2011 (Unaudited)		(0.76	)%		0.98	%		0.93	%		35.96	%		53	%
October 1, 2009 to September 30, 2010		(0.66	)%		1.02	%		0.94	%		20.49	%		97	%
October 1, 2008 to September 30, 2009		(0.53	)%		0.94	%		0.91	%		(5.70	)%		147	%
October 1, 2007 to September 30, 2008		(0.49	)%		0.93	%		0.92	%		(30.95	)%		191	%
January 31, 20072 to September 30, 2007		(0.54	)%		1.01	%		0.99	%		24.40	%		125	%
Equity Value Portfolio
October 1, 2010 to March 31, 2011 (Unaudited)		0.67	%		0.68	%		0.68	%		20.09	%		75	%
October 1, 2009 to September 30, 2010		0.87	%		0.71	%		0.69	%		9.75	%		122	%
October 1, 2008 to September 30, 2009		1.89	%		0.73	%		0.69	%		(7.21	)%		142	%
October 1, 2007 to September 30, 2008		1.68	%		0.74	%		0.70	%		(27.44	)%		152	%
October 1, 2006 to September 30, 2007		1.29	%		0.77	%		0.69	%		20.21	%		108	%
October 1, 2005 to September 30, 2006		1.18	%		0.78	%		0.77	%		10.73	%		107	%
Index Portfolio
October 1, 2010 to March 31, 2011 (Unaudited)		1.94	%		0.10	%		0.10	%		17.29	%		3	%
October 1, 2009 to September 30, 2010		2.01	%		0.10	%		0.10	%		9.97	%		22	%
October 1, 2008 to September 30, 2009		2.61	%		0.12	%		0.10	%		(7.00	)%		10	%
October 1, 2007 to September 30, 2008		2.07	%		0.11	%		0.11	%		(22.28	)%		5	%
October 1, 2006 to September 30, 2007		1.86	%		0.11	%		0.10	%		16.35	%		8	%
October 1, 2005 to September 30, 2006		1.86	%		0.11	%		0.11	%		10.70	%		9	%
International Equity Portfolio
October 1, 2010 to March 31, 2011 (Unaudited)		0.11	%		1.33	%		1.23	%		12.33	%		28	%
October 1, 2009 to September 30, 2010		0.61	%		1.31	%		1.28	%		6.57	%		105	%
October 1, 2008 to September 30, 2009		1.77	%		1.23	%		1.15	%		(10.14	)%		212	%
October 1, 2007 to September 30, 2008		1.60	%		1.14	%		1.12	%		(31.42	)%		55	%
October 1, 2006 to September 30, 2007		1.27	%		1.09	%		1.08	%		23.70	%		66	%
October 1, 2005 to September 30, 2006		1.99	%		1.09	%		1.03	%		14.58	%		39	%
International Growth Portfolio
October 1, 2010 to March 31, 2011 (Unaudited)		0.63	%		1.42	%		1.17	%		9.85	%		42	%
October 1, 2009 to September 30, 2010		0.89	%		1.42	%		1.20	%		3.25	%		89	%
October 1, 2008 to September 30, 2009		1.71	%		1.14	%		1.11	%		6.23	%		95	%
October 1, 2007 to September 30, 2008		1.17	%		1.08	%		1.05	%		(28.68	)%		57	%
October 1, 2006 to September 30, 2007		1.09	%		1.06	%		1.03	%		27.40	%		73	%
October 1, 2005 to September 30, 2006		0.87	%		1.07	%		0.98	%		19.95	%		62	%

1.	Returns for periods of less than one year are not annualized.
2.	Commencement of operations.
3.	After the close of business on January 28, 2011, the Diversified Large Cap Growth Portfolio acquired the net assets of Wells Fargo Advantage Disciplined Growth Portfolio, Wells Fargo Advantage Large Cap Appreciation Portfolio and Wells Fargo Advantage Large Company Growth Portfolio. As a result of the reorganization Wells Fargo Advantage Large Company Growth Portfolio became the accounting and performance survivor in the transaction. The information for the periods prior to January 31, 2011 is that of the Wells Fargo Advantage Large Company Growth Portfolio.

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

162      Wells Fargo Advantage Master Portfolios Financial Highlights

	Ratio to Average Net Assets (Annualized)												Portfolio
	Net Investment			Gross			Net			Total			Turnover
	Income (Loss)			Expenses			Expenses			Return1			Rate
International Index Portfolio
October 1, 2010 to March 31, 2011 (Unaudited)		1.81	%		1.20	%		0.51	%		10.39	%		2	%
October 1, 2009 to September 30, 2010		2.17	%		0.77	%		0.65	%		2.47	%		20	%
October 1, 2008 to September 30, 2009		2.86	%		0.55	%		0.46	%		1.65	%		13	%
October 1, 2007 to September 30, 2008		2.84	%		0.51	%		0.50	%		(29.67	)%		14	%
October 1, 2006 to September 30, 2007		2.15	%		0.49	%		0.49	%		24.52	%		3	%
October 1, 2005 to September 30, 2006		2.59	%		0.49	%		0.37	%		19.44	%		7	%
International Value Portfolio
October 1, 2010 to March 31, 2011 (Unaudited)		1.49	%		0.99	%		0.97	%		10.74	%		16	%
October 1, 2009 to September 30, 2010		2.41	%		1.20	%		1.06	%		0.92	%		27	%
October 1, 2008 to September 30, 2009		2.72	%		1.08	%		1.03	%		5.26	%		41	%
October 1, 2007 to September 30, 2008		3.68	%		1.07	%		1.01	%		(34.21	)%		23	%
October 1, 2006 to September 30, 2007		2.47	%		1.07	%		1.03	%		21.91	%		19	%
October 1, 2005 to September 30, 2006		2.34	%		1.09	%		1.09	%		19.32	%		31	%
Small Cap Value Portfolio
October 1, 2010 to March 31, 2011 (Unaudited)		0.62	%		0.94	%		0.91	%		18.07	%		53	%
October 1, 2009 to September 30, 2010		0.66	%		0.94	%		0.91	%		9.60	%		38	%
October 1, 2008 to September 30, 2009		1.31	%		0.91	%		0.74	%		(8.76	)%		50	%
October 1, 2007 to September 30, 2008		0.80	%		0.91	%		0.83	%		(16.47	)%		46	%
October 1, 2006 to September 30, 2007		0.30	%		0.93	%		0.92	%		8.65	%		64	%
January 31, 20062 to September 30, 2006		0.75	%		0.94	%		0.75	%		0.60	%		37	%
Small Company Growth Portfolio
October 1, 2010 to March 31, 2011 (Unaudited)		0.38	%		0.83	%		0.83	%		36.08	%		53	%
October 1, 2009 to September 30, 2010		(0.48	)%		0.87	%		0.86	%		15.25	%		129	%
October 1, 2008 to September 30, 2009		(0.53	)%		0.89	%		0.87	%		1.75	%		169	%
October 1, 2007 to September 30, 2008		(0.53	)%		0.89	%		0.89	%		(27.50	)%		150	%
October 1, 2006 to September 30, 2007		(0.46	)%		0.90	%		0.90	%		17.74	%		138	%
October 1, 2005 to September 30, 2006		(0.33	)%		0.91	%		0.90	%		7.02	%		125	%
Small Company Value Portfolio
October 1, 2010 to March 31, 2011 (Unaudited)		2.13	%		0.84	%		0.84	%		26.07	%		38	%
October 1, 2009 to September 30, 2010		0.31	%		0.89	%		0.89	%		16.38	%		60	%
October 1, 2008 to September 30, 2009		1.16	%		0.90	%		0.88	%		(6.28	)%		99	%
October 1, 2007 to September 30, 2008		1.02	%		0.90	%		0.89	%		(22.01	)%		82	%
October 1, 2006 to September 30, 2007		0.53	%		0.93	%		0.92	%		6.53	%		69	%
October 1, 2005 to September 30, 2006		0.64	%		0.92	%		0.79	%		6.70	%		114	%

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Master Portfolios     163

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 C&B Large Cap Value Portfolio (“C&B Large Cap Value Portfolio”), Wells Fargo Advantage Disciplined Value Portfolio (“Disciplined Value Portfolio”), Wells Fargo Advantage Diversified Large Cap Growth Portfolio (“Diversified Large Cap Growth Portfolio” ), Wells Fargo Advantage Emerging Growth Portfolio (“Emerging Growth Portfolio” ), Wells Fargo Advantage Equity Value Portfolio (“Equity Value Portfolio” ), Wells Fargo Advantage Index Portfolio (“Index Portfolio” ), Wells Fargo Advantage International Equity Portfolio (“International Equity Portfolio” ) (formerly, Wells Fargo Advantage International Core Portfolio), Wells Fargo Advantage International Growth Portfolio (“International Growth Portfolio” ), Wells Fargo Advantage International Index Portfolio (“International Index Portfolio” ), Wells Fargo Advantage International Value Portfolio (“International Value Portfolio” ), Wells Fargo Advantage Small Cap Value Portfolio (“Small Cap Value Portfolio” ) (formerly, Wells Fargo Advantage Strategic Small Cap Value Portfolio), Wells Fargo Advantage Small Company Growth Portfolio (“Small Company Growth Portfolio” ) and Wells Fargo Advantage Small Company Value Portfolio (“Small Company Value Portfolio” ) (each, a “Portfolio”, collectively, the “Portfolios”).

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

Securities valuation

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

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

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

Certain fixed income securities with maturities exceeding 60 days are valued based on available market quotations received from an independent pricing service approved by the Trust’s Board of Trustees which may utilize both transaction data and market information such as yield, prices of securities of comparable quality, coupon rate, maturity, type of issue, trading

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

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 generally are valued at amortized cost which approximates fair value. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity.

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

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.

Foreign currency translation

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

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

Forward foreign currency contracts

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

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.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Master Portfolios     165

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 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.

Futures contracts

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

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.

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

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

Federal and other taxes

Each Portfolio is treated as a separate entity for federal income tax purposes. The Portfolios are not required to pay federal income taxes on their net investment income and net capital gain as they are treated as partnerships for federal income tax purposes. All interest, dividends, gains and losses of a Portfolio are deemed to have been “passed through” to the 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 March 31, 2011, 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
C&B Large Cap Value Portfolio
Equity securities
Common stocks	$	405,389,408	$	0	$	0	$	405,389,408
Preferred stocks		5,342,980		0		0		5,342,980
Short-term investments
Corporate bonds and notes		0		0		2,000,998		2,000,998
Investment companies		2,152,518		62,606,319		0		64,758,837
Total	$	412,884,906	$	62,606,319	$	2,000,998	$	477,492,223
Disciplined Value Portfolio
Equity securities
Common stocks	$	65,087,137	$	0	$	0	$	65,087,137
Short-term investments
Corporate bonds and notes		0		0		128,493		128,493
US Treasury securities		249,994		0		0		249,994
Investment companies		1,319,577		10,843,522		0		12,163,099
Total	$	66,656,708	$	10,843,522	$	128,493	$	77,628,723

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Master Portfolios     167

			Significant Other		Significant
	Quoted Prices		Observable Inputs		Unobservable Inputs
Investments in Securities	(Level 1)		(Level 2)		(Level 3)		Total
Diversified Large Cap Growth Portfolio
Equity securities
Common stocks	$	197,231,363	$	0	$	0	$	197,231,363
Short-term investments
Corporate bonds and notes		0		0		1,989,144		1,989,144
Investment companies		3,287,470		37,051,991		0		40,339,461
Total	$	200,518,833	$	37,051,991	$	1,989,144	$	239,559,968
Emerging Growth Portfolio
Equity securities
Common stocks	$	66,492,130	$	0	$	0	$	66,492,130
Short-term investments
Corporate bonds and notes		0		0		863,901		863,901
Investment companies		131,889		12,322,968		0		12,454,857
Total	$	66,624,019	$	12,322,968	$	863,901	$	79,810,888
Equity Value Portfolio
Equity securities
Common stocks	$	416,021,076	$	0	$	0	$	416,021,076
Short-term investments
Corporate bonds and notes		0		0		1,392,160		1,392,160
Investment companies		2,676,166		32,434,261		0		35,110,427
Total	$	418,697,242	$	32,434,261	$	1,392,160	$	452,523,663
Index Portfolio
Equity securities
Common stocks	$	2,473,522,282	$	0	$	0	$	2,473,522,282
Short-term investments
Corporate bonds and notes		0		0		5,836,045		5,836,045
US Treasury securities		3,499,839		0		0		3,499,839
Investment companies		27,268,441		117,369,173		0		144,637,614
Total	$	2,504,290,562	$	117,369,173	$	5,836,045	$	2,627,495,780
International Equity Portfolio
Equity securities
Common stocks	$	28,120,934	$	0	$	0	$	28,120,934
Investment companies		392,153		0		0		392,153
Short-term investments
Investment companies		544,410		907,670		0		1,452,080
Total	$	29,057,497	$	907,670	$	0	$	29,965,167

168     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
International Growth Portfolio
Equity securities
Common stocks	$	118,878,013	$	0	$	0	$	118,878,013
Short-term investments
Investment companies		5,345,034		7,685,687		0		13,030,721
Total	$	124,223,047	$	7,685,687	$	0	$	131,908,734
International Index Portfolio
Equity securities
Common stocks	$	29,448,219	$	0	$	30,665	$	29,478,884
Preferred stocks		137,072		0		0		137,072
Rights		0		2,347		0		2,347
Warrants		0		452		0		452
Short-term investments
Investment companies		43,548		331,509		0		375,057
Total	$	29,628,839	$	334,308	$	30,665	$	29,993,812
International Value Portfolio
Equity securities
Common stocks	$	320,433,161	$	0	$	155,389	$	320,588,550
Short-term investments
Investment companies		4,823,589		10,507,215		0		15,330,804
Total	$	325,256,750	$	10,507,215	$	155,389	$	335,919,354
Small Cap Value Portfolio
Equity securities
Common stocks	$	54,262,245	$	0	$	0	$	54,262,245
Warrants		0		0		23,397		23,397
Investment companies		274,565		0		0		274,565
Short-term investments
Investment companies		2,404,290		0		0		2,404,290
Total	$	56,941,100	$	0	$	23,397	$	56,964,497
Small Company Growth Portfolio
Equity securities
Common stocks	$	339,032,751	$	0	$	0	$	339,032,751
Short-term investments
Corporate bonds and notes		0		0		2,391,813		2,391,813
Investment companies		12,594,460		92,876,095		0		105,470,555
Total	$	351,627,211	$	92,876,095	$	2,391,813	$	446,895,119

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Master Portfolios     169

			Significant Other		Significant
	Quoted Prices		Observable Inputs		Unobservable Inputs
Investments in Securities	(Level 1)		(Level 2)		(Level 3)		Total
Small Company Value Portfolio
Equity securities
Common stocks	$	228,531,383	$	0	$	0	$	228,531,383
Short-term investments
Corporate bonds and notes		0		0		1,674,524		1,674,524
Investment companies		8,762,815		73,039,919		0		81,802,734
Total	$	237,294,198	$	73,039,919	$	1,674,524	$	312,008,641

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

As of March 31, 2011, the inputs used in valuing the Portfolio’s other financial instruments, which are carried at fair value, were as follows:

			Significant Other		Significant
	Quoted Prices		Observable Inputs		Unobservable Inputs
Future Contracts	(Level 1)		(Level 2)		(Level 3)		Total
Disciplined Value Portfolio	$	24,226	$	0	$	0	$	24,226
Index Portfolio		556,878		0		0		556,878
International Index Portfolio		14,121		0		0		14,121

			Significant Other		Significant
	Quoted Prices		Observable Inputs		Unobservable Inputs
Forward Foreign Currency Contracts	(Level 1)		(Level 2)		(Level 3)		Total
International Equity Portfolio	$	0	$	701	$	0	$	701

For the six months ended March 31, 2011, the Portfolios did not have any significant transfers into/out of Level 1 and Level 2.

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

	C&B Large			Disciplined			Diversified Large			Emerging			Equity
	Cap Value			Value			Cap Growth			Growth			Value
	Portfolio			Portfolio			Portfolio			Portfolio			Portfolio
Corporate bonds and notes
Balance as of September 30, 2010	$	2,059,332		$	132,239		$	1,302,126		$	889,086		$	1,432,744
Accrued discounts (premiums)		0			0			0			0			0
Realized gains (losses)		0			0			0			0			0
Change in unrealized gains (losses)		228,817			14,693			(524,470	)		98,789			159,197
Purchases		0			0			0			0			0
Sales		(287,151	)		(18,439	)		1,211,488			(123,974	)		(199,781	)
Transfers into Level 3		0			0			0			0			0
Transfers out of Level 3		0			0			0			0			0
Balance as of March 31, 2011	$	2,000,998		$	128,493		$	1,989,144		$	863,901		$	1,392,160
Change in unrealized gains (losses) relating to securities still held at March 31, 2011	$	80,644		$	5,179		$	80,166		$	34,817		$	56,107

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

	Index													Small Company			Small Company
	Portfolio			International		International			Small Cap					Growth Portfolio			Value Portfolio
	Corporate			Index Portfolio		Value Portfolio			Value Portfolio					Corporate			Corporate
	bonds and			Common		Common			Preferred					bonds and			bonds and
	notes			stocks		stocks			stocks			Warrants		notes			notes
Balance as of September 30, 2010	$	6,006,178		$	0	$	101,496		$	34,500		$	0	$	2,461,540		$	1,723,340
Accrued discounts (premiums)		0			0		0			0			0		0			0
Realized gains (losses)		0			0		0			6,693			0		0			0
Change in unrealized gains (losses)		667,365			0		70,331			(3,979	)		23,397		273,509			191,486
Purchases		0			0		0			0			0		0			0
Sales		(837,498	)		0		(171,827	)		(37,214	)		0		(343,236	)		(240,302	)
Transfers into Level 3		0			30,665		155,389			0			0		0			0
Transfers out of Level 3		0			0		0			0			0		0			0
Balance as of March 31, 2011	$	5,836,045		$	30,665	$	155,389		$	0		$	23,397	$	2,391,813		$	1,674,524
Change in unrealized gains (losses) relating to securities still held at March 31, 2011	$	235,204		$	0	$	0		$	0		$	23,397	$	96,395		$	67,487

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fees

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

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Portfolios. The fees related to sub-advisory services are borne directly by the adviser and do not increase the overall fees paid by a Portfolio to the adviser.

The adviser and sub-advisers are each paid an annual fee which is calculated based on the average daily net assets of each Portfolio as follows:

							Effective for
	Advisory Fee						six months ended				Sub-advisory Fee
	starting at			declining to			March 31, 2011			Sub-adviser	starting at			declining to
C&B Large Cap Value Portfolio		0.65	%		0.55	%		0.65	%	Cooke & Bieler LP		0.45	%		0.30	%
Disciplined Value Portfolio		0.65	%		0.55	%		0.65	%	Wells Capital Management		0.35	%		0.15	%
Diversified Large Cap Growth Portfolio		0.65	%		0.55	%		0.65	%	Wells Capital Management*		0.35	%*		0.15	%*
Emerging Growth Portfolio		0.80	%		0.70	%		0.80	%	Wells Capital Management		0.55	%		0.40	%
Equity Value Portfolio		0.65	%		0.55	%		0.65	%	Systematic Financial Management, LP		0.30	%		0.10	%
Index Portfolio		0.10	%		0.05	%		0.09	%	Wells Capital Management		0.05	%		0.02	%
International Equity Portfolio		0.85	%		0.70	%		0.85	%	Wells Capital Management		0.45	%		0.40	%
International Growth Portfolio		0.85	%		0.70	%		0.85	%	Artisan Partners Limited Partnership		0.80	%		0.50	%
International Index Portfolio		0.35	%		0.30	%		0.35	%	SSgA Funds Management, Inc.		0.08	%		0.06	%
International Value Portfolio		0.85	%		0.70	%		0.85	%	LSV Asset Management		0.35	%		0.30	%
Small Cap Value Portfolio		0.80	%		0.70	%		0.80	%	Wells Capital Management		0.45	%		0.40	%
Small Company Growth Portfolio		0.80	%		0.70	%		0.80	%	Peregrine Capital Management, Inc.		0.90	%		0.55	%
Small Company Value Portfolio		0.80	%		0.70	%		0.80	%	Peregrine Capital Management, Inc.		0.50	%		0.75	%

* Prior to February 2011, Diversified Large Cap Growth Portfolio paid Peregrine Capital Management, Inc. a sub-advisory fee which started at 0.55% and declined to 0.225% as average daily net assets increased.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Master Portfolios   171

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. Government obligations and short-term securities (securities with maturities of one year or less at purchase date), for the six months ended March 31, 2011 were as follows:

	Purchases at Cost		Sales Proceeds
C&B Large Cap Value Portfolio	$	49,100,619	$	86,606,991
Disciplined Value Portfolio		15,898,907		23,267,259
Diversified Large Cap Growth Portfolio		200,543,821		161,470,610
Emerging Growth Portfolio		88,883,776		60,227,594
Equity Value Portfolio		300,573,018		367,092,002
Index Portfolio		62,942,155		103,038,413
International Equity Portfolio		7,944,853		12,083,961
International Growth Portfolio		50,586,529		47,329,811
International Index Portfolio		523,994		2,636,071
International Value Portfolio		53,459,660		48,102,476
Small Cap Value Portfolio		30,738,651		43,160,890
Small Company Growth Portfolio		167,936,662		210,365,253
Small Company Value Portfolio		101,663,130		68,600,763

6. DERIVATIVE TRANSACTIONS

During the six months ended March 31, 2011, the Disciplined Value Portfolio, Index Portfolio and International Index Portfolio entered into futures contracts for hedging purposes.

At March 31, 2011, the Disciplined Value Portfolio, Index Portfolio and International Index Portfolio had long futures contracts outstanding as follows:

				Initial		Value at
	Expiration			Contract		March 31,		Net
	Date	Contracts	Type	Amount		2011		Unrealized Gains
Disciplined Value Portfolio	June 2011	13 Long	S&P 500 Index	$	849,614	$	858,650	$	9,036
	June 2011	2 Long	S&P 500 Index		645,310		660,500		15,190
Index Portfolio	June 2011	96 Long	S&P 500 Index		31,147,122		31,704,000		556,878
International Index Portfolio	June 2011	5 Long	MSCI EAFE Index		407,629		421,750		14,121

Disciplined Value Portfolio, Index Portfolio and International Index Portfolio had an average notional amount of $1,809, $24,253 and $285, respectively, in long futures contracts during the six months ended March 31, 2011. As of March 31, 2011, the International Index Portfolio had segregated $119,500 as cash collateral for open futures contracts.

During the six months ended March 31, 2011, the International Equity Portfolio entered into forward foreign currency contracts for hedging purposes.

At March 31, 2011, the International Equity Portfolio had forward foreign currency contracts outstanding as follows:

Forward Foreign Currency Contracts to Buy:

							Net Unrealized
			U.S. Value at		In Exchange for		Gains
Exchange Date	Counterparty	Contracts to Receive	March 31, 2011		U.S. $		(Losses)
05/09/2011	Barclays	462,900 GBP	$	742,284	$	746,079	$	(3,795	)

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

Forward Foreign Currency Contracts to Sell:

							Net Unrealized
			U.S. Value at		In Exchange for		Gains
Exchange Date	Counterparty	Contracts to Deliver	March 31, 2011		U.S. $		(Losses)
05/09/2011	Barclays	462,900 GBP	$	742,284	$	746,479	$	4,195
05/09/2011	Barclays	707,300 EUR		1,001,730		962,911		(38,819	)
06/20/2011	JPMorgan	59,709,000 JPY		718,176		757,296		39,120

The International Equity Portfolio had average market values of $335,752 and $908,237 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended March 31, 2011.

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

The receivable for daily variation margin on open futures contracts reflected in the Statements of Assets and Liabilities only represents the current day’s variation margin.

7. ACQUISITIONS

After the close of business on January 28, 2011, Diversified Large Cap Growth Portfolio acquired the net assets of Wells Fargo Advantage Disciplined Growth Portfolio, Wells Fargo Advantage Large Cap Appreciation Portfolio and Wells Fargo Advantage Large Company Growth Portfolio. The purpose of the transactions was to combine four funds with similar investment objectives and strategies. Diversified Large Cap Growth Portfolio was newly created to receive the assets of Wells Fargo Advantage Disciplined Growth Portfolio, Wells Fargo Advantage Large Cap Appreciation Portfolio and Wells Fargo Advantage Large Company Growth Portfolio. Wells Fargo Advantage Large Company Growth Portfolio became the accounting and performance survivor in the reorganization. The investment portfolio of Wells Fargo Advantage Disciplined Growth Portfolio, Wells Fargo Advantage Large Cap Appreciation Portfolio and Wells Fargo Advantage Large Company Growth Portfolio with fair values of $39,103,183, $19,707,063 and $128,195,321, respectively, and identified costs of $38,164,693, $19,599,174 and $118,513,716, respectively, at January 28, 2011, were the principal assets acquired by Diversified Large Cap Growth Portfolio. For financial reporting purposes, assets received by Diversified Large Cap Growth Portfolio were recorded at fair value; however, the cost basis of the investments received from Wells Fargo Advantage Disciplined Growth Portfolio, Wells Fargo Advantage Large Cap Appreciation Portfolio and Wells Fargo Advantage Large Company Growth Portfolio were carried forward to align ongoing reporting of Diversified Large Cap Growth Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The value of net assets acquired and unrealized gains (losses) acquired were as follows:

	Value of Net		Unrealized
Acquired Fund	Assets Acquired		Gains
Wells Fargo Advantage Disciplined Growth Portfolio	$	38,752,540	$	938,490
Wells Fargo Advantage Large Cap Appreciation Portfolio		19,564,704		107,889
Wells Fargo Advantage Large Company Growth Portfolio		135,797,112		9,681,605

The aggregate net assets of Diversified Large Cap Growth Portfolio immediately before and after the acquisitions were $135,797,112 and $194,114,356, respectively.

Assuming the acquisitions had been completed October 1, 2010, the beginning of the annual reporting period for Diversified Large Cap Growth Portfolio, the pro forma results of operations for the six months ended March 31, 2011 would have been

Net investment income	$	505,808
Net realized and unrealized gains (losses) on investments	$	35,994,248
Net increase in net assets resulting from operations	$	36,500,056

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Master Portfolios   173

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisitions were completed, it is not practicable to separate the amounts of revenue and earnings of Wells Fargo Advantage Disciplined Growth Portfolio, Wells Fargo Advantage Large Cap Appreciation Portfolio and Wells Fargo Advantage Large Company Growth Portfolio that have been included in Diversified Large Cap Growth Portfolio’s Statement of Operations since January 31, 2011.

8. REDEMPTION IN-KIND

After the close of business on June 18, 2010, Disciplined Value Portfolio redeemed assets through an in-kind redemption by issuing securities with a value of $116,925,293 (representing 54.76% of the Portfolio at the time of the transaction) and recognized gains in the amount of $8,461,779.

9. 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.

174   Wells Fargo Equity Gateway Funds Other Information (Unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures that the Funds and Portfolios uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our Web site at www.wellsfargo.com/advantagefunds, or visiting the SEC Web site at www.sec.gov. Information regarding how the Funds and Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Funds and Portfolios Web site at www.wellsfargo.com/advantagefunds or by visiting the SEC Web site at www.sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of the Wells Fargo Funds Trust and Wells Fargo Master Trust (the “Trusts”) and Officers of the Trusts. This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹ of the Funds and Portfolios. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 152 funds comprising the Trusts, Wells Fargo Variable Trust, and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and	Position Held and
Year of Birth	Length of Service2	Principal Occupations During Past Five Years	Other Directorships
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005 (Lead Trustee since 2001)	Co-Founder, Chairman, President and CEO of Crystal Geyser. Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction), Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 45 portfolios as of 12/31/10); Director, Diversapack Co. (packaging company); Asset Allocation Trust

Other Information (Unaudited) Wells Fargo Equity Gateway Funds   175

Name and	Position Held and
Year of Birth	Length of Service2	Principal Occupations During Past Five Years	Other Directorships
David F. Larcker (Born 1951)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of Corporate Governance Research Program and Co-Director of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor and Chair of the Department of Insurance and Risk Management, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Currently serves on the Investment Company Institute’s Board of Governors and Executive Committee as well the Independent Director’s Counsel Board of Governors and Executive Committee. Former Chairman of the Independent Directors Counsel. Trustee of the Evergreen Funds from 1984 to 2010. Retired Attorney, Law Offices of Michael S. Scofield and former Director and Chairman, Branded Media Corporation (multi-media branding company).	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010.	Asset Allocation Trust

Officers

Name and	Position Held and
Year of Birth	Length of Service2	Principal Occupations During Past Five Years	Other Directorships
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips (Born 1970)	Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010. Vice President and Assistant Vice President of Evergreen Investment Services, Inc. from 1999 to 2006.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

176   Wells Fargo Equity Gateway Funds Other Information (Unaudited)

Name and	Position Held and
Year of Birth	Length of Service2	Principal Occupations During Past Five Years	Other Directorships
Jeremy DePalma (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Assistant Vice President, Evergreen Investment Services, Inc. from 2000 to 2004 and the head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.

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

Other Information (Unaudited) Wells Fargo Equity Gateway Funds   177

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

C&B Large Cap Value Fund, Diversified Equity Fund, Diversified Small Cap Fund, Emerging Growth Fund, Equity Value Fund, International Value Fund, Small Company Growth Fund, Small Company Value Fund, C&B Large Cap Value Portfolio, Disciplined Value Portfolio, Emerging Growth Portfolio, Equity Value Portfolio, Index Portfolio, International Equity Portfolio, International Growth Portfolio, International Index Portfolio, International Value Portfolio, Small Cap Value Portfolio, Small Company Growth Portfolio and Small Company Value Portfolio

Each year, as required by Section 15 of the Investment Company Act of 1940 (the “1940 Act”), that each Board of Trustees (each, a “Board” and collectively, the “Boards”) of Wells Fargo Funds Trust (“Funds Trust”) and Wells Fargo Master Trust (“Master Trust”) (collectively, the “Trusts”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trusts, as defined in the 1940 Act (the “Independent Trustees”), determines whether to approve the continuation of the Trusts’ investment advisory and sub-advisory agreements. In this regard, at an in person meeting held on March 24-25, 2011 (the “Meeting”), the Board reviewed and re-approved investment advisory agreements with Wells Fargo Funds Management, LLC (“Funds Management”) for each of the C&B Large Cap Value Fund, Diversified Equity Fund, Diversified Small Cap Fund, Emerging Growth Fund, Equity Value Fund, International Value Fund, Small Company Growth Fund and Small Company Value Fund (the “Gateway Funds”). The Master Trust Board reviewed and re-approved investment advisory agreements with Funds Management for each of the C&B Large Cap Value Portfolio, Disciplined Value Portfolio, Emerging Growth Portfolio, Equity Value Portfolio, Index Portfolio, International Equity Portfolio, International Growth Portfolio, International Index Portfolio, International Value Portfolio, Small Cap Value Portfolio, Small Company Growth Portfolio and Small Company Value Portfolio (the “Master Portfolios”). The Gateway Funds and the Master Portfolios are, collectively, the “Funds.”

The Master Trust Board reviewed and re-approved: (i) an investment sub-advisory agreement with Wells Capital Management Incorporated (“Wells Capital Management”) for each of the Disciplined Value Portfolio, Emerging Growth Portfolio, Index Portfolio, International Equity Portfolio and Small Cap Value Portfolio; (ii) an investment sub-advisory agreement with Artisan Partners Limited Partnership (“Artisan”) for the International Growth Portfolio; (iii) an investment sub-advisory agreement with Cooke & Bieler L.P. (“Cooke & Bieler”) for the C&B Large Cap Value Portfolio; (iv) an investment sub-advisory agreement with LSV Asset Management (“LSV”) for the International Value Portfolio; (v) investment sub-advisory agreements with Peregrine Capital Management, Inc. (“Peregrine”) for the Small Company Growth Portfolio and Small Company Value Portfolio; (vi) an investment sub-advisory agreement with SSgA Funds Management (“SSgA”) for the International Index Portfolio; and (vii) an investment sub-advisory agreement with Systematic Financial Management, L.P. (“Systematic”) for the Equity Value Portfolio. The investment advisory agreements with Funds Management and the investment sub-advisory agreements with Wells Capital Management, Artisan, Cooke & Bieler, LSV, Peregrine, SSgA, and Systematic (the “Sub-Advisers”) are collectively referred to as the “Advisory Agreements.”

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

The Diversified Equity Fund and Diversified Small Cap Fund are gateway blended funds that invest all of their assets in multiple Master Portfolios identified above. The C&B Large Cap Value Fund, Emerging Growth Fund, Equity Value Fund, International Value Fund, Small Company Growth Fund and Small Company Value Fund are gateway feeder funds that invest substantially all of their assets in the C&B Large Cap Value Portfolio, Emerging Growth Portfolio, Equity Value Portfolio, International Value Portfolio, Small Company Growth Portfolio and Small Company Value Portfolio, respectively. Each of these Master Portfolios has a substantially similar investment objective and substantially similar investment strategies to the respective Fund. Information provided to the Boards regarding these Funds is also applicable to the Master Portfolios identified above, as relevant.

178   Wells Fargo Equity Gateway Funds Other Information (Unaudited)

Nature, extent and quality of services

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

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

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

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

Fund performance and expenses

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

The Funds Trust Board noted that, except for the 1-year period, the performance of the C&B Large Cap Value Fund was higher than the median performance of its Universe for the periods under review. The Funds Trust Board also noted that the performance of the Diversified Equity Fund was higher than the median performance of its Universe for the 1-year period under review and lower than the median performance of the Universe for the other periods under review. The Funds Trust Board further noted that the performance of the Diversified Small Cap Fund and the Emerging Growth Fund was higher than the performance of each Fund’s respective Universe for the 1-year period under review and lower than the performance of the Universe median for the other periods under review. The Funds Trust Board noted that the performance of the Equity Value Fund has higher than the median performance of the Universe for the 1- and 5-year periods under review and lower than the Universe median for the other periods under review. The Funds Trust Board further noted that the performance of the International Value Fund was lower than the performance of its Universe for all periods under review, and the performance of the Small Company Growth Fund was higher than the performance of its Universe median for all review periods. The Funds Trust Board noted that the more recent performance of the Small Company Value Fund was higher than the median performance of its Universe and lower than the median performance of the Universe for the longer-term periods.

Other Information (Unaudited) Wells Fargo Equity Gateway Funds   179

The Funds Trust Board further noted that the performance of the Diversified Equity Fund and International Value Fund warranted further discussion. As part of its further review, the Funds Trust Board received an analysis of, and discussed factors contributing to, the underperformance of these Funds. Funds Management provided the Funds Trust Board with additional information about the Diversified Equity Fund’s and International Value Fund’s more recent performance and noted (i) the Diversified Equity Fund outperformed its benchmark for the first quarter and ranked in the 26th percentile of its peer group and (ii) the International Value Fund outperformed its benchmark for the first quarter and the 12-month period ending December 31, 2010. The Funds Trust Board was satisfied that Funds Management was taking appropriate actions with respect to each of the Funds’ investment performance and requested continued reports on the performance of each of the Funds.

With respect to the Master Portfolios, the Master Trust Board reviews performance on both an absolute basis and relative to a universe of relevant funds on a quarterly basis. The Master Trust Board also took note of the performance of the Master Portfolios in the context of reviewing the performance of the Gateway Funds.

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

With respect to the Master Portfolios, the Master Trust Board reviewed the fee rates that are payable to Funds Management for investment advisory services (as discussed below) and the rates payable pursuant to a custody agreement, in each case relative to an Expense Group.

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

Investment advisory and sub-advisory fee rates

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

The Funds Trust Board received and considered information comparing the Advisory Agreement Rates and Net Advisory Rates with those of other funds in each Gateway Fund’s Expense Group median. The Funds Trust Board noted that the Advisory Agreement Rates for the C&B Large Cap Value Fund (Class A and Investor Class) and Class A of the Equity Value Fund, International Value Fund and Small Company Growth Fund were higher than the median rate of each Fund’s Expense Group. The Funds Trust Board also noted that the Advisory Agreement Rates for the Diversified Equity Fund, Diversified Small Cap Fund, the Emerging Growth Fund and the Small Company Value Fund, and the Administrator Class and Institutional Class of the C&B Large Cap Value Fund, Equity Value Fund, International Value Fund and Small Company Growth Fund were in range of or lower than the median rate of each Fund’s Expense Group. The Funds Trust Board noted that the Net Advisory Rates for the Gateway Funds were in range of or lower than the median rates of each Fund’s respective Expense Group, except for Small Company Growth Fund (Class A). The Funds Trust Board further noted that Funds Management had agreed to continue contractual fee cap arrangements for the Gateway Funds designed to lower the Funds’ expenses.

180   Wells Fargo Equity Gateway Funds Other Information (Unaudited)

The Funds Trust Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Advisers to other types of clients. In this regard, the Funds Trust Board received information about differences between the services, and the compliance, reporting, and other legal burdens and risks of providing investment advice to mutual funds and those associated with providing advice to non-mutual fund clients such as collective funds or institutional separate accounts.

In each case, the Funds Trust Board determined, with respect to the Gateway Funds, that the Advisory Agreement Rates, both with and without administration fee rates and before and after waivers, were acceptable in light of the Gateway Funds’ Expense Group information, the net expense ratio commitments, the services covered by the Advisory Agreements and other information provided.

The Master Trust Board received and considered information comparing the Advisory Agreement Rate with the median rate of other funds in each Master Portfolio’s Expense Group. The Master Trust Board noted that the Master Portfolios’ Advisory Agreement Rates were equal to, in range of or lower than the Expense Group median.

The Master Trust Board concluded that the Advisory Agreement Rates were acceptable in light of the Master Portfolios’ Expense Group information and the services covered by the Advisory Agreements.

Both the Funds Trust Board and the Master Trust Board also reviewed and considered the Sub-Advisory Agreement Rates and concluded that the Sub-Advisory Agreement Rates were acceptable in light of the services covered by the Sub-Advisory Agreements. Both the Funds Trust Board and the Master Trust Board also reviewed and considered the Sub-Advisory Agreement Rates and concluded that the Sub-Advisory Agreement Rates were acceptable in light of the services covered by the Sub-Advisory Agreements.

Profitability

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

The Boards did not consider separate profitability information with respect to Wells Capital Management and Peregrine because, as affiliates of Funds Management, their profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management. The Master Trust Board did not consider separate profitability information with respect to Artisan, Cooke & Bieler, LSV, SSgA and Systematic, which are not affiliated with Funds Management. The Master Trust Board considered that the sub-advisory fees paid to these Sub-Advisers had been negotiated by Funds Management on an arm’s-length basis and that their profitability from their relationships with the Master Portfolios managed by them was not a material factor in determining whether to renew the agreements.

Economies of scale

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

Other Information (Unaudited) Wells Fargo Equity Gateway Funds   181

Other benefits to funds management and the sub-advisers

The Boards received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates and the Sub-Advisers as a result of their relationship with the Funds. Ancillary benefits could include, among others, benefits directly attributable to the relationship of Funds Management and the Sub-Advisers with the Funds and benefits potentially derived from an increase in Funds Management’s and each Sub-Adviser’s business as a result of their relationship with the Funds (such as the ability to market to shareholders other financial products offered by Funds Management and its affiliates or the Sub-Adviser and their affiliates).

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

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

Other factors and broader review

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

Conclusion

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

182   Wells Fargo Equity Gateway Funds List of Abbreviations

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

ABAG	— Association of Bay Area Governments
ACB	— Agricultural Credit Bank
ADR	— American Depositary Receipt
ADS	— American Depository Shares
AGC - ICC	— Assured Guaranty Corporation — Insured Custody Certificates
AGM	— Assured Guaranty Municipal
AMBAC	— American Municipal Bond Assurance Corporation
AMT	— Alternative Minimum Tax
ARM	— Adjustable Rate Mortgages
AUD	— Australian Dollar
BAN	— Bond Anticipation Notes
BART	— Bay Area Rapid Transit
BHAC	— Berkshire Hathaway Assurance Corporation
BRL	— Brazil Real
CAD	— Canadian Dollar
CDA	— Community Development Authority
CDO	— Collateralized Debt Obligation
CDSC	— Contingent Deferred Sales Charge
CGIC	— Capital Guaranty Insurance Company
CGY	— Capital Guaranty Corporation
CHF	— Swiss Franc
CIFG	— CDC (Caisse des Dépôts et Consignations) IXIS Financial Guarantee
COP	— Certificate of Participation
CP	— Commercial Paper
CR	— Custody Receipts
CTF	— Common Trust Fund
DEM	— Deutsche Mark
DKK	— Danish Krone
DRIVER	— Derivative Inverse Tax-Exempt Receipts
DW&P	— Department of Water & Power
DWR	— Department of Water Resources
ECFA	— Educational & Cultural Facilities Authority
EDFA	— Economic Development Finance Authority
ETET	— Eagle Tax-Exempt Trust
ETF	— Exchange-Traded Fund
EUR	— Euro
FFCB	— Federal Farm Credit Bank
FGIC	— Financial Guaranty Insurance Corporation
FHA	— Federal Housing Authority
FHAG	— Federal Housing Agency
FHLB	— Federal Home Loan Bank
FHLMC	— Federal Home Loan Mortgage Corporation
FNMA	— Federal National Mortgage Association
FRF	— French Franc
FSA	— Farm Service Agency
GBP	— Great British Pound
GDR	— Global Depositary Receipt
GNMA	— Government National Mortgage Association
GO	— General Obligation
HCFR	— Healthcare Facilities Revenue
HEFA	— Health & Educational Facilities Authority
HEFAR	— Higher Education Facilities Authority Revenue
HFA	— Housing Finance Authority
HFFA	— Health Facilities Financing Authority
HKD	— Hong Kong Dollar
HUD	— Housing & Urban Development
HUF	— Hungarian Forint
IDA	— Industrial Development Authority
IDAG	— Industrial Development Agency
IDR	— Industrial Development Revenue
IEP	— Irish Pound
JPY	— Japanese Yen
KRW	— Republic of Korea Won
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
LLP	— Limited Liability Partnership
LOC	— Letter of Credit
LP	— Limited Partnership
MBIA	— Municipal Bond Insurance Association
MFHR	— Multi-Family Housing Revenue
MFMR	— Multi-Family Mortgage Revenue
MMD	— Municipal Market Data
MSTR	— Municipal Securities Trust Receipts
MTN	— Medium Term Note
MUD	— Municipal Utility District
MXN	— Mexican Peso
MYR	— Malaysian Ringgit
NATL-RE	— National Public Finance Guarantee Corporation
NLG	— Netherlands Guilder
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
PCFA	— Pollution Control Finance Authority
PCR	— Pollution Control Revenue
PFA	— Public Finance Authority
PFFA	— Public Facilities Financing Authority
PFOTER	— Puttable Floating Option Tax-Exempt Receipts
plc	— Public Limited Company
PLN	— Polish Zloty
PSFG	— Public School Fund Guaranty
PUTTER	— Puttable Tax-Exempt Receipts
R&D	— Research & Development
RDA	— Redevelopment Authority
RDFA	— Redevelopment Finance Authority
REITS	— Real Estate Investment Trusts
ROC	— Reset Option Certificates
SEK	— Swedish Krona
SFHR	— Single Family Housing Revenue
SFMR	— Single Family Mortgage Revenue
SGD	— Singapore Dollar
SKK	— Slovakian Koruna
SLMA	— Student Loan Marketing Association
SPDR	— Standard & Poor’s Depositary Receipts
STIT	— Short-Term Investment Trust
TAN	— Tax Anticipation Notes
TBA	— To Be Announced
TCR	— Transferable Custody Receipts
TRAN	— Tax Revenue Anticipation Notes
TRY	— Turkish Lira
TTFA	— Transportation Trust Fund Authority
USD	— Unified School District
XLCA	— XL Capital Assurance
ZAR	— South African Rand

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

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

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

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

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

NOT FDIC INSURED § NO BANK GUARANTEE § MAY LOSE VALUE

Printed on Recycled paper

© 2011 Wells Fargo Funds Management, LLC. All rights reserved.	www.wellsfargo.com/advantagefunds	202658 05-11
		SEGF/SAR111 03-11

ITEM 2. CODE OF ETHICS

Not required in this filing

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not required in this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not required in this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not required in this filing.

ITEM 6. SCHEDULE OF INVESTMENTS

The Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT INVESTMENT COMPANY AND AFFILIATED PURCHASES

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The Governance Committee (the “Committee”) of the Board of Trustees of the registrant (the “Trust”) has adopted procedures by which a shareholder of any series of the Trust may submit properly a nominee recommendation for the Committee’s consideration.

The shareholder must submit any such recommendation (a “Shareholder Recommendation”) in writing to the Trust, to the attention of the Trust’s Secretary, at the address of the principal executive offices of the Trust.

The Shareholder Recommendation must be delivered to, or mailed and received at, the principal executive offices of the Trust not less than forty-five (45) calendar days nor more than seventy-five (75) calendar days prior to the date of the Committee meeting at which the nominee would be considered.

The Shareholder Recommendation must include: (i) a statement in writing setting forth (A) the name, age, date of birth, business address, residence address and nationality of the person recommended by the shareholder (the “candidate”); (B) the series (and, if applicable, class) and number of all shares of the Trust owned of record or beneficially by the candidate, as reported to such shareholder by the candidate; (C) any other information regarding the candidate called for with respect to director nominees by paragraphs (a), (d), (e) and (f) of Item 401 of Regulation S-K or paragraph (b) of Item 22 of Rule 14a-101 (Schedule 14A) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), adopted by the Securities and Exchange Commission (or the corresponding provisions of any regulation or rule subsequently adopted by the Securities and Exchange Commission or any successor agency applicable to the Trust); (D) any other information regarding the candidate that would be required to be disclosed if the candidate were a nominee in a proxy statement or other filing required to be made in connection with solicitation of proxies for election of directors pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder; and (E) whether the recommending shareholder believes that the candidate is or will be an “interested person” of the Trust (as defined in the Investment Company Act of 1940, as amended) and, if not an “interested person,” information regarding the candidate that will be sufficient for the Trust to make such determination; (ii) the written and signed consent of the candidate to be named as a nominee and to serve as a Trustee if elected; (iii) the recommending shareholder’s name as it appears on the Trust’s books; (iv) the series (and, if applicable, class) and number of all shares of the Trust owned beneficially and of record by the recommending shareholder; and (v) a description of all arrangements or understandings between the recommending shareholder and the candidate and any other person or persons (including their names) pursuant to which the recommendation is being made by the recommending shareholder. In addition, the Committee may require the

candidate to interview in person and furnish such other information as it may reasonably require or deem necessary to determine the eligibility of such candidate to serve as a Trustee of the Trust.

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo 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:	May 27, 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:	May 27, 2011

By:	/s/ Kasey L. Phillips
	Kasey L. Phillips
	Treasurer
Date:	May 27, 2011