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: February 28, 2011

Date of reporting period: August 31, 2011

ITEM 1. REPORT TO SHAREHOLDERS

Wells Fargo Advantage Dow Jones Target Date Funds

Semi-Annual Report

August 31, 2011

n Wells Fargo Advantage Dow Jones Target Today Fund^SM

n Wells Fargo Advantage Dow Jones Target 2010 Fund^SM

n Wells Fargo Advantage Dow Jones Target 2015 Fund^SM

n Wells Fargo Advantage Dow Jones Target 2020 Fund^SM

n Wells Fargo Advantage Dow Jones Target 2025 Fund^SM

n Wells Fargo Advantage Dow Jones Target 2030 Fund^SM

n Wells Fargo Advantage Dow Jones Target 2035 Fund^SM

n Wells Fargo Advantage Dow Jones Target 2040 Fund^SM

n Wells Fargo Advantage Dow Jones Target 2045 Fund^SM

n Wells Fargo Advantage Dow Jones Target 2050 Fund^SM

n Wells Fargo Advantage Dow Jones Target 2055 Fund^SM

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Contents

Letter to Shareholders	2
Performance Highlights	5
Fund Expenses	12
Portfolio of Investments
Wells Fargo Advantage Dow Jones
Target Today Fund	16
Wells Fargo Advantage Dow Jones
Target 2010 Fund	16
Wells Fargo Advantage Dow Jones
Target 2015 Fund	17
Wells Fargo Advantage Dow Jones
Target 2020 Fund	17
Wells Fargo Advantage Dow Jones
Target 2025 Fund	18
Wells Fargo Advantage Dow Jones
Target 2030 Fund	18
Wells Fargo Advantage Dow Jones
Target 2035 Fund	19
Wells Fargo Advantage Dow Jones
Target 2040 Fund	19
Wells Fargo Advantage Dow Jones
Target 2045 Fund	20
Wells Fargo Advantage Dow Jones
Target 2050 Fund	20
Wells Fargo Advantage Dow Jones
Target 2055 Fund	21
Financial Statements
Statements of Assets and Liabilities	22
Statements of Operations	26
Statements of Changes in Net Assets	29
Financial Highlights	40
Notes to Financial Statements	54

Master Portfolios
Portfolio of Investments
Wells Fargo Advantage
Diversified Fixed Income Portfolio	60
Wells Fargo Advantage
Diversified Stock Portfolio	137
Wells Fargo Advantage
Short-Term Investment Portfolio	241
Financial Statements
Statements of Assets and Liabilities	250
Statements of Operations	251
Statements of Changes in Net Assets	252
Financial Highlights	254
Notes to Financial Statements	255
Other Information	263
List of Abbreviations	270

The views expressed and any forward-looking statements are as of August 31, 2011, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

WELLS FARGO INVESTMENT HISTORY

1932	Keystone creates one of the first mutual fund families.
1971	Wells Fargo & Company introduces one of the first institutional index funds.
1978	Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.
1984	Wells Fargo Stagecoach Funds launches its first asset allocation fund.
1989	The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.
1994	Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo Advantage Dow Jones Target Date 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 IN CONNECTION WITH THE Wells Fargo Advantage Dow Jones Target Date Funds INCLUDING, WITHOUT LIMITATION, FOR ANY SPECIAL, PUNITIVE, IN DIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 110 mutual funds across a wide range of asset classes, representing over $221 billion in assets under management, as of August 31, 2011.

Equity Funds
Asia Pacific Fund	Global Opportunities Fund	Premier Large Company Growth Fund
C&B Large Cap Value Fund	Growth Fund	Small Cap Opportunities Fund
C&B Mid Cap Value Fund	Health Care Fund	Small Cap Value Fund
Capital Growth Fund	Index Fund	Small Company Growth Fund
Common Stock Fund	International Equity Fund	Small Company Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small/Mid Cap Core Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small/Mid Cap Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Social Sustainability Fund†
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified Small Cap Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Growth Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Traditional Small Cap Growth Fund
Enterprise Fund†	Opportunity Fund†	Utility and Telecommunications Fund
Equity Value Fund	Precious Metals 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†	Target 2055 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 Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

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

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

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage Social Sustainability Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, Social Sustainability Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.

2 Wells Fargo Advantage Dow Jones Target Date Funds Letter to Shareholders

Karla M. Rabusch,

President

Wells Fargo Advantage Funds

After establishing good momentum entering 2011, the financial markets met some resistance during the early months of the year, which kept many markets from advancing in a straight line during the six-month reporting period.

Dear Valued Shareholder,

We are pleased to provide you with this semi-annual report for the Wells Fargo Advantage Dow Jones Target Date Funds^SM for the six-month period that ended August 31, 2011. After establishing good momentum entering 2011, the financial markets met some resistance during the early months of the year, which kept many markets from advancing in a straight line during the six-month reporting period. Additional headwinds emerged, including political unrest in the Middle East and North Africa, the devastating earthquake and tsunami in Japan, and renewed sovereign debt concerns affecting several eurozone countries. These challenges, coupled with mixed economic data, debt-ceiling debates, and long-term debt credit downgrades within the U.S., further added to investor anxiety. Despite all of the distractions, many areas of the financials sector showed a degree of resilience, underscoring the need for a sound, well-diversified investment strategy. As always, we believe that such a strategy may enable investors to balance risk and opportunities as they pursue long-term financial goals in a dynamic financial environment.

The global economic recovery moved toward expansion.

The U.S. economic recovery that began in mid-2009 and gained further momentum throughout 2010, particularly during the fourth quarter, failed to maintain that level of growth through the first eight months of 2011. For example, gross domestic product (GDP), the broadest measure of economic activity, grew at an annualized rate of 3.1% in the fourth quarter of 2010, only to slow dramatically during the first quarter of 2011 to an annualized rate of 0.4%. While still positive, it’s a much slower pace of growth than experienced in the second half of 2010, and it’s notably lower than consensus forecasts. Nevertheless, the second estimate of second-quarter 2011 GDP, which was released on August 26th, was 1.0%, suggesting that the U.S. economy continues to expand, though at a slow and uneven pace.

Jobs and housing remained troublesome.

By the end of the six-month period, the unemployment rate in the U.S. stood at 9.1%, down from 9.9% a year earlier but still notably higher than historical averages. Unfortunately, the drop may be more attributable to a decline in the labor force than to a meaningful uptick in hiring. Overall, job creation continues to trend below the historical average of 1.4 million jobs created each year over the past 80 years, suggesting that the improving economy has yet to translate into widespread hiring. Meanwhile, the beleaguered housing market was an ongoing source of concern, despite extraordinarily low interest rate environment. The persistent weakness in the labor and housing markets is considered key to long-term economic expansion by most economists and bears close watching in the months ahead.

Other economic data in the U.S. was more encouraging, reflecting greater confidence in the sustainability of the expansion on the part of both consumers and businesses. Retail sales and auto sales came in strong at certain points during the period. Also, industrial production and new orders have picked up across many sectors. Although still reluctant to hire, businesses have gradually increased spending in other areas, such as equipment and information technology. Core inflation, which excludes volatile food and energy prices, remained benign.

Letter to Shareholders Wells Fargo Advantage Dow Jones Target Date Funds 3

The Federal Reserve announced that it will target current low rates until 2013.

With inflation subdued, the Federal Open Market Committee (FOMC) held its target range for the federal funds rate—a proxy for short-term interest rates—steady at 0.00% to 0.25%. On June 22, 2011, in its final statement during the first half of the year, the Federal Reserve (Fed) reiterated that the economic recovery “is proceeding at a moderate pace,” but that “recent labor market indicators have been weaker than anticipated.” At its meeting on August 9th, responding in part to the volatility and uncertainty facing the financial markets and global economies, the Fed established a timetable for its commitment to lower rates. In that meeting’s statement, the FOMC explained that “economic conditions—including low rates of resource utilization and a subdued outlook for inflation over the medium run—are likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013.”

The debt-ceiling debate became the focus of the summer.

During the final two months of the reporting period, both bonds and equities experienced an unusually high level of volatility not typical for the “dog days of summer,” when many traders on Wall Street and politicians in Washington, D.C., focus on vacation and other summer activities. Instead, due to the debt-ceiling impasse, many market participants and politicians were forced to stay on the job until a solution was reached. As the debt-ceiling deadline loomed, rating agencies began to voice concerns over the possibility of the U.S. government running short on funds to pay its bills. While the U.S. Congress was able to address the debt-ceiling issue in time, Standard & Poor’s, one of the major credit rating agencies, lowered its rating of long-term U.S. debt from AAA to AA+¹. While this move did not seem to diminish the role that U.S. Treasuries play as the primary source of liquidity and safety in the global markets, it did briefly roil the markets.

A steep yield curve continued to define bond market performance.

Most sectors of the bond market performed well during 2010 and continued to post positive total returns in 2011, with interest income—rather than price gains—accounting for the bulk of those returns. This part of the investment cycle is known as the income phase and is typically characterized by relatively stable short-term rates and relatively small movements in bond yields. The current market environment is certainly holding true to a typical income phase, especially considering that the Fed is maintaining an extraordinarily accommodative monetary policy. U.S. Treasuries continued to rally for much of the period, even after Standard & Poor’s lowered its credit rating on long-term U.S. debt, pulling yields lower in nearly all corners of the fixed-income markets, including municipal bonds.

The extraordinarily steep yield curve remained the most defining, perhaps most influential, characteristic of the fixed-income markets during most of the first eight months of 2011. Considering the steepness of the curve, the best-performing maturities across most segments of the fixed-income market were longer-dated bonds. For example, for the six-month period that ended August 31st, the five- to 10-year range of the Treasury market posted a total return of 10.5%, while the

1. The ratings indicated are from Standard & Poor’s. Credit quality ratings apply to underlying holdings of the fund and not the fund itself. Standard and Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

Most sectors of the bond market performed well during 2010 and continued to post positive total returns in 2011, with interest income—rather than price gains—accounting for the bulk of those returns. Improving fundamentals, including strong corporate earnings, remained the core driver of returns across the equity markets.

4 Wells Fargo Advantage Dow Jones Target Date Funds Letter to Shareholders

one- to five-year maturities returned 5.6%. The municipal market and the investment-grade corporate market exhibited similar return profiles within the period.

The equity markets became a rollercoaster toward the end of the period.

Improving fundamentals, including strong corporate earnings, remained the core driver of returns across the equity markets. Further supporting equities during the period was the second round of quantitative easing (QE2), which was enacted by the Fed in late 2010. While there were bouts of volatility along the way, the market demonstrated surprising resilience in the face of numerous global challenges, with most equity markets posting decent returns in the first quarter.

The market momentum carried into the spring but sharply reversed course in early summer amid mounting evidence that the U.S. economic recovery had entered a soft patch, coupled with rising contagion fears around the eurozone sovereign debt crisis. The final six weeks of the period were truly a rollercoaster for the equity markets due to the U.S. debt-ceiling impasse and the renewed fears that Greece would default on its sovereign debt, dragging down many of the other eurozone economies. After selling off dramatically during the weeks surrounding the debt-ceiling impasse, many areas of the equity markets gained back some of those losses toward the end of August.

After the S&P 500 Index² and the Dow Jones Industrial Average³ rose 6.0% and 8.6%, respectively, during the first half of 2011, the worry-driven sell-off in late July and early August pushed the major indexes into negative territory for the year. On a year-to-date basis, the S&P 500 Index posted a total return of -3.08% through August 31st.

A long-term perspective is key.

It remains to be seen how quickly the equity markets can resume their upward trajectory. In any case, the market’s dramatic rebound over the past two years from the severe downturn of 2008 and 2009 underscores the importance of maintaining a disciplined and balanced 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.

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

2. 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.

3. 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.

Performance Highlights (Unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 5

Wells Fargo Advantage Dow Jones Target Date Funds¹

INVESTMENT OBJECTIVE

Each Fund’s objective is to approximate, before fees and expenses, the total return of the appropriate Dow Jones Target Date Index as specified in the following table:

Wells Fargo Advantage Dow Jones Target Date Fund	Corresponding Dow Jones Target Date Index
Target Today Fund	Dow Jones Target Today Index
Target 2010 Fund	Dow Jones Target 2010 Index
Target 2015 Fund	Dow Jones Target 2015 Index
Target 2020 Fund	Dow Jones Target 2020 Index
Target 2025 Fund	Dow Jones Target 2025 Index
Target 2030 Fund	Dow Jones Target 2030 Index
Target 2035 Fund	Dow Jones Target 2035 Index
Target 2040 Fund	Dow Jones Target 2040 Index
Target 2045 Fund	Dow Jones Target 2045 Index
Target 2050 Fund	Dow Jones Target 2050 Index
Target 2055 Fund	Dow Jones Target 2055 Index

PORTFOLIO ALLOCATION² (AS OF AUGUST 31, 2011)

TARGET TODAY FUND

TARGET 2010 FUND

TARGET 2015 FUND

TARGET 2020 FUND

TARGET 2025 FUND

TARGET 2030 FUND

Please see footnotes on page 11.

6 Wells Fargo Advantage Dow Jones Target Date Funds Performance Highlights (Unaudited)

Wells Fargo Advantage Dow Jones Target Date Funds (continued)

PORTFOLIO ALLOCATION² (AS OF AUGUST 31, 2011) (continued)

TARGET 2035 FUND

TARGET 2040 FUND

TARGET 2045 FUND

TARGET 2050 FUND

TARGET 2055 FUND

Please see footnotes on page 11.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Global Index Advisors, Inc.

PORTFOLIO MANAGERS

Rodney H. Alldredge

James P. Lauder

Paul T. Torregrosa, Ph.D

FUND INCEPTION

Target Today Fund – March 1, 1994

Target 2010 Fund – March 1, 1994

Target 2015 Fund – June 29, 2007

Target 2020 Fund – March 1, 1994

Target 2025 Fund – June 29, 2007

Target 2030 Fund – March 1, 1994

Target 2035 Fund – June 29, 2007

Target 2040 Fund – March 1, 1994

Target 2045 Fund – June 29, 2007

Target 2050 Fund – June 29, 2007

Target 2055 Fund – June 30, 2011

Performance Highlights (Unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 7

Wells Fargo Advantage Dow Jones Target Date Funds (continued)

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

Target Today Fund3	Inception Date		Including Sales Charge									Excluding Sales Charge									Expense Ratios4
			6 Months*			1 Year		5 Year		10 Year		6 Months*			1 Year		5 Year		10 Year		Gross		Net5
Class A (STWRX)**		03/01/1994		(2.83	)		0.50		3.69		3.76		3.06			6.63		4.92		4.37		1.10%		0.96%
Class B (WFOKX)***		08/01/1998		(2.26	)		0.89		3.79		3.87		2.74			5.89		4.14		3.87		1.85%		1.71%
Class C (WFODX)		12/01/1998		1.71			4.77		4.12		3.63		2.71			5.77		4.12		3.63		1.85%		1.71%
Administrator Class (WFLOX)		11/08/1999											3.18			6.78		5.15		4.65		0.94%		0.80%
Institutional Class (WOTDX)		06/30/2004											3.33			7.13		5.46		4.84		0.67%		0.45%
Investor Class (WFBTX)		01/31/2007											3.15			6.73		5.11		4.62		1.17%		0.86%
Dow Jones Target Today Index6													3.68			7.75		5.96		6.37
Russell 3000® Index7													(7.76	)		19.30		1.14		3.36
Barclays Capital U.S. Aggregate Bond Index8													5.49			4.62		6.56		5.71

Target 2010 Fund3	Inception Date		Including Sales Charge									Excluding Sales Charge									Expense Ratios4
			6 Months*			1 Year		5 Year		10 Year		6 Months*			1 Year		5 Year		10 Year		Gross		Net5
Class A (STNRX)**		03/01/1994		(3.76	)		1.63		3.03		3.51		2.08			7.81		4.25		4.12		1.09%		0.99%
Class B (SPTBX)***		03/01/1997		(3.23	)		2.07		3.13		3.61		1.77			7.07		3.48		3.61		1.84%		1.74%
Class C (WFOCX)		12/01/1998		0.70			6.01		3.47		3.39		1.70			7.01		3.47		3.39		1.84%		1.74%
Administrator Class (WFLGX)		11/08/1999											2.22			8.00		4.50		4.41		0.93%		0.83%
Institutional Class (WFOAX)		06/30/2004											2.30			8.28		4.79		4.59		0.66%		0.48%
Investor Class (WFCTX)		01/31/2007											2.12			7.87		4.42		4.37		1.16%		0.89%
Dow Jones Target 2010 Index6													2.68			8.95		5.33		6.47
Russell 3000® Index7													(7.76	)		19.30		1.14		3.36
Barclays Capital U.S. Aggregate Bond Index8													5.49			4.62		6.56		5.71

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

** Class A shares are closed to new investors.

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

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

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

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

Please see footnotes on page 11.

8 Wells Fargo Advantage Dow Jones Target Date Funds Performance Highlights (Unaudited)

Wells Fargo Advantage Dow Jones Target Date Funds (continued)

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

Target 2015 Fund	Inception Date										Expense Ratios4
			6 Months*			1 Year		Since Inception			Gross		Net5
Administrator Class (WFFFX)		06/29/2007		0.93			9.12		2.79			0.94%		0.84%
Institutional Class (WFSCX)		06/29/2007		1.10			9.49		3.05			0.67%		0.49%
Investor Class (WFQEX)		06/29/2007		0.90			9.07		2.77			1.17%		0.90%
Dow Jones Target 2015 Index6				1.36			10.08		3.60
Russell 3000® Index7				(7.76	)		19.30		(2.44	)
Barclays Capital U.S. Aggregate Bond Index8				5.49			4.62		7.11

Target 2020 Fund3	Inception Date		Including Sales Charge									Excluding Sales Charge									Expense Ratios4
			6 Months*			1 Year		5 Year		10 Year		6 Months*			1 Year		5 Year		10 Year		Gross		Net5
Class A (STTRX)**		03/01/1994		(6.50	)		3.95		2.11		3.19		(0.81	)		10.25		3.32		3.81		1.07%		1.01%
Class B (STPBX)***		03/01/1997		(6.20	)		4.45		2.18		3.31		(1.20	)		9.45		2.55		3.31		1.82%		1.76%
Class C (WFLAX)		12/01/1998		(2.16	)		8.50		2.56		3.08		(1.16	)		9.50		2.56		3.08		1.82%		1.76%
Administrator Class (WFLPX)		11/08/1999											(0.65	)		10.55		3.59		4.10		0.91%		0.85%
Institutional Class (WFOBX)		06/30/2004			��								(0.54	)		10.83		3.87		4.30		0.64%		0.50%
Investor Class (WFDTX)		01/31/2007											(0.67	)		10.42		3.55		4.08		1.14%		0.91%
Dow Jones Target 2020 Index6													(0.27	)		11.40		4.31		6.57
Russell 3000® Index7													(7.76	)		19.30		1.14		3.36
Barclays Capital U.S. Aggregate Bond Index8													5.49			4.62		6.56		5.71

Target 2025 Fund	Inception Date										Expense Ratios4
			6 Months*			1 Year		Since Inception			Gross		Net5
Administrator Class (WFTRX)		06/29/2007		(2.47	)		12.23		0.68			0.90%		0.85%
Institutional Class (WFTYX)		06/29/2007		(2.31	)		12.66		0.92			0.63%		0.50%
Investor Class (WFGYX)		06/29/2007		(2.51	)		12.19		0.65			1.13%		0.91%
Dow Jones Target 2025 Index6				(2.12	)		13.04		1.31
Russell 3000® Index7				(7.76	)		19.30		(2.44	)
Barclays Capital U.S. Aggregate Bond Index8				5.49			4.62		7.11

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

** Class A shares are closed to new investors.

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

Please see footnotes on page 11.

Performance Highlights (Unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 9

Wells Fargo Advantage Dow Jones Target Date Funds (continued)

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

Target 2030 Fund3	Inception Date		Including Sales Charge									Excluding Sales Charge									Expense Ratios4
			6 Months*			1 Year		5 Year		10 Year		6 Months*			1 Year		5 Year		10 Year		Gross		Net5
Class A (STHRX)**		03/01/1994		(9.90	)		6.80		1.35		2.93		(4.43	)		13.33		2.56		3.55		1.08%		1.02%
Class B (SGPBX)***		03/01/1997		(9.85	)		7.46		1.42		3.05		(4.85	)		12.46		1.79		3.05		1.83%		1.77%
Class C (WFDMX)		12/01/1998		(5.79	)		11.52		1.80		2.83		(4.79	)		12.52		1.80		2.83		1.83%		1.77%
Administrator Class (WFLIX)		11/08/1999											(4.37	)		13.47		2.81		3.84		0.92%		0.86%
Institutional Class (WFOOX)		06/30/2004											(4.22	)		13.92		3.09		4.02		0.65%		0.51%
Investor Class (WFETX)		01/31/2007											(4.40	)		13.42		2.75		3.80		1.15%		0.92%
Dow Jones Target 2030 Index6													(3.99	)		14.34		3.45		6.62
Russell 3000® Index7													(7.76	)		19.30		1.14		3.36
Barclays Capital U.S. Aggregate Bond Index8													5.49			4.62		6.56		5.71

Target 2035 Fund	Inception Date										Expense Ratios4
			6 Months*			1 Year		Since Inception			Gross		Net5
Administrator Class (WFQWX)		06/29/2007		(5.83	)		14.62		(0.90	)		0.95%		0.87%
Institutional Class (WFQRX)		06/29/2007		(5.65	)		14.99		(0.58	)		0.68%		0.52%
Investor Class (WFQTX)		06/29/2007		(5.84	)		14.39		(0.95	)		1.18%		0.93%
Dow Jones Target 2035 Index6				(5.52	)		15.32		(0.38	)
Russell 3000® Index7				(7.76	)		19.30		(2.44	)
Barclays Capital U.S. Aggregate Bond Index8				5.49			4.62		7.11

Target 2040 Fund3	Inception Date		Including Sales Charge									Excluding Sales Charge									Expense Ratios4
			6 Months*			1 Year		5 Year		10 Year		6 Months*			1 Year		5 Year		10 Year		Gross		Net5
Class A (STFRX)**		03/01/1994		(12.26	)		8.30		0.86		2.86		(6.91	)		14.95		2.06		3.47		1.10%		1.03%
Class B (SLPBX)***		03/01/1997		(12.26	)		9.12		0.90		2.98		(7.26	)		14.12		1.28		2.98		1.85%		1.78%
Class C (WFOFX)		07/01/1998		(8.26	)		13.04		1.29		2.74		(7.26	)		14.04		1.29		2.74		1.85%		1.78%
Administrator Class (WFLWX)		11/08/1999											(6.84	)		15.12		2.31		3.76		0.94%		0.87%
Institutional Class (WFOSX)		06/30/2004											(6.74	)		15.48		2.57		3.94		0.67%		0.52%
Investor Class (WFFTX)		01/31/2007											(6.87	)		15.09		2.25		3.72		1.17%		0.93%
Dow Jones Target 2040 Index6													(6.54	)		15.89		2.88		6.53
Russell 3000® Index7													(7.76	)		19.30		1.14		3.36
Barclays Capital U.S. Aggregate Bond Index8													5.49			4.62		6.56		5.71

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

** Class A shares are closed to new investors.

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

Please see footnotes on page 11.

10 Wells Fargo Advantage Dow Jones Target Date Funds Performance Highlights (Unaudited)

Wells Fargo Advantage Dow Jones Target Date Funds (continued)

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

Target 2045 Fund	Inception Date										Expense Ratios4
			6 Months*			1 Year		Since Inception			Gross		Net5
Administrator Class (WFQYX)		06/29/2007		(7.23	)		15.18		(1.17	)		0.97%		0.87%
Institutional Class (WFQPX)		06/29/2007		(7.06	)		15.71		(0.92	)		0.70%		0.52%
Investor Class (WFQSX)		06/29/2007		(7.22	)		15.23		(1.25	)		1.20%		0.93%
Dow Jones Target 2045 Index6				(6.95	)		16.00		(0.80	)
Russell 3000® Index7				(7.76	)		19.30		(2.44	)
Barclays Capital U.S. Aggregate Bond Index8				5.49			4.62		7.11

Target 2050 Fund	Inception Date										Expense Ratios4
			6 Months*			1 Year		Since Inception			Gross		Net5
Administrator Class (WFQDX)		06/29/2007		(7.26	)		15.22		(1.26	)		0.94%		0.87%
Institutional Class (WFQFX)		06/29/2007		(7.14	)		15.60		(0.96	)		0.67%		0.52%
Investor Class (WFQGX)		06/29/2007		(7.25	)		15.24		(1.30	)		1.17%		0.93%
Dow Jones Target 2050 Index6				(6.96	)		15.99		(0.80	)
Russell 3000® Index7				(7.76	)		19.30		(2.44	)
Barclays Capital U.S. Aggregate Bond Index8				5.49			4.62		7.11

Target 2055 Fund	Inception Date					Expense Ratios4
			Since Inception			Gross		Net5
Administrator Class (WFLHX)		06/30/2011		(7.50	)		1.00%		0.87%
Institutional Class (WFQUX)		06/30/2011		(7.50	)		0.73%		0.52%
Investor Class (WFQHX)		06/30/2011		(7.50	)		1.23%		0.93%
Dow Jones Target 2055 Index6				(7.87	)
Russell 3000® Index7				(8.15	)
Barclays Capital U.S. Aggregate Bond Index8				(3.07	)

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

The target date represents the year in which investors may likely begin withdrawing assets. The Funds gradually seek to reduce market risk as the target date approaches and after it arrives by decreasing equity exposure and increasing fixed income exposure. The principal value is not guaranteed at any time, including at the target date.

Please see footnotes on page 11.

Performance Highlights (Unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 11

Wells Fargo Advantage Dow Jones Target Date Funds (continued)

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond values fall and investors may lose principal value. 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, mortgage- and asset-backed securities risk, smaller-company investment risk and allocation methodology risk (risk that the allocation methodology of the Dow Jones Target Date Index, whose total returns the fund seeks to approximate, before fees and expenses, will not meet an investor’s goals). Consult the fund’s prospectus for additional information on these and other risks.

1. The Funds are gateway funds that invest in various master portfolios which in turn invest in a combination of equity, fixed income and money market securities using an asset allocation strategy designed to replicate, before fees and expenses, the total return of the Dow Jones Target Date Indexes that have the same target year as the Funds. References to the investment activities of the Funds are intended to refer to the investment activities of the underlying master portfolios in which the Funds invest.

2. This chart represents the composite of the portfolio allocations of the master portfolios in which the Fund invests and is calculated based on the total investments of the master portfolios. Portfolio holdings are subject to change and may have changed since the date specified. See Portfolio of Investments of each master portfolio which is also included in this report.

3. 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. Historical performance shown for Investor Class shares prior to their inception reflects the performance of the Administrator Class shares, adjusted to reflect the higher expenses applicable to the Investor Class shares (except during those periods in which expenses of the Investor Class would have been lower than those of the Administrator Class no such adjustment is reflected).

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

5. The Adviser has committed through June 30, 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. Without this cap, the Fund’s returns would have been lower.

6. The Dow Jones Target Date Indexes (each an “index” or collectively the “indexes”) are a series of indexes designed as benchmarks for multi-asset class portfolios with risk profiles that became more conservative over time. The index weightings among the major asset classes are adjusted monthly based on a published set of index rules. The indexes with longer time horizons have higher allocations to equity securities, while the indexes with shorter time horizons replace some of their stock allocations with allocations to fixed income securities and money market instruments. The index returns reflect hypothetical back-tested performance. You cannot invest directly in an index.

7. The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

8. The Barclays Capital U.S. Aggregate Bond Index is composed of the Barclays Capital Government/Credit Index and the Barclays Capital U.S. Mortgage-Backed Securities Index and includes U.S. Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities. You cannot invest directly in an index.

12 Wells Fargo Advantage Dow Jones Target Date Funds Fund Expenses (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from March 1, 2011 to August 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) and contingent deferred sales charges. 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.

Target Today	Beginning Account Value 03-01-2011		Ending Account Value 08-31-2011		Expenses Paid During the Period		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	1,030.56	$	4.90		0.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.31	$	4.88		0.96	%
Class B
Actual	$	1,000.00	$	1,027.37	$	8.66		1.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.59	$	8.62		1.70	%
Class C
Actual	$	1,000.00	$	1,027.06	$	8.71		1.71	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.54	$	8.67		1.71	%
Administrator Class
Actual	$	1,000.00	$	1,031.75	$	4.09		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.11	$	4.06		0.80	%
Institutional Class
Actual	$	1,000.00	$	1,033.31	$	2.30		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.87	$	2.29		0.45	%
Investor Class
Actual	$	1,000.00	$	1,031.53	$	4.39		0.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.37		0.86	%

Fund Expenses (Unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 13

Target 2010	Beginning Account Value 03-01-2011		Ending Account Value 08-31-2011		Expenses Paid During the Period¹		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	1,020.80	$	5.03		0.99	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.16	$	5.03		0.99	%
Class B
Actual	$	1,000.00	$	1,017.74	$	8.77		1.73	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.44	$	8.77		1.73	%
Class C
Actual	$	1,000.00	$	1,017.00	$	8.82		1.74	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.39	$	8.82		1.74	%
Administrator Class
Actual	$	1,000.00	$	1,022.18	$	4.22		0.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.96	$	4.22		0.83	%
Institutional Class
Actual	$	1,000.00	$	1,022.98	$	2.44		0.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.72	$	2.44		0.48	%
Investor Class
Actual	$	1,000.00	$	1,021.18	$	4.52		0.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.66	$	4.52		0.89	%
Target 2015
Administrator Class
Actual	$	1,000.00	$	1,009.27	$	4.24		0.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.91	$	4.27		0.84	%
Institutional Class
Actual	$	1,000.00	$	1,010.97	$	2.48		0.49	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.67	$	2.49		0.49	%
Investor Class
Actual	$	1,000.00	$	1,008.98	$	4.54		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.61	$	4.57		0.90	%
Target 2020
Class A
Actual	$	1,000.00	$	991.85	$	5.06		1.01	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.06	$	5.13		1.01	%
Class B
Actual	$	1,000.00	$	988.01	$	8.80		1.76	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.29	$	8.92		1.76	%
Class C
Actual	$	1,000.00	$	988.36	$	8.80		1.76	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.29	$	8.92		1.76	%
Administrator Class
Actual	$	1,000.00	$	993.53	$	4.26		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.86	$	4.32		0.85	%
Institutional Class
Actual	$	1,000.00	$	994.58	$	2.51		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.62	$	2.54		0.50	%
Investor Class
Actual	$	1,000.00	$	993.30	$	4.56		0.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.62		0.91	%

14 Wells Fargo Advantage Dow Jones Target Date Funds Fund Expenses (Unaudited)

Target 2025	Beginning Account Value 03-01-2011		Ending Account Value 08-31-2011		Expenses Paid During the Period¹		Net Annual Expense Ratio
Administrator Class
Actual	$	1,000.00	$	975.28	$	4.22		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.86	$	4.32		0.85	%
Institutional Class
Actual	$	1,000.00	$	976.91	$	2.48		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.62	$	2.54		0.50	%
Investor Class
Actual	$	1,000.00	$	974.92	$	4.52		0.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.62		0.91	%
Target 2030
Class A
Actual	$	1,000.00	$	955.72	$	5.01		1.02	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.01	$	5.18		1.02	%
Class B
Actual	$	1,000.00	$	951.50	$	8.68		1.77	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.24	$	8.97		1.77	%
Class C
Actual	$	1,000.00	$	952.14	$	8.69		1.77	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.24	$	8.97		1.77	%
Administrator Class
Actual	$	1,000.00	$	956.32	$	4.23		0.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.37		0.86	%
Institutional Class
Actual	$	1,000.00	$	957.84	$	2.51		0.51	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.57	$	2.59		0.51	%
Investor Class
Actual	$	1,000.00	$	956.02	$	4.52		0.92	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.51	$	4.67		0.92	%
Target 2035
Administrator Class
Actual	$	1,000.00	$	941.68	$	4.25		0.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.76	$	4.42		0.87	%
Institutional Class
Actual	$	1,000.00	$	943.51	$	2.54		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.52	$	2.64		0.52	%
Investor Class
Actual	$	1,000.00	$	941.64	$	4.54		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.46	$	4.72		0.93	%

Fund Expenses (Unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 15

Target 2040	Beginning Account Value 03-01-2011		Ending Account Value 08-31-2011		Expenses Paid During the Period1		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	930.93	$	5.00		1.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.96	$	5.23		1.03	%
Class B
Actual	$	1,000.00	$	927.44	$	8.62		1.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.19	$	9.02		1.78	%
Class C
Actual	$	1,000.00	$	927.37	$	8.62		1.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.19	$	9.02		1.78	%
Administrator Class
Actual	$	1,000.00	$	931.60	$	4.22		0.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.76	$	4.42		0.87	%
Institutional Class
Actual	$	1,000.00	$	932.60	$	2.53		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.52	$	2.64		0.52	%
Investor Class
Actual	$	1,000.00	$	931.34	$	4.51		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.46	$	4.72		0.93	%
Target 2045
Administrator Class
Actual	$	1,000.00	$	927.66	$	4.22		0.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.76	$	4.42		0.87	%
Institutional Class
Actual	$	1,000.00	$	929.42	$	2.52		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.52	$	2.64		0.52	%
Investor Class
Actual	$	1,000.00	$	927.76	$	4.51		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.46	$	4.72		0.93	%
Target 2050
Administrator Class
Actual	$	1,000.00	$	927.42	$	4.22		0.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.76	$	4.42		0.87	%
Institutional Class
Actual	$	1,000.00	$	928.58	$	2.52		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.52	$	2.64		0.52	%
Investor Class
Actual	$	1,000.00	$	927.48	$	4.51		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.46	$	4.72		0.93	%
Target 2055
Administrator Class
Actual	$	1,000.00	$	925.00	$	4.26		0.88	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.71	$	4.47		0.88	%
Institutional Class
Actual	$	1,000.00	$	925.00	$	2.56		0.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.47	$	2.69		0.53	%
Investor Class
Actual	$	1,000.00	$	925.00	$	4.50		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.46	$	4.72		0.93	%

1. Expenses paid is equal to the 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).

16 Wells Fargo Advantage Dow Jones Target Date Funds Portfolio of Investments—August 31, 2011 (Unaudited)

TARGET TODAY FUND

Security Name	Shares		Value
Affiliated Master Portfolios: 99.99%
Wells Fargo Advantage Diversified Fixed Income Portfolio		NA	$	719,388,221
Wells Fargo Advantage Diversified Stock Portfolio		NA		123,691,673
Wells Fargo Advantage Short-Term Investment Portfolio		NA		44,444,789
Total Affiliated Master Portfolios (Cost $845,742,754)				887,524,683

Total Investments in Securities
(Cost $845,742,754)*	99.99	%		887,524,683
Other Assets and Liabilities, Net	0.01			114,220
Total Net Assets	100.00	%	$	887,638,903

TARGET 2010 FUND

Security Name	Shares		Value
Affiliated Master Portfolios: 100.06%
Wells Fargo Advantage Diversified Fixed Income Portfolio		NA	$	638,226,635
Wells Fargo Advantage Diversified Stock Portfolio		NA		175,753,375
Wells Fargo Advantage Short-Term Investment Portfolio		NA		34,180,948
Total Affiliated Master Portfolios (Cost $787,039,053)				848,160,958

Total Investments in Securities
(Cost $787,039,053)*	100.06	%		848,160,958
Other Assets and Liabilities, Net	(0.06	)		(529,450	)
Total Net Assets	100.00	%	$	847,631,508

* 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—August 31, 2011 (Unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 17

TARGET 2015 FUND

Security Name	Shares		Value
Affiliated Master Portfolios: 99.88%
Wells Fargo Advantage Diversified Fixed Income Portfolio		NA	$	448,063,989
Wells Fargo Advantage Diversified Stock Portfolio		NA		196,975,542
Wells Fargo Advantage Short-Term Investment Portfolio		NA		27,301,798
Total Affiliated Master Portfolios (Cost $637,160,571)				672,341,329

Total Investments in Securities
(Cost $637,160,571)*	99.88	%		672,341,329
Other Assets and Liabilities, Net	0.12			825,392
Total Net Assets	100.00	%	$	673,166,721

TARGET 2020 FUND

Security Name	Shares		Value
Affiliated Master Portfolios: 99.86%
Wells Fargo Advantage Diversified Fixed Income Portfolio		NA	$	1,137,920,174
Wells Fargo Advantage Diversified Stock Portfolio		NA		822,844,541
Wells Fargo Advantage Short-Term Investment Portfolio		NA		83,826,098
Total Affiliated Master Portfolios (Cost $1,920,102,670)				2,044,590,813

Total Investments in Securities
(Cost $1,920,102,670)*	99.86	%		2,044,590,813
Other Assets and Liabilities, Net	0.14			2,793,501
Total Net Assets	100.00	%	$	2,047,384,314

* 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.

18 Wells Fargo Advantage Dow Jones Target Date Funds Portfolio of Investments—August 31, 2011 (Unaudited)

TARGET 2025 FUND

Security Name	Shares		Value
Affiliated Master Portfolios: 100.06%
Wells Fargo Advantage Diversified Fixed Income Portfolio		NA	$	714,261,273
Wells Fargo Advantage Diversified Stock Portfolio		NA		884,045,918
Wells Fargo Advantage Short-Term Investment Portfolio		NA		69,125,442
Total Affiliated Master Portfolios (Cost $1,564,434,818)				1,667,432,633

Total Investments in Securities
(Cost $1,564,434,818)*	100.06	%		1,667,432,633
Other Assets and Liabilities, Net	(0.06	)		(1,007,808	)
Total Net Assets	100.00	%	$	1,666,424,825

TARGET 2030 FUND

Security Name	Shares		Value
Affiliated Master Portfolios: 99.90%
Wells Fargo Advantage Diversified Fixed Income Portfolio		NA	$	495,836,063
Wells Fargo Advantage Diversified Stock Portfolio		NA		1,120,787,524
Wells Fargo Advantage Short-Term Investment Portfolio		NA		70,762,212
Total Affiliated Master Portfolios (Cost $1,601,750,043)				1,687,385,799

Total Investments in Securities
(Cost $1,601,750,043)*	99.90	%		1,687,385,799
Other Assets and Liabilities, Net	0.10			1,753,406
Total Net Assets	100.00	%	$	1,689,139,205

* 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—August 31, 2011 (Unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 19

TARGET 2035 FUND

Security Name	Shares		Value
Affiliated Master Portfolios: 100.02%
Wells Fargo Advantage Diversified Fixed Income Portfolio		NA	$	118,177,994
Wells Fargo Advantage Diversified Stock Portfolio		NA		507,344,075
Wells Fargo Advantage Short-Term Investment Portfolio		NA		27,654,701
Total Affiliated Master Portfolios (Cost $628,471,522)				653,176,770

Total Investments in Securities
(Cost $628,471,522)*	100.02	%		653,176,770
Other Assets and Liabilities, Net	(0.02	)		(136,116	)
Total Net Assets	100.00	%	$	653,040,654

TARGET 2040 FUND

Security Name	Shares		Value
Affiliated Master Portfolios: 99.99%
Wells Fargo Advantage Diversified Fixed Income Portfolio		NA	$	115,062,910
Wells Fargo Advantage Diversified Stock Portfolio		NA		948,727,620
Wells Fargo Advantage Short-Term Investment Portfolio		NA		47,351,020
Total Affiliated Master Portfolios (Cost $1,061,322,208)				1,111,141,550

Total Investments in Securities
(Cost $1,061,322,208)*	99.99	%		1,111,141,550
Other Assets and Liabilities, Net	0.01			162,007
Total Net Assets	100.00	%	$	1,111,303,557

* 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.

20 Wells Fargo Advantage Dow Jones Target Date Funds Portfolio of Investments—August 31, 2011 (Unaudited)

TARGET 2045 FUND

Security Name	Shares		Value
Affiliated Master Portfolios: 100.08%
Wells Fargo Advantage Diversified Fixed Income Portfolio		NA	$	20,850,567
Wells Fargo Advantage Diversified Stock Portfolio		NA		256,654,387
Wells Fargo Advantage Short-Term Investment Portfolio		NA		12,386,351
Total Affiliated Master Portfolios (Cost $283,655,930)				289,891,305

Total Investments in Securities
(Cost $283,655,930)*	100.08	%		289,891,305
Other Assets and Liabilities, Net	(0.08	)		(217,996	)
Total Net Assets	100.00	%	$	289,673,309

TARGET 2050 FUND

��

Security Name	Shares		Value
Affiliated Master Portfolios: 99.88%
Wells Fargo Advantage Diversified Fixed Income Portfolio		NA	$	47,356,088
Wells Fargo Advantage Diversified Stock Portfolio		NA		586,889,278
Wells Fargo Advantage Short-Term Investment Portfolio		NA		28,310,464
Total Affiliated Master Portfolios (Cost $626,545,483)				662,555,830

Total Investments in Securities
(Cost $626,545,483)*	99.88	%		662,555,830
Other Assets and Liabilities, Net	0.12			784,762
Total Net Assets	100.00	%	$	663,340,592

* 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—August 31, 2011 (Unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 21

TARGET 2055 FUND

Security Name	Shares		Value
Affiliated Master Portfolios: 96.25%
Wells Fargo Advantage Diversified Fixed Income Portfolio		NA	$	74,944
Wells Fargo Advantage Diversified Stock Portfolio		NA		928,792
Wells Fargo Advantage Short-Term Investment Portfolio		NA		44,803
Total Affiliated Master Portfolios (Cost $1,125,535)				1,048,539

Total Investments in Securities
(Cost $1,125,535)*	96.25	%		1,048,539
Other Assets and Liabilities, Net	3.75			40,884
Total Net Assets	100.00	%	$	1,089,423

* 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.

22 Wells Fargo Advantage Dow Jones Target Date Funds Statements of Assets and Liabilities—August 31, 2011 (Unaudited)

	Target Today Fund		Target 2010 Fund
Assets
Investments in affiliated Master Portfolios, at value	$	887,524,683	$	848,160,958
Receivable for Fund shares sold		1,984,265		1,576,287
Prepaid expenses and other assets		110,575		77,974
Total assets		889,619,523		849,815,219
Liabilities
Payable for Fund shares redeemed		1,707,932		1,840,666
Advisory fee payable		34,239		70,334
Distribution fees payable		3,661		2,604
Due to other related parties		123,203		115,048
Shareholder report expenses payable		11,318		53,394
Custodian and accounting fees payable		36,812		34,450
Shareholder servicing fees payable		49,861		64,580
Professional fees payable		13,594		2,635
Accrued expenses and other liabilities		0		0
Total liabilities		1,980,620		2,183,711
Total net assets	$	887,638,903	$	847,631,508
NET ASSETS CONSIST OF
Paid-in capital	$	839,135,493	$	798,066,773
Undistributed net investment income		3,042,450		2,690,129
Accumulated net realized gains (losses) on investments		3,679,031		(14,247,299	)
Net unrealized gains on investments		41,781,929		61,121,905
Total net assets	$	887,638,903	$	847,631,508
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	22,219,038	$	41,280,633
Shares outstanding – Class A		2,059,171		3,168,058
Net asset value per share – Class A		$10.79		$13.03
Maximum offering price per share – Class A2		$11.45		$13.82
Net assets – Class B	$	527,361	$	1,015,705
Shares outstanding – Class B		47,398		77,384
Net asset value per share – Class B		$11.13		$13.13
Net assets – Class C	$	5,242,779	$	3,166,460
Shares outstanding – Class C		475,574		239,880
Net asset value per share – Class C		$11.02		$13.20
Net assets – Administrator Class	$	115,559,325	$	203,134,536
Shares outstanding – Administrator Class		10,511,375		15,447,149
Net asset value per share – Administrator Class		$10.99		$13.15
Net assets – Institutional Class	$	648,636,650	$	541,450,831
Shares outstanding – Institutional Class		58,899,524		41,160,323
Net asset value per share – Institutional Class		$11.01		$13.15
Net assets – Investor Class	$	95,453,750	$	57,583,343
Shares outstanding – Investor Class		8,695,218		4,387,666
Net asset value per share – Investor Class		$10.98		$13.12
Investments in affiliated Master Portfolios, at cost	$	845,742,754	$	787,039,053

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—August 31, 2011 (Unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 23

Target 2015 Fund		Target 2020 Fund			Target 2025 Fund		Target 2030 Fund		Target 2035 Fund		Target 2040 Fund		Target 2045 Fund
$	672,341,329	$	2,044,590,813		$	1,667,432,633	$	1,687,385,799	$	653,176,770	$	1,111,141,550	$	289,891,305
	1,221,569		6,596,101			554,568		5,295,019		832,361		3,587,885		260,025
	85,687		159,035			111,977		127,392		98,092		95,799		91,513
	673,648,585		2,051,345,949			1,668,099,178		1,692,808,210		654,107,223		1,114,825,234		290,242,843
	214,042		3,185,764			1,169,863		3,061,901		770,420		3,081,425		386,842
	44,125		198,040			115,131		163,955		48,501		118,191		20,335
	NA		3,276			NA		2,410		NA		3,254		NA
	106,417		268,081			237,412		218,664		112,781		149,695		50,375
	44,603		95,985			6,316		27,617		50,623		32,588		69,241
	24,942		59,520			56,834		68,899		22,816		36,798		17,301
	47,018		135,034			73,021		109,696		54,590		83,640		25,440
	0		15,935			15,776		15,863		6,838		16,086		0
	717		0			0		0		0		0		0
	481,864		3,961,635			1,674,353		3,669,005		1,066,569		3,521,677		569,534
$	673,166,721	$	2,047,384,314		$	1,666,424,825	$	1,689,139,205	$	653,040,654	$	1,111,303,557	$	289,673,309
$	630,319,838	$	1,937,783,685		$	1,533,308,610	$	1,594,989,006	$	616,179,245	$	1,051,304,296	$	279,145,425
	2,021,042		5,522,378			3,980,159		3,503,568		1,195,914		1,656,942		509,610
	5,645,083		(20,409,892	)		26,138,241		5,010,875		10,960,247		8,522,977		3,782,899
	35,180,758		124,488,143			102,997,815		85,635,756		24,705,248		49,819,342		6,235,375
$	673,166,721	$	2,047,384,314		$	1,666,424,825	$	1,689,139,205	$	653,040,654	$	1,111,303,557	$	289,673,309
	NA	$	75,470,430			NA	$	58,256,810		NA	$	100,816,654		NA
	NA		5,483,952			NA		4,141,081		NA		6,638,430		NA
	NA		$13.76			NA		$14.07		NA		$15.19		NA
	NA		$14.60			NA		$14.93		NA		$16.12		NA
	NA	$	1,392,184			NA	$	1,137,039		NA	$	1,805,989		NA
	NA		101,817			NA		82,252		NA		124,409		NA
	NA		$13.67			NA		$13.82		NA		$14.52		NA
	NA	$	3,693,867			NA	$	2,672,090		NA	$	3,398,090		NA
	NA		269,256			NA		193,696		NA		235,500		NA
	NA		$13.72			NA		$13.80		NA		$14.43		NA
$	71,499,809	$	439,879,381		$	88,970,345	$	361,443,471	$	60,511,394	$	245,615,798	$	31,580,402
	7,200,726		31,542,152			9,365,257		25,399,754		6,697,527		15,911,779		3,540,317
	$9.93		$13.95			$9.50		$14.23		$9.03		$15.44		$8.92
$	447,937,125	$	1,400,871,667		$	1,314,026,036	$	1,161,495,208	$	384,843,253	$	706,978,946	$	164,812,555
	45,615,207		100,209,862			138,653,594		81,618,006		42,713,919		45,718,380		18,549,727
	$9.82		$13.98			$9.48		$14.23		$9.01		$15.46		$8.88
$	153,729,787	$	126,076,785		$	263,428,444	$	104,134,587	$	207,686,007	$	52,688,080	$	93,280,352
	15,464,842		9,046,800			27,770,817		7,333,464		22,924,654		3,417,883		10,427,567
	$9.94		$13.94			$9.49		$14.20		$9.06		$15.42		$8.95
$	637,160,571	$	1,920,102,670		$	1,564,434,818	$	1,601,750,043	$	628,471,522	$	1,061,322,208	$	283,655,930

24 Wells Fargo Advantage Dow Jones Target Date Funds Statements of Assets and Liabilities—August 31, 2011 (Unaudited)

	Target 2050 Fund		Target 2055 Fund
Assets
Investments in affiliated Master Portfolios, at value	$	662,555,830	$	1,048,539
Receivable for Fund shares sold		2,782,999		30
Receivable from adviser		0		7,280
Prepaid expenses and other assets		88,246		41,589
Total assets		665,427,075		1,097,438
Liabilities
Payable for Fund shares redeemed		1,843,605		0
Advisory fee payable		59,821		0
Due to other related parties		76,930		120
Shareholder report expenses payable		41,509		1,165
Custodian and accounting fees payable		32,247		311
Shareholder servicing fees payable		20,125		14
Professional fees payable		12,246		4,065
Accrued expenses and other liabilities		0		2,340
Total liabilities		2,086,483		8,015
Total net assets	$	663,340,592	$	1,089,423
NET ASSETS CONSIST OF
Paid-in capital	$	613,886,005	$	1,163,746
Undistributed net investment income		1,072,795		2,321
Accumulated net realized gains on investments		12,371,445		352
Net unrealized gains (losses) on investments		36,010,347		(76,996	)
Total net assets	$	663,340,592	$	1,089,423
COMPUTATION OF NET ASSET VALUE PER SHARE1
Net assets – Administrator Class	$	72,438,750	$	9,689
Shares outstanding – Administrator Class		8,275,711		1,048
Net asset value per share – Administrator Class		$8.75		$9.25
Net assets – Institutional Class	$	566,698,323	$	1,013,281
Shares outstanding – Institutional Class		64,622,455		109,524
Net asset value per share – Institutional Class		$8.77		$9.25
Net assets – Investor Class	$	24,203,519	$	66,453
Shares outstanding – Investor Class		2,757,873		7,185
Net asset value per share – Investor Class		$8.78		$9.25
Investments in affiliated Master Portfolios, at cost	$	626,545,483	$	1,125,535

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

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

This page is intentionally left blank.

26 Wells Fargo Advantage Dow Jones Target Date Funds Statements of Operations—Six Months Ended August 31, 2011 (Unaudited)

	Target Today Fund			Target 2010 Fund
Investment income
Dividends allocated from affiliated Master Portfolios*	$	1,350,556		$	1,998,220
Interest allocated from affiliated Master Portfolios**		10,073,336			9,125,747
Expenses allocated from affiliated Master Portfolios		(1,146,606	)		(1,149,160	)
Waivers allocated from affiliated Master Portfolios		92,972			103,421
Total investment income		10,370,258			10,078,228
Expenses
Advisory fee		1,009,930			991,623
Administration fees
Fund level		208,621			204,641
Class A		29,127			55,054
Class B		791			1,400
Class C		6,987			4,047
Administrator Class		44,354			98,672
Institutional Class		250,485			207,520
Investor Class		150,439			92,203
Shareholder servicing fees
Class A		28,006			51,970
Class B		761			1,346
Class C		6,718			3,891
Administrator Class		110,886			246,681
Investor Class		113,969			69,851
Distribution fees
Class B		2,282			4,037
Class C		20,155			11,673
Custody and accounting fees		16,401			15,348
Professional fees		10,847			2,130
Registration fees		32,852			28,292
Shareholder report expenses		15,123			4,269
Trustees’ fees and expenses		5,910			5,332
Other fees and expenses		3,600			7,788
Total expenses		2,068,244			2,107,768
Less: Fee waivers and/or expense reimbursements		(807,398	)		(594,751	)
Net expenses		1,260,846			1,513,017
Net investment income		9,109,412			8,565,211
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains from securities transactions allocated from affiliated Master Portfolios		4,982,445			5,810,394
Net change in unrealized gains (losses) from securities transactions allocated from affiliated Master Portfolios		13,092,875			4,132,442
Net realized and unrealized gains (losses) on investments		18,075,320			9,942,836
Net increase (decrease) in net assets resulting from operations	$	27,184,732		$	18,508,047
*   Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios of		$81,505			$120,839
** Net of foreign interest withholding taxes allocated from affiliated Master Portfolios of		$58,514			$52,941

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

Statements of Operations—Six Months Ended August 31, 2011 (Unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 27

Target 2015 Fund			Target 2020 Fund			Target 2025 Fund			Target 2030 Fund			Target 2035 Fund			Target 2040 Fund			Target 2045 Fund
$	2,212,934		$	9,459,936		$	10,361,400		$	12,907,621		$	5,698,563		$	10,948,712		$	2,833,200
	6,363,969			16,597,617			10,610,386			7,433,337			1,826,850			2,009,103			386,639
	(924,132	)		(2,954,638	)		(2,533,096	)		(2,609,845	)		(1,019,569	)		(1,816,502	)		(458,338	)
	92,634			332,735			320,474			364,202			152,755			284,307			72,900
	7,745,405			23,435,650			18,759,164			18,095,315			6,658,599			11,425,620			2,834,401
	793,491			2,271,856			1,922,517			1,929,906			795,907			1,347,887			357,387
	161,569			505,009			421,832			423,592			162,094			285,016			71,477
	NA			99,160			NA			79,022			NA			141,751			NA
	NA			2,357			NA			1,934			NA			2,959			NA
	NA			5,190			NA			3,459			NA			4,438			NA
	34,585			224,137			43,388			190,775			31,241			132,440			16,264
	170,363			546,125			532,429			457,503			148,306			283,249			63,567
	249,478			205,203			444,649			171,807			354,965			86,349			155,866
	NA			92,985			NA			74,108			NA			135,048			NA
	NA			2,266			NA			1,860			NA			2,845			NA
	NA			4,991			NA			3,327			NA			4,267			NA
	86,461			560,342			108,470			476,938			78,102			331,101			40,660
	188,998			155,457			336,366			129,942			268,913			65,206			117,510
	NA			6,798			NA			5,580			NA			8,535			NA
	NA			14,971			NA			9,979			NA			12,802			NA
	12,118			37,876			43,598			47,961			12,157			21,376			5,813
	5,000			13,456			13,456			13,456			6,322			13,455			4,777
	18,206			20,418			29,986			24,767			20,685			22,246			10,353
	2,000			11,864			23,786			8,000			2,000			8,000			905
	5,332			5,332			5,332			5,332			5,332			5,332			5,332
	1,737			10,181			15,958			7,491			1,562			5,748			1,425
	1,729,338			4,795,974			3,941,767			4,066,739			1,887,586			2,920,050			851,336
	(546,514	)		(1,096,966	)		(1,231,777	)		(930,123	)		(513,902	)		(603,466	)		(242,885	)
	1,182,824			3,699,008			2,709,990			3,136,616			1,373,684			2,316,584			608,451
	6,562,581			19,736,642			16,049,174			14,958,699			5,284,915			9,109,036			2,225,950
	5,525,194			20,965,550			21,197,294			24,606,183			10,334,993			19,820,254			4,945,030
	(6,302,756	)		(54,423,481	)		(79,737,807	)		(115,131,926	)		(56,248,987	)		(109,230,327	)		(29,450,729	)
	(777,562	)		(33,457,931	)		(58,540,513	)		(90,525,743	)		(45,913,994	)		(89,410,073	)		(24,505,699	)
$	5,785,019		$	(13,721,289	)	$	(42,491,339	)	$	(75,567,044	)	$	(40,629,079	)	$	(80,301,037	)	$	(22,279,749	)
	$134,144			$572,567			$629,676			$781,959			$345,987			$665,643			$172,153
	$36,739			$95,163			$59,978			$40,879			$9,535			$9,569			$1,697

28 Wells Fargo Advantage Dow Jones Target Date Funds Statements of Operations—Six Months Ended August 31, 2011 (Unaudited)

	Target 2050 Fund			Target 2055 Fund1
Investment income
Dividends allocated from affiliated Master Portfolios*	$	6,815,660		$	2,841
Interest allocated from affiliated Master Portfolios**		923,174			406
Expenses allocated from affiliated Master Portfolios		(1,097,128	)		(521	)
Waivers allocated from affiliated Master Portfolios		174,541			83
Total investment income		6,816,247			2,809
Expenses
Advisory fee		838,132			422
Administration fees
Fund level		171,274			84
Administrator Class		37,520			2
Institutional Class		233,796			128
Investor Class		42,181			23
Shareholder servicing fees
Administrator Class		93,800			4
Investor Class		31,955			17
Custody and accounting fees		13,751			311
Professional fees		9,552			4,065
Registration fees		20,165			5,364
Shareholder report expenses		3,025			1,169
Trustees’ fees and expenses		5,332			2,033
Other fees and expenses		1,706			1,831
Total expenses		1,502,189			15,453
Less: Fee waivers and/or expense reimbursements		(459,856	)		(14,965	)
Net expenses		1,042,333			488
Net investment income		5,773,914			2,321
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains from securities transactions allocated from affiliated Master Portfolios		12,208,529			352
Net change in unrealized gains (losses) from securities transactions allocated from affiliated Master Portfolios		(68,292,059	)		(76,996	)
Net realized and unrealized gains (losses) on investments		(56,083,530	)		(76,644	)
Net decrease in net assets resulting from operations	$	(50,309,616	)	$	(74,323	)
*   Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios of		$413,391			$134
** Net of foreign interest withholding taxes allocated from affiliated Master Portfolios of		$4,055			$2

1. For the two months ended August 31, 2011. The Fund commenced operations on June 30, 2011.

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

Statements of Changes in Net Assets Wells Fargo Advantage Dow Jones Target Date Funds 29

	Target Today Fund
	Six Months Ended August 31, 2011 (Unaudited)							Year Ended February 28, 2011
Operations
Net investment income				$	9,109,412						$	12,391,401
Net realized gains on investments					4,982,445							5,136,799
Net change in unrealized gains (losses) on investments					13,092,875							19,278,588
Net increase in net assets resulting from operations					27,184,732							36,806,788
							��
Distributions to shareholders from
Net investment income
Class A					(187,014	)						(505,163	)
Class B					(1,926	)						(16,176	)
Class C					(24,431	)						(77,210	)
Administrator Class					(726,781	)						(1,476,753	)
Institutional Class					(6,697,667	)						(10,345,328	)
Investor Class					(814,905	)						(1,592,771	)
Total distributions to shareholders					(8,452,724	)						(14,013,401	)
Capital share transactions		Shares							Shares
Proceeds from shares sold
Class A		105,294			1,120,346				231,295			2,372,320
Class B		1,329			14,766				59			612
Class C		17,988			196,653				53,728			570,181
Administrator Class		4,948,047			53,961,317				2,967,046			31,277,203
Institutional Class		13,063,990			142,155,343				41,830,699			446,300,423
Investor Class		1,614,621			17,555,229				6,494,843			67,777,214
					215,003,654							548,297,953
Reinvestment of distributions
Class A		16,838			179,664				46,682			476,634
Class B		140			1,543				1,354			14,178
Class C		1,862			20,312				6,248			65,285
Administrator Class		66,435			721,490				140,680			1,468,702
Institutional Class		613,900			6,679,232				979,161			10,226,417
Investor Class		74,966			813,380				152,607			1,590,443
					8,415,621							13,841,659
Payment for shares redeemed
Class A		(228,923	)		(2,439,314	)			(318,084	)		(3,284,777	)
Class B		(33,700	)		(367,033	)			(130,789	)		(1,368,081	)
Class C		(64,136	)		(697,483	)			(76,586	)		(802,787	)
Administrator Class		(1,684,663	)		(18,350,461	)			(2,186,349	)		(23,080,964	)
Institutional Class		(8,689,591	)		(94,822,188	)			(13,746,232	)		(144,646,692	)
Investor Class		(1,076,815	)		(11,703,494	)			(2,422,028	)		(25,383,853	)
					(128,379,973	)						(198,567,154	)
Net increase in net assets resulting from capital share transactions					95,039,302							363,572,458
Total increase in net assets					113,771,310							386,365,845
Net assets
Beginning of period					773,867,593							387,501,748
End of period				$	887,638,903						$	773,867,593
Undistributed net investment income				$	3,042,450						$	2,385,762

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

30 Wells Fargo Advantage Dow Jones Target Date Funds Statements of Changes in Net Assets

	Target 2010 Fund
	Six Months Ended August 31, 2011 (Unaudited)						Year Ended February 28, 2011
Operations
Net investment income				$	8,565,211					$	13,909,149
Net realized gains on investments					5,810,394						4,312,870
Net change in unrealized gains (losses) on investments					4,132,442						43,600,079
Net increase in net assets resulting from operations					18,508,047						61,822,098
Distributions to shareholders from
Net investment income
Class A					(308,676	)					(938,626	)
Class B					(2,166	)					(25,919	)
Class C					(11,997	)					(41,890	)
Administrator Class					(1,575,499	)					(4,332,247	)
Institutional Class					(5,079,587	)					(11,143,667	)
Investor Class					(438,402	)					(853,604	)
Total distributions to shareholders					(7,416,327	)					(17,335,953	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		217,303			2,813,137			312,882			3,907,000
Class B		12,254			158,728			6,891			86,332
Class C		24,185			317,306			77,346			992,587
Administrator Class		3,010,005			39,470,079			3,643,612			45,817,065
Institutional Class		11,545,706			150,830,330			12,893,181			162,016,304
Investor Class		704,948			9,223,982			2,855,715			36,127,847
					202,813,562						248,947,135
Reinvestment of distributions
Class A		22,587			292,506			73,126			900,833
Class B		147			1,921			1,981			24,531
Class C		859			11,292			3,223			40,362
Administrator Class		120,540			1,575,462			348,549			4,332,132
Institutional Class		386,438			5,046,883			885,073			11,006,722
Investor Class		33,358			434,988			67,675			843,787
					7,363,052						17,148,367
Payment for shares redeemed
Class A		(386,561	)		(5,019,503	)		(586,996	)		(7,278,777	)
Class B		(54,248	)		(703,793	)		(114,181	)		(1,415,565	)
Class C		(24,256	)		(316,863	)		(53,072	)		(678,854	)
Administrator Class		(2,478,634	)		(32,489,964	)		(3,386,325	)		(42,602,877	)
Institutional Class		(5,874,169	)		(76,945,701	)		(8,260,894	)		(103,941,432	)
Investor Class		(493,765	)		(6,469,256	)		(851,034	)		(10,712,822	)
					(121,945,080	)					(166,630,327	)
Net increase in net assets resulting from capital share transactions					88,231,534						99,465,175
Total increase in net assets					99,323,254						143,951,320
Net assets
Beginning of period					748,308,254						604,356,934
End of period				$	847,631,508					$	748,308,254
Undistributed net investment income				$	2,690,129					$	1,541,245

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

Statements of Changes in Net Assets Wells Fargo Advantage Dow Jones Target Date Funds 31

	Target 2015 Fund
	Six Months Ended August 31, 2011 (Unaudited)						Year Ended February 28, 2011
Operations
Net investment income				$	6,562,581					$	9,130,733
Net realized gains on investments					5,525,194						5,756,869
Net change in unrealized gains (losses) on investments					(6,302,756	)					36,099,680
Net increase in net assets resulting from operations					5,785,019						50,987,282
Distributions to shareholders from
Net investment income
Administrator Class					(559,180	)					(1,025,725	)
Institutional Class					(4,104,459	)					(7,372,315	)
Investor Class					(1,192,493	)					(2,083,582	)
Net realized gains
Administrator Class					0						(283,693	)
Institutional Class					0						(1,861,409	)
Investor Class					0						(713,986	)
Total distributions to shareholders					(5,856,132	)					(13,340,710	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Administrator Class		2,300,357			22,963,292			2,729,008			25,982,939
Institutional Class		12,245,848			121,023,014			21,434,957			202,235,137
Investor Class		2,422,069			24,178,810			12,436,633			117,088,727
					168,165,116						345,306,803
Reinvestment of distributions
Administrator Class		56,159			557,712			137,643			1,305,285
Institutional Class		413,510			4,057,017			959,199			9,002,032
Investor Class		119,655			1,189,469			292,618			2,793,381
					5,804,198						13,100,698
Payment for shares redeemed
Administrator Class		(1,326,839	)		(13,267,418	)		(1,307,324	)		(12,352,760	)
Institutional Class		(6,501,916	)		(64,126,273	)		(8,995,149	)		(84,806,567	)
Investor Class		(1,435,121	)		(14,332,627	)		(3,066,879	)		(28,901,313	)
					(91,726,318	)					(126,060,640	)
Net increase in net assets resulting from capital share transactions					82,242,996						232,346,861
Total increase in net assets					82,171,883						269,993,433
Net assets
Beginning of period					590,994,838						321,001,405
End of period				$	673,166,721					$	590,994,838
Undistributed net investment income				$	2,021,042					$	1,314,593

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

32 Wells Fargo Advantage Dow Jones Target Date Funds Statements of Changes in Net Assets

	Target 2020 Fund
	Six Months Ended August 31, 2011 (Unaudited)						Year Ended February 28, 2011
Operations
Net investment income				$	19,736,642					$	28,504,552
Net realized gains on investments					20,965,550						20,048,620
Net change in unrealized gains (losses) on investments					(54,423,481	)					158,000,635
Net increase (decrease) in net assets resulting from operations					(13,721,289	)					206,553,807
Distributions to shareholders from
Net investment income
Class A					(512,230	)					(1,303,312	)
Class B					(1,692	)					(28,860	)
Class C					(13,968	)					(33,439	)
Administrator Class					(3,410,075	)					(7,477,970	)
Institutional Class					(12,958,448	)					(22,799,250	)
Investor Class					(933,891	)					(1,570,737	)
Total distributions to shareholders					(17,830,304	)					(33,213,568	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		493,679			6,934,887			433,313			5,706,254
Class B		2,056			28,932			3,345			43,229
Class C		25,829			361,295			110,834			1,475,470
Administrator Class		5,733,654			81,135,890			8,973,513			120,106,915
Institutional Class		21,551,922			307,112,579			32,721,160			439,221,646
Investor Class		1,540,253			21,886,492			5,662,123			75,453,186
					417,460,075						642,006,700
Reinvestment of distributions
Class A		35,254			490,030			97,206			1,259,969
Class B		113			1,558			2,145			27,687
Class C		853			11,835			2,079			27,036
Administrator Class		242,139			3,409,318			568,966			7,477,250
Institutional Class		911,522			12,861,574			1,707,995			22,516,646
Investor Class		66,273			932,455			118,581			1,566,450
					17,706,770						32,875,038
Payment for shares redeemed
Class A		(614,048	)		(8,565,763	)		(756,950	)		(9,882,886	)
Class B		(75,673	)		(1,049,277	)		(235,612	)		(3,051,427	)
Class C		(39,038	)		(539,024	)		(51,380	)		(667,129	)
Administrator Class		(5,473,575	)		(77,729,803	)		(5,435,204	)		(73,080,093	)
Institutional Class		(10,380,230	)		(147,246,431	)		(10,914,913	)		(146,178,604	)
Investor Class		(993,892	)		(14,094,956	)		(1,563,340	)		(20,894,713	)
					(249,225,254	)					(253,754,852	)
Net increase in net assets resulting from capital share transactions					185,941,591						421,126,886
Total increase in net assets					154,389,998						594,467,125
Net assets
Beginning of period					1,892,994,316						1,298,527,191
End of period				$	2,047,384,314					$	1,892,994,316
Undistributed net investment income				$	5,522,378					$	3,616,040

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

Statements of Changes in Net Assets Wells Fargo Advantage Dow Jones Target Date Funds 33

	Target 2025 Fund
	Six Months Ended August 31, 2011 (Unaudited)						Year Ended February 28, 2011
Operations
Net investment income				$	16,049,174					$	24,013,931
Net realized gains on investments					21,197,294						29,256,044
Net change in unrealized gains (losses) on investments					(79,737,807	)					164,090,721
Net increase (decrease) in net assets resulting from operations					(42,491,339	)					217,360,696
Distributions to shareholders from
Net investment income
Administrator Class					(607,184	)					(868,027	)
Institutional Class					(11,479,158	)					(24,267,941	)
Investor Class					(1,809,619	)					(3,028,826	)
Net realized gains
Administrator Class					0						(781,016	)
Institutional Class					0						(15,858,121	)
Investor Class					0						(3,075,426	)
Total distributions to shareholders					(13,895,961	)					(47,879,357	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Administrator Class		3,811,970			37,419,945			3,534,413			32,546,040
Institutional Class		19,452,056			191,227,587			31,044,792			285,592,324
Investor Class		3,893,113			38,042,089			21,516,380			193,897,529
					266,689,621						512,035,893
Reinvestment of distributions
Administrator Class		62,607			607,184			177,898			1,649,043
Institutional Class		1,178,607			11,402,783			4,264,472			39,236,433
Investor Class		185,469			1,796,564			655,766			6,093,121
					13,806,531						46,978,597
Payment for shares redeemed
Administrator Class		(1,600,276	)		(15,793,536	)		(1,121,732	)		(10,071,825	)
Institutional Class		(13,798,274	)		(134,268,319	)		(25,339,094	)		(231,549,011	)
Investor Class		(2,488,419	)		(24,269,492	)		(4,086,057	)		(37,080,702	)
					(174,331,347	)					(278,701,538	)
Net increase in net assets resulting from capital share transactions					106,164,805						280,312,952
Total increase in net assets					49,777,505						449,794,291
Net assets
Beginning of period					1,616,647,320						1,166,853,029
End of period				$	1,666,424,825					$	1,616,647,320
Undistributed net investment income				$	3,980,159					$	1,826,946

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

34 Wells Fargo Advantage Dow Jones Target Date Funds Statements of Changes in Net Assets

	Target 2030 Fund
	Six Months Ended August 31, 2011 (Unaudited)						Year Ended February 28, 2011
Operations
Net investment income				$	14,958,699					$	18,911,793
Net realized gains on investments					24,606,183						28,237,941
Net change in unrealized gains (losses) on investments					(115,131,926	)					179,566,913
Net increase (decrease) in net assets resulting from operations					(75,567,044	)					226,716,647
Distributions to shareholders from
Net investment income
Class A					(347,899	)					(783,942	)
Class B					(1,434	)					(14,949	)
Class C					(8,658	)					(13,216	)
Administrator Class					(2,518,345	)					(4,461,904	)
Institutional Class					(9,438,105	)					(15,091,473	)
Investor Class					(669,781	)					(1,009,551	)
Total distributions to shareholders					(12,984,222	)					(21,375,035	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		372,335			5,479,408			348,291			4,745,541
Class B		921			13,620			4,302			57,638
Class C		29,930			438,391			52,733			726,119
Administrator Class		5,197,000			77,131,406			8,909,938			122,692,855
Institutional Class		18,824,282			280,718,531			27,067,968			371,510,925
Investor Class		1,343,042			19,968,806			4,122,030			56,496,256
					383,750,162						556,229,334
Reinvestment of distributions
Class A		22,830			331,256			57,125			758,908
Class B		95			1,361			1,155			14,897
Class C		455			6,483			719			9,434
Administrator Class		171,536			2,518,142			331,149			4,461,640
Institutional Class		637,287			9,348,995			1,106,104			14,918,251
Investor Class		45,542			667,187			74,543			1,007,603
					12,873,424						21,170,733
Payment for shares redeemed
Class A		(455,220	)		(6,718,893	)		(609,252	)		(8,077,282	)
Class B		(53,746	)		(772,690	)		(126,050	)		(1,673,849	)
Class C		(5,661	)		(81,872	)		(18,974	)		(260,982	)
Administrator Class		(4,930,072	)		(73,247,826	)		(4,171,484	)		(57,639,631	)
Institutional Class		(7,838,670	)		(115,751,442	)		(8,171,401	)		(111,730,214	)
Investor Class		(694,232	)		(10,296,410	)		(1,234,329	)		(16,903,066	)
					(206,869,133	)					(196,285,024	)
Net increase in net assets resulting from capital share transactions					189,754,453						381,115,043
Total increase in net assets					101,203,187						586,456,655
Net assets
Beginning of period					1,587,936,018						1,001,479,363
End of period				$	1,689,139,205					$	1,587,936,018
Undistributed net investment income				$	3,503,568					$	1,529,091

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

Statements of Changes in Net Assets Wells Fargo Advantage Dow Jones Target Date Funds 35

	Target 2035 Fund
	Six Months Ended August 31, 2011 (Unaudited)						Year Ended February 28, 2011
Operations
Net investment income				$	5,284,915					$	5,681,801
Net realized gains on investments					10,334,993						8,397,632
Net change in unrealized gains (losses) on investments					(56,248,987	)					72,353,286
Net increase (decrease) in net assets resulting from operations					(40,629,079	)					86,432,719
Distributions to shareholders from
Net investment income
Administrator Class					(316,673	)					(540,804	)
Institutional Class					(2,280,229	)					(4,346,853	)
Investor Class					(1,076,616	)					(2,076,888	)
Net realized gains
Administrator Class					0						(634,579	)
Institutional Class					0						(4,113,552	)
Investor Class					0						(2,662,669	)
Total distributions to shareholders					(3,673,518	)					(14,375,345	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Administrator Class		3,179,950			30,541,312			2,634,656			23,204,528
Institutional Class		11,781,881			113,205,051			18,887,180			166,499,266
Investor Class		3,366,566			32,131,709			16,348,296			140,804,952
					175,878,072						330,508,746
Reinvestment of distributions
Administrator Class		33,613			316,673			130,914			1,175,383
Institutional Class		241,698			2,270,232			942,479			8,416,466
Investor Class		113,731			1,074,994			523,505			4,730,960
					3,661,899						14,322,809
Payment for shares redeemed
Administrator Class		(1,722,157	)		(16,625,209	)		(717,695	)		(6,143,114	)
Institutional Class		(4,529,128	)		(42,829,076	)		(5,398,146	)		(47,307,051	)
Investor Class		(1,680,905	)		(15,909,854	)		(3,101,091	)		(27,004,603	)
					(75,364,139	)					(80,454,768	)
Net increase in net assets resulting from capital share transactions					104,175,832						264,376,787
Total increase in net assets					59,873,235						336,434,161
Net assets
Beginning of period					593,167,419						256,733,258
End of period				$	653,040,654					$	593,167,419
Undistributed (overdistributed) net investment income				$	1,195,914					$	(415,483	)

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

36 Wells Fargo Advantage Dow Jones Target Date Funds Statements of Changes in Net Assets

	Target 2040 Fund
	Six Months Ended August 31, 2011 (Unaudited)						Year Ended February 28, 2011
Operations
Net investment income				$	9,109,036					$	10,715,030
Net realized gains on investments					19,820,254						22,524,775
Net change in unrealized gains (losses) on investments					(109,230,327	)					144,567,425
Net increase (decrease) in net assets resulting from operations					(80,301,037	)					177,807,230
Distributions to shareholders from
Net investment income
Class A					(534,157	)					(1,172,196	)
Class B					(1,886	)					(11,939	)
Class C					(8,970	)					(13,026	)
Administrator Class					(1,507,252	)					(2,755,284	)
Institutional Class					(5,202,540	)					(7,835,031	)
Investor Class					(291,234	)					(390,675	)
Total distributions to shareholders					(7,546,039	)					(12,178,151	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		286,682			4,664,504			317,107			4,671,555
Class B		1,760			27,207			5,303			78,693
Class C		47,258			729,690			61,840			895,072
Administrator Class		3,545,680			58,273,219			5,219,817			78,189,907
Institutional Class		11,447,504			188,583,564			16,392,351			247,428,145
Investor Class		763,704			12,549,585			1,886,707			28,213,256
					264,827,769						359,476,628
Reinvestment of distributions
Class A		32,631			519,152			79,741			1,138,209
Class B		114			1,732			850			11,604
Class C		514			7,771			888			12,217
Administrator Class		93,264			1,507,140			189,596			2,755,210
Institutional Class		319,370			5,167,411			533,069			7,774,522
Investor Class		18,022			290,876			26,662			390,114
					7,494,082						12,081,876
Payment for shares redeemed
Class A		(601,206	)		(9,773,673	)		(850,942	)		(12,510,243	)
Class B		(60,180	)		(931,277	)		(121,761	)		(1,695,326	)
Class C		(7,030	)		(108,178	)		(39,883	)		(583,622	)
Administrator Class		(3,357,402	)		(54,990,840	)		(2,580,961	)		(38,988,102	)
Institutional Class		(5,270,296	)		(86,074,919	)		(5,011,789	)		(74,677,204	)
Investor Class		(301,561	)		(4,921,953	)		(493,482	)		(7,297,326	)
					(156,800,840	)					(135,751,823	)
Net increase in net assets resulting from capital share transactions					115,521,011						235,806,681
Total increase in net assets					27,673,935						401,435,760
Net assets
Beginning of period					1,083,629,622						682,193,862
End of period				$	1,111,303,557					$	1,083,629,622
Undistributed net investment income				$	1,656,942					$	93,945

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

Statements of Changes in Net Assets Wells Fargo Advantage Dow Jones Target Date Funds 37

	Target 2045 Fund
	Six Months Ended August 31, 2011 (Unaudited)						Year Ended February 28, 2011
Operations
Net investment income				$	2,225,950					$	2,002,618
Net realized gains on investments					4,945,030						2,560,859
Net change in unrealized gains (losses) on investments					(29,450,729	)					32,292,839
Net increase (decrease) in net assets resulting from operations					(22,279,749	)					36,856,316
Distributions to shareholders from
Net investment income
Administrator Class					(143,296	)					(387,108	)
Institutional Class					(900,150	)					(1,996,836	)
Investor Class					(426,297	)					(1,053,652	)
Net realized gains
Administrator Class					0						(292,080	)
Institutional Class					0						(1,378,001	)
Investor Class					0						(901,751	)
Total distributions to shareholders					(1,469,743	)					(6,009,428	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Administrator Class		1,439,870			13,815,816			1,395,054			12,102,536
Institutional Class		6,192,058			59,017,756			10,496,261			92,169,915
Investor Class		2,595,428			24,750,180			8,461,747			72,510,610
					97,583,752						176,783,061
Reinvestment of distributions
Administrator Class		15,263			143,280			75,609			679,144
Institutional Class		95,853			896,049			375,659			3,357,224
Investor Class		45,259			426,204			215,837			1,955,286
					1,465,533						5,991,654
Payment for shares redeemed
Administrator Class		(781,223	)		(7,585,143	)		(445,895	)		(3,823,792	)
Institutional Class		(2,488,417	)		(23,210,708	)		(2,530,805	)		(22,031,376	)
Investor Class		(971,833	)		(9,279,567	)		(1,435,887	)		(12,394,423	)
					(40,075,418	)					(38,249,591	)
Net increase in net assets resulting from capital share transactions					58,973,867						144,525,124
Total increase in net assets					35,224,375						175,372,012
Net assets
Beginning of period					254,448,934						79,076,922
End of period				$	289,673,309					$	254,448,934
Undistributed (overdistributed) net investment income				$	509,610					$	(246,597	)

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

38 Wells Fargo Advantage Dow Jones Target Date Funds Statements of Changes in Net Assets

	Target 2050 Fund
	Six Months Ended August 31, 2011 (Unaudited)						Year Ended February 28, 2011
Operations
Net investment income				$	5,773,914					$	7,241,102
Net realized gains on investments					12,208,529						16,638,381
Net change in unrealized gains (losses) on investments					(68,292,059	)					88,770,609
Net increase (decrease) in net assets resulting from operations					(50,309,616	)					112,650,092
Distributions to shareholders from
Net investment income
Administrator Class					(350,863	)					(937,920	)
Institutional Class					(3,387,888	)					(9,090,518	)
Investor Class					(116,275	)					(325,963	)
Net realized gains
Administrator Class					0						(1,768,714	)
Institutional Class					0						(14,394,930	)
Investor Class					0						(663,707	)
Total distributions to shareholders					(3,855,026	)					(27,181,752	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Administrator Class		2,971,088			27,678,479			3,666,392			32,069,119
Institutional Class		13,839,581			129,007,351			20,687,175			181,405,930
Investor Class		590,378			5,543,523			893,418			7,720,708
					162,229,353						221,195,757
Reinvestment of distributions
Administrator Class		38,067			350,852			304,636			2,706,543
Institutional Class		364,815			3,366,706			2,616,871			23,192,089
Investor Class		12,558			116,011			111,086			988,371
					3,833,569						26,887,003
Payment for shares redeemed
Administrator Class		(2,060,815	)		(19,127,654	)		(1,317,894	)		(11,731,542	)
Institutional Class		(8,637,643	)		(80,251,224	)		(12,374,213	)		(107,132,182	)
Investor Class		(449,704	)		(4,187,825	)		(787,620	)		(6,809,119	)
					(103,566,703	)					(125,672,843	)
Net increase in net assets resulting from capital share transactions					62,496,219						122,409,917
Total increase in net assets					8,331,577						207,878,257
Net assets
Beginning of period					655,009,015						447,130,758
End of period				$	663,340,592					$	655,009,015
Undistributed (overdistributed) net investment income				$	1,072,795					$	(846,093	)

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

Statements of Changes in Net Assets Wells Fargo Advantage Dow Jones Target Date Funds 39

	Target 2055 Fund
	Period Ended August 31, 2011 (Unaudited)1
Operations
Net investment income			$	2,321
Net realized gains on investments				352
Net change in unrealized gains (losses) on investments				(76,996	)
Net decrease in net assets resulting from operations				(74,323	)
Capital share transactions		Shares
Proceeds from shares sold
Administrator Class		1,048		10,423
Institutional Class		109,524		1,082,905
Investor Class		7,185		70,418
				1,163,746
Total increase in net assets				1,089,423
Net assets
Beginning of period				0
End of period			$	1,089,423
Undistributed net investment income			$	2,321

1. For the two months ended August 31, 2011. The Fund commenced operations on June 30, 2011.

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

40 Wells Fargo Advantage Dow Jones Target Date Funds Financial Highlights

	Beginning Net Asset Value Per Share		Net Investment Income			Net Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains
Target Today Fund
Class A
March 1, 2011 to August 31, 2011 (Unaudited)	$	10.56		0.10			0.22			(0.09	)		0.00
March 1, 2010 to February 28, 2011	$	10.04		0.18	4		0.57			(0.23	)		0.00
March 1, 2009 to February 28, 2010	$	8.86		0.22	4		1.20			(0.24	)		0.00
March 1, 2008 to February 28, 2009	$	10.10		0.26	4		(1.15	)		(0.29	)		(0.06	)
March 1, 2007 to February 29, 2008	$	10.07		0.35	4		0.15			(0.36	)		(0.11	)
March 1, 2006 to February 28, 2007	$	10.28		0.33	4		0.15			(0.30	)		(0.39	)
Class B
March 1, 2011 to August 31, 2011 (Unaudited)	$	10.87		0.06	4		0.24			(0.04	)		0.00
March 1, 2010 to February 28, 2011	$	10.31		0.11	4		0.58			(0.13	)		0.00
March 1, 2009 to February 28, 2010	$	9.08		0.16	4		1.22			(0.15	)		0.00
March 1, 2008 to February 28, 2009	$	10.33		0.19	4		(1.17	)		(0.21	)		(0.06	)
March 1, 2007 to February 29, 2008	$	10.29		0.28	4		0.15			(0.28	)		(0.11	)
March 1, 2006 to February 28, 2007	$	10.48		0.25	4		0.17			(0.22	)		(0.39	)
Class C
March 1, 2011 to August 31, 2011 (Unaudited)	$	10.78		0.06	4		0.23			(0.05	)		0.00
March 1, 2010 to February 28, 2011	$	10.25		0.11	4		0.57			(0.15	)		0.00
March 1, 2009 to February 28, 2010	$	9.04		0.15	4		1.23			(0.17	)		0.00
March 1, 2008 to February 28, 2009	$	10.30		0.19	4		(1.18	)		(0.21	)		(0.06	)
March 1, 2007 to February 29, 2008	$	10.26		0.28	4		0.15			(0.28	)		(0.11	)
March 1, 2006 to February 28, 2007	$	10.45		0.25	4		0.17			(0.22	)		(0.39	)
Administrator Class
March 1, 2011 to August 31, 2011 (Unaudited)	$	10.75		0.11	4		0.23			(0.10	)		0.00
March 1, 2010 to February 28, 2011	$	10.19		0.20	4		0.58			(0.22	)		0.00
March 1, 2009 to February 28, 2010	$	9.03		0.25	4		1.21			(0.30	)		0.00
March 1, 2008 to February 28, 2009	$	10.29		0.29	4		(1.17	)		(0.32	)		(0.06	)
March 1, 2007 to February 29, 2008	$	10.25		0.38	4		0.16			(0.39	)		(0.11	)
March 1, 2006 to February 28, 2007	$	10.45		0.37	4		0.16			(0.34	)		(0.39	)
Institutional Class
March 1, 2011 to August 31, 2011 (Unaudited)	$	10.77		0.13	4		0.23			(0.12	)		0.00
March 1, 2010 to February 28, 2011	$	10.24		0.24	4		0.58			(0.29	)		0.00
March 1, 2009 to February 28, 2010	$	9.03		0.27	4		1.22			(0.28	)		0.00
March 1, 2008 to February 28, 2009	$	10.29		0.32	4		(1.18	)		(0.34	)		(0.06	)
March 1, 2007 to February 29, 2008	$	10.26		0.41	4		0.14			(0.41	)		(0.11	)
March 1, 2006 to February 28, 2007	$	10.45		0.39	4		0.17			(0.36	)		(0.39	)
Investor Class
March 1, 2011 to August 31, 2011 (Unaudited)	$	10.74		0.10	4		0.24			(0.10	)		0.00
March 1, 2010 to February 28, 2011	$	10.21		0.20	4		0.58			(0.25	)		0.00
March 1, 2009 to February 28, 2010	$	9.01		0.24	4		1.22			(0.26	)		0.00
March 1, 2008 to February 28, 2009	$	10.28		0.28	4		(1.17	)		(0.32	)		(0.06	)
March 1, 2007 to February 29, 2008	$	10.26		0.37	4		0.15			(0.39	)		(0.11	)
January 31, 20076 to February 28, 2007	$	10.18		0.04	4		0.04			0.00			0.00
Target 2010 Fund
Class A
March 1, 2011 to August 31, 2011 (Unaudited)	$	12.86		0.11	4		0.16			(0.10	)		0.00
March 1, 2010 to February 28, 2011	$	12.04		0.22	4		0.88			(0.28	)		0.00
March 1, 2009 to February 28, 2010	$	10.15		0.25	4		1.93			(0.29	)		(0.00	)5
March 1, 2008 to February 28, 2009	$	12.71		0.31	4		(2.42	)		(0.35	)		(0.10	)
March 1, 2007 to February 29, 2008	$	12.68		0.38	4		0.20			(0.39	)		(0.16	)
March 1, 2006 to February 28, 2007	$	12.91		0.36	4		0.45			(0.33	)		(0.71	)

Please see footnotes on page 52.

Financial Highlights Wells Fargo Advantage Dow Jones Target Date Funds 41

Ending Net Asset Value Per Share		Ratio to Average Net Assets (Annualized)									Total Return2			Portfolio Turnover Rate3			Net Assets at End of Period (000’s omitted)
		Net Investment Income			Gross Expenses1			Net Expenses1
$	10.79		1.78	%		1.07	%		0.96	%		3.06	%		24	%	$	22,219
$	10.56		1.82	%		1.10	%		0.97	%		7.56	%		51	%	$	22,862
$	10.04		2.29	%		1.24	%		1.13	%		16.13	%		91	%	$	22,145
$	8.86		2.71	%		1.27	%		1.15	%		(9.06	)%		45	%	$	20,151
$	10.10		3.49	%		1.25	%		1.15	%		5.06	%		51	%	$	30,416
$	10.07		3.19	%		1.28	%		1.18	%		4.83	%		143	%	$	35,375
$	11.13		1.03	%		1.82	%		1.70	%		2.74	%		24	%	$	527
$	10.87		1.08	%		1.85	%		1.72	%		6.78	%		51	%	$	865
$	10.31		1.58	%		2.00	%		1.89	%		15.23	%		91	%	$	2,155
$	9.08		1.96	%		2.02	%		1.90	%		(9.73	)%		45	%	$	3,563
$	10.33		2.74	%		2.00	%		1.90	%		4.21	%		51	%	$	8,411
$	10.29		2.41	%		2.04	%		1.94	%		4.11	%		143	%	$	11,330
$	11.02		1.03	%		1.82	%		1.71	%		2.71	%		24	%	$	5,243
$	10.78		1.07	%		1.85	%		1.72	%		6.69	%		51	%	$	5,605
$	10.25		1.56	%		1.93	%		1.82	%		15.30	%		91	%	$	5,498
$	9.04		1.97	%		2.01	%		1.90	%		(9.80	)%		45	%	$	4,741
$	10.30		2.74	%		1.99	%		1.90	%		4.25	%		51	%	$	6,877
$	10.26		2.41	%		2.04	%		1.94	%		4.11	%		143	%	$	8,269
$	10.99		1.93	%		0.91	%		0.80	%		3.18	%		24	%	$	115,559
$	10.75		1.99	%		0.93	%		0.80	%		7.70	%		51	%	$	77,216
$	10.19		2.53	%		1.00	%		0.82	%		16.30	%		91	%	$	63,796
$	9.03		3.02	%		1.09	%		0.85	%		(8.80	)%		45	%	$	43,072
$	10.29		3.71	%		1.08	%		0.85	%		5.39	%��		51	%	$	48,453
$	10.25		3.52	%		1.10	%		0.88	%		5.17	%		143	%	$	16,728
$	11.01		2.29	%		0.64	%		0.45	%		3.33	%		24	%	$	648,637
$	10.77		2.31	%		0.66	%		0.45	%		8.14	%		51	%	$	580,536
$	10.24		2.73	%		0.72	%		0.53	%		16.67	%		91	%	$	254,513
$	9.03		3.26	%		0.82	%		0.62	%		(8.60	)%		45	%	$	76,391
$	10.29		3.96	%		0.81	%		0.62	%		5.52	%		51	%	$	50,105
$	10.26		3.80	%		0.82	%		0.66	%		5.49	%		143	%	$	20,338
$	10.98		1.88	%		1.14	%		0.86	%		3.15	%		24	%	$	95,454
$	10.74		1.91	%		1.18	%		0.86	%		7.72	%		51	%	$	86,784
$	10.21		2.41	%		1.28	%		0.89	%		16.33	%		91	%	$	39,395
$	9.01		2.97	%		1.37	%		0.91	%		(8.93	)%		45	%	$	12,397
$	10.28		3.58	%		1.40	%		0.91	%		5.21	%		51	%	$	2,719
$	10.26		3.81	%		1.36	%		0.88	%		0.79	%		143	%	$	17
$	13.03		1.72	%		1.07	%		0.99	%		2.08	%		23	%	$	41,281
$	12.86		1.72	%		1.10	%		1.00	%		9.24	%		47	%	$	42,615
$	12.04		2.16	%		1.16	%		1.10	%		21.64	%		86	%	$	42,316
$	10.15		2.62	%		1.25	%		1.18	%		(16.98	)%		43	%	$	39,175
$	12.71		2.99	%		1.25	%		1.18	%		4.67	%		61	%	$	60,969
$	12.68		2.78	%		1.27	%		1.20	%		6.40	%		152	%	$	69,835

42 Wells Fargo Advantage Dow Jones Target Date Funds Financial Highlights

	Beginning Net Asset Value Per Share		Net Investment Income			Net Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains
Target 2010 Fund (continued)
Class B
March 1, 2011 to August 31, 2011 (Unaudited)	$	12.93		0.06	4		0.17			(0.03	)		0.00
March 1, 2010 to February 28, 2011	$	12.10		0.12	4		0.88			(0.17	)		0.00
March 1, 2009 to February 28, 2010	$	10.18		0.17	4		1.93			(0.18	)		(0.00	)5
March 1, 2008 to February 28, 2009	$	12.73		0.22	4		(2.42	)		(0.25	)		(0.10	)
March 1, 2007 to February 29, 2008	$	12.70		0.29	4		0.18			(0.28	)		(0.16	)
March 1, 2006 to February 28, 2007	$	12.92		0.26	4		0.46			(0.23	)		(0.71	)
Class C
March 1, 2011 to August 31, 2011 (Unaudited)	$	13.03		0.07	4		0.15			(0.05	)		0.00
March 1, 2010 to February 28, 2011	$	12.19		0.12	4		0.91			(0.19	)		0.00
March 1, 2009 to February 28, 2010	$	10.27		0.16	4		1.96			(0.20	)		(0.00	)5
March 1, 2008 to February 28, 2009	$	12.85		0.22	4		(2.45	)		(0.25	)		(0.10	)
March 1, 2007 to February 29, 2008	$	12.82		0.29	4		0.19			(0.29	)		(0.16	)
March 1, 2006 to February 28, 2007	$	13.04		0.26	4		0.45			(0.22	)		(0.71	)
Administrator Class
March 1, 2011 to August 31, 2011 (Unaudited)	$	12.97		0.15			0.14			(0.11	)		0.00
March 1, 2010 to February 28, 2011	$	12.14		0.24			0.89			(0.30	)		0.00
March 1, 2009 to February 28, 2010	$	10.24		0.27	4		1.95			(0.32	)		(0.00	)5
March 1, 2008 to February 28, 2009	$	12.82		0.34	4		(2.44	)		(0.38	)		(0.10	)
March 1, 2007 to February 29, 2008	$	12.79		0.42	4		0.20			(0.43	)		(0.16	)
March 1, 2006 to February 28, 2007	$	13.01		0.40	4		0.45			(0.36	)		(0.71	)
Institutional Class
March 1, 2011 to August 31, 2011 (Unaudited)	$	12.97		0.17			0.14			(0.13	)		0.00
March 1, 2010 to February 28, 2011	$	12.15		0.28			0.88			(0.34	)		0.00
March 1, 2009 to February 28, 2010	$	10.24		0.31	4		1.95			(0.35	)		(0.00	)5
March 1, 2008 to February 28, 2009	$	12.81		0.37	4		(2.43	)		(0.41	)		(0.10	)
March 1, 2007 to February 29, 2008	$	12.78		0.44	4		0.21			(0.46	)		(0.16	)
March 1, 2006 to February 28, 2007	$	13.01		0.44	4		0.43			(0.39	)		(0.71	)
Investor Class
March 1, 2011 to August 31, 2011 (Unaudited)	$	12.95		0.14			0.13			(0.10	)		0.00
March 1, 2010 to February 28, 2011	$	12.12		0.22	4		0.90			(0.29	)		0.00
March 1, 2009 to February 28, 2010	$	10.22		0.27	4		1.94			(0.31	)		(0.00	)5
March 1, 2008 to February 28, 2009	$	12.80		0.33	4		(2.43	)		(0.38	)		(0.10	)
March 1, 2007 to February 29, 2008	$	12.78		0.40	4		0.21			(0.43	)		(0.16	)
January 31, 20076 to February 28, 2007	$	12.66		0.04	4		0.08			0.00			0.00
Target 2015 Fund
Administrator Class
March 1, 2011 to August 31, 2011 (Unaudited)	$	9.92		0.09			0.00			(0.08	)		0.00
March 1, 2010 to February 28, 2011	$	9.15		0.17			0.85			(0.20	)		(0.05	)
March 1, 2009 to February 28, 2010	$	7.31		0.17	4		1.82			(0.15	)		0.00
March 1, 2008 to February 28, 2009	$	10.04		0.24	4		(2.37	)		(0.30	)		0.00
June 29, 20076 to February 29, 2008	$	10.00		0.20	4		(0.11	)		(0.05	)		0.00
Institutional Class
March 1, 2011 to August 31, 2011 (Unaudited)	$	9.81		0.11			0.00			(0.10	)		0.00
March 1, 2010 to February 28, 2011	$	9.05		0.19			0.85			(0.23	)		(0.05	)
March 1, 2009 to February 28, 2010	$	7.23		0.21	4		1.77			(0.16	)		0.00
March 1, 2008 to February 28, 2009	$	9.92		0.25	4		(2.33	)		(0.31	)		0.00
June 29, 20076 to February 29, 2008	$	10.00		0.19	4		(0.10	)		(0.17	)		0.00

Please see footnotes on page 52.

Financial Highlights Wells Fargo Advantage Dow Jones Target Date Funds 43

Distributions from Tax Basis Return of Capital			Ending Net Asset Value Per Share		Ratio to Average Net Assets (Annualized)									Total Return2			Portfolio Turnover Rate3			Net Assets at End of Period (000’s omitted)
					Net Investment Income			Gross Expenses1			Net Expenses1
	0.00		$	13.13		0.98	%		1.82	%		1.73	%		1.77	%		23	%	$	1,016
	0.00		$	12.93		0.98	%		1.85	%		1.75	%		8.45	%		47	%	$	1,542
	0.00		$	12.10		1.45	%		1.92	%		1.86	%		20.69	%		86	%	$	2,716
	0.00		$	10.18		1.87	%		2.00	%		1.93	%		(17.58	)%		43	%	$	4,269
	0.00		$	12.73		2.25	%		2.00	%		1.93	%		3.81	%		61	%	$	9,715
	0.00		$	12.70		2.01	%		2.02	%		1.96	%		5.65	%		152	%	$	15,211
	0.00		$	13.20		0.98	%		1.82	%		1.74	%		1.70	%		23	%	$	3,166
	0.00		$	13.03		0.96	%		1.85	%		1.75	%		8.48	%		47	%	$	3,114
	0.00		$	12.19		1.42	%		1.91	%		1.85	%		20.76	%		86	%	$	2,580
	0.00		$	10.27		1.87	%		2.00	%		1.93	%		(17.59	)%		43	%	$	2,464
	0.00		$	12.85		2.23	%		2.00	%		1.93	%		3.81	%		61	%	$	3,609
	0.00		$	12.82		2.02	%		2.02	%		1.96	%		5.59	%		152	%	$	4,194
	0.00		$	13.15		1.88	%		0.91	%		0.83	%		2.22	%		23	%	$	203,135
	0.00		$	12.97		1.88	%		0.93	%		0.83	%		9.44	%		47	%	$	191,943
	0.00		$	12.14		2.36	%		0.98	%		0.86	%		21.86	%		86	%	$	172,322
	0.00		$	10.24		2.92	%		1.07	%		0.88	%		(16.73	)%		43	%	$	110,425
	0.00		$	12.82		3.26	%		1.07	%		0.88	%		4.95	%		61	%	$	138,418
	0.00		$	12.79		3.09	%		1.09	%		0.90	%		6.75	%		152	%	$	99,261
	0.00		$	13.15		2.23	%		0.64	%		0.48	%		2.30	%		23	%	$	541,451
	0.00		$	12.97		2.23	%		0.66	%		0.48	%		9.90	%		47	%	$	455,447
	0.00		$	12.15		2.63	%		0.71	%		0.59	%		22.15	%		86	%	$	359,320
	0.00		$	10.24		3.15	%		0.80	%		0.65	%		(16.47	)%		43	%	$	239,731
	0.00		$	12.81		3.45	%		0.81	%		0.65	%		5.18	%		61	%	$	206,461
	0.00		$	12.78		3.41	%		0.81	%		0.67	%		6.89	%		152	%	$	80,427
	0.00		$	13.12		1.82	%		1.14	%		0.89	%		2.12	%		23	%	$	57,583
	0.00		$	12.95		1.79	%		1.18	%		0.89	%		9.40	%		47	%	$	53,646
	0.00		$	12.12		2.27	%		1.26	%		0.92	%		21.86	%		86	%	$	25,103
	0.00		$	10.22		2.86	%		1.36	%		0.94	%		(16.78	)%		43	%	$	11,265
	0.00		$	12.80		3.10	%		1.39	%		0.94	%		4.89	%		61	%	$	4,856
	0.00		$	12.78		3.30	%		1.36	%		0.88	%		0.95	%		152	%	$	166
	0.00		$	9.93		1.81	%		0.92	%		0.84	%		0.93	%		21	%	$	71,500
	0.00		$	9.92		1.76	%		0.93	%		0.84	%		11.28	%		44	%	$	61,227
	0.00		$	9.15		1.89	%		1.03	%		0.86	%		27.28	%		77	%	$	42,190
	(0.30	)	$	7.31		2.69	%		1.37	%		0.89	%		(22.21	)%		41	%	$	12,138
	0.00		$	10.04		2.90	%		3.58	%		0.56	%		0.88	%		54	%	$	9,354
	0.00		$	9.82		2.16	%		0.65	%		0.49	%		1.10	%		21	%	$	447,937
	0.00		$	9.81		2.11	%		0.66	%		0.49	%		11.68	%		44	%	$	387,146
	0.00		$	9.05		2.43	%		0.72	%		0.54	%		27.56	%		77	%	$	235,807
	(0.30	)	$	7.23		2.91	%		1.06	%		0.66	%		(22.00	)%		41	%	$	22,002
	0.00		$	9.92		2.91	%		3.71	%		0.53	%		0.92	%		54	%	$	10,088

44 Wells Fargo Advantage Dow Jones Target Date Funds Financial Highlights

	Beginning Net Asset Value Per Share		Net Investment Income			Net Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains
Target 2015 Fund (continued)
Investor Class
March 1, 2011 to August 31, 2011 (Unaudited)	$	9.93		0.09			0.00			(0.08	)		0.00
March 1, 2010 to February 28, 2011	$	9.16		0.16	4		0.85			(0.19	)		(0.05	)
March 1, 2009 to February 28, 2010	$	7.32		0.15	4		1.83			(0.14	)		0.00
March 1, 2008 to February 28, 2009	$	10.03		0.22	4		(2.34	)		(0.29	)		0.00
June 29, 20076 to February 29, 2008	$	10.00		0.19	4		(0.10	)		(0.06	)		0.00
Target 2020 Fund
Class A
March 1, 2011 to August 31, 2011 (Unaudited)	$	13.97		0.11	4		(0.22	)		(0.10	)		0.00
March 1, 2010 to February 28, 2011	$	12.54		0.20			1.46			(0.23	)		0.00
March 1, 2009 to February 28, 2010	$	9.58		0.21	4		2.97			(0.22	)		(0.00	)5
March 1, 2008 to February 28, 2009	$	13.78		0.26	4		(4.04	)		(0.27	)		(0.15	)
March 1, 2007 to February 29, 2008	$	14.22		0.33	4		(0.08	)		(0.32	)		(0.37	)
March 1, 2006 to February 28, 2007	$	14.24		0.28	4		1.04			(0.27	)		(1.07	)
Class B
March 1, 2011 to August 31, 2011 (Unaudited)	$	13.85		0.06	4		(0.23	)		(0.01	)		0.00
March 1, 2010 to February 28, 2011	$	12.41		0.09	4		1.46			(0.11	)		0.00
March 1, 2009 to February 28, 2010	$	9.50		0.12	4		2.95			(0.16	)		(0.00	)5
March 1, 2008 to February 28, 2009	$	13.66		0.17	4		(4.01	)		(0.17	)		(0.15	)
March 1, 2007 to February 29, 2008	$	14.09		0.20	4		(0.06	)		(0.20	)		(0.37	)
March 1, 2006 to February 28, 2007	$	14.12		0.18	4		1.02			(0.16	)		(1.07	)
Class C
March 1, 2011 to August 31, 2011 (Unaudited)	$	13.93		0.06	4		(0.22	)		(0.05	)		0.00
March 1, 2010 to February 28, 2011	$	12.51		0.08			1.48			(0.14	)		0.00
March 1, 2009 to February 28, 2010	$	9.58		0.12	4		2.98			(0.17	)		(0.00	)5
March 1, 2008 to February 28, 2009	$	13.78		0.17	4		(4.05	)		(0.17	)		(0.15	)
March 1, 2007 to February 29, 2008	$	14.21		0.21	4		(0.06	)		(0.21	)		(0.37	)
March 1, 2006 to February 28, 2007	$	14.23		0.18	4		1.03			(0.16	)		(1.07	)
Administrator Class
March 1, 2011 to August 31, 2011 (Unaudited)	$	14.15		0.16			(0.25	)		(0.11	)		0.00
March 1, 2010 to February 28, 2011	$	12.70		0.21			1.50			(0.26	)		0.00
March 1, 2009 to February 28, 2010	$	9.71		0.23	4		3.01			(0.25	)		(0.00	)5
March 1, 2008 to February 28, 2009	$	13.96		0.30	4		(4.09	)		(0.31	)		(0.15	)
March 1, 2007 to February 29, 2008	$	14.39		0.36	4		(0.06	)		(0.36	)		(0.37	)
March 1, 2006 to February 28, 2007	$	14.40		0.33	4		1.04			(0.31	)		(1.07	)
Institutional Class
March 1, 2011 to August 31, 2011 (Unaudited)	$	14.19		0.17			(0.25	)		(0.13	)		0.00
March 1, 2010 to February 28, 2011	$	12.73		0.26			1.50			(0.30	)		0.00
March 1, 2009 to February 28, 2010	$	9.73		0.27	4		3.01			(0.28	)		(0.00	)5
March 1, 2008 to February 28, 2009	$	13.98		0.32	4		(4.08	)		(0.34	)		(0.15	)
March 1, 2007 to February 29, 2008	$	14.41		0.39	4		(0.06	)		(0.39	)		(0.37	)
March 1, 2006 to February 28, 2007	$	14.41		0.36	4		1.05			(0.34	)		(1.07	)
Investor Class
March 1, 2011 to August 31, 2011 (Unaudited)	$	14.14		0.15			(0.24	)		(0.11	)		0.00
March 1, 2010 to February 28, 2011	$	12.70		0.20	4		1.49			(0.25	)		0.00
March 1, 2009 to February 28, 2010	$	9.71		0.22	4		3.02			(0.25	)		(0.00	)5
March 1, 2008 to February 28, 2009	$	13.96		0.29	4		(4.08	)		(0.31	)		(0.15	)
March 1, 2007 to February 29, 2008	$	14.40		0.33	4		(0.03	)		(0.37	)		(0.37	)
January 31, 20076 to February 28, 2007	$	14.30		0.02	4		0.08			0.00			0.00

Please see footnotes on page 52.

Financial Highlights Wells Fargo Advantage Dow Jones Target Date Funds 45

Distributions from Tax Basis Return of Capital			Ending Net Asset Value Per Share		Ratio to Average Net Assets (Annualized)									Total Return2			Portfolio Turnover Rate3			Net Assets at End of Period (000’s omitted)
					Net Investment Income			Gross Expenses1			Net Expenses1
	0.00		$	9.94		1.75	%		1.15	%		0.90	%		0.90	%		21	%	$	153,730
	0.00		$	9.93		1.69	%		1.18	%		0.90	%		11.22	%		44	%	$	142,622
	0.00		$	9.16		1.75	%		1.31	%		0.93	%		27.19	%		77	%	$	43,004
	(0.30	)	$	7.32		2.62	%		1.60	%		0.95	%		(22.15	)%		41	%	$	8,959
	0.00		$	10.03		2.85	%		3.79	%		0.60	%		0.85	%		54	%	$	2,249
	0.00		$	13.76		1.57	%		1.05	%		1.01	%		(0.81	)%		19	%	$	75,470
	0.00		$	13.97		1.46	%		1.08	%		1.02	%		13.41	%		39	%	$	77,784
	0.00		$	12.54		1.77	%		1.15	%		1.11	%		33.45	%		66	%	$	72,653
	0.00		$	9.58		2.10	%		1.25	%		1.20	%		(27.90	)%		38	%	$	59,671
	0.00		$	13.78		2.17	%		1.27	%		1.20	%		1.60	%		48	%	$	124,555
	0.00		$	14.22		1.98	%		1.28	%		1.22	%		9.49	%		135	%	$	152,049
	0.00		$	13.67		0.82	%		1.80	%		1.76	%		(1.20	)%		19	%	$	1,392
	0.00		$	13.85		0.73	%		1.83	%		1.77	%		12.57	%		39	%	$	2,428
	0.00		$	12.41		1.04	%		1.90	%		1.86	%		32.44	%		66	%	$	5,030
	0.00		$	9.50		1.36	%		2.00	%		1.95	%		(28.43	)%		38	%	$	5,495
	0.00	��	$	13.66		1.43	%		2.02	%		1.95	%		0.87	%		48	%	$	11,516
	0.00		$	14.09		1.23	%		2.03	%		1.97	%		8.67	%		135	%	$	16,841
	0.00		$	13.72		0.82	%		1.80	%		1.76	%		(1.16	)%		19	%	$	3,694
	0.00		$	13.93		0.70	%		1.83	%		1.77	%		12.65	%		39	%	$	3,922
	0.00		$	12.51		1.00	%		1.90	%		1.86	%		32.35	%		66	%	$	2,752
	0.00		$	9.58		1.36	%		2.00	%		1.95	%		(28.46	)%		38	%	$	1,840
	0.00		$	13.78		1.42	%		2.02	%		1.95	%		0.90	%		48	%	$	3,318
	0.00		$	14.21		1.23	%		2.03	%		1.97	%		8.67	%		135	%	$	4,083
	0.00		$	13.95		1.73	%		0.89	%		0.85	%		(0.65	)%		19	%	$	439,879
	0.00		$	14.15		1.62	%		0.91	%		0.85	%		13.60	%		39	%	$	439,314
	0.00		$	12.70		1.96	%		0.97	%		0.88	%		33.64	%		66	%	$	342,078
	0.00		$	9.71		2.42	%		1.07	%		0.90	%		(27.66	)%		38	%	$	196,606
	0.00		$	13.96		2.44	%		1.09	%		0.90	%		1.96	%		48	%	$	234,169
	0.00		$	14.39		2.28	%		1.10	%		0.92	%		9.77	%		135	%	$	176,133
	0.00		$	13.98		2.08	%		0.62	%		0.50	%		(0.54	)%		19	%	$	1,400,872
	0.00		$	14.19		1.96	%		0.64	%		0.50	%		14.03	%		39	%	$	1,250,249
	0.00		$	12.73		2.22	%		0.69	%		0.60	%		33.98	%		66	%	$	822,479
	0.00		$	9.73		2.63	%		0.81	%		0.67	%		(27.46	)%		38	%	$	414,090
	0.00		$	13.98		2.63	%		0.82	%		0.67	%		2.18	%		48	%	$	367,360
	0.00		$	14.41		2.48	%		0.83	%		0.69	%		10.07	%		135	%	$	164,260
	0.00		$	13.94		1.67	%		1.12	%		0.91	%		(0.67	)%		19	%	$	126,077
	0.00		$	14.14		1.53	%		1.15	%		0.91	%		13.56	%		39	%	$	119,297
	0.00		$	12.70		1.84	%		1.24	%		0.94	%		33.51	%		66	%	$	53,535
	0.00		$	9.71		2.34	%		1.36	%		0.96	%		(27.70	)%		38	%	$	15,254
	0.00		$	13.96		2.27	%		1.41	%		0.96	%		1.91	%		48	%	$	12,140
	0.00		$	14.40		2.08	%		1.39	%		0.89	%		0.70	%		135	%	$	296

46 Wells Fargo Advantage Dow Jones Target Date Funds Financial Highlights

	Beginning Net Asset Value Per Share		Net Investment Income			Net Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains
Target 2025 Fund
Administrator Class
March 1, 2011 to August 31, 2011 (Unaudited)	$	9.81		0.09			(0.33	)		(0.07	)		0.00
March 1, 2010 to February 28, 2011	$	8.69		0.13	4		1.26			(0.15	)		(0.12	)
March 1, 2009 to February 28, 2010	$	6.25		(0.04	)4		2.61			(0.13	)		0.00
March 1, 2008 to February 28, 2009	$	9.53		0.20	4		(3.29	)		(0.19	)		0.00
June 29, 20076 to February 29, 2008	$	10.00		0.14	4		(0.57	)		(0.04	)		0.00
Institutional Class
March 1, 2011 to August 31, 2011 (Unaudited)	$	9.79		0.10			(0.32	)		(0.09	)		0.00
March 1, 2010 to February 28, 2011	$	8.68		0.16			1.26			(0.19	)		(0.12	)
March 1, 2009 to February 28, 2010	$	6.24		0.18	4		2.39			(0.13	)		0.00
March 1, 2008 to February 28, 2009	$	9.49		0.20	4		(3.26	)		(0.19	)		0.00
June 29, 20076 to February 29, 2008	$	10.00		0.14	4		(0.55	)		(0.10	)		0.00
Investor Class
March 1, 2011 to August 31, 2011 (Unaudited)	$	9.80		0.08			(0.32	)		(0.07	)		0.00
March 1, 2010 to February 28, 2011	$	8.68		0.13	4		1.25			(0.14	)		(0.12	)
March 1, 2009 to February 28, 2010	$	6.25		(0.08	)4		2.64			(0.13	)		0.00
March 1, 2008 to February 28, 2009	$	9.51		0.18	4		(3.26	)		(0.18	)		0.00
June 29, 20076 to February 29, 2008	$	10.00		0.14	4		(0.57	)		(0.06	)		0.00
Target 2030 Fund
Class A
March 1, 2011 to August 31, 2011 (Unaudited)	$	14.81		0.10	4		(0.75	)		(0.09	)		0.00
March 1, 2010 to February 28, 2011	$	12.65		0.15	4		2.19			(0.18	)		0.00
March 1, 2009 to February 28, 2010	$	8.65		0.15	4		4.00			(0.15	)		(0.00	)5
March 1, 2008 to February 28, 2009	$	14.36		0.21	4		(5.55	)		(0.20	)		(0.17	)
March 1, 2007 to February 29, 2008	$	15.16		0.24	4		(0.32	)		(0.23	)		(0.49	)
March 1, 2006 to February 28, 2007	$	15.04		0.20	4		1.44			(0.20	)		(1.32	)
Class B
March 1, 2011 to August 31, 2011 (Unaudited)	$	14.53		0.05	4		(0.74	)		(0.02	)		0.00
March 1, 2010 to February 28, 2011	$	12.41		0.06	4		2.14			(0.08	)		0.00
March 1, 2009 to February 28, 2010	$	8.49		0.07	4		3.91			(0.06	)		(0.00	)5
March 1, 2008 to February 28, 2009	$	14.09		0.11	4		(5.44	)		(0.10	)		(0.17	)
March 1, 2007 to February 29, 2008	$	14.88		0.12	4		(0.31	)		(0.11	)		(0.49	)
March 1, 2006 to February 28, 2007	$	14.79		0.09	4		1.41			(0.09	)		(1.32	)
Class C
March 1, 2011 to August 31, 2011 (Unaudited)	$	14.53		0.04			(0.72	)		(0.05	)		0.00
March 1, 2010 to February 28, 2011	$	12.43		0.05	4		2.14			(0.09	)		0.00
March 1, 2009 to February 28, 2010	$	8.50		0.06	4		3.93			(0.06	)		(0.00	)5
March 1, 2008 to February 28, 2009	$	14.11		0.11	4		(5.45	)		(0.10	)		(0.17	)
March 1, 2007 to February 29, 2008	$	14.91		0.12	4		(0.32	)		(0.11	)		(0.49	)
March 1, 2006 to February 28, 2007	$	14.82		0.09	4		1.41			(0.09	)		(1.32	)
Administrator Class
March 1, 2011 to August 31, 2011 (Unaudited)	$	14.98		0.12			(0.77	)		(0.10	)		0.00
March 1, 2010 to February 28, 2011	$	12.79		0.18	4		2.21			(0.20	)		0.00
March 1, 2009 to February 28, 2010	$	8.74		0.17	4		4.06			(0.18	)		(0.00	)5
March 1, 2008 to February 28, 2009	$	14.50		0.24	4		(5.59	)		(0.24	)		(0.17	)
March 1, 2007 to February 29, 2008	$	15.31		0.28	4		(0.32	)		(0.28	)		(0.49	)
March 1, 2006 to February 28, 2007	$	15.18		0.25	4		1.45			(0.25	)		(1.32	)

Please see footnotes on page 52.

Financial Highlights Wells Fargo Advantage Dow Jones Target Date Funds 47

Ending Net Asset Value Per Share		Ratio to Average Net Assets (Annualized)									Total Return2			Portfolio Turnover Rate3			Net Assets at End of Period (000’s omitted)
		Net Investment Income			Gross Expenses1			Net Expenses1
$	9.50		1.59	%		0.91	%		0.85	%		(2.47	)%		17	%	$	88,970
$	9.81		1.46	%		0.91	%		0.85	%		16.32	%		33	%	$	69,590
$	8.69		(0.51	)%		1.01	%		0.89	%		41.33	%		54	%	$	39,111
$	6.25		2.42	%		1.35	%		0.63	%		(32.95	)%		35	%	$	9,410
$	9.53		2.13	%		3.68	%		0.51	%		(4.30	)%		42	%	$	7,206
$	9.48		1.99	%		0.64	%		0.50	%		(2.31	)%		17	%	$	1,314,026
$	9.79		1.83	%		0.64	%		0.50	%		16.75	%		33	%	$	1,290,513
$	8.68		2.07	%		0.66	%		0.53	%		41.46	%		54	%	$	1,057,514
$	6.24		2.50	%		1.07	%		0.53	%		(32.81	)%		35	%	$	26,335
$	9.49		2.09	%		3.41	%		0.47	%		(4.16	)%		42	%	$	17,248
$	9.49		1.58	%		1.14	%		0.91	%		(2.51	)%		17	%	$	263,428
$	9.80		1.39	%		1.15	%		0.91	%		16.22	%		33	%	$	256,544
$	8.68		(0.93	)%		1.29	%		0.95	%		41.19	%		54	%	$	70,228
$	6.25		2.32	%		1.60	%		0.70	%		(32.90	)%		35	%	$	9,564
$	9.51		2.19	%		4.33	%		0.52	%		(4.29	)%		42	%	$	2,432
$	14.07		1.38	%		1.06	%		1.02	%		(4.43	)%		14	%	$	58,257
$	14.81		1.15	%		1.09	%		1.03	%		18.71	%		28	%	$	62,209
$	12.65		1.32	%		1.16	%		1.12	%		48.17	%		43	%	$	55,735
$	8.65		1.64	%		1.28	%		1.21	%		(37.78	)%		33	%	$	45,556
$	14.36		1.53	%		1.29	%		1.21	%		(0.77	)%		36	%	$	95,985
$	15.16		1.33	%		1.31	%		1.23	%		11.20	%		109	%	$	110,904
$	13.82		0.63	%		1.81	%		1.77	%		(4.85	)%		14	%	$	1,137
$	14.53		0.42	%		1.84	%		1.78	%		17.88	%		28	%	$	1,962
$	12.41		0.60	%		1.92	%		1.88	%		46.98	%		43	%	$	3,173
$	8.49		0.90	%		2.03	%		1.96	%		(38.22	)%		33	%	$	3,233
$	14.09		0.79	%		2.04	%		1.96	%		(1.50	)%		36	%	$	7,358
$	14.88		0.59	%		2.06	%		1.98	%		10.35	%		109	%	$	10,955
$	13.80		0.63	%		1.82	%		1.77	%		(4.79	)%		14	%	$	2,672
$	14.53		0.38	%		1.84	%		1.78	%		17.80	%		28	%	$	2,456
$	12.43		0.58	%		1.91	%		1.87	%		47.11	%		43	%	$	1,671
$	8.50		0.89	%		2.02	%		1.96	%		(38.22	)%		33	%	$	1,261
$	14.11		0.77	%		2.04	%		1.96	%		(1.53	)%		36	%	$	2,385
$	14.91		0.59	%		2.06	%		1.98	%		10.34	%		109	%	$	2,592
$	14.23		1.54	%		0.91	%		0.86	%		(4.37	)%		14	%	$	361,443
$	14.98		1.30	%		0.92	%		0.86	%		18.85	%		28	%	$	373,853
$	12.79		1.49	%		0.98	%		0.89	%		48.60	%		43	%	$	254,340
$	8.74		1.93	%		1.10	%		0.91	%		(37.56	)%		33	%	$	117,363
$	14.50		1.79	%		1.11	%		0.91	%		(0.53	)%		36	%	$	162,897
$	15.31		1.61	%		1.13	%		0.93	%		11.50	%		109	%	$	110,742

48 Wells Fargo Advantage Dow Jones Target Date Funds Financial Highlights

	Beginning Net Asset Value Per Share		Net Investment Income			Net Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains
Target 2030 Fund (continued)
Institutional Class
March 1, 2011 to August 31, 2011 (Unaudited)	$	14.98		0.14			(0.77	)		(0.12	)		0.00
March 1, 2010 to February 28, 2011	$	12.79		0.23	4		2.21			(0.25	)		0.00
March 1, 2009 to February 28, 2010	$	8.75		0.21	4		4.03			(0.20	)		(0.00	)5
March 1, 2008 to February 28, 2009	$	14.51		0.26	4		(5.58	)		(0.27	)		(0.17	)
March 1, 2007 to February 29, 2008	$	15.31		0.31	4		(0.31	)		(0.31	)		(0.49	)
March 1, 2006 to February 28, 2007	$	15.18		0.26	4		1.47			(0.28	)		(1.32	)
Investor Class
March 1, 2011 to August 31, 2011 (Unaudited)	$	14.95		0.11			(0.76	)		(0.10	)		0.00
March 1, 2010 to February 28, 2011	$	12.77		0.17	4		2.21			(0.20	)		0.00
March 1, 2009 to February 28, 2010	$	8.74		0.16	4		4.04			(0.17	)		(0.00	)5
March 1, 2008 to February 28, 2009	$	14.50		0.22	4		(5.58	)		(0.23	)		(0.17	)
March 1, 2007 to February 29, 2008	$	15.31		0.25	4		(0.29	)		(0.28	)		(0.49	)
January 31, 20076 to February 28, 2007	$	15.29		0.01	4		0.01			0.00			(1.32	)
Target 2035 Fund
Administrator Class
March 1, 2011 to August 31, 2011 (Unaudited)	$	9.65		0.07			(0.64	)		(0.05	)		0.00
March 1, 2010 to February 28, 2011	$	8.22		0.10			1.59			(0.13	)		(0.13	)
March 1, 2009 to February 28, 2010	$	5.40		0.09	4		2.81			(0.08	)		0.00
March 1, 2008 to February 28, 2009	$	9.24		0.14	4		(3.84	)		(0.14	)		0.00
June 29, 20076 to February 29, 2008	$	10.00		0.10	4		(0.85	)		(0.01	)		0.00
Institutional Class
March 1, 2011 to August 31, 2011 (Unaudited)	$	9.61		0.08			(0.62	)		(0.06	)		0.00
March 1, 2010 to February 28, 2011	$	8.19		0.13			1.58			(0.16	)		(0.13	)
March 1, 2009 to February 28, 2010	$	5.36		0.11	4		2.82			(0.10	)		0.00
March 1, 2008 to February 28, 2009	$	9.15		0.14	4		(3.80	)		(0.13	)		0.00
June 29, 20076 to February 29, 2008	$	10.00		0.10	4		(0.84	)		(0.11	)		0.00
Investor Class
March 1, 2011 to August 31, 2011 (Unaudited)	$	9.67		0.07			(0.63	)		(0.05	)		0.00
March 1, 2010 to February 28, 2011	$	8.24		0.10			1.58			(0.12	)		(0.13	)
March 1, 2009 to February 28, 2010	$	5.42		0.08	4		2.82			(0.08	)		0.00
March 1, 2008 to February 28, 2009	$	9.24		0.12	4		(3.82	)		(0.12	)		0.00
June 29, 20076 to February 29, 2008	$	10.00		0.10	4		(0.86	)		(0.00	)5		0.00
Target 2040 Fund
Class A
March 1, 2011 to August 31, 2011 (Unaudited)	$	16.40		0.10	4		(1.23	)		(0.08	)		0.00
March 1, 2010 to February 28, 2011	$	13.60		0.15			2.81			(0.16	)		0.00
March 1, 2009 to February 28, 2010	$	8.73		0.12	4		4.87			(0.12	)		(0.00	)5
March 1, 2008 to February 28, 2009	$	16.04		0.19	4		(6.92	)		(0.18	)		(0.40	)
March 1, 2007 to February 29, 2008	$	17.42		0.22	4		(0.49	)		(0.22	)		(0.89	)
March 1, 2006 to February 28, 2007	$	16.69		0.17	4		1.85			(0.18	)		(1.11	)
Class B
March 1, 2011 to August 31, 2011 (Unaudited)	$	15.67		0.04	4		(1.18	)		(0.01	)		0.00
March 1, 2010 to February 28, 2011	$	12.99		0.03	4		2.70			(0.05	)		0.00
March 1, 2009 to February 28, 2010	$	8.35		0.10	4		4.57			(0.03	)		(0.00	)5
March 1, 2008 to February 28, 2009	$	15.40		0.09	4		(6.64	)		(0.10	)		(0.40	)
March 1, 2007 to February 29, 2008	$	16.75		0.09	4		(0.47	)		(0.08	)		(0.89	)
March 1, 2006 to February 28, 2007	$	16.10		0.04	4		1.78			(0.06	)		(1.11	)

Please see footnotes on page 52.

Financial Highlights Wells Fargo Advantage Dow Jones Target Date Funds 49

Ending Net Asset Value Per Share		Ratio to Average Net Assets (Annualized)												Portfolio Turnover Rate3			Net Assets at End of Period (000’s omitted)
		Net Investment Income			Gross Expenses1			Net Expenses1			Total Return2
$	14.23		1.89	%		0.64	%		0.51	%		(4.22	)%		14	%	$	1,161,495
$	14.98		1.65	%		0.65	%		0.51	%		19.35	%		28	%	$	1,048,222
$	12.79		1.74	%		0.71	%		0.61	%		48.76	%		43	%	$	639,598
$	8.75		2.15	%		0.83	%		0.68	%		(37.38	)%		33	%	$	265,829
$	14.50		1.97	%		0.85	%		0.68	%		(0.24	)%		36	%	$	263,663
$	15.31		1.71	%		0.86	%		0.70	%		11.73	%		109	%	$	94,881
$	14.20		1.48	%		1.14	%		0.92	%		(4.40	)%		14	%	$	104,135
$	14.95		1.21	%		1.17	%		0.92	%		18.84	%		28	%	$	99,234
$	12.77		1.36	%		1.25	%		0.94	%		48.33	%		43	%	$	46,963
$	8.74		1.84	%		1.39	%		0.97	%		(37.58	)%		33	%	$	13,400
$	14.50		1.62	%		1.43	%		0.97	%		(0.52	)%		36	%	$	9,799
$	15.31		0.95	%		1.40	%		0.87	%		0.13	%		109	%	$	455
$	9.03		1.45	%		0.93	%		0.87	%		(5.83	)%		12	%	$	60,511
$	9.65		1.17	%		0.94	%		0.87	%		20.87	%		24	%	$	50,226
$	8.22		1.20	%		1.06	%		0.89	%		53.96	%		34	%	$	25,950
$	5.40		1.83	%		1.60	%		0.83	%		(40.58	)%		30	%	$	4,101
$	9.24		1.58	%		5.39	%		0.53	%		(7.52	)%		33	%	$	3,524
$	9.01		1.79	%		0.66	%		0.52	%		(5.65	)%		12	%	$	384,843
$	9.61		1.52	%		0.68	%		0.52	%		21.21	%		24	%	$	338,577
$	8.19		1.40	%		0.75	%		0.57	%		54.85	%		34	%	$	170,172
$	5.36		1.97	%		1.31	%		0.64	%		(40.44	)%		30	%	$	16,279
$	9.15		1.52	%		5.64	%		0.49	%		(7.48	)%		33	%	$	8,983
$	9.06		1.39	%		1.16	%		0.93	%		(5.84	)%		12	%	$	207,686
$	9.67		1.09	%		1.19	%		0.93	%		20.74	%		24	%	$	204,364
$	8.24		1.09	%		1.34	%		0.95	%		53.70	%		34	%	$	60,611
$	5.42		1.69	%		1.82	%		0.92	%		(40.50	)%		30	%	$	7,025
$	9.24		1.59	%		5.74	%		0.50	%		(7.59	)%		33	%	$	1,736
$	15.19		1.25	%		1.08	%		1.03	%		(6.91	)%		11	%	$	100,817
$	16.40		0.95	%		1.10	%		1.04	%		21.98	%		21	%	$	113,494
$	13.60		1.03	%		1.17	%		1.12	%		57.33	%		29	%	$	100,278
$	8.73		1.39	%		1.30	%		1.22	%		(42.65	)%		29	%	$	67,928
$	16.04		1.22	%		1.29	%		1.22	%		(2.02	)%		31	%	$	142,158
$	17.42		0.99	%		1.30	%		1.23	%		12.31	%		100	%	$	166,671
$	14.52		0.50	%		1.83	%		1.78	%		(7.26	)%		11	%	$	1,806
$	15.67		0.23	%		1.86	%		1.79	%		21.08	%		21	%	$	2,863
$	12.99		0.86	%		1.93	%		1.89	%		56.01	%		29	%	$	3,876
$	8.35		0.65	%		2.05	%		1.97	%		(43.10	)%		29	%	$	3,623
$	15.40		0.50	%		2.04	%		1.97	%		(2.69	)%		31	%	$	9,899
$	16.75		0.26	%		2.05	%		1.98	%		11.42	%		100	%	$	16,692

50 Wells Fargo Advantage Dow Jones Target Date Funds Financial Highlights

	Beginning Net Asset Value Per Share		Net Investment Income			Net Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains
Target 2040 Fund (continued)
Class C
March 1, 2011 to August 31, 2011 (Unaudited)	$	15.60		0.04	4		(1.17	)		(0.04	)		0.00
March 1, 2010 to February 28, 2011	$	12.95		0.03	4		2.69			(0.07	)		0.00
March 1, 2009 to February 28, 2010	$	8.33		0.05	4		4.61			(0.04	)		(0.00	)5
March 1, 2008 to February 28, 2009	$	15.36		0.09	4		(6.62	)		(0.10	)		(0.40	)
March 1, 2007 to February 29, 2008	$	16.73		0.08	4		(0.47	)		(0.09	)		(0.89	)
March 1, 2006 to February 28, 2007	$	16.08		0.04	4		1.78			(0.06	)		(1.11	)
Administrator Class
March 1, 2011 to August 31, 2011 (Unaudited)	$	16.67		0.12	4		(1.26	)		(0.09	)		0.00
March 1, 2010 to February 28, 2011	$	13.82		0.16			2.88			(0.19	)		0.00
March 1, 2009 to February 28, 2010	$	8.88		0.16	4		4.93			(0.15	)		(0.00	)5
March 1, 2008 to February 28, 2009	$	16.29		0.23	4		(7.02	)		(0.22	)		(0.40	)
March 1, 2007 to February 29, 2008	$	17.67		0.27	4		(0.49	)		(0.27	)		(0.89	)
March 1, 2006 to February 28, 2007	$	16.91		0.22	4		1.88			(0.23	)		(1.11	)
Institutional Class
March 1, 2011 to August 31, 2011 (Unaudited)	$	16.69		0.14			(1.25	)		(0.12	)		0.00
March 1, 2010 to February 28, 2011	$	13.84		0.22			2.87			(0.24	)		0.00
March 1, 2009 to February 28, 2010	$	8.88		0.18	4		4.95			(0.17	)		(0.00	)5
March 1, 2008 to February 28, 2009	$	16.29		0.25	4		(7.02	)		(0.24	)		(0.40	)
March 1, 2007 to February 29, 2008	$	17.67		0.30	4		(0.48	)		(0.31	)		(0.89	)
March 1, 2006 to February 28, 2007	$	16.91		0.24	4		1.89			(0.26	)		(1.11	)
Investor Class
March 1, 2011 to August 31, 2011 (Unaudited)	$	16.65		0.11	4		(1.25	)		(0.09	)		0.00
March 1, 2010 to February 28, 2011	$	13.81		0.16			2.86			(0.18	)		0.00
March 1, 2009 to February 28, 2010	$	8.87		0.15	4		4.93			(0.14	)		(0.00	)5
March 1, 2008 to February 28, 2009	$	16.28		0.21	4		(7.01	)		(0.21	)		(0.40	)
March 1, 2007 to February 29, 2008	$	17.67		0.23	4		(0.46	)		(0.27	)		(0.89	)
January 31, 20076 to February 28, 2007	$	17.69		0.01	4		(0.03	)		0.00			0.00
Target 2045 Fund
Administrator Class
March 1, 2011 to August 31, 2011 (Unaudited)	$	9.66		0.07			(0.77	)		(0.04	)		0.00
March 1, 2010 to February 28, 2011	$	8.12		0.09			1.72			(0.16	)		(0.11	)
March 1, 2009 to February 28, 2010	$	5.21		0.08	4		2.92			(0.07	)		(0.02	)
March 1, 2008 to February 28, 2009	$	9.18		0.12	4		(3.94	)		(0.15	)		0.00
June 29, 20076 to February 29, 2008	$	10.00		0.09	4		(0.91	)		0.00			0.00
Institutional Class
March 1, 2011 to August 31, 2011 (Unaudited)	$	9.62		0.08			(0.77	)		(0.05	)		0.00
March 1, 2010 to February 28, 2011	$	8.08		0.13			1.70			(0.18	)		(0.11	)
March 1, 2009 to February 28, 2010	$	5.19		0.10	4		2.90			(0.09	)		(0.02	)
March 1, 2008 to February 28, 2009	$	9.09		0.13	4		(3.91	)		(0.12	)		0.00
June 29, 20076 to February 29, 2008	$	10.00		0.09	4		(0.90	)		(0.10	)		0.00
Investor Class
March 1, 2011 to August 31, 2011 (Unaudited)	$	9.69		0.06			(0.76	)		(0.04	)		0.00
March 1, 2010 to February 28, 2011	$	8.14		0.08			1.73			(0.15	)		(0.11	)
March 1, 2009 to February 28, 2010	$	5.23		0.09	4		2.91			(0.07	)		(0.02	)
March 1, 2008 to February 28, 2009	$	9.17		0.11	4		(3.95	)		(0.10	)		0.00
June 29, 20076 to February 29, 2008	$	10.00		0.09	4		(0.92	)		0.00			0.00

Please see footnotes on page 52.

Financial Highlights Wells Fargo Advantage Dow Jones Target Date Funds 51

Ending Net Asset Value Per Share		Ratio to Average Net Assets (Annualized)												Portfolio Turnover Rate3			Net Assets at End of Period (000’s omitted)
		Net Investment Income			Gross Expenses1			Net Expenses1			Total Return2
$	14.43		0.49	%		1.83	%		1.78	%		(7.26	)%		11	%	$	3,398
$	15.60		0.19	%		1.85	%		1.79	%		21.08	%		21	%	$	3,038
$	12.95		0.41	%		1.92	%		1.87	%		56.02	%		29	%	$	2,226
$	8.33		0.65	%		2.05	%		1.97	%		(43.07	)%		29	%	$	1,362
$	15.36		0.46	%		2.04	%		1.97	%		(2.75	)%		31	%	$	3,023
$	16.73		0.24	%		2.05	%		1.98	%		11.46	%		100	%	$	3,437
$	15.44		1.40	%		0.92	%		0.87	%		(6.84	)%		11	%	$	245,616
$	16.67		1.11	%		0.94	%		0.87	%		22.21	%		21	%	$	260,524
$	13.82		1.26	%		0.99	%		0.90	%		57.54	%		29	%	$	176,917
$	8.88		1.67	%		1.12	%		0.92	%		(42.46	)%		29	%	$	72,233
$	16.29		1.49	%		1.11	%		0.92	%		(1.69	)%		31	%	$	117,859
$	17.67		1.26	%		1.12	%		0.93	%		12.67	%		100	%	$	90,981
$	15.46		1.75	%		0.65	%		0.52	%		(6.74	)%		11	%	$	706,979
$	16.69		1.44	%		0.67	%		0.52	%		22.66	%		21	%	$	654,804
$	13.84		1.42	%		0.72	%		0.62	%		58.11	%		29	%	$	377,937
$	8.88		1.88	%		0.85	%		0.69	%		(42.36	)%		29	%	$	136,386
$	16.29		1.66	%		0.85	%		0.69	%		(1.47	)%		31	%	$	125,256
$	17.67		1.39	%		0.85	%		0.71	%		12.90	%		100	%	$	44,459
$	15.42		1.34	%		1.15	%		0.93	%		(6.87	)%		11	%	$	52,688
$	16.65		1.01	%		1.18	%		0.93	%		22.10	%		21	%	$	48,906
$	13.81		1.16	%		1.27	%		0.96	%		57.54	%		29	%	$	20,959
$	8.87		1.58	%		1.41	%		0.98	%		(42.51	)%		29	%	$	6,970
$	16.28		1.29	%		1.43	%		0.98	%		(1.74	)%		31	%	$	5,133
$	17.67		0.51	%		1.39	%		0.88	%		(0.11	)%		100	%	$	305
$	8.92		1.39	%		0.94	%		0.87	%		(7.23	)%		10	%	$	31,580
$	9.66		1.02	%		0.97	%		0.87	%		22.56	%		20	%	$	27,698
$	8.12		1.11	%		1.22	%		0.89	%		57.87	%		27	%	$	14,948
$	5.21		1.62	%		2.34	%		0.92	%		(42.22	)%		29	%	$	1,656
$	9.18		1.45	%		13.36	%		0.56	%		(8.20	)%		30	%	$	948
$	8.88		1.73	%		0.67	%		0.52	%		(7.06	)%		10	%	$	164,813
$	9.62		1.41	%		0.70	%		0.52	%		23.08	%		20	%	$	141,871
$	8.08		1.26	%		0.95	%		0.59	%		58.02	%		27	%	$	51,776
$	5.19		1.84	%		2.02	%		0.69	%		(42.06	)%		29	%	$	8,287
$	9.09		1.46	%		12.60	%		0.53	%		(8.12	)%		30	%	$	4,339
$	8.95		1.33	%		1.17	%		0.93	%		(7.22	)%		10	%	$	93,280
$	9.69		0.98	%		1.21	%		0.93	%		22.58	%		20	%	$	84,881
$	8.14		1.12	%		1.51	%		0.95	%		57.49	%		27	%	$	12,352
$	5.23		1.55	%		2.58	%		0.98	%		(42.22	)%		29	%	$	1,205
$	9.17		1.43	%		12.57	%		0.56	%		(8.30	)%		30	%	$	547

52 Wells Fargo Advantage Dow Jones Target Date Funds Financial Highlights

	Beginning Net Asset Value Per Share		Net Investment Income			Net Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains
Target 2050 Fund
Administrator Class
March 1, 2011 to August 31, 2011 (Unaudited)	$	9.48		0.07			(0.76	)		(0.04	)		0.00
March 1, 2010 to February 28, 2011	$	8.10		0.09	4		1.71			(0.15	)		(0.27	)
March 1, 2009 to February 28, 2010	$	5.20		0.09			2.91			(0.07	)		(0.03	)
March 1, 2008 to February 28, 2009	$	9.14		0.12	4		(3.96	)		(0.10	)		0.00
June 29, 20076 to February 29, 2008	$	10.00		0.08	4		(0.92	)		(0.02	)		0.00
Institutional Class
March 1, 2011 to August 31, 2011 (Unaudited)	$	9.50		0.08			(0.76	)		(0.05	)		0.00
March 1, 2010 to February 28, 2011	$	8.10		0.12	4		1.72			(0.17	)		(0.27	)
March 1, 2009 to February 28, 2010	$	5.20		0.10			2.92			(0.09	)		(0.03	)
March 1, 2008 to February 28, 2009	$	9.13		0.13	4		(3.94	)		(0.12	)		0.00
June 29, 20076 to February 29, 2008	$	10.00		0.08	4		(0.90	)		(0.05	)		0.00
Investor Class
March 1, 2011 to August 31, 2011 (Unaudited)	$	9.51		0.06			(0.75	)		(0.04	)		0.00
March 1, 2010 to February 28, 2011	$	8.11		0.09	4		1.71			(0.13	)		(0.27	)
March 1, 2009 to February 28, 2010	$	5.21		0.07			2.93			(0.07	)		(0.03	)
March 1, 2008 to February 28, 2009	$	9.16		0.11	4		(3.96	)		(0.10	)		0.00
June 29, 20076 to February 29, 2008	$	10.00		0.07	4		(0.91	)		0.00			0.00
Target 2055 Fund
Administrator Class
June 30, 20116 to August 31, 2011 (Unaudited)	$	10.00		0.02			(0.77	)		0.00			0.00
Institutional Class
June 30, 20116 to August 31, 2011 (Unaudited)	$	10.00		0.02			(0.77	)		0.00			0.00
Investor Class
June 30, 20116 to August 31, 2011 (Unaudited)	$	10.00		0.01			(0.76	)		0.00			0.00

1. Includes net expenses allocated from Master Portfolios in which the Fund invests.

2. Total return calculations do not include any sales charges. Returns for periods 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 is less than $0.005.

6. Commencement of class operations.

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

Financial Highlights Wells Fargo Advantage Dow Jones Target Date Funds 53

Ending Net Asset Value Per Share		Ratio to Average Net Assets (Annualized)												Portfolio Turnover Rate3			Net Assets at End of Period (000’s omitted)
		Net Investment Income			Gross Expenses1			Net Expenses1			Total Return2
$	8.75		1.39	%		0.93	%		0.87	%		(7.26	)%		10	%	$	72,439
$	9.48		1.07	%		0.94	%		0.87	%		22.58	%		20	%	$	69,492
$	8.10		1.49	%		1.04	%		0.90	%		57.99	%		27	%	$	37,853
$	5.20		1.60	%		1.48	%		0.92	%		(42.36	)%		29	%	$	10,984
$	9.14		1.18	%		5.13	%		0.87	%		(8.37	)%		30	%	$	5,420
$	8.77		1.73	%		0.66	%		0.52	%		(7.14	)%		10	%	$	566,698
$	9.50		1.43	%		0.67	%		0.52	%		23.17	%		20	%	$	560,746
$	8.10		1.19	%		0.71	%		0.57	%		58.33	%		27	%	$	389,918
$	5.20		1.80	%		1.19	%		0.69	%		(42.19	)%		29	%	$	26,763
$	9.13		1.32	%		5.32	%		0.67	%		(8.26	)%		30	%	$	8,102
$	8.78		1.33	%		1.16	%		0.93	%		(7.25	)%		10	%	$	24,204
$	9.51		1.02	%		1.19	%		0.93	%		22.54	%		20	%	$	24,771
$	8.11		1.00	%		1.28	%		0.95	%		57.89	%		27	%	$	19,359
$	5.21		1.48	%		1.73	%		0.98	%		(42.39	)%		29	%	$	983
$	9.16		1.06	%		5.27	%		0.94	%		(8.40	)%		30	%	$	335
$	9.25		1.04	%		9.69	%		0.88	%		(7.50	)%		1	%	$	10
$	9.25		1.38	%		9.38	%		0.53	%		(7.50	)%		1	%	$	1,013
$	9.25		1.23	%		10.03	%		0.93	%		(7.50	)%		1	%	$	66

54 Wells Fargo Advantage Dow Jones Target Date 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 Dow Jones Target Today Fund (“Target Today Fund”), Wells Fargo Advantage Dow Jones Target 2010 Fund (“Target 2010 Fund”), Wells Fargo Advantage Dow Jones Target 2015 Fund (“Target 2015 Fund”), Wells Fargo Advantage Dow Jones Target 2020 Fund (“Target 2020 Fund”), Wells Fargo Advantage Dow Jones Target 2025 Fund (“Target 2025 Fund”), Wells Fargo Advantage Dow Jones Target 2030 Fund (“Target 2030 Fund”), Wells Fargo Advantage Dow Jones Target 2035 Fund (“Target 2035 Fund”), Wells Fargo Advantage Dow Jones Target 2040 Fund (“Target 2040 Fund”), Wells Fargo Advantage Dow Jones Target 2045 Fund (“Target 2045 Fund”), Wells Fargo Advantage Dow Jones Target 2050 Fund (“Target 2050 Fund”) and Wells Fargo Advantage Dow Jones Target 2055 Fund (“Target 2055 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 Portfolios’ income, expense and realized and unrealized gains and losses. The financial statements of Master Portfolios for the six months ended August 31, 2011 are included elsewhere in this report and should be read in conjunction with each Fund’s financial statements. As of August 31, 2011, the Funds own the following percentages of the Master Portfolios:

	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			Target 2055 Fund
Wells Fargo Advantage Diversified Fixed Income Portfolio		16	%		14	%		10	%		26	%		16	%		11	%		3	%		3	%		0	%*		1	%		0	%*
Wells Fargo Advantage Diversified Stock Portfolio		2	%		3	%		4	%		14	%		16	%		20	%		9	%		17	%		5	%		10	%		0	%*
Wells Fargo Advantage Short-Term Investment Portfolio		10	%		8	%		6	%		18	%		16	%		16	%		6	%		11	%		3	%		6	%		0	%*

* The amount invested is less than 1%.

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.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis in each Master Portfolio. Realized gains or losses 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 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.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 55

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 and interest 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 and realized and unrealized gains or losses.

Distributions to shareholders

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

Federal and other taxes

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

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

At February 28, 2011, estimated net capital loss carryforwards, which were available to offset future net realized capital gains, were as follows:

	Expiration 2018
Target 2010 Fund	$	11,631,034
Target 2020 Fund		19,526,878
Target 2030 Fund		541,481

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 each Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing and administration fees.

3. FAIR VALUATION MEASUREMENTS

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

n Level 1 – quoted prices in active markets for identical securities

56 Wells Fargo Advantage Dow Jones Target Date Funds Notes to Financial Statements (Unaudited)

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

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

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

At August 31, 2011, each Fund’s investments were carried at fair value were designated as Level 2 inputs. Further details on the investments of the Master Portfolios can be found in the Portfolio of Investments which is contained elsewhere in this report.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended August 31, 2011, the Funds did not have any significant transfers into/out of Level 1 and Level 2.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fees

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.

Pursuant to the contract, Funds Management is entitled to receive an advisory fee for providing such advisory services, including the determination of the asset allocations of each Fund’s investments in the various Master Portfolios. Funds Management is entitled to receive an annual advisory fee starting at 0.25% and declining to 0.19% as the average daily net assets of each Fund increases. For the six months ended August 31, 2011, the advisory fee was equivalent to an annual rate of each Fund’s average daily net assets as follows:

	Advisory Fee
Target Today Fund		0.24	%
Target 2010 Fund		0.24
Target 2015 Fund		0.25
Target 2020 Fund		0.22
Target 2025 Fund		0.23
Target 2030 Fund		0.23
Target 2035 Fund		0.25
Target 2040 Fund		0.24
Target 2045 Fund		0.25
Target 2050 Fund		0.24
Target 2055 Fund		0.25

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.

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Funds. The fees related to sub-advisory services are borne directly by the adviser and do not increase the overall fees paid by the Fund to the adviser. Global Index Advisors, Inc. is the sub-adviser to each Fund and is entitled to receive a fee from the adviser at an annual rate starting at 0.06% and declining to 0.04% as the average daily net assets of each Fund increase.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 57

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 August 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
Target Today Fund	$	757	$	3	$	0
Target 2010 Fund		753		56		408
Target 2020 Fund		566		1,305		580
Target 2030 Fund		555		693		47
Target 2040 Fund		2,467		1,253		528

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.

58 Wells Fargo Advantage Dow Jones Target Date Funds Notes to Financial Statements (Unaudited)

5. INVESTMENT PORTFOLIO TRANSACTIONS

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

	Purchases at Cost*		Sales Proceeds*
Target Today Fund	$	294,009,166	$	186,832,066
Target 2010 Fund		276,065,502		171,669,693
Target 2015 Fund		210,783,491		127,114,542
Target 2020 Fund		609,719,939		351,734,469
Target 2025 Fund		467,490,517		253,718,621
Target 2030 Fund		441,487,505		221,572,644
Target 2035 Fund		160,629,276		74,336,625
Target 2040 Fund		261,283,462		113,130,151
Target 2045 Fund		66,891,156		28,093,879
Target 2050 Fund		152,840,310		64,163,180
Target 2055 Fund		241,880		101,543

* Each Fund seeks to achieve its investment objective by investing all of its investable assets in multiple Master Portfolios. 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. BANK BORROWINGS

Each Fund and certain funds in the Trust are party to a $25,000,000 revolving credit agreement with the Bank of New York Mellon, whereby the Funds are permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to each Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, under the credit agreement, the Funds pay an annual commitment fee equal to 0.15% of the unused balance, which is allocated pro rata. For the six months ended August 31, 2011, the Funds paid the following amounts in commitment fees:

	Commitment Fee
Target Today Fund	$	1,122
Target 2010 Fund		1,099
Target 2015 Fund		851
Target 2020 Fund		2,727
Target 2025 Fund		3,098
Target 2030 Fund		3,054
Target 2035 Fund		1,144
Target 2040 Fund		2,072
Target 2045 Fund		493
Target 2050 Fund		1,260

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

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 59

7. 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.

8. SUBSEQUENT DISTRIBUTIONS

On September 26, 2011, the Funds declared distributions from net investment income to shareholders of record on September 23, 2011. The per share amounts payable on September 27, 2011 were as follows:

	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
Class A	$	0.04883	$	0.05695		NA	$	0.05383		NA	$	0.04517		NA	$	0.04102		NA		NA
Class B		0.02062		0.03504		NA		0.02439		NA		0.01530		NA		0.01162		NA		NA
Class C		0.02832		0.03507		NA		0.02595		NA		0.02010		NA		0.01543		NA		NA
Administrator Class		0.05358		0.06227	$	0.04455		0.05927	$	0.03786		0.05052	$	0.02935		0.04714	$	0.02619	$	0.02613
Institutional Class		0.06245		0.07341		0.05285		0.07124		0.04589		0.06291		0.03693		0.06061		0.03369		0.03362
Investor Class		0.05203		0.06035		0.04289		0.05734		0.03622		0.04874		0.02786		0.04525		0.02480		0.02483

9. NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011.

In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU No. 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011.

As of August 31, 2011, management of the Funds is currently assessing the potential impact, in addition to expanded financial statement disclosure, that may result from adopting these ASUs.

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities: 28.32%
FFCB		0.40	%		11/02/2012	$	100,000	$	100,131
FFCB		1.75			02/21/2013		300,000		305,859
FFCB		1.88			12/07/2012		250,000		254,983
FFCB		2.63			04/17/2014		2,600,000		2,739,633
FHLB		0.50			11/16/2012		250,000		250,176
FHLB		0.70			08/23/2013		400,000		400,242
FHLB		0.88			10/28/2013		500,000		500,403
FHLB		0.88			12/27/2013		1,000,000		1,010,540
FHLB		1.00			05/17/2013		250,000		250,341
FHLB		1.00			08/08/2014		200,000		200,407
FHLB		1.05			11/25/2013		200,000		200,352
FHLB		1.55			11/18/2015		200,000		200,420
FHLB		1.63			11/21/2012		1,750,000		1,778,620
FHLB		1.63			03/20/2013		1,500,000		1,530,594
FHLB		1.88			06/21/2013		2,000,000		2,055,468
FHLB		2.00			12/09/2014		400,000		401,692
FHLB		2.75			03/13/2015		1,000,000		1,068,602
FHLB		3.38			02/27/2013		1,500,000		1,568,478
FHLB		4.75			12/16/2016		1,000,000		1,171,259
FHLB		4.88			09/08/2017		1,000,000		1,182,610
FHLB		5.00			11/17/2017		2,000,000		2,396,540
FHLB		5.13			08/14/2013		100,000		109,339
FHLB		5.38			09/30/2022		100,000		122,114
FHLB # 363		4.50			11/15/2012		2,000,000		2,099,440
FHLB # 432		4.50			09/16/2013		1,500,000		1,625,625
FHLB # 467		5.25			06/18/2014		400,000		453,238
FHLB # 656		5.38			05/18/2016		3,250,000		3,872,804
FHLB # A79713		6.00			07/01/2038		350,303		388,318
FHLB # A86605		5.50			12/01/2035		2,922,661		3,210,042
FHLB # A87819		6.00			08/01/2039		1,141,757		1,264,231
FHLB # A90563		5.00			01/01/2040		9,512,652		10,261,449
FHLB # A95113		4.00			11/01/2040		6,767,762		7,021,201
FHLB # A96780		4.50			02/01/2041		1,971,968		2,083,185
FHLB # A97173		4.50			03/01/2041		6,949,640		7,349,738
FHLB # A97184		4.50			02/01/2041		9,909,971		10,472,757
FHLB # B15183		4.50			06/01/2014		274,510		282,735
FHLB # G01564		6.00			04/01/2033		89,182		99,863
FHLB # G03511		6.00			10/01/2037		158,877		176,267
FHLB # G04411		6.00			06/01/2038		388,820		437,696
FHLB # G04570		6.00			11/01/2037		227,986		252,941
FHLB # G06219		6.00			05/01/2040		5,737,703		6,365,725
FHLB # G06358		4.00			04/01/2041		7,851,060		8,164,694
FHLB # G06359		4.00			02/01/2041		4,913,452		5,100,521
FHLB # G08222		6.00			09/01/2037		11,583		12,851
FHLB # G13375		4.50			11/01/2023		277,858		296,345
FHLB # G13471		4.50			02/01/2024		367,123		391,550
FHLB # G13561		4.50			05/01/2024		351,341		374,388
FHLB # G13666		4.50			09/01/2024		131,951		140,607
FHLB # G14096		5.00			07/01/2025		4,275,743		4,611,593
FHLB # G14120		4.00			04/01/2026		6,656,564		7,018,454
FHLB # J07292		4.50			03/01/2023		299,456		319,380

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
FHLB # J07343		4.50	%		03/01/2023	$	166,906	$	178,011
FHLB # J09954		4.00			06/01/2024		134,823		142,195
FHLB # J10582		4.50			09/01/2024		213,934		227,968
FHLB # J11371		4.50			12/01/2024		406,688		433,365
FHLB # J12604		4.00			07/01/2025		1,619,093		1,706,610
FHLB # J13947		3.50		��	12/01/2025		9,197,470		9,591,322
FHLMC		0.63			05/23/2013		500,000		500,450
FHLMC		0.70			04/29/2013		200,000		200,141
FHLMC		0.75			12/28/2012		3,000,000		3,018,249
FHLMC		0.75			06/07/2013		200,000		200,188
FHLMC		0.78			06/07/2013		500,000		500,037
FHLMC		0.88			10/28/2013		1,500,000		1,514,802
FHLMC		1.00			12/09/2013		500,000		500,075
FHLMC		1.00			12/09/2013		200,000		200,337
FHLMC		1.00			01/27/2014		500,000		500,437
FHLMC		1.05			12/09/2013		500,000		500,802
FHLMC		1.20			04/28/2014		200,000		200,238
FHLMC		1.25			05/23/2014		200,000		200,400
FHLMC		1.30			06/02/2014		100,000		100,214
FHLMC		1.35			05/23/2014		250,000		250,528
FHLMC		1.38			01/09/2013		1,000,000		1,014,645
FHLMC		1.38			02/25/2014		1,000,000		1,022,629
FHLMC		1.38			06/02/2014		100,000		100,003
FHLMC		1.50			11/25/2014		1,000,000		1,002,525
FHLMC		1.63			04/15/2013		2,000,000		2,042,202
FHLMC		1.63			12/09/2014		200,000		200,050
FHLMC		1.75			09/10/2015		1,000,000		1,035,455
FHLMC		1.75			11/23/2015		500,000		501,481
FHLMC		2.13			09/21/2012		2,000,000		2,039,002
FHLMC		2.25			12/21/2015		200,000		201,336
FHLMC		2.50			01/07/2014		800,000		838,907
FHLMC		2.50			04/23/2014		1,250,000		1,316,259
FHLMC		2.50			05/25/2016		250,000		251,232
FHLMC		2.88			02/09/2015		2,750,000		2,952,450
FHLMC		3.00			07/28/2014		1,000,000		1,070,676
FHLMC%%		3.50			10/07/2022		3,000,000		3,123,750
FHLMC		3.63			10/18/2013		1,500,000		1,602,060
FHLMC		3.75			06/28/2013		2,000,000		2,126,534
FHLMC		3.75			03/27/2019		1,900,000		2,134,200
FHLMC%%		4.00			09/01/2024		5,000,000		5,261,719
FHLMC		4.38			07/17/2015		1,000,000		1,136,000
FHLMC		4.63			10/25/2012		2,000,000		2,100,432
FHLMC		4.75			11/17/2015		2,000,000		2,314,410
FHLMC		4.88			11/15/2013		2,300,000		2,527,587
FHLMC		4.88			06/13/2018		1,700,000		2,021,900
FHLMC		5.00			10/01/2024		770,068		828,629
FHLMC		5.13			11/17/2017		1,000,000		1,200,897
FHLMC		5.25			04/18/2016		650,000		771,503
FHLMC		5.50			08/13/2014		2,500,000		2,864,458
FHLMC		5.50			07/18/2016		650,000		782,172
FHLMC		5.50			08/23/2017		3,000,000		3,658,215

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
FHLMC		5.50	%		07/15/2036	$	850,000	$	1,035,003
FHLMC		5.55			10/04/2016		150,000		150,709
FHLMC		6.00			04/16/2037		1,000,000		1,026,365
FHLMC		6.25			07/15/2032		500,000		678,155
FHLMC		6.75			03/15/2031		1,000,000		1,413,161
FHLMC #1J1139±		4.73			06/01/2038		1,709,310		1,831,245
FHLMC #1J1368±		5.70			10/01/2036		152,057		159,949
FHLMC #1Q0612±		5.51			08/01/2038		1,839,226		2,001,405
FHLMC #783191±		5.64			04/01/2037		224,561		243,309
FHLMC #A11964		5.00			08/01/2033		3,979,420		4,300,544
FHLMC #A15183		6.00			11/01/2033		784,724		878,708
FHLMC #A15966		5.00			11/01/2033		498,506		538,733
FHLMC #A16693		5.50			12/01/2033		708,006		778,066
FHLMC #A19717		5.00			03/01/2034		488,409		527,593
FHLMC #A24888		6.00			07/01/2034		847,536		944,806
FHLMC #A29757		5.50			01/01/2035		1,416,223		1,556,142
FHLMC #A35253		5.50			06/01/2035		1,111,917		1,235,844
FHLMC #A35743		5.00			07/01/2035		1,854,649		2,003,153
FHLMC #A36541		5.00			08/01/2035		634,438		685,239
FHLMC #A41694		5.50			01/01/2036		583,330		640,961
FHLMC #A43030		6.00			02/01/2036		1,403,037		1,558,799
FHLMC #A47041		5.00			09/01/2035		1,772,929		1,938,990
FHLMC #A54804		6.50			06/01/2036		240,769		272,381
FHLMC #A55537		5.00			12/01/2036		323,828		349,201
FHLMC #A56988		5.50			02/01/2037		742,469		812,691
FHLMC #A58285		6.00			03/01/2037		136,784		151,755
FHLMC #A58420		5.50			03/01/2037		965,193		1,056,479
FHLMC #A64581		6.00			08/01/2037		276,469		306,730
FHLMC #A64624		6.00			08/01/2037		337,953		374,943
FHLMC #A64825		6.00			08/01/2037		269,381		299,119
FHLMC #A65018		6.00			08/01/2037		517,587		574,239
FHLMC #A65173		6.00			09/01/2037		32,542		36,104
FHLMC #A65773		6.00			09/01/2037		308,230		341,968
FHLMC #A66706		6.00			10/01/2037		327,973		363,871
FHLMC #A68939		6.00			11/01/2037		753,397		836,567
FHLMC #A69303		6.00			11/01/2037		155,099		172,075
FHLMC #A71048		6.00			12/01/2037		366,228		406,314
FHLMC #A75076		6.50			03/01/2038		324,907		365,941
FHLMC #A77194		5.50			05/01/2038		1,413,233		1,550,427
FHLMC #A77988		6.00			06/01/2038		219,446		243,259
FHLMC #A78253		6.00			06/01/2038		263,609		292,216
FHLMC #A79523		6.00			07/01/2038		533,226		591,091
FHLMC #A79832		6.00			07/01/2038		3,147,530		3,489,093
FHLMC #A79972		6.00			08/01/2038		131,499		145,769
FHLMC #A80659		5.00			02/01/2037		390,466		421,060
FHLMC #A80882		6.00			08/01/2038		465,226		515,712
FHLMC #A80985		6.00			08/01/2038		721,764		800,089
FHLMC #A81606		6.00			09/01/2038		399,272		442,600
FHLMC #A81619		6.00			09/01/2038		572,788		634,945
FHLMC #A81884		5.50			09/01/2038		489,549		535,085
FHLMC #A82134		6.00			10/01/2038		266,037		294,907

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
FHLMC #A83580		6.00	%		12/01/2038	$	7,163	$	7,940
FHLMC #A85636		6.00			04/01/2039		560,417		620,532
FHLMC #A85718		4.00			04/01/2039		1,701,691		1,771,797
FHLMC #A86314		4.00			05/01/2039		1,452,667		1,508,882
FHLMC #A86755		4.00			06/01/2039		476,175		494,602
FHLMC #A86951		4.50			06/01/2039		6,594,323		6,969,844
FHLMC #A86958		6.00			06/01/2039		14,712		16,309
FHLMC #A87820		6.00			08/01/2039		304,985		337,700
FHLMC #A87994		5.00			08/01/2039		2,364,089		2,556,708
FHLMC #A87997		5.00			08/01/2039		15,529,431		16,742,392
FHLMC #A88483		5.00			09/01/2039		4,169,713		4,495,930
FHLMC #A88938		6.00			09/01/2039		369,506		409,143
FHLMC #A88958		4.50			09/01/2039		4,265,330		4,508,224
FHLMC #A89388		6.00			10/01/2039		12,894		14,277
FHLMC #A89607		5.50			11/01/2039		2,266,458		2,477,984
FHLMC #A90319		5.00			12/01/2039		4,442,499		4,825,286
FHLMC #A90590		4.50			01/01/2040		4,612,621		4,907,004
FHLMC #A91526		4.50			03/01/2040		5,307,751		5,664,743
FHLMC #A92487		5.00			06/01/2040		8,812,976		9,531,033
FHLMC #A92506		5.00			06/01/2040		8,950,033		9,679,257
FHLMC #A93505		4.50			08/01/2040		4,424,273		4,675,527
FHLMC #A93700		4.50			09/01/2040		4,814,973		5,122,270
FHLMC #A94175		4.00			10/01/2040		2,837,414		2,950,762
FHLMC #A95393		4.00			12/01/2040		9,695,615		10,058,695
FHLMC #C03063		6.50			10/01/2037		317,666		358,183
FHLMC #C03461		4.00			02/01/2040		861,296		894,627
FHLMC #C03466		5.50			03/01/2040		8,424,591		9,221,377
FHLMC #C03467		5.50			04/01/2040		3,755,994		4,111,231
FHLMC #E01425		4.50			08/01/2018		2,063,642		2,193,095
FHLMC #E95352		4.50			04/01/2018		166,014		177,942
FHLMC #G01740		5.50			12/01/2034		787,203		864,608
FHLMC #G02074		5.50			02/01/2036		561,278		616,731
FHLMC #G02184		5.00			04/01/2036		257,115		277,702
FHLMC #G02386		6.00			11/01/2036		500,561		556,132
FHLMC #G02422		6.00			12/01/2036		204,360		227,048
FHLMC #G02478		5.50			12/01/2036		858,126		940,090
FHLMC #G02744		6.00			03/01/2037		655,280		728,028
FHLMC #G03120		6.00			08/01/2037		91,711		101,749
FHLMC #G03303		4.50			09/01/2035		444,850		472,233
FHLMC #G03392		6.00			10/01/2037		187,917		208,485
FHLMC #G03616		6.00			12/01/2037		2,158,321		2,394,561
FHLMC #G03734		6.00			01/01/2038		160,875		178,483
FHLMC #G04051		6.00			02/01/2038		402,267		445,920
FHLMC #G04063		6.00			02/01/2038		104,966		116,455
FHLMC #G04162		5.50			04/01/2038		2,200,761		2,414,408
FHLMC #G04173		6.50			12/01/2037		417,587		471,894
FHLMC #G04214		5.50			05/01/2038		7,925,675		8,662,891
FHLMC #G04316		6.00			05/01/2038		274,371		304,660
FHLMC #G04378		6.50			03/01/2038		793,079		894,234
FHLMC #G04385		5.50			07/01/2038		1,197,675		1,309,078
FHLMC #G04447		6.00			06/01/2038		169,325		187,700

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
FHLMC #G04448		5.50	%		07/01/2038	$	1,636,124	$	1,788,310
FHLMC #G04607		6.00			09/01/2038		283,348		314,096
FHLMC #G05204		6.00			01/01/2036		144,671		161,998
FHLMC #G05354		5.00			03/01/2039		1,369,613		1,487,625
FHLMC #G05369		6.00			03/01/2039		155,141		171,977
FHLMC #G05411		6.50			01/01/2039		106,498		120,081
FHLMC #G05633		5.50			08/01/2039		2,949,519		3,235,855
FHLMC #G05669		6.50			04/01/2039		1,052,428		1,186,663
FHLMC #G05671		5.50			08/01/2038		2,012,690		2,204,935
FHLMC #G05680		6.50			04/01/2039		1,953,421		2,202,575
FHLMC #G05792		4.50			02/01/2040		13,812,694		14,651,070
FHLMC #G06088		5.50			01/01/2038		2,004,657		2,196,135
FHLMC #G08180		6.00			02/01/2037		11,217		12,463
FHLMC #G08190		4.50			01/01/2037		273,523		289,527
FHLMC #G08192		5.50			04/01/2037		187,174		204,877
FHLMC #G08193		6.00			04/01/2037		8,453		9,378
FHLMC #G08368		4.50			10/01/2039		780,712		825,171
FHLMC #G11950		4.50			10/01/2018		425,897		456,497
FHLMC #G12491		5.00			01/01/2022		2,086,268		2,255,355
FHLMC #G12697		5.50			05/01/2022		136,395		148,254
FHLMC #G12741		6.00			08/01/2022		18,008		19,616
FHLMC #G13032		6.00			09/01/2022		328,456		357,779
FHLMC #G13151		6.00			03/01/2023		688,655		750,134
FHLMC #G13223		4.00			05/01/2023		239,995		253,343
FHLMC #G13232		5.00			06/01/2023		45,649		49,121
FHLMC #G13300		4.50			05/01/2023		3,454,642		3,684,497
FHLMC #G13727		5.50			11/01/2017		1,713,265		1,862,231
FHLMC #G13838		5.00			05/01/2025		1,349,025		1,451,615
FHLMC #G18274		6.00			09/01/2023		257,735		279,777
FHLMC #G18280		5.50			11/01/2023		359,902		391,195
FHLMC #G18320		4.00			08/01/2024		692,479		730,342
FHLMC #J02886		6.00			06/01/2021		3,067		3,356
FHLMC #J04533		6.00			03/01/2022		316,355		344,004
FHLMC #J04871		6.00			05/01/2022		7,974		8,671
FHLMC #J05191		6.00			07/01/2022		224,687		245,026
FHLMC #J05194		5.00			07/01/2022		9,739		10,504
FHLMC #J05195		5.00			07/01/2022		77,084		83,332
FHLMC #J05228		5.00			07/01/2022		238,680		257,428
FHLMC #J05243		5.00			07/01/2022		146,810		158,342
FHLMC #J05408		5.00			08/01/2022		63,149		68,109
FHLMC #J05455		5.00			09/01/2022		194,582		209,866
FHLMC #J08096		5.00			06/01/2023		167,227		179,945
FHLMC #J08112		5.00			06/01/2023		28,177		30,320
FHLMC #J08719		4.50			04/01/2024		250,764		270,896
FHLMC #J08719		5.00			10/01/2023		16,999		18,292
FHLMC #J09641		5.00			04/01/2024		9,195		9,894
FHLMC #J10539		5.00			08/01/2024		41,981		45,174
FHLMC #J10575		4.50			08/01/2024		1,548,744		1,666,309
FHLMC #J10903		5.00			10/01/2024		643,841		692,804
FHLMC #J11159		4.50			11/01/2024		610,388		650,428
FHLMC #J11703		4.50			02/01/2025		1,258,877		1,354,438

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
FHLMC #J11824		4.00	%		03/01/2025	$	5,907,686	$	6,227,016
FHLMC #J12250		4.00			06/01/2025		1,811,320		1,909,228
FHLMC #Q00285		4.50			04/01/2041		9,815,159		10,368,726
FHLMC #Z40003		6.00			11/01/2036		1,068,833		1,183,485
The Financing Corporation		9.65			11/02/2018		500,000		744,406
FNMA		0.50			10/30/2012		1,500,000		1,505,054
FNMA		0.50			02/15/2013		400,000		400,103
FNMA		0.70			07/25/2013		250,000		250,281
FNMA		0.75			02/26/2013		2,500,000		2,516,688
FNMA		0.75			10/25/2013		200,000		200,154
FNMA		0.75			12/18/2013		2,500,000		2,515,975
FNMA		0.80			11/29/2013		200,000		200,283
FNMA		0.88			11/04/2013		500,000		500,352
FNMA		1.00			09/23/2013		500,000		506,019
FNMA		1.00			10/15/2013		100,000		100,832
FNMA		1.00			11/29/2013		1,000,000		1,001,536
FNMA		1.00			04/25/2014		500,000		500,489
FNMA		1.10			08/01/2014		100,000		100,216
FNMA		1.10			08/08/2014		100,000		100,420
FNMA		1.13			09/17/2013		500,000		506,660
FNMA		1.13			10/08/2013		500,000		507,571
FNMA		1.13			06/30/2014		100,000		100,208
FNMA		1.15			08/08/2014		100,000		100,255
FNMA		1.20			07/25/2014		100,000		100,503
FNMA		1.25			08/20/2013		2,000,000		2,033,102
FNMA		1.25			07/18/2014		500,000		501,278
FNMA		1.25			10/28/2014		100,000		100,129
FNMA		1.30			12/30/2013		200,000		200,620
FNMA		1.35			02/24/2014		250,000		255,374
FNMA		1.35			01/06/2015		100,000		100,313
FNMA		1.38			01/27/2014		400,000		401,500
FNMA		1.45			01/24/2014		1,000,000		1,004,454
FNMA		1.50			12/30/2013		200,000		200,632
FNMA		1.50			09/23/2014		500,000		500,315
FNMA		1.50			07/13/2015		100,000		100,793
FNMA		1.50			11/23/2015		400,000		401,134
FNMA		1.52			10/28/2015		100,000		100,234
FNMA		1.55			01/27/2014		250,000		250,972
FNMA		1.55			10/27/2015		500,000		501,087
FNMA		1.63			10/26/2015		1,000,000		1,028,984
FNMA		1.63			11/09/2015		100,000		100,249
FNMA		1.65			10/29/2015		500,000		501,221
FNMA		1.75			02/22/2013		2,500,000		2,551,860
FNMA		1.75			05/07/2013		2,000,000		2,045,950
FNMA^		1.76			06/01/2017		300,000		270,887
FNMA		1.80			06/02/2014		100,000		100,004
FNMA		1.85			09/09/2015		100,000		100,032
FNMA		1.88			10/15/2015		200,000		207,066
FNMA		2.00			01/27/2015		200,000		201,073
FNMA		2.00			11/30/2015		200,000		200,876
FNMA		2.00			03/28/2016		300,000		300,389

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
FNMA		2.15	%		06/28/2016	$	100,000	$	100,558
FNMA		2.20			07/05/2016		100,000		100,509
FNMA		2.25			06/06/2016		200,000		202,372
FNMA		2.38			07/28/2015		1,500,000		1,590,225
FNMA		2.38			04/11/2016		1,000,000		1,055,398
FNMA		2.50			05/15/2014		2,500,000		2,632,205
FNMA		2.63			11/20/2014		700,000		745,975
FNMA«		2.75			03/13/2014		2,000,000		2,116,024
FNMA		2.75			03/21/2016		100,000		101,250
FNMA		2.75			03/28/2016		100,000		100,174
FNMA		2.88			12/11/2013		1,500,000		1,583,874
FNMA		3.00			09/16/2014		2,500,000		2,688,375
FNMA^		3.65			10/09/2019		200,000		148,868
FNMA%%		4.00			09/01/2024		4,000,000		4,217,500
FNMA		4.00			09/30/2025		100,000		100,079
FNMA%%		4.00			07/25/2040		5,000,000		5,182,031
FNMA		4.00			11/01/2040		6,700,419		6,955,523
FNMA		4.38			09/15/2012		1,500,000		1,563,794
FNMA		4.38			03/15/2013		3,500,000		3,717,907
FNMA%%		4.50			09/15/2019		5,000,000		5,328,125
FNMA%%		4.50			02/25/2040		6,000,000		6,340,313
FNMA		4.63			10/15/2013		600,000		653,583
FNMA		4.63			10/15/2014		1,000,000		1,125,644
FNMA		4.88			12/15/2016		950,000		1,115,402
FNMA		5.00			04/15/2015		1,000,000		1,154,631
FNMA		5.00			02/13/2017		500,000		591,649
FNMA		5.00			05/11/2017		1,200,000		1,426,060
FNMA		5.00			10/01/2039		2,248,188		2,424,764
FNMA		5.38			07/15/2016		1,000,000		1,200,644
FNMA		5.38			06/12/2017		1,500,000		1,812,305
FNMA		5.38			04/11/2022		1,000,000		1,027,595
FNMA		5.45			10/18/2021		200,000		231,625
FNMA%%		5.50			09/01/2033		5,000,000		5,463,281
FNMA		5.63			11/15/2021		75,000		75,757
FNMA		5.63			07/15/2037		150,000		187,968
FNMA		6.00			04/18/2036		500,000		569,341
FNMA		6.21			08/06/2038		200,000		266,058
FNMA		6.63			11/15/2030		1,300,000		1,841,187
FNMA		7.13			01/15/2030		500,000		728,724
FNMA		7.25			05/15/2030		1,300,000		1,940,803
FNMA #190360		5.00			08/01/2035		290,258		313,872
FNMA #190396		4.50			06/01/2039		3,934,582		4,164,305
FNMA #253879		6.00			07/01/2016		31,089		33,767
FNMA #254119		5.50			11/01/2011		1,091		1,178
FNMA #254705		5.50			03/01/2013		219,133		233,201
FNMA #254950		5.50			11/01/2033		557,029		613,716
FNMA #255146		6.00			01/01/2014		198,578		206,375
FNMA #255238		5.50			04/01/2014		125,177		134,945
FNMA #255368		5.50			07/01/2014		481,252		517,636
FNMA #255407		5.00			09/01/2024		319,781		349,894
FNMA #255572		5.50			12/01/2014		16,594		17,348

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
FNMA #255644		5.50	%		02/01/2015	$	91,235	$	98,598
FNMA #255857		5.50			08/01/2025		293,722		323,154
FNMA #256148		5.50			02/01/2016		33,084		34,998
FNMA #256280		5.50			06/01/2016		764,976		811,173
FNMA #256399		5.50			08/01/2016		139,027		147,883
FNMA #256412		6.00			09/01/2016		15,889		17,056
FNMA #256533		5.50			11/01/2016		764,204		814,087
FNMA #256682		5.50			04/01/2017		354,118		378,030
FNMA #256702		4.50			03/01/2022		246,293		263,878
FNMA #256756		5.50			06/01/2017		592,460		633,764
FNMA #256758		4.50			05/01/2022		44,810		47,869
FNMA #256807		5.50			07/01/2017		566,023		606,266
FNMA #256848		5.50			08/01/2017		158,527		169,913
FNMA #256851		7.00			08/01/2037		129,193		148,608
FNMA #256947		5.50			10/01/2017		590,106		639,427
FNMA #256982		6.00			11/01/2017		590,118		644,628
FNMA #257084		6.00			01/01/2018		183,447		199,177
FNMA #257193		5.50			04/01/2018		210,268		226,124
FNMA #257262		5.50			07/01/2038		6,464,720		7,076,144
FNMA #310044		6.00			04/01/2014		129,883		140,829
FNMA #323099		6.00			04/01/2013		25,375		27,514
FNMA #323250		6.00			08/01/2013		14,263		14,797
FNMA #535733		6.50			08/01/2015		89,105		93,137
FNMA #545414		5.50			01/01/2017		410,095		445,488
FNMA #637664		5.50			04/01/2012		1,696		1,692
FNMA #670949		5.50			12/01/2012		1,328		1,355
FNMA #725690		6.00			08/01/2034		376,556		418,949
FNMA #725773		5.50			09/01/2034		253,064		278,580
FNMA #729333		5.50			07/01/2033		559,241		616,152
FNMA #735141		5.50			01/01/2035		7,235,005		7,964,500
FNMA #735382		5.00			04/01/2035		6,774,309		7,329,661
FNMA #745275		5.00			02/01/2036		11,353,446		12,277,096
FNMA #745526		6.00			05/01/2021		432,254		470,776
FNMA #745627±		5.55			04/01/2036		325,549		349,298
FNMA #745886		5.50			04/01/2036		1,619,150		1,781,647
FNMA #753669		6.00			11/01/2033		80,981		90,655
FNMA #767097		4.00			06/01/2019		980,611		1,044,666
FNMA #776966		5.00			04/01/2034		540,855		588,574
FNMA #777075		5.00			04/01/2034		1,452,191		1,572,148
FNMA #779510		5.00			06/01/2019		297,658		323,876
FNMA #783852		5.50			07/01/2034		779,051		857,601
FNMA #793607		5.00			09/01/2019		1,325,292		1,437,052
FNMA #793675		6.00			09/01/2034		367,784		409,189
FNMA #794514		5.00			10/01/2019		369,519		402,065
FNMA #795047		5.50			10/01/2034		263,791		290,388
FNMA #796334		6.00			10/01/2034		328,174		365,120
FNMA #804666		6.00			11/01/2034		441,274		490,953
FNMA #805412		5.50			01/01/2035		1,057,926		1,164,099
FNMA #811460		5.00			06/01/2020		273,840		296,761
FNMA #812338		6.00			03/01/2035		195,251		217,415
FNMA #821030		4.50			05/01/2035		55,882		59,389

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
FNMA #822651		4.50	%		04/01/2035	$	154,663	$	164,370
FNMA #824601		5.50			12/01/2034		1,313,293		1,445,710
FNMA #826590		5.00			06/01/2035		2,316,208		2,504,641
FNMA #828346		5.00			07/01/2035		232,794		251,733
FNMA #828698		5.00			07/01/2035		113,769		123,025
FNMA #829190		5.00			07/01/2035		329,995		356,842
FNMA #830177		6.00			11/01/2038		181,511		201,152
FNMA #830957		5.50			08/01/2035		287,398		316,242
FNMA #831406		6.00			03/01/2036		151,168		168,273
FNMA #831625		7.00			06/01/2036		452,030		519,867
FNMA #831697		6.00			09/01/2036		456,576		507,406
FNMA #832199		4.50			07/01/2035		19,737		20,976
FNMA #834657		5.50			08/01/2035		845,591		930,454
FNMA #835284		5.50			09/01/2035		1,159,361		1,277,707
FNMA #835331		5.50			08/01/2035		1,849,281		2,034,875
FNMA #836068		4.50			10/01/2020		160,643		172,439
FNMA #836958		4.50			10/01/2035		316,571		336,439
FNMA #839064		6.00			01/01/2036		1,598,323		1,779,762
FNMA #839466		4.50			09/01/2035		9,682,266		10,289,930
FNMA #843901		4.50			09/01/2035		818,530		869,902
FNMA #844158		5.00			11/01/2035		2,665,993		2,882,883
FNMA #844703		5.50			12/01/2035		2,462,565		2,709,707
FNMA #845782		4.50			10/01/2020		87,619		94,052
FNMA #847926		4.50			12/01/2020		235,603		252,903
FNMA #851264		5.50			05/01/2021		486,356		534,107
FNMA #865283		5.50			02/01/2036		1,600,468		1,756,839
FNMA #868424±		5.71			03/01/2036		711,357		760,751
FNMA #872244		6.00			05/01/2021		368,276		400,750
FNMA #878198		5.50			09/01/2036		217,698		238,968
FNMA #884631		6.50			06/01/2036		76,097		85,793
FNMA #885593		6.00			09/01/2036		452,611		503,000
FNMA #888221		5.50			03/01/2037		343,053		376,570
FNMA #888637		6.00			09/01/2037		317,314		351,847
FNMA #888645		5.00			08/01/2037		1,895,494		2,045,554
FNMA #888815		4.50			11/01/2022		281,067		301,135
FNMA #888890		6.50			10/01/2037		238,317		268,684
FNMA #889495		6.50			03/01/2038		36,554		41,075
FNMA #889533		5.50			06/01/2038		6,185,736		6,770,774
FNMA #889984		6.50			10/01/2038		257,462		289,304
FNMA #890333		5.50			07/01/2024		1,087,425		1,184,334
FNMA #892546		6.00			09/01/2021		182,767		198,884
FNMA #895995		6.50			07/01/2036		956,287		1,080,133
FNMA #897130		6.50			09/01/2036		462,786		522,913
FNMA #898818		6.00			11/01/2036		5,485,037		6,095,689
FNMA #899686		6.50			08/01/2037		276,291		310,462
FNMA #899721		6.00			09/01/2037		290,985		322,653
FNMA #899953		6.00			12/01/2037		155,067		171,943
FNMA #900301		6.00			09/01/2036		22,506		25,011
FNMA #900959		6.50			09/01/2036		64,935		73,209
FNMA #902738		5.00			11/01/2036		1,278,835		1,381,874
FNMA #904767±		5.43			12/01/2036		61,124		65,938

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
FNMA #906270		6.00	%		01/01/2037	$	2,434,935	$	2,707,793
FNMA #907051±		5.69			10/01/2037		1,335,746		1,433,917
FNMA #908182		5.50			12/01/2021		162,762		176,809
FNMA #908249		6.50			12/01/2036		921,987		1,039,471
FNMA #909855		5.50			02/01/2037		520,089		579,192
FNMA #910535±		5.58			01/01/2037		77,198		83,416
FNMA #914224±		5.38			03/01/2037		169,466		180,175
FNMA #915356		4.50			05/01/2023		332,896		355,623
FNMA #917101		5.00			05/01/2037		260,460		281,080
FNMA #917882		5.00			05/01/2037		854,414		922,056
FNMA #918049		6.50			05/01/2037		141,528		159,253
FNMA #918506		5.50			05/01/2037		734,490		806,941
FNMA #918619		5.50			06/01/2037		715,466		789,171
FNMA #919640		6.00			09/01/2037		1,883,267		2,088,224
FNMA #922123		6.50			04/01/2037		107,679		121,265
FNMA #922675±		4.62			06/01/2035		523,692		549,101
FNMA #928099		5.50			02/01/2017		270,910		288,150
FNMA #928414		6.50			06/01/2037		626,914		707,582
FNMA #928433		7.00			05/01/2037		254,055		292,236
FNMA #928507		6.50			06/01/2037		292,490		330,126
FNMA #928774		6.00			10/01/2022		449,766		489,286
FNMA #928969		6.00			01/01/2018		459,982		498,565
FNMA #929157		5.50			03/01/2018		215,666		232,005
FNMA #929723		6.00			07/01/2038		1,422,709		1,576,654
FNMA #929953		5.50			09/01/2038		899,199		984,244
FNMA #930324		6.00			12/01/2038		578,710		641,329
FNMA #930627		4.00			02/01/2024		49,970		52,781
FNMA #930739		4.00			03/01/2024		2,305,918		2,435,648
FNMA #930849		4.00			04/01/2024		3,864,783		4,082,213
FNMA #931011		5.00			04/01/2024		473,066		510,889
FNMA #931227		4.50			05/01/2039		1,784,539		1,904,624
FNMA #931252		4.00			05/01/2024		150,447		158,911
FNMA #931409		4.00			06/01/2024		1,254,136		1,324,692
FNMA #932473		4.50			02/01/2040		7,915,457		8,377,604
FNMA #932491		4.50			02/01/2040		7,941,901		8,476,326
FNMA #933025		6.00			10/01/2037		22,153		24,564
FNMA #933465		5.50			02/01/2038		591,792		648,502
FNMA #933559		5.50			02/01/2038		3,772,061		4,128,817
FNMA #934427		6.00			09/01/2038		308,603		341,995
FNMA #934568		6.00			09/01/2038		255,822		283,503
FNMA #934699		6.00			12/01/2038		175,543		194,538
FNMA #935711		4.00			10/01/2024		291,877		308,298
FNMA #937055		6.50			05/01/2037		3,374		3,791
FNMA #941102		6.50			09/01/2037		2,140,013		2,404,677
FNMA #941164		6.00			10/01/2037		2,351,592		2,626,624
FNMA #944777		6.50			09/01/2037		12,375		13,905
FNMA #945074		7.00			08/01/2037		178,224		205,008
FNMA #945909		6.00			08/01/2037		271,603		301,161
FNMA #946008		6.00			09/01/2037		205,685		228,070
FNMA #946045		6.00			09/01/2037		272,606		302,274
FNMA #947654		6.00			10/01/2037		450,216		499,214

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
FNMA #947986		6.50	%		11/01/2037	$	1,644,647	$	1,848,047
FNMA #947992		6.00			11/01/2037		169,456		187,898
FNMA #948007		6.50			10/01/2037		123,187		138,422
FNMA #949473		6.00			09/01/2037		226,598		251,258
FNMA #949594		6.00			08/01/2022		236,570		257,357
FNMA #950300		6.00			08/01/2037		498,247		554,808
FNMA #950698		6.00			10/01/2037		7,288,149		8,081,322
FNMA #950863		6.00			09/01/2037		310,284		344,053
FNMA #950929		6.00			11/01/2037		105,832		117,350
FNMA #952033		4.50			05/01/2023		139,520		149,045
FNMA #953017		6.00			10/01/2037		9,720		10,778
FNMA #953436		6.50			11/01/2037		227,129		255,219
FNMA #955171		6.00			11/01/2037		225,850		250,429
FNMA #955488		6.50			10/01/2037		3,563,521		4,004,237
FNMA #955801		6.00			10/01/2037		289,446		320,947
FNMA #959805		6.50			11/01/2037		29,390		33,024
FNMA #960622		6.00			01/01/2038		1,600,306		1,774,468
FNMA #962302		4.50			03/01/2038		2,111,618		2,236,555
FNMA #963318		5.00			05/01/2023		1,452,957		1,566,402
FNMA #964234		6.00			07/01/2023		476,326		516,765
FNMA #964241		6.00			07/01/2038		377,100		417,905
FNMA #964657		6.00			08/01/2038		221,343		245,294
FNMA #964796		6.00			08/01/2038		94,572		104,805
FNMA #964924		6.00			09/01/2038		13,827		15,323
FNMA #965105		6.00			09/01/2038		232,031		257,138
FNMA #965307		6.50			09/01/2038		60,839		68,288
FNMA #965308		6.00			09/01/2038		172,615		191,293
FNMA #965649		6.00			01/01/2038		192,159		213,071
FNMA #966039		5.50			02/01/2038		399,145		437,395
FNMA #968280		6.00			02/01/2038		220,810		244,702
FNMA #969628		6.00			01/01/2038		187,390		207,784
FNMA #969862		6.00			05/01/2038		210,716		233,517
FNMA #970535		5.50			10/01/2023		314,269		341,227
FNMA #971075		5.50			02/01/2024		52,344		56,834
FNMA #972134		6.50			01/01/2038		112,584		126,367
FNMA #972172		6.00			02/01/2038		299,778		332,965
FNMA #972609		5.50			04/01/2038		6,100,499		6,677,475
FNMA #972746		4.50			02/01/2023		1,442,336		1,540,807
FNMA #973827		4.50			03/01/2023		820,690		876,721
FNMA #973996		6.00			02/01/2023		69,439		75,335
FNMA #974571		5.00			11/01/2036		587,364		635,515
FNMA #974886±		4.34			04/01/2038		274,549		291,572
FNMA #975288		4.50			05/01/2023		123,167		131,576
FNMA #975365		5.00			06/01/2023		867,663		935,409
FNMA #979639		5.00			06/01/2023		358,553		386,548
FNMA #982876		5.00			05/01/2023		353,264		383,275
FNMA #983111		5.50			09/01/2023		253,770		275,539
FNMA #983518		4.50			05/01/2023		86,755		92,678
FNMA #984260		5.50			05/01/2023		524,305		571,193
FNMA #985509		6.00			09/01/2038		310,796		344,426
FNMA #985815		6.00			07/01/2038		885,571		981,395

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
FNMA #986250		6.00	%		07/01/2038	$	132,260	$	146,572
FNMA #987128		6.00			09/01/2038		304,713		337,684
FNMA #987283		6.50			07/01/2038		94,384		105,939
FNMA #987380		6.00			10/01/2023		273,947		297,205
FNMA #988044		6.00			08/01/2038		60,588		67,144
FNMA #988220		6.50			09/01/2038		159,644		179,987
FNMA #988714		6.00			10/01/2038		319,673		354,264
FNMA #988746		6.00			11/01/2023		149,224		162,304
FNMA #988841		6.00			08/01/2038		238,789		264,627
FNMA #988953		5.50			08/01/2023		10,042		10,934
FNMA #990051		6.00			09/01/2038		228,125		252,809
FNMA #990080		6.00			08/01/2038		468,102		518,753
FNMA #990285		6.00			10/01/2038		205,703		227,961
FNMA #990380		6.50			09/01/2038		266,593		299,231
FNMA #990543		6.00			09/01/2038		301,583		334,215
FNMA #990703		6.50			09/01/2038		6,742		7,565
FNMA #990741		6.00			09/01/2038		116,897		129,546
FNMA #991859		6.00			10/01/2038		78,828		87,358
FNMA #991932		6.00			12/01/2023		322,424		349,797
FNMA #992042		7.00			10/01/2038		6,227		7,159
FNMA #992235		6.00			11/01/2038		2,895,671		3,208,998
FNMA #992312		6.00			10/01/2038		111,796		123,893
FNMA #992490		5.50			11/01/2023		231,543		251,405
FNMA #992940		6.00			11/01/2038		235,507		260,990
FNMA #993091		6.00			01/01/2039		209,385		232,042
FNMA #993164		6.00			11/01/2038		132,210		146,516
FNMA #994128		6.00			11/01/2038		179,124		197,612
FNMA #994282		5.50			11/01/2023		25,432		27,613
FNMA #994339		6.00			01/01/2039		176,193		195,148
FNMA #994436		6.00			12/01/2038		481,474		533,572
FNMA #994897		5.50			09/01/2033		1,659,230		1,827,824
FNMA #995119		5.50			11/01/2038		11,805,385		12,921,921
FNMA #995230		6.50			01/01/2039		2,520,872		2,832,639
FNMA #995258		5.50			01/01/2039		2,169,551		2,377,456
FNMA #995692		4.50			05/01/2024		1,455,911		1,555,309
FNMA #995778		6.00			11/01/2017		106,768		115,766
FNMA #995838		5.50			05/01/2039		2,144,628		2,350,145
FNMA #995896		5.00			06/01/2039		3,450,593		3,721,608
FNMA #995901		4.50			07/01/2024		4,275,249		4,563,121
FNMA #A82829		6.00			11/01/2038		250,811		278,028
FNMA #AA0731		6.50			02/01/2039		228,546		255,382
FNMA #AA0781		6.00			04/01/2039		260,359		288,369
FNMA #AA1090		4.50			12/01/2023		448,012		478,598
FNMA #AA3078		4.50			02/01/2039		301,290		319,116
FNMA #AA3295		4.00			02/01/2039		2,157,457		2,240,946
FNMA #AA3349		3.50			10/01/2040		2,947,478		2,968,607
FNMA #AA3886		4.50			11/01/2040		3,822,799		4,045,995
FNMA #AA4662		4.50			05/01/2039		3,834,713		4,092,758
FNMA #AA7895		4.00			06/01/2024		848,300		896,025
FNMA #AA8408		4.00			06/01/2024		455,211		480,821
FNMA #AB0035		4.50			04/01/2039		7,100,621		7,520,742

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
FNMA #AB1048		4.50	%		05/01/2040	$	2,612,944	$	2,776,117
FNMA #AB1953		4.00			12/01/2040		4,860,367		5,063,641
FNMA #AB2068		3.50			01/01/2041		1,951,484		1,965,473
FNMA #AB2084		4.00			01/01/2041		7,395,368		7,676,931
FNMA #AB2277		4.50			02/01/2041		15,294,248		16,187,210
FNMA #AB2775		4.50			04/01/2041		4,965,701		5,260,282
FNMA #AB2819		5.00			04/01/2041		4,859,182		5,251,459
FNMA #AC1258		4.00			08/01/2039		5,514,843		5,748,936
FNMA #AC1616		5.00			08/01/2039		8,495,036		9,162,250
FNMA #AC1928		4.00			08/01/2039		1,118,046		1,161,312
FNMA #AC2181		4.00			08/01/2039		3,232,663		3,357,760
FNMA #AC2968		4.50			09/01/2039		3,600,698		3,836,806
FNMA #AC2998		6.00			09/01/2024		21,937		23,922
FNMA #AC3004		4.00			09/01/2024		330,103		348,675
FNMA #AC5843		4.50			05/01/2040		4,924,545		5,247,462
FNMA #AC7962		4.50			01/01/2025		3,961,096		4,227,815
FNMA #AC8563		4.00			01/01/2040		891,971		926,488
FNMA #AD0527		5.50			06/01/2039		4,079,256		4,470,165
FNMA #AD0891		5.00			03/01/2025		4,739,714		5,109,786
FNMA #AD1654		4.50			03/01/2040		4,990,194		5,334,570
FNMA #AD2344		4.00			03/01/2025		335,689		354,470
FNMA #AD3770		4.00			03/01/2025		4,722,751		5,048,959
FNMA #AD4317		4.00			04/01/2040		4,563,850		4,737,609
FNMA #AD7134		5.00			07/01/2040		14,788,023		16,023,439
FNMA #AD7948		4.50			06/01/2040		2,262,574		2,394,676
FNMA #AE0349		6.00			04/01/2040		1,058,041		1,171,930
FNMA #AE0378		5.50			05/01/2025		803,850		873,729
FNMA #AE0443		6.50			10/01/2039		2,018,219		2,267,820
FNMA #AE0728		6.00			09/01/2039		782,312		867,452
FNMA #AE1173		4.00			07/01/2025		4,523,674		4,776,759
FNMA #AE2126		3.50			01/01/2041		578,618		582,766
FNMA #AE3778		3.50			02/01/2041		712,545		717,653
FNMA #AE5902±		3.45			10/01/2040		7,560,287		7,915,258
FNMA #AE6086		4.50			10/01/2040		4,966,483		5,256,453
FNMA #AE7350		3.50			11/01/2025		6,623,385		6,915,289
FNMA #AE8049		3.50			12/01/2040		335,773		338,180
FNMA #AH1098		4.00			12/01/2040		972,337		1,009,356
FNMA #AH1527		3.50			12/01/2025		11,645,504		12,158,741
FNMA #AH1813		4.00			12/01/2040		1,938,400		2,012,201
FNMA #AH3782		4.00			02/01/2041		9,830,335		10,204,604
FNMA #AH3904±		2.97			03/01/2041		6,777,717		7,038,136
FNMA #AH4797		3.50			01/01/2041		73,769		74,298
FNMA #AH5496		3.50			01/01/2041		208,812		210,309
FNMA #AH5664		3.50			02/01/2041		745,626		750,971
FNMA #AH6990		3.50			01/01/2041		93,304		93,973
FNMA #AH8016		3.50			01/01/2036		67,622		68,149
FNMA #AH8239		3.50			02/01/2041		151,536		152,622
FNMA #AH9295±		3.03			03/01/2041		8,611,264		8,974,270
GNMA%%		4.00			09/01/2039		8,000,000		8,460,000
GNMA%%		5.00			12/15/2039		15,000,000		16,516,407
GNMA #337120		6.50			11/15/2023		1,055		1,198

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
GNMA #379192		6.50	%		12/15/2023	$	1,439	$	1,634
GNMA #487721		4.50			03/15/2039		12,422,701		13,489,022
GNMA #520782		5.00			03/15/2035		1,085,517		1,201,292
GNMA #535428		6.00			12/15/2031		24,096		27,260
GNMA #605373		5.50			09/15/2034		672,170		753,819
GNMA #617417		6.50			02/15/2037		29,999		34,144
GNMA #617522		6.00			05/15/2037		498,182		561,403
GNMA #625436		6.50			09/15/2036		148,404		168,582
GNMA #632007		6.50			10/15/2036		270,068		306,872
GNMA #632064		6.00			05/15/2037		18,315		20,679
GNMA #633305		5.50			12/15/2035		791,400		886,295
GNMA #648391		5.50			11/15/2035		695,470		778,862
GNMA #651722		5.50			02/15/2036		463,268		517,804
GNMA #651882		6.50			09/15/2036		216,823		246,304
GNMA #653068		5.50			03/15/2036		414,926		464,549
GNMA #654920		6.00			06/15/2036		622,907		708,379
GNMA #656213		6.00			08/15/2036		25,121		28,333
GNMA #658328		4.50			03/15/2037		111,804		121,605
GNMA #659749		6.50			11/15/2036		9,260		10,545
GNMA #663342		6.50			12/15/2036		26,922		30,641
GNMA #664629		7.00			03/15/2037		48,324		56,660
GNMA #666011		6.00			02/15/2038		24,523		27,627
GNMA #667470		6.00			05/15/2037		89,392		100,736
GNMA #668585		6.00			08/15/2037		280,388		315,970
GNMA #669078		6.00			06/15/2037		226,754		255,529
GNMA #671007		6.00			08/15/2037		19,463		21,933
GNMA #671433		6.00			07/15/2037		119,691		134,880
GNMA #672938		6.50			08/15/2038		166,007		188,319
GNMA #673065		6.00			09/15/2038		1,855,862		2,090,795
GNMA #673220		6.00			10/15/2038		173,427		195,382
GNMA #676678		6.00			01/15/2038		1,276,233		1,437,791
GNMA #676812		6.50			04/15/2038		129,802		147,247
GNMA #676977		5.00			05/15/2038		11,727,450		12,937,922
GNMA #677213		5.50			08/15/2038		4,954,925		5,562,997
GNMA #677314		5.50			09/15/2038		367,947		413,102
GNMA #677606		6.50			12/15/2037		134,322		152,397
GNMA #680222		6.00			01/15/2038		10,242		11,539
GNMA #681324		6.50			05/15/2038		19,887		22,560
GNMA #681332		6.50			05/15/2038		144,231		163,841
GNMA #682915		5.50			02/15/2041		348,119		388,665
GNMA #683124		5.50			03/15/2038		295,448		329,859
GNMA #684230		6.50			08/15/2038		30,557		34,664
GNMA #687925		6.00			09/15/2038		22,377		25,209
GNMA #691352		6.00			09/15/2038		10,854		12,228
GNMA #691547		6.50			07/15/2038		7,474		8,526
GNMA #691558		6.00			08/15/2038		1,892,995		2,132,629
GNMA #693431		5.50			06/15/2038		121,273		135,398
GNMA #694553		5.50			12/15/2038		1,424,022		1,589,879
GNMA #695742		6.50			11/15/2038		6,800		7,724
GNMA #695746		6.00			11/15/2038		204,097		229,934
GNMA #696456		5.50			08/15/2038		154,980		173,031

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
GNMA #696475		6.00	%		08/15/2038	$	922,913	$	1,039,744
GNMA #697595		6.50			11/15/2038		295,719		335,464
GNMA #697858		6.00			02/15/2039		15,092		17,002
GNMA #698033		5.50			01/15/2039		855,548		955,194
GNMA #698223		4.00			06/15/2039		878,037		930,388
GNMA #698308		4.50			05/15/2039		2,554,939		2,775,643
GNMA #698402		4.50			07/15/2039		1,940,265		2,106,811
GNMA #698507		6.00			10/15/2038		988,966		1,114,160
GNMA #698624		6.00			10/15/2038		157,102		176,989
GNMA #699277		6.00			09/15/2038		14,917		16,805
GNMA #699457		6.00			10/15/2038		447,687		504,360
GNMA #700069		6.50			12/15/2038		614,808		697,439
GNMA #700821		6.50			10/15/2038		210,535		238,832
GNMA #701980		6.00			01/15/2039		10,784		12,149
GNMA #702172		4.00			07/15/2039		710,451		752,811
GNMA #702190		4.00			07/15/2039		206,240		218,536
GNMA #704277		6.50			02/15/2039		6,701		7,602
GNMA #704439		4.50			03/15/2039		1,270,380		1,380,219
GNMA #706004		6.00			10/15/2038		86,718		97,696
GNMA #709475		5.00			06/15/2039		7,775,025		8,577,539
GNMA #709484		5.50			07/15/2039		154,498		172,492
GNMA #711321		6.00			01/15/2039		639,227		720,146
GNMA #712488		4.50			06/15/2039		2,019,336		2,192,669
GNMA #712495		4.50			06/15/2039		948,519		1,029,936
GNMA #713866		5.00			09/15/2039		10,864,862		12,027,043
GNMA #713872		4.50			09/15/2039		9,036,531		9,812,195
GNMA #716343		6.00			06/15/2039		62,549		70,779
GNMA #716586		6.00			08/15/2039		84,809		95,651
GNMA #716792		4.50			04/15/2039		2,518,729		2,734,927
GNMA #719715		6.00			08/15/2039		18,950		21,349
GNMA #719773		5.50			03/15/2040		164,957		184,170
GNMA #720160		4.50			07/15/2039		3,403,161		3,695,277
GNMA #722269		4.50			09/15/2039		1,295,755		1,406,978
GNMA #722785		6.00			10/15/2039		133,817		150,757
GNMA #723234		4.50			10/15/2039		2,701,083		2,932,934
GNMA #723449		5.00			11/15/2039		2,539,195		2,810,805
GNMA #723526		4.50			12/15/2039		1,832,000		1,988,919
GNMA #723616		5.00			01/15/2040		4,348,566		4,813,718
GNMA #726000		4.50			05/15/2040		3,189,225		3,458,991
GNMA #727736		6.00			03/15/2040		11,485		12,939
GNMA #727823		5.50			07/15/2040		252,236		281,614
GNMA #728627		4.50			01/15/2040		3,372,141		3,654,217
GNMA #731275		5.50			02/15/2040		314,885		351,560
GNMA #732490		6.00			03/15/2040		21,028		23,914
GNMA #732718		5.50			03/15/2040		380,950		425,319
GNMA #733153		4.50			05/15/2040		5,016,171		5,440,340
GNMA #737011		5.00			02/15/2040		2,566,467		2,840,994
GNMA #737421		4.50			09/15/2040		1,272,371		1,378,803
GNMA #737532		4.00			10/15/2040		2,930,589		3,105,320
GNMA #737794		4.00			12/15/2040		4,874,549		5,166,709
GNMA #737898		4.00			01/15/2041		4,883,552		5,176,251

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
GNMA #737902		4.00	%		01/15/2041	$	1,969,293	$	2,087,323
GNMA #738003		4.50			02/15/2041		7,753,837		8,406,072
GNMA #739142		4.50			06/15/2040		2,252,849		2,441,298
GNMA #741904		6.00			12/15/2038		22,440		25,337
GNMA #745086		4.50			06/15/2040		1,983,367		2,150,203
GNMA #745183		4.50			07/15/2040		6,947,974		7,529,164
GNMA #748479		4.00			08/15/2040		7,975,940		8,451,491
GNMA #748615		6.00			12/15/2038		1,924,517		2,168,142
GNMA #749658		3.50			01/15/2041		742,025		759,716
GNMA #755144		4.50			11/15/2040		3,860,810		4,183,763
GNMA #755661		3.50			12/15/2040		744,507		762,258
GNMA #763823		5.50			04/15/2041		1,122,470		1,256,011
GNMA #764243		4.00			07/15/2041		2,021,573		2,142,106
GNMA #770399		4.50			06/15/2041		4,974,459		5,390,567
GNMA #782167		6.00			06/15/2037		63,011		71,042
GNMA #782273		5.50			02/15/2038		1,602,720		1,790,893
GNMA #782365		6.00			07/15/2038		1,628,555		1,835,180
GNMA #782379		6.00			08/15/2038		658,133		741,480
GNMA #782405		5.50			09/15/2038		4,010,856		4,479,257
GNMA #782407		5.50			09/15/2038		296,188		330,724
GNMA #782776		6.00			09/15/2038		662,108		746,045
GNMA #782789		5.50			10/15/2039		4,358,997		4,867,032
GNMA #782803		6.00			11/15/2039		13,324		15,012
GNMA #782831		6.00			12/15/2039		1,282,324		1,444,988
GNMA #782916		5.50			02/15/2040		102,372		114,296
GNMA #783024		5.00			07/15/2040		3,470,558		3,828,779
GNMA #783292		6.00			12/15/2040		954,294		1,075,247
GNMA #783313		5.50			02/15/2041		9,798,762		10,940,030
TVA		3.88			02/15/2021		1,320,000		1,454,735
TVA		4.50			04/01/2018		200,000		231,088
TVA		5.25			09/15/2039		400,000		468,432
TVA		5.50			07/18/2017		650,000		786,296
TVA		6.15			01/15/2038		400,000		532,535
TVA 1997 Series C		5.88			04/01/2036		300,000		375,968
TVA Series A		4.65			06/15/2035		200,000		218,036
TVA Series A		4.88			01/15/2048		200,000		224,838
Total Agency Securities (Cost $1,207,797,831)									1,261,488,947
Asset-Backed Securities: 0.00%
Continental Airlines 2009-2 Class A Pass-Through Trust		7.25			05/10/2021		190,383		199,903
Total Asset-Backed Securities (Cost $211,581)									199,903
Corporate Bonds and Notes: 20.86%
Consumer Discretionary: 1.84%
Auto Components: 0.03%
Borgwarner Incorporated		4.63			09/15/2020		100,000		105,970
Johnson Controls Incorporated		1.75			03/01/2014		200,000		203,357
Johnson Controls Incorporated		4.25			03/01/2021		120,000		124,888
Johnson Controls Incorporated		4.88			09/15/2013		250,000		268,693
Johnson Controls Incorporated		5.00			03/30/2020		100,000		109,961

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Auto Components (continued)
Johnson Controls Incorporated		5.50	%		01/15/2016	$	250,000	$	281,153
Johnson Controls Incorporated		5.70			03/01/2041		240,000		256,294
O’Reilly Automotive Incorporated		4.88			01/14/2021		45,000		48,314
									1,398,630
Diversified Consumer Services: 0.06%
Board of Trustees of The Leland Stanford Junior University, Stanford University		4.75			05/01/2019		500,000		580,195
Cornell University		5.45			02/01/2019		100,000		119,549
Dartmouth College		4.75			06/01/2019		75,000		84,887
Johns Hopkins University		5.25			07/01/2019		250,000		287,258
President & Fellows of Harvard College		4.88			10/15/2040		300,000		328,476
Princeton University		5.70			03/01/2039		500,000		616,895
Vanderbilt University		5.25			04/01/2019		250,000		284,395
Yale University		2.90			10/15/2014		325,000		346,135
									2,647,790
Hotels, Restaurants & Leisure: 0.12%
Darden Restaurants Incorporated		5.63			10/15/2012		250,000		261,374
Darden Restaurants Incorporated		6.20			10/15/2017		105,000		122,543
Darden Restaurants Incorporated		6.80			10/15/2037		20,000		23,409
Hyatt Hotels Corporation		3.88			08/15/2016		100,000		99,948
International Game Technology		5.50			06/15/2020		250,000		266,709
Marriott International		5.81			11/10/2015		425,000		479,272
Marriott International Series J		5.63			02/15/2013		100,000		104,247
McDonald’s Corporation		3.50			07/15/2020		200,000		211,459
McDonald’s Corporation		3.63			05/20/2021		100,000		107,265
McDonald’s Corporation		4.30			03/01/2013		400,000		421,738
McDonald’s Corporation		5.35			03/01/2018		400,000		473,491
McDonald’s Corporation		5.80			10/15/2017		100,000		121,322
McDonald’s Corporation		6.30			10/15/2037		300,000		374,640
McDonald’s Corporation		6.30			03/01/2038		600,000		749,351
Starbucks Corporation		6.25			08/15/2017		500,000		597,859
Yum! Brands Incorporated		5.30			09/15/2019		250,000		278,728
Yum! Brands Incorporated		6.25			03/15/2018		600,000		705,601
Yum! Brands Incorporated		6.88			11/15/2037		50,000		59,911
									5,458,867
Household Durables: 0.04%
Fortune Brands Incorporated		4.88			12/01/2013		150,000		158,020
Fortune Brands Incorporated		5.38			01/15/2016		36,000		39,907
Fortune Brands Incorporated		6.38			06/15/2014		250,000		279,007
MDC Holdings Incorporated		5.38			07/01/2015		65,000		68,566
Newell Rubbermaid Incorporated		4.70			08/15/2020		200,000		206,092
Newell Rubbermaid Incorporated		5.50			04/15/2013		200,000		212,224
Newell Rubbermaid Incorporated		6.25			04/15/2018		165,000		186,712
Whirlpool Corporation		4.85			06/15/2021		100,000		100,100
Whirlpool Corporation		8.60			05/01/2014		320,000		366,901
									1,617,529

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Internet & Catalog Retail: 0.01%
Expedia Incorporated		5.95	%		08/15/2020	$	400,000	$	403,124
Leisure Equipment & Products: 0.01%
Hasbro Incorporated		6.13			05/15/2014		300,000		332,061
Hasbro Incorporated		6.35			03/15/2040		155,000		170,399
Mattel Incorporated		4.35			10/01/2020		100,000		105,077
Mattel Incorporated		6.20			10/01/2040		100,000		108,939
									716,476
Media: 1.17%
CBS Corporation		4.63			05/15/2018		180,000		191,030
CBS Corporation		7.88			07/30/2030		600,000		746,135
CBS Corporation		8.88			05/15/2019		500,000		645,144
Comcast Corporation		4.95			06/15/2016		350,000		393,120
Comcast Corporation		5.15			03/01/2020		500,000		569,325
Comcast Corporation		5.30			01/15/2014		800,000		877,526
Comcast Corporation		5.70			07/01/2019		1,000,000		1,166,720
Comcast Corporation		5.85			11/15/2015		500,000		576,231
Comcast Corporation		5.88			02/15/2018		75,000		87,706
Comcast Corporation		5.90			03/15/2016		975,000		1,129,289
Comcast Corporation		6.30			11/15/2017		500,000		595,816
Comcast Corporation		6.40			03/01/2040		500,000		566,335
Comcast Corporation		6.45			03/15/2037		900,000		997,331
Comcast Corporation		6.50			11/15/2035		550,000		616,279
Comcast Corporation		6.55			07/01/2039		650,000		741,005
Comcast Corporation		6.95			08/15/2037		400,000		465,778
Comcast Corporation		8.38			03/15/2013		365,000		405,383
Cox Communications Incorporated		4.63			06/01/2013		500,000		530,549
Cox Communications Incorporated		5.45			12/15/2014		180,000		200,653
Cox Communications Incorporated		7.13			10/01/2012		300,000		319,321
DIRECTV Holdings LLC		3.55			03/15/2015		285,000		302,602
DIRECTV Holdings LLC		4.60			02/15/2021		350,000		365,922
DIRECTV Holdings LLC		4.75			10/01/2014		500,000		549,767
DIRECTV Holdings LLC		5.00			03/01/2021		700,000		751,601
DIRECTV Holdings LLC		5.20			03/15/2020		330,000		362,716
DIRECTV Holdings LLC		5.88			10/01/2019		1,000,000		1,151,564
DIRECTV Holdings LLC		6.00			08/15/2040		400,000		420,115
DIRECTV Holdings LLC		6.35			03/15/2040		145,000		158,531
DIRECTV Holdings LLC		6.38			03/01/2041		500,000		552,129
DIRECTV Holdings LLC		7.63			05/15/2016		620,000		664,950
Discovery Communications		3.70			06/01/2015		250,000		267,028
Discovery Communications		4.38			06/15/2021		300,000		310,587
Discovery Communications		5.05			06/01/2020		750,000		808,339
Discovery Communications		6.35			06/01/2040		250,000		281,466
McGraw-Hill Company Incorporated		5.90			11/15/2017		250,000		283,644
NBC Universal Incorporated		2.10			04/01/2014		500,000		509,770
NBC Universal Incorporated		2.88			04/01/2016		500,000		512,052
NBC Universal Incorporated		3.65			04/30/2015		300,000		318,264
NBC Universal Incorporated		4.38			04/01/2021		1,500,000		1,537,599
NBC Universal Incorporated		6.40			04/30/2040		1,000,000		1,129,755
News America Incorporated		4.50			02/15/2021		500,000		513,702

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Media (continued)
News America Incorporated		5.30	%		12/15/2014	$	180,000	$	199,011
News America Incorporated		6.15			02/15/2041		735,000		766,287
News America Incorporated		6.40			12/15/2035		750,000		785,543
News America Incorporated		6.65			11/15/2037		600,000		647,359
News America Incorporated		6.90			03/01/2019		1,300,000		1,522,004
News America Incorporated		6.90			08/15/2039		500,000		564,665
News America Incorporated		8.15			10/17/2036		250,000		308,108
Omnicom Group Incorporated		4.45			08/15/2020		90,000		92,295
Omnicom Group Incorporated		5.90			04/15/2016		500,000		567,347
Omnicom Group Incorporated		6.25			07/15/2019		650,000		777,471
TCI Communications Incorporated		7.13			02/15/2028		350,000		419,722
TCI Communications Incorporated		8.75			08/01/2015		500,000		610,155
Thompson Reuters Corporation		5.85			04/15/2040		134,000		144,887
Time Warner Cable Incorporated		3.50			02/01/2015		250,000		262,560
Time Warner Cable Incorporated		4.13			02/15/2021		500,000		501,504
Time Warner Cable Incorporated		4.70			01/15/2021		250,000		266,838
Time Warner Cable Incorporated		4.88			03/15/2020		500,000		538,220
Time Warner Cable Incorporated		5.00			02/01/2020		535,000		569,462
Time Warner Cable Incorporated		5.85			05/01/2017		500,000		563,423
Time Warner Cable Incorporated		5.88			11/15/2016		1,500,000		1,746,102
Time Warner Cable Incorporated		5.88			11/15/2040		250,000		260,727
Time Warner Cable Incorporated		6.20			07/01/2013		600,000		652,533
Time Warner Cable Incorporated		6.20			03/15/2040		300,000		321,678
Time Warner Cable Incorporated		6.25			03/29/2041		500,000		553,272
Time Warner Cable Incorporated		6.50			11/15/2036		252,000		281,116
Time Warner Cable Incorporated		6.55			05/01/2037		500,000		551,475
Time Warner Cable Incorporated		6.63			05/15/2029		800,000		907,247
Time Warner Cable Incorporated		6.75			07/01/2018		2,000,000		2,353,218
Time Warner Cable Incorporated		6.75			06/15/2039		500,000		559,497
Time Warner Cable Incorporated		7.30			07/01/2038		800,000		944,350
Time Warner Cable Incorporated		7.50			04/01/2014		150,000		171,355
Time Warner Cable Incorporated		7.57			02/01/2024		250,000		321,331
Time Warner Cable Incorporated		7.63			04/15/2031		825,000		1,011,547
Time Warner Cable Incorporated		7.70			05/01/2032		700,000		864,178
Time Warner Cable Incorporated		8.25			02/14/2014		150,000		172,966
Time Warner Cable Incorporated		8.25			04/01/2019		650,000		822,247
Time Warner Cable Incorporated		8.38			03/15/2023		250,000		325,392
Time Warner Cable Incorporated		8.38			07/15/2033		300,000		385,006
Time Warner Cable Incorporated		8.75			02/14/2019		204,000		263,737
Time Warner Cable Incorporated		9.15			02/01/2023		250,000		347,699
Viacom Incorporated		3.50			04/01/2017		100,000		103,397
Viacom Incorporated		4.38			09/15/2014		150,000		161,671
Viacom Incorporated		4.50			03/01/2021		500,000		518,132
Viacom Incorporated		5.50			05/15/2033		200,000		188,052
Viacom Incorporated		5.63			09/15/2019		150,000		172,065
Viacom Incorporated		6.13			10/05/2017		250,000		288,376
Viacom Incorporated		6.75			10/05/2037		50,000		58,253
Viacom Incorporated		6.88			04/30/2036		680,000		804,790
Walt Disney Company		4.50			12/15/2013		700,000		757,555
Walt Disney Company		4.70			12/01/2012		500,000		525,522
Walt Disney Company		5.50			03/15/2019		500,000		599,805

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Media (continued)
Walt Disney Company Series B		7.00	%		03/01/2032	$	75,000	$	100,839
Walt Disney Company Series C		5.63			09/15/2016		250,000		297,519
									52,072,289
Multiline Retail: 0.18%
Kohl’s Corporation		6.00			01/15/2033		65,000		69,946
Kohl’s Corporation		6.25			12/15/2017		500,000		596,516
Macy’s Retail Holdings Incorporated		5.75			07/15/2014		355,000		384,844
Macy’s Retail Holdings Incorporated		5.90			12/01/2016		500,000		552,245
Macy’s Retail Holdings Incorporated		6.70			07/15/2034		500,000		506,099
Macy’s Retail Holdings Incorporated		6.90			04/01/2029		500,000		569,331
Nordstrom Incorporated		4.75			05/01/2020		135,000		146,073
Nordstrom Incorporated		6.25			01/15/2018		500,000		588,469
Nordstrom Incorporated		6.75			06/01/2014		60,000		68,283
Target Corporation		1.13			07/18/2014		105,000		105,744
Target Corporation		5.13			01/15/2013		700,000		741,741
Target Corporation		5.38			05/01/2017		350,000		411,480
Target Corporation		5.88			07/15/2016		300,000		354,839
Target Corporation		6.00			01/15/2018		500,000		604,362
Target Corporation		6.50			10/15/2037		400,000		483,258
Target Corporation		7.00			07/15/2031		500,000		645,467
Target Corporation		7.00			01/15/2038		800,000		1,026,566
									7,855,263
Specialty Retail: 0.21%
Autozone Incorporated		5.75			01/15/2015		150,000		167,061
Autozone Incorporated		5.88			10/15/2012		200,000		210,193
Autozone Incorporated		6.50			01/15/2014		450,000		505,814
Best Buy Company Incorporated		3.75			03/15/2016		100,000		100,762
Best Buy Company Incorporated		5.50			03/15/2021		350,000		332,905
Family Dollar Stores Incorporated		5.00			02/01/2021		100,000		98,991
Gap Incorporated		5.95			04/12/2021		500,000		474,195
Home Depot Incorporated		3.95			09/15/2020		400,000		419,001
Home Depot Incorporated		4.40			04/01/2021		500,000		534,803
Home Depot Incorporated		5.25			12/16/2013		550,000		598,813
Home Depot Incorporated		5.40			03/01/2016		680,000		771,971
Home Depot Incorporated		5.40			09/15/2040		200,000		203,093
Home Depot Incorporated		5.88			12/16/2036		1,000,000		1,087,570
Home Depot Incorporated		5.95			04/01/2041		500,000		546,256
Lowe’s Companies Incorporated		3.75			04/15/2021		150,000		154,816
Lowe’s Companies Incorporated		4.63			04/15/2020		400,000		439,549
Lowe’s Companies Incorporated		5.00			10/15/2015		600,000		677,830
Lowe’s Companies Incorporated		5.80			10/15/2036		250,000		271,066
Lowe’s Companies Incorporated		5.80			04/15/2040		110,000		118,986
Lowe’s Companies Incorporated		6.50			03/15/2029		75,000		90,400
Lowe’s Companies Incorporated		6.65			09/15/2037		350,000		417,692
Staples Incorporated		9.75			01/15/2014		500,000		585,965
TJX Companies Incorporated		4.20			08/15/2015		250,000		276,488
TJX Companies Incorporated		6.95			04/15/2019		85,000		108,109
									9,192,329

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Textiles, Apparel & Luxury Goods: 0.01%
Cintas Corporation		6.13	%		12/01/2017	$	200,000	$	240,131
Cintas Corporation		6.15			08/15/2036		50,000		59,983
VF Corporation		5.95			11/01/2017		100,000		117,402
VF Corporation		6.45			11/01/2037		150,000		180,908
									598,424
Consumer Staples: 1.92%
Beverages: 0.52%
Anheuser-Busch Companies Incorporated		1.50			07/14/2014		300,000		304,007
Anheuser-Busch Companies Incorporated		4.38			01/15/2013		180,000		188,085
Anheuser-Busch Companies Incorporated		5.50			01/15/2018		200,000		233,069
Anheuser-Busch Companies Incorporated		5.60			03/01/2017		50,000		58,442
Anheuser-Busch Companies Incorporated		5.75			04/01/2036		250,000		281,120
Anheuser-Busch InBev Worldwide Incorporated		2.88			02/15/2016		45,000		47,379
Anheuser-Busch InBev Worldwide Incorporated		3.00			10/15/2012		750,000		768,899
Anheuser-Busch InBev Worldwide Incorporated		4.13			01/15/2015		625,000		682,483
Anheuser-Busch InBev Worldwide Incorporated		4.38			02/15/2021		30,000		33,043
Anheuser-Busch InBev Worldwide Incorporated		5.00			04/15/2020		500,000		573,069
Anheuser-Busch InBev Worldwide Incorporated		5.38			11/15/2014		1,500,000		1,694,286
Anheuser-Busch InBev Worldwide Incorporated		5.38			01/15/2020		900,000		1,052,889
Anheuser-Busch InBev Worldwide Incorporated		6.38			01/15/2040		750,000		929,894
Anheuser-Busch InBev Worldwide Incorporated		7.75			01/15/2019		1,500,000		1,972,341
Anheuser-Busch InBev Worldwide Incorporated		8.20			01/15/2039		500,000		727,727
Bottling Group LLC		4.63			11/15/2012		100,000		104,895
Bottling Group LLC		5.00			11/15/2013		500,000		544,560
Bottling Group LLC		6.95			03/15/2014		750,000		863,556
Brown-Forman Corporation		2.50			01/15/2016		100,000		103,065
Coca-Cola Company		0.75			11/15/2013		450,000		451,242
Coca-Cola Company		1.50			11/15/2015		1,200,000		1,220,298
Coca-Cola Company 144A		1.80			09/01/2016		660,000		665,789
Coca-Cola Company		3.15			11/15/2020		1,010,000		1,025,643
Coca-Cola Company 144A		3.30			09/01/2021		70,000		71,762
Coca-Cola Company		3.63			03/15/2014		300,000		322,362
Coca-Cola Enterprises Incorporated		2.00			08/19/2016		100,000		99,457
Coca-Cola Enterprises Incorporated		3.50			09/15/2020		500,000		501,690
Coca-Cola Enterprises Incorporated		4.50			09/01/2021		100,000		109,372
Diageo Investment Corporation		7.45			04/15/2035		150,000		198,181
Dr Pepper Snapple Group Incorporated		2.35			12/21/2012		250,000		254,507
Dr Pepper Snapple Group Incorporated		2.90			01/15/2016		500,000		518,771
Dr Pepper Snapple Group Incorporated		7.45			05/01/2038		100,000		131,453
PepsiAmericas Incorporated		4.38			02/15/2014		500,000		544,413
PepsiCo Incorporated		3.10			01/15/2015		700,000		743,262
PepsiCo Incorporated		3.13			11/01/2020		1,000,000		1,007,041
PepsiCo Incorporated		3.75			03/01/2014		500,000		536,152
PepsiCo Incorporated		4.50			01/15/2020		200,000		224,605
PepsiCo Incorporated		5.00			06/01/2018		1,000,000		1,161,736
PepsiCo Incorporated		5.50			01/15/2040		600,000		685,550
PepsiCo Incorporated		7.90			11/01/2018		500,000		660,949
PepsiCo Incorporated Series B		7.00			03/01/2029		600,000		793,723
									23,090,767

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Food & Staples Retailing: 0.52%
Costco Wholesale Corporation		5.50	%		03/15/2017	$	400,000	$	474,586
CVS Caremark Corporation		3.25			05/18/2015		250,000		263,688
CVS Caremark Corporation		4.75			05/18/2020		250,000		272,156
CVS Caremark Corporation		5.75			06/01/2017		400,000		460,143
CVS Caremark Corporation		5.75			05/15/2041		300,000		312,009
CVS Caremark Corporation		6.13			08/15/2016		250,000		292,689
CVS Caremark Corporation		6.13			09/15/2039		700,000		764,801
CVS Caremark Corporation		6.25			06/01/2027		515,000		603,347
CVS Caremark Corporation		6.60			03/15/2019		700,000		846,789
Delhaize America Incorporated		9.00			04/15/2031		500,000		662,735
Kroger Company		3.90			10/01/2015		150,000		160,252
Kroger Company		4.95			01/15/2015		100,000		109,896
Kroger Company		5.50			02/01/2013		200,000		211,940
Kroger Company		6.15			01/15/2020		800,000		953,977
Kroger Company		6.90			04/15/2038		300,000		365,318
Kroger Company		7.50			01/15/2014		250,000		285,728
Kroger Company		7.50			04/01/2031		75,000		95,211
Safeway Incorporated		5.00			08/15/2019		750,000		809,263
Safeway Incorporated		6.25			03/15/2014		500,000		560,298
Safeway Incorporated		7.25			02/01/2031		75,000		87,609
Sysco Corporation		5.25			02/12/2018		300,000		350,371
Sysco Corporation		4.20			02/12/2013		250,000		262,306
Sysco Corporation		6.63			03/17/2039		200,000		269,748
Wal-Mart Stores Incorporated		1.50			10/25/2015		250,000		251,543
Wal-Mart Stores Incorporated		1.63			04/15/2014		350,000		358,133
Wal-Mart Stores Incorporated		2.25			07/08/2015		1,250,000		1,303,114
Wal-Mart Stores Incorporated		2.88			04/01/2015		150,000		158,790
Wal-Mart Stores Incorporated		3.20			05/15/2014		500,000		531,066
Wal-Mart Stores Incorporated		3.63			07/08/2020		1,100,000		1,142,935
Wal-Mart Stores Incorporated		4.25			04/15/2021		500,000		545,887
Wal-Mart Stores Incorporated		4.55			05/01/2013		1,380,000		1,471,472
Wal-Mart Stores Incorporated		4.88			07/08/2040		850,000		857,852
Wal-Mart Stores Incorporated		5.25			09/01/2035		825,000		886,755
Wal-Mart Stores Incorporated		5.63			04/15/2041		1,000,000		1,133,936
Wal-Mart Stores Incorporated		5.80			02/15/2018		700,000		841,439
Wal-Mart Stores Incorporated		5.88			04/05/2027		100,000		118,438
Wal-Mart Stores Incorporated		6.20			04/15/2038		1,000,000		1,201,365
Wal-Mart Stores Incorporated		6.50			08/15/2037		1,000,000		1,237,743
Wal-Mart Stores Incorporated		7.55			02/15/2030		500,000		682,404
Walgreen Company		4.88			08/01/2013		500,000		539,337
Walgreen Company		5.25			01/15/2019		250,000		292,532
									23,029,601
Food Products: 0.45%
Archer-Daniels-Midland Company		4.48			03/01/2021		535,000		593,560
Archer-Daniels-Midland Company		5.38			09/15/2035		350,000		384,063
Archer-Daniels-Midland Company		5.45			03/15/2018		100,000		118,213
Archer-Daniels-Midland Company		5.77			03/01/2041		340,000		395,348
Archer-Daniels-Midland Company		5.94			10/01/2032		500,000		593,573
Campbell Soup Company		3.38			08/15/2014		300,000		321,406
Campbell Soup Company		4.50			02/15/2019		285,000		304,758

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date			Principal		Value
Food Products (continued)
Campbell Soup Company		4.88	%		10/01/2013		$	250,000	$	270,912
ConAgra Foods Incorporated		7.00			04/15/2019			500,000		583,747
ConAgra Foods Incorporated		8.25			09/15/2030			120,000		147,333
Corn Products International Incorporated		4.63			11/01/2020			300,000		311,069
General Mills Incorporated		5.25			08/15/2013			300,000		324,785
General Mills Incorporated		5.40			06/15/2040			345,000		380,244
General Mills Incorporated		5.65			02/15/2019			1,000,000		1,176,569
General Mills Incorporated		5.70			02/15/2017			100,000		118,104
H.J. Heinz Company		5.35			07/15/2013			100,000		107,580
H.J. Heinz Company		6.75			03/15/2032			250,000		302,287
Hershey Company		4.13			12/01/2020			500,000		544,391
Hormel Foods Corporation		4.13			04/15/2021			100,000		108,580
Kellogg Company		3.25			05/21/2018			65,000		67,559
Kellogg Company		4.00			12/15/2020			350,000		368,680
Kellogg Company		4.45			05/30/2016			300,000		334,811
Kellogg Company Series B		4.15			11/15/2019			300,000		327,249
Kellogg Company Series B		4.25			03/06/2013			500,000		525,187
Kellogg Company Series B		7.45			04/01/2031			350,000		475,287
Kraft Foods Incorporated		2.63			05/08/2013			350,000		357,919
Kraft Foods Incorporated		4.13			02/09/2016			2,000,000		2,158,302
Kraft Foods Incorporated		5.25			10/01/2013			350,000		378,497
Kraft Foods Incorporated		5.38			02/10/2020			1,250,000		1,418,188
Kraft Foods Incorporated		6.13			08/23/2018			1,000,000		1,187,804
Kraft Foods Incorporated		6.50			08/11/2017			250,000		301,946
Kraft Foods Incorporated		6.50			11/01/2031			384,000		464,035
Kraft Foods Incorporated		6.50			02/09/2040			950,000		1,103,217
Kraft Foods Incorporated		6.88			02/01/2038			600,000		712,734
Kraft Foods Incorporated		6.88			01/26/2039			100,000		120,387
Kraft Foods Incorporated		7.00			08/11/2037			360,000		436,686
McCormick & Company		3.90			07/15/2021			75,000		79,084
Mead Johnson Nutrition Company		3.50			11/01/2014			200,000		210,530
Mead Johnson Nutrition Company		4.90			11/01/2019			250,000		276,758
Mead Johnson Nutrition Company		5.90			11/01/2039			100,000		111,155
Ralcorp Holdings Incorporated		6.63			08/15/2039			200,000		195,758
Sara Lee Corporation		3.88			06/15/2013			500,000		520,688
Sara Lee Corporation		4.10			09/15/2020	��		500,000		496,791
Tyson Foods Incorporated		10.50			03/01/2014			500,000		582,500
										20,298,274
Household Products: 0.14%
Clorox Company		5.00			03/01/2013			150,000		156,550
Clorox Company		5.00			01/15/2015			300,000		316,897
Clorox Company		5.45			10/15/2012			100,000		104,800
Clorox Company		5.95			10/15/2017			90,000		98,576
Colgate-Palmolive Company		2.95			11/01/2020			200,000		205,073
Colgate-Palmolive Company		5.20			11/07/2016			100,000		118,059
Colgate-Palmolive Company Series F		3.15			08/05/2015			340,000		365,796
Kimberly-Clark Corporation		3.63			08/01/2020			750,000		789,008
Kimberly-Clark Corporation		5.00			08/15/2013			300,000		324,269
Kimberly-Clark Corporation		5.30			03/01/2041			245,000		269,786
Kimberly-Clark Corporation		6.13			08/01/2017			200,000		241,798

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Household Products (continued)
Kimberly-Clark Corporation		6.63	%		08/01/2037	$	200,000	$	256,066
Kimberly-Clark Corporation		7.50			11/01/2018		100,000		129,922
Procter & Gamble Company		1.80			11/15/2015		400,000		410,343
Procter & Gamble Company		3.50			02/15/2015		400,000		430,140
Procter & Gamble Company		4.70			02/15/2019		500,000		576,614
Procter & Gamble Company		4.85			12/15/2015		500,000		574,410
Procter & Gamble Company		5.55			03/05/2037		500,000		583,779
Procter & Gamble Company		5.80			08/15/2034		100,000		118,879
									6,070,765
Personal Products: 0.03%
Avon Products Incorporated		4.20			07/15/2018		350,000		370,481
Avon Products Incorporated		5.63			03/01/2014		500,000		540,906
Estee Lauder Companies Incorporated		6.00			05/15/2037		200,000		235,366
									1,146,753
Tobacco: 0.26%
Altria Group Incorporated		4.13			09/11/2015		500,000		540,463
Altria Group Incorporated		4.75			05/05/2021		500,000		518,975
Altria Group Incorporated		8.50			11/10/2013		500,000		573,497
Altria Group Incorporated		9.25			08/06/2019		1,000,000		1,319,945
Altria Group Incorporated		9.70			11/10/2018		1,050,000		1,386,485
Altria Group Incorporated		9.95			11/10/2038		350,000		491,681
Altria Group Incorporated		10.20			02/06/2039		500,000		725,416
Lorillard Tobacco Company		3.50			08/04/2016		45,000		45,128
Lorillard Tobacco Company		6.88			05/01/2020		250,000		270,958
Lorillard Tobacco Company		8.13			06/23/2019		155,000		186,097
Lorillard Tobacco Company		8.13			05/01/2040		250,000		282,678
Philip Morris International Incorporated		2.50			05/16/2016		500,000		516,686
Philip Morris International Incorporated		4.50			03/26/2020		750,000		816,247
Philip Morris International Incorporated		4.88			05/16/2013		125,000		133,110
Philip Morris International Incorporated		5.65			05/16/2018		700,000		824,912
Philip Morris International Incorporated		6.38			05/16/2038		600,000		719,286
Philip Morris International Incorporated		6.88			03/17/2014		750,000		852,260
Reynolds American Incorporated		7.25			06/15/2037		200,000		222,796
Reynolds American Incorporated		7.63			06/01/2016		1,000,000		1,204,380
UST Incorporated		5.75			03/01/2018		100,000		114,225
									11,745,225
Energy: 1.42%
Energy Equipment & Services: 0.09%
Baker Hughes Incorporated		5.13			09/15/2040		500,000		529,770
Baker Hughes Incorporated		6.50			11/15/2013		100,000		112,704
Baker Hughes Incorporated		6.88			01/15/2029		250,000		313,506
Baker Hughes Incorporated		7.50			11/15/2018		375,000		492,898
Cameron International Corporation		4.50			06/01/2021		200,000		214,561
Cameron International Corporation		5.95			06/01/2041		100,000		106,161
Cameron International Corporation		7.00			07/15/2038		100,000		118,612
Diamond Offshore Drilling Incorporated		5.70			10/15/2039		300,000		314,036
Diamond Offshore Drilling Incorporated		5.88			05/01/2019		365,000		426,314

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Energy Equipment & Services (continued)
Halliburton Company		6.15	%		09/15/2019	$	350,000	$	427,105
Halliburton Company		7.45			09/15/2039		650,000		859,208
Rowan Companies Incorporated		7.88			08/01/2019		300,000		359,272
									4,274,147
Oil, Gas & Consumable Fuels: 1.33%
Anadarko Petroleum Corporation		5.95			09/15/2016		600,000		674,069
Anadarko Petroleum Corporation		6.20			03/15/2040		300,000		308,350
Anadarko Petroleum Corporation		6.38			09/15/2017		500,000		577,004
Anadarko Petroleum Corporation		6.45			09/15/2036		750,000		796,955
Anadarko Petroleum Corporation		7.63			03/15/2014		500,000		571,924
Anadarko Petroleum Corporation		8.70			03/15/2019		450,000		579,622
Apache Corporation		3.63			02/01/2021		500,000		521,840
Apache Corporation		5.10			09/01/2040		350,000		373,480
Apache Corporation		5.25			04/15/2013		100,000		107,390
Apache Corporation		5.25			02/01/2042		100,000		108,933
Apache Corporation		5.63			01/15/2017		380,000		451,439
Apache Corporation		6.00			09/15/2013		200,000		220,766
Apache Corporation		6.00			01/15/2037		500,000		591,945
BJ Services Company		6.00			06/01/2018		150,000		182,500
Boardwalk Pipelines LP		5.75			09/15/2019		150,000		168,019
Boardwalk Pipelines LP		5.88			11/15/2016		100,000		112,361
Buckeye Partners LP		4.88			02/01/2021		560,000		583,083
Buckeye Partners LP		5.50			08/15/2019		150,000		164,257
Buckeye Partners LP		6.05			01/15/2018		100,000		114,198
Centerpoint Energy Resources Corporation 144A		4.50			01/15/2021		65,000		68,889
Centerpoint Energy Resources Corporation 144A		5.85			01/15/2041		110,000		119,905
Centerpoint Energy Resources Corporation		6.00			05/15/2018		100,000		116,505
Centerpoint Energy Resources Corporation		6.13			11/01/2017		150,000		176,926
Centerpoint Energy Resources Corporation		6.63			11/01/2037		50,000		59,754
Centerpoint Energy Resources Corporation Series B		7.88			04/01/2013		225,000		247,895
Chevron Corporation		3.95			03/03/2014		1,000,000		1,079,776
Chevron Corporation		4.95			03/03/2019		500,000		583,739
ConocoPhiillips Company		4.40			05/15/2013		150,000		159,051
ConocoPhiillips Company		4.60			01/15/2015		500,000		549,605
ConocoPhiillips Company		4.75			02/01/2014		1,425,000		1,557,851
ConocoPhiillips Company		5.75			02/01/2019		1,250,000		1,488,888
ConocoPhiillips Company		5.90			10/15/2032		250,000		291,907
ConocoPhiillips Company		5.90			05/15/2038		100,000		116,031
ConocoPhiillips Company		6.00			01/15/2020		750,000		919,820
ConocoPhiillips Company		6.50			02/01/2039		1,400,000		1,761,848
ConocoPhiillips Company		6.95			04/15/2029		300,000		381,686
Devon Energy Corporation		2.40			07/15/2016		200,000		203,661
Devon Energy Corporation		4.00			07/15/2021		200,000		207,999
Devon Energy Corporation		5.60			07/15/2041		200,000		214,643
Devon Energy Corporation		6.30			01/15/2019		600,000		729,131
Devon Energy Corporation		7.95			04/15/2032		500,000		679,217
El Paso Natural Gas Company		5.95			04/15/2017		150,000		173,384
El Paso Natural Gas Company		8.38			06/15/2032		650,000		850,971
Enbridge Energy Partners LP		5.20			03/15/2020		380,000		415,936
Enbridge Energy Partners LP		5.50			09/15/2040		200,000		196,160

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
Enbridge Energy Partners LP		5.88	%		12/15/2016	$	65,000	$	76,422
Enbridge Energy Partners LP		6.50			04/15/2018		200,000		232,733
Enbridge Energy Partners LP		7.50			04/15/2038		270,000		336,345
Enbridge Energy Partners LP		9.88			03/01/2019		125,000		169,816
Enbridge Incorporated		5.80			06/15/2014		300,000		333,418
Energen Corporation		4.63			09/01/2021		100,000		99,905
Energy Transfer Partners LP		4.65			06/01/2021		100,000		98,179
Energy Transfer Partners LP		6.00			07/01/2013		250,000		267,665
Energy Transfer Partners LP		6.05			06/01/2041		300,000		287,023
Energy Transfer Partners LP		6.13			02/15/2017		55,000		61,271
Energy Transfer Partners LP		6.63			10/15/2036		230,000		238,014
Energy Transfer Partners LP		6.70			07/01/2018		100,000		113,189
Energy Transfer Partners LP		7.50			07/01/2038		100,000		112,951
Energy Transfer Partners LP		9.00			04/15/2019		1,000,000		1,226,580
Enterprise Products Operating LLC		3.20			02/01/2016		100,000		103,509
Enterprise Products Operating LLC		5.20			09/01/2020		500,000		545,467
Enterprise Products Operating LLC		5.25			01/31/2020		500,000		552,232
Enterprise Products Operating LLC		5.95			02/01/2041		100,000		103,612
Enterprise Products Operating LLC		6.13			10/15/2039		1,000,000		1,046,868
Enterprise Products Operating LLC		6.30			09/15/2017		400,000		469,466
Enterprise Products Operating LLC		6.65			04/15/2018		250,000		296,156
Enterprise Products Operating LLC		7.55			04/15/2038		100,000		119,331
Enterprise Products Operating LLC Series D		6.88			03/01/2033		75,000		85,585
Enterprise Products Operating LLC Series G		5.60			10/15/2014		565,000		620,180
EOG Resources Incorporated		2.95			06/01/2015		500,000		525,010
EOG Resources Incorporated		4.10			02/01/2021		200,000		211,412
EOG Resources Incorporated		4.40			06/01/2020		300,000		324,004
EOG Resources Incorporated		5.63			06/01/2019		75,000		87,451
EOG Resources Incorporated		6.88			10/01/2018		400,000		495,592
EQT Corporation		8.13			06/01/2019		325,000		400,356
Equitable Resources Incorporated		6.50			04/01/2018		100,000		112,861
Hess Corporation		5.60			02/15/2041		300,000		309,010
Hess Corporation		6.00			01/15/2040		350,000		381,626
Hess Corporation		7.30			08/15/2031		384,000		474,292
Hess Corporation		7.88			10/01/2029		180,000		231,849
Hess Corporation		8.13			02/15/2019		500,000		651,635
Kaneb Pipe Line Operating Partnership LP		5.88			06/01/2013		100,000		106,699
Kerr-McGee Corporation		6.95			07/01/2024		200,000		234,777
Kinder Morgan Energy Partners LP		3.50			03/01/2016		500,000		517,521
Kinder Morgan Energy Partners LP		5.00			12/15/2013		100,000		107,640
Kinder Morgan Energy Partners LP		5.13			11/15/2014		500,000		549,465
Kinder Morgan Energy Partners LP		5.30			09/15/2020		125,000		134,888
Kinder Morgan Energy Partners LP		5.80			03/01/2021		1,000,000		1,116,988
Kinder Morgan Energy Partners LP		5.80			03/15/2035		100,000		100,062
Kinder Morgan Energy Partners LP		5.95			02/15/2018		300,000		342,313
Kinder Morgan Energy Partners LP		6.38			03/01/2041		200,000		211,892
Kinder Morgan Energy Partners LP		6.50			09/01/2039		750,000		806,419
Kinder Morgan Energy Partners LP		6.95			01/15/2038		500,000		554,266
Magellan Midstream Partners LP		6.40			07/15/2018		100,000		120,236
Magellan Midstream Partners LP		6.55			07/15/2019		575,000		684,276
Marathon Oil Corporation		6.00			10/01/2017		625,000		723,963
Marathon Oil Corporation		6.60			10/01/2037		450,000		519,134

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
Marathon Petroleum Corporation 144A		3.50	%		03/01/2016	$	555,000	$	579,229
Marathon Petroleum Corporation 144A		5.13			03/01/2021		35,000		37,325
Marathon Petroleum Corporation 144A		6.50			03/01/2041		545,000		590,841
Murphy Oil Corporation		7.05			05/01/2029		200,000		233,592
Nabors Industries Incorporated		5.00			09/15/2020		300,000		309,091
Nabors Industries Incorporated		6.15			02/15/2018		500,000		560,924
Nabors Industries Incorporated		9.25			01/15/2019		500,000		633,459
Nexen Incorporated		7.88			03/15/2032		120,000		144,822
Nextera Energy Capital		4.50			06/01/2021		200,000		209,041
Noble Energy Incorporated		6.00			03/01/2041		565,000		610,770
Noble Energy Incorporated		8.25			03/01/2019		350,000		456,343
Northwest Pipeline Corporation		6.05			06/15/2018		170,000		200,584
Nustar Logistics LP		4.80			09/01/2020		250,000		258,180
Occidental Petroleum Corporation		1.45			12/13/2013		500,000		506,693
Occidental Petroleum Corporation		2.50			02/01/2016		100,000		104,698
Occidental Petroleum Corporation		4.10			02/01/2021		460,000		497,026
Occidental Petroleum Corporation		4.13			06/01/2016		400,000		446,154
ONEOK Partners LP		6.13			02/01/2041		500,000		526,784
ONEOK Partners LP		6.15			10/01/2016		200,000		230,781
ONEOK Partners LP		6.85			10/15/2037		500,000		574,211
ONEOK Partners LP		8.63			03/01/2019		350,000		451,572
Plains All American Pipeline LP		4.25			09/01/2012		500,000		515,749
Plains All American Pipeline LP		5.00			02/01/2021		200,000		212,539
Plains All American Pipeline LP		6.13			01/15/2017		50,000		57,290
Plains All American Pipeline LP		6.50			05/01/2018		150,000		172,309
Plains All American Pipeline LP		6.65			01/15/2037		200,000		218,329
Plains All American Pipeline LP		8.75			05/01/2019		400,000		512,404
Southern Natural Gas Company 144A		5.90			04/01/2017		500,000		574,791
Spectra Energy Capital LLC		4.60			06/15/2021		100,000		103,287
Spectra Energy Capital LLC		5.67			08/15/2014		125,000		138,890
Spectra Energy Capital LLC		5.90			09/15/2013		100,000		107,986
Spectra Energy Capital LLC		6.25			02/15/2013		300,000		319,208
Spectra Energy Capital LLC		7.50			09/15/2038		100,000		127,717
Spectra Energy Capital LLC		8.00			10/01/2019		100,000		126,199
Sunoco Logistics Partner LP		6.85			02/15/2040		250,000		276,066
TC Pipelines LP		4.65			06/15/2021		300,000		308,935
Texas Eastern Transmission LP		7.00			07/15/2032		325,000		404,423
TransCanada PipeLines Limited		4.88			01/15/2015		65,000		72,234
TransCanada PipeLines Limited		5.60			03/31/2034		100,000		108,843
Transcontinental Gas Pipe Line Corporation		6.05			06/15/2018		105,000		123,890
Transocean Incorporated		6.50			11/15/2020		300,000		340,239
Transocean Incorporated		6.80			03/15/2038		300,000		327,216
Transocean Incorporated		7.50			04/15/2031		220,000		253,684
Valero Energy Corporation		4.50			02/01/2015		65,000		70,239
Valero Energy Corporation		6.13			06/15/2017		500,000		566,216
Valero Energy Corporation		6.13			02/01/2020		65,000		72,339
Valero Energy Corporation		6.63			06/15/2037		500,000		535,526
Valero Energy Corporation		7.50			04/15/2032		300,000		335,791
Valero Energy Corporation		9.38			03/15/2019		450,000		584,167
Weatherford International Limited		6.50			08/01/2036		300,000		316,236
Williams Companies Incorporated		7.88			09/01/2021		200,000		251,314
Williams Companies Incorporated		8.75			03/15/2032		444,000		574,757

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
Williams Partners LP		3.80	%		02/15/2015	$	600,000	$	636,440
Williams Partners LP		4.13			11/15/2020		300,000		299,735
Williams Partners LP		5.25			03/15/2020		640,000		695,567
Williams Partners LP		6.30			04/15/2040		390,000		420,193
XTO Energy Incorporated		5.75			12/15/2013		1,000,000		1,116,070
									59,229,805
Financials: 7.79%
Capital Markets: 1.49%
Ameriprise Financial Incorporated		5.30			03/15/2020		300,000		331,217
Ameriprise Financial Incorporated		5.65			11/15/2015		400,000		453,479
Ameriprise Financial Incorporated		7.30			06/28/2019		65,000		80,118
Bank of New York Mellon Corporation		1.50			01/31/2014		400,000		405,390
Bank of New York Mellon Corporation		2.30			07/28/2016		500,000		508,221
Bank of New York Mellon Corporation		2.50			01/15/2016		500,000		514,051
Bank of New York Mellon Corporation		4.15			02/01/2021		100,000		105,693
Bank of New York Mellon Corporation		4.30			05/15/2014		415,000		448,808
Bank of New York Mellon Corporation		4.95			11/01/2012		650,000		681,633
Bank of New York Mellon Corporation		5.45			05/15/2019		1,000,000		1,148,905
Bear Stearns Companies Incorporated		5.30			10/30/2015		180,000		195,551
Bear Stearns Companies Incorporated		5.55			01/22/2017		1,025,000		1,108,041
Bear Stearns Companies Incorporated		6.40			10/02/2017		620,000		710,057
Bear Stearns Companies Incorporated		7.25			02/01/2018		1,500,000		1,769,558
Berkshire Hathaway Finance Corporation		1.50			01/10/2014		100,000		101,449
Berkshire Hathaway Finance Corporation		4.25			01/15/2021		500,000		533,144
Berkshire Hathaway Finance Corporation		4.85			01/15/2015		500,000		555,937
Berkshire Hathaway Finance Corporation		5.00			08/15/2013		1,275,000		1,367,880
Berkshire Hathaway Finance Corporation		5.40			05/15/2018		350,000		399,748
Berkshire Hathaway Finance Corporation		5.75			01/15/2040		250,000		268,508
Berkshire Hathaway Incorporated		2.13			02/11/2013		1,000,000		1,017,327
Berkshire Hathaway Incorporated		3.20			02/11/2015		500,000		527,181
BlackRock Incorporated		3.50			12/10/2014		550,000		587,885
BlackRock Incorporated		4.25			05/24/2021		500,000		508,505
BlackRock Incorporated		5.00			12/10/2019		250,000		275,444
BlackRock Incorporated		6.25			09/15/2017		350,000		411,299
Charles Schwab Corporation		4.45			07/22/2020		200,000		210,698
Charles Schwab Corporation		4.95			06/01/2014		425,000		466,268
Credit Suisse USA Incorporated		5.38			03/02/2016		500,000		545,879
Eaton Vance Corporation		6.50			10/02/2017		50,000		58,719
Franklin Resources Incorporated		2.00			05/20/2013		200,000		203,533
Goldman Sachs Group Incorporated		3.63			02/07/2016		1,500,000		1,500,515
Goldman Sachs Group Incorporated		3.70			08/01/2015		500,000		505,135
Goldman Sachs Group Incorporated		4.75			07/15/2013		1,200,000		1,248,628
Goldman Sachs Group Incorporated		5.13			01/15/2015		2,500,000		2,626,263
Goldman Sachs Group Incorporated		5.15			01/15/2014		1,860,000		1,951,452
Goldman Sachs Group Incorporated		5.25			07/27/2021		1,100,000		1,113,826
Goldman Sachs Group Incorporated		5.35			01/15/2016		275,000		293,484
Goldman Sachs Group Incorporated		5.38			03/15/2020		1,500,000		1,522,407
Goldman Sachs Group Incorporated		5.45			11/01/2012		1,000,000		1,041,632
Goldman Sachs Group Incorporated		5.75			10/01/2016		500,000		546,583
Goldman Sachs Group Incorporated		5.95			01/15/2027		1,070,000		1,039,013

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Capital Markets (continued)
Goldman Sachs Group Incorporated		6.00	%		05/01/2014	$	1,045,000	$	1,123,657
Goldman Sachs Group Incorporated		6.13			02/15/2033		1,500,000		1,470,144
Goldman Sachs Group Incorporated		6.15			04/01/2018		1,750,000		1,868,904
Goldman Sachs Group Incorporated		6.25			09/01/2017		1,250,000		1,348,986
Goldman Sachs Group Incorporated		6.25			02/01/2041		500,000		490,406
Goldman Sachs Group Incorporated		6.35			02/15/2034		950,000		876,514
Goldman Sachs Group Incorporated		6.45			05/01/2036		1,000,000		925,270
Goldman Sachs Group Incorporated		6.75			10/01/2037		1,925,000		1,822,501
Goldman Sachs Group Incorporated		7.50			02/15/2019		1,300,000		1,483,715
Jefferies Group Incorporated		3.88			11/09/2015		500,000		507,867
Jefferies Group Incorporated		6.25			01/15/2036		150,000		145,519
Jefferies Group Incorporated		6.45			06/08/2027		150,000		149,760
Jefferies Group Incorporated		6.88			04/15/2021		150,000		167,526
Jefferies Group Incorporated		8.50			07/15/2019		700,000		844,077
Morgan Stanley		2.88			01/24/2014		500,000		496,823
Morgan Stanley		2.88			07/28/2014		240,000		237,045
Morgan Stanley		3.80			04/29/2016		1,000,000		982,568
Morgan Stanley		4.10			01/26/2015		500,000		497,388
Morgan Stanley		4.20			11/20/2014		1,000,000		1,002,208
Morgan Stanley		4.75			04/01/2014		1,500,000		1,520,802
Morgan Stanley		5.25			11/02/2012		1,500,000		1,553,219
Morgan Stanley		5.38			10/15/2015		525,000		547,709
Morgan Stanley		5.45			01/09/2017		1,000,000		1,024,749
Morgan Stanley		5.50			01/26/2020		2,000,000		1,981,884
Morgan Stanley		5.50			07/24/2020		500,000		488,447
Morgan Stanley		5.50			07/28/2021		570,000		568,417
Morgan Stanley		5.55			04/27/2017		850,000		867,821
Morgan Stanley		5.63			09/23/2019		2,000,000		2,030,820
Morgan Stanley		5.75			10/18/2016		1,500,000		1,574,559
Morgan Stanley		6.00			05/13/2014		1,300,000		1,364,697
Morgan Stanley		6.00			04/28/2015		1,500,000		1,569,317
Morgan Stanley		6.25			08/09/2026		300,000		300,097
Morgan Stanley		6.63			04/01/2018		2,500,000		2,676,488
Morgan Stanley		7.25			04/01/2032		470,000		524,841
Morgan Stanley		7.30			05/13/2019		400,000		446,292
Northern Trust Corporation		4.63			05/01/2014		540,000		587,785
Raymond James Financial Incorporated		4.25			04/15/2016		100,000		105,181
Raymond James Financial Incorporated		8.60			08/15/2019		100,000		122,427
TD Ameritrade Holding Corporation		5.60			12/01/2019		200,000		220,982
									66,406,476
Commercial Banks: 1.11%
Abbey National Capital Trust I		8.96			12/29/2049		150,000		151,500
Ally Financial Incorporated		1.75			10/30/2012		500,000		508,390
Ally Financial Incorporated		2.20			12/19/2012		1,000,000		1,024,460
Bank One Corporation		7.63			10/15/2026		240,000		288,175
Bank One Corporation		8.00			04/29/2027		550,000		684,675
Branch Banking & Trust Capital Trust IV		6.82			06/12/2077		100,000		100,125
Branch Banking & Trust Corporation		2.05			04/28/2014		250,000		253,101
Branch Banking & Trust Corporation		3.20			03/15/2016		100,000		102,014
Branch Banking & Trust Corporation		3.38			09/25/2013		150,000		155,778

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Commercial Banks (continued)
Branch Banking & Trust Corporation		3.95	%		04/29/2016	$	350,000	$	372,983
Branch Banking & Trust Corporation		4.75			10/01/2012		500,000		517,697
Branch Banking & Trust Corporation		5.20			12/23/2015		500,000		545,789
Branch Banking & Trust Corporation		5.63			09/15/2016		100,000		113,427
Branch Banking & Trust Corporation		6.85			04/30/2019		500,000		597,231
Capital One Bank USA NA		8.80			07/15/2019		750,000		925,227
Capital One Capital III		7.69			08/01/2066		200,000		199,750
Capital One Capital IV		6.75			02/05/2082		250,000		243,438
Capital One Capital V		10.25			08/15/2039		300,000		311,430
Capital One Capital VI		8.88			05/15/2040		659,000		666,165
Citibank NA		1.75			12/28/2012		1,500,000		1,527,980
Comerica Incorporated		3.00			09/16/2015		100,000		102,228
Compass Bank		6.40			10/01/2017		250,000		272,675
Discover Bank		8.70			11/18/2019		550,000		647,492
Fifth Third Bancorp		3.63			01/25/2016		1,000,000		1,013,308
Fifth Third Bancorp		5.45			01/15/2017		500,000		541,749
Fifth Third Bancorp		6.25			05/01/2013		350,000		373,444
Fifth Third Bancorp		8.25			03/01/2038		750,000		847,909
Fifth Third Capital Trust IV		6.50			04/15/2067		250,000		231,875
First Horizon National Corporation		5.38			12/15/2015		500,000		521,029
HSBC Bank USA NA		4.88			08/24/2020		1,300,000		1,261,306
HSBC Bank USA NA		7.00			01/15/2039		500,000		556,948
Huntington Bancshares Incorporated		7.00			12/15/2020		25,000		28,600
KeyBank NA		4.95			09/15/2015		250,000		264,595
KeyBank NA		5.45			03/03/2016		500,000		542,018
KeyBank NA		5.80			07/01/2014		350,000		382,301
KeyCorp		5.10			03/24/2021		500,000		511,524
KeyCorp		6.50			05/14/2013		500,000		537,398
M&I Marshall & Ilsley Bank		4.85			06/16/2015		300,000		328,019
M&I Marshall & Ilsley Bank		5.00			01/17/2017		250,000		268,615
Manufacturers & Traders Trust Company		6.63			12/04/2017		500,000		587,664
NB Capital Trust IV		8.25			04/15/2027		200,000		200,000
PNC Bank NA		6.00			12/07/2017		500,000		564,651
SunTrust Bank Incorporated		3.60			04/15/2016		250,000		250,984
SunTrust Bank Incorporated		5.00			09/01/2015		34,000		37,049
SunTrust Bank Incorporated		6.00			09/11/2017		750,000		818,340
SunTrust Bank Incorporated		7.25			03/15/2018		500,000		590,432
SunTrust Capital VIII		6.10			12/01/2066		165,000		160,050
SVB Financial Group		5.38			09/15/2020		160,000		165,064
Union Bank NA		2.13			12/16/2013		250,000		250,950
Union Bank NA Series BKNT		5.95			05/11/2016		450,000		499,942
US Bancorp NA		2.00			06/14/2013		500,000		510,954
US Bancorp NA		2.45			07/27/2015		500,000		512,994
US Bancorp NA		3.44			02/01/2016		500,000		514,749
US Bancorp NA		4.20			05/15/2014		1,000,000		1,074,409
US Bank NA		3.78			04/29/2020		1,000,000		1,050,799
US Bank NA		4.95			10/30/2014		275,000		302,971
USB Capital Trust XIII		6.63			12/15/2039		100,000		101,205
Wachovia Bank NA(l)		4.88			02/01/2015		500,000		532,835
Wachovia Bank NA(l)		5.85			02/01/2037		1,000,000		1,028,791
Wachovia Bank NA(l)		6.60			01/15/2038		600,000		682,552
Wachovia Corporation(l)		5.25			08/01/2014		2,000,000		2,138,874

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Commercial Banks (continued)
Wachovia Corporation(l)		5.50	%		05/01/2013	$	700,000	$	748,229
Wachovia Corporation(l)		5.50			08/01/2035		700,000		690,344
Wachovia Corporation(l)		5.63			10/15/2016		1,200,000		1,313,237
Wachovia Corporation(l)		5.75			06/15/2017		1,000,000		1,132,529
Wachovia Corporation(l)		5.75			02/01/2018		1,000,000		1,143,058
Wells Fargo & Company(l)		3.68			06/15/2016		1,000,000		1,056,522
Wells Fargo & Company(l)		3.75			10/01/2014		1,500,000		1,595,096
Wells Fargo & Company(l)		4.38			01/31/2013		1,500,000		1,567,770
Wells Fargo & Company(l)		4.60			04/01/2021		750,000		807,974
Wells Fargo & Company(l)		4.95			10/16/2013		300,000		320,562
Wells Fargo & Company(l)		5.25			10/23/2012		1,000,000		1,049,007
Wells Fargo & Company(l)		5.63			12/11/2017		1,500,000		1,719,015
Wells Fargo Bank NA(l)		5.95			08/26/2036		350,000		366,602
Wells Fargo Bank NA Series AI(l)		4.75			02/09/2015		1,500,000		1,590,530
Wells Fargo Capital X(l)		5.95			12/01/2086		500,000		487,502
Wells Fargo Capital XIII(l)		7.70			12/29/2049		800,000		808,000
Wells Fargo Capital XV(l)		9.75			09/29/2049		600,000		619,500
Western Corporate Federal Credit Union		1.75			11/02/2012		200,000		203,312
Westpac Banking Corporation		3.00			12/09/2015		1,000,000		1,021,438
Zions Bancorporation		7.75			09/23/2014		200,000		212,897
									49,551,751
Consumer Finance: 0.83%
Ahold Finance USA LLC		6.88			05/01/2029		300,000		357,755
American Express Bank FSB		5.55			10/17/2012		500,000		523,685
American Express Centurion Bank		6.00			09/13/2017		500,000		575,625
American Express Company		5.50			09/12/2016		500,000		569,651
American Express Company		6.80			09/01/2066		200,000		199,200
American Express Company		7.00			03/19/2018		800,000		951,710
American Express Company		7.25			05/20/2014		650,000		741,926
American Express Company		8.13			05/20/2019		650,000		834,404
American Express Company		8.15			03/19/2038		300,000		429,129
American Express Credit Corporation		2.75			09/15/2015		1,000,000		1,021,227
American Express Credit Corporation		5.13			08/25/2014		500,000		547,494
American Express Credit Corporation		5.30			12/02/2015		500,000		560,965
American Express Credit Corporation		5.88			05/02/2013		1,000,000		1,068,134
American Express Credit Corporation		7.30			08/20/2013		1,000,000		1,104,330
Anadarko Finance Company Series B		7.50			05/01/2031		325,000		378,092
BAC Capital Trust XI		6.63			05/23/2036		1,000,000		876,360
Barrick Gold Finance Company LLC		6.13			09/15/2013		250,000		275,870
BellSouth Capital Funding Corporation		7.88			02/15/2030		750,000		970,760
Boeing Capital Corporation		4.70			10/27/2019		500,000		563,443
Bunge Limited Finance Corporation		4.10			03/15/2016		100,000		103,908
Bunge Limited Finance Corporation		5.10			07/15/2015		300,000		320,793
Bunge Limited Finance Corporation		8.50			06/15/2019		500,000		637,260
Capital One Financial Corporation		2.13			07/15/2014		300,000		298,931
Capital One Financial Corporation		3.15			07/15/2016		260,000		258,650
Capital One Financial Corporation		4.75			07/15/2021		450,000		452,232
Capital One Financial Corporation		6.15			09/01/2016		500,000		537,263
Capital One Financial Corporation		6.75			09/15/2017		283,000		323,225
Capital One Financial Corporation		7.38			05/23/2014		700,000		787,510

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Consumer Finance (continued)
Caterpillar Financial Services Corporation		1.38	%		05/20/2014	$	120,000	$	121,281
Caterpillar Financial Services Corporation		1.65			04/01/2014		100,000		102,044
Caterpillar Financial Services Corporation		2.00			04/05/2013		250,000		255,286
Caterpillar Financial Services Corporation		2.65			04/01/2016		100,000		103,641
Caterpillar Financial Services Corporation		4.90			08/15/2013		500,000		537,975
Caterpillar Financial Services Corporation		5.50			03/15/2016		275,000		320,770
Caterpillar Financial Services Corporation		6.13			02/17/2014		750,000		841,058
Caterpillar Financial Services Corporation		6.20			09/30/2013		500,000		550,302
Caterpillar Financial Services Corporation		7.15			02/15/2019		1,000,000		1,280,608
Caterpillar Financial Services Corporation Series F		4.75			02/17/2015		415,000		470,261
Daimler Finance North America LLC		6.50			11/15/2013		830,000		919,066
Daimler Finance North America LLC		8.50			01/18/2031		425,000		582,316
Deutsche Telekom International Finance BV		9.25			06/01/2032		500,000		726,534
Devon Financing Corporation ULC		7.88			09/30/2031		120,000		161,243
Discover Financial Services		10.25			07/15/2019		600,000		774,182
International Lease Finance Corporation 144A		6.75			09/01/2016		300,000		303,000
John Deere Capital Corporation		1.60			03/03/2014		500,000		507,935
John Deere Capital Corporation		2.25			06/07/2016		200,000		203,383
John Deere Capital Corporation		3.90			07/12/2021		300,000		319,284
John Deere Capital Corporation		5.25			10/01/2012		250,000		262,558
John Deere Capital Corporation		5.50			04/13/2017		100,000		117,154
John Deere Capital Corporation		5.75			09/10/2018		500,000		597,663
National City Corporation		4.90			01/15/2015		360,000		392,561
National City Corporation		6.88			05/15/2019		500,000		575,182
National City Preferred Capital Trust I		12.00			12/29/2049		500,000		542,265
PNC Bank		6.88			04/01/2018		175,000		200,858
Reed Elsevier Capital Incorporated		8.63			01/15/2019		500,000		648,482
SLM Corporation		5.63			08/01/2033		315,000		259,905
SLM Corporation		6.25			01/25/2016		1,000,000		1,021,936
SLM Corporation		8.00			03/25/2020		400,000		411,012
SLM Corporation		8.45			06/15/2018		750,000		793,436
SLM Corporation Series A		5.00			10/01/2013		800,000		804,136
SLM Corporation Series A		5.00			04/15/2015		500,000		488,604
Sovereign Bank		5.13			03/15/2013		150,000		151,844
Sovereign Bank		8.75			05/30/2018		250,000		287,726
Teva Pharmaceutical Finance LLC		5.55			02/01/2016		200,000		229,631
Teva Pharmaceutical Finance LLC		6.15			02/01/2036		400,000		460,380
Toyota Motor Credit Corporation		1.38			08/12/2013		200,000		202,576
Toyota Motor Credit Corporation		3.20			06/17/2015		1,000,000		1,055,586
Toyota Motor Credit Corporation		4.50			06/17/2020		500,000		544,358
Unilever Capital Corporation		2.75			02/10/2016		300,000		314,741
Unilever Capital Corporation		3.65			02/15/2014		750,000		800,186
Unilever Capital Corporation		4.25			02/10/2021		300,000		333,036
Unilever Capital Corporation		5.90			11/15/2032		200,000		244,354
									37,089,871
Diversified Financial Services: 3.00%
Allstate Life Global Funding Trusts		5.38			04/30/2013		600,000		640,764
Ameritrade Holding Company		2.95			12/01/2012		200,000		203,879
Bank of America Corporation		3.70			09/01/2015		500,000		492,423
Bank of America Corporation		3.75			07/12/2016		750,000		739,958

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Diversified Financial Services (continued)
Bank of America Corporation		4.50	%		04/01/2015	$	1,000,000	$	1,009,292
Bank of America Corporation		4.75			08/01/2015		1,750,000		1,767,549
Bank of America Corporation		4.90			05/01/2013		1,000,000		1,023,981
Bank of America Corporation		5.25			12/01/2015		500,000		496,479
Bank of America Corporation		5.38			06/15/2014		700,000		735,443
Bank of America Corporation		5.49			03/15/2019		250,000		235,352
Bank of America Corporation		5.63			10/14/2016		100,000		101,807
Bank of America Corporation		5.65			05/01/2018		1,000,000		1,019,555
Bank of America Corporation		5.75			12/01/2017		2,500,000		2,597,008
Bank of America Corporation		5.88			01/05/2021		500,000		512,911
Bank of America Corporation		6.00			09/01/2017		1,000,000		1,024,382
Bank of America Corporation		6.00			10/15/2036		800,000		751,214
Bank of America Corporation		6.50			08/01/2016		1,850,000		1,984,406
Bank of America Corporation		7.38			05/15/2014		1,500,000		1,641,333
Bank of America Corporation		7.63			06/01/2019		2,500,000		2,821,370
Barrick North America Finance LLC 144A		5.70			05/30/2041		300,000		315,746
BHP Billiton Finance USA Limited		5.25			12/15/2015		150,000		170,826
Block Financial LLC		7.88			01/15/2013		500,000		523,482
Citigroup Incorporated		1.88			10/22/2012		1,250,000		1,272,248
Citigroup Incorporated		3.95			06/15/2016		1,000,000		1,021,221
Citigroup Incorporated		4.59			12/15/2015		500,000		519,046
Citigroup Incorporated		4.75			05/19/2015		2,500,000		2,606,110
Citigroup Incorporated		5.00			09/15/2014		900,000		923,999
Citigroup Incorporated		5.30			10/17/2012		1,000,000		1,036,680
Citigroup Incorporated		5.38			08/09/2020		500,000		530,114
Citigroup Incorporated		5.50			04/11/2013		1,700,000		1,771,079
Citigroup Incorporated		5.50			10/15/2014		1,000,000		1,061,593
Citigroup Incorporated		5.50			02/15/2017		1,000,000		1,018,005
Citigroup Incorporated		5.85			07/02/2013		250,000		261,384
Citigroup Incorporated		5.88			05/29/2037		500,000		476,408
Citigroup Incorporated		6.00			12/13/2013		1,000,000		1,060,023
Citigroup Incorporated		6.00			08/15/2017		100,000		108,359
Citigroup Incorporated		6.00			10/31/2033		1,225,000		1,128,602
Citigroup Incorporated		6.13			11/21/2017		1,000,000		1,094,678
Citigroup Incorporated		6.13			05/15/2018		3,000,000		3,272,250
Citigroup Incorporated		6.13			08/25/2036		500,000		474,326
Citigroup Incorporated		6.38			08/12/2014		1,500,000		1,635,633
Citigroup Incorporated		6.50			08/19/2013		750,000		797,752
Citigroup Incorporated		6.88			03/05/2038		1,300,000		1,377,442
Citigroup Incorporated		8.13			07/15/2039		855,000		1,026,970
Citigroup Incorporated		8.50			05/22/2019		900,000		1,099,016
CME Group Incorporated		5.40			08/01/2013		250,000		268,743
CME Group Incorporated		5.75			02/15/2014		500,000		553,261
Comerica Bank		5.75			11/21/2016		500,000		561,562
Credit Suisse Guernsey		5.86			05/29/2049		500,000		432,500
Credit Suisse USA Incorporated		4.88			01/15/2015		1,000,000		1,068,487
Credit Suisse USA Incorporated		5.50			08/15/2013		500,000		530,587
Credit Suisse USA Incorporated		7.13			07/15/2032		250,000		304,807
Deutsche Bank Financial LLC		5.38			03/02/2015		300,000		309,206
Equifax Incorporated		4.45			12/01/2014		100,000		107,234
General Electric Capital Corporation		1.88			09/16/2013		200,000		201,880
General Electric Capital Corporation		2.00			09/28/2012		500,000		509,420

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Diversified Financial Services (continued)
General Electric Capital Corporation		2.10	%		01/07/2014	$	1,000,000	$	1,013,623
General Electric Capital Corporation		2.25			11/09/2015		500,000		502,657
General Electric Capital Corporation		2.63			12/28/2012		1,500,000		1,545,861
General Electric Capital Corporation		2.80			01/08/2013		1,000,000		1,022,349
General Electric Capital Corporation		2.95			05/09/2016		500,000		504,216
General Electric Capital Corporation		3.50			06/29/2015		500,000		522,784
General Electric Capital Corporation		3.75			11/14/2014		500,000		526,669
General Electric Capital Corporation		4.38			09/16/2020		2,000,000		2,035,684
General Electric Capital Corporation		4.80			05/01/2013		1,500,000		1,581,923
General Electric Capital Corporation		4.88			03/04/2015		1,500,000		1,630,533
General Electric Capital Corporation		5.00			01/08/2016		1,000,000		1,094,997
General Electric Capital Corporation		5.25			10/19/2012		2,000,000		2,094,066
General Electric Capital Corporation		5.30			02/11/2021		845,000		898,728
General Electric Capital Corporation		5.50			01/08/2020		1,000,000		1,101,987
General Electric Capital Corporation		5.63			09/15/2017		1,500,000		1,665,251
General Electric Capital Corporation		5.63			05/01/2018		1,000,000		1,107,207
General Electric Capital Corporation		5.88			01/14/2038		2,500,000		2,540,230
General Electric Capital Corporation		5.90			05/13/2014		1,625,000		1,802,330
General Electric Capital Corporation		6.00			08/07/2019		850,000		955,428
General Electric Capital Corporation		6.15			08/07/2037		650,000		676,260
General Electric Capital Corporation		6.38			11/15/2067		1,000,000		990,000
General Electric Capital Corporation		6.88			01/10/2039		1,500,000		1,720,773
General Electric Capital Corporation Series A		6.75			03/15/2032		1,600,000		1,794,414
Genworth Global Funding Trusts		5.75			05/15/2013		350,000		357,764
HSBC Bank USA NA New York		4.63			04/01/2014		700,000		723,283
HSBC Bank USA NA New York		5.63			08/15/2035		225,000		215,858
HSBC Finance Capital Trust IX		5.91			11/30/2035		200,000		177,250
HSBC Finance Corporation		5.00			06/30/2015		1,825,000		1,927,534
HSBC Finance Corporation		6.38			11/27/2012		1,800,000		1,888,625
HSBC Finance Corporation 144A		6.68			01/15/2021		1,679,000		1,621,185
JPMorgan Chase & Company		1.65			09/30/2013		500,000		503,525
JPMorgan Chase & Company		2.05			01/24/2014		1,500,000		1,522,661
JPMorgan Chase & Company		2.13			12/26/2012		500,000		510,012
JPMorgan Chase & Company		2.60			01/15/2016		1,500,000		1,495,926
JPMorgan Chase & Company		3.15			07/05/2016		1,000,000		1,020,861
JPMorgan Chase & Company		3.40			06/24/2015		500,000		514,994
JPMorgan Chase & Company		3.70			01/20/2015		1,500,000		1,561,983
JPMorgan Chase & Company		4.40			07/22/2020		1,500,000		1,539,213
JPMorgan Chase & Company		4.63			05/10/2021		1,500,000		1,551,878
JPMorgan Chase & Company		4.65			06/01/2014		1,650,000		1,760,171
JPMorgan Chase & Company		5.25			05/01/2015		1,600,000		1,716,957
JPMorgan Chase & Company		5.38			10/01/2012		2,000,000		2,095,624
JPMorgan Chase & Company		5.60			07/15/2041		100,000		102,718
JPMorgan Chase & Company		5.75			01/02/2013		957,000		1,009,340
JPMorgan Chase & Company		6.00			01/15/2018		1,000,000		1,115,645
JPMorgan Chase & Company		6.30			04/23/2019		1,500,000		1,731,689
JPMorgan Chase & Company		6.40			05/15/2038		1,350,000		1,519,885
JPMorgan Chase Bank National		6.00			10/01/2017		1,250,000		1,400,216
JPMorgan Chase Capital Series XXV Series Y		6.80			10/01/2037		1,250,000		1,241,615
JPMorgan Chase Capital Series XXVII Series AA		7.00			11/01/2039		650,000		648,726
JPMorgan Chase Capital XX Series T		6.55			09/15/2066		400,000		397,304
JPMorgan Chase Capital XXII Series V		6.45			01/15/2087		150,000		148,238

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Diversified Financial Services (continued)
Lazard Group LLC		6.85	%		06/15/2017	$	500,000	$	562,209
Mellon Funding Corporation		5.00			12/01/2014		200,000		217,760
Mellon Funding Corporation		5.20			05/15/2014		100,000		110,074
Mellon Funding Corporation		5.50			11/15/2018		200,000		223,797
Merrill Lynch & Company Incorporated		5.45			02/05/2013		2,000,000		2,051,802
Merrill Lynch & Company Incorporated		5.45			07/15/2014		450,000		463,461
Merrill Lynch & Company Incorporated		5.70			05/02/2017		700,000		684,557
Merrill Lynch & Company Incorporated		6.05			05/16/2016		1,500,000		1,514,085
Merrill Lynch & Company Incorporated		6.11			01/29/2037		1,100,000		917,211
Merrill Lynch & Company Incorporated		6.15			04/25/2013		500,000		520,032
Merrill Lynch & Company Incorporated		6.22			09/15/2026		1,000,000		877,190
Merrill Lynch & Company Incorporated		6.40			08/28/2017		500,000		512,028
Merrill Lynch & Company Incorporated		6.88			04/25/2018		1,690,000		1,752,422
Merrill Lynch & Company Incorporated		7.75			05/14/2038		1,000,000		994,803
NASDAQ OMX Group Incorporated		4.00			01/15/2015		200,000		203,669
NASDAQ OMX Group Incorporated		5.25			01/16/2018		60,000		63,170
NASDAQ OMX Group Incorporated		5.55			01/15/2020		500,000		502,750
National Rural Utilities Cooperative Finance Corporation		3.05			03/01/2016		600,000		633,086
National Rural Utilities Cooperative Finance Corporation		5.45			04/10/2017		250,000		289,463
National Rural Utilities Cooperative Finance Corporation		5.50			07/01/2013		590,000		637,150
National Rural Utilities Cooperative Finance Corporation		10.38			11/01/2018		700,000		1,000,159
National Rural Utilities Cooperative Finance Corporation Series C		8.00			03/01/2032		150,000		207,395
NCUA Guaranteed Notes		3.45			06/12/2021		200,000		210,510
NYSE Euronext		4.80			06/28/2013		250,000		265,594
Orix Corporation		5.00			01/12/2016		500,000		526,366
PACCAR Financial Corporation		1.95			12/17/2012		150,000		152,129
PACCAR Financial Corporation		2.05			06/17/2013		400,000		407,014
PC Financial Partnership		5.00			11/15/2014		250,000		274,258
PNC Financial Services Group		3.63			02/08/2015		1,100,000		1,157,384
PNC Funding Corporation		5.13			02/08/2020		150,000		165,502
PNC Funding Corporation		5.63			02/01/2017		350,000		389,663
PNC Funding Corporation		6.70			06/10/2019		500,000		597,152
Private Export Funding Corporation		4.30			12/15/2021		100,000		111,541
Private Export Funding Corporation		4.95			11/15/2015		250,000		288,092
Teco Finance Incorporated		4.00			03/15/2016		130,000		139,064
Teco Finance Incorporated		5.15			03/15/2020		65,000		72,410
Teco Finance Incorporated		6.57			11/01/2017		250,000		295,719
UBS AG Stamford Connecticut		5.88			07/15/2016		430,000		469,698
UBS Preferred Funding Trust V Series 1		6.24			05/29/2049		300,000		270,000
WMC Finance USA Limited		5.13			05/15/2013		250,000		267,940
									133,576,744
Insurance: 0.93%
ACE INA Holdings Incorporated		2.60			11/23/2015		500,000		507,877
ACE INA Holdings Incorporated		5.60			05/15/2015		350,000		385,732
ACE INA Holdings Incorporated		5.88			06/15/2014		75,000		83,312
ACE INA Holdings Incorporated		5.90			06/15/2019		500,000		581,553
Aegon Funding Corporation		5.75			12/15/2020		75,000		79,677
AFLAC Incorporated		3.45			08/15/2015		150,000		153,523
AFLAC Incorporated		6.90			12/17/2039		250,000		250,119
AFLAC Incorporated		8.50			05/15/2019		150,000		186,026
Alleghany Corporation		5.63			09/15/2020		100,000		105,340

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Insurance (continued)
Allied World Assurance		5.50	%		11/15/2020	$	300,000	$	309,005
Allstate Corporation		5.00			08/15/2014		300,000		327,978
Allstate Corporation		5.55			05/09/2035		830,000		832,651
Allstate Corporation		6.20			05/16/2014		150,000		169,635
Allstate Corporation		6.50			05/15/2057		200,000		183,000
Allstate Corporation		7.45			05/16/2019		650,000		790,192
Allstate Corporation Series B		6.13			05/15/2037		300,000		279,000
American International Group Incorporated		4.25			05/15/2013		500,000		506,062
American International Group Incorporated		5.05			10/01/2015		250,000		253,051
American International Group Incorporated		5.45			05/18/2017		700,000		712,415
American International Group Incorporated		5.85			01/16/2018		850,000		863,625
American International Group Incorporated		6.25			05/01/2036		250,000		242,778
American International Group Incorporated		6.25			03/15/2037		300,000		241,500
American International Group Incorporated		6.40			12/15/2020		1,000,000		1,050,807
American International Group Incorporated		8.18			05/15/2068		1,300,000		1,290,640
American International Group Incorporated		8.25			08/15/2018		750,000		845,256
AON Corporation		3.13			05/27/2016		350,000		350,280
AON Corporation		3.50			09/30/2015		100,000		103,741
AON Corporation		5.00			09/30/2020		550,000		591,207
AON Corporation		6.25			09/30/2040		100,000		110,116
AON Corporation		8.21			01/01/2027		75,000		85,622
Assurant Incorporated		6.75			02/15/2034		375,000		386,195
AXIS Specialty Finance LLC		5.88			06/01/2020		200,000		212,305
CHUBB Corporation		5.75			05/15/2018		250,000		292,116
CHUBB Corporation		6.00			05/11/2037		280,000		308,773
CHUBB Corporation		6.38			03/29/2067		350,000		353,500
CHUBB Corporation Series 1		6.50			05/15/2038		350,000		407,647
Cincinnati Financial Corporation		6.92			05/15/2028		75,000		81,498
CNA Financial Corporation		5.85			12/15/2014		365,000		390,904
CNA Financial Corporation		5.88			08/15/2020		500,000		521,113
CNA Financial Corporation		6.50			08/15/2016		50,000		55,162
CNA Financial Corporation		7.35			11/15/2019		295,000		336,079
Endurance Specialty Holdings Limited		7.00			07/15/2034		200,000		196,732
GE Global Insurance Holdings		7.00			02/15/2026		430,000		485,129
Genworth Financial Incorporated		4.95			10/01/2015		100,000		94,914
Genworth Financial Incorporated		6.52			05/22/2018		500,000		452,879
Genworth Financial Incorporated		7.20			02/15/2021		500,000		436,730
Genworth Financial Incorporated		8.63			12/15/2016		500,000		508,932
Hartford Financial Services Group Incorporated		4.63			07/15/2013		100,000		102,542
Hartford Financial Services Group Incorporated		5.50			10/15/2016		250,000		265,192
Hartford Financial Services Group Incorporated		5.50			03/30/2020		250,000		252,779
Hartford Financial Services Group Incorporated		5.95			10/15/2036		75,000		66,997
Hartford Financial Services Group Incorporated		6.00			01/15/2019		750,000		775,313
Hartford Financial Services Group Incorporated		6.63			03/30/2040		500,000		482,608
Jefferson-Pilot Corporation		4.75			01/30/2014		250,000		265,707
Lincoln National Corporation		4.85			06/24/2021		80,000		78,854
Lincoln National Corporation		6.15			04/07/2036		500,000		484,885
Lincoln National Corporation		6.25			02/15/2020		300,000		325,857
Lincoln National Corporation		7.00			05/17/2066		350,000		325,500
Lincoln National Corporation		8.75			07/01/2019		120,000		148,675
Loews Corporation		5.25			03/15/2016		200,000		224,339

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Insurance (continued)
Markel Corporation		5.35	%		06/01/2021	$	100,000	$	102,462
Markel Corporation		7.13			09/30/2019		100,000		118,661
Marsh & McLennan Companies Incorporated		4.80			07/15/2021		100,000		101,959
Marsh & McLennan Companies Incorporated		5.75			09/15/2015		500,000		561,753
Marsh & McLennan Companies Incorporated		9.25			04/15/2019		300,000		392,374
MetLife Incorporated		2.38			02/06/2014		500,000		510,906
MetLife Incorporated		4.75			02/08/2021		750,000		785,610
MetLife Incorporated		5.00			11/24/2013		250,000		266,439
MetLife Incorporated		5.70			06/15/2035		250,000		258,420
MetLife Incorporated		5.88			02/06/2041		700,000		743,859
MetLife Incorporated		6.38			06/15/2034		280,000		304,096
MetLife Incorporated		6.40			12/15/2066		800,000		726,293
MetLife Incorporated		6.50			12/15/2032		200,000		225,013
MetLife Incorporated		6.75			06/01/2016		500,000		585,648
MetLife Incorporated Series A		6.82			08/15/2018		750,000		886,604
OneBeacon US Holdings Incorporated		5.88			05/15/2013		27,000		28,105
PartnerRe Finance B LLC		5.50			06/01/2020		250,000		256,320
Principal Financial Group Incorporated		7.88			05/15/2014		600,000		686,893
Principal Life Income Funding Trusts		5.30			04/24/2013		500,000		533,755
Progressive Corporation		6.25			12/01/2032		75,000		86,154
Progressive Corporation		6.70			06/15/2067		500,000		495,000
Protective Life Corporation		7.38			10/15/2019		500,000		584,285
Prudential Financal Incorporated		4.50			07/15/2013		100,000		104,905
Prudential Financial Incorporated		2.75			01/14/2013		75,000		76,047
Prudential Financial Incorporated		3.00			05/12/2016		1,000,000		995,818
Prudential Financial Incorporated		3.63			09/17/2012		1,000,000		1,023,670
Prudential Financial Incorporated		3.88			01/14/2015		100,000		103,691
Prudential Financial Incorporated		4.75			09/17/2015		1,000,000		1,069,257
Prudential Financial Incorporated		5.38			06/21/2020		500,000		537,607
Prudential Financial Incorporated		5.70			12/14/2036		538,000		520,817
Prudential Financial Incorporated		6.20			01/15/2015		30,000		33,561
Prudential Financial Incorporated		6.20			11/15/2040		250,000		256,299
Prudential Financial Incorporated		6.63			12/01/2037		65,000		71,381
Prudential Financial Incorporated		7.38			06/15/2019		55,000		65,726
Prudential Financial Incorporated		8.88			06/15/2068		200,000		218,000
Prudential Financial Incorporated Series B		5.75			07/15/2033		500,000		510,937
Prudential Financial Incorporated Series C		5.40			06/13/2035		180,000		171,986
Reinsurance Group of America Incorporated		5.00			06/01/2021		60,000		62,599
Reinsurance Group of America Incorporated		6.45			11/15/2019		350,000		400,531
St. Paul Travelers Companies Incorporated		5.50			12/01/2015		180,000		201,832
The Travelers Companies Incorporated		5.75			12/15/2017		150,000		173,743
The Travelers Companies Incorporated		5.90			06/02/2019		500,000		573,551
The Travelers Companies Incorporated		6.25			06/15/2037		365,000		409,239
Transatlantic Holdings Incorporated		5.75			12/14/2015		475,000		507,969
Transatlantic Holdings Incorporated		8.00			11/30/2039		100,000		114,196
Travelers Property Casualty Corporation		6.38			03/15/2033		600,000		670,224
Unitrin Incorporated		6.00			05/15/2017		100,000		104,059
Unum Group		7.13			09/30/2016		115,000		134,395
Willis North America Incorporated		5.63			07/15/2015		75,000		82,188
Willis North America Incorporated		7.00			09/29/2019		500,000		575,147
WR Berkley Corporation		5.38			09/15/2020		200,000		208,549
WR Berkley Corporation		6.25			02/15/2037		100,000		99,932

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Insurance (continued)
XL Capital Limited		6.25	%		05/15/2027	$	100,000	$	103,591
XL Capital Limited		6.38			11/15/2024		100,000		104,593
									41,318,225
Real Estate Management & Development: 0.02%
AMB Property LP		6.63			12/01/2019		500,000		509,098
Regency Centers LP		4.80			04/15/2021		200,000		209,625
Regency Centers LP		5.88			06/15/2017		100,000		113,625
									832,348
REIT: 0.41%
AvalonBay Communities Incorporated		5.70			03/15/2017		150,000		171,413
AvalonBay Communities Incorporated		6.10			03/15/2020		100,000		114,065
BioMed Realty Trust Incorporated		3.85			04/15/2016		150,000		151,345
Boston Properties LP		4.13			05/15/2021		300,000		292,238
Boston Properties LP		5.63			04/15/2015		250,000		277,647
Boston Properties LP		5.63			11/15/2020		500,000		550,829
Boston Properties LP		5.88			10/15/2019		500,000		556,444
Brandywine Operating Partnership LP		7.50			05/15/2015		350,000		400,072
BRE Properties Incorporated		5.20			03/15/2021		65,000		68,823
Camden Property Trust		4.63			06/15/2021		150,000		152,531
Camden Property Trust		4.88			06/15/2023		100,000		102,380
Commonwealth REIT		5.88			09/15/2020		100,000		103,674
Digital Realty Trust LP		5.25			03/15/2021		100,000		100,028
Digital Realty Trust LP		5.88			02/01/2020		300,000		312,880
Duke Realty LP		5.95			02/15/2017		350,000		379,226
Duke Realty LP		6.25			05/15/2013		200,000		211,473
Duke Realty LP		7.38			02/15/2015		500,000		552,622
ERP Operating LP		5.25			09/15/2014		480,000		520,795
ERP Operating LP		5.75			06/15/2017		750,000		847,316
HCP Incorporated		2.70			02/01/2014		360,000		358,385
HCP Incorporated		3.75			02/01/2016		355,000		358,352
HCP Incorporated		5.38			02/01/2021		65,000		66,144
HCP Incorporated		5.63			05/01/2017		100,000		107,379
HCP Incorporated		6.00			01/30/2017		200,000		215,361
HCP Incorporated		6.70			01/30/2018		500,000		553,644
HCP Incorporated		6.75			02/01/2041		65,000		65,871
Health Care Incorporated		3.63			03/15/2016		300,000		300,234
Health Care Incorporated		4.70			09/15/2017		500,000		509,554
Health Care Incorporated		4.95			01/15/2021		250,000		244,566
Health Care Incorporated		5.25			01/15/2022		100,000		99,551
Health Care Incorporated		5.75			01/15/2021		250,000		252,031
Health Care Incorporated		6.13			04/15/2020		250,000		269,718
Health Care Incorporated		6.50			01/17/2017		60,000		65,551
Health Care Incorporated		6.50			03/15/2041		100,000		96,877
Highwoods Realty Limited		5.85			03/15/2017		300,000		326,243
Hospitality Properties Trust		5.63			03/15/2017		75,000		76,096
Hospitality Properties Trust		7.88			08/15/2014		500,000		556,569
HRPT Properties Trust		5.75			11/01/2015		350,000		374,778
Kilroy Realty Corporation		4.80			07/15/2018		150,000		149,416
Kilroy Realty Corporation		5.00			11/03/2015		100,000		105,769

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
REIT (continued)
Kimco Realty Corporation		5.70	%		05/01/2017	$	500,000	$	550,133
Kimco Realty Corporation		6.88			10/01/2019		100,000		114,564
Liberty Property LP		4.75			10/01/2020		250,000		254,866
Liberty Property LP		5.50			12/15/2016		75,000		83,246
Liberty Property LP		6.63			10/01/2017		150,000		176,735
Mack-Cali Realty Corporation		7.75			08/15/2019		150,000		186,949
National Retail Properties Incorporated		6.88			10/15/2017		100,000		113,836
ProLogis Trust		6.25			03/15/2017		100,000		110,190
ProLogis Trust		6.63			05/15/2018		100,000		103,832
ProLogis Trust		6.88			03/15/2020		531,000		549,617
ProLogis Trust		7.63			08/15/2014		100,000		112,854
Realty Income Corporation		5.75			01/15/2021		300,000		331,639
Realty Income Corporation		5.95			09/15/2016		100,000		111,511
Senior Housing Properties Trust		4.30			01/15/2016		100,000		99,932
Simon Property Group LP		4.20			02/01/2015		90,000		95,972
Simon Property Group LP		4.38			03/01/2021		500,000		499,574
Simon Property Group LP		5.10			06/15/2015		750,000		816,524
Simon Property Group LP		5.25			12/01/2016		50,000		54,736
Simon Property Group LP		5.65			02/01/2020		200,000		219,811
Simon Property Group LP		5.75			12/01/2015		125,000		139,702
Simon Property Group LP		5.88			03/01/2017		250,000		284,941
Simon Property Group LP		6.13			05/30/2018		100,000		112,516
Simon Property Group LP		6.75			02/01/2040		350,000		394,143
Simon Property Group LP		10.35			04/01/2019		600,000		826,007
Tanger Properties LP		6.15			11/15/2015		250,000		281,776
UDR Incorporated		4.25			06/01/2018		150,000		152,399
Ventas Realty LP		3.13			11/30/2015		100,000		100,903
Ventas Realty LP		4.75			06/01/2021		150,000		144,480
Vornado Realty Trust		4.25			04/01/2015		250,000		262,978
									18,304,256
Health Care: 1.56%
Biotechnology: 0.15%
Amgen Incorporated		2.30			06/15/2016		600,000		613,220
Amgen Incorporated		4.10			06/15/2021		100,000		105,131
Amgen Incorporated		4.50			03/15/2020		65,000		71,129
Amgen Incorporated		4.95			10/01/2041		500,000		496,499
Amgen Incorporated		5.65			06/15/2042		600,000		654,400
Amgen Incorporated		5.70			02/01/2019		1,000,000		1,176,852
Amgen Incorporated		5.75			03/15/2040		80,000		88,479
Amgen Incorporated		5.85			06/01/2017		350,000		416,067
Amgen Incorporated		6.15			06/01/2018		250,000		301,145
Amgen Incorporated		6.38			06/01/2037		500,000		599,285
Amgen Incorporated		6.40			02/01/2039		250,000		298,725
Biogen Idec Incorporated		6.88			03/01/2018		500,000		608,949
Celgene Corporation		2.45			10/15/2015		200,000		203,404
Celgene Corporation		3.95			10/15/2020		200,000		201,732
Genzyme Corporation		3.63			06/15/2015		250,000		268,793
Genzyme Corporation		5.00			06/15/2020		200,000		228,725
Gilead Sciences Incorporated		4.50			04/01/2021		500,000		535,475
									6,868,010

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Health Care Equipment & Supplies: 0.21%
Baxter International Incorporated		1.80	%		03/15/2013	$	560,000	$	568,788
Baxter International Incorporated		4.25			03/15/2020		100,000		108,268
Baxter International Incorporated		5.38			06/01/2018		500,000		583,161
Baxter International Incorporated		5.90			09/01/2016		50,000		59,771
Baxter International Incorporated		6.25			12/01/2037		250,000		310,466
Becton Dickinson and Company		3.25			11/12/2020		350,000		353,152
Becton Dickinson and Company		6.00			05/15/2039		200,000		241,967
Boston Scientific Corporation		4.50			01/15/2015		750,000		792,647
Boston Scientific Corporation		6.00			01/15/2020		350,000		386,574
Boston Scientific Corporation		6.40			06/15/2016		350,000		398,943
Boston Scientific Corporation		7.38			01/15/2040		300,000		356,091
C.R. Bard Incorporated		2.88			01/15/2016		100,000		104,417
C.R. Bard Incorporated		4.40			01/15/2021		168,000		184,386
CareFusion Corporation		6.38			08/01/2019		500,000		595,207
Dentsply International		2.75			08/15/2016		55,000		55,086
Hospira Incorporated		6.05			03/30/2017		500,000		583,672
Hospira Incorporated		6.40			05/15/2015		45,000		51,810
Medtronic Incorporated		3.00			03/15/2015		750,000		794,429
Medtronic Incorporated		4.45			03/15/2020		500,000		558,721
Medtronic Incorporated		4.50			03/15/2014		250,000		272,618
Medtronic Incorporated		5.55			03/15/2040		300,000		348,989
St. Jude Medical Incorporated		2.50			01/15/2016		250,000		257,121
St. Jude Medical Incorporated		3.75			07/15/2014		500,000		535,547
Stryker Corporation		3.00			01/15/2015		150,000		158,027
Stryker Corporation		4.38			01/15/2020		150,000		162,648
Zimmer Holdings Incorporated		4.63			11/30/2019		250,000		271,147
Zimmer Holdings Incorporated		5.75			11/30/2039		250,000		278,381
									9,372,034
Health Care Providers & Services: 0.38%
Aetna Incorporated		3.95			09/01/2020		200,000		205,550
Aetna Incorporated		4.13			06/01/2021		200,000		206,290
Aetna Incorporated		6.00			06/15/2016		300,000		348,203
Aetna Incorporated		6.63			06/15/2036		650,000		778,638
Amerisourcebergen Corporation		4.88			11/15/2019		250,000		276,424
Cardinal Health Incorporated		5.80			10/15/2016		350,000		404,764
CIGNA Corporation		4.38			12/15/2020		500,000		522,829
CIGNA Corporation		4.50			03/15/2021		100,000		104,443
CIGNA Corporation		5.13			06/15/2020		215,000		234,634
CIGNA Corporation		5.88			03/15/2041		80,000		84,173
CIGNA Corporation		6.15			11/15/2036		50,000		55,532
Coventry Health Care Incorporated		5.45			06/15/2021		80,000		86,042
Express Scripts Incorporated		3.13			05/15/2016		400,000		408,923
Express Scripts Incorporated		6.25			06/15/2014		750,000		835,082
Humana Incorporated		7.20			06/15/2018		500,000		596,514
Laboratory Corporation of America Holdings		4.63			11/15/2020		500,000		539,902
Laboratory Corporation of America Holdings		5.63			12/15/2015		200,000		228,974
McKesson Corporation		3.25			03/01/2016		500,000		532,981
McKesson Corporation		6.00			03/01/2041		250,000		288,982
McKesson Corporation		7.50			02/15/2019		500,000		642,619
McKesson HBOC Incorporated		5.25			03/01/2013		300,000		318,747
Medco Health Solutions Incorporated		4.13			09/15/2020		500,000		501,080

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Health Care Providers & Services (continued)
Medco Health Solutions Incorporated		7.25	%		08/15/2013	$	750,000	$	824,563
Quest Diagnostics Incorporated		4.75			01/30/2020		590,000		634,976
Quest Diagnostics Incorporated		5.75			01/30/2040		40,000		41,456
Quest Diagnostics Incorporated		6.40			07/01/2017		400,000		475,962
Quest Diagnostics Incorporated		6.95			07/01/2037		100,000		120,408
UnitedHealth Group Incorporated		4.88			04/01/2013		500,000		528,421
UnitedHealth Group Incorporated		5.00			08/15/2014		500,000		551,066
UnitedHealth Group Incorporated		5.80			03/15/2036		250,000		267,221
UnitedHealth Group Incorporated		5.95			02/15/2041		500,000		551,749
UnitedHealth Group Incorporated		6.00			02/15/2018		1,000,000		1,169,030
UnitedHealth Group Incorporated		6.63			11/15/2037		150,000		178,316
UnitedHealth Group Incorporated		6.88			02/15/2038		500,000		611,710
WellPoint Incorporated		5.25			01/15/2016		100,000		112,447
WellPoint Incorporated		5.80			08/15/2040		135,000		149,539
WellPoint Incorporated		5.85			01/15/2036		725,000		790,146
WellPoint Incorporated		5.88			06/15/2017		750,000		871,457
WellPoint Incorporated		7.00			02/15/2019		500,000		619,834
									16,699,627
Life Sciences Tools & Services: 0.06%
Life Technologies Corporation		4.40			03/01/2015		300,000		315,163
Life Technologies Corporation		5.00			01/15/2021		150,000		154,674
Life Technologies Corporation		6.00			03/01/2020		250,000		271,870
Thermo Fisher Scientific Incorporated		2.05			02/21/2014		530,000		546,698
Thermo Fisher Scientific Incorporated		3.20			05/01/2015		500,000		530,719
Thermo Fisher Scientific Incorporated		3.20			03/01/2016		40,000		41,899
Thermo Fisher Scientific Incorporated		4.50			03/01/2021		540,000		583,903
									2,444,926
Pharmaceuticals: 0.76%
Abbott Laboratories		2.70			05/27/2015		350,000		370,979
Abbott Laboratories		4.13			05/27/2020		500,000		547,465
Abbott Laboratories		5.13			04/01/2019		350,000		409,419
Abbott Laboratories		5.15			11/30/2012		1,000,000		1,058,208
Abbott Laboratories		5.30			05/27/2040		500,000		545,733
Abbott Laboratories		5.60			11/30/2017		1,000,000		1,195,967
Abbott Laboratories		5.88			05/15/2016		150,000		177,482
Abbott Laboratories		6.00			04/01/2039		300,000		356,515
Abbott Laboratories		6.15			11/30/2037		475,000		582,719
Allergan Incorporated		3.38			09/15/2020		500,000		511,304
Bristol-Myers Squibb Company		5.45			05/01/2018		500,000		592,023
Bristol-Myers Squibb Company		5.88			11/15/2036		582,000		678,023
Bristol-Myers Squibb Company		6.13			05/01/2038		13,000		15,629
Eli Lilly & Company		4.20			03/06/2014		800,000		867,351
Eli Lilly & Company		5.20			03/15/2017		500,000		582,839
Eli Lilly & Company		5.50			03/15/2027		400,000		456,648
Eli Lilly & Company		5.95			11/15/2037		500,000		598,237
Genetech Incorporated		4.75			07/15/2015		500,000		561,949
GlaxoSmithKline Capital Incorporated		4.38			04/15/2014		250,000		273,200
GlaxoSmithKline Capital Incorporated		4.85			05/15/2013		1,000,000		1,070,661
GlaxoSmithKline Capital Incorporated		5.38			04/15/2034		300,000		329,991

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Pharmaceuticals (continued)
GlaxoSmithKline Capital Incorporated		5.65	%		05/15/2018	$	1,000,000	$	1,197,311
GlaxoSmithKline Capital Incorporated		6.38			05/15/2038		900,000		1,115,910
Johnson & Johnson		2.15			05/15/2016		500,000		520,533
Johnson & Johnson		4.50			09/01/2040		300,000		307,622
Johnson & Johnson		4.85			05/15/2041		200,000		216,045
Johnson & Johnson		4.95			05/15/2033		180,000		196,519
Johnson & Johnson		5.15			07/15/2018		500,000		600,954
Johnson & Johnson		5.55			08/15/2017		250,000		301,256
Johnson & Johnson		5.85			07/15/2038		500,000		614,001
Johnson & Johnson		6.73			11/15/2023		300,000		410,359
Merck & Company Incorporated		3.88			01/15/2021		350,000		374,935
Merck & Company Incorporated		4.75			03/01/2015		225,000		254,286
Merck & Company Incorporated		5.00			06/30/2019		250,000		292,262
Merck & Company Incorporated		5.75			11/15/2036		400,000		467,176
Merck & Company Incorporated		5.85			06/30/2039		150,000		178,582
Merck & Company Incorporated		5.95			12/01/2028		65,000		78,267
Merck & Company Incorporated		6.00			09/15/2017		1,000,000		1,221,784
Merck & Company Incorporated		6.30			01/01/2026		250,000		317,939
Merck & Company Incorporated		6.40			03/01/2028		500,000		624,786
Novartis Capital Corporation		1.90			04/24/2013		595,000		608,895
Novartis Capital Corporation		2.90			04/24/2015		850,000		900,406
Novartis Capital Corporation		4.13			02/10/2014		475,000		513,566
Novartis Capital Corporation		4.40			04/24/2020		500,000		553,039
Pfizer Incorporated		4.50			02/15/2014		300,000		327,527
Pfizer Incorporated		5.35			03/15/2015		1,250,000		1,425,448
Pfizer Incorporated		5.45			04/01/2017		500,000		588,576
Pfizer Incorporated		5.50			02/01/2014		500,000		553,610
Pfizer Incorporated		5.50			02/15/2016		180,000		207,590
Pfizer Incorporated		5.95			04/01/2037		350,000		402,392
Pfizer Incorporated		6.00			02/15/2036		625,000		722,799
Pfizer Incorporated		6.20			03/15/2019		2,000,000		2,457,576
Pfizer Incorporated		6.50			02/01/2034		500,000		620,226
Pfizer Incorporated		7.20			03/15/2039		750,000		1,011,260
Schering-Plough Corporation		5.30			12/01/2013		900,000		989,505
Schering-Plough Corporation		6.50			12/01/2033		120,000		152,604
Schering-Plough Corporation		6.55			09/15/2037		475,000		613,406
Watson Pharmaceuticals Incorporated		5.00			08/15/2014		125,000		136,583
Watson Pharmaceuticals Incorporated		6.13			08/15/2019		130,000		149,244
									34,007,121
Industrials: 1.54%
Aerospace & Defense: 0.42%
Boeing Company		1.88			11/20/2012		500,000		506,874
Boeing Company		4.88			02/15/2020		140,000		157,710
Boeing Company		5.00			03/15/2014		1,000,000		1,104,140
Boeing Company		5.88			02/15/2040		30,000		35,525
Boeing Company		6.00			03/15/2019		300,000		363,459
Boeing Company		6.13			02/15/2033		180,000		216,747
Boeing Company		6.88			03/15/2039		800,000		1,036,634
General Dynamics Corporation		1.38			01/15/2015		200,000		201,372
General Dynamics Corporation		2.25			07/15/2016		200,000		205,900

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Aerospace & Defense (continued)
General Dynamics Corporation		3.88	%		07/15/2021	$	200,000	$	214,197
General Dynamics Corporation		4.25			05/15/2013		500,000		531,182
General Dynamics Corporation		5.25			02/01/2014		500,000		553,437
Goodrich Corporation		4.88			03/01/2020		550,000		615,558
Honeywell International Incorporated		3.88			02/15/2014		500,000		538,959
Honeywell International Incorporated		4.25			03/01/2013		500,000		527,341
Honeywell International Incorporated		4.25			03/01/2021		50,000		54,755
Honeywell International Incorporated		5.00			02/15/2019		750,000		855,484
Honeywell International Incorporated		5.30			03/01/2018		100,000		117,414
Honeywell International Incorporated		5.38			03/01/2041		365,000		401,300
Honeywell International Incorporated		5.70			03/15/2037		250,000		287,141
ITT Corporation		4.90			05/01/2014		395,000		433,869
ITT Corporation		6.13			05/01/2019		60,000		74,655
L-3 Communications Corporation		4.95			02/15/2021		500,000		523,566
L-3 Communications Corporation		5.20			10/15/2019		500,000		538,095
Lockheed Martin Corporation		4.12			03/14/2013		100,000		105,166
Lockheed Martin Corporation		4.25			11/15/2019		1,000,000		1,091,215
Lockheed Martin Corporation		5.50			11/15/2039		150,000		159,726
Lockheed Martin Corporation		5.72			06/01/2040		162,000		176,658
Lockheed Martin Corporation Series B		6.15			09/01/2036		350,000		400,768
Northrop Grumman Corporation		1.85			11/15/2015		300,000		299,564
Northrop Grumman Corporation		3.50			03/15/2021		300,000		302,276
Northrop Grumman Corporation		3.70			08/01/2014		90,000		96,179
Northrop Grumman Corporation		5.05			08/01/2019		85,000		96,555
Northrop Grumman Corporation		5.05			11/15/2040		100,000		100,069
Northrop Grumman Corporation		7.75			02/15/2031		300,000		419,842	��
Raytheon Company		1.63			10/15/2015		500,000		501,365
Raytheon Company		4.40			02/15/2020		600,000		644,336
Raytheon Company		7.20			08/15/2027		120,000		155,051
Rockwell Collins Incorporated		5.25			07/15/2019		50,000		57,796
United Technologies Corporation		4.50			04/15/2020		500,000		557,077
United Technologies Corporation		4.88			05/01/2015		850,000		964,041
United Technologies Corporation		6.05			06/01/2036		400,000		478,778
United Technologies Corporation		6.13			02/01/2019		565,000		700,633
United Technologies Corporation		6.13			07/15/2038		500,000		604,113
United Technologies Corporation		7.50			09/15/2029		430,000		598,349
									18,604,871
Air Freight & Logistics: 0.09%
Fedex Corporation		7.38			01/15/2014		20,000		22,811
Fedex Corporation		8.00			01/15/2019		400,000		516,878
United Parcel Service Incorporated		3.13			01/15/2021		900,000		926,461
United Parcel Service Incorporated		3.88			04/01/2014		350,000		378,023
United Parcel Service Incorporated		4.50			01/15/2013		600,000		632,926
United Parcel Service Incorporated		5.50			01/15/2018		100,000		118,591
United Parcel Service Incorporated		6.20			01/15/2038		795,000		993,035
United Parcel Service Incorporated Class B		5.13			04/01/2019		500,000		596,229
									4,184,954
Airlines: 0.07%
American Airlines Incorporated		10.38			07/02/2019		187,723		204,619
Continental Airlines Incorporated		4.75			01/12/2021		500,000		467,500

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Airlines (continued)
Continental Airlines Incorporated		9.00	%		07/08/2016	$	136,810	$	147,754
Continental Airlines Incorporated Series A		5.98			04/19/2022		402,482		408,519
Delta Air Lines Incorporated		4.95			05/23/2019		197,136		190,770
Delta Air Lines Incorporated		6.82			02/10/2024		86,979		88,719
Delta Air Lines Incorporated		7.75			06/17/2021		420,673		441,706
Northwest Airlines Incorporated		7.03			11/01/2019		186,797		186,797
Southwest Airlines Company		5.25			10/01/2014		500,000		531,625
United Airlines Incorporated		10.40			05/01/2018		272,736		298,973
									2,966,982
Building Products: 0.01%
Owens Corning Incorporated		6.50			12/01/2016		500,000		534,936
Commercial Services & Supplies: 0.22%
Allied Waste North America Incorporated		6.88			06/01/2017		1,000,000		1,077,500
Avery Dennison Corporation		5.38			04/15/2020		350,000		359,416
Black & Decker Corporation		8.95			04/15/2014		500,000		590,340
Cintas Corporation No. 2		2.85			06/01/2016		200,000		207,393
Cintas Corporation No. 2		4.30			06/01/2021		60,000		64,256
Cooper US Incorporated		2.38			01/15/2016		200,000		204,655
Cooper US Incorporated		3.88			12/15/2020		200,000		210,162
Cooper US Incorporated		6.10			07/01/2017		100,000		120,789
CRH America Incorporated		5.30			10/15/2013		180,000		190,313
CRH America Incorporated		6.00			09/30/2016		850,000		938,884
CRH America Incorporated		8.13			07/15/2018		200,000		235,435
Equifax Incorporated		7.00			07/01/2037		50,000		53,793
Pitney Bowes Incorporated		4.63			10/01/2012		800,000		829,177
Pitney Bowes Incorporated		4.75			01/15/2016		250,000		268,100
Pitney Bowes Incorporated		5.25			01/15/2037		500,000		521,871
Pitney Bowes Incorporated		5.75			09/15/2017		100,000		108,918
Republic Services Incorporated		3.80			05/15/2018		100,000		104,901
Republic Services Incorporated		4.75			05/15/2023		300,000		318,351
Republic Services Incorporated		5.25			11/15/2021		50,000		55,915
Republic Services Incorporated		5.50			09/15/2019		125,000		143,338
Republic Services Incorporated		5.70			05/15/2041		550,000		569,649
Waste Management Incorporated		4.60			03/01/2021		200,000		215,851
Waste Management Incorporated		4.75			06/30/2020		500,000		540,494
Waste Management Incorporated		5.00			03/15/2014		415,000		453,084
Waste Management Incorporated		6.10			03/15/2018		326,000		381,356
Waste Management Incorporated		6.13			11/30/2039		500,000		556,459
Waste Management Incorporated		7.75			05/15/2032		400,000		518,312
									9,838,712
Electrical Equipment: 0.06%
Emerson Electric Company		4.13			04/15/2015		300,000		331,112
Emerson Electric Company		4.25			11/15/2020		200,000		220,690
Emerson Electric Company		4.75			10/15/2015		100,000		112,573
Emerson Electric Company		4.88			10/15/2019		200,000		227,640
Emerson Electric Company		5.25			10/15/2018		50,000		58,491
Emerson Electric Company		5.25			11/15/2039		500,000		571,332
Emerson Electric Company		5.38			10/15/2017		200,000		233,252
Emerson Electric Company		6.13			04/15/2039		100,000		123,610

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Electrical Equipment (continued)
Hubbell Incorporated		3.63	%		11/15/2022	$	200,000	$	203,480
Rockwell Automation Incorporated		6.25			12/01/2037		300,000		364,901
Roper Industries Incorporated		6.25			09/01/2019		200,000		235,954
Roper Industries Incorporated		6.63			08/15/2013		200,000		220,422
									2,903,457
Industrial Conglomerates: 0.18%
3M Company		4.38			08/15/2013		600,000		645,890
3M Company		5.70			03/15/2037		325,000		395,376
Danaher Corporation		1.30			06/23/2014		560,000		568,133
Danaher Corporation		2.30			06/23/2016		100,000		102,677
Danaher Corporation		3.90			06/23/2021		100,000		106,261
Danaher Corporation		5.40			03/01/2019		450,000		528,987
GATX Corporation		3.50			07/15/2016		245,000		258,252
GATX Corporation		4.85			06/01/2021		100,000		105,742
GATX Corporation		8.75			05/15/2014		200,000		233,334
General Electric Company		5.00			02/01/2013		1,660,000		1,749,306
General Electric Company		5.25			12/06/2017		1,600,000		1,792,469
Philips Electronics NV		6.88			03/11/2038		250,000		303,887
Textron Incorporated		7.25			10/01/2019		350,000		421,453
Tyco Electronics Group SA		7.13			10/01/2037		350,000		434,198
Tyco International Limited		6.88			01/15/2021		500,000		622,514
									8,268,479
Machinery: 0.19%
Caterpillar Incorporated		1.38			05/27/2014		100,000		101,021
Caterpillar Incorporated		1.90			12/17/2012		95,000		96,606
Caterpillar Incorporated		3.90			05/27/2021		1,000,000		1,065,303
Caterpillar Incorporated		5.20			05/27/2041		555,000		594,050
Caterpillar Incorporated		6.05			08/15/2036		900,000		1,073,608
Deere & Company		4.38			10/16/2019		400,000		445,850
Deere & Company		5.38			10/16/2029		300,000		346,247
Deere & Company		6.95			04/25/2014		1,000,000		1,156,560
Dover Corporation		4.30			03/01/2021		500,000		546,146
Dover Corporation		5.38			10/15/2035		200,000		222,585
Dover Corporation		5.45			03/15/2018		100,000		117,094
Dover Corporation		6.60			03/15/2038		60,000		78,112
Eaton Corporation		5.60			05/15/2018		500,000		588,047
Eaton Corporation		6.95			03/20/2019		200,000		255,492
Harsco Corporation		2.70			10/15/2015		100,000		102,480
IDEX Corporation		4.50			12/15/2020		100,000		103,947
Illinois Tool Works Incorporated 144A		3.38			09/15/2021		120,000		120,389
Illinois Tool Works Incorporated 144A		4.88			09/15/2041		45,000		45,209
Illinois Tool Works Incorporated		5.15			04/01/2014		300,000		330,905
Illinois Tool Works Incorporated		6.25			04/01/2019		155,000		187,294
Parker Hannifin Corporation		3.50			09/15/2022		100,000		102,525
Parker Hannifin Corporation		5.50			05/15/2018		135,000		159,945
Parker Hannifin Corporation		6.25			05/15/2038		60,000		73,898
Pentair Incorporated		5.00			05/15/2021		300,000		311,274
Snap-on Incorporated		6.13			09/01/2021		150,000		181,296
									8,405,883

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Road & Rail: 0.30%
Burlington Northern Santa Fe LLC		3.60	%		09/01/2020	$	200,000	$	200,213
Burlington Northern Santa Fe LLC		4.70			10/01/2019		125,000		137,530
Burlington Northern Santa Fe LLC		4.88			01/15/2015		500,000		556,728
Burlington Northern Santa Fe LLC		5.65			05/01/2017		360,000		419,090
Burlington Northern Santa Fe LLC		5.75			05/01/2040		550,000		601,297
Burlington Northern Santa Fe LLC		6.15			05/01/2037		650,000		744,452
Canadian National Railway Company		4.40			03/15/2013		300,000		316,793
Canadian National Railway Company		6.38			11/15/2037		550,000		675,950
Con-Way Incorporated		7.25			01/15/2018		350,000		394,356
CSX Corporation		3.70			10/30/2020		250,000		253,173
CSX Corporation		4.25			06/01/2021		200,000		209,147
CSX Corporation		5.60			05/01/2017		100,000		114,789
CSX Corporation		6.00			10/01/2036		300,000		338,178
CSX Corporation		6.15			05/01/2037		320,000		366,499
CSX Corporation		6.22			04/30/2040		200,000		231,357
CSX Corporation		6.25			04/01/2015		700,000		812,853
CSX Corporation		7.38			02/01/2019		500,000		629,984
Norfolk Southern Corporation		5.59			05/17/2025		275,000		313,994
Norfolk Southern Corporation		5.75			04/01/2018		1,100,000		1,290,560
Norfolk Southern Corporation		5.90			06/15/2019		65,000		78,002
Norfolk Southern Corporation		7.05			05/01/2037		300,000		393,317
Norfolk Southern Corporation		7.25			02/15/2031		500,000		661,697
Ryder System Incorporated		3.15			03/02/2015		115,000		120,833
Ryder System Incorporated		3.50			06/01/2017		200,000		206,121
Ryder System Incorporated		5.85			03/01/2014		300,000		329,225
Ryder System Incorporated		5.85			11/01/2016		250,000		288,892
Union Pacific Corporation		4.00			02/01/2021		500,000		516,385
Union Pacific Corporation 144A		4.16			07/15/2022		437,000		463,032
Union Pacific Corporation		4.88			01/15/2015		360,000		398,468
Union Pacific Corporation		5.78			07/15/2040		300,000		328,457
Union Pacific Corporation		6.15			05/01/2037		40,000		46,637
Union Pacific Corporation		6.63			02/01/2029		600,000		740,702
									13,178,711
Information Technology: 1.15%
Communications Equipment: 0.18%
Cisco Systems Incorporated		2.90			11/17/2014		350,000		370,624
Cisco Systems Incorporated		3.15			03/14/2017		1,500,000		1,574,831
Cisco Systems Incorporated		4.45			01/15/2020		850,000		928,266
Cisco Systems Incorporated		4.95			02/15/2019		600,000		678,102
Cisco Systems Incorporated		5.50			02/22/2016		775,000		896,809
Cisco Systems Incorporated		5.50			01/15/2040		700,000		761,112
Cisco Systems Incorporated		5.90			02/15/2039		800,000		903,588
Harris Corporation		4.40			12/15/2020		300,000		313,061
Harris Corporation		5.95			12/01/2017		400,000		460,108
Juniper Networks Incorporated		3.10			03/15/2016		250,000		260,671
Motorola Incorporated		6.00			11/15/2017		700,000		810,711
Motorola Incorporated		7.50			05/15/2025		120,000		143,687
									8,101,570

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Computers & Peripherals: 0.19%
Dell Incorporated		3.10	%		04/01/2016	$	500,000	$	522,428
Dell Incorporated		4.70			04/15/2013		300,000		316,501
Dell Incorporated		5.63			04/15/2014		500,000		552,338
Dell Incorporated		5.88			06/15/2019		550,000		629,512
Dell Incorporated		6.50			04/15/2038		100,000		117,085
Dell Incorporated		7.10			04/15/2028		450,000		542,323
Hewlett-Packard Company		1.25			09/13/2013		600,000		596,399
Hewlett-Packard Company		2.65			06/01/2016		1,000,000		1,026,203
Hewlett-Packard Company		3.75			12/01/2020		250,000		248,330
Hewlett-Packard Company		4.30			06/01/2021		500,000		518,677
Hewlett-Packard Company		4.50			03/01/2013		500,000		524,442
Hewlett-Packard Company		4.75			06/02/2014		1,500,000		1,633,092
Hewlett-Packard Company		5.40			03/01/2017		500,000		567,972
Hewlett-Packard Company		5.50			03/01/2018		500,000		570,458
Lexmark International Incorporated		6.65			06/01/2018		250,000		278,824
									8,644,584
Electronic Equipment, Instruments & Components: 0.05%
Agilent Technologies Incorporated		5.50			09/14/2015		500,000		556,733
Agilent Technologies Incorporated		6.50			11/01/2017		260,000		305,719
Amphenol Corporation		4.75			11/15/2014		150,000		160,172
Arrow Electronics Incorporated		5.13			03/01/2021		300,000		300,869
Arrow Electronics Incorporated		6.00			04/01/2020		100,000		108,083
Avnet Incorporated		5.88			06/15/2020		100,000		108,841
Avnet Incorporated		6.63			09/15/2016		300,000		343,358
Corning Incorporated		4.25			08/15/2020		250,000		263,970
Corning Incorporated		5.75			08/15/2040		150,000		157,750
Corning Incorporated		6.63			05/15/2019		20,000		24,187
									2,329,682
Internet Software & Services: 0.04%
eBay Incorporated		0.88			10/15/2013		65,000		65,302
eBay Incorporated		1.63			10/15/2015		400,000		403,323
eBay Incorporated		3.25			10/15/2020		200,000		196,032
Google Incorporated		2.13			05/19/2016		500,000		516,069
Google Incorporated		3.63			05/19/2021		500,000		528,888
									1,709,614
IT Services: 0.27%
Western Union Company		5.25			04/01/2020		80,000		87,904
Western Union Company		5.93			10/01/2016		75,000		84,824
Western Union Company		6.20			11/17/2036		75,000		77,975
Western Union Company		6.20			06/21/2040		200,000		209,813
Western Union Company		6.50			02/26/2014		500,000		553,507
Computer Sciences Corporation		5.50			03/15/2013		500,000		527,913
Computer Sciences Corporation Series WI		6.50			03/15/2018		150,000		162,949
Electronic Data Systems Corporation Series B		6.00			08/01/2013		180,000		195,658
Fiserv Incorporated		4.75			06/15/2021		500,000		522,402
Fiserv Incorporated		6.80			11/20/2017		100,000		117,854
IBM Corporation		1.00			08/05/2013		1,000,000		1,006,588
IBM Corporation		1.95			07/22/2016		725,000		735,284

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
IT Services (continued)
IBM Corporation		2.10	%		05/06/2013	$	750,000	$	767,413
IBM Corporation		4.75			11/29/2012		200,000		210,431
IBM Corporation		5.60			11/30/2039		900,000		1,045,344
IBM Corporation		5.70			09/14/2017		1,000,000		1,198,518
IBM Corporation		5.88			11/29/2032		250,000		296,862
IBM Corporation		7.00			10/30/2025		300,000		402,103
IBM Corporation		7.63			10/15/2018		1,500,000		1,982,141
IBM International Group Capital LLC		5.05			10/22/2012		1,000,000		1,051,181
SAIC Incorporated 144A		4.45			12/01/2020		500,000		533,687
SAIC Incorporated 144A		5.95			12/01/2040		100,000		109,676
									11,880,027
Office Electronics: 0.06%
Xerox Corporation		4.25			02/15/2015		500,000		537,992
Xerox Corporation		5.63			12/15/2019		200,000		223,947
Xerox Corporation		6.35			05/15/2018		150,000		175,923
Xerox Corporation		6.40			03/15/2016		500,000		572,430
Xerox Corporation		6.75			02/01/2017		250,000		292,811
Xerox Corporation		6.75			12/15/2039		100,000		113,496
Xerox Corporation		8.25			05/15/2014		570,000		659,230
									2,575,829
Semiconductors & Semiconductor Equipment: 0.07%
Analog Devices Incorporated		5.00			07/01/2014		250,000		277,182
Applied Materials Incorporated		2.65			06/15/2016		500,000		508,633
Applied Materials Incorporated		4.30			06/15/2021		300,000		312,982
Applied Materials Incorporated		5.85			06/15/2041		200,000		214,945
Broadcom Corporation 144A		2.38			11/01/2015		200,000		202,445
KLA Tencor Corporation		6.90			05/01/2018		300,000		348,722
National Semiconductor Corporation		3.95			04/15/2015		350,000		379,414
Texas Instruments Incorporated		0.88			05/15/2013		200,000		200,852
Texas Instruments Incorporated		1.38			05/15/2014		500,000		506,840
									2,952,015
Software: 0.29%
Adobe Systems Incorporated		3.25			02/01/2015		100,000		105,388
Adobe Systems Incorporated		4.75			02/01/2020		325,000		343,760
CA Incorporated		5.38			12/01/2019		500,000		550,163
CA Incorporated		6.13			12/01/2014		500,000		565,578
Dun & Bradstreet Corporation		2.88			11/15/2015		115,000		118,950
Intuit Incorporated		5.75			03/15/2017		200,000		230,050
Microsoft Corporation		1.63			09/25/2015		1,000,000		1,018,914
Microsoft Corporation		2.95			06/01/2014		890,000		948,574
Microsoft Corporation		3.00			10/01/2020		400,000		406,814
Microsoft Corporation		4.00			02/08/2021		500,000		547,818
Microsoft Corporation		4.20			06/01/2019		175,000		192,748
Microsoft Corporation		4.50			10/01/2040		500,000		506,086
Microsoft Corporation		5.20			06/01/2039		110,000		122,591
Microsoft Corporation		5.30			02/08/2041		500,000		569,775
Oracle Corporation		3.75			07/08/2014		500,000		541,698
Oracle Corporation 144A		3.88			07/15/2020		350,000		374,615

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Software (continued)
Oracle Corporation		4.95	%		04/15/2013	$	500,000	$	534,631
Oracle Corporation		5.00			07/08/2019		600,000		689,301
Oracle Corporation		5.25			01/15/2016		850,000		976,764
Oracle Corporation 144A		5.38			07/15/2040		1,350,000		1,478,334
Oracle Corporation		5.75			04/15/2018		1,000,000		1,196,405
Oracle Corporation		6.13			07/08/2039		200,000		240,626
Oracle Corporation		6.50			04/15/2038		250,000		310,184
Symantec Corporation		4.20			09/15/2020		300,000		303,688
									12,873,455
Materials: 0.74%
Chemicals: 0.40%
Air Products & Chemicals Incorporated		2.00			08/02/2016		55,000		55,783
Air Products & Chemicals Incorporated		4.38			08/21/2019		150,000		162,998
Airgas Incorporated		2.85			10/01/2013		300,000		308,512
Albemarle Corporation		4.50			12/15/2020		300,000		320,237
Cabot Corporation		5.00			10/01/2016		100,000		110,169
Cytec Industries Incorporated		6.00			10/01/2015		250,000		278,362
Dow Chemical Company		2.50			02/15/2016		125,000		125,965
Dow Chemical Company		4.25			11/15/2020		575,000		586,559
Dow Chemical Company		5.90			02/15/2015		500,000		560,178
Dow Chemical Company		6.00			10/01/2012		100,000		105,380
Dow Chemical Company		7.38			11/01/2029		600,000		748,404
Dow Chemical Company		7.60			05/15/2014		685,000		789,416
Dow Chemical Company		8.55			05/15/2019		1,655,000		2,148,438
Dow Chemical Company		9.40			05/15/2039		385,000		578,842
E.I. du Pont de Nemours & Company		2.75			04/01/2016		500,000		523,074
E.I. du Pont de Nemours & Company		3.25			01/15/2015		700,000		746,707
E.I. du Pont de Nemours & Company		3.63			01/15/2021		500,000		516,399
E.I. du Pont de Nemours & Company		4.50			08/15/2019		400,000		444,023
E.I. du Pont de Nemours & Company		4.63			01/15/2020		200,000		221,740
E.I. du Pont de Nemours & Company		4.88			04/30/2014		565,000		622,515
E.I. du Pont de Nemours & Company		4.90			01/15/2041		300,000		307,309
E.I. du Pont de Nemours & Company		5.00			01/15/2013		200,000		211,223
E.I. du Pont de Nemours & Company		5.00			07/15/2013		200,000		214,913
E.I. du Pont de Nemours & Company		5.25			12/15/2016		250,000		290,395
E.I. du Pont de Nemours & Company		5.60			12/15/2036		25,000		27,928
E.I. du Pont de Nemours & Company		6.00			07/15/2018		625,000		753,924
E.I. du Pont de Nemours & Company		6.50			01/15/2028		250,000		301,748
Eastman Chemical Company		4.50			01/15/2021		500,000		529,509
Lubrizol Corporation		5.50			10/01/2014		65,000		73,245
Lubrizol Corporation		8.88			02/01/2019		250,000		338,199
Monsanto Company		2.75			04/15/2016		200,000		210,661
Monsanto Company		5.13			04/15/2018		500,000		581,596
Monsanto Company		5.50			08/15/2025		100,000		119,032
Potash Corporation		4.88			03/01/2013		200,000		211,731
PPG Industries Incorporated		1.90			01/15/2016		50,000		50,068
PPG Industries Incorporated		3.60			11/15/2020		100,000		103,112
PPG Industries Incorporated		5.50			11/15/2040		150,000		164,505
PPG Industries Incorporated		5.75			03/15/2013		200,000		213,842
PPG Industries Incorporated		6.65			03/15/2018		300,000		368,120
PPG Industries Incorporated		7.70			03/15/2038		250,000		341,877

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Chemicals (continued)
Praxair Incorporated		2.13	%		06/14/2013	$	600,000	$	615,353
Praxair Incorporated		3.95			06/01/2013		200,000		211,634
Praxair Incorporated		4.05			03/15/2021		200,000		218,047
Praxair Incorporated		5.20			03/15/2017		50,000		58,324
Praxair Incorporated		5.25			11/15/2014		200,000		225,907
Praxair Incorporated		5.38			11/01/2016		75,000		88,598
RPM International Incorporated		6.13			10/15/2019		200,000		220,779
RPM International Incorporated		6.50			02/15/2018		250,000		276,419
Sherwin-Williams Company		3.13			12/15/2014		250,000		265,208
Valspar Corporation		7.25			06/15/2019		100,000		122,907
									17,669,814
Construction Materials: 0.00%
Martin Marietta Materials Incorporated		6.25			05/01/2037		25,000		27,035
Martin Marietta Materials Incorporated		6.60			04/15/2018		125,000		139,525
									166,560
Containers & Packaging: 0.01%
Bemis Company Incorporated		5.65			08/01/2014		515,000		567,376
Bemis Company Incorporated		6.80			08/01/2019		10,000		11,929
									579,305
Metals & Mining: 0.26%
Alcoa Incorporated		5.40			04/15/2021		500,000		500,492
Alcoa Incorporated		5.55			02/01/2017		25,000		26,657
Alcoa Incorporated		5.72			02/23/2019		350,000		362,532
Alcoa Incorporated		5.87			02/23/2022		500,000		503,249
Alcoa Incorporated		5.90			02/01/2027		300,000		300,131
Alcoa Incorporated		5.95			02/01/2037		158,000		144,603
Alcoa Incorporated		6.00			07/15/2013		1,200,000		1,293,899
Alcoa Incorporated		6.75			07/15/2018		50,000		54,461
Alcoa Incorporated		6.75			01/15/2028		75,000		78,446
Allegheny Technologies Incorporated		5.95			01/15/2021		50,000		56,151
Allegheny Technologies Incorporated		9.38			06/01/2019		150,000		194,615
Barrick Gold Corporation		6.95			04/01/2019		650,000		798,163
Cliffs Natural Resources		4.80			10/01/2020		255,000		258,059
Cliffs Natural Resources		6.25			10/01/2040		420,000		414,710
Commercial Metals Company		6.50			07/15/2017		250,000		270,587
Freeport-McMoRan Copper & Gold Incorporated		8.38			04/01/2017		1,000,000		1,078,750
Newmont Mining Corporation		5.13			10/01/2019		475,000		531,820
Newmont Mining Corporation		6.25			10/01/2039		475,000		540,889
Nucor Corporation		5.00			06/01/2013		100,000		107,063
Nucor Corporation		5.75			12/01/2017		500,000		586,462
Nucor Corporation		5.85			06/01/2018		150,000		181,423
Nucor Corporation		6.40			12/01/2037		200,000		240,154
Rio Tinto Alcan Incorporated		5.00			06/01/2015		180,000		199,389
Rio Tinto Alcan Incorporated		6.13			12/15/2033		600,000		677,367
Rio Tinto Alcan Incorporated		7.13			07/15/2028		500,000		647,265
Southern Copper Corporation		5.38			04/16/2020		90,000		96,322
Southern Copper Corporation		6.75			04/16/2040		440,000		463,342

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Metals & Mining (continued)
Southern Copper Corporation		7.50	%		07/27/2035	$	600,000	$	680,573
Teck Resources Limited		3.15			01/15/2017		250,000		256,627
									11,544,201
Paper & Forest Products: 0.07%
International Paper Company		7.50			08/15/2021		450,000		533,929
International Paper Company		5.30			04/01/2015		430,000		468,619
International Paper Company		7.30			11/15/2039		250,000		279,347
International Paper Company		7.95			06/15/2018		1,000,000		1,193,903
Plum Creek Timberlands LP		4.70			03/15/2021		500,000		510,548
									2,986,346
Telecommunication Services: 0.96%
Diversified Financial Services: 0.01%
AmeriTech Funding Corporation		6.45			01/15/2018		300,000		354,240
Diversified Telecommunication Services: 0.95%
Alltel Corporation		7.88			07/01/2032		350,000		479,513
American Tower Corporation		4.50			01/15/2018		500,000		516,131
American Tower Corporation		4.63			04/01/2015		100,000		107,865
American Tower Corporation		5.05			09/01/2020		500,000		507,720
American Tower Corporation		5.25			04/15/2013		700,000		747,888
American Tower Corporation		7.00			10/15/2017		350,000		407,086
AT&T Incorporated		2.40			08/15/2016		70,000		70,763
AT&T Incorporated		2.50			08/15/2015		500,000		511,990
AT&T Incorporated		2.95			05/15/2016		1,150,000		1,192,595
AT&T Incorporated		3.88			08/15/2021		45,000		46,155
AT&T Incorporated		4.45			05/15/2021		650,000		696,697
AT&T Incorporated		4.95			01/15/2013		1,500,000		1,575,477
AT&T Incorporated		5.10			09/15/2014		1,075,000		1,188,221
AT&T Incorporated		5.35			09/01/2040		2,372,000		2,408,875
AT&T Incorporated		5.50			02/01/2018		1,000,000		1,149,268
AT&T Incorporated		5.55			08/15/2041		60,000		63,028
AT&T Incorporated		5.60			05/15/2018		500,000		577,083
AT&T Incorporated		5.80			02/15/2019		300,000		353,761
AT&T Incorporated		6.15			09/15/2034		500,000		544,552
AT&T Incorporated		6.30			01/15/2038		1,500,000		1,673,723
AT&T Incorporated		6.50			09/01/2037		570,000		651,353
AT&T Incorporated		6.55			02/15/2039		800,000		922,622
AT&T Incorporated		6.70			11/15/2013		1,350,000		1,502,218
AT&T Incorporated		8.00			11/15/2031		536,000		722,597
AT&T Incorporated		8.75			03/01/2031		1,000,000		1,424,575
BellSouth Corporation		5.20			09/15/2014		325,000		359,678
BellSouth Corporation		6.00			11/15/2034		180,000		190,113
BellSouth Corporation		6.55			06/15/2034		180,000		202,713
Centurylink Incorporated		6.45			06/15/2021		800,000		778,139
CenturyTelephone Incorporated		5.00			02/15/2015		100,000		101,365
CenturyTelephone Incorporated		6.00			04/01/2017		740,000		756,939
Embarq Corporation		7.08			06/01/2016		650,000		707,347
Embarq Corporation		8.00			06/01/2036		1,500,000		1,422,678
Qwest Corporation		6.88			09/15/2033		300,000		288,000

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Diversified Telecommunication Services (continued)
Qwest Corporation		7.13	%		04/01/2018	$	500,000	$	525,000
Qwest Corporation		7.50			06/15/2023		500,000		493,125
Qwest Corporation		8.38			05/01/2016		285,000		324,900
SBC Communications Incorporated		5.63			06/15/2016		350,000		399,503
Verizon Communications Incorporated		1.95			03/28/2014		1,000,000		1,022,068
Verizon Communications Incorporated		3.00			04/01/2016		500,000		520,259
Verizon Communications Incorporated		4.35			02/15/2013		500,000		524,259
Verizon Communications Incorporated		5.50			02/15/2018		1,000,000		1,159,009
Verizon Communications Incorporated		6.25			04/01/2037		250,000		283,227
Verizon Communications Incorporated		6.35			04/01/2019		1,000,000		1,215,043
Verizon Communications Incorporated		6.90			04/15/2038		500,000		608,047
Verizon Communications Incorporated		7.35			04/01/2039		1,350,000		1,726,380
Verizon Communications Incorporated		8.75			11/01/2018		1,550,000		2,097,641
Verizon Communications Incorporated		8.95			03/01/2039		500,000		741,603
Verizon Global Funding Corporation		4.90			09/15/2015		325,000		367,106
Verizon Global Funding Corporation		5.85			09/15/2035		600,000		664,130
Verizon Global Funding Corporation		7.38			09/01/2012		1,000,000		1,063,393
Verizon Global Funding Corporation		7.75			12/01/2030		850,000		1,118,287
Verizon Wireless Capital LLC		5.55			02/01/2014		1,500,000		1,649,408
Verizon Wireless Capital LLC		7.38			11/15/2013		250,000		282,396
Verizon Wireless Capital LLC		8.50			11/15/2018		500,000		671,443
									42,304,955
Utilities: 1.94%
Electric Utilities: 1.56%
Alabama Power Company		5.50			03/15/2041		65,000		74,453
Alabama Power Company		6.00			03/01/2039		500,000		609,020
Alabama Power Company		6.13			05/15/2038		105,000		129,555
Ameren Corporation		8.88			05/15/2014		250,000		285,082
Ameren Illinois Company		6.13			11/15/2017		100,000		118,178
Ameren Illinois Company		6.25			04/01/2018		400,000		458,089
Appalachian Power Company		6.38			04/01/2036		300,000		335,345
Appalachian Power Company		7.00			04/01/2038		600,000		735,079
Appalachian Power Company		7.95			01/15/2020		250,000		327,119
Appalachian Power Company Series L		5.80			10/01/2035		315,000		332,066
Arizona Public Service Company		8.75			03/01/2019		500,000		658,566
Atlantic City Electric Company		7.75			11/15/2018		65,000		85,893
Carolina Power & Light Company		5.25			12/15/2015		180,000		208,201
Carolina Power & Light Company		5.30			01/15/2019		800,000		941,677
Centerpoint Energy Houston Series J2		5.70			03/15/2013		450,000		481,551
Centerpoint Energy Houston Series K		6.95			03/15/2033		250,000		319,853
Cleco Power LLC		6.00			12/01/2040		300,000		333,649
Cleveland Electric Illuminating Company		5.70			04/01/2017		200,000		223,091
Cleveland Electric Illuminating Company		5.95			12/15/2036		500,000		516,921
Columbus Southern Power Company		6.05			05/01/2018		200,000		238,180
Commonwealth Edison Company		1.63			01/15/2014		500,000		504,645
Commonwealth Edison Company		4.70			04/15/2015		250,000		277,845
Commonwealth Edison Company		5.80			03/15/2018		500,000		581,244
Commonwealth Edison Company		5.90			03/15/2036		250,000		281,784
Commonwealth Edison Company Series 100		5.88			02/01/2033		65,000		72,924
Connecticut Light & Power Company		5.65			05/01/2018		100,000		118,613

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Electric Utilities (continued)
Connecticut Light & Power Company Series A		6.35	%		06/01/2036	$	200,000	$	246,425
Consolidated Edison Company of New York Incorporated		4.88			02/01/2013		180,000		189,035
Consolidated Edison Company of New York Incorporated		5.50			12/01/2039		600,000		670,024
Consolidated Edison Company of New York Incorporated		5.85			04/01/2018		100,000		120,945
Consolidated Edison Company of New York Incorporated		6.30			08/15/2037		250,000		307,648
Consolidated Edison Company of New York Incorporated		6.65			04/01/2019		500,000		625,208
Consolidated Edison Company of New York Incorporated		6.75			04/01/2038		300,000		390,286
Consolidated Edison Company of New York Incorporated		7.13			12/01/2018		200,000		255,147
Consolidated Edison Company of New York Incorporated Series 06-C		5.50			09/15/2016		100,000		117,616
Consolidated Edison Company of New York Incorporated Series D		5.30			12/01/2016		50,000		58,526
Consolidated Edison Company of New York Incorporated Series E		5.70			12/01/2036		250,000		286,904
Consumers Energy Company		5.65			09/15/2018		150,000		175,154
Consumers Energy Company		6.70			09/15/2019		500,000		625,560
Consumers Energy Company Series B		5.38			04/15/2013		150,000		160,185
Detroit Edison Company		3.45			10/01/2020		500,000		514,295
Dominion Resources Incorporated		7.00			06/15/2038		500,000		642,665
Duke Energy Carolinas LLC		5.63			11/30/2012		200,000		211,809
Duke Energy Carolinas LLC		5.75			11/15/2013		150,000		164,878
Duke Energy Carolinas LLC Series C		7.00			11/15/2018		100,000		126,540
Duke Energy Corporation		3.35			04/01/2015		750,000		792,249
Duke Energy Corporation		3.95			09/15/2014		725,000		777,916
Duke Energy Corporation		6.30			02/01/2014		950,000		1,057,825
Duke Energy Corporation		6.45			10/15/2032		375,000		456,802
Duke Energy Indiana Incorporated		3.75			07/15/2020		500,000		525,547
Duke Energy Indiana Incorporated		6.35			08/15/2038		750,000		925,339
Duke Energy Indiana Incorporated		6.45			04/01/2039		65,000		81,356
Duke Energy Ohio Incorporated		5.45			04/01/2019		250,000		296,476
Energy East Corporation		6.75			07/15/2036		500,000		541,602
Entergy Arkansas Incorporated		5.40			08/01/2013		100,000		107,478
Entergy Corporation		3.63			09/15/2015		200,000		203,064
Entergy Corporation		5.13			09/15/2020		250,000		253,404
Entergy Gulf States Louisiana LLC		5.59			10/01/2024		120,000		134,889
Entergy Gulf States Louisiana LLC		6.00			05/01/2018		100,000		114,170
Entergy Louisiana LLC		5.40			11/01/2024		250,000		279,100
Entergy Texas Incorporated		7.13			02/01/2019		200,000		242,752
Exelon Corporation		4.90			06/15/2015		375,000		411,245
Exelon Corporation		5.63			06/15/2035		365,000		371,221
Exelon Generation Company LLC		5.20			10/01/2019		500,000		541,520
Exelon Generation Company LLC		6.25			10/01/2039		500,000		542,330
FirstEnergy Corporation Series C		7.38			11/15/2031		430,000		498,896
FirstEnergy Solutions Company		4.80			02/15/2015		1,200,000		1,308,438
FirstEnergy Solutions Company		6.05			08/15/2021		240,000		262,774
FirstEnergy Solutions Company		6.80			08/15/2039		164,000		171,489
Florida Power & Light Company		5.25			02/01/2041		200,000		224,493
Florida Power & Light Company		5.63			04/01/2034		150,000		173,876
Florida Power & Light Company		5.65			02/01/2037		380,000		446,057
Florida Power & Light Company		5.69			03/01/2040		585,000		696,679
Florida Power & Light Company		5.85			05/01/2037		100,000		120,500
Florida Power & Light Company		5.95			02/01/2038		50,000		61,177
Florida Power & Light Company		6.20			06/01/2036		500,000		626,455
Florida Power Corporation		4.80			03/01/2013		100,000		105,740
Florida Power Corporation		5.65			06/15/2018		300,000		356,777

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Electric Utilities (continued)
Florida Power Corporation		5.65	%		04/01/2040	$	125,000	$	141,527
Florida Power Corporation		5.80			09/15/2017		200,000		238,973
Florida Power Corporation		6.40			06/15/2038		500,000		620,254
FPL Group Capital Incorporated		2.55			11/15/2013		100,000		102,466
FPL Group Capital Incorporated		6.00			03/01/2019		750,000		867,944
Georgia Power Company		1.30			09/15/2013		500,000		502,969
Georgia Power Company		4.25			12/01/2019		375,000		406,517
Georgia Power Company		5.40			06/01/2018		200,000		236,615
Georgia Power Company		5.40			06/01/2040		250,000		273,441
Georgia Power Company		5.95			02/01/2039		250,000		293,768
Georgia Power Company		6.00			11/01/2013		525,000		579,536
Georgia Power Company Series B		5.70			06/01/2017		100,000		118,075
Great Plains Energy Incorporated		2.75			08/15/2013		250,000		255,700
Great Plains Energy Incorporated		4.85			06/01/2021		50,000		52,629
Indiana Michigan Power Company		7.00			03/15/2019		500,000		624,801
Interstate Power & Light Company		6.25			07/15/2039		30,000		36,143
Jersey Central Power & Light Company		5.63			05/01/2016		100,000		115,228
Jersey Central Power & Light Company		7.35			02/01/2019		250,000		318,158
Kansas City Power & Light Company		6.38			03/01/2018		250,000		296,385
Kansas City Power & Light Company		7.15			04/01/2019		200,000		250,649
Kentucky Utilities Company		3.25			11/01/2020		500,000		516,572
Kentucky Utilities Company		5.13			11/01/2040		500,000		557,867
LG&E & KU Energy LLC		2.13			11/15/2015		100,000		99,042
LG&E & KU Energy LLC		3.75			11/15/2020		100,000		98,953
MidAmerican Energy Holdings Company		5.13			01/15/2013		350,000		369,656
MidAmerican Energy Holdings Company		5.30			03/15/2018		250,000		289,846
MidAmerican Energy Holdings Company		5.80			10/15/2036		75,000		85,935
MidAmerican Energy Holdings Company		5.88			10/01/2012		180,000		189,602
MidAmerican Energy Holdings Company		5.95			07/15/2017		500,000		594,464
MidAmerican Energy Holdings Company		5.95			05/15/2037		300,000		336,495
MidAmerican Energy Holdings Company		6.13			04/01/2036		450,000		519,386
MidAmerican Energy Holdings Company		6.50			09/15/2037		500,000		600,644
MidAmerican Energy Holdings Company		6.75			12/30/2031		150,000		190,068
MidAmerican Energy Holdings Company Series D		5.00			02/15/2014		350,000		378,609
Nevada Power Company		5.45			05/15/2041		120,000		133,390
Nevada Power Company		6.75			07/01/2037		200,000		257,533
Nevada Power Company		7.13			03/15/2019		300,000		376,227
Nevada Power Company Series O		6.50			05/15/2018		550,000		659,033
NiSource Finance Corporation		5.25			09/15/2017		180,000		201,423
NiSource Finance Corporation		5.45			09/15/2020		415,000		465,686
NiSource Finance Corporation		6.13			03/01/2022		100,000		115,860
NiSource Finance Corporation		6.40			03/15/2018		1,000,000		1,175,595
NiSource Finance Corporation		6.80			01/15/2019		90,000		107,593
Northern States Power Company Minnesota		1.95			08/15/2015		150,000		153,641
Northern States Power Company Minnesota		5.25			03/01/2018		500,000		586,562
Northern States Power Company Minnesota		5.35			11/01/2039		40,000		45,429
Northern States Power Company Minnesota		6.20			07/01/2037		300,000		377,657
NSTAR Electric Company		4.88			04/15/2014		250,000		274,375
NSTAR Electric Company		5.50			03/15/2040		100,000		112,581
Oglethorpe Power Corporation		5.38			11/01/2040		300,000		313,130
Oglethorpe Power Corporation		5.95			11/01/2039		150,000		170,279
Ohio Edison Company		6.88			07/15/2036		250,000		292,662

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Electric Utilities (continued)
Ohio Power Company		5.38	%		10/01/2021	$	65,000	$	74,164
Ohio Power Company		6.00			06/01/2016		250,000		289,860
Ohio Power Company		6.60			02/15/2033		194,000		228,989
Oklahoma Gas & Electric Company		5.25			05/15/2041		100,000		106,336
Oklahoma Gas & Electric Company		5.85			06/01/2040		100,000		115,493
Oncor Electric Delivery Company LLC		5.25			09/30/2040		500,000		527,352
Oncor Electric Delivery Company LLC		5.95			09/01/2013		800,000		871,827
Oncor Electric Delivery Company LLC		6.80			09/01/2018		500,000		605,405
Oncor Electric Delivery Company LLC		7.50			09/01/2038		200,000		268,301
PacifiCorp		5.65			07/15/2018		600,000		708,635
PacifiCorp		6.00			01/15/2039		500,000		594,686
PacifiCorp		6.25			10/15/2037		720,000		879,957
PECO Energy Company		5.00			10/01/2014		500,000		555,900
Pepco Holdings Incorporated		2.70			10/01/2015		350,000		357,927
Portland General Electric Company		6.10			04/15/2019		250,000		303,574
Potomac Electric Power		6.50			11/15/2037		200,000		257,671
PPL Electric Utilities Corporation		6.25			05/15/2039		45,000		54,974
PPL Energy Supply LLC		6.20			05/15/2016		500,000		575,039
Progress Energy Incorporated		4.40			01/15/2021		750,000		796,916
Progress Energy Incorporated		4.55			04/01/2020		75,000		82,914
Progress Energy Incorporated		6.00			12/01/2039		300,000		337,947
Progress Energy Incorporated		6.05			03/15/2014		500,000		556,899
Progress Energy Incorporated		6.30			04/01/2038		50,000		63,455
Progress Energy Incorporated		7.75			03/01/2031		120,000		158,178
PSEG Power LLC		2.50			04/15/2013		700,000		710,484
PSEG Power LLC		5.13			04/15/2020		280,000		305,165
PSEG Power LLC		8.63			04/15/2031		75,000		101,294
Public Service Company of Colorado		3.20			11/15/2020		300,000		305,119
Public Service Company of Colorado		5.13			06/01/2019		50,000		58,656
Public Service Company of Colorado		6.25			09/01/2037		500,000		624,776
Public Service Company of Colorado		7.88			10/01/2012		150,000		161,356
Public Service Company of Oklahoma		4.40			02/01/2021		100,000		106,446
Public Service Company of Oklahoma		5.15			12/01/2019		40,000		45,186
Public Service Electric & Gas Company		5.30			05/01/2018		1,000,000		1,171,534
Public Service Electric & Gas Company		5.80			05/01/2037		100,000		118,041
Puget Sound Energy Incorporated		5.76			10/01/2039		400,000		459,010
Puget Sound Energy Incorporated		5.80			03/15/2040		50,000		57,728
Puget Sound Energy Incorporated		6.27			03/15/2037		330,000		404,207
South Carolina Electric & Gas Company		6.50			11/01/2018		525,000		652,562
Southern California Edison Company		3.88			06/01/2021		70,000		74,915
Southern California Edison Company		5.50			08/15/2018		500,000		590,290
Southern California Edison Company		5.50			03/15/2040		700,000		806,259
Southern California Edison Company		5.75			03/15/2014		750,000		835,137
Southern California Edison Company		6.05			03/15/2039		350,000		432,252
Southern California Edison Company Series 05-A		5.00			01/15/2016		100,000		114,184
Southern California Edison Company Series 05-E		5.35			07/15/2035		180,000		200,959
Southern Company		2.38			09/15/2015		200,000		204,320
Southern Company		4.15			05/15/2014		125,000		133,793
Southern Power Company Series D		4.88			07/15/2015		250,000		276,889
Southwestern Electric Power Company		6.20			03/15/2040		50,000		55,047
Southwestern Electric Power Company Series E		5.55			01/15/2017		100,000		111,400
Southwestern Public Service Company		6.00			10/01/2036		100,000		112,726

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Electric Utilities (continued)
Tampa Electric Company		6.10	%		05/15/2018	$	100,000	$	118,756
Tampa Electric Company		6.15			05/15/2037		75,000		88,059
Toleda Edison Company		6.15			05/15/2037		50,000		57,506
TXU Electric Delivery Company		7.00			05/01/2032		175,000		218,564
TXU Electric Delivery Company		7.25			01/15/2033		75,000		95,884
Union Electric Company		5.40			02/01/2016		75,000		85,981
Union Electric Company		6.00			04/01/2018		100,000		117,205
Union Electric Company		6.40			06/15/2017		500,000		597,814
Union Electric Company		8.45			03/15/2039		80,000		122,749
Virginia Electric & Power Company		4.75			03/01/2013		100,000		105,666
Virginia Electric & Power Company		5.00			06/30/2019		200,000		228,637
Virginia Electric & Power Company		5.40			01/15/2016		600,000		695,164
Virginia Electric & Power Company		6.00			05/15/2037		605,000		707,015
Virginia Electric & Power Company		8.88			11/15/2038		300,000		468,952
Virginia Electric & Power Company Series B		6.00			01/15/2036		100,000		116,404
Weatar Energy Incorporated		8.63			12/01/2018		250,000		337,237
Wisconsin Electric Power Company		4.25			12/15/2019		350,000		388,990
Wisconsin Electric Power Company		5.63			05/15/2033		100,000		116,310
Wisconsin Electric Power Company		5.70			12/01/2036		150,000		178,375
Wisconsin Power & Light Company		5.00			07/15/2019		50,000		57,382
Wisconsin Power & Light Company		6.38			08/15/2037		250,000		314,810
									69,644,276
Gas Utilities: 0.11%
AGL Capital Corporation		5.88			03/15/2041		570,000		656,740
Atmos Energy Corporation		4.95			10/15/2014		100,000		110,200
Atmos Energy Corporation		5.50			06/15/2041		60,000		66,156
Atmos Energy Corporation		6.35			06/15/2017		50,000		60,391
Atmos Energy Corporation		8.50			03/15/2019		250,000		337,268
Consolidated Natural Gas Company Series A		5.00			12/01/2014		300,000		331,296
KeySpan Corporation		5.80			04/01/2035		125,000		137,972
Oneok Incorporated		5.20			06/15/2015		65,000		71,736
Oneok Incorporated		6.00			06/15/2035		200,000		207,872
Panhandle East Pipe Line Company LP		6.20			11/01/2017		400,000		468,564
Questar Corporation		2.75			02/01/2016		200,000		208,516
Sempra Energy		6.00			02/01/2013		100,000		106,507
Sempra Energy		6.00			10/15/2039		300,000		342,773
Sempra Energy		6.50			06/01/2016		1,090,000		1,296,100
Southern California Gas Company		5.13			11/15/2040		100,000		111,934
Southern California Gas Company		5.75			11/15/2035		75,000		90,040
									4,604,065
Independent Power Producers & Energy Traders: 0.02%
Constellation Energy Group Incorporated		5.15			12/01/2020		100,000		104,584
Constellation Energy Group Incorporated		7.60			04/01/2032		500,000		600,808
Transalta Corporation		6.65			05/15/2018		200,000		232,924
									938,316
Multi-Utilities: 0.23%
Alliant Energy Corporation		4.00			10/15/2014		100,000		105,458
Avista Corporation		5.13			04/01/2022		55,000		62,911

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Multi-Utilities (continued)
Baltimore Gas & Electric Company		5.90	%		10/01/2016	$	350,000	$	409,668
Centerpoint Energy Resources Corporation		5.95			02/01/2017		250,000		284,972
Dominion Resources Incorporated		1.80			03/15/2014		100,000		100,929
Dominion Resources Incorporated		2.25			09/01/2015		100,000		102,633
Dominion Resources Incorporated		4.45			03/15/2021		100,000		107,755
Dominion Resources Incorporated		4.90			08/01/2041		60,000		59,118
Dominion Resources Incorporated		5.20			08/15/2019		580,000		663,569
Dominion Resources Incorporated		5.70			09/17/2012		180,000		189,028
Dominion Resources Incorporated		6.40			06/15/2018		750,000		908,522
Dominion Resources Incorporated Series A		5.60			11/15/2016		50,000		58,120
Dominion Resources Incorporated Series B		5.95			06/15/2035		225,000		251,321
Dominion Resources Incorporated Series C		5.15			07/15/2015		350,000		396,781
DTE Energy Company		6.35			06/01/2016		350,000		408,692
DTE Energy Company		7.63			05/15/2014		50,000		57,583
Integrys Energy Group		4.17			11/01/2020		200,000		206,668
Louisville Gas & Electric Company		5.13			11/15/2040		125,000		139,475
NSTAR Global Services Incorporated		4.50			11/15/2019		100,000		110,543
Pacific Gas & Electric Company		4.25			05/15/2021		200,000		214,167
Pacific Gas & Electric Company		4.80			03/01/2014		125,000		136,234
Pacific Gas & Electric Company		5.40			01/15/2040		200,000		213,784
Pacific Gas & Electric Company		5.80			03/01/2037		500,000		561,553
Pacific Gas & Electric Company		6.05			03/01/2034		1,000,000		1,148,947
Pacific Gas & Electric Company		6.25			12/01/2013		200,000		222,435
Pacific Gas & Electric Company		6.35			02/15/2038		100,000		120,600
Pacific Gas & Electric Company		8.25			10/15/2018		1,000,000		1,331,065
San Diego Gas & Electric Company		5.35			05/15/2035		100,000		113,168
San Diego Gas & Electric Company		6.00			06/01/2039		530,000		660,594
South Carolina Electric & Gas Company		5.45			02/01/2041		500,000		564,168
Wisconsin Energy Corporation		6.25			05/15/2067		125,000		123,750
Xcel Energy Incorporated		4.70			05/15/2020		250,000		275,534
									10,309,745
Water Utilities: 0.02%
American Water Capital Corporation		6.09			10/15/2017		750,000		886,682
Total Corporate Bonds and Notes (Cost $879,300,400)									929,259,713
Foreign Government Bonds and Notes@: 24.61%
Australia Commonwealth (AUD)		5.50			01/21/2018		500,000		575,662
Australia Commonwealth (AUD)		5.75			05/15/2021		1,000,000		1,183,446
Australia Commonwealth (AUD)		6.25			06/15/2014		750,000		853,728
Australia Commonwealth (AUD)		6.25			04/15/2015		1,000,000		1,155,813
Australia Commonwealth (AUD)		6.50			05/15/2013		2,150,000		2,401,228
Australian Government Bond Series 122 (AUD)		5.25			03/15/2019		1,000,000		1,139,587
Australian Government Bond Series 126 (AUD)		4.50			04/15/2020		1,250,000		1,352,810
Australian Government Bond Series 127 (AUD)		4.75			11/15/2012		1,000,000		1,081,008
Australian Government Bond Series 128 (AUD)		5.75			07/15/2022		300,000		355,710
Australian Government Bond Series 129 (AUD)		5.50			12/15/2013		500,000		553,574
Australian Government Bond Series 130 (AUD)		4.75			06/15/2016		300,000		332,047
Australian Government Bond Series 131 (AUD)		4.50			10/21/2014		600,000		654,178
Australian Government Bond Series 133 (AUD)		5.50			04/21/2023		500,000		580,686
Australian Government Bond Series 217 (AUD)		6.00			02/15/2017		1,000,000		1,172,254

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Foreign Government Bonds and Notes@ (continued)
Belgium (Kingdom) (EUR)		2.75	%		03/28/2016		550,000	$	777,039
Belgium (Kingdom) (EUR)		3.25			09/28/2016		1,000,000		1,435,352
Belgium (Kingdom) (EUR)		3.50			06/28/2017		1,000,000		1,436,630
Belgium (Kingdom) (EUR)		3.75			09/28/2015		350,000		517,270
Belgium (Kingdom) (EUR)		3.75			09/28/2020		1,800,000		2,560,181
Belgium (Kingdom) (EUR)		4.00			03/28/2014		1,800,000		2,679,304
Belgium (Kingdom) (EUR)		4.00			03/28/2022		850,000		1,221,587
Belgium (Kingdom) (EUR)		4.25			09/28/2013		1,350,000		2,012,969
Belgium (Kingdom) (EUR)		4.25			09/28/2021		700,000		1,023,279
Belgium (Kingdom) (EUR)		4.25			03/28/2041		450,000		611,169
Belgium (Kingdom) (EUR)		5.00			09/28/2012		1,650,000		2,458,067
Belgium (Kingdom) (EUR)		8.00			12/24/2012		400,000		619,178
Belgium (Kingdom) (EUR)		8.00			03/28/2015		350,000		589,233
Belgium Government Bond Series 31 (EUR)		5.50			03/28/2028		985,000		1,600,878
Belgium Government Bond Series 40 (EUR)		5.50			09/28/2017		700,000		1,114,804
Belgium Government Bond Series 43 (EUR)		4.25			09/28/2014		1,000,000		1,502,580
Belgium Government Bond Series 44 (EUR)		5.00			03/28/2035		1,030,000		1,574,734
Belgium Government Bond Series 49 (EUR)		4.00			03/28/2017		1,050,000		1,551,962
Belgium Government Bond Series 55 (EUR)		4.00			03/28/2019		900,000		1,317,040
Belgium Government Bond Series 56 (EUR)		3.50			03/28/2015		800,000		1,174,702
Bundesrepublik Deutschland (EUR)		2.00			02/26/2016		1,250,000		1,855,762
Bundesrepublik Deutschland (EUR)		2.25			09/04/2020		1,000,000		1,457,732
Bundesrepublik Deutschland (EUR)		2.50			01/04/2021		1,600,000		2,373,559
Bundesrepublik Deutschland (EUR)		2.75			04/08/2016		900,000		1,377,171
Bundesrepublik Deutschland (EUR)		3.00			07/04/2020		1,700,000		2,630,041
Bundesrepublik Deutschland (EUR)		3.25			07/15/2015		750,000		1,149,129
Bundesrepublik Deutschland (EUR)		3.25			01/04/2020		2,950,000		4,656,996
Bundesrepublik Deutschland (EUR)		3.25			07/04/2042		750,000		1,112,821
Bundesrepublik Deutschland (EUR)		3.50			07/04/2019		1,500,000		2,405,414
Bundesrepublik Deutschland (EUR)		3.75			07/04/2013		3,000,000		4,551,912
Bundesrepublik Deutschland (EUR)		4.00			10/11/2013		1,500,000		2,302,697
Bundesrepublik Deutschland (EUR)		4.25			10/12/2012		1,300,000		1,941,272
Bundesrepublik Deutschland (EUR)		4.25			07/04/2014		1,500,000		2,359,776
Bundesrepublik Deutschland (EUR)		4.25			07/04/2017		1,500,000		2,480,938
Bundesrepublik Deutschland (EUR)		4.75			07/04/2040		1,300,000		2,457,192
Bundesrepublik Deutschland (EUR)		6.50			07/04/2027		1,000,000		2,097,708
Bundesrepublik Deutschland Series 00 (EUR)		5.50			01/04/2031		1,200,000		2,324,891
Bundesrepublik Deutschland Series 00 (EUR)		6.25			01/04/2030		750,000		1,571,223
Bundesrepublik Deutschland Series 03 (EUR)		4.25			01/04/2014		2,140,000		3,324,652
Bundesrepublik Deutschland Series 03 (EUR)		4.50			01/04/2013		2,200,000		3,323,756
Bundesrepublik Deutschland Series 03 (EUR)		4.75			07/04/2034		1,860,000		3,376,202
Bundesrepublik Deutschland Series 04 (EUR)		3.75			01/04/2015		2,300,000		3,604,810
Bundesrepublik Deutschland Series 05 (EUR)		3.25			07/04/2015		1,300,000		2,018,901
Bundesrepublik Deutschland Series 05 (EUR)		3.50			01/04/2016		1,900,000		2,993,826
Bundesrepublik Deutschland Series 05 (EUR)		4.00			01/04/2037		1,250,000		2,069,998
Bundesrepublik Deutschland Series 06 (EUR)		4.00			07/04/2016		1,700,000		2,745,623
Bundesrepublik Deutschland Series 07 (EUR)		4.25			07/04/2039		1,100,000		1,912,141
Bundesrepublik Deutschland Series 08 (EUR)		4.25			07/04/2018		2,200,000		3,678,054
Bundesrepublik Deutschland Series 09 (EUR)		3.75			01/04/2019		1,900,000		3,090,581
Bundesrepublik Deutschland Series 94 (EUR)		6.25			01/04/2024		855,000		1,712,036
Bundesrepublik Deutschland Series 98 (EUR)		4.75			07/04/2028		500,000		889,338
Bundesrepublik Deutschland Series 98 (EUR)		5.63			01/04/2028		1,400,000		2,713,358

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Foreign Government Bonds and Notes@ (continued)
Canadian Government Bond (CAD)		1.50	%		12/01/2012		500,000	$	513,627
Canadian Government Bond (CAD)		1.75			03/01/2013		2,000,000		2,063,923
Canadian Government Bond (CAD)		2.00			09/01/2012		900,000		928,251
Canadian Government Bond (CAD)		2.00			03/01/2014		1,500,000		1,563,214
Canadian Government Bond (CAD)		2.00			06/01/2016		500,000		519,458
Canadian Government Bond (CAD)		2.25			08/01/2014		1,000,000		1,050,699
Canadian Government Bond (CAD)		2.50			09/01/2013		1,800,000		1,888,649
Canadian Government Bond (CAD)		2.50			06/01/2015		1,000,000		1,060,941
Canadian Government Bond (CAD)		2.75			09/01/2016		500,000		537,272
Canadian Government Bond (CAD)		3.00			06/01/2014		1,500,000		1,605,948
Canadian Government Bond (CAD)		3.00			12/01/2015		600,000		649,989
Canadian Government Bond (CAD)		3.50			06/01/2013		1,100,000		1,170,821
Canadian Government Bond (CAD)		3.50			06/01/2020		2,000,000		2,227,632
Canadian Government Bond (CAD)		3.75			06/01/2019		1,500,000		1,702,844
Canadian Government Bond (CAD)		4.00			06/01/2016		1,300,000		1,473,010
Canadian Government Bond (CAD)		4.00			06/01/2017		500,000		571,413
Canadian Government Bond (CAD)		4.00			06/01/2041		1,250,000		1,507,454
Canadian Government Bond (CAD)		4.25			06/01/2018		1,000,000		1,165,833
Canadian Government Bond (CAD)		4.50			06/01/2015		400,000		454,402
Canadian Government Bond (CAD)		5.00			06/01/2014		1,000,000		1,125,825
Canadian Government Bond (CAD)		5.00			06/01/2037		1,500,000		2,044,905
Canadian Government Bond (CAD)		5.75			06/01/2029		1,000,000		1,416,389
Canadian Government Bond (CAD)		5.75			06/01/2033		1,000,000		1,460,227
Canadian Government Bond (CAD)		8.00			06/01/2023		95,000		149,836
Canadian Government Bond (CAD)		8.00			06/01/2027		593,000		1,004,055
Canadian Government Bond (CAD)		9.00			06/01/2025		200,000		351,492
Denmark Government Bond (DKK)		4.00			11/15/2012		3,000,000		599,406
Denmark Government Bond (DKK)		4.00			11/15/2015		7,925,000		1,688,334
Denmark Government Bond (DKK)		4.00			11/15/2017		3,500,000		761,685
Denmark Government Bond (DKK)		4.00			11/15/2019		10,400,000		2,278,819
Denmark Government Bond (DKK)		4.50			11/15/2039		8,600,000		2,118,812
Denmark Government Bond (DKK)		5.00			11/15/2013		7,400,000		1,551,419
Denmark Government Bond (DKK)		7.00			11/10/2024		2,000,000		568,915
France Government Bond (EUR)		2.50			10/25/2020		2,600,000		3,657,216
France Government Bond (EUR)		3.00			07/12/2014		1,700,000		2,559,270
France Government Bond (EUR)		3.00			10/25/2015		1,850,000		2,793,512
France Government Bond (EUR)		3.25			04/25/2016		2,500,000		3,818,686
France Government Bond (EUR)		3.50			04/25/2015		2,200,000		3,378,900
France Government Bond (EUR)		3.50			04/25/2020		3,950,000		6,022,460
France Government Bond (EUR)		3.50			04/25/2026		1,650,000		2,405,780
France Government Bond (EUR)		3.75			04/25/2017		1,900,000		2,974,175
France Government Bond (EUR)		3.75			10/25/2019		1,200,000		1,869,738
France Government Bond (EUR)		3.75			04/25/2021		1,750,000		2,714,283
France Government Bond (EUR)		4.00			04/25/2013		1,500,000		2,259,645
France Government Bond (EUR)		4.00			10/25/2013		1,500,000		2,285,933
France Government Bond (EUR)		4.00			04/25/2014		1,050,000		1,616,398
France Government Bond (EUR)		4.00			10/25/2014		2,000,000		3,101,980
France Government Bond (EUR)		4.00			04/25/2018		2,000,000		3,164,123
France Government Bond (EUR)		4.00			10/25/2038		1,500,000		2,268,371
France Government Bond (EUR)		4.00			04/25/2055		1,150,000		1,715,908
France Government Bond (EUR)		4.00			04/25/2060		650,000		977,050
France Government Bond (EUR)		4.25			10/25/2017		1,350,000		2,170,261

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Foreign Government Bonds and Notes@ (continued)
France Government Bond (EUR)		4.25	%		10/25/2018		1,050,000	$	1,690,260
France Government Bond (EUR)		4.25			04/25/2019		2,950,000		4,746,623
France Government Bond (EUR)		4.25			10/25/2023		1,150,000		1,840,450
France Government Bond (EUR)		4.50			04/25/2041		1,050,000		1,721,513
France Government Bond (EUR)		4.75			10/25/2012		2,100,000		3,145,885
France Government Bond (EUR)		4.75			04/25/2035		1,900,000		3,179,968
France Government Bond (EUR)		5.00			10/25/2016		1,800,000		2,967,118
France Government Bond (EUR)		5.50			04/25/2029		2,150,000		3,870,170
France Government Bond (EUR)		5.75			10/25/2032		1,250,000		2,343,292
France Government Bond (EUR)		6.00			10/25/2025		1,600,000		2,995,507
France Government Bond (EUR)		8.50			10/25/2019		1,900,000		3,916,893
France Government Bond (EUR)		8.50			04/25/2023		800,000		1,764,667
French Republic Bond (EUR)		2.50			01/12/2014		2,300,000		3,408,522
French Treasury Note (EUR)		0.75			09/20/2012		500,000		716,466
French Treasury Note (EUR)		2.00			09/25/2013		250,000		365,722
French Treasury Note (EUR)		2.00			07/12/2015		2,050,000		2,985,760
French Treasury Note (EUR)		2.25			02/25/2016		1,500,000		2,193,968
French Treasury Note (EUR)		2.50			01/15/2015		1,400,000		2,082,656
French Treasury Note (EUR)		4.50			07/12/2013		1,700,000		2,588,401
French Treasury Note Series 5 (EUR)		3.75			01/12/2013		1,600,000		2,385,442
Germany Government Bond (EUR)		0.75			09/14/2012		1,150,000		1,653,859
Germany Government Bond (EUR)		1.00			12/14/2012		500,000		721,619
Germany Government Bond (EUR)		1.50			03/15/2013		2,250,000		3,273,110
Germany Government Bond (EUR)		1.75			06/14/2013		1,000,000		1,463,680
Germany Government Bond (EUR)		1.75			10/09/2015		1,100,000		1,618,059
Germany Government Bond (EUR)		2.25			04/11/2014		1,650,000		2,463,163
Germany Government Bond (EUR)		2.25			04/10/2015		1,750,000		2,622,853
Germany Government Bond (EUR)		2.50			10/10/2014		1,000,000		1,506,889
Germany Government Bond (EUR)		2.50			02/27/2015		1,300,000		1,962,355
Germany Government Bond (EUR)		3.75			01/04/2017		1,200,000		1,928,037
Germany Government Bond (EUR)		4.00			01/04/2018		1,000,000		1,642,782
Italy Buoni Poliennali del Tesoro (EUR)		2.00			12/15/2012		1,500,000		2,123,443
Italy Buoni Poliennali del Tesoro (EUR)		2.00			06/01/2013		1,000,000		1,401,796
Italy Buoni Poliennali del Tesoro (EUR)		2.25			11/01/2013		1,600,000		2,232,437
Italy Buoni Poliennali del Tesoro (EUR)		3.00			04/01/2014		1,000,000		1,407,986
Italy Buoni Poliennali del Tesoro (EUR)		3.00			04/15/2015		1,700,000		2,355,603
Italy Buoni Poliennali del Tesoro (EUR)		3.00			06/15/2015		1,350,000		1,864,226
Italy Buoni Poliennali del Tesoro (EUR)		3.00			11/01/2015		1,750,000		2,401,280
Italy Buoni Poliennali del Tesoro (EUR)		3.50			06/01/2014		1,500,000		2,136,436
Italy Buoni Poliennali del Tesoro (EUR)		3.75			12/15/2013		1,700,000		2,445,373
Italy Buoni Poliennali del Tesoro (EUR)		3.75			08/01/2015		1,800,000		2,560,362
Italy Buoni Poliennali del Tesoro (EUR)		3.75			04/15/2016		1,000,000		1,397,170
Italy Buoni Poliennali del Tesoro (EUR)		3.75			08/01/2016		1,750,000		2,469,708
Italy Buoni Poliennali del Tesoro (EUR)		3.75			03/01/2021		1,700,000		2,234,721
Italy Buoni Poliennali del Tesoro (EUR)		3.75			08/01/2021		1,900,000		2,512,914
Italy Buoni Poliennali del Tesoro (EUR)		4.00			02/01/2017		1,000,000		1,421,561
Italy Buoni Poliennali del Tesoro (EUR)		4.00			09/01/2020		2,000,000		2,711,281
Italy Buoni Poliennali del Tesoro (EUR)		4.00			02/01/2037		1,500,000		1,608,522
Italy Buoni Poliennali del Tesoro (EUR)		4.25			10/15/2012		1,200,000		1,743,418
Italy Buoni Poliennali del Tesoro (EUR)		4.25			04/15/2013		700,000		1,001,528
Italy Buoni Poliennali del Tesoro (EUR)		4.25			08/01/2013		2,100,000		3,059,488
Italy Buoni Poliennali del Tesoro (EUR)		4.25			08/01/2014		2,050,000		2,964,616

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Foreign Government Bonds and Notes@ (continued)
Italy Buoni Poliennali del Tesoro (EUR)		4.25	%		02/01/2015		1,650,000	$	2,388,619
Italy Buoni Poliennali del Tesoro (EUR)		4.25			02/01/2019		2,050,000		2,867,319
Italy Buoni Poliennali del Tesoro (EUR)		4.25			09/01/2019		2,000,000		2,793,132
Italy Buoni Poliennali del Tesoro (EUR)		4.25			03/01/2020		2,150,000		2,988,101
Italy Buoni Poliennali del Tesoro (EUR)		4.50			02/01/2018		2,750,000		3,936,986
Italy Buoni Poliennali del Tesoro (EUR)		4.50			08/01/2018		1,000,000		1,432,349
Italy Buoni Poliennali del Tesoro (EUR)		4.50			03/01/2019		2,000,000		2,839,330
Italy Buoni Poliennali del Tesoro (EUR)		4.50			02/01/2020		1,800,000		2,544,460
Italy Buoni Poliennali del Tesoro (EUR)		4.50			03/01/2026		350,000		441,286
Italy Buoni Poliennali del Tesoro (EUR)		4.75			02/01/2013		1,900,000		2,779,026
Italy Buoni Poliennali del Tesoro (EUR)		4.75			09/01/2021		1,450,000		2,029,062
Italy Buoni Poliennali del Tesoro (EUR)		4.75			08/01/2023		1,750,000		2,379,535
Italy Buoni Poliennali del Tesoro (EUR)		5.00			03/01/2025		1,550,000		2,101,443
Italy Buoni Poliennali del Tesoro (EUR)		5.00			08/01/2034		1,400,000		1,740,367
Italy Buoni Poliennali del Tesoro (EUR)		5.00			08/01/2039		1,400,000		1,711,648
Italy Buoni Poliennali del Tesoro (EUR)		5.00			09/01/2040		1,900,000		2,319,949
Italy Buoni Poliennali del Tesoro (EUR)		5.25			08/01/2017		1,700,000		2,543,616
Italy Buoni Poliennali del Tesoro (EUR)		5.25			11/01/2029		2,100,000		2,768,683
Italy Buoni Poliennali del Tesoro (EUR)		5.75			02/01/2033		1,450,000		1,989,195
Italy Buoni Poliennali del Tesoro (EUR)		6.00			05/01/2031		2,125,000		2,983,576
Italy Buoni Poliennali del Tesoro (EUR)		6.50			11/01/2027		2,200,000		3,254,795
Italy Buoni Poliennali del Tesoro (EUR)		7.25			11/01/2026		950,000		1,520,099
Italy Buoni Poliennali del Tesoro (EUR)		9.00			11/01/2023		730,000		1,329,892
Italy Certificati di Credito del Tesoro (EUR)		0.01			12/31/2012		1,200,000		1,654,115
Japan Government Five Year Bond Series 66 (JPY)		1.10			09/20/2012		167,000,000		2,203,113
Japan Government Five Year Bond Series 69 (JPY)		0.90			12/20/2012		787,500,000		10,384,880
Japan Government Five Year Bond Series 70 (JPY)		0.80			03/20/2013		378,500,000		4,993,190
Japan Government Five Year Bond Series 71 (JPY)		1.30			03/20/2013		165,000,000		2,193,282
Japan Government Five Year Bond Series 72 (JPY)		1.50			06/20/2013		165,000,000		2,207,207
Japan Government Five Year Bond Series 78 (JPY)		0.90			12/20/2013		100,000,000		1,328,573
Japan Government Five Year Bond Series 79 (JPY)		0.70			12/20/2013		275,000,000		3,636,328
Japan Government Five Year Bond Series 81 (JPY)		0.80			03/20/2014		270,000,000		3,583,863
Japan Government Five Year Bond Series 82 (JPY)		0.90			03/20/2014		75,000,000		997,750
Japan Government Five Year Bond Series 83 (JPY)		0.90			06/20/2014		275,000,000		3,663,817
Japan Government Five Year Bond Series 84 (JPY)		0.70			06/20/2014		500,000,000		6,625,153
Japan Government Five Year Bond Series 85 (JPY)		0.70			09/20/2014		350,000,000		4,641,740
Japan Government Five Year Bond Series 86 (JPY)		0.60			09/20/2014		150,000,000		1,983,379
Japan Government Five Year Bond Series 87 (JPY)		0.50			12/20/2014		595,000,000		7,844,846
Japan Government Five Year Bond Series 88 (JPY)		0.50			03/20/2015		1,119,000,000		14,754,213
Japan Government Five Year Bond Series 89 (JPY)		0.40			06/20/2015		542,000,000		7,119,156
Japan Government Five Year Bond Series 90 (JPY)		0.30			06/20/2015		300,000,000		3,925,722
Japan Government Five Year Bond Series 91 (JPY)		0.40			09/20/2015		415,000,000		5,448,603
Japan Government Five Year Bond Series 93 (JPY)		0.50			12/20/2015		335,000,000		4,414,042
Japan Government Five Year Bond Series 94 (JPY)		0.60			12/20/2015		160,000,000		2,117,103
Japan Government Five Year Bond Series 96 (JPY)		0.50			03/20/2016		400,000,000		5,267,807
Japan Government Five Year Bond Series 97 (JPY)		0.40			06/20/2016		120,000,000		1,571,887
Japan Government Forty Year Bond Series 1 (JPY)		2.40			03/20/2048		96,500,000		1,337,432
Japan Government Forty Year Bond Series 2 (JPY)		2.20			03/20/2049		41,000,000		539,979
Japan Government Forty Year Bond Series 3 (JPY)		2.20			03/20/2050		148,000,000		1,909,521
Japan Government Ten Year Bond Series 243 (JPY)		1.10			09/20/2012		410,000,000		5,407,716
Japan Government Ten Year Bond Series 244 (JPY)		1.00			12/20/2012		450,000,000		5,941,792
Japan Government Ten Year Bond Series 245 (JPY)		0.90			12/20/2012		160,000,000		2,109,944

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Foreign Government Bonds and Notes@ (continued)
Japan Government Ten Year Bond Series 248 (JPY)		0.70	%		03/20/2013		853,000,000	$	11,235,671
Japan Government Ten Year Bond Series 251 (JPY)		0.90			06/20/2013		165,000,000		2,184,120
Japan Government Ten Year Bond Series 253 (JPY)		1.60			09/20/2013		1,037,000,000		13,948,144
Japan Government Ten Year Bond Series 256 (JPY)		1.40			12/20/2013		400,000,000		5,371,561
Japan Government Ten Year Bond Series 259 (JPY)		1.50			03/20/2014		750,000,000		10,123,932
Japan Government Ten Year Bond Series 261 (JPY)		1.80			06/20/2014		500,000,000		6,823,136
Japan Government Ten Year Bond Series 264 (JPY)		1.50			09/20/2014		151,500,000		2,056,571
Japan Government Ten Year Bond Series 265 (JPY)		1.50			12/20/2014		473,000,000		6,434,635
Japan Government Ten Year Bond Series 269 (JPY)		1.30			03/20/2015		547,000,000		7,408,596
Japan Government Ten Year Bond Series 270 (JPY)		1.30			06/20/2015		282,000,000		3,829,035
Japan Government Ten Year Bond Series 273 (JPY)		1.50			09/20/2015		330,000,000		4,521,263
Japan Government Ten Year Bond Series 276 (JPY)		1.60			12/20/2015		542,000,000		7,473,272
Japan Government Ten Year Bond Series 277 (JPY)		1.60			03/20/2016		253,000,000		3,495,639
Japan Government Ten Year Bond Series 279 (JPY)		2.00			03/20/2016		100,000,000		1,405,211
Japan Government Ten Year Bond Series 280 (JPY)		1.90			06/20/2016		400,000,000		5,611,670
Japan Government Ten Year Bond Series 282 (JPY)		1.70			09/20/2016		350,000,000		4,876,455
Japan Government Ten Year Bond Series 284 (JPY)		1.70			12/20/2016		330,000,000		4,605,498
Japan Government Ten Year Bond Series 285 (JPY)		1.70			03/20/2017		700,000,000		9,784,504
Japan Government Ten Year Bond Series 286 (JPY)		1.80			06/20/2017		325,000,000		4,573,311
Japan Government Ten Year Bond Series 288 (JPY)		1.70			09/20/2017		1,015,000,000		14,224,144
Japan Government Ten Year Bond Series 289 (JPY)		1.50			12/20/2017		440,000,000		6,100,284
Japan Government Ten Year Bond Series 290 (JPY)		1.40			03/20/2018		125,000,000		1,723,031
Japan Government Ten Year Bond Series 292 (JPY)		1.70			03/20/2018		200,000,000		2,807,149
Japan Government Ten Year Bond Series 293 (JPY)		1.80			06/20/2018		300,000,000		4,238,866
Japan Government Ten Year Bond Series 296 (JPY)		1.50			09/20/2018		400,000,000		5,547,065
Japan Government Ten Year Bond Series 297 (JPY)		1.40			12/20/2018		200,000,000		2,759,676
Japan Government Ten Year Bond Series 298 (JPY)		1.30			12/20/2018		300,000,000		4,103,030
Japan Government Ten Year Bond Series 301 (JPY)		1.50			06/20/2019		320,000,000		4,430,665
Japan Government Ten Year Bond Series 302 (JPY)		1.40			06/20/2019		250,000,000		3,436,747
Japan Government Ten Year Bond Series 303 (JPY)		1.40			09/20/2019		370,000,000		5,057,659
Japan Government Ten Year Bond Series 305 (JPY)		1.30			12/20/2019		525,000,000		7,145,190
Japan Government Ten Year Bond Series 306 (JPY)		1.40			03/20/2020		450,000,000		6,162,920
Japan Government Ten Year Bond Series 307 (JPY)		1.30			03/20/2020		150,000,000		2,038,170
Japan Government Ten Year Bond Series 308 (JPY)		1.30			06/20/2020		833,000,000		11,297,904
Japan Government Ten Year Bond Series 309 (JPY)		1.10			06/20/2020		150,000,000		2,001,312
Japan Government Ten Year Bond Series 311 (JPY)		0.80			09/20/2020		202,000,000		2,619,932
Japan Government Ten Year Bond Series 313 (JPY)		1.30			03/20/2021		517,000,000		6,968,994
Japan Government Ten Year Bond Series 64 (JPY)		1.90			09/20/2023		528,500,000		7,397,295
Japan Government Thirty Year Bond Series 1 (JPY)		2.30			03/20/2040		360,000,000		4,998,518
Japan Government Thirty Year Bond Series 11 (JPY)		1.70			06/20/2033		122,000,000		1,543,366
Japan Government Thirty Year Bond Series 14 (JPY)		2.40			03/20/2034		125,000,000		1,777,468
Japan Government Thirty Year Bond Series 15 (JPY)		2.50			06/20/2034		80,000,000		1,154,443
Japan Government Thirty Year Bond Series 18 (JPY)		2.30			03/20/2035		435,500,000		6,069,205
Japan Government Thirty Year Bond Series 23 (JPY)		2.50			06/20/2036		150,000,000		2,163,914
Japan Government Thirty Year Bond Series 25 (JPY)		2.30			12/20/2036		190,000,000		2,642,538
Japan Government Thirty Year Bond Series 26 (JPY)		2.40			03/20/2037		110,000,000		1,558,212
Japan Government Thirty Year Bond Series 27 (JPY)		2.50			09/20/2037		100,000,000		1,445,402
Japan Government Thirty Year Bond Series 28 (JPY)		2.50			03/20/2038		325,000,000		4,688,464
Japan Government Thirty Year Bond Series 29 (JPY)		2.40			09/20/2038		120,000,000		1,698,393
Japan Government Thirty Year Bond Series 3 (JPY)		2.30			05/20/2030		100,000,000		1,409,088
Japan Government Thirty Year Bond Series 30 (JPY)		2.30			03/20/2039		210,000,000		2,913,334
Japan Government Thirty Year Bond Series 31 (JPY)		2.20			09/20/2039		135,000,000		1,833,965

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Foreign Government Bonds and Notes@ (continued)
Japan Government Thirty Year Bond Series 4 (JPY)		2.90	%		11/20/2030		40,000,000	$	616,042
Japan Government Twenty Year Bond Series 100 (JPY)		2.20			03/20/2028		250,000,000		3,513,204
Japan Government Twenty Year Bond Series 102 (JPY)		2.40			06/20/2028		210,000,000		3,026,663
Japan Government Twenty Year Bond Series 105 (JPY)		2.10			09/20/2028		200,000,000		2,760,008
Japan Government Twenty Year Bond Series 108 (JPY)		1.90			12/20/2028		322,000,000		4,312,348
Japan Government Twenty Year Bond Series 110 (JPY)		2.10			03/20/2029		230,000,000		3,165,319
Japan Government Twenty Year Bond Series 112 (JPY)		2.10			06/20/2029		173,000,000		2,380,866
Japan Government Twenty Year Bond Series 113 (JPY)		2.10			09/20/2029		200,000,000		2,744,388
Japan Government Twenty Year Bond Series 114 (JPY)		2.10			12/20/2029		200,000,000		2,741,126
Japan Government Twenty Year Bond Series 115 (JPY)		2.20			12/20/2029		120,000,000		1,669,045
Japan Government Twenty Year Bond Series 116 (JPY)		2.20			03/20/2030		100,000,000		1,389,450
Japan Government Twenty Year Bond Series 117 (JPY)		2.10			03/20/2030		200,000,000		2,737,853
Japan Government Twenty Year Bond Series 118 (JPY)		2.00			06/20/2030		70,000,000		942,498
Japan Government Twenty Year Bond Series 120 (JPY)		1.60			06/20/2030		326,500,000		4,125,311
Japan Government Twenty Year Bond Series 121 (JPY)		1.90			09/20/2030		135,000,000		1,786,799
Japan Government Twenty Year Bond Series 123 (JPY)		2.10			12/20/2030		165,000,000		2,250,553
Japan Government Twenty Year Bond Series 125 (JPY)		2.20			03/20/2031		200,000,000		2,767,731
Japan Government Twenty Year Bond Series 127 (JPY)		1.90			03/20/2031		80,000,000		1,055,822
Japan Government Twenty Year Bond Series 128 (JPY)		1.90			06/20/2031		195,000,000		2,569,666
Japan Government Twenty Year Bond Series 22 (JPY)		5.30			03/20/2013		165,000,000		2,324,862
Japan Government Twenty Year Bond Series 26 (JPY)		4.50			09/22/2014		165,000,000		2,434,098
Japan Government Twenty Year Bond Series 281 (JPY)		2.00			06/20/2016		335,000,000		4,727,057
Japan Government Twenty Year Bond Series 30 (JPY)		3.70			09/21/2015		100,000,000		1,486,130
Japan Government Twenty Year Bond Series 37 (JPY)		3.10			09/20/2017		250,000,000		3,769,084
Japan Government Twenty Year Bond Series 41 (JPY)		1.50			03/20/2019		395,000,000		5,473,028
Japan Government Twenty Year Bond Series 45 (JPY)		2.40			03/20/2020		585,000,000		8,641,062
Japan Government Twenty Year Bond Series 50 (JPY)		1.90			03/22/2021		629,000,000		8,927,159
Japan Government Twenty Year Bond Series 52 (JPY)		2.10			09/21/2021		408,000,000		5,878,951
Japan Government Twenty Year Bond Series 58 (JPY)		1.90			09/20/2022		80,000,000		1,126,531
Japan Government Twenty Year Bond Series 62 (JPY)		0.80			06/20/2023		82,000,000		1,025,584
Japan Government Twenty Year Bond Series 67 (JPY)		1.90			03/20/2024		173,000,000		2,409,729
Japan Government Twenty Year Bond Series 70 (JPY)		2.40			06/20/2024		338,000,000		4,956,589
Japan Government Twenty Year Bond Series 73 (JPY)		2.00			12/20/2024		298,500,000		4,179,043
Japan Government Twenty Year Bond Series 82 (JPY)		2.10			09/20/2025		175,000,000		2,464,241
Japan Government Twenty Year Bond Series 84 (JPY)		2.00			12/20/2025		150,000,000		2,083,586
Japan Government Twenty Year Bond Series 86 (JPY)		2.30			03/20/2026		80,000,000		1,149,876
Japan Government Twenty Year Bond Series 88 (JPY)		2.30			06/20/2026		375,000,000		5,375,101
Japan Government Twenty Year Bond Series 90 (JPY)		2.20			09/20/2026		150,000,000		2,120,671
Japan Government Twenty Year Bond Series 92 (JPY)		2.10			12/20/2026		230,000,000		3,202,239
Japan Government Twenty Year Bond Series 93 (JPY)		2.00			03/20/2027		420,000,000		5,793,789
Japan Government Twenty Year Bond Series 97 (JPY)		2.20			09/20/2027		200,000,000		2,814,233
Japan Government Twenty Year Bond Series 99 (JPY)		2.10			12/20/2027		200,000,000		2,773,347
Japan Government Two Year Bond Series 17 (JPY)		2.40			12/20/2034		60,000,000		852,600
Japan Government Two Year Bond Series 296 (JPY)		0.10			09/15/2012		160,000,000		2,088,609
Japan Government Two Year Bond Series 297 (JPY)		0.10			10/15/2012		245,000,000		3,198,080
Japan Government Two Year Bond Series 298 (JPY)		0.10			11/15/2012		160,000,000		2,088,475
Japan Government Two Year Bond Series 301 (JPY)		0.20			02/15/2013		200,000,000		2,614,131
Japan Government Two Year Bond Series 303 (JPY)		0.20			04/15/2013		420,000,000		5,490,273
Japan Government Two Year Bond Series 306 (JPY)		0.20			07/15/2013		400,000,000		5,229,730
Japan Government Two Year Bond Series 315 (JPY)		1.20			06/20/2021		280,000,000		3,731,295
Japan Government Two Year Bond Series 67 (JPY)		1.30			09/20/2012		325,000,000		4,295,433
Netherlands Government Bond (EUR)		1.00			01/15/2014		700,000		1,006,546

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Foreign Government Bonds and Notes@ (continued)
Netherlands Government Bond (EUR)		1.75	%		01/15/2013		900,000	$	1,310,408
Netherlands Government Bond (EUR)		2.75			01/15/2015		1,700,000		2,558,293
Netherlands Government Bond (EUR)		3.25			07/15/2021		750,000		1,138,053
Netherlands Government Bond (EUR)		3.50			07/15/2020		1,000,000		1,551,407
Netherlands Government Bond (EUR)		3.75			07/15/2014		1,200,000		1,851,707
Netherlands Government Bond (EUR)		3.75			01/15/2023		850,000		1,333,995
Netherlands Government Bond (EUR)		3.75			01/15/2042		850,000		1,352,665
Netherlands Government Bond (EUR)		4.00			07/15/2016		950,000		1,510,696
Netherlands Government Bond (EUR)		4.00			07/15/2018		1,000,000		1,604,672
Netherlands Government Bond (EUR)		4.00			07/15/2019		900,000		1,447,463
Netherlands Government Bond (EUR)		4.00			01/15/2037		953,000		1,561,725
Netherlands Government Bond (EUR)		4.25			07/15/2013		1,350,000		2,057,087
Netherlands Government Bond (EUR)		4.50			07/15/2017		1,600,000		2,619,074
Netherlands Government Bond (EUR)		5.50			01/15/2028		810,000		1,522,025
Netherlands Government Bond (EUR)		7.50			01/15/2023		435,000		911,166
Spain Government Bond (EUR)		2.30			04/30/2013		1,000,000		1,414,178
Spain Government Bond (EUR)		2.50			10/31/2013		1,350,000		1,892,278
Spain Government Bond (EUR)		3.00			04/30/2015		1,250,000		1,736,196
Spain Government Bond (EUR)		3.15			01/31/2016		1,000,000		1,382,263
Spain Government Bond (EUR)		3.25			04/30/2016		700,000		961,088
Spain Government Bond (EUR)		3.30			10/31/2014		1,000,000		1,418,832
Spain Government Bond (EUR)		3.40			04/30/2014		1,050,000		1,491,659
Spain Government Bond (EUR)		3.80			01/31/2017		1,400,000		1,954,133
Spain Government Bond (EUR)		3.90			10/31/2012		900,000		1,301,513
Spain Government Bond (EUR)		4.20			07/30/2013		700,000		1,019,578
Spain Government Bond (EUR)		4.20			01/31/2037		900,000		1,010,208
Spain Government Bond (EUR)		4.25			01/31/2014		1,000,000		1,453,893
Spain Government Bond (EUR)		4.30			10/31/2019		2,500,000		3,469,150
Spain Government Bond (EUR)		4.40			01/31/2015		1,102,000		1,609,888
Spain Government Bond (EUR)		4.60			07/30/2019		2,200,000		3,112,686
Spain Government Bond (EUR)		4.65			07/30/2025		1,400,000		1,843,215
Spain Government Bond (EUR)		4.70			07/30/2041		850,000		1,007,957
Spain Government Bond (EUR)		4.75			07/30/2014		1,900,000		2,808,558
Spain Government Bond (EUR)		4.80			01/31/2024		900,000		1,224,718
Spain Government Bond (EUR)		4.85			10/31/2020		850,000		1,209,853
Spain Government Bond (EUR)		4.90			07/30/2040		1,000,000		1,227,591
Spain Government Bond (EUR)		5.50			07/30/2017		1,100,000		1,663,160
Spain Government Bond (EUR)		5.50			04/30/2021		1,300,000		1,928,890
Spain Government Bond (EUR)		5.75			07/30/2032		1,600,000		2,255,306
Spain Government Bond (EUR)		5.90			07/30/2026		350,000		509,734
Spain Government Bond (EUR)		6.00			01/31/2029		1,100,000		1,602,178
Spain Government Bond (EUR)		6.15			01/31/2013		1,050,000		1,566,879
Sweden Government Bond (SEK)		3.50			03/30/2039		3,000,000		550,469
Sweden Government Bond (SEK)		3.75			08/12/2017		4,000,000		694,031
Sweden Government Bond (SEK)		4.50			08/12/2015		1,300,000		227,159
Sweden Government Bond (SEK)		5.50			10/08/2012		3,800,000		625,282
Sweden Government Bond Series 1041 (SEK)		6.75			05/05/2014		9,300,000		1,668,764
Sweden Government Bond Series 1047 (SEK)		5.00			12/01/2020		5,890,000		1,153,145
Sweden Government Bond Series 1050 (SEK)		3.00			07/12/2016		4,800,000		799,912
Sweden Government Bond Series 1052 (SEK)		4.25			03/12/2019		9,000,000		1,638,067
United Kingdom Gilt (GBP)		2.00			01/22/2016		1,850,000		3,079,264
United Kingdom Gilt (GBP)		2.25			03/07/2014		2,750,000		4,627,595

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Foreign Government Bonds and Notes@ (continued)
United Kingdom Gilt (GBP)		2.75	%		01/22/2015		2,200,000	$	3,767,823
United Kingdom Gilt (GBP)		3.75			09/07/2019		2,200,000		3,937,922
United Kingdom Gilt (GBP)		3.75			09/07/2020		2,250,000		3,999,406
United Kingdom Gilt (GBP)		3.75			09/07/2021		600,000		1,056,165
United Kingdom Gilt (GBP)		4.00			09/07/2016		2,150,000		3,907,267
United Kingdom Gilt (GBP)		4.00			03/07/2022		1,400,000		2,507,155
United Kingdom Gilt (GBP)		4.00			01/22/2060		1,000,000		1,678,655
United Kingdom Gilt (GBP)		4.25			12/07/2027		1,400,000		2,497,678
United Kingdom Gilt (GBP)		4.25			06/07/2032		1,050,000		1,852,089
United Kingdom Gilt (GBP)		4.25			03/07/2036		1,300,000		2,267,296
United Kingdom Gilt (GBP)		4.25			09/07/2039		1,350,000		2,352,308
United Kingdom Gilt (GBP)		4.25			12/07/2040		1,500,000		2,604,666
United Kingdom Gilt (GBP)		4.25			12/07/2046		1,600,000		2,800,829
United Kingdom Gilt (GBP)		4.25			12/07/2049		1,450,000		2,537,616
United Kingdom Gilt (GBP)		4.25			12/07/2055		2,025,000		3,569,223
United Kingdom Gilt (GBP)		4.50			03/07/2013		2,650,000		4,556,366
United Kingdom Gilt (GBP)		4.50			03/07/2019		1,750,000		3,294,589
United Kingdom Gilt (GBP)		4.50			09/07/2034		1,900,000		3,446,364
United Kingdom Gilt (GBP)		4.50			12/07/2042		1,500,000		2,724,709
United Kingdom Gilt (GBP)		4.75			09/07/2015		2,575,000		4,756,002
United Kingdom Gilt (GBP)		4.75			03/07/2020		3,200,000		6,114,777
United Kingdom Gilt (GBP)		4.75			12/07/2030		3,150,000		5,933,482
United Kingdom Gilt (GBP)		4.75			12/07/2038		1,400,000		2,640,330
United Kingdom Gilt (GBP)		5.00			09/07/2014		2,585,000		4,700,450
United Kingdom Gilt (GBP)		5.00			03/07/2018		1,900,000		3,663,311
United Kingdom Gilt (GBP)		5.00			03/07/2025		2,000,000		3,887,155
United Kingdom Gilt (GBP)		6.00			12/07/2028		1,500,000		3,246,446
United Kingdom Gilt (GBP)		8.00			12/07/2015		1,500,000		3,115,251
United Kingdom Gilt (GBP)		8.00			06/07/2021		1,600,000		3,833,014
United Kingdom Gilt (GBP)		8.75			08/25/2017		500,000		1,134,281
Total Foreign Government Bonds and Notes (Cost $985,892,648)									1,096,423,318
U.S. Treasury Securities: 21.00%
US Treasury Bond		2.13			08/15/2021	$	15,000,000		14,888,732
US Treasury Bond		3.50			02/15/2039		7,000,000		6,881,875
US Treasury Bond		3.63			02/15/2020		13,000,000		14,762,111
US Treasury Bond		3.88			08/15/2040		7,000,000		7,332,500
US Treasury Bond		4.25			05/15/2039		5,000,000		5,593,750
US Treasury Bond		4.25			11/15/2040		10,500,000		11,727,188
US Treasury Bond		4.38			02/15/2038		1,750,000		2,003,204
US Treasury Bond		4.38			11/15/2039		7,800,000		8,898,092
US Treasury Bond		4.38			05/15/2040		6,250,000		7,126,000
US Treasury Bond		4.38			05/15/2041		2,500,000		2,853,900
US Treasury Bond		4.50			02/15/2036		3,150,000		3,691,406
US Treasury Bond		4.50			05/15/2038		4,600,000		5,367,625
US Treasury Bond		4.50			08/15/2039		5,600,000		6,519,626
US Treasury Bond		4.63			02/15/2040		6,500,000		7,714,688
US Treasury Bond		4.75			02/15/2037		1,550,000		1,879,617
US Treasury Bond		4.75			02/15/2041		9,700,000		11,752,151
US Treasury Bond		5.00			05/15/2037		2,300,000		2,894,046
US Treasury Bond		5.25			11/15/2028		2,000,000		2,578,124

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
U.S. Treasury Securities (continued)
US Treasury Bond		5.25	%		02/15/2029	$	3,500,000	$	4,512,813
US Treasury Bond		5.38			02/15/2031		1,750,000		2,303,165
US Treasury Bond		5.50			08/15/2028		2,000,000		2,647,500
US Treasury Bond		6.00			02/15/2026		1,150,000		1,578,554
US Treasury Bond		6.13			11/15/2027		2,400,000		3,370,126
US Treasury Bond		6.13			08/15/2029		1,500,000		2,125,313
US Treasury Bond		6.25			08/15/2023		1,500,000		2,070,234
US Treasury Bond		6.25			05/15/2030		2,250,000		3,241,055
US Treasury Bond		6.38			08/15/2027		2,400,000		3,447,000
US Treasury Bond		6.50			11/15/2026		1,500,000		2,164,688
US Treasury Bond		6.63			02/15/2027		950,000		1,389,375
US Treasury Bond		6.88			08/15/2025		1,500,000		2,211,329
US Treasury Bond		7.13			02/15/2023		3,000,000		4,397,343
US Treasury Bond		7.25			05/15/2016		2,500,000		3,239,845
US Treasury Bond		7.25			08/15/2022		1,000,000		1,470,625
US Treasury Bond		7.50			11/15/2016		2,000,000		2,660,624
US Treasury Bond		7.50			11/15/2024		2,000,000		3,071,250
US Treasury Bond		7.88			02/15/2021		500,000		748,946
US Treasury Bond		8.00			11/15/2021		4,100,000		6,262,750
US Treasury Bond		8.13			08/15/2019		1,350,000		1,995,046
US Treasury Bond		8.50			02/15/2020		1,700,000		2,589,845
US Treasury Bond«		8.75			05/15/2017		2,500,000		3,553,125
US Treasury Bond		8.75			08/15/2020		400,000		622,781
US Treasury Bond		8.88			08/15/2017		1,275,000		1,838,889
US Treasury Bond		8.88			02/15/2019		1,200,000		1,818,750
US Treasury Bond		9.13			05/15/2018		2,900,000		4,342,524
US Treasury Bond		11.25			02/15/2015		2,000,000		2,737,968
US Treasury Note		0.38			09/30/2012		4,500,000		4,511,075
US Treasury Note		0.38			10/31/2012		5,000,000		5,012,695
US Treasury Note		0.38			06/30/2013		15,000,000		15,049,200
US Treasury Note		0.50			05/31/2013		5,000,000		5,026,560
US Treasury Note		0.50			10/15/2013		4,000,000		4,023,752
US Treasury Note		0.50			11/15/2013		4,500,000		4,527,072
US Treasury Note		0.63			12/31/2012		20,000,000		20,120,320
US Treasury Note		0.63			02/28/2013		10,000,000		10,065,620
US Treasury Note		0.63			04/30/2013		10,500,000		10,575,915
US Treasury Note		0.75			03/31/2013		15,000,000		15,132,450
US Treasury Note		0.75			08/15/2013		5,000,000		5,053,515
US Treasury Note		0.75			09/15/2013		4,000,000		4,043,436
US Treasury Note		1.00			07/15/2013		5,000,000		5,074,600
US Treasury Note		1.00			01/15/2014		7,000,000		7,126,875
US Treasury Note		1.13			12/15/2012		6,500,000		6,579,476
US Treasury Note«		1.13			06/15/2013		3,500,000		3,557,575
US Treasury Note		1.25			02/15/2014		5,000,000		5,122,265
US Treasury Note		1.25			04/15/2014		500,000		512,852
US Treasury Note«		1.25			08/31/2015		4,500,000		4,612,500
US Treasury Note		1.25			09/30/2015		7,000,000		7,166,250
US Treasury Note		1.25			10/31/2015		5,000,000		5,114,455
US Treasury Note		1.38			09/15/2012		8,000,000		8,101,560
US Treasury Note		1.38			10/15/2012		5,000,000		5,068,360
US Treasury Note		1.38			11/15/2012		10,000,000		10,145,310
US Treasury Note		1.38			01/15/2013		11,000,000		11,180,037

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
U.S. Treasury Securities (continued)
US Treasury Note«		1.38	%		02/15/2013	$	3,500,000	$	3,560,431
US Treasury Note		1.38			03/15/2013		10,000,000		10,181,600
US Treasury Note		1.38			05/15/2013		5,000,000		5,100,400
US Treasury Note«		1.38			11/30/2015		2,500,000		2,569,530
US Treasury Note«		1.50			12/31/2013		9,000,000		9,263,673
US Treasury Note«		1.50			06/30/2016		7,000,000		7,194,670
US Treasury Note		1.50			07/31/2016		10,000,000		10,272,690
US Treasury Note		1.75			04/15/2013		3,000,000		3,075,690
US Treasury Note«		1.75			01/31/2014		4,500,000		4,663,125
US Treasury Note		1.75			03/31/2014		15,000,000		15,570,705
US Treasury Note		1.75			07/31/2015		4,750,000		4,960,805
US Treasury Note		1.75			05/31/2016		5,000,000		5,202,350
US Treasury Note		1.88			02/28/2014		1,500,000		1,560,351
US Treasury Note		1.88			04/30/2014		4,400,000		4,585,627
US Treasury Note		1.88			06/30/2015		6,250,000		6,556,638
US Treasury Note		1.88			08/31/2017		4,000,000		4,132,188
US Treasury Note		1.88			09/30/2017		11,000,000		11,351,483
US Treasury Note		2.00			11/30/2013		3,800,000		3,950,514
US Treasury Note«		2.00			01/31/2016		4,000,000		4,213,436
US Treasury Note		2.00			04/30/2016		500,000		526,405
US Treasury Note		2.13			11/30/2014		6,500,000		6,859,021
US Treasury Note		2.13			05/31/2015		3,500,000		3,704,540
US Treasury Note«		2.13			12/31/2015		8,000,000		8,475,624
US Treasury Note		2.13			02/29/2016		4,000,000		4,237,500
US Treasury Note«		2.25			05/31/2014		3,500,000		3,686,757
US Treasury Note		2.25			01/31/2015		5,000,000		5,303,125
US Treasury Note«		2.25			11/30/2017		2,500,000		2,633,595
US Treasury Note«		2.38			08/31/2014		5,000,000		5,302,345
US Treasury Note		2.38			09/30/2014		10,500,000		11,144,763
US Treasury Note		2.38			10/31/2014		5,000,000		5,312,110
US Treasury Note«		2.38			02/28/2015		10,000,000		10,658,600
US Treasury Note		2.38			03/31/2016		2,500,000		2,675,000
US Treasury Note		2.38			07/31/2017		3,500,000		3,718,750
US Treasury Note		2.50			03/31/2015		4,000,000		4,285,000
US Treasury Note		2.50			04/30/2015		5,000,000		5,357,420
US Treasury Note«		2.50			06/30/2017		4,500,000		4,817,813
US Treasury Note		2.63			06/30/2014		3,500,000		3,728,319
US Treasury Note		2.63			07/31/2014		5,750,000		6,132,732
US Treasury Note		2.63			12/31/2014		8,000,000		8,580,000
US Treasury Note		2.63			02/29/2016		2,500,000		2,702,345
US Treasury Note		2.63			04/30/2016		2,500,000		2,702,540
US Treasury Note		2.63			01/31/2018		4,000,000		4,302,812
US Treasury Note		2.63			04/30/2018		5,500,000		5,909,063
US Treasury Note«		2.63			08/15/2020		12,000,000		12,567,192
US Treasury Note«		2.63			11/15/2020		10,000,000		10,432,810
US Treasury Note«		2.75			02/28/2013		5,000,000		5,191,600
US Treasury Note		2.75			10/31/2013		8,375,000		8,831,044
US Treasury Note		2.75			11/30/2016		4,000,000		4,346,248
US Treasury Note		2.75			05/31/2017		4,000,000		4,341,564
US Treasury Note		2.75			12/31/2017		6,000,000		6,503,904
US Treasury Note«		2.75			02/28/2018		4,000,000		4,332,812
US Treasury Note«		2.75			02/15/2019		8,950,000		9,649,219

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
U.S. Treasury Securities (continued)
US Treasury Note		2.88	%		03/31/2018	$	4,000,000	$	4,362,500
US Treasury Note		3.00			08/31/2016		3,500,000		3,846,994
US Treasury Note		3.00			09/30/2016		4,000,000		4,396,876
US Treasury Note		3.00			02/28/2017		3,000,000		3,299,064
US Treasury Note		3.13			04/30/2013		5,550,000		5,820,130
US Treasury Note		3.13			08/31/2013		3,500,000		3,703,165
US Treasury Note		3.13			09/30/2013		3,300,000		3,499,548
US Treasury Note		3.13			10/31/2016		6,000,000		6,634,686
US Treasury Note«		3.13			01/31/2017		5,000,000		5,531,250
US Treasury Note		3.13			04/30/2017		3,000,000		3,319,923
US Treasury Note		3.13			05/15/2019		8,000,000		8,825,000
US Treasury Note«		3.13			05/15/2021		5,000,000		5,407,800
US Treasury Note		3.25			05/31/2016		4,000,000		4,441,876
US Treasury Note		3.25			06/30/2016		1,000,000		1,111,250
US Treasury Note		3.25			12/31/2016		4,500,000		5,003,789
US Treasury Note		3.25			03/31/2017		5,000,000		5,565,625
US Treasury Note		3.38			06/30/2013		3,500,000		3,702,755
US Treasury Note		3.38			07/31/2013		2,000,000		2,121,172
US Treasury Note«		3.38			11/15/2019		8,000,000		8,941,872
US Treasury Note		3.50			05/31/2013		2,000,000		2,114,688
US Treasury Note		3.50			02/15/2018		5,000,000		5,651,955
US Treasury Note«		3.50			05/15/2020		17,000,000		19,110,380
US Treasury Note		3.63			05/15/2013		4,000,000		4,233,436
US Treasury Note«		3.63			08/15/2019		9,500,000		10,814,411
US Treasury Note«		3.63			02/15/2021		13,000,000		14,657,500
US Treasury Note«		3.75			11/15/2018		7,000,000		8,045,625
US Treasury Note		3.88			10/31/2012		3,500,000		3,651,347
US Treasury Note		3.88			02/15/2013		2,750,000		2,897,384
US Treasury Note		3.88			05/15/2018		3,000,000		3,466,173
US Treasury Note		4.00			11/15/2012		4,500,000		4,707,774
US Treasury Note		4.00			02/15/2014		3,000,000		3,274,686
US Treasury Note		4.00			02/15/2015		5,500,000		6,163,867
US Treasury Note		4.00			08/15/2018		2,525,000		2,942,413
US Treasury Note		4.13			05/15/2015		3,000,000		3,393,282
US Treasury Note		4.25			09/30/2012		2,000,000		2,088,516
US Treasury Note		4.25			08/15/2013		6,600,000		7,120,007
US Treasury Note		4.25			11/15/2013		2,500,000		2,721,095
US Treasury Note		4.25			08/15/2014		6,500,000		7,246,993
US Treasury Note		4.25			11/15/2014		4,370,000		4,906,348
US Treasury Note«		4.25			08/15/2015		5,500,000		6,278,591
US Treasury Note		4.25			11/15/2017		4,000,000		4,702,812
US Treasury Note«		4.50			11/15/2015		3,000,000		3,471,327
US Treasury Note		4.50			02/15/2016		2,500,000		2,907,813
US Treasury Note		4.50			05/15/2017		2,000,000		2,367,500
US Treasury Note		4.63			11/15/2016		3,000,000		3,548,436
US Treasury Note		4.63			02/15/2017		5,000,000		5,931,250
US Treasury Note		4.75			05/15/2014		2,000,000		2,240,938
US Treasury Note		4.75			08/15/2017		3,000,000		3,605,157
US Treasury Note		4.88			08/15/2016		2,500,000		2,977,930
US Treasury Note		5.13			05/15/2016		2,000,000		2,394,062
Total U.S. Treasury Securities (Cost $881,618,570)									935,467,272

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Yankee Corporate Bonds and Notes: 3.92%
Consumer Discretionary: 0.05%
Media: 0.05%
Grupo Televisa SA		6.00	%		05/15/2018	$	250,000	$	278,525
Grupo Televisa SA		6.63			01/15/2040		500,000		534,799
Thomson Reuters Corporation		4.70			10/15/2019		425,000		477,103
Thomson Reuters Corporation		5.70			10/01/2014		200,000		223,035
Thomson Reuters Corporation		5.95			07/15/2013		250,000		271,498
Thomson Reuters Corporation		6.50			07/15/2018		500,000		608,213
									2,393,173
Consumer Staples: 0.02%
Beverages: 0.02%
Cia de Bebidas das Americas		8.75			09/15/2013		500,000		570,000
Coca-Cola Femsa SAB de CV		4.63			02/15/2020		200,000		214,264
									784,264
Energy: 0.63%
Energy Equipment & Services: 0.04%
Ensco plc		3.25			03/15/2016		1,250,000		1,294,426
Ensco plc		4.70			03/15/2021		500,000		522,011
									1,816,437
Oil, Gas & Consumable Fuels: 0.59%
Alberta Energy Company Limited		7.38			11/01/2031		350,000		415,210
Alberta Energy Company Limited		8.13			09/15/2030		150,000		194,085
Canadian Natural Resources Limited		4.90			12/01/2014		65,000		71,512
Canadian Natural Resources Limited		5.70			05/15/2017		1,150,000		1,342,996
Canadian Natural Resources Limited		5.85			02/01/2035		565,000		599,686
Canadian Natural Resources Limited		6.25			03/15/2038		500,000		579,467
Cenovus Energy Incorporarted		5.70			10/15/2019		200,000		230,271
Cenovus Energy Incorporated		4.50			09/15/2014		500,000		543,052
Cenovus Energy Incorporated		6.75			11/15/2039		500,000		590,988
Enbridge Incorporated		5.60			04/01/2017		100,000		114,533
Encana Corporation		5.90			12/01/2017		300,000		346,988
Encana Corporation		6.50			05/15/2019		400,000		476,832
Encana Corporation		6.50			08/15/2034		250,000		277,296
Encana Corporation		6.50			02/01/2038		350,000		390,796
Husky Energy Incorporated		5.90			06/15/2014		305,000		338,919
Husky Energy Incorporated		6.80			09/15/2037		100,000		117,179
Husky Energy Incorporated		7.25			12/15/2019		565,000		689,399
Nexen Incorporated		6.20			07/30/2019		80,000		92,486
Nexen Incorporated		6.40			05/15/2037		600,000		615,644
Nexen Incorporated		7.50			07/30/2039		560,000		648,126
Noble Holdings International Limited Corporation		3.05			03/01/2016		150,000		156,293
Noble Holdings International Limited Corporation		4.63			03/01/2021		200,000		211,632
Noble Holdings International Limited Corporation		4.90			08/01/2020		250,000		276,244
Noble Holdings International Limited Corporation		6.05			03/01/2041		200,000		216,113
Noble Holdings International Limited Corporation		7.38			03/15/2014		250,000		285,895
Norsk Hydro ASA		6.80			01/15/2028		250,000		315,219

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
Petro-Canada		5.95	%		05/15/2035	$	700,000	$	728,573
Petro-Canada		6.80			05/15/2038		400,000		468,214
Statoil ASA		2.90			10/15/2014		500,000		529,096
Statoil ASA		5.10			08/17/2040		500,000		541,873
Statoilhydro ASA		3.88			04/15/2014		150,000		161,785
Statoilhydro ASA		5.25			04/15/2019		1,015,000		1,176,323
Suncor Energy Incorporated		5.95			12/01/2034		75,000		78,933
Suncor Energy Incorporated		6.10			06/01/2018		900,000		1,043,029
Suncor Energy Incorporated		6.50			06/15/2038		400,000		459,067
Suncor Energy Incorporated		6.85			06/01/2039		250,000		291,941
Talisman Energy Incorporated		3.75			02/01/2021		150,000		148,635
Talisman Energy Incorporated		5.13			05/15/2015		65,000		72,818
Talisman Energy Incorporated		6.25			02/01/2038		400,000		439,421
Talisman Energy Incorporated		7.75			06/01/2019		415,000		521,222
Total Capital Canada Limited		1.63			01/28/2014		140,000		142,821
Total Capital SA		3.00			06/24/2015		500,000		527,015
Total Capital SA		3.13			10/02/2015		1,000,000		1,068,617
Total Capital SA		4.13			01/28/2021		100,000		107,150
Total Capital SA		4.45			06/24/2020		500,000		544,941
Trans Canada Pipelines Limited		6.10			06/01/2040		300,000		352,828
TransCanada PipeLines Limited		3.80			10/01/2020		300,000		312,004
TransCanada PipeLines Limited		6.20			10/15/2037		585,000		691,958
TransCanada PipeLines Limited		7.13			01/15/2019		1,500,000		1,903,935
TransCanada PipeLines Limited		7.63			01/15/2039		500,000		664,630
Transocean Incorporated		4.95			11/15/2015		500,000		540,449
Transocean Incorporated		6.00			03/15/2018		600,000		663,380
Weatherford International Limited		5.13			09/15/2020		200,000		209,397
Weatherford International Limited		5.15			03/15/2013		10,000		10,531
Weatherford International Limited		6.00			03/15/2018		100,000		111,958
Weatherford International Limited		6.75			09/15/2040		300,000		326,589
Weatherford International Limited		7.00			03/15/2038		50,000		55,488
Weatherford International Limited		9.63			03/01/2019		1,000,000		1,341,106
									26,372,588
Financials: 2.06%
Capital Markets: 0.16%
BP Capital Markets plc		3.13			10/01/2015		800,000		836,724
BP Capital Markets plc		3.20			03/11/2016		500,000		525,640
BP Capital Markets plc		3.63			05/08/2014		600,000		632,755
BP Capital Markets plc		3.88			03/10/2015		700,000		745,857
BP Capital Markets plc		4.50			10/01/2020		500,000		540,334
BP Capital Markets plc		4.74			03/11/2021		500,000		547,086
BP Capital Markets plc		4.75			03/10/2019		450,000		496,368
BP Capital Markets plc		5.25			11/07/2013		1,000,000		1,081,674
Nomura Holdings Incorporated		5.00			03/04/2015		1,100,000		1,158,788
Nomura Holdings Incorporated		6.70			03/04/2020		356,000		401,778
									6,967,004
Commercial Banks: 0.78%
Bank of Montreal		2.13			06/28/2013		300,000		307,279
Bank of Nova Scotia		2.05			10/07/2015		300,000		302,514

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Commercial Banks (continued)
Bank of Nova Scotia		2.25	%		01/22/2013	$	545,000	$	556,765
Bank of Nova Scotia		2.38			12/17/2013		600,000		617,548
Bank of Nova Scotia		3.40			01/22/2015		1,150,000		1,221,065
Bank of Nova Scotia		4.38			01/13/2021		500,000		542,263
Barclays Bank plc		2.38			01/13/2014		200,000		197,517
Barclays Bank plc		2.50			01/23/2013		1,500,000		1,501,944
Barclays Bank plc		3.90			04/07/2015		250,000		250,276
Barclays Bank plc		5.00			09/22/2016		900,000		927,620
Barclays Bank plc		5.13			01/08/2020		1,000,000		1,005,930
Barclays Bank plc		5.14			10/14/2020		800,000		734,510
Barclays Bank plc		5.20			07/10/2014		800,000		841,489
Barclays Bank plc		5.45			09/12/2012		300,000		310,446
Barclays Bank plc		6.75			05/22/2019		750,000		823,200
BNP Paribas		2.13			12/21/2012		300,000		295,934
BNP Paribas		3.25			03/11/2015		1,000,000		993,889
BNP Paribas		3.60			02/23/2016		1,000,000		1,001,381
BNP Paribas		5.00			01/15/2021		1,150,000		1,186,716
Canadian Imperial Bank		1.45			09/13/2013		500,000		502,956
Canadian Imperial Bank		2.35			12/11/2015		500,000		509,868
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		4.50			01/11/2021		500,000		535,592
Dresdner Bank AG		7.25			09/15/2015		200,000		197,767
HSBC Holdings plc		5.25			12/12/2012		800,000		821,637
HSBC Holdings plc		6.50			05/02/2036		1,000,000		1,001,722
HSBC Holdings plc		6.50			09/15/2037		850,000		846,280
HSBC Holdings plc		6.80			06/01/2038		350,000		358,912
ICICI Bank Limited 144A		6.63			10/03/2012		1,000,000		1,040,616
Lloyds TSB Bank plc		4.88			01/21/2016		700,000		701,301
Lloyds TSB Bank plc		6.38			01/21/2021		800,000		833,662
Rabobank Nederland		2.13			10/13/2015		1,000,000		1,010,572
Royal Bank of Canada		1.13			01/15/2014		200,000		201,169
Royal Bank of Canada		2.10			07/29/2013		800,000		821,789
Royal Bank of Canada		2.30			07/20/2016		600,000		608,143
Royal Bank of Canada		2.63			12/15/2015		250,000		259,955
Royal Bank of Scotland Group plc		3.40			08/23/2013		750,000		747,834
Royal Bank of Scotland Group plc		3.95			09/21/2015		500,000		487,051
Royal Bank of Scotland Group plc		4.38			03/16/2016		1,000,000		986,249
Royal Bank of Scotland Group plc		4.88			03/16/2015		1,000,000		1,013,623
Royal Bank of Scotland Group plc		5.00			10/01/2014		860,000		828,639
Royal Bank of Scotland Group plc		5.05			01/08/2015		300,000		286,658
Royal Bank of Scotland Group plc		5.63			08/24/2020		1,000,000		1,004,798
Royal Bank of Scotland Group plc		6.40			10/21/2019		575,000		579,068
Svenska Handelsbanken AB		3.13			07/12/2016		500,000		505,060
Toronto Dominion Bank		1.38			07/14/2014		300,000		303,888
Toronto Dominion Bank		2.50			07/14/2016		500,000		514,175
Westpac Banking Corporation		1.85			12/09/2013		200,000		202,425
Westpac Banking Corporation		2.10			08/02/2013		500,000		508,422
Westpac Banking Corporation		2.25			11/19/2012		1,050,000		1,066,241
Westpac Banking Corporation		4.20			02/27/2015		780,000		827,985
Westpac Banking Corporation		4.88			11/19/2019		800,000		840,724
									34,573,067

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Consumer Finance: 0.24%
Coca-Cola HBC Finance BV		5.13	%		09/17/2013	$	250,000	$	267,325
Deutsche Telekom International Finance BV		5.25			07/22/2013		1,000,000		1,068,140
Deutsche Telekom International Finance BV		5.75			03/23/2016		275,000		312,351
Deutsche Telekom International Finance BV		6.00			07/08/2019		500,000		594,985
Deutsche Telekom International Finance BV		8.75			06/15/2030		830,000		1,119,976
Diageo Capital plc		5.20			01/30/2013		300,000		318,325
Diageo Capital plc		5.75			10/23/2017		1,050,000		1,233,290
Diageo Capital plc		5.88			09/30/2036		175,000		198,231
Diageo Capital plc		7.38			01/15/2014		500,000		572,657
Diageo Finance BV		3.25			01/15/2015		100,000		105,413
Diageo Finance BV		5.30			10/28/2015		125,000		142,846
Encana Holdings Finance Corporation		5.80			05/01/2014		154,000		169,909
Telecom Italia Capital SA		4.95			09/30/2014		1,150,000		1,133,154
Telecom Italia Capital SA		5.25			11/15/2013		415,000		415,366
Telecom Italia Capital SA		5.25			10/01/2015		200,000		196,649
Telecom Italia Capital SA		6.00			09/30/2034		150,000		121,368
Telecom Italia Capital SA		7.18			06/18/2019		1,000,000		1,041,452
Telecom Italia Capital SA		7.20			07/18/2036		500,000		459,802
Telecom Italia Capital SA		7.72			06/04/2038		500,000		484,876
Virgin Media Secured Finance plc 144A		5.25			01/15/2021		900,000		977,101
									10,933,216
Diversified Financial Services: 0.83%
Abbey National Treasury Services plc		2.88			04/25/2014		200,000		191,166
Abbey National Treasury Services plc		4.00			04/27/2016		500,000		477,575
Anglogold Holdings plc		5.38			04/15/2020		165,000		168,096
Anglogold Holdings plc		6.50			04/15/2040		295,000		283,865
Barrick Australian Finance Proprietary Limited		5.95			10/15/2039		550,000		592,200
Barrick North America Finance LLC 144A		4.40			05/30/2021		600,000		627,242
BHP Billiton Finance USA Limited		4.80			04/15/2013		500,000		532,534
BHP Billiton Finance USA Limited		5.40			03/29/2017		200,000		232,476
BHP Billiton Finance USA Limited		5.50			04/01/2014		800,000		890,788
BHP Billiton Finance USA Limited		6.50			04/01/2019		1,050,000		1,291,900
Burlington Resources Finance Company		7.20			08/15/2031		500,000		649,458
ConocoPhillips Canada Funding Company		5.63			10/15/2016		150,000		176,149
ConocoPhillips Canada Funding Company		5.95			10/15/2036		300,000		347,836
Credit Suisse New York NY		3.50			03/23/2015		1,000,000		1,018,520
Credit Suisse New York NY		5.00			05/15/2013		1,000,000		1,050,946
Credit Suisse New York NY		5.30			08/13/2019		1,500,000		1,568,498
Credit Suisse New York NY		5.40			01/14/2020		1,000,000		994,884
Credit Suisse New York NY		5.50			05/01/2014		2,200,000		2,371,602
Credit Suisse New York NY		6.00			02/15/2018		625,000		658,124
Deutsche Bank AG London		2.38			01/11/2013		750,000		750,206
Deutsche Bank AG London		3.45			03/30/2015		500,000		510,679
Deutsche Bank AG London		3.88			08/18/2014		1,000,000		1,039,032
Deutsche Bank AG London		4.88			05/20/2013		1,000,000		1,041,033
Deutsche Bank AG London		5.38			10/12/2012		1,000,000		1,044,315
Deutsche Bank AG London		6.00			09/01/2017		1,000,000		1,128,365
ORIX Corporation		4.71			04/27/2015		415,000		435,403
Rio Tinto Finance USA Limited		5.20			11/02/2040		300,000		307,969
Rio Tinto Finance USA Limited		6.50			07/15/2018		750,000		912,319

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Diversified Financial Services (continued)
Rio Tinto Finance USA Limited		8.95	%		05/01/2014	$	1,475,000	$	1,768,937
Rio Tinto Finance USA Limited		9.00			05/01/2019		480,000		654,467
Shell International Finance BV		1.88			03/25/2013		940,000		959,186
Shell International Finance BV		3.25			09/22/2015		1,000,000		1,066,553
Shell International Finance BV		4.00			03/21/2014		950,000		1,024,484
Shell International Finance BV		4.30			09/22/2019		500,000		552,316
Shell International Finance BV		4.38			03/25/2020		500,000		545,367
Shell International Finance BV		5.20			03/22/2017		250,000		292,271
Shell International Finance BV		5.50			03/25/2040		300,000		346,086
Shell International Finance BV		6.38			12/15/2038		850,000		1,083,824
Tyco International Finance SA		3.38			10/15/2015		250,000		262,319
Tyco International Finance SA		4.13			10/15/2014		200,000		216,366
Tyco International Finance SA		8.50			01/15/2019		500,000		656,880
UBS AG Stamford Connecticut		2.25			08/12/2013		500,000		505,082
UBS AG Stamford Connecticut		3.88			01/15/2015		500,000		518,468
UBS AG Stamford Connecticut		4.88			08/04/2020		1,000,000		1,002,036
UBS AG Stamford Connecticut		5.75			04/25/2018		1,000,000		1,064,711
UBS AG Stamford Connecticut		5.88			12/20/2017		1,500,000		1,602,791
UFJ Finance Aruba AEC		6.75			07/15/2013		1,000,000		1,082,693
WPP Finance UK		8.00			09/15/2014		500,000		580,842
									37,078,859
Insurance: 0.05%
Aegon NV		4.63			12/01/2015		500,000		525,336
AXA SA		8.60			12/15/2030		650,000		724,638
Axis Capital Holdings Limited		5.75			12/01/2014		65,000		70,839
Manulife Financial Corporation		3.40			09/17/2015		400,000		406,851
XL Capital Limited		5.25			09/15/2014		312,000		334,734
									2,062,398
Real Estate Management & Development: 0.00%
Brookfield Asset Management Incorporated		5.80			04/25/2017		125,000		137,797
Health Care: 0.17%
Pharmaceuticals: 0.17%
AstraZeneca plc		5.40			09/15/2012		700,000		734,720
AstraZeneca plc		5.40			06/01/2014		75,000		84,592
AstraZeneca plc		5.90			09/15/2017		800,000		960,368
AstraZeneca plc		6.45			09/15/2037		1,150,000		1,437,247
Covidien International Finance SA		1.88			06/15/2013		200,000		203,770
Covidien International Finance SA		2.80			06/15/2015		150,000		156,196
Covidien International Finance SA		5.45			10/15/2012		100,000		105,197
Covidien International Finance SA		6.00			10/15/2017		600,000		720,668
Covidien International Finance SA		6.55			10/15/2037		150,000		182,552
Novartis Securities Investment Limited		5.13			02/10/2019		1,000,000		1,166,156
Sanofi Aventis		1.63			03/28/2014		210,000		213,985
Sanofi Aventis		2.63			03/29/2016		500,000		520,314
Sanofi Aventis		4.00			03/29/2021		700,000		741,311
Teva Pharmaceutical Finance LLC		3.00			06/15/2015		500,000		523,363
									7,750,439

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Industrials: 0.10%
Aerospace & Defense: 0.01%
Embraer Overseas Limited		6.38	%		01/15/2020	$	500,000	$	545,000
Commercial Services & Supplies: 0.03%
Ingersoll-Rand Global Holding Company Limited		6.88			08/15/2018		250,000		303,551
Ingersoll-Rand Global Holding Company Limited		9.50			04/15/2014		500,000		594,486
Tyco Electronics Group SA		6.00			10/01/2012		500,000		528,166
									1,426,203
Industrial Conglomerates: 0.02%
Koninklijke Philips Electronics NV		5.75			03/11/2018		650,000		749,401
Road & Rail: 0.04%
Canadian National Railway Company		5.55			03/01/2019		435,000		518,001
Canadian National Railway Company		6.20			06/01/2036		200,000		238,800
Canadian Pacific Railway Company		4.45			03/15/2023		200,000		209,260
Canadian Pacific Railway Company		5.75			03/15/2033		360,000		384,248
Canadian Pacific Railway Company		5.95			05/15/2037		65,000		70,454
Canadian Pacific Railway Company		7.25			05/15/2019		65,000		81,628
									1,502,391
Information Technology: 0.01%
Communications Equipment: 0.01%
Nokia Corporation		5.38			05/15/2019		500,000		498,061
Materials: 0.34%
Chemicals: 0.04%
Agrium Incorporated		6.13			01/15/2041		165,000		187,427
Agrium Incorporated		6.75			01/15/2019		300,000		365,230
Potash Corporation of Saskatchewan Incorporated		3.75			09/30/2015		560,000		606,848
Potash Corporation of Saskatchewan Incorporated		4.88			03/30/2020		255,000		282,026
Potash Corporation of Saskatchewan Incorporated		5.25			05/15/2014		50,000		55,454
Potash Corporation of Saskatchewan Incorporated		5.63			12/01/2040		200,000		220,231
Potash Corporation of Saskatchewan Incorporated		5.88			12/01/2036		75,000		84,170
Potash Corporation of Saskatchewan Incorporated		6.50			05/15/2019		65,000		79,489
									1,880,875
Metals & Mining: 0.29%
ArcelorMittal		3.75			03/01/2016		100,000		98,917
ArcelorMittal		5.38			06/01/2013		750,000		779,839
ArcelorMittal		5.50			03/01/2021		500,000		488,955
ArcelorMittal		6.13			06/01/2018		600,000		624,713
ArcelorMittal		6.75			03/01/2041		500,000		475,838
ArcelorMittal		7.00			10/15/2039		500,000		482,426
ArcelorMittal		9.00			02/15/2015		425,000		489,486
ArcelorMittal		9.85			06/01/2019		1,000,000		1,222,409
Barrick Gold Corporation 144A		1.75			05/30/2014		60,000		60,845
Barrick Gold Corporation 144A		2.90			05/30/2016		600,000		615,611
Falconbridge Limited		6.00			10/15/2015		600,000		663,782
Rio Tinto Alcan Incorporated		4.88			09/15/2012		500,000		517,828

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Metals & Mining (continued)
Teck Resources Limited		4.50	%		01/15/2021	$	350,000	$	356,566
Teck Resources Limited		4.75			01/15/2022		202,000		207,715
Teck Resources Limited		6.00			08/15/2040		175,000		177,529
Teck Resources Limited		6.25			07/15/2041		300,000		317,027
Teck Resources Limited		9.75			05/15/2014		1,250,000		1,509,020
Vale Overseas Limited		4.63			09/15/2020		300,000		306,190
Vale Overseas Limited		6.25			01/23/2017		1,405,000		1,593,961
Vale Overseas Limited		6.88			11/21/2036		1,260,000		1,439,040
Vale Overseas Limited		6.88			11/10/2039		130,000		148,376
Vale Overseas Limited		8.25			01/17/2034		300,000		389,371
									12,965,444
Paper & Forest Products: 0.01%
Celulosa Arauco y Constitucion SA		5.63			04/20/2015		65,000		70,729
Celulosa Arauco y Constitucion SA		7.25			07/29/2019		350,000		408,645
									479,374
Telecommunication Services: 0.48%
Diversified Telecommunication Services: 0.26%
British Telecommunications plc		5.15			01/15/2013		350,000		368,991
British Telecommunications plc		5.95			01/15/2018		250,000		282,111
British Telecommunications plc		9.88			12/15/2030		1,150,000		1,674,538
Deutsche Telekom		4.88			07/08/2014		300,000		326,074
France Telecom SA		4.38			07/08/2014		1,000,000		1,069,383
France Telecom SA		5.38			07/08/2019		350,000		389,911
France Telecom SA		8.50			03/01/2031		925,000		1,228,049
Royal KPN NV		8.38			10/01/2030		375,000		485,759
Telefonica Emisiones SAU		2.58			04/26/2013		500,000		493,108
Telefonica Emisiones SAU		3.73			04/27/2015		470,000		462,329
Telefonica Emisiones SAU		3.99			02/16/2016		710,000		695,154
Telefonica Emisiones SAU		4.95			01/15/2015		430,000		439,752
Telefonica Emisiones SAU		5.13			04/27/2020		445,000		422,551
Telefonica Emisiones SAU		5.46			02/16/2021		500,000		483,033
Telefonica Emisiones SAU		6.42			06/20/2016		500,000		525,193
Telefonica Emisiones SAU		7.05			06/20/2036		550,000		546,730
Telefonica Europe BV		8.25			09/15/2030		420,000		474,968
Telefonica SA		5.88			07/15/2019		645,000		646,593
Telefonos de Mexico SA de CV		5.50			01/27/2015		465,000		515,905
									11,530,132
Wireless Telecommunication Services: 0.22%
America Movil SAB de CV		3.63			03/30/2015		500,000		531,097
America Movil SAB de CV		5.00			03/30/2020		1,000,000		1,084,280
America Movil SAB de CV		5.50			03/01/2014		300,000		330,772
America Movil SAB de CV		5.63			11/15/2017		450,000		513,926
America Movil SAB de CV		6.13			11/15/2037		100,000		111,678
America Movil SAB de CV		6.13			03/30/2040		500,000		555,984
America Movil SAB de CV		6.38			03/01/2035		65,000		74,468
Rogers Communications Incorporated		6.80			08/15/2018		750,000		914,978
Rogers Wireless Incorporated		6.38			03/01/2014		100,000		112,444
Rogers Wireless Incorporated		7.50			03/15/2015		500,000		598,508

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

DIVERSIFIED FIXED INCOME PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Wireless Telecommunication Services (continued)
Vodafone Group plc		3.38	%		11/24/2015	$	500,000	$	529,406
Vodafone Group plc		4.15			06/10/2014		250,000		269,797
Vodafone Group plc		4.63			07/15/2018		180,000		199,345
Vodafone Group plc		5.00			12/16/2013		1,000,000		1,083,864
Vodafone Group plc		5.00			09/15/2015		250,000		280,244
Vodafone Group plc		5.38			01/30/2015		75,000		84,157
Vodafone Group plc		5.45			06/10/2019		400,000		467,204
Vodafone Group plc		5.63			02/27/2017		500,000		579,040
Vodafone Group plc		6.15			02/27/2037		1,000,000		1,149,386
Vodafone Group plc		7.88			02/15/2030		250,000		343,553
									9,814,131
Utilities: 0.06%
Electric Utilities: 0.01%
Enersis SA/Cayman Island		7.38			01/15/2014		250,000		279,240
Independent Power Producers & Energy Traders: 0.01%
Transalta Corporation		4.75			01/15/2015		400,000		428,593
Transalta Corporation		6.50			03/15/2040		90,000		97,988
									526,581
Multi-Utilities: 0.03%
National Grid plc		6.30			08/01/2016		600,000		699,569
Veolia Environment SA		5.25			06/03/2013		200,000		211,585
Veolia Environment SA		6.00			06/01/2018		500,000		570,026
									1,481,180
Water Utilities: 0.01%
United Utilities Incorporated		5.38			02/01/2019		250,000		267,922
Total Yankee Corporate Bonds and Notes (Cost $167,742,301)									174,815,177
Other: 0.06%
Gryphon Funding Limited, Pass-through Entity(a)(i)(v)							1,548,440		590,730
VFNC Corporation, Pass-through Entity, 0.21%±144A(a)(i)(v)							4,222,127		2,279,948
Total Other (Cost $1,284,054)									2,870,678
	Yield					Shares
Short-Term Investments: 4.20%
Investment Companies: 4.20%
Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)##		0.05					105,983,758		105,983,758
Wells Fargo Securities Lending Cash Investments, LLC(l)(v)(u)(r)		0.19					81,191,801		81,191,801
Total Short-Term Investments (Cost $187,175,559)									187,175,559

Total Investments in Securities
(Cost $4,311,022,944)*	102.97	%		4,587,700,567
Other Assets and Liabilities, Net	(2.97	)		(132,481,708	)
Total Net Assets	100.00	%	$	4,455,218,859

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

DIVERSIFIED FIXED INCOME PORTFOLIO

%% Security issued on a when-issued (TBA) basis.

± Variable rate investment.

^ Zero coupon security. Rate represents yield to maturity.

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

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

(l) Investment in an affiliate. The total cost of affiliated investments is $207,558,842.

@ Foreign bond principal is denominated in local currency.

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

(i) Illiquid security.

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

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

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

(r) The investment company is exempt from registration under Section 3(c)(7) of the 1940 Act.

* Cost for federal income tax purposes is $4,312,203,933 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	285,265,752
Gross unrealized depreciation		(9,769,118	)
Net unrealized appreciation	$	275,496,634

The following table shows the percent of total long-term investments by geographic location as of August 31, 2011:

United States	75.07	%
Japan	12.08	%
Germany	2.31	%
Italy	2.26	%
France	2.19	%
Spain	0.97	%
Canada	0.69	%
Belgium	0.63	%
Netherlands	0.60	%
Other	3.20	%
	100.00	%

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

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

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Common Stocks: 98.93%
Consumer Discretionary: 12.15%
Auto Components: 0.75%
Aapico Hitech Public Company Limited		123,000	$	54,174
Aisin Seiki Company Limited		26,800		898,895
Akebono Brake Industry Company Limited		22,700		117,094
Autoneum Holding AG†		164		11,549
Bharat Forge Limited		19,334		117,563
BorgWarner Incorporated†		70,755		5,051,199
Bosch Limited		1,366		214,466
Bridgestone Corporation		85,800		1,914,183
Bridgestone Corporation ADR		4,725		210,971
Calsonic Kansei Corporation		41,000		245,379
Cheng Shin Rubber Industry Company Limited†		290,739		680,115
Compagnie Generale Des Establissements Michelin Class B		11,514		842,621
Continental AG		5,092		375,424
Cooper Tire & Rubber Company		111,204		1,348,905
Dana Holding Corporation†		286,337		3,650,797
Denso Corporation		69,700		2,228,280
Exedy Corporation		5,000		172,957
Exide Industries Limited†		55,479		180,617
Faurecia		2,019		59,137
FCC Company Limited		5,300		118,049
Futaba Industrial Company Limited		6,100		42,032
Gentex Corporation		91,320		2,369,297
GKN plc		91,717		300,234
Goodyear Tire & Rubber Company†		145,600		1,814,176
Halla Climate Control Corporation†		8,860		197,358
Hankook Tire Company Limited		11,830		445,635
Hi-Lex Corporation		4,100		70,250
Hyundai Mobis†		10,468		3,337,444
Hyundai Wia Corporation†		1,460		198,164
Kanto Auto Works Limited		1,200		10,710
Kayaba Industry Company Limited		27,000		180,477
KEIHIN Corporation		9,300		174,169
Kenda Rubber Industrial Company Limited†		59,835		78,084
Koito Manufacturing Company Limited		17,000		256,089
Kumho Industrial Company Limited†		8,435		60,287
Lear Corporation		70,016		3,345,364
Leoni AG		4,204		180,066
Linamar Corporation		2,422		38,681
Magna International Incorporated Class A		13,900		527,868
Mando Corporation		1,886		331,945
Martinrea International Incorporated†		3,001		20,930
Minth Group Limited		76,000		84,527
Musashi Seimitsu Industry Company Limited		1,900		46,187
Nan Kang Rubber Tire Company Limited†		70,957		119,624
NGK Spark Plug Company Limited		29,000		376,764
NHK Spring Company Limited		27,000		255,512
NIFCO Incorporated		6,500		166,166
Nippon Seiki Company Limited		8,000		93,203

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

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Auto Components (continued)
Nissan Shatai Company Limited		12,000	$	93,265
Nissin Kogyo Company Limited		8,500		133,532
NOK Corporation		19,900		345,994
Nokian Renkaat Oyj		7,959		295,148
Pacific Industrial Company Limited†		5,000		26,894
Pirelli & Company SpA		11,055		92,486
Press Kogyo Company Limited		13,000		63,715
Rieter Holding AG†		164		32,271
Riken Corporation†		27,000		117,803
Sanden Corporation		14,000		56,695
Showa Corporation		1,800		12,021
Somboon Advance Technology PCL		104,216		84,847
Stanley Electric Company Limited		21,400		308,200
Sumitomo Rubber Industries		24,700		312,444
Tachi-S Company Limited		3,600		62,010
Takata Corporation		5,600		136,995
Tenneco Automotive Incorporated†«		106,800		3,504,108
Thai Stanley Electric PCL†		13,600		76,917
Tokai Rika Company Limited		8,200		142,112
Tokai Rubber Industries Incorporated		6,500		83,783
Tong Yang Industry Company Limited†		94,160		104,573
Topre Corporation		4,200		42,428
Toyo Tire & Rubber Company Limited		19,000		50,750
Toyota Auto Body Company Limited		4,400		71,014
Toyota Boshoku Corporation		11,900		176,779
Toyota Gosei Company Limited		9,800		177,386
Toyota Industries Corporation		29,300		833,823
TS Tech Company Limited		7,600		116,151
UMW Holdings Berhad†		46,800		114,466
Unipres Corporation		3,500		90,070
Valeo SA		5,453		287,821
Xinyi Glass Holding Company Limited		284,000		169,474
Yarnapund PCL†(a)		1,551,500		16,175
Yokohama Rubber Company Limited		35,000		196,142
				42,041,910
Automobiles: 0.93%
Toyota Motor Corporation		405,114		14,594,359
Bajaj Auto		20,834		715,574
Bayerische Motoren Werke AG		21,068		1,704,527
Brilliance China Automotive Holdings Limited†		316,000		385,555
BYD Company Limited		74,500		156,069
China Motor Company Limited†		67,150		72,256
Chongqing Changchun Automobile Class B†		43		14
Daihatsu Motor Company Limited		28,000		467,127
Daimler AG		62,041		3,351,456
Dongfeng Motor Group Company Limited		410,000		656,927
Fiat Industrial†		48,439		469,338
Fiat Industrial di Risparmio		3,220		17,057
Fiat SpA		48,439		300,276
Fiat SpA di Risparmio		3,220		14,553

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

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Automobiles (continued)
Fleetwood Corporation Limited†		5,077	$	59,463
Ford Otomotiv Sanayi AS		8,512		57,404
Fuji Heavy Industries Limited		87,000		545,794
Geely Automobile Holdings Limited		530,000		153,261
Ghabbour Auto		3,188		15,619
Guangzhou Automobile Group Company Limited		315,454		343,068
Hero Honda Motors Limited†		13,771		616,734
Honda Motor Company Limited		245,100		7,986,577
Honda Motor Company Limited ADR		25		812
Hyundai Motor Company Limited		20,315		3,900,958
Isuzu Motors Limited		180,000		810,294
Kia Motors Corporation		40,754		2,722,528
Mahindra & Mahindra Limited		50,851		822,152
Mahindra & Mahindra Limited GDR		20,144		327,318
Maruti Suzuki India Limited†		21,037		499,950
Mazda Motor Corporation		213,000		458,773
Mitsubishi Motors Corporation†		507,000		653,343
Nissan Motor Company Limited		317,000		2,914,948
Oriental Holdings Berhad†		28,320		44,590
Peugeot SA		10,397		317,778
Proton Holdings Berhad		12,700		12,547
PT Astra International Incorporated		306,294		2,456,954
Renault SA		13,483		547,886
Suzuki Motor Corporation		60,200		1,241,095
Tan Chong Motor Holdings Berhad†		87,300		141,371
Tofas Turk Otomobil Fabrikasi AS†		12,763		42,897
Volkswagen AG		2,854		433,507
Yamaha Motor Company Limited		39,900		600,588
Yue Loong Motor†		158,929		360,667
Zhongsheng Group Holdings Limited		89,000		151,213
				52,145,177
Distributors: 0.21%
Canon Marketing Japan Incorporated		6,400		74,958
CFAO		4,172		171,452
D’ieteren SA NV		1,530		84,591
Genuine Parts Company«		104,979		5,775,945
Hanwha Corporation (Korea)†		7,410		281,144
Imperial Holding Limited		36,119		596,698
Inchcape plc		28,547		149,364
Jardine Cycle & Carriage Limited		13,439		500,143
LG International Corporation†		5,460		283,323
Li & Fung Limited		762,530		1,375,508
Pacific Brands Limited†		88,865		61,955
Pool Corporation«		95,200		2,468,536
Tat Hong Holdings Limited		7,000		3,945
Uni-Select Incorporated		432		11,624
Yokohama Reito Company†		2,000		15,506
				11,854,692

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

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Diversified Consumer Services: 0.59%
Arbitron Incorporated«		47,400	$	1,779,870
Benesse Corporation		12,500		533,564
Career Education Corporation†		128,700		2,184,039
Coinstar Incorporated†«		51,862		2,364,389
Corporate Executive Board Company		60,200		1,981,784
DeVry Incorporated		37,772		1,668,767
Educomp Solutions Limited		5,295		23,675
H & R Block Incorporated		195,111		2,950,078
Hillenbrand Incorporated		121,086		2,470,154
InvoCare Limited		10,912		85,890
Itausa Investimentos Itau SA		37,862		290,167
ITT Educational Services Incorporated†«		20,332		1,467,157
Matthews International Corporation		52,647		1,758,936
Navitas Limited		29,257		119,266
New Oriental Education & Technology Group Incorporated†		17,412		531,066
Raffles Education Corporation Limited		55,177		22,439
Regis Corporation«		111,795		1,651,212
Service Corporation International«		467,443		4,777,267
Sotheby’s Holdings Incorporated«		119,000		4,427,990
Strayer Education Incorporated«		22,241		2,105,111
				33,192,821
Hotels, Restaurants & Leisure: 1.73%
A-Max Holdings Limited†		83,500		965
Accor SA		8,760		314,049
Accordia Golf Company Limited		85		67,588
Ajisen China Holdings Limited		67,200		102,030
Aristocrat Leisure Limited		70,903		158,445
Autogrill SpA		5,082		63,011
Bally Technologies Incorporated		94,909		2,978,244
Banyan Tree Holdings Limited		13,000		7,884
Berjaya Land Berhad†		210,400		72,229
Berjaya Sports Toto Berhad		78,950		111,972
Bob Evans Farms Incorporated		59,491		1,889,434
Brinker International Incorporated		174,790		3,946,758
Cafe de Coral Holdings Limited		34,000		82,802
Carnival Corporation		47,700		1,575,531
Carnival plc		11,453		370,429
CEC Entertainment Incorporated		32,225		1,000,909
Chipotle Mexican Grill Incorporated†«		20,094		6,296,857
Compass Group plc		119,362		1,064,505
Cracker Barrel Old Country Store Incorporated«		41,300		1,749,468
Crown Limited		64,616		577,858
Doutor Nichires Holdings Company Limited		5,200		64,116
Echo Entertainment Group Limited†		94,217		397,818
Egyptian For Tourism Resorts†		16,982		3,013
EIH Limited†		57,568		110,329
Enterprise Inns plc†		26,791		17,856
Flight Centre Limited		8,570		182,716
Formosa International Hotels Corporation†		12,282		199,887
Fujita Kanko Incorporated†		30,000		101,948

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

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Hotels, Restaurants & Leisure (continued)
Galaxy Entertainment Group Limited†		129,000	$	324,083
Gaylord Entertainment Company†«		74,347		1,869,084
Genting Berhad		357,200		1,138,537
Genting Hong Kong Limited†		151,000		54,491
Genting International plc†		772,320		1,066,961
Great Canadian Gaming Corporation†		1,414		11,248
Greene King plc		10,307		74,327
H.I.S Company Limited		3,400		94,814
Hong Kong & Shanghai Hotels Limited		93,228		141,461
Hotel Properties Limited†		6,000		10,034
Hyatt Hotels Corporation Class A†«		63,842		2,267,029
Imperial Hotel Limited†		1,450		37,081
Indian Hotels Company Limited†		66,498		104,739
Intercontinental Hotels Group plc		17,677		297,936
International Game Technology		189,830		2,896,806
Interval Leisure Group Incorporated†		70,915		893,529
Intralot SA-Integrated Lottery Systems & Services†		4,444		5,075
Jack in the Box Incorporated†		1,000		20,770
Jollibee Foods Corporation		52,200		107,673
Kangwon Land Incorporated†		18,970		496,695
Kappa Create Company Limited†		2,100		46,196
Kentucky Fried Chicken (Japan) Limited†		2,100		55,729
KFC Holdings Malaysia Berhad		22,464		29,645
Kisoji Company Limited†		3,500		66,444
Kuoni Reisen Holding AG†		214		73,989
Ladbrokers plc		52,013		107,751
Las Vegas Sands Corporation†		91,555		4,263,716
Life Time Fitness Incorporated†«		70,305		2,695,494
Lottomatica SpA†		2,688		42,449
Marriott International Incorporated Class A«		60,600		1,774,368
Marston’s plc		27,687		42,662
McDonald’s Corporation		128,214		11,598,238
McDonald’s Holdings Company (Japan) Limited		8,700		231,999
Melco International Development Limited		84,000		95,869
Millennium & Copthorne Hotels plc		5,951		41,406
Minor International PCL ADR		95,700		40,873
Mitchells & Butlers plc†		19,207		71,907
MOS Food Services Incorporated		4,500		91,497
Ohsho Food Service Corporation		1,600		39,280
Opap SA		18,417		223,446
Orbis SA†		2,450		28,052
Orient Express Hotels Limited Class A†«		168,663		1,322,318
Oriental Land Company Limited		7,700		764,778
Pacific Golf Group International		14		7,344
Paddy Power plc		2,235		113,883
Panera Bread Company†«		51,149		5,889,807
PartyGaming plc		32,201		65,233
PF Chang’s China Bistro Incorporated«		37,226		1,121,992
Pinnacle Entertainment Incorporated†«		111,704		1,532,579
Plenus Company Limited		2,000		33,096
Punch Taverns plc†		32,370		5,067

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

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Hotels, Restaurants & Leisure (continued)
Resorts World Berhad		408,715	$	460,913
Resorttrust Incorporated†		2,880		48,342
Restaurant Group plc†		5,909		27,382
Rexcapital Financial Holdings Limited		625,000		47,503
Round One Corporation		8,500		74,563
Royal Holdings Company Limited†		1,300		14,431
Saizeriya Company Limited		4,700		86,237
Sands China Limited		315,123		982,647
Scientific Games Corporation Class A†«		121,700		1,073,394
Shangri-La Asia Limited		236,166		545,097
Six Flags Entertainment Corporation«		96,800		3,247,640
SJM Holdings Limited		221,000		509,424
Sky City Entertainment Group Limited		106,136		305,169
Sodexho Alliance SA		5,883		436,997
Sonic Corporation†«		109,153		1,011,848
Spirit Pub Company plc		32,370		22,858
St. Marc Holdings Company Limited		300		11,845
Starwood Hotels & Resorts Worldwide Incorporated		126,100		5,619,016
Tabcorp Holdings Limited		94,217		284,829
Tattersall’s Limited		176,372		438,609
Thomas Cook Group plc		84,009		58,381
Tim Hortons Incorporated		10,944		521,217
Tokyo Dome Corporation		11,000		22,656
Tokyotokeiba Company Limited†		12,000		17,478
Transat A.T. Incorporated Class A†		1,458		13,786
TUI AG		6,630		45,537
TUI Travel plc		24,735		61,362
Vail Resorts Incorporated«		61,420		2,483,211
Watami Food Service Company†		3,900		90,520
Wendy’s Company«		197,308		960,890
Wetherspoon (J.D.) plc		2,154		14,484
Whitbread plc		12,652		308,650
William Hill plc		39,046		142,758
WMS Industries Incorporated†		101,212		2,208,446
Wyndham Worldwide Corporation		113,183		3,676,184
Wynn Macau Limited		164,000		532,800
Wynn Resorts Limited		16,837		2,605,021
Yoshinoya D&C Company Limited		37		47,877
Zensho Company Limited		11,700		165,950
				97,164,083
Household Durables: 0.82%
Alpine Electronics Incorporated		3,700		50,373
Arcelik AS†		30,036		106,359
Arnest One Corporation		3,700		39,618
Barratt Developments plc†		67,471		89,872
Bellway plc		5,665		55,199
Berkeley Group Holdings plc†		11,306		216,557
Bovis Homes Group plc		9,847		60,469
Brookfield Residential Properties Incorporated†		14,368		114,082
Casio Computer Company Limited		35,500		226,189

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

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Household Durables (continued)
Chofu Seisakusho Company Limited		1,900	$	51,700
Cleanup Corporation		5,200		31,501
Corona Corporation†		2,000		31,238
Dorel Industries Incorporated Class B		1,167		28,135
DR Horton Incorporated		184,731		1,943,370
Ekornes ASA		800		15,063
Electrolux AB Class B		14,855		249,575
Foster Electric Company Limited		2,400		36,098
France Bed Holdings Company Limited		6,000		8,833
Funai Electric Company Limited		2,100		52,515
Garmin Limited«		82,000		2,749,460
GUD Holdings Limited		6,955		55,334
Haier Electronics Group Company†		170,000		192,439
Harman International Industries Incorporated		122,570		4,435,808
Haseko Corporation		150,000		106,876
Hitachi Koki Company Limited		5,000		40,841
Husqvarna AB A Shares		1		5
Husqvarna AB B Shares		37,065		193,503
Inventec Appliances Corporation†		10,914		6,680
JM AB		8,886		148,218
JVC Kenwood Holdings Incorporated†		13,400		64,234
KB Home«		117,700		775,643
Leggett & Platt Incorporated«		95,119		2,110,691
Lennar Corporation Class A«		103,500		1,521,450
LG Electronics Incorporated		12,642		795,528
Matsunichi Communication Holdings Limited†		20,000		7,019
Matsushita Electric Industrial Company Limited		314,810		3,345,987
Newell Rubbermaid Incorporated		195,219		2,701,831
Nexity SA†		1,566		64,889
Nobia AB		5,775		28,410
NVR Incorporated†«		3,734		2,376,691
Panahome Corporation		12,000		84,135
Persimmon plc		20,659		151,895
Pioneer Corporation		38,600		182,436
Pulte Homes Incorporated†«		203,000		974,400
Redrow plc†		3,458		6,848
Rinnai Corporation		5,300		412,608
Sangetsu Company Limited		5,200		134,389
SEB SA		1,103		109,165
Sekisui Chemical Company Limited		71,000		611,918
Sekisui House Limited		75,000		677,303
Sharp Corporation		142,000		1,177,032
Skyworth Digital Technology Company Limited		226,157		131,272
Sony Corporation		135,494		2,975,274
Stanley Black & Decker Incorporated		108,188		6,705,492
Steinhoff International Holdings Limited†		139,274		458,712
Sumitomo Foresting		21,000		183,579
Takamatsu Corporation		900		15,493
Tatung Company Limited†		394,770		171,397
Taylor Woodrow plc†		300,372		161,205
Technicolor		4,271		18,641

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

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Household Durables (continued)
Techtronic Industries Company		124,500	$	118,713
Tempur-Pedic International Incorporated†«		44,400		2,585,856
TOA Corporation†		1,000		6,100
Tomtom NV†		4,700		22,162
Tupperware Brands Corporation		38,920		2,588,180
Turk Sise Ve Cam Fabrikalari AS†		66,935		126,266
Videocon Industries Limited†		16,162		63,355
Vodone Limited		534,000		72,950
Welling Holding Limited		102,800		18,123
Woongjin Coway Company Limited†		6,350		239,296
				46,312,478
Internet & Catalog Retail: 0.66%
Amazon.com Incorporated†		69,027		14,860,823
Askul Corporation		2,300		31,159
ASOS plc†		7,672		245,583
Belluna Company Limited		3,000		22,571
CDON Group†		4,115		22,937
Dena Company Limited		14,600		761,449
Expedia Incorporated		133,400		4,043,354
Home Retail Group		62,866		129,849
HSN Incorporated†		71,287		2,291,164
Liberty Media Holding Corporation Interactive Series A†		375,687		5,943,368
N Brown Group plc		3,324		14,320
Netflix Incorporated†«		8,726		2,050,697
Nissen Company Limited		2,200		13,343
Priceline.com Incorporated†		9,396		5,048,095
Rakuten Incorporated		966		1,091,349
Senshukai Company Limited†		1,800		12,714
Start Today Company Limited		12,500		337,352
Wotif.com Holdings Limited†		18,653		85,885
				37,006,012
Leisure Equipment & Products: 0.38%
Altek Corporation†		87,736		101,778
Amer Sports Oyj		6,650		89,740
Aruze Corporation		4,400		160,465
Asia Optical Company Incorporated†		14,239		17,937
Beneteau SA		1,319		22,154
Eastman Kodak Company†«		488,202		1,552,482
Fields Corporation		7		12,890
Giant Manufacturing Company Limited		46,687		175,013
Hasbro Incorporated		81,421		3,154,250
Heiwa Corporation		4,900		87,717
Mars Engineering Corporation		600		10,498
Mattel Incorporated		231,295		6,214,897
Mizuno Corporation		17,000		84,495
Namco Bandai Holdings Incorporated		33,500		466,393
Nikon Corporation		50,300		1,106,222
Polaris Industries Incorporated		56,278		6,183,264

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 145

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Leisure Equipment & Products (continued)
Roland Corporation		800	$	6,703
Sankyo Company Limited		7,800		400,453
Sega Sammy Holdings Incorporated		28,300		657,613
Shimano Incorporated		11,300		580,397
Tamron Company Limited		2,700		74,644
Tomy Company Limited		8,100		65,030
Yamaha Corporation		23,800		269,540
Young Optics Incorporated		14,000		55,656
				21,550,231
Media: 2.05%
Aegis Group plc		57,014		126,361
Agora SA†		5,097		25,765
Amalgamated Holdings Limited		8,316		49,362
AMC Networks Incorporated A†		103,203		3,818,511
Antena 3 de Television SA		1,425		10,060
APN News & Media Limited†		39,289		36,323
Arnoldo Mondadori Editore SpA		1,753		5,272
Asatsu-DK Incorporated		3,400		92,918
Astral Media Incorporated		3,649		127,993
Austar United Communications Limited†		57,954		68,583
Avex Group Holdings Incorporated		4,600		61,689
Axel Springer AG		4,131		177,489
BEC World PCL†		121,700		164,459
British Sky Broadcasting plc		73,004		782,416
Cablevision Systems Corporation		150,919		2,725,597
CBS Corporation Class B		72,324		1,811,716
Cheil Worldwide Incorporated†		11,040		163,126
Cineplex Incorporated		8,140		215,698
Citadel Broadcasting Corporation†(a)		1		0
Cogeco Cable Incorporated		1,258		59,412
Comcast Corporation Class A		253,000		5,442,030
Comcast Corporation Special Class A (Non Voting)		81,800		1,730,888
Corus Entertainment Incorporated Class B		3,691		76,737
CyberAgent Incorporated†		63		208,546
Cyfrowy Polsat SA		25,219		131,424
Daiichikosho Company Limited		4,900		94,341
Daily Mail & General Trust plc		14,021		91,916
Dentsu Incorporated		28,500		899,414
DIRECTV†		155,611		6,842,216
Discovery Communications Incorporated Class A†«		86,902		3,674,217
Discovery Communications Incorporated Class C†		3,073		121,414
Dish Network Corporation†		136,400		3,390,904
Dreamworks Animation SKG Incorporated Class A†«		110,096		2,325,228
Eniro AB		5,208		13,954
eSun Holdings Limited†		3,000		694
Eutelsat Communications		6,006		267,246
Fairfax Media Limited		282,762		257,511
Focus Media Holding Limited†		13,664		428,503
Fuji Television Network Incorporated		61		90,436
Gannett Company Incorporated«		159,918		1,847,053

146 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Media (continued)
Gestevision Telecinco SA		9,624	$	69,518
GFK SE		353		16,901
Groupe Aeroplan Incorporated		12,821		157,104
Grupo Televisa SA		430,502		1,911,691
Hakuhodo DY Holdings Incorporated		3,890		218,916
Havas SA		14,292		57,315
Hot Telecommunication System Limited		1,224		17,085
Informa plc		42,987		246,380
Interpublic Group of Companies Incorporated		310,883		2,682,920
Ipsos		1,280		52,406
ITV plc		241,361		239,771
JC Decaux SA		5,375		133,110
John Wiley & Sons Incorporated		90,449		4,413,007
Jupiter Telecommunications Company Limited		268		298,999
Kabel Deutschland Holding AG†		4,853		270,967
Kadokawa Group Holdings Incorporated		3,300		118,815
Lagardere SCA		8,823		301,358
Lamar Advertising Company†«		102,938		2,152,434
Liberty Global Incorporated Series A†		72,848		2,942,331
Liberty Global Incorporated Series C†		69,751		2,691,691
Liberty Media Holding Corporation Capital Series A†		48,321		3,445,771
Liberty Media Starz Series A†		33,815		2,328,839
Live Nation Incorporated†		290,955		2,691,334
M6 Metropole Television		2,718		57,763
McGraw-Hill Companies Incorporated		35,900		1,511,749
Mediaset SpA		43,712		169,098
Modern Times Group B Shares†		4,115		212,263
Morningstar Incorporated		14,804		883,207
Naspers Limited		41,269		2,157,921
New York Times Company Class A†«		252,068		2,061,916
News Corporation Class A		223,004		3,851,279
News Corporation Class B		50,518		878,003
Nielsen Holdings NV†		43,000		1,275,380
Nippon Television Network Corporation		500		73,001
Omnicom Group Incorporated		34,300		1,390,865
PagesJaunes SA		5,117		33,318
Pearson plc		50,803		918,251
Premiere AG†		17,170		57,307
PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA		7,553		28,037
Publicis Groupe		8,717		409,440
Publishing & Broadcasting Limited		41,433		105,350
Quebecor Incorporated		2,241		75,882
REA Group Limited†		13,992		193,778
Reed Elsevier NV		46,673		550,856
Reed Elsevier plc		79,660		650,001
Regal Entertainment Group Class A«		153,193		2,002,233
Rightmove plc		6,926		145,950
RTL Group†		1,962		186,748
Sanoma Oyj†		4,610		69,482
Schibsted ASA		5,025		133,551
Scripps Networks Interactive Incorporated		59,664		2,556,602

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 147

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Media (continued)
Seat Pagine Gialle SpA†		259	$	18
SES FDR		17,382		475,119
Shaw Communications Incorporated Class B		24,500		560,400
Shochiku Company Limited†		18,000		155,078
Singapore Press Holdings Limited		221,000		697,195
SKY Network Television Limited		17,723		87,248
Sky Perfect JSAT Holdings Incorporated		468		232,684
Societe Television Francaise 1		10,997		174,204
Star Publications Limited†		33,600		38,242
Sun TV Network Limited†		10,107		66,428
Television Broadcasts Limited		39,000		249,823
Ten Network Holdings Limited†		63,863		64,587
Thomson Corporation		23,252		719,190
Time Warner Cable Incorporated		41,324		2,706,722
Time Warner Incorporated		136,279		4,314,593
Toei Company Limited		16,000		68,867
Toho Company Limited Tokyo		18,300		315,961
Tokyo Broadcasting System Incorporated		2,200		27,210
Torstar Corporation		11,855		121,056
TV Asahi Corporation		9		14,005
TVN SA		16,466		83,272
United Business Media Limited		11,367		85,557
Viacom Incorporated Class B		65,563		3,162,759
Vivendi SA		86,057		2,092,416
Vodacom Group Proprietary Limited		84,850		1,094,550
Walt Disney Company		218,208		7,432,164
West Australian Newspapers Holding Limited		29,432		114,721
Wolters Kluwer NV		19,543		369,864
WPP plc		80,135		836,011
Yell Group plc†		98,003		7,907
Yellow Media Incorporated		45,019		37,236
Zee Entertainment Enterprises Limited†		83,959		211,497
Zenrin Company Limited		5,000		50,851
				115,222,751
Multiline Retail: 0.78%
Aeon Company Berhad		9,700		23,868
Big Lots Incorporated†		133,537		4,526,904
Canadian Tire Corporation Limited		4,500		253,605
David Jones Limited		72,412		233,338
Debenhams plc		63,852		55,305
Dillard’s Incorporated«		84,209		3,897,193
Dollar Tree Incorporated†		78,892		5,634,467
Dollarama Incorporated		2,958		98,922
Don Quijote Company Limited		9,000		339,204
Far Eastern Department Stores Company Limited†		107,853		201,330
Foschini Limited		16,380		222,735
Fuji Company Limited†		3,300		78,695
Golden Eagle Retail Group Limited		71,000		178,731
H2O Retailing Corporation		16,000		118,612
Harvey Norman Holdings Limited†		97,512		216,765

148 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Multiline Retail (continued)
Hyundai Department Store Company Limited†		2,337	$	396,572
Intime Department Store Group Company Limited		140,000		221,233
Isetan Mitsukoshi Holdings Limited		51,500		525,247
Izumi Company Limited		10,400		152,299
J Front Retailing Company Limited		73,800		333,808
JCPenney Company Incorporated«		102,900		2,740,227
Lifestyle International Holdings Limited		79,000		244,094
Lotte Shopping Company Limited†		1,690		695,125
Macy’s Incorporated		283,412		7,354,541
Marks & Spencer Group plc		99,049		517,790
Marui Company Limited		35,700		280,321
Matsuya Company Limited		4,900		29,115
Metro Holdings Limited†		163,200		93,393
Myer Holdings Limited†		67,222		154,411
New World Department Store China Limited		150,000		102,753
Next plc		11,275		431,753
Nordstrom Incorporated		113,200		5,146,072
Pantaloon Retail India Limited†		16,821		108,342
Parco Company Limited		3,200		25,780
Parkson Holdings Berhad		56,800		104,113
Parkson Retail Group Limited		171,000		229,621
PCD Stores Limited		556,000		110,285
Pinault-Printempts-Redoute SA		4,776		794,745
Robinson Department Store PCL		188,400		245,165
Ryohin Keikaku Company Limited		3,600		192,835
SACI Falabella†		172,103		1,611,717
Saks Incorporated†«		234,292		2,267,947
Sears Canada Incorporated		655		9,083
Sears Holdings Corporation†«		28,801		1,724,892
Stockmann Oyj ABP		1,375		31,447
Takashimaya Company Limited		36,000		255,259
The Daiei Incorporated		2,400		8,957
Warehouse Group Limited		10,254		30,022
Woolworths Holdings Limited		93,991		489,185
				43,737,823
Specialty Retail: 2.03%
ABC-Mart Incorporated		2,900		110,548
Advance Auto Parts Incorporated		50,596		3,072,189
Alpen Company Limited		700		12,453
American Eagle Outfitters Incorporated		130,202		1,441,336
Ann Incorporated†		97,900		2,307,503
AOKI Holdings Incorporated		3,300		51,979
Aoyama Trading Company Limited		7,000		117,239
Autobacs Seven Company Limited		3,600		164,338
AutoNation Incorporated†«		28,179		1,137,868
AutoZone Incorporated†		4,800		1,473,600
Bed Bath & Beyond Incorporated†		47,900		2,723,594
Belle International Holdings Limited		561,000		1,153,515
Best Buy Company Incorporated		36,300		928,917
Best Denki Company Limited		8,000		23,496

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 149

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Specialty Retail (continued)
Carpetright plc†		2,534	$	22,027
Carphone Warehouse Group plc		11,076		63,668
Cato Corporation		50,237		1,275,015
Chico’s FAS Incorporated«		349,795		4,869,146
Children’s Place Retail Stores Incorporated†«		45,898		1,969,942
Chiyoda Company Limited		8,400		131,760
Chow Sang Sang Holdings International Limited		56,000		192,209
Collective Brands Incorporated†«		122,100		1,647,129
DCM Japan Holdings Company Limited		13,300		105,172
Delek Automotive Systems Limited		1,187		9,842
Dick’s Sporting Goods Incorporated†		160,307		5,631,585
Dickson Concepts International Limited		36,000		21,879
Douglas Holding AG		1,280		53,318
DSG International plc†		172,361		33,799
Dufry Group REG		1,409		149,328
Edion Corporation		9,700		84,723
Esprit Holdings Limited		147,691		415,805
Fast Retailing Company Limited		10,000		1,909,766
Fielmann AG		776		83,132
Foot Locker Incorporated		103,135		2,152,427
Fourlis Holdings SA		1,820		8,484
Game Group plc		10,103		3,980
Gamestop Corporation Class A†«		93,700		2,242,241
Gap Incorporated		38,400		634,368
GEO Company Limited		102		132,620
Giordano International Limited		338,000		280,606
GOME Electrical Appliances Holding Limited		1,307,000		561,861
Grupo Elektra SA de CV†		11,309		957,815
Gulliver International Company Limited†		560		27,313
Halfords Group†		10,381		51,648
Hengdeli Holdings Limited		360,000		173,941
Hennes & Mauritz AB Class B		68,072		2,120,655
Hikari Tsushin Incorporated		2,700		63,336
HMV Group plc		6,422		667
Home Depot Incorporated		196,330		6,553,495
Hotai Motor Company Limited†		49,000		231,736
Indiabulls Wholesale Services Limited†		5,461		611
Industria de Diseno Textil SA		13,808		1,173,485
IT City Public Company Limited		172,900		61,152
JB Hi-Fi Limited		13,916		221,401
Joshin Denki Company Limited†		5,000		57,429
Jumbo SA		3,484		19,503
K’s Holdings Corporation†		7,500		330,578
Keiyo Company Limited†		2,000		12,086
Kesa Electricals plc		21,336		37,736
Kingfisher plc		168,987		647,899
Komeri Company Limited		5,000		145,936
Limited Brands		31,800		1,200,132
Lowe’s Companies Incorporated		160,000		3,188,800
Luk Fook Holdings International Limited		40,000		212,907
Men’s Wearhouse Incorporated«		96,842		2,799,702

150 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Specialty Retail (continued)
Nafco Company Limited†		1,400	$	26,602
Nishimatsuya Chain Company Limited		8,400		73,970
Nitori Company Limited		5,850		599,735
O’Reilly Automotive Incorporated†		89,106		5,781,197
Office Depot Incorporated†«		504,800		1,312,480
OfficeMax Incorporated†«		152,266		954,708
Osim International Limited		17,515		17,166
Paris Miki Incorporated†		3,500		31,336
Point Incorporated		2,680		126,851
Praktiker Bau Und Heimwerkermaerkte AG		3,061		11,675
Premier Investments Limited†		6,871		41,461
Radioshack Corporation«		207,608		2,700,980
Reitman’s Canada Limited Class A		2,386		35,816
Rent-A-Center Incorporated		124,382		3,505,085
Right On Company Limited		1,000		5,523
RONA Incorporated		6,259		63,466
Ross Stores Incorporated		75,949		5,811,997
Sa Sa International Holdings Limited		112,000		89,518
Sally Beauty Holdings Incorporated†		188,440		3,184,636
Sanrio Company Limited		8,300		353,859
Shimachu Company Limited		6,800		159,405
Shimamura Company Limited		3,300		329,846
Signet Jewelers Limited		149,400		5,817,636
Signet Jewelers Limited-United Kingdom Exchange		1,261		49,245
Staples Incorporated		83,700		1,233,738
Super Cheap Auto Group Limited		11,132		74,285
Tiffany & Company		81,700		5,879,132
TJX Companies Incorporated		75,800		4,140,196
Tractor Supply Company		46,875		2,876,719
Truworths International Limited		47,439		525,491
Ulta Salon Cosmetics & Fragrance Incorporated†		87,200		5,151,776
United Arrows Limited		1,900		36,321
Urban Outfitters Incorporated†«		78,913		2,065,548
USS Company Limited		3,030		263,087
Valora Holding AG		366		112,258
WH Smith Public Limited Corporation		7,923		64,090
Xebio Company Limited		4,100		96,514
Yamada Denki Company Limited		12,580		925,077
				114,222,795
Textiles, Apparel & Luxury Goods: 1.22%
Adidas-Salomon AG		13,143		915,058
ANTA Sports Products Limited		127,000		173,405
ASICS Corporation		24,000		375,428
Atsugi Company Limited†		8,000		9,969
Benetton Group SpA		1,225		8,797
Billabong International Limited		30,189		111,486
Bosideng International Holdings Limited		500,000		124,507
Bulgari SpA		7,742		135,903
Burberry Group plc		27,583		615,167
China Dongxiang Group Company		272,000		61,394

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 151

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
China Hongxing Sports Limited(a)(i)		37,000	$	2,759
Christian Dior SA		3,350		485,146
Coach Incorporated		56,286		3,164,399
Compagnie Financiere Richemont SA		36,330		2,100,368
Daidoh Limited		1,200		12,919
Daiwabo Company Limited		12,000		28,422
Deckers Outdoor Corporation†		68,098		6,057,998
Descente Limited†		3,000		16,268
Fibrechem Technologies Limited†(a)		20,000		0
Formosa Taffeta Company Limited†		111,000		113,642
Fossil Incorporated†		27,949		2,700,153
Geox SpA		950		3,949
Gildan Activewear Incorporated		10,931		295,236
Gunze Limited		19,000		63,226
Hanesbrands Incorporated†		188,658		5,388,072
Hermes International		1,629		620,690
Iconix Brand Group Incorporated†«		141,500		2,770,570
Indorama Ventures PCL		184,333		236,797
Jaybharat Textiles & Real Estate Limited†		15,488		43,723
Jones Group Incorporated		170,600		2,004,550
Kurabo Industries Limited		19,000		38,498
Li Ning Company Limited		79,500		109,616
LPP SA		207		147,903
Luxottica Group SpA		10,398		309,943
LVMH Moet Hennessy Louis Vuitton SA		17,929		3,025,766
Ng2 SA†		3,479		53,410
Nike Incorporated Class B		55,900		4,843,735
Nisshinbo Industries Incorporated		22,000		201,397
Onward Kashiyama Company Limited		20,000		161,978
Pandora AS		4,743		42,322
Peak Sport Products Limited		198,000		77,366
Ports Design Limited		33,000		54,267
Pou Chen Corporation†		390,600		301,987
Prime Success International Group Limited		88,000		98,160
Puma AG Rudolf Dassler Sport		229		79,432
PVH Corporation		39,847		2,656,201
Ralph Lauren Corporation		41,500		5,690,065
Ruentex Industries Limited†		81,618		144,691
Sanyo Shokai Limited		5,000		13,988
Seiko Holdings Corporation Class C		12,000		32,523
Seiren Company Limited		20,900		137,393
Shenzhou International Group Holdings Limited		38,000		51,843
Stella International		62,500		175,576
Swatch Group AG		1,937		881,237
Swatch Group AG - Bearer Shares		4,179		333,924
Tainan Spinning Company Limited†		342,495		179,528
Texwinca Holdings Limited		64,000		78,618
The Japan Wool Textile Company Limited		13,000		111,577
Titan Industries Limited		51,480		231,309
Tod’s SpA		810		93,117
Toyobo Company Limited		116,000		176,681

152 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Trinity Limited		202,000	$	210,805
TSI Holdings Company Limited†		11,000		69,818
Under Armour Incorporated†		69,698		4,938,800
Unitika Limited		168,000		112,773
VF Corporation«		55,329		6,476,813
Wacoal Corporation		18,000		224,902
Warnaco Group Incorporated†«		78,518		4,188,935
Wolverine World Wide Incorporated«		86,240		3,139,998
Xtep International Holdings Limited		154,500		87,402
Yue Yuen Industrial Holdings Limited		98,500		271,480
				68,895,778
Consumer Staples: 7.61%
Beverages: 1.51%
Anadolu Efes Biracilik Ve Malt Sanayii AS†		28,081		314,357
Anheuser-Busch InBev NV VVPR Strips†		6,960		10
Asahi Breweries Limited		63,500		1,326,066
Britvic plc		10,808		55,666
Brown-Forman Corporation Class A		11,385		798,885
Brown-Forman Corporation Class B«		57,214		4,105,105
C&C Group plc		16,506		72,318
Carlsberg AS		6,555		490,779
Carlsberg Brewery Malaysia Berhad		9,100		21,114
Cia Cervecerias Unidas SA		16,040		184,253
Cia de Bebidas das Americas†		35,095		1,003,092
Coca-Cola Amatil Limited		70,895		894,725
Coca-Cola Central Japan Company Limited		1,000		13,356
Coca-Cola Company		261,533		18,425,000
Coca-Cola Enterprises Incorporated		37,600		1,038,512
Coca-Cola Hellenic Bottling Company SA		12,090		248,179
Coca-Cola Icecek Uretim AS		8,224		105,903
Coca-Cola West Japan Company Limited		11,400		208,978
Constellation Brands Incorporated Class A†		124,583		2,463,006
Cott Corporation†		4,300		33,810
David Campari-Milano SpA		14,156		115,484
Diageo plc		174,085		3,497,920
Dr Pepper Snapple Group Incorporated		147,340		5,669,643
Fomento Economico Mexicano Sab de CV		318,700		2,161,707
Foster’s Group Limited		258,022		1,380,390
Fraser & Neave Holdings†		5,500		30,712
Guinness Anchor Berhad		25,100		84,844
Hansen Natural Corporation†		45,693		3,898,527
Heineken Holding NV		5,823		247,680
Heineken NV		15,386		770,144
Hite Brewery Company Limited(a)(i)		418		38,766
InBev NA		51,765		2,857,307
ITO EN Limited		8,400		154,079
Kirin Brewery Company Limited		131,000		1,747,627
Lotte Chilsung Beverage Company Limited†		93		110,758
Mikuni Coca-Cola Bottling Company Limited		1,300		11,502

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 153

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Beverages (continued)
Molson Coors Brewing Company		106,072	$	4,640,650
PepsiCo Incorporated		311,463		20,067,561
Pernod-Ricard SA		13,191		1,183,764
Remy Cointreau SA		1,106		97,346
SABMiller plc		67,329		2,435,919
San Miguel Corporation		116,200		344,504
Sapporo Holdings Limited		53,000		209,838
Takara Holdings Incorporated		30,000		168,188
Thai Beverage Public Company Limited		1,311,000		293,946
Treasury Wine Estates Limited		82,358		313,410
Tsingtao Brewery Company Limited		44,000		260,750
United Spirits Limited†		12,258		239,791
Yomeishu Seizo Company Limited		1,000		9,319
				84,845,190
Food & Staples Retailing: 1.59%
Aeon Company Limited		104,600		1,317,418
Alimentation Couche Tard Incorporated		11,643		340,861
Alliance Global Group Incorporated		608,400		149,377
ARCS Company Limited		3,800		69,167
Axfood AB		450		17,037
Big C Supercenter PCL†		41,000		180,427
Big C Supercenter PCL ADR†		68,000		299,500
Bim Birlesik Magazalar AS		14,615		471,956
C.P. Seven Eleven PCL		277,000		473,682
Carrefour SA		40,032		1,066,189
Casey’s General Stores Incorporated		66,910		3,010,950
Casino Guichard Perrachon SA		4,446		369,875
Cawachi Limited		2,100		43,219
Cencosud SA		239,423		1,490,101
China Resources Enterprise Limited		154,000		626,726
Circle K Sunkus Company Limited		6,100		102,729
Colruyt SA		4,210		220,347
Costco Wholesale Corporation		84,627		6,646,605
CVS Corporation		167,200		6,004,152
Dairy Farm International Holdings Limited		42,300		350,513
Delhaize Group		7,511		503,314
Distribuidora Internacional SA†		40,032		172,518
E Mart Company Limited†		3,016		893,336
Empire Company Limited		1,972		115,163
Eurocash SA		9,166		79,440
FamilyMart Company Limited		8,800		325,361
Fu Ji Food & Catering Services Holdings Limited†(a)		16,692		0
George Weston Limited		2,800		194,253
Guyenne et Gascogne SA†		109		13,896
Heiwado Company Limited†		4,400		56,381
Inageya Company Limited†		2,000		24,175
Izumiya Company Limited		5,000		20,702
J Sainsbury plc		97,106		472,657
Jeronimo Martins		13,192		245,863
Kasumi Company Limited†		10,000		61,798

154 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Food & Staples Retailing (continued)
Kato Sangyo Company Limited		3,500	$	72,594
Kesko Oyj A Shares		1,500		56,865
Kesko Oyj B Shares		4,110		158,735
Koninklijke Ahold NV		74,877		871,995
Kroger Company		66,800		1,573,808
Lawson Incorporated		8,300		452,569
Life Corporation†		4,000		72,524
Loblaw Companies Limited		6,900		260,203
Massmart Holdings Limited		15,369		348,594
Matsumotokiyoshi Holdings Company Limited		5,600		114,594
Metcash Limited		96,318		419,067
Metro AG		8,135		358,161
Metro Incorporated		6,079		289,331
Ministop Company Limited		500		9,411
Olam International Limited		179,718		386,872
Pick’n Pay Stores Limited†		21,770		117,712
President Chain Store Corporation†		84,032		538,472
Rallye SA†		316		11,140
Rite Aid Corporation†«		1,101,080		1,211,188
Ryoshoku Limited		3,100		78,703
Safeway Incorporated«		235,716		4,320,674
Seven & I Holdings Company Limited		109,880		2,916,717
Shinsegae Company Limited		1,065		319,938
Shoppers Drug Mart Corporation		13,700		556,366
Shoprite Holdings Limited		42,173		663,718
Siam Makro plc		12,000		98,499
Sligro Food Group NV		1,429		49,083
Sugi Pharmacy Company Limited		5,300		142,906
Sundrug Company Limited		5,400		171,341
Super-Sol Limited		1,882		8,150
SUPERVALU Incorporated«		397,715		3,169,789
Sysco Corporation		72,348		2,020,680
Tesco plc		558,454		3,432,587
The Jean Coutu Group PJC Incorporated		5,911		73,337
The Maruetsu Incorporated		2,000		7,123
Tsuruha Holdings Incorporated		2,000		103,300
United Natural Foods Incorporated†«		77,179		3,138,870
UNY Company Limited		25,800		232,963
Valor Company Limited†		6,300		108,169
Wal-Mart de Mexico SAB de CV		893,610		2,397,271
Wal-Mart Stores Incorporated«		217,543		11,575,463
Walgreen Company		112,500		3,961,125
Wesfarmers Limited		136,092		4,486,965
Whole Foods Market Incorporated		99,721		6,584,578
William Morrison Supermarkets plc		177,154		831,020
Woolworths Limited		164,845		4,447,587
Yaoko Company Limited		1,000		35,824
				89,686,269

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 155

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Food Products: 2.24%
Ajinomoto Company Incorporated		94,000	$	1,114,790
Alicorp SA		101,849		198,739
Archer-Daniels-Midland Company		72,200		2,056,256
Ariake Japan Company Limited		5,600		112,168
Aryzta AG		5,420		256,405
Asia Food & Properties Limited†		85,000		18,384
Asiatic Development Berhad		31,900		76,249
Associated British Foods plc		22,261		386,535
Astra Agro Lestari TBK PT		45,000		116,851
Australian Agricultural Company Limited		33,938		48,855
Barry Callebaut AG		115		109,122
BRF Brasil Foods SA		98,600		1,928,767
Bunge Limited«		97,945		6,338,021
Campbell Soup Company«		22,600		720,262
Chaoda Modern Agriculture Limited		277,776		90,697
Charoen Pokhand Foods plc		445,500		468,243
Charoen Pokphand Indonesia TBK PT		1,503,500		502,707
China Agri-Industries Holdings Limited		246,000		230,305
China Fishery Group Limited†		18,461		19,496
China Green Holdings Limited		48,000		16,434
China Huiyuan Juice Group		21,500		9,374
China Mengniu Dairy Company		161,000		575,946
China Yurun Food Group Limited		182,000		415,404
Chiquita Brands International Incorporated†«		79,526		819,913
CJ Cheiljedang Corporation		1,434		441,066
ConAgra Foods Incorporated		51,914		1,267,740
Corn Products International Incorporated		48,655		2,275,108
CSM NV		3,316		80,012
Dairy Crest Group plc		6,886		40,566
Danone SA		42,643		2,910,566
Dean Foods Company†		353,100		3,050,784
Dydo Drinco Incorporated		1,200		46,947
East Asiatic Company Limited AS†		250		6,122
Ebro Puleva SA		5,982		115,808
Ezaki Glico Company Limited		11,000		126,226
Flowers Foods Incorporated«		269,300		5,130,165
Fresh del Monte Produce Incorporated		76,150		1,838,261
Fuji Oil Company Limited		10,200		163,658
Fujicco Company Limited†		1,000		12,625
Futuris Corporation Limited		36,531		11,614
General Mills Incorporated		74,400		2,820,504
GlaxoSmithKline Consumer Healthcare Limited†		5,201		272,265
Golden Agri-Resources Limited		782,045		428,354
Goodman Fielder Limited		190,099		141,618
Grain Corporation Limited		20,986		172,672
Green Mountain Coffee Roasters Incorporated†«		76,792		8,043,194
Greggs plc		7,576		60,407
Grupo Bimbo Sab de CV		363,200		720,018
H.J. Heinz Company		39,100		2,058,224
Hain Celestial Group Incorporated†«		70,433		2,227,796
Hokuto Corporation		2,600		58,796

156 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Food Products (continued)
Hormel Foods Corporation		92,000	$	2,540,120
House Foods Corporation		12,600		227,699
Indofood Agri Resources Limited†		39,000		45,651
Indofood Sukses Makmur TBK PT		533,424		388,981
IOI Corporation Berhad		493,246		752,952
Itoham Foods Incorporated		19,000		67,977
J-Oil Mills Incorporated		5,000		15,281
JBS SA†		131,423		352,520
JM Smucker Company		77,198		5,565,204
Kagome Company Limited		10,900		208,522
Kernel Holding SA†		6,205		141,282
Kerry Group plc-A-Ireland Exchange		7,676		297,718
Kerry Group plc-A-London Exchange		2,219		86,065
Khon Kaen Sugar Industry PCL		23,320		11,983
Kikkoman Corporation		33,000		354,620
Kraft Foods Incorporated Class A		198,964		6,967,719
Kuala Lumpur Kepong Berhad		66,800		480,936
Kulim (Malaysia) Berhad†		67,600		84,882
Lancaster Colony Corporation«		35,569		2,156,193
Lindt & Spruengli AG		7		259,074
Lindt & Spruengli AG - Participation Certificate		58		181,734
Lotte Confectionery Company Limited		152		250,332
Maple Leaf Foods Incorporated		14,491		165,582
Marine Harvest		170,186		99,206
Marudai Food Company Limited		35,000		121,158
Maruha Nichiro Holdings Incorporated		43,000		76,317
McCormick & Company Incorporated		79,681		3,807,955
Mead Johnson & Company		38,620		2,751,675
Megmilk Snow Brand Company Limited		4,600		90,096
Meiji Holdings Company Limited		9,600		423,908
Meito Sangyo Company Limited		600		8,288
Mitsui Sugar Company Limited		4,000		18,320
Morinaga & Company Limited		36,000		86,362
Morinaga Milk Industry Company Limited		21,000		90,859
Nakamuraya Company Limited		2,000		10,898
Nestle India Limited†		5,741		549,029
Nestle Malaysia Berhad		7,000		115,182
Nestle SA		241,142		14,920,562
Nestle SA ADR		15		931
Nichirei Corporation		39,000		174,800
Nippon Beet Sugar Manufacturing Company Limited†		6,000		13,403
Nippon Flour Mills Company Limited		17,000		80,163
Nippon Meat Packers Incorporated		30,000		374,424
Nippon Suisan Kaisha Limited		27,000		100,018
Nisshin Seifun Group Incorporated		30,000		380,475
Nissin Food Products Company Limited		12,100		467,839
Nong Shim Company Limited†		901		202,477
Nutreco Holding NV		1,553		105,664
Orion Corporation†		533		264,659
Osem Investment Limited†		3,453		54,425
Peoples Food Holdings Limited		21,000		12,813

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 157

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Food Products (continued)
PP London Sumatra Indonesia TBK		664,500	$	192,697
PPB Group Berhad†		68,300		387,466
Premier Foods plc†		96,960		20,504
QP Corporation		16,600		227,693
Ralcorp Holdings Incorporated†		36,400		3,151,148
Ridley Corporation Limited		11,389		13,173
Riken Vitamin Company Limited†		600		16,918
Sakata Seed Corporation		2,900		42,923
Saputo Incorporated		10,904		449,610
Showa Sangyo Company Limited†		12,000		36,358
Shree Renuka Sugars Limited†		50,603		63,857
Smithfield Foods Incorporated†«		102,976		2,257,234
Strauss Group Limited		1,291		17,120
Suedzucker AG		5,793		202,566
Synear Food Holdings Limited		16,000		2,001
Tata Tea Limited		52,710		107,697
Tate & Lyle plc		31,103		292,590
Thai Union Frozen Products PCL		30,870		58,197
The Nisshin Oillio Group Limited		12,000		58,158
Tiger Brands Limited		23,373		681,972
Tingyi (Cayman Islands) Holding Corporation		226,000		637,391
Toyo Suisan Kaisha Limited		13,000		344,219
TreeHouse Foods Incorporated†«		63,223		3,463,356
Tyson Foods Incorporated Class A		204,709		3,576,266
Uni-President China Holdings Limited		90,000		51,063
Uni-President Enterprises Corporation		716,293		1,058,826
Unilever NV		108,076		3,663,142
Unilever plc ADR		91,156		3,058,789
United Plantations Berhad†		11,000		67,129
Universal Robina Corporation		238,100		223,694
Viscofan SA		2,096		79,231
Vitasoy International Holdings Limited		188,000		132,416
Viterra Incorporated		21,428		227,999
Want Want China Holdings Limited		871,000		722,890
Wei Chuan Food Corporation†		54,000		65,661
Wilmar International Limited		283,930		1,248,011
Yakult Honsha Company Limited		18,500		540,091
Yamazaki Baking Company Limited		30,000		440,817
				126,036,845
Household Products: 0.97%
Church & Dwight Company Incorporated		92,288		4,018,220
Clorox Company«		86,100		6,001,170
Henkel AG & Company KGaA		7,493		362,402
Hindustan Unilever Limited†		162,675		1,133,501
Kimberly-Clark Corporation		48,316		3,341,535
Kimberly-Clark de Mexico SAB de CV		42,900		251,036
LG Household & Health Care Limited Class H†		1,227		541,984
Lion Corporation		35,000		197,886
Pigeon Corporation		2,400		87,387
Procter & Gamble Company		547,982		34,895,494

158 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Household Products (continued)
PZ Cussons plc		18,713	$	107,048
Reckitt Benckiser Group		42,421		2,250,224
Uni-Charm Corporation		21,100		1,002,509
Unilever Indonesia TBK PT		161,000		325,746
				54,516,142
Personal Products: 0.54%
Aderans Company Limited		2,700		25,455
Amorepacific Corporation		496		540,237
Atrium Innovations Incorporated†		734		10,478
Avon Products Incorporated		50,200		1,132,512
BaWang International Group Holding Limited		82,000		9,627
Beiersdorf AG		6,568		386,091
Colgate Palmolive India Limited†		9,576		198,533
Colgate-Palmolive Company		96,658		8,696,320
Dabur India Limited†		74,434		180,177
Dr. Ci Labo Company Limited		44		257,813
Estee Lauder Companies Incorporated Class A«		77,060		7,525,680
FANCL Corporation		4,500		60,958
Godrej Consumer Products Limited		12,716		118,174
Hengan International Group Company Limited		100,500		860,029
Herbalife Limited		76,516		4,269,593
Kao Corporation		71,800		1,907,464
Kobayashi Pharmaceutical Company Limited		3,800		195,578
Kose Corporation		4,900		125,506
L’Oreal SA		15,611		1,694,354
Mandom Corporation		1,800		53,962
Marico Limited†		70,088		226,433
Milbon Company Limited		400		13,066
Natura Cosmeticos SA		22,300		534,001
Oriflame Cosmetics SA		2,947		132,935
Shiseido Company Limited		50,600		969,020
				30,123,996
Tobacco: 0.76%
Altria Group Incorporated		255,880		6,957,377
British American Tobacco Malaysia Berhad†		18,400		270,793
British American Tobacco plc		140,902		6,268,961
Eastern Company†(a)		2,662		45,706
Imperial Tobacco Group plc		74,327		2,458,824
ITC Limited†		470,789		2,052,992
Japan Tobacco Incorporated		654		2,826,722
KT&G Corporation		19,254		1,241,103
Lorillard Incorporated		17,625		1,963,778
Philip Morris International Incorporated		218,450		15,142,954
PT Gudang Garam TBK		77,000		509,918
Reynolds American Incorporated		39,162		1,471,316
Souza Cruz SA†		59,500		743,049
Swedish Match AB		16,500		598,412
				42,551,905

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 159

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Energy: 8.88%
Energy Equipment & Services: 1.77%
Aban Offshore Limited†		2,949	$	24,280
Acergy SA		19,579		453,683
Aker ASA Class A		309		8,055
Aker Kvaerner ASA		10,061		130,788
AMEC plc		19,487		288,624
Baker Hughes Incorporated		83,144		5,080,930
Bourbon SA		2,085		68,656
BW Offshore Limited		23,262		48,275
Calfrac Well Services Limited		1,959		68,814
Cameron International Corporation†		46,038		2,392,134
Carbo Ceramics Incorporated«		12,200		1,953,830
Compagnie Generale de Geophysique Veritas†		8,012		202,850
Compagnie Generale de Geophysique Veritas ADR†		689		17,556
Core Laboratories NV		29,484		3,289,825
Diamond Offshore Drilling Incorporated«		12,149		774,256
Dresser Rand Group Incorporated†		49,441		2,098,770
Dril-Quip Incorporated†«		54,410		3,520,327
Enerflex Limited		4,043		44,175
Ensign Energy Services Incorporated		8,678		152,860
Exterran Holdings Incorporated†«		104,808		1,240,927
Ezra Holdings Limited		71,000		58,665
FMC Technologies Incorporated†«		155,104		6,895,924
Fred Olsen Energy ASA		1,236		44,041
Fugro NV		4,557		275,440
GCL-Poly Energy Holdings Limited†		950,000		421,369
Global Industries Limited†«		184,947		815,616
Halliburton Company		1		44
Helix Energy Solutions Group Incorporated†		204,695		3,457,299
Hong Kong Energy Holdings Limited†		4,633		293
Kencana Petroleum Berhad		259,900		242,864
Key Energy Services Incorporated†«		276,873		3,984,202
KNM Group Berhad†		89,275		40,826
Lufkin Industries Incorporated«		53,800		3,347,974
Modec Incorporated		500		9,013
Mullen Group Limited		4,400		96,959
Nabors Industries Limited†		183,900		3,391,116
Noble Corporation		28,900		975,664
Oceaneering International Incorporated		69,968		2,986,934
Oil States International Incorporated†		90,540		5,982,883
Parker Drilling Company†«		207,865		1,182,752
Pason Systems Incorporated		10,745		143,625
Patterson-UTI Energy Incorporated		102,879		2,514,363
Petrofac Limited		16,647		368,893
Petroleum Geo-Services ASA†		19,980		251,268
Precision Drilling Corporation†		15,312		213,583
Prosafe ASA		11,150		81,320
Saipem SpA		16,266		728,831
SapuraCrest Petroleum Berhad†		170,300		231,045
Savanna Energy Services Corporation†		11,539		99,919
SBM Offshore NV		10,807		224,308

160 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Energy Equipment & Services (continued)
Schlumberger Limited		267,105	$	20,866,243
Schoeller-Bleckmann Oilfield Equipment AG		1,839		143,572
Seacor Holdings Incorporated«		38,270		3,396,080
Seadrill Limited		18,890		611,255
ShawCor Limited Class A		2,728		70,087
Shinko Plantech Company Limited		4,000		40,226
Superior Energy Services Incorporated†		48,047		1,697,020
Technip SA		6,517		635,563
Tecnicas Reunidas SA		2,168		86,058
Tenaris SA		29,759		493,395
Tetra Technologies Incorporated†		139,393		1,428,778
TGS Nopec Geophysical Company ASA		7,087		177,301
Tidewater Incorporated«		34,340		1,840,624
Toyo Kanetsu K.K.†		6,000		13,925
Transocean Limited		61,282		3,433,018
Trican Well Service Limited		8,245		190,444
Trinidad Drilling Limited		7,400		61,283
Weatherford International Limited†		141,939		2,431,415
John Wood Group plc		24,112		232,091
WorleyParsons Limited		27,582		805,901
				99,580,927
Oil, Gas & Consumable Fuels: 7.11%
Adaro Energy TBK PT		2,747,500		674,276
Advantage Oil & Gas Limited†		8,522		49,428
AET&D Holdings No. 1 Limited(a)		20,314		0
Afren plc†		100,824		171,368
Alliance Oil Company Limited†		11,923		148,526
Alpha Natural Resources Incorporated†		145,332		4,806,129
Altagas Limited		4,348		122,408
Anadarko Petroleum Corporation		98,500		7,264,375
AOC Holdings Incorporated		2,300		13,278
Aquila Resources Limited†		21,768		150,049
ARC Resources Limited		20,640		512,154
Arch Coal Incorporated		136,271		2,767,664
Aston Resources Limited		8,654		108,636
Aurora Oil and Gas Limited†		85,102		259,815
Australian Worldwide Exploration Limited†		41,681		53,841
Bankers Petroleum Limited†		23,555		120,264
Banpu PCL		14,200		301,830
Bayan Resources Group		254,500		647,874
Baytex Energy Corporation		8,949		460,563
Beach Petroleum Limited		204,510		237,821
BG Group plc		233,344		5,032,218
Bharat Petroleum Corporation Limited†		25,109		367,829
Bill Barrett Corporation†		72,800		3,490,760
Birchcliff Energy Limited†		4,522		62,476
Blackpearl Resources Incorporated†		33,021		170,618
Bonavista Energy Corporation		11,545		305,336
BP plc		1,306,234		8,525,823
Brigham Exploration Company†		205,687		5,985,492

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 161

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Brightoil Petroleum Holdings Limited		514,000	$	147,653
Bumi Resources TBK PT		3,266,858		1,009,414
Cabot Oil & Gas Corporation		67,181		5,096,351
Cairn Energy plc†		86,398		469,011
Caltex Australia Limited		22,940		267,228
Cameco Corporation		25,000		580,261
Canadian Natural Resources Limited		75,454		2,850,810
Canadian Oil Sands Limited		33,130		791,967
Carrizo Oil & Gas Incorporated†«		60,746		1,823,595
Celtic Exploration Limited†		11,766		278,981
Cenovus Energy Incorporated		52,471		1,896,736
Chesapeake Energy Corporation«		80,932		2,621,387
Chevron Corporation		246,323		24,363,808
China Coal Energy Company		623,962		840,030
China Petroleum & Chemical Corporation		2,628,000		2,592,592
China Shenhua Energy Company Limited		550,000		2,560,467
Cimarex Energy Company		55,298		3,931,135
CNOOC Limited		2,349,000		4,763,253
CNPC (Hong Kong) Limited		370,000		571,311
Coal & Allied Industries Limited		1,665		219,987
Coal India Limited		96,068		783,564
Comstock Resources Incorporated†«		81,302		1,654,496
Concho Resources Incorporated†		66,128		5,749,830
Connacher Oil and Gas Limited†		22,597		17,998
ConocoPhillips		161,567		10,997,866
Consol Energy Incorporated		145,821		6,658,187
Continental Resources Incorporated†«		37,326		2,086,150
Corridor Resources Incorporated†		1,363		3,744
Cosmo Oil Company Limited		86,000		228,429
Crescent Point Energy Corporation		17,703		803,531
Crew Energy Incorporated†		3,839		47,042
Dart Energy Limited†		34,277		25,594
Daylight Energy Limited		11,272		90,931
Denison Mines Corporation†		51,265		83,758
DNO ASA†		102,500		111,923
Dragon Oil plc		12,082		101,124
Eastern Star Gas Limited†		152,909		130,127
El Paso Corporation		88,572		1,695,268
Enbridge Incorporated		48,700		1,616,205
Encana Corporation		47,334		1,202,080
Energy Resources of Australia Limited		4,826		20,962
Enerplus Corporation		13,847		405,385
ENI SpA		165,184		3,321,234
ENI SpA ADR«		9,439		380,109
EnQuest plc - Sweden Exchange†		15,154		27,311
EnQuest plc - United Kingdom Exchange†		32,662		59,353
EOG Resources Incorporated		52,548		4,865,419
ERG SpA		2,269		27,302
Essar Energy plc		28,005		114,743
Essar Oil Limited†		163,698		315,589
Esso Thailand PCL		26,300		9,039

162 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Establissements Maurel et Prom		5,783	$	120,133
EXCO Resources Incorporated		105,400		1,410,252
Extract Resources Limited†		10,481		90,993
Exxon Mobil Corporation		605,231		44,811,303
Fairborne Energy Limited†		1,661		6,564
Forest Oil Corporation†		70,098		1,364,808
Formosa Petrochemical Corporation†		333,590		975,956
Frontline Limited		6,300		50,771
Galleon Energy Incorporated†		1,079		3,460
Galp Energia SGPS SA		11,515		229,316
Gazprom ADR«		1,156,444		14,050,795
Goodrich Petroleum Corporation†«		3,776		60,492
Gran Tierra Energy Incorporated†		23,505		148,331
Grupa Lotos SA†		10,126		108,371
GS Holdings Corporation†		7,675		525,237
Hellenic Petroleum SA†		2,590		20,675
Heritage Oil plc		26,070		94,473
Hindustan Petroleum Corporation Limited		24,627		199,717
HollyFrontier Corporation		184,126		13,212,882
Hunting plc		13,249		146,250
Husky Energy Incorporated		19,000		473,011
Idemitsu Kosan Company Limited		3,500		367,021
Imperial Oil Limited		16,200		664,344
Indian Oil Corporation Limited†		73,547		488,876
Indika Energy TBK PT†		202,500		77,791
Indo Tambangraya Megah PT		37,500		195,999
Inpex Holdings Incorporated		362		2,467,881
IRPC PCL		974,221		156,682
Itochu Enex Company Limited		6,000		33,132
Ivanhoe Energy Incorporated†		8,964		14,920
Japan Petroleum Exploration Company		4,900		203,878
JX Holdings Incorporated†		334,100		2,127,095
Karoon Gas Australia Limited†		31,102		113,343
Keyera Corporation		7,024		328,714
Kinder Morgan Incorporated		61,682		1,594,480
Linc Energy Limited		27,942		66,936
Lukoil ADR«		99,619		5,947,254
Lundin Petroleum AB†		14,794		224,173
Mangalore Refinery & Petrochemicals Limited†		21,310		29,191
Marathon Oil Corporation		87,261		2,349,066
Marathon Petroleum Corporation		41,100		1,523,166
MOL Hungarian Oil & Gas plc		5,888		542,699
Mongolia Energy Company Limited†		277,000		30,015
Motor Oil (Hellas) Corinth Refineries SA		681		6,810
Murphy Oil Corporation		22,200		1,189,476
NAL Energy Corporation		16,758		170,438
Neste Oil Oyj Limited		6,080		67,422
New Hope Corporation Limited		33,755		183,759
New Zealand Oil & Gas Limited		17,669		10,008
Nexen Incorporated		33,000		704,953
Niko Resource Limited		2,237		127,326

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 163

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Nippon Gas Company Limited†		3,300	$	51,888
Noble Energy Incorporated		33,397		2,950,959
NuVista Energy Limited		3,905		33,296
Occidental Petroleum Corporation		158,562		13,753,668
OGX Petroleo e Gas Participacoes SA†		506,000		3,645,845
Oil & Natural Gas Corporation Limited		351,889		2,017,751
Oil India Limited		7,453		210,715
Oil Refineries Limited†		37,539		21,842
Oil Search Limited		147,902		1,002,999
OMV AG		9,020		355,453
OPTI Canada Incorporated†		2,891		295
Origin Energy Limited		141,549		2,155,635
Overseas Shipholding Group Incorporated«		48,781		869,765
PA Resources AB†		20,295		8,832
Pace Oil & Gas Limited†		1,571		8,823
Pacific Rubiales Energy Corporation		16,207		398,679
Paladin Energy Limited†		70,555		160,029
Patriot Coal Corporation†		161,300		2,375,949
Paz Oil Company Limited		173		23,140
Peabody Energy Corporation		51,174		2,497,291
Pembina Pipeline Corporation		13,555		352,820
Pengrowth Energy Corporation		28,104		324,575
Penn Virginia Corporation«		80,200		654,432
Penn West Petroleum Limited		29,670		555,650
PetroBakken Energy Limited		3,000		36,332
Petrobank Energy & Resources Limited†		6,135		74,362
Petrobras Energia SA		1,769		30,321
PetroChina Company Limited		3,304,000		4,217,828
Petroleo Brasileiro SA		516,245		7,442,567
Petrominerales Limited		3,768		117,584
Petronas Dagangan Berhad†		45,300		269,269
Petronet LNG Limited†		48,131		182,722
Petroplus Holdings AG		4,002		31,740
Peyto Exploration & Development Corporation		13,213		297,910
Pioneer Natural Resources Company		75,500		5,901,835
Polish Oil & Gas		224,672		317,360
Polski Koncern Naftowy Orlen SA		46,991		647,433
Premier Oil plc†		26,844		143,974
Progress Energy Resources Corporation		18,972		245,650
Provident Energy Limited		18,355		158,753
PT Tambang Batubara Bukit Asam TBK		116,000		266,582
PTT Aromatics & Refining PCL		102,272		116,877
PTT Exploration & Production PCL†		28,000		164,136
PTT Exploration & Production PCL ADR		146,300		854,271
PTT PCL		127,200		1,396,356
QEP Resources Incorporated		116,549		4,103,690
Questerre Energy Corporation†		8,414		7,303
Quicksilver Resources Incorporated†«		236,800		2,256,704
Range Resources Corporation«		103,045		6,673,194
Reliance Industries Limited†		244,714		4,184,632
Reliance Industries Limited GDR144A		2,006		69,468

164 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Repsol YPF SA		55,060	$	1,584,633
Roc Oil Company Limited†		8,115		2,758
Royal Dutch Shell plc A Shares - Netherland Exchange		240,652		8,047,226
Royal Dutch Shell plc A Shares - United Kingdom Exchange		6,202		207,465
Royal Dutch Shell plc B Shares		189,411		6,374,145
S-Oil Corporation†		6,101		703,118
SandRidge Energy Incorporated†«		255,550		1,875,737
Santos Limited		116,624		1,472,988
Saras SpA		12,269		22,302
Sasol Limited		77,315		3,727,287
Shell Refining Company Berhad (Malaysia)†		14,200		47,708
Showa Shell Sekiyu KK		26,200		210,417
Silverbirch Energy Corporation†		1,901		11,375
Sinanen Company Limited†		2,000		8,699
SK Energy Company Limited		9,250		1,482,017
SM Energy Company		41,100		3,144,150
SOCO International plc†		10,172		52,991
Southern Union Company		77,413		3,242,056
Southwestern Energy Company†		66,313		2,516,578
Spectra Energy Corporation		79,512		2,064,927
Statoil ASA		70,475		1,693,405
Storm Resources Limited†		281		1,176
Straits Asia Resources Limited		119,000		269,414
Suncor Energy Incorporated		109,487		3,508,324
Surgutneftegaz«		168,026		814,926
Surgutneftegaz ADR«		485,316		4,100,920
Swift Energy Company†		73,557		2,269,233
Talisman Energy Incorporated		66,400		1,109,944
Teekay Corporation«		82,722		2,247,557
Thai Oil PCL		104,800		234,288
Tonengeneral Sekiyu KK		43,000		493,391
Total SA		154,549		7,547,471
TransCanada Corporation		48,500		2,097,886
Transglobe Energy Corporation†		11,093		107,385
Tullow Oil plc		57,339		998,922
Tupras Turkiye Petrol Rafinerileri AS		18,430		353,183
Ultra Petroleum Corporation†		98,185		3,289,198
Uranium One Incorporated		49,462		135,360
USEC Incorporated†		200,254		436,554
Valero Energy Corporation		65,551		1,489,319
Veresen Incorporated		12,300		173,705
Vermilion Energy Incorporated		7,094		331,628
Whitehaven Coal Limited		50,779		326,693
Williams Companies Incorporated		67,700		1,827,223
Woodside Petroleum Limited		81,975		3,098,361
World Fuel Services Corporation«		125,182		4,649,259
Yanzhou Coal Mining Company Limited		290,000		844,889
				400,119,134

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 165

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Financials: 19.50%
Capital Markets: 1.45%
3I Group plc		55,569	$	191,737
Aberdeen Asset Management plc		83,965		272,911
Affiliated Managers Group Incorporated†		32,986		2,875,060
AGF Management Limited		6,067		103,151
Ameriprise Financial Incorporated		28,304		1,293,493
Apollo Investment Corporation		1		9
Ashmore Group plc		22,335		146,182
Asia Plus Securities PCL†		636,000		59,419
Azimut Holding SpA		6,204		43,988
Bank of New York Mellon Corporation		152,356		3,149,199
Bank Sarasin & Cie AG		1,790		59,113
BinckBank NV		15,559		184,848
BlackRock Incorporated		18,074		2,977,692
Brewin Dolphin Limited		8,704		18,914
Canaccord Financial Incorporated		5,064		53,365
Capital Securities Corporation†		357,353		158,018
Charles Schwab Corporation		2,000		24,660
CI Financial Corporation		11,903		245,401
Close Brothers Group plc		13,950		163,931
Credit Suisse Group		75,060		2,152,400
Daewoo Securities Company Limited†		26,610		385,545
Daiwa Securities Group Incorporated		234,000		941,428
Deutsche Bank AG		64,816		2,621,464
Deutsche Boerse AG		12,250		710,132
Dundee Corporation Class A†		3,322		76,054
Eaton Vance Corporation		78,600		1,918,626
EFG International		1,432		13,788
Egyptian Financial Group-Hermes Holding†		35,767		99,054
Eurazeo		2,066		117,651
Federated Investors Incorporated Class B«		63,414		1,123,062
Franklin Resources Incorporated«		29,140		3,494,469
Fuhwa Financial Holdings Company Limited†		1,192,123		700,835
GCA Savvian Group Corporation		9		12,015
GMP Capital Incorporated		3,500		31,808
Goldman Sachs Group Incorporated		85,543		9,941,807
Greenhill & Company Incorporated«		52,024		1,848,413
Hargreaves Lansdown plc		12,382		86,702
Henderson Group plc		63,001		132,331
Hyundai Securities Company†		15,167		164,282
ICAP plc		36,161		279,084
Ichiyoshi Securities Company Limited†		1,500		8,935
IGM Financial Incorporated		7,300		330,375
Intermediate Capital Group plc		41,679		168,001
Invesco Limited		307,562		5,628,385
Investec Limited		32,830		233,578
Investec plc		27,460		192,320
IOOF Holdings Limited†		29,956		203,755
Iwai Securities Company Limited†		1,000		4,478
JAFCO Company Limited		6,600		138,148
Janus Capital Group Incorporated		364,396		2,660,091

166 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Capital Markets (continued)
Julius Baer Group Limited		12,981	$	532,743
Julius Baer Holding AG		11,915		176,515
Kabu.com Securities Company Limited†		9,400		27,858
KGI Securities (Thailand) PCL†		848,000		65,644
Knight Capital Group Incorporated†		196,400		2,535,524
Korea Investment Holdings Company Limited†		4,364		159,466
Legg Mason Incorporated«		94,700		2,696,109
Macquarie Group Limited		48,325		1,344,462
Man Group plc		137,925		499,541
Marusan Securities Company Limited		2,000		9,332
Masterlink Securities Corporation†		131,000		51,963
Matsui Securities Company Limited		12,600		57,953
Mediobanca SpA		32,109		295,969
MF Global Holdings Limited†«		319,237		1,752,611
Mirae Asset Securities Company Limited		3,004		115,263
Mito Securities Company Limited		3,000		3,993
Mizuho Investors Securities Company Limited(a)		35,000		29,693
MLP AG		1,057		8,662
Monex Beans Holdings Incorporated		172		33,092
Morgan Stanley		173,052		3,028,410
Nomura Holdings Incorporated		462,200		1,947,007
Nomura Holdings Incorporated ADR«		30,500		127,795
Okasan Holdings Incorporated		19,000		64,525
optionsXpress Holdings Incorporated		79,500		1,001,700
Partners Group		1,488		252,638
Perpetual Trustees Australia Limited		6,420		175,391
Pioneers Holding†		11,002		8,974
Platinum Asset Management Limited		20,450		87,138
Polaris Securities Company Limited†		225,828		161,653
Polytec Asset Holdings Limited		100,000		11,592
President Securities Corporation†		150,202		88,694
Rathbone Brothers		710		12,186
Ratos AB B Shares		11,400		171,776
Raymond James Financial Incorporated		67,607		1,898,405
Richemont SA†		1,457		25,662
RMI Holdings		77,231		140,461
Samsung Securities Company Limited†		7,053		423,192
SBI Holdings Incorporated		3,050		274,687
Schroders plc		11,164		268,716
Schroders plc (Non Voting)		17,396		335,636
Shinko Securities Company Limited		81,000		181,613
State Street Corporation		61,700		2,191,584
Stifel Financial Corporation†«		95,252		2,865,180
T. Rowe Price Group Incorporated«		48,836		2,611,749
Tokai Tokyo Securities Company Limited		23,000		75,646
Tong Yang Investment Bank†		7,124		35,442
Tullett Prebon plc		11,401		69,064
UBS AG		249,419		3,606,230
UOB-Kay Hian Holdings Limited		49,000		63,742
Value Partners Group Limited		67,000		38,005
Verwaltungs-Und Privat-Bank AG		62		7,374

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 167

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Capital Markets (continued)
Virtus Investment Partners Incorporated†		1	$	61
Vontobel Holdings AG		3,142		100,497
Waterland Financial Holdings†		268,288		113,809
Woori Investment & Securities Company Limited†		16,080		227,852
				81,530,586
Commercial Banks: 6.68%
77 Bank Limited		50,000		203,468
Absa Group Limited		87,633		1,744,210
Affin Holdings Berhad		72,100		71,443
Agricultural Bank of China Limited		4,650,000		2,243,180
Agricultural Bank of Greece		342		311
Akbank TAS		237,647		895,382
Allahabad Bank†		22,824		89,380
Alpha Bank AE		31,560		101,743
Andhra Bank†		30,160		85,273
Aozora Bank Limited		86,000		215,589
Associated Banc-Corp		338,505		3,723,555
Asya Katilim Bankasi AS†		48,136		54,522
Australia & New Zealand Banking Group Limited		353,015		7,691,994
Axis Bank Limited†		42,675		1,001,456
Banca Carige SpA		33,259		73,969
Banca Monte Dei Paschi di Siena SpA		316,822		195,192
Banca Piccolo Credito Valtellinese Scarl†		9,849		34,449
Banca Popolare dell’Emilia Romagna Scarl†		18,482		190,325
Banca Popolare dell’Etruria e del Lazio†		1,251		3,099
Banca Popolare di Milano Scarl		16,468		35,064
Banca Popolare di Sondrio Scarl†		16,258		131,685
Banco Bilbao Vizcaya Argentaria SA		313,022		2,840,244
Banco BPI SA†		9,694		11,406
Banco Bradesco SA†		83,482		1,240,247
Banco Comercial Portugues SA†		381,266		138,219
Banco Continental Peru†		21,240		46,656
Banco de Brasil SA		194,085		3,257,712
Banco de Chile		4,593,378		647,235
Banco de Credito del Peru†		3,219		7,248
Banco de Credito e Inversiones†		6,781		404,243
Banco de Oro		148,766		207,412
Banco de Sabade		88,593		349,990
Banco de Valencia SA†		11,615		17,128
Banco Espanol de Credito SA		3,199		22,235
Banco Espirito Santo SA		47,774		159,793
Banco Itau Holding Financeira SA		120,925		1,935,529
Banco Macro SA		2,243		60,740
Banco Pastor SA		6,095		25,216
Banco Popolare SpA		138,887		237,878
Banco Popular Espanol SA		54,625		284,584
Banco Santander Brasil SA		83,114		799,344
Banco Santander Central Hispano SA		519,121		4,796,528
Banco Santander Central Hispano SA ADR		68,068		631,671
Banco Santander Chile SA†		5,857,502		508,547

168 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Commercial Banks (continued)
BancorpSouth Incorporated		152,673	$	1,723,678
Bangkok Bank PCL		31,000		169,472
Bangkok Bank PCL-Non Voting		31,000		169,219
Bank Central Asia TBK PT		2,110,500		2,035,870
Bank CIMB Niaga TBK PT†		220,500		37,859
Bank Handlowy Warszawie SA		4,008		90,459
Bank Hapoalim Limited		71,656		296,373
Bank Leumi Le-Israel		72,907		267,784
Bank Mandiri Persero TBK PT		1,379,712		1,146,135
Bank Millennium SA†		60,124		104,594
Bank Negara Indonesia Persero TBK PT†		898,500		448,834
Bank of Ayudhya PCL		424,600		361,142
Bank of Baroda†		25,294		405,742
Bank of China Limited		9,338,100		3,873,103
Bank of Communications Limited		999,350		745,625
Bank of Cyprus Public Company Limited		115,392		198,777
Bank of East Asia Limited		225,449		889,879
Bank of Greece		900		25,609
Bank of Hawaii Corporation		84,317		3,505,058
Bank of India†		22,645		152,838
Bank of Ireland†		346,365		43,653
Bank of Kyoto Limited		53,000		478,260
Bank of Montreal		75,447		4,730,364
Bank of Nova Scotia		75,105		4,182,044
Bank of Queensland Limited		30,073		241,393
Bank of the Philippine Islands		205,881		281,902
Bank of the Ryukyus Limited		3,200		43,683
Bank of Yokohama Limited		188,000		944,857
Bank Pekao SA		15,815		813,413
Bank Przemyslowo Handlowy PBK†		309		4,871
Bank Rakyat Indonesia		1,479,500		1,184,291
Bankinter SA		11,042		65,010
Banque Cantonale Vaudoise Waadtlaender Kantonalbank†		244		141,293
Barclays plc		847,726		2,342,272
BBva Banco Frances SA«		4,348		34,567
Bendigo Bank Limited		46,850		439,984
Berner Kantonalbank AG		648		200,226
BNP Paribas SA		61,775		3,177,486
BNP Paribas SA ADR«		15,636		402,314
BOC Hong Kong Holdings Limited		529,000		1,454,670
BOK Financial Corporation		16,162		795,170
Branch Banking & Trust Corporation		79,997		1,783,133
BRE Bank SA†		1,988		190,027
Bumiputra Commerce Holdings Berhad†		648,800		1,553,491
Canadian Imperial Bank of Commerce		27,200		2,122,006
Canadian Western Bank		4,739		146,288
Canara Bank†		13,142		122,320
Capital Source Incorporated		580,929		3,688,899
Cathay General Bancorp«		153,709		1,970,549
Chang Hwa Commercial Bank†		631,110		469,811
Chiba Bank Limited		115,000		751,441

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 169

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Commercial Banks (continued)
China Banking Corporation†		11,023	$	104,178
China Citic Bank		1,511,000		814,133
China Construction Bank		8,540,990		6,356,427
China Development Financial Holding Corporation†		1,535,338		504,003
China Merchants Bank Company Limited		591,858		1,267,228
China Minsheng Banking Corporation Limited		588,900		489,273
China Trust Financial Holding Company Limited†		1,441,603		1,184,642
Chukyo Bank Limited		5,000		13,037
CIT Group Incorporated†		133,142		4,602,719
Citigroup Incorporated		356,053		11,055,446
Comerica Incorporated		43,209		1,105,718
Commerce Bancshares Incorporated«		49,667		1,965,323
Commercial International Bank†		63,090		293,480
Commerzbank AG		204,574		604,556
Commonwealth Bank of Australia		211,938		10,970,772
Corporation Bank†		14,460		138,612
Credicorp Limited		7,821		779,284
Credit Agricole D’ile de F		144		10,526
Credit Agricole SA		71,305		697,125
Credito Emiliano SpA		1,169		5,362
Cullen Frost Bankers Incorporated		38,553		1,965,817
Dah Sing Banking Group Limited		32,000		36,623
Dah Sing Financial Holdings Limited		13,534		53,218
Danske Bank		38,961		575,263
DBS Group Holdings Limited		232,595		2,560,021
Dexia†		39,586		92,646
DGB Financial Group Incorporated†		22,804		331,314
DnB Nor ASA		57,452		693,945
E.SUN Financial Holding Company Limited†		696,897		407,748
East West Bancorp Incorporated		289,620		4,833,758
EFG Eurobank Ergasias SA		31,520		72,107
EnTie Commercial Bank†		63,977		30,078
EON Capital Berhad†		16,500		14,382
Erste Bank Der Oesterreichischen Sparkassen AG		17,234		625,875
Far Eastern International Bank†		222,924		105,663
Federal Bank Limited†		15,779		127,649
FIBI Holdings Limited†		970		17,712
Finansbank AS Turkey†		27,561		58,368
First Financial Bankshare«		83,389		2,469,148
First Financial Holding Company Limited†		786,694		608,788
First Horizon National Corporation		511,412		3,600,340
First Midwest Bancorp Incorporated		131,306		1,152,867
FirstMerit Corporation		210,946		2,628,387
FNB Corporation PA«		223,116		2,001,351
Fukuoka Financial Group Incorporated		122,000		493,215
Fulton Financial Corporation		386,040		3,539,987
Getin Holding SA†		50,326		171,013
Glacier Bancorp Incorporated		130,766		1,505,117
Greek Postal Savings Bank†		8,178		15,103
Grupo Financiero Banorte SA de CV		284,200		1,150,537
Grupo Financiero Inbursa SA de CV		324,764		659,351

170 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Commercial Banks (continued)
Gunma Bank Limited		76,000	$	396,941
Hana Financial Group Incorporated		32,564		1,104,665
Hancock Holding Company«		152,432		4,760,451
Hang Seng Bank Limited		92,300		1,363,567
HDFC Bank Limited		181,765		1,876,637
HDFC Bank Limited ARD«		21,985		733,420
Higashi-Nippon Bank Limited†		5,000		11,007
Hokuhoku Financial Group Incorporated		182,000		367,583
Hong Leong Bank Berhad†		66,300		274,798
Hong Leong Financial Group Berhad†		68,900		272,756
HSBC Holdings plc		1,240,046		10,800,824
Hua Nan Financial Holdings Company Limited†		771,307		539,601
Huntington Bancshares Incorporated		550,696		2,770,001
Iberiabank Corporation«		47,292		2,276,637
ICICI Bank Limited†		95,963		1,846,266
ICICI Bank Limited ADR«		16,121		634,523
Indian Bank†		21,174		95,853
Indian Overseas Bank†		27,110		65,003
Indusind Bank Limited†		53,231		286,580
Industrial & Commercial Bank of China Class H		11,281,442		7,443,320
Industrial Bank of Korea†		24,550		371,454
Industrial Development Bank of India Limited†		65,269		157,290
ING Bank Slaski SA†		519		143,589
International Bancshares Corporation		114,040		1,784,726
Intesa Sanpaolo		916,847		1,492,229
Intesa Sanpaolo RSP		49,378		67,316
Israel Discount Bank Limited†		34,211		58,785
Joyo Bank Limited		99,000		416,010
Jyske Bank†		3,613		110,292
Kansai Urban Banking Corporation		76,000		139,238
Kasikornbank PCL		145,600		617,707
Kasikornbank PCL		32,800		138,154
KB Financial Group Incorporated		60,121		2,493,911
KBC Groep NV		8,999		253,465
KeyCorp		632,950		4,202,788
Kiatnakin Finance†		6,000		6,907
Kiyo Holdings†		71,000		101,177
Komercni banka		2,349		494,840
Korea Exchange Bank†		41,390		315,173
Kredyt Bank SA†		9,511		47,842
Krung Thai Bank PCL ADR		346,900		221,081
Laurentian Bank of Canada		961		42,461
Liechtenstein Landesbank		570		42,263
Liu Chong Hing Bank Limited		6,000		11,548
Lloyds TSB Group plc†		2,551,850		1,391,944
Lloyds TSB Group plc ADR†		3,708		8,083
M&T Bank Corporation«		80,121		6,094,804
Malayan Banking Berhad		426,873		1,257,022
Malaysian Plantations Berhad		134,800		154,901
Mega Financial Holding Company Limited†		1,434,120		1,276,446
Metropolitan Bank & Trust Company		132,537		229,777

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 171

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Commercial Banks (continued)
Mitsubishi UFJ Financial Group Incorporated		1,922,470	$	8,719,015
Mitsubishi UFJ Financial Group Incorporated ADR		440		1,980
Mitsui Trust Holdings Incorporated		488,000		1,658,888
Miyazaki Bank Limited		15,000		33,435
Mizuho Financial Group Incorporated		2,934,400		4,478,897
Mizuho Trust & Banking Company Limited(a)		280,000		229,061
National Australia Bank Limited		295,016		7,524,855
National Bank of Canada		10,200		755,444
National Bank of Greece SA		59,464		262,712
National Bank of Greece SA ADR«		24,348		21,426
National Penn Bancshares Incorporated«		249,356		1,807,831
National Societe Generale Bank SAE†		6,416		31,325
Natixis		49,959		199,286
Nedbank Group Limited		22,804		462,790
Nishi-Nippon City Bank Limited		105,000		303,910
Nordea Bank AB		163,574		1,507,169
Old National Bancorp«		185,421		1,818,980
Oriental Bank of Commerce†		12,374		84,092
OTP Bank		32,244		704,481
Oversea-Chinese Banking Corporation Limited		366,534		2,666,281
Pacwest Bancorp«		55,538		891,385
Piraeus Bank SA		112,063		103,896
PKO Bank Polski SA		89,587		1,129,933
PNC Financial Services Group		64,587		3,238,392
Popular Incorporated†		2,001,779		4,163,700
PrivateBancorp Incorporated«		108,100		959,928
PT Bank Danamon Indonesia TBK		397,394		249,839
PT Bank Pan Indonesia TBK†		506,500		48,138
Public Bank Berhad		165,665		729,220
Public Bank Berhad (Foreign Market)		91,000		400,443
Punjab National Bank Limited†		17,505		355,129
Raiffeisen International Bank Holdings		2,580		106,829
Resona Holdings Incorporated		265,800		1,209,742
RHB Capital Berhad		94,161		263,765
Royal Bank of Canada		98,900		5,061,644
Royal Bank of Scotland Group plc†		1,107,779		435,454
Sapporo Holdings		38,900		147,946
Sberbank Sponsored ADR†		124,900		1,426,381
Senshu Ikeda Holdings Incorporated		201,900		300,417
Seven Bank Limited		134		260,332
Shiga Bank		35,000		208,483
Shimizu Bank Limited†		1,000		40,619
Shinhan Financial Group Company Limited†		66,659		2,817,138
Shinsei Bank Limited		208,000		249,060
Shizuoka Bank Limited		90,000		887,014
Siam City Bank PCL†(a)(i)		107,800		87,046
Siam Commercial Bank PCL		201,600		800,480
Sinopac Financial Holdings Company Limited†		1,103,494		424,416
Skandinaviska Enskilda Banken AB Class A		108,706		643,230
Societe Generale		45,669		1,529,264
Societe Generale ADR		20,541		138,446

172 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Commercial Banks (continued)
St. Galler Kantonalbank		210	$	107,272
Standard Bank Group Limited		181,891		2,593,242
Standard Chartered plc		132,205		3,003,382
State Bank of India Limited†		24,458		1,053,506
State Bank of India Limited GDR 144A		4,768		452,960
Sumitomo Mitsui Financial Group Incorporated		187,884		5,562,798
Sumitomo Mitsui Financial Group Incorporated ADR«		494		2,900
Suruga Bank Limited		33,000		303,991
Susquehanna Bancshares Incorporated«		235,815		1,582,319
SVB Financial Group†«		75,166		3,463,649
Svenska Handelsbanken		30,083		824,187
Swedbank AB		59,000		811,128
Sydbank AG†		3,160		63,517
Syndicate Bank†		18,615		41,129
Synovus Financial Corporation«		1,429,217		2,072,365
Ta Chong Bank Limited†		315,200		102,820
Taishin Financial Holdings Company Limited†		851,252		387,488
Taiwan Business Bank†		276,640		98,026
Taiwan Cooperative Bank†		567,815		404,335
TCF Financial Corporation«		91,498		955,239
The Aichi Bank Limited		1,100		59,650
The Akita Bank Limited		19,000		59,054
The Aomori Bank Limited†		28,000		95,186
The Awa Bank Limited†		25,000		168,341
The Bank of Iwate Limited		1,800		79,926
The Bank of Nagoya Limited		19,000		59,843
The Bank of Okinawa Limited		2,000		92,461
The Bank of Saga Limited†		25,000		61,827
The Chiba Kogyo Bank Limited†		4,700		27,868
The Chugoku Bank Limited		31,000		412,793
The Daisan Bank Limited†		49,000		112,547
The Daishi Bank Limited		39,000		125,801
The Ehime Bank Limited†		27,000		81,696
The Eighteenth Bank Limited		25,000		70,717
The Fukui Bank Limited		32,000		97,988
The Hachijuni Bank Limited		70,000		389,508
The Higo Bank Limited		31,000		174,295
The Hiroshima Bank Limited		78,000		349,797
The Hokkoku Bank Limited†		35,000		128,339
The Hokuetsu Bank Limited		21,000		45,739
The Hyakugo Bank Limited		36,000		146,376
The Hyakujushi Bank Limited†		45,000		185,472
The Iyo Bank Limited		42,000		412,038
The Juroku Bank Limited		50,000		154,813
The Kagoshima Bank Limited		22,000		150,448
The Kanto Tsukuba Bank Limited		2,400		8,274
The Keiyo Bank Limited		37,000		194,133
The Michinoku Bank Limited†		5,000		10,372
The Mie Bank Limited		4,000		10,080
The Minato Bank Limited		35,000		69,050
The Musashino Bank Limited		4,900		171,153

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 173

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Commercial Banks (continued)
The Nanto Bank Limited		37,000	$	205,183
The Ogaki Kyoritsu Bank Limited		51,000		167,195
The Oita Bank Limited†		23,000		72,626
The San-in Godo Bank Limited		22,000		161,603
The Shikoku Bank Limited		28,000		100,441
The Tochigi Bank Limited		9,000		35,930
The Toho Bank Limited		21,000		51,772
Tisco Financial Group PCL		6,200		8,706
TMB Bank PCL		2,682,765		154,861
Tokyo Tomin Bank Limited		5,300		66,367
Tomony Holdings Incorporated		14,900		62,446
Toronto-Dominion Bank		61,031		4,828,011
Trustmark Corporation«		111,589		2,399,164
Turkiye Garanti Bankasi AS		346,312		1,282,368
Turkiye Halk Bankasi AS		47,994		303,130
Turkiye Is Bankasi		208,720		543,689
Turkiye Vakiflar Bankasi Tao		111,274		203,769
Umpqua Holdings Corporation«		224,261		2,191,030
UniCredito Italiano SpA		1,273,786		1,722,250
Union Bank of India†		27,062		143,194
Unione di Banche ScpA		58,620		217,383
United Bankshares Incorporated«		97,093		2,181,680
United Mizrahi Bank Limited		8,324		79,429
United Overseas Bank Limited		163,695		2,521,805
US Bancorp		234,863		5,451,170
Valiant Holding AG†		835		123,351
Valley National Bancorp«		104,942		1,247,760
Webster Financial Corporation		143,341		2,594,472
Wells Fargo & Company(l)		612,220		15,978,942
Westamerica Bancorporation«		51,281		2,174,827
Westpac Banking Corporation		419,841		9,297,903
Wing Hang Bank Limited		27,844		267,541
Woori Finance Holdings Company Limited†		52,710		590,963
Yachiyo Bank Limited		1,200		35,904
Yamagata Bank Limited		16,000		76,875
Yamaguchi Financial Group		35,000		340,173
Yamanashi Chou Bank Limited		18,000		74,860
Yapi Ve Kredi Bankasi AS†		113,689		228,350
Yes Bank Limited†		40,135		243,306
				375,587,557
Consumer Finance: 0.50%
Acom Company Limited		9,370		166,585
Aeon Credit Service Company Limited		12,400		185,496
Aiful Corporation		2,600		3,706
Allied Group Limited†		6,000		18,187
Capital One Financial Corporation		56,100		2,583,405
Credit Saison Company Limited		21,626		416,972
Discover Financial Services		62,926		1,583,218
Hitachi Capital Corporation		8,400		112,623
Hong Leong Singapore Finance Limited†		18,000		36,194

174 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Consumer Finance (continued)
International Personal Finance plc		10,364	$	45,894
Jaccs Company Limited		22,000		78,301
MasterCard Incorporated Class A		20,690		6,821,700
Orient Corporation†		93,000		97,974
ORIX Corporation		14,580		1,324,141
Promise Company Limited		12,150		86,988
Provident Financial plc		6,375		116,156
Samsung Card Company Limited†		7,397		359,832
Shriram Transport Finance Company Limited†		15,921		220,687
SKS Microfinance Limited†		6,165		26,689
SLM Corporation		351,100		4,820,603
Thanachart Capital PCL		15,516		16,308
Visa Incorporated		102,411		8,999,879
				28,121,538
Diversified Financial Services: 1.44%
Ackermans & Van Haaren NV†		2,400		205,422
African Bank Investments Limited		80,902		410,090
AMMB Holdings Berhad†		213,600		458,782
ASX Limited		23,879		742,623
Ayala Corporation Class A		32,872		237,503
Bajaj Auto Limited†		9,936		162,483
Bank of America Corporation		1,239,066		10,123,169
Banque Nationale de Belgique		10		38,703
BMF Bovespa SA		283,694		1,662,708
Bolsas y Marcados Espanoles		4,820		135,150
BS Financial Group Incorporated†		30,381		380,408
Bund Center Investment Limited†		85,000		13,140
Bursa Malaysia Berhad		39,400		88,050
Century Leasing System Incorporated		8,900		175,026
Challenger Financial Services Group Limited		75,312		396,174
China Everbright Limited		144,000		210,123
CME Group Incorporated		12,891		3,443,444
Corporation Financiera Alba†		549		27,050
Criteria CaixaCorp SA		39,240		199,877
D.Carnegie & Company AB†(a)		1,000		0
Dundee Capital Markets Incorporated†		2,023		1,880
ECM Libra Berhad†(a)		46,763		0
Exor SpA		2,774		66,278
Fimalac		158		5,551
First Pacific Company Limited		294,800		282,302
FirstRand Limited		354,542		1,020,642
Fubon Financial Holding Company Limited		1,087,015		1,558,589
Fuyo General Lease Company Limited		3,300		121,519
GIMV NV		1,243		70,207
Groupe Bruxelles Lambert SA		5,068		408,447
Guoco Group Limited		14,000		154,979
Haci Omer Sabanci Holding AS		128,936		466,361
Hellenic Exchanges SA Holding		2,480		15,056
Hong Kong Exchanges & Clearing Limited		137,683		2,581,756
IBJ Leasing Company Limited		4,600		108,471

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 175

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Diversified Financial Services (continued)
IG Group Holdings plc†		23,059	$	167,530
Indiabulls Financial Services Limited†		23,070		77,617
Industrivarden AB Class A		18,200		238,380
Industrivarden AB Class C†		5,600		69,077
Infrastructure Development Finance Company Limited†		185,282		461,625
ING Groep NV†		268,777		2,332,277
InterContinental Exchange Incorporated†«		47,557		5,609,348
Investment Technology Group Incorporated†		73,900		840,982
Investor AB A Shares		7,600		147,356
Investor AB B Shares		28,161		554,260
Japan Securities Finance Company Limited		9,000		49,506
Jefferies Group Incorporated		87,800		1,440,798
JPMorgan Chase & Company		488,177		18,335,928
Jupiter Fund Management plc		46,400		144,558
K-Green Trust		25,027		19,775
Kinnevik Investment AB		13,274		283,178
Kotak Mahindra Bank Limited		57,655		557,507
Lender Processing Services Incorporated		53,300		940,212
London Stock Exchange Group plc		8,884		132,446
Lundbergforetagen AB†		1,700		57,114
Mahindra & Mahindra Financial Services Limited†		5,426		73,612
Marfin Investment Group SA		31,243		13,767
Mitsubishi UFJ Securities Company Limited		8,120		329,087
Moody’s Corporation«		131,400		4,051,062
MSCI Incorporated†		77,549		2,680,869
Mulpha International Berhad†		222,700		30,659
Multi-Purpose Holdings Berhad†		85,370		80,519
NASDAQ Stock Market Incorporated†		91,600		2,170,004
NYSE Euronext (Paris) Incorporated		172,345		4,701,572
OKO Bank		13,266		151,108
Onex Corporation		5,800		205,810
Osaka Securities Exchange Company		48		258,708
Pargesa Holding SA		2,020		165,266
Paychex Incorporated		36,800		992,864
PHH Corporation†«		110,092		2,088,445
Power Finance Corporation Limited†		49,319		156,705
Reliance Capital Limited†		11,605		97,571
Remgro Limited		72,596		1,182,399
RHJ International†		1,117		8,023
Ricoh Leasing Company Limited		4,800		109,104
RMB Holdings Limited†		112,117		407,196
Rural Electrification Corporation Limited		43,913		167,827
Singapore Exchange Limited		143,000		832,633
SNS Reaal†		4,259		14,244
Sofina SA		862		80,888
TMX Group Incorporated		4,567		192,324
Washington H Soul Pattinson & Company Limited†		17,757		231,652
Western Union Company		74,600		1,232,392
				81,137,747

176 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Insurance: 3.50%
Ace Limited		41,636	$	2,688,853
Admiral Group plc		13,631		302,036
Aegon NV		118,978		535,742
AFLAC Incorporated		57,900		2,183,988
AIA Group Limited		790,200		2,781,386
Aksigorta AS		15,670		10,985
Alleghany Corporation†		5,080		1,518,717
Allianz AG		31,482		3,238,556
Allianz AG ADR		5		52
Allied World Assurance Company		25,278		1,311,928
Allstate Corporation		56,427		1,480,080
American Financial Group Incorporated		60,548		2,015,037
American International Group Incorporated†		83,200		2,107,456
Amlin plc		45,246		228,592
AMP Limited		376,507		1,832,676
AON Corporation		36,800		1,719,664
Arch Capital Group Limited†		84,766		2,854,919
Argo Group International Holdings Limited		60,782		1,672,113
Arthur J. Gallagher & Company		73,393		2,070,417
Aspen Insurance Holdings Limited		40,424		970,580
Assicurazioni Generali SpA		86,815		1,567,882
Assurant Incorporated		61,699		2,169,954
Assured Guaranty Limited		112,184		1,513,362
Aviva plc		183,357		1,010,399
AXA SA		129,051		2,071,288
Axis Capital Holdings Limited		86,122		2,468,257
Bajaj Finserv		17,911		210,371
Baloise Holding AG		2,883		255,659
Beazley plc		26,836		50,727
Brown & Brown Incorporated		76,555		1,608,421
Cathay Financial Holding Company Limited		1,349,562		1,731,022
Catlin Group Limited		24,473		147,809
China Insurance International Holdings Company Limited†		124,000		278,849
China Life Insurance Company		1,165,000		2,953,197
China Life Insurance Company (Taiwan)†		300,016		385,470
China Pacific Insurance Group Company Limited		177,000		693,548
Chubb Corporation		34,236		2,118,866
Cincinnati Financial Corporation«		101,134		2,823,661
Clal Insurance Enterprise Holdings Limited		832		15,221
CNO Financial Group Incorporated†		424,700		2,730,821
CNP Assurances		7,344		129,921
Dai-Ichi Mutual Life Insurance Company		1,334		1,554,616
Delphi Financial Group Class A		94,728		2,290,523
Delta Lloyd NV		3,758		68,525
Discovery Holdings Limited		24,658		134,722
Dongbu Insurance Company Limited†		6,370		310,124
Endurance Specialty Holdings Limited		24,578		888,740
Euler Hermes SA		728		56,616
Everest Reinsurance Group Limited		33,143		2,674,640
Fairfax Financial Holdings Limited		1,200		483,897
Fidelity National Title Group Incorporated«		148,614		2,524,952

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 177

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Insurance (continued)
First American Financial Corporation		193,549	$	2,951,622
Fondiaria Sai SpA†		1,751		3,813
Fondiaria Sai SpA RSP†		1,309		1,635
Fortis		180,320		362,415
Genworth Financial Incorporated†		325,234		2,247,367
Gjensidige Forsikring ASA		12,110		143,566
Great Eastern Holdings Limited		6,000		63,736
Great-West Lifeco Incorporated		20,500		460,533
Grupo Catalana Occidente SA†		2,305		50,166
Hannover Rueckversicherung AG		5,268		248,599
Harel Insurance Investments & Finances Limited		438		19,138
Hartford Financial Services Group Incorporated		49,882		954,741
HCC Insurance Holdings Incorporated		76,508		2,237,094
Helvetia Holding AG		366		133,349
Hiscox Limited		22,077		127,260
Horace Mann Educators Corporation«		69,036		919,560
Hyundai Marine & Fire Insurance Company Limited†		8,230		261,796
Industrial Alliance Insurance & Financial Services Incorporated		5,239		192,109
Insurance Australia Group Limited		290,284		945,529
Intact Financial Corporation		7,515		422,829
Irish Life & Permament Group Holdings plc†		13,014		557
Jardine Lloyd Thompson Group plc		7,925		84,834
Kemper Corporation		86,591		2,220,193
Korea Life Insurance Company Limited		33,890		200,869
Korea Reinsurance Company†		10,787		147,819
Lancashire Holdings plc		18,971		209,773
Legal & General Group plc		410,701		699,114
Liberty Holdings Limited†		34,192		374,870
LIG Insurance Company Limited†		8,650		213,660
Lincoln National Corporation		209,560		4,348,370
Loews Corporation		41,154		1,548,213
LPI Capital Berhad		40,900		178,875
Manulife Financial Corporation		123,700		1,691,354
Mapfre SA		39,312		134,547
Markel Corporation†«		6,299		2,481,680
Marsh & McLennan Companies Incorporated		67,309		2,000,423
Mediolanum SpA		9,857		36,964
Menorah Mivtachim Holdings Limited†		1,664		13,241
Mercury General Corporation		15,722		621,176
MetLife Incorporated		101,126		3,397,834
Migdal Insurance & Financial Holding Limited†		10,202		14,190
Milano Assicurazioni SpA		8,878		3,839
Millea Holdings Incorporated		105,500		2,879,745
Mitsui Sumitomo Insurance Group Holdings Incorporated		75,400		1,766,851
Montpelier Re Holdings Limited«		122,024		2,096,372
Muenchener Rueckversicherungs-Gesellschaft AG		12,448		1,623,890
NIB Holdings Limited		42,251		62,327
NKSJ Holdings Incorporated		223,000		1,317,972
Old Mutual plc - South Africa Exchange		406		787
Old Mutual plc - United Kingdom Exchange		360,732		700,421
Old Republic International Corporation«		150,285		1,493,833

178 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Insurance (continued)
PartnerRe Limited		44,957	$	2,562,099
PICC Property & Casualty Company Limited		336,000		593,040
Ping An Insurance Group Company of China Limited		241,000		1,932,807
Platinum Underwriters Holdings Limited		72,902		2,296,413
Power Corporation of Canada		20,400		493,491
Power Financial Corporation		17,200		471,055
Powszechny Zaklad Ubezpieczen SA		7,506		923,827
Principal Financial Group Incorporated«		199,800		5,066,928
Proassurance Corporation†«		51,599		3,744,023
Protective Life Corporation«		167,600		3,182,724
Prudential Financial Incorporated		59,362		2,980,566
Prudential plc		166,867		1,680,910
QBE Insurance Group Limited		146,305		2,215,061
Reinsurance Group of America Incorporated		49,139		2,622,548
Renaissancere Holdings Limited		34,462		2,259,673
Resolution Limited		118,927		514,280
RLI Corporation«		30,962		1,957,418
Royal & Sun Alliance Insurance Group plc		227,632		423,710
Sampo Oyj		30,368		871,983
Samsung Fire & Marine Insurance Company Limited†		5,690		1,231,838
Samsung Life Insurance Company		13,026		1,041,939
Sanlam Limited		246,564		960,078
Santam Limited†		1		19
SCOR Regroupe		14,377		338,335
Selective Insurance Group Incorporated«		105,752		1,608,488
Shin Kong Financial Holding Company Limited†		1,198,264		426,562
Societa Cattolica di Assicurazione Societa Cooperativa†		2,034		51,687
Sony Financial Holdings Incorporated		22,000		347,528
St. James’s Place plc		7,941		45,732
Stancorp Financial Group Incorporated«		88,551		2,705,233
Standard Life plc		173,187		567,496
Storebrand ASA		21,988		145,845
Sun Life Financial Incorporated		37,400		1,013,577
Suncorp-Metway Limited		172,274		1,511,420
Swiss Life Holding		1,964		270,079
Swiss Re Limited†		22,212		1,165,107
T&D Holdings Incorporated		45,600		941,801
Taiwan Life Insurance Company Limited†		14,539		12,426
The Travelers Companies Incorporated		51,490		2,598,185
Tong Yang Life Insurance Company		13,010		159,386
Topdanmark AS†		650		104,111
Torchmark Corporation«		74,354		2,841,066
Tower Group Incorporated«		71,300		1,711,913
Transatlantic Holding Incorporated		41,559		2,104,132
TrygVesta AS		1,268		70,682
Unipol SpA		36,511		17,467
UNUM Group		204,853		4,822,240
Validus Holdings Limited		43,647		1,126,966
W.R. Berkley Corporation		82,312		2,542,618
White Mountain Insurance Group Limited		4,340		1,736,000
Wiener Staedtische Allgemeine Versicherung AG		1,746		81,225

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 179

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Insurance (continued)
Willis Group Holdings		114,052	$	4,462,855
Xl Group plc		205,778		4,282,240
Yapi Kredi Sigorta AS		2,204		16,503
Zurich Financial Services AG		9,036		2,035,740
Zurich Financial Services AG ADR«		11,963		270,125
				196,918,487
Real Estate Management & Development: 0.92%
Aeon Mall Company Limited		10,400		236,136
Africa Israel Investments Limited		601		2,403
Agile Property Holdings Limited		186,000		252,663
Ascendas India Trust		83,000		62,061
Atrium European Real Estate Limited†		10,857		58,544
Atrium Ljungberg AB		1,011		12,077
Australand Property Group		22,783		60,023
Ayala Land Incorporated		745,100		281,593
Beni Stabili SpA		6,222		4,449
Brookfield Asset Management Incorporated		37,750		1,121,745
Brookfield Properties Corporation«		165,714		2,780,681
Bukit Sembawang Estates Limited†		17,000		57,117
C C Land Holdings Limited		150,000		43,042
CA Immobilien Anlagen AG†		3,951		54,981
Capital & Counties Properties plc		26,296		71,625
CapitaLand Limited		338,500		736,659
CapitaMalls Asia Limited		181,000		204,306
Castellum AB		10,574		152,356
Cathay Real Estate Development Company Limited†		260,000		118,184
Cent Pattana Public Company†		53,000		66,316
Cheung Kong Holdings Limited		199,000		2,804,724
China Overseas Land & Investment Limited		536,480		1,143,513
China Resources Land Limited		284,000		463,908
China Vanke Company Limited Class B		80		103
Chinese Estates Holdings Limited		43,696		75,515
City Developments Limited		60,000		501,703
Citycon Oyj		8,904		34,790
Conwert Immobilien Invest SE†		3,761		52,798
Country Garden Holdings Company Limited		671,973		297,977
Daibiru Corporation		5,400		37,778
Daikyo Incorporated		29,000		51,732
Daito Trust Construction Company Limited		10,800		1,001,389
Daiwa House Industry Company Limited		78,000		969,123
DB Realty Limited†		11,179		14,715
Deutsche Euroshop AG		2,135		84,009
DLF Limited		56,613		244,112
Echo Investment†		26,597		35,119
Elbit Imaging Limited†		816		2,301
Evergrande Real Estate Group Limited		607,000		377,020
Fabege AB		7,000		66,048
Far East Consortium		126,751		24,674
Farglory Land Development Company Limited†		49,000		90,121
First Capital Realty Incorporated		3,689		63,059

180 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Real Estate Management & Development (continued)
FirstService Corporation†		2,138	$	68,006
FKP Property Group		91,602		55,254
Forest City Enterprises Incorporated†«		254,481		3,382,052
Forestar Real Estate Group Incorporated†«		59,700		751,623
Franshion Properties China Limited		544,000		122,787
Future Mall Management Limited†		504		454
Gagfah SA		956		5,515
Gazit Globe Limited		4,376		45,535
Global Logistic Properties Limited†		224,000		310,864
Globe Trade Centre SA†		23,012		96,412
Glorious Property Holdings Limited		691,000		133,742
Goldcrest Company Limited		1,440		27,212
Golden Land Property PCL†		273,900		32,764
Grainger plc		7,612		12,913
Great Eagle Holdings Limited		30,478		89,926
Greentown China Holdings Limited		56,000		42,117
Guocoland Limited		42,554		73,663
Hang Lung Group Limited		117,000		685,742
Hang Lung Properties Limited		294,000		1,093,589
Heiwa Real Estate Company Limited		50,500		112,954
Heliopolis Housing†		1,417		3,713
Henderson Land Development Company Limited		149,658		874,879
Highwealth Construction Corporation†		111,000		214,631
HKC Holdings Limited		197,170		8,250
HKR International Limited		33,600		16,477
Hong Kong Land Holdings Limited		166,000		961,556
Hopewell Holdings		85,000		268,534
Hopson Development Holdings Limited		56,000		45,078
Housing Development & Infrastructure Limited†		33,352		74,472
Howard Hughes Corporation†		66,664		3,605,856
Huaku Development Company Limited†		61,114		147,730
Huang Hsiang Construction Company†		20,000		43,461
Hufvudstaden AB		5,000		56,642
Hulic Company Limited		17,300		199,275
Hysan Development Company Limited		79,831		325,554
IGB Corporation Berhad		89,284		59,009
IJM Land Berhad†		40,400		33,173
Immoeast AG(a)		15,082		0
Immofinanz AG		87,053		310,598
Immofinanz AG Entitlement Shares(a)		19,870		0
Indiabulls Real Estate Limited†		43,692		80,621
Interchina Holdings Company		960,000		154,182
IVG Immobilien AG		2,767		10,082
Jones Lang Lasalle Incorporated		27,755		1,857,087
K Wah International Holdings Limited		148,982		45,283
Kenedix Incorporated		127		22,082
Keppel Land Limited		88,467		226,961
Kerry Properties Limited		86,553		375,380
KLCC Property Holdings Berhad		29,000		32,360
Kowloon Development Company Limited		45,000		54,898
Kungsleden		18,987		159,765

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 181

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Real Estate Management & Development (continued)
KWG Property Holding Limited		171,500	$	101,502
Land and Houses PCL		380,700		92,387
Lend Lease Corporation Limited		69,279		624,694
Leopalace21 Corporation		12,200		27,363
Lippo Karawaci TBK PT		2,548,500		225,787
Longfor Properties Company Limited		162,500		235,586
Medinet Nasr Housing†		2,809		7,269
Megaworld Corporation		2,758,000		122,924
MI Developments Incorporated		8,300		231,634
Midland Holdings Limited		56,000		30,839
Mitsubishi Estate Company Limited		186,189		3,074,152
Mitsui Fudosan Company Limited		118,000		1,996,448
New World China Land Limited		168,000		56,477
New World Development Limited		312,265		398,849
Nomura Real Estate Holding Incorporated		11,100		174,732
NTT Urban Development Corporation		106		81,150
Palm Hills Developments SAE†		46,809		13,858
Peet Limited†		20,868		30,343
Poly Hong Kong Investments Limited		252,000		149,047
Prelios SpA†		11,055		4,247
PSP Swiss Property AG		1,875		185,139
Radium Life Tech Company Limiited†		71,026		68,931
Renhe Commercial Holdings Company Limited		1,212,000		239,118
Robinsons Land Company†		372,100		109,255
Ruentex Development Company Limited†		57,000		65,713
Savills plc		2,690		13,668
Shimao Property Holding Limited		207,000		218,469
Shoei Company Limited		1,300		11,700
Shui On Land Limited		281,508		108,080
Singapore Land Limited†		14,000		77,316
Sino Land Company		338,681		518,609
Sino-Ocean Land Holdings Limited		477,832		227,772
SM Prime Holdings Incorporated		780,163		216,334
SOHO China Limited		249,000		220,713
SP Setia Berhad		120,975		154,640
Sumitomo Real Estate Sales Company Limited		360		15,911
Sumitomo Realty & Development Company Limited		64,000		1,358,379
Sun Hung Kai Properties Limited		185,895		2,625,497
Sun Hung Kai Properties Limited ADR«		3,148		44,072
Suruga Corporation†(a)		600		0
Swire Pacific Limited A Shares		96,500		1,290,198
Swire Pacific Limited B Shares		152,500		409,212
Swiss Prime Site AG		3,420		303,868
TA Global Berhad		34,080		3,644
Talaat Moustafa Group†		108,625		72,623
The Sankei Building Company Limited		1,600		8,217
Tian An China Investment		81,399		45,455
TOC Company Limited		4,500		20,696
Tokyo Tatemono Company Limited		70,000		236,058
Tokyu Land Corporation		60,000		246,422
Tokyu Livable Incorporated		600		5,221

182 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Real Estate Management & Development (continued)
UEM Land Holdings Berhad†		64,875	$	46,038
Unitech Limited†		203,870		122,518
United Energy Group Limited†		1,044,000		99,566
United Industrial Corporation Limited†		40,000		89,612
UOL Group Limited		72,000		273,407
Wharf Holdings Limited		206,500		1,319,315
Wheelock & Company		105,000		368,704
Wheelock Properties (Singapore) Limited†		39,000		55,179
Wing Tai Holdings Limited		51,000		57,674
Yanlord Land Group Limited		61,000		45,875
				51,502,011
REIT: 4.61%
Abacus Property Group		30,689		68,814
Advance Residence Investment Corporation		128		267,945
Alexandria Real Estate Equities Incorporated		39,259		2,858,448
American Campus Communities Incorporated		130,659		5,097,008
American Capital Agency Corporation		336,700		9,599,317
AMP NZ Office Trust		80,730		59,149
ANF Immobilier		43		1,899
Annaly Capital Management Incorporated		107,753		1,953,562
Ardent Leisure Group		48,265		58,463
Ascendas REIT		222,000		390,893
AvalonBay Communities Incorporated		55,000		7,500,900
Babcock & Brown Japan Property Trust		1,780		4,655
Befimmo S.C.A. Sicafi†		838		68,780
BioMed Realty Trust Incorporated		256,086		4,683,813
Blife Investment Corporation		11		71,122
Boardwalk REIT		955		48,876
Boston Properties Incorporated«		27,889		2,908,544
Brandywine Realty Trust«		263,220		2,616,407
BRE Properties Incorporated		128,555		6,461,174
British Land Company plc		55,826		487,518
Bunnings Warehouse Property Trust†		36,586		67,980
Calloway REIT		3,667		94,174
Canadian Apartment Properties		740		15,604
Canadian REIT		1,306		46,476
CapitaCommerical Trust		248,464		246,365
CapitaMall Trust		271,636		422,146
Cathay No.1 REIT†		400,000		179,153
CBL & Associates Properties Incorporated«		275,468		4,052,134
CDL Hospitality Trusts		83,000		125,150
CFS Retail Property Trust		215,696		415,024
Champion REIT		178,653		89,526
Charter Hall Group†		33,586		70,202
Chimera Investment Corporation		683,673		2,071,529
Cofinimmo SA†		547		73,471
Colonial Properties Trust«		163,416		3,435,004
Commonwealth Property Office Fund		301,285		309,945
Commonwealth REIT		160,712		3,304,239
Corio NV		4,116		238,933

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 183

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
REIT (continued)
Corporate Office Properties Trust«		118,344	$	3,170,436
Cousins Properties Incorporated		7		51
Cromwell Group		212,667		163,922
DA Office Investment Corporation		24		73,410
DB RREEF Trust		663,216		610,439
DCT Industrial Trust Incorporated«		480,820		2,168,498
Derwent Valley Holdings plc		6,239		156,279
Developers Diversified Realty Corporation		443,989		5,501,024
DiamondRock Hospitality«		329,433		2,549,811
Digital Reality Trust Incorporated«		61,522		3,675,940
Douglas Emmett Incorporated		241,740		4,360,990
Duke Realty Corporation		167,800		1,991,786
DuPont Fabros Technology Incorporated«		120,800		2,796,520
EastGroup Properties Incorporated«		47,575		1,922,506
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		155,837		204,606
Entertainment Properties Trust«		82,200		3,463,086
Equity Lifestyle Properties Incorporated		67,425		4,646,931
Equity Residential«		56,200		3,438,316
Essex Property Trust Incorporated		20,809		2,987,132
Eurocommercial Properties NV		1,671		75,492
Extra Space Storage Incorporated«		173,100		3,721,650
Federal Realty Investment Trust		40,201		3,640,201
Fonciere des Regions		1,621		134,816
Franklin Street Properties Corporation«		144,048		1,878,386
Frontier Real Estate Investment Corporation		32		296,242
Fukuoka REIT Corporation		14		99,307
Gecina SA		1,286		143,689
Global One Real Estate Investment Corporation		14		121,700
Goodman Property Trust†		89,526		76,448
GPT Group		248,452		830,935
Great Portland Estates plc		28,410		166,332
H&R REIT		3,671		79,470
Hammerson plc		43,498		287,724
Hankyu REIT Incorporated†		3		14,834
Hatteras Financial Corporation«		141,287		3,900,934
HCP Incorporated«		47,004		1,752,309
Health Care REIT Incorporated		117,702		5,998,094
Healthcare Realty Trust Incorporated		142,382		2,490,261
Highwoods Properties Incorporated«		140,087		4,589,250
Home Properties Incorporated«		67,805		4,534,120
Hospitality Properties Trust«		241,521		5,670,913
ICADE		1,312		132,634
ING Office Fund		311,606		205,627
ING Property Trust		29,560		20,196
Inmuebles Carso SAB de CV†		62,977		50,531
Japan Excellent Incorporated†		23		115,517
Japan Logistics Fund Incorporated		17		154,963
Japan Prime Realty Investment Corporation		103		287,545
Japan Real Estate Investment Corporation		64		645,594
Japan Retail Fund Investment Corporation		248		374,070
K-REIT Asia		131,000		125,793

184 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
REIT (continued)
Kenedix Realty Investment		35	$	124,588
Kilroy Realty Corporation«		101,695		3,633,562
Kimco Realty Corporation		270,580		4,789,266
Kiwi Income Property Trust		141,597		123,927
Klepierre		5,983		206,919
Land Securities Group plc		49,167		587,344
Lexington Corporate Properties Trust«		267,558		1,974,578
Liberty International plc		53,384		287,565
Liberty Property Trust«		76,232		2,587,314
Macerich Company«		83,828		4,110,925
Mack-Cali Realty Corporation		57,908		1,803,834
Macquaire Office Trust		53,463		191,996
Macquarie Countrywide Trust†		30,315		107,024
Macquarie Goodman Group		886,259		618,880
Macquarie MEAG Prime REIT		132,000		68,082
Mapletree Logistics Trust		134,680		99,511
Mercialys SA		3,326		137,876
MFA Mortgage Investments Incorporated«		676,043		5,063,562
MID REIT Incorporated		22		60,754
Mid-America Apartment Communities Incorporated«		64,250		4,592,590
Mirvac Group		440,180		569,321
Mori Hills REIT Corporation†		52		188,810
Mori Trust Sogo REIT Incorporated		22		230,965
National Retail Properties Incorporated«		166,354		4,534,810
Nippon Accommodations Fund Incorporated		25		189,015
Nippon Building Fund Incorporated		84		903,174
Nomura Real Estate Office Fund		34		218,660
Omega Healthcare Investors Incorporated«		198,874		3,609,563
ORIX JREIT Incorporated		41		198,305
Parkway Life REIT		33,000		51,666
Piedmont Office Realty Trust Incorporated«		114,900		2,171,610
Plum Creek Timber Company«		108,400		4,115,948
Post Properties Incorporated		96,946		4,052,343
Premier Investment Company†		14		60,947
Prologis Incorporated		282,402		7,689,806
Public Storage Incorporated Class D		26,997		3,340,339
Realty Income Corporation«		79,651		2,762,297
Redwood Trust Incorporated		136,471		1,714,076
Regency Centers Corporation«		54,483		2,247,969
RioCan REIT		11,888		310,401
Segro plc		49,078		205,588
Senior Housing Properties Trust		277,689		6,606,221
Shaftesbury plc		17,198		132,962
Silic Ste Immobiliere de Location Pour L’industrie et le Commerce†		577		67,318
Simon Property Group Incorporated		57,286		6,731,105
Stockland Australia		319,086		1,023,814
Sunstone Hotel Investors Incorporated†«		214,046		1,292,838
Suntec REIT		278,000		311,643
Taubman Centers Incorporated		98,773		5,692,288
The Link REIT		305,266		1,066,315
Tokyu REIT Incorporated		24		141,026

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 185

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
REIT (continued)
Top REIT Incorporated		21	$	121,162
Unibail-Rodamco SA		5,942		1,280,473
United Urban Investment Corporation		354		428,142
Vastned Retail NV		983		55,166
Ventas Incorporated		58,099		3,107,135
Vornado Realty Trust«		34,800		2,989,668
Washington REIT«		128,975		3,990,487
Weingarten Realty Investors«		79,614		1,940,193
Wereldhave NV		1,053		89,309
Westfield Group		301,532		2,632,400
Westfield Retail Trust		424,205		1,192,994
Weyerhaeuser Company		61,200		1,103,436
				259,493,407
Thrifts & Mortgage Finance: 0.40%
Astoria Financial Corporation		172,708		1,763,349
Capitol Federal Financial Incorporated		103,415		1,109,643
First Niagara Financial Group Incorporated		204,945		2,205,208
Genworth Canada Incorporated		2,068		46,753
Home Capital Group Incorporated		1,479		74,139
Housing Development Finance Corporation		219,868		3,185,205
Hudson City Bancorp Incorporated		324,661		2,016,145
LIC Housing Finance Limited		56,590		261,157
New York Community Bancorp Incorporated		289,838		3,712,825
Paragon Group of Companies plc†		16,492		41,193
People’s United Financial Incorporated		238,341		2,800,507
Provident Financial Services Incorporated		110,794		1,391,573
TFS Financial Corporation		56,038		496,497
Washington Federal Incorporated		219,709		3,302,226
				22,406,420
Health Care: 8.43%
Biotechnology: 0.47%
Acorda Therapeutics Incorporated†«		69,742		1,816,779
Actelion Limited		6,746		287,999
Basilea Pharmaceuticals Limited†		184		8,915
BB Biotech AG		929		59,519
Biocon Limited†		8,634		62,472
Biogen IDEC Incorporated†		43,507		4,098,359
Biota Holdings Limited†		16,423		17,437
Celgene Corporation†		90,162		5,361,934
Cepheid Incorporated†«		109,154		3,957,924
CK Life Sciences International Holdings Incorporated		702,000		35,700
CSL Limited		72,512		2,186,278
Dendreon Corporation†«		88,452		1,086,191
Genmab AS†		1,600		11,465
Grifols SA		12,814		262,970
Human Genome Sciences Incorporated†«		113,115		1,455,790
Intercell AG†		1,885		6,230
InterMune Incorporated†		80,300		2,160,070

186 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Biotechnology (continued)
Mesoblast Limited†		31,890	$	272,572
Nicox SA†		1,380		2,723
PDL BioPharma Incorporated«		254,068		1,552,355
Sino Biopharmaceutical Limited		368,000		105,470
Takara Bio Incorporated†		800		4,783
United Therapeutics Corporation†		30,605		1,320,606
Zeltia SA		7,262		17,469
				26,152,010
Health Care Equipment & Supplies: 1.81%
Alere Incorporated†		50,964		1,272,571
Ansell Limited		17,064		254,609
Baxter International Incorporated		70,500		3,946,590
Becton Dickinson & Company		39,382		3,204,907
bioMerieux SA		674		72,157
Biosensors International Group Limited†		199,000		219,058
Boston Scientific Corporation†		174,800		1,185,144
CareFusion Corporation†		147,258		3,771,277
Cochlear Limited		7,340		595,601
Coloplast AS Class B		1,415		211,646
Cooper Companies Incorporated		80,708		6,074,891
CR Bard Incorporated		55,894		5,324,462
DiaSorin SpA		1,623		69,708
Edwards Lifesciences Corporation†		74,191		5,597,711
Elekta AB Class B		5,218		195,389
Essilor International SA Cie Generale d’Optique		13,372		1,023,894
Faes Farma SA(a)		482		1,011
Fisher & Paykel Healthcare Corporation		75,914		144,916
Fresenius SE		6,766		699,031
Fukuda Denshi Company Limited		1,200		36,115
Gen-Probe Incorporated†		85,997		5,157,240
Getinge AB		12,996		335,440
GN Store Nord		10,963		76,764
Golden Meditech Company Limited		40,000		6,341
Haemonetics Corporation†«		43,146		2,697,056
Hill-Rom Holdings Incorporated		122,467		3,710,750
Hogy Medical Company Limited		1,100		49,442
Hospira Incorporated†		107,977		4,988,537
IDEXX Laboratories Incorporated†		37,137		2,962,790
Intuitive Surgical Incorporated†		7,542		2,876,142
JEOL Limited†		3,000		8,854
Kinetic Concepts Incorporated†«		42,413		2,864,574
Masimo Corporation«		94,680		2,335,756
Medtronic Incorporated		133,023		4,665,117
Nagaileben Company Limited†		8,000		123,049
Nakanishi Incorporated†		400		38,351
Nihon Kohden Corporation		6,300		164,247
Nikkiso Company Limited†		9,000		82,118
Nipro Corporation		4,600		84,645
Nobel Biocare Holding AG		6,559		83,164
Nuvasive Incorporated†«		70,073		1,697,869

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 187

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Health Care Equipment & Supplies (continued)
Olympus Corporation		29,900	$	873,789
Olympus Corporation ADR		3,365		97,601
Paramount Bed Company Limited		2,300		61,106
Phonak Holding AG		2,781		237,064
ResMed Incorporated†«		94,951		2,940,632
Sirona Dental Systems Incorporated†		98,581		4,599,789
Smith & Nephew plc		56,246		571,870
St. Jude Medical Incorporated		62,906		2,864,739
Steris Corporation«		95,457		3,071,806
Straumann Holding AG		396		75,583
Stryker Corporation		57,108		2,789,155
Synthes Incorporated†		4,017		716,306
Teleflex Incorporated«		71,131		4,091,455
Terumo Corporation		25,400		1,340,826
Thoratec Corporation†«		101,330		3,471,566
TOA Medical Electronics Company		10,700		404,144
Top Glove Corporation Berhad†		39,000		64,325
Varian Medical Systems Incorporated†«		77,276		4,401,641
William Demant Holding AS†		1,196		98,529
				101,680,860
Health Care Providers & Services: 1.76%
Acibadem Saglik Hizmetleri Ve Ticaret AS†		2,189		23,646
Aetna Incorporated		46,600		1,865,398
Alfresa Holdings Corporation		5,800		229,002
Amedisys Incorporated†		52,200		885,834
AMERIGROUP Corporation†«		87,600		4,333,572
AS One Corporation		600		12,950
Bangkok Chain Hospital PCL†		590,310		136,892
Bangkok Dusit Medical Services PCL		109,900		231,021
Bumrungrad Hospital PCL		28,900		36,884
Cardinal Health Incorporated«		42,900		1,823,250
Catalyst Health Solutions Incorporated†		76,390		4,103,671
Celesio AG		3,478		57,874
Centene Corporation†		94,032		2,998,680
Chemed Corporation«		37,551		2,179,836
Cigna Corporation		31,380		1,466,701
CML Healthcare Incorporated		5,496		48,377
Community Health Systems Incorporated†		57,400		1,168,664
Coventry Health Care Incorporated†		98,609		3,242,264
Davita Incorporated†		61,992		4,561,371
Express Scripts Incorporated†		93,820		4,403,911
Fresenius Medical Care AG & Company		11,937		808,419
Galenica AG		298		175,879
Health Management Association Incorporated Class A†		489,953		4,027,414
HealthSouth Rehabilitation Corporation†		164,887		3,526,933
Henry Schein Incorporated†«		59,082		3,894,095
HMS Holdings Corporation†«		143,979		3,776,569
Humana Incorporated		19,169		1,488,281
Laboratory Corporation of America Holdings†		64,771		5,410,322
Life Healthcare Group Holdings Limited†		54,548		136,797

188 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Health Care Providers & Services (continued)
LifePoint Hospitals Incorporated†«		103,197	$	3,787,330
Magellan Health Services Incorporated†«		56,457		2,815,511
McKesson Corporation		48,700		3,892,591
Medco Health Solutions Incorporated†		78,262		4,237,105
Medi-Clinic Corporation†		57,367		262,739
Mediceo Paltac Holdings Company Limited		24,800		229,179
MEDNAX Incorporated†		84,928		5,546,648
Miraca Holdings Incorporated		7,500		318,962
Network Healthcare Holdings Limited		175,722		339,374
Nichii Gakkan Company		4,000		39,005
Omnicare Incorporated«		77,405		2,299,703
OPG Groep NV†		3,024		53,316
Orpea		742		33,948
Otsuka Holdings Company Limited		12,100		313,397
Patterson Companies Incorporated«		68,100		1,989,882
Primary Health Care Limited†		62,590		208,199
Ramsay Health Care Limited		15,804		301,521
Rhoen Klinikum AG		6,385		155,691
Ryman Healthcare Limited†		50,212		111,262
Sonic Healthcare Limited		46,103		580,213
Southern Cross Healthcare Limited†(a)		2,071		0
Suzuken Company Limited		11,100		270,918
Tenet Healthcare Corporation†«		939,434		4,960,212
Toho Pharmaceutical		6,200		65,709
United Drug plc		3,415		11,252
UnitedHealth Group Incorporated		135,100		6,419,952
WellPoint Incorporated		45,500		2,880,150
				99,178,276
Health Care Technology: 0.23%
AGFA-Gevaert NV†		9,100		28,280
AGFA-Gevaert NV VVPR Strips†		2,275		3
Allscripts Healthcare Solutions Incorporated†«		120,443		2,162,554
athenahealth Incorporated†«		60,563		3,512,654
Cerner Corporation†«		92,362		6,092,198
M3 Incorporated†		12		108,822
Quality Systems Incorporated		11,991		1,103,412
SXC Health Solutions Corporation†		3,788		206,439
				13,214,362
Life Sciences Tools & Services: 0.54%
Bio-Rad Laboratories Incorporated†		33,767		3,388,181
BTG plc†		17,150		72,814
Covance Incorporated†«		39,037		1,934,674
Divi’s Laboratories Limited†		7,716		121,714
Gerresheimer AG†		1,265		59,881
Illumina Incorporated†		80,257		4,181,390
Life Technologies Corporation†		116,335		4,886,070
Lonza Group AG		3,369		221,534
Mettler-Toledo International Incorporated†		20,860		3,322,372
Nordion Incorporated		2,000		17,686

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 189

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Life Sciences Tools & Services (continued)
Pharmaceutical Product Development Incorporated		70,349	$	2,214,587
QIAGEN NV†		14,303		221,409
Tecan Group AG		803		67,609
Techne Corporation		65,496		4,746,495
Waters Corporation†		58,965		4,709,535
				30,165,951
Pharmaceuticals: 3.62%
Abbott Laboratories		188,994		9,924,075
Alapis Holding Industrial & Commercial SA of Pharmaceutical Chemical Porducts		1,231		298
Alexion Pharmaceuticals Incorporated†		116,908		6,774,234
Allergan Incorporated		58,904		4,818,936
Amylin Pharmaceuticals Incorporated†		82,124		928,822
Aspen Pharmacare Holdings Limited		51,118		616,282
Astellas Pharma Incorporated		59,800		2,259,913
AstraZeneca plc		96,358		4,562,677
Auxilium Pharmaceuticals Incorporated†		83,343		1,417,664
Bayer AG		57,554		3,701,225
BioMarin Pharmaceutical Incorporated†«		195,997		5,798,571
Bristol-Myers Squibb Company		211,077		6,279,541
Cadila Healthcare Limited†		9,434		174,825
Cardiome Pharma Corporation†		3,906		14,877
Celltrion Incorporated		11,526		506,687
China Shineway Pharmaceutical Group Limited		47,000		67,317
Chugai Pharmaceutical Company Limited		28,600		501,647
Cipla Limited India†		76,430		468,090
Daiichi Sankyo Company Limited		90,400		1,807,951
Dainippon Sumitomo Pharma Company Limited		27,900		284,698
Dong A Pharmaceutical Company Limited†		947		88,191
Dr. Reddys Laboratories Limited†		17,855		584,249
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS†		62,202		74,511
Eisai Company Limited		36,300		1,549,299
Elan Corporation plc†		34,164		363,324
Eli Lilly & Company		120,600		4,523,706
Endo Pharmaceuticals Holdings Incorporated†		69,161		2,206,928
Faes Farma SA		9,649		20,202
Financiere de Tubize		439		15,274
Forest Laboratories Incorporated†		33,321		1,140,911
Furiex Pharmaceuticals Incorporated†		4,299		65,947
Fuso Pharmaceutical Industries Limited†		4,000		11,557
GlaxoSmithKline Pharmaceuticals Limited†		5,866		269,998
GlaxoSmithKline plc		361,391		7,693,786
Glenmark Pharmaceuticals Limited		21,038		149,748
Green Cross Corporation		567		91,698
H Lundbeck AS		2,372		52,281
Hikma Pharmaceuticals plc		6,650		65,031
Hisamitsu Pharmaceutical Company Incorporated		10,300		438,508
Hua Han Bio-Pharmaceutical Holdings Limited		110,400		22,083
Ipsen		1,094		36,987
Isis Pharmaceuticals Incorporated†«		181,700		1,360,933
Johnson & Johnson		336,004		22,109,063

190 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Pharmaceuticals (continued)
Kaken Pharmaceutical Company Limited		14,000	$	195,537
Kalbe Farma TBK PT		890,500		375,242
Kissei Pharmaceutical Company Limited		5,000		100,637
Kyorin Company Limited		6,000		121,756
Kyowa Hakko Kogyo Company Limited		37,000		387,536
Laboratorios Almirall SA		1,037		8,462
Lupin Limited		35,562		347,529
Meda AB Class A†		16,080		176,043
Merck & Company Incorporated		377,658		12,508,033
Merck KGaA		3,966		355,181
Mochida Pharmaceutical Company Limited		11,000		119,538
Mylan Laboratories Incorporated†		288,500		5,989,260
Nektar Therapeutics†«		221,600		1,268,660
Nichi-Iko Pharmaceutical Company Limited		4,600		123,740
Nicholas Piramal India Limited†		11,648		92,048
Nippon Shinyaku Company Limited		6,000		75,775
Novartis AG		191,508		11,174,301
Novo Nordisk AS Class B		28,674		3,054,414
Omega Pharma SA†		1,252		61,958
Ono Pharmaceutical Company Limited		13,800		797,144
Onyx Pharmaceuticals Incorporated†		109,837		3,737,753
Orion Oyj Class A		2,073		48,750
Orion Oyj Class B		6,483		145,767
Perrigo Company«		53,913		5,107,718
Pfizer Incorporated		989,650		18,783,557
Pharmaxis Limited†		22,924		22,754
Ranbaxy Laboratories Limited†		23,569		243,158
Recordati SpA		6,569		63,515
Regeneron Pharmaceutical Incorporated†«		46,313		2,733,856
Richter Gedeon plc		2,067		382,187
Roche Holding AG Bearer		1,536		279,537
Roche Holding AG Genusschein		48,897		8,550,326
Rohto Pharmaceutical Company Limited		17,000		212,456
Salix Pharmaceuticals Limited†«		92,933		2,829,810
Sanofi-Aventis SA		67,686		4,936,204
Sanofi-Aventis SA ADR		17,805		651,129
Santen Pharmaceutical Company Limited		10,300		409,642
Savient Pharmaceuticals Incorporated†		2,670		11,481
Sawai Pharmaceutical Company Limited		2,000		204,604
Seikagaku Corporation		5,500		59,330
Shanghai Pharmaceuticals Holding Company limited		103,900		214,569
Shionogi & Company Limited		46,700		754,254
Shire Limited		38,968		1,255,367
Sigma Pharmaceuticals Limited		257,710		141,205
Stada Arzneimittel AG		5,207		183,106
Sun Pharmaceutical Industries Limited		61,645		663,074
Taisho Pharmaceutical Company Limited		30,000		697,449
Takeda Pharmaceutical Company Limited		100,500		4,867,577
Tanabe Seiyaku Company Limited		28,500		481,401
Teva Pharmaceutical Industries Limited		64,880		2,680,683
The United Laboratories International Holdings Limited		42,000		40,111

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 191

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Pharmaceuticals (continued)
Towa Pharmaceutical Company Limited		1,100	$	54,193
Tsumura & Company		11,100		344,017
UCB SA		6,195		276,436
Valeant Pharmaceuticals International Incorporated		18,857		845,320
Vertex Pharmaceuticals Incorporated†«		133,138		6,027,157
Warner Chilcott Limited		90,049		1,536,236
West Pharmaceutical Services Incorporated«		56,433		2,264,092
Yuhan Corporation†		976		111,871
Zeria Pharmaceutical Company Limited†		3,000		45,274
				204,072,265
Industrials: 12.42%
Aerospace & Defense: 1.39%
AAR Corporation		77,300		1,823,507
BAE Systems plc		217,258		969,452
Bharat Electronics Limited†		2,301		77,134
Bombardier Incorporated Class A		12,300		61,167
Bombardier Incorporated Class B		93,659		456,197
CAE Incorporated		15,800		173,279
Ceradyne Incorporated†		42,239		1,324,615
Chemring Group plc		8,445		76,597
China Rongsheng Heavy Industry Group Company Limited		450,000		183,016
Cobham plc		74,067		229,977
Elbit Systems Limited		1,785		72,745
Esterline Technologies Corporation†«		53,760		4,047,590
European Aeronautic Defence & Space Company		25,367		803,350
Finmeccanica SpA		24,043		178,481
General Dynamics Corporation		38,326		2,455,930
Goodrich Corporation		80,564		7,184,698
Huntington Ingalls Industries Incorporated†«		89,409		2,676,905
ITT Corporation		122,000		5,775,480
L-3 Communications Holdings Incorporated«		13,100		888,442
Lockheed Martin Corporation		34,200		2,537,298
Meggitt plc		48,940		272,744
MOOG Incorporated Class A†		72,415		2,887,910
MTU Aero Engines Holdings		4,407		298,975
Northrop Grumman Corporation		33,651		1,838,018
Orbital Sciences Corporation†		114,400		1,789,216
Precision Castparts Corporation		27,096		4,439,680
QinetiQ plc		31,275		62,842
Raytheon Company		44,800		1,936,704
Rockwell Collins Incorporated		100,230		5,057,606
Rolls Royce Holdings plc		122,198		1,265,348
Saab AB†		2,300		47,923
Safran SA		20,904		808,662
Singapore Technologies Engineering Limited		202,000		493,159
Teledyne Technologies Incorporated†«		64,754		3,534,921
Textron Incorporated«		178,400		3,009,608
Thales SA		6,712		248,143
TransDign Group Incorporated†		29,040		2,667,614
Triumph Group Incorporated«		67,400		3,530,412

192 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Aerospace & Defense (continued)
Ultra Electronics Holdings		3,231	$	77,994
United Technologies Corporation		156,859		11,646,781
Zodiac SA		2,705		217,463
				78,127,583
Air Freight & Logistics: 0.49%
Bollore Investissement		501		114,440
CH Robinson Worldwide Incorporated«		31,223		2,201,222
Deutsche Post AG		52,818		806,113
Expeditors International Washington Incorporated		40,156		1,827,098
FedEx Corporation		56,300		4,431,936
Forward Air Corporation«		47,600		1,352,316
Freightways Limited		5,254		14,846
Glovis Company Limited†		1,944		356,278
Goodpack Limited		41,000		58,409
Hub Group Incorporated Class A†«		65,701		2,068,924
Kintetsu World Express Incorporated		4,600		139,673
Mainfreight Limited		9,747		82,867
Oesterreichische Post AG		4,954		157,785
Panalpina Welttransport Holdings AG		558		65,807
Singapore Post Limited		138,000		121,461
The Shibusawa Warehouse Company Limited†		2,000		6,378
TNT NV		22,504		131,107
Toll Holdings Limited		86,900		454,230
United Parcel Service Incorporated Class B		142,700		9,616,553
UTI Worldwide Incorporated		198,907		2,694,195
Yamato Holdings Company Limited		57,600		1,005,688
				27,707,326
Airlines: 0.53%
Air China		394,000		398,673
Air France-KLM		16,025		157,095
Airasia Berhad		286,100		322,752
Alaska Air Group Incorporated†		65,099		3,758,165
All Nippon Airways Company Limited		102,000		338,440
AMR Corporation†		650,700		2,355,534
Asiana Airlines†		21,610		205,919
Cathay Pacific Airways Limited		133,000		268,298
China Airlines		541,604		288,583
Chorus Aviation Incorporated		63		280
Delta Air Lines Incorporated†		562,700		4,237,131
Deutsche Lufthansa AG		15,953		269,223
easyJet plc†		10,419		57,938
Eva Airways Corporation		322,878		237,163
International Consolidated Airlines - Spain Exchange†		27,998		79,273
International Consolidated Airlines - United Kingdom Exchange†		44,924		127,122
JetBlue Airways Corporation†«		486,882		2,117,937
Korean Air Lines Company Limited†		5,649		308,800
LAN Airlines SA		27,322		761,083
Malaysian Airline System Berhad†		46,134		23,830
Qantas Airways Limited		138,003		232,588

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 193

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Airlines (continued)
Ryanair Holdings plc ADR		16,200	$	428,004
SAS AB†		22,716		52,118
Singapore Airlines Limited		103,200		945,585
SkyWest Incorporated		103,498		1,319,600
Southwest Airlines Company		493,500		4,253,970
Thai Airways International PCL		76,300		64,920
Turk Hava Yollari Anonim Ortakligi†		95,852		133,597
United Continental Holdings Incorporated†«		220,000		4,089,800
US Airways Group Incorporated†«		293,000		1,637,870
Virgin Blue Holdings Limited†		177,317		55,210
WestJet Airlines Limited		1,900		26,852
				29,553,353
Building Products: 0.38%
Aica Kogyo Company Limited		8,600		119,396
AO Smith Corporation«		64,965		2,552,475
Asahi Glass Company Limited		156,000		1,535,714
Assa Abloy AB Class B		20,860		484,146
Bunka Shutter Company Limited†		3,000		9,323
Central Glass Company Limited		21,000		96,368
Cersanit-Krasnystaw SA†		21,144		50,497
China National Building Material Company Limited		344,000		580,573
Compagnie de Saint-Gobain		27,856		1,399,136
Daikin Industries Limited		37,900		1,197,839
Dynasty Ceramic PCL		101,100		170,355
Geberit AG		2,959		619,876
GWA International Limited		28,791		70,384
Hastie Group Limited		25,544		3,032
Hills Industries Limited†		20,176		25,985
JS Group Corporation		37,300		946,744
Kaba Holding†		154		58,502
KCC Corporation		634		178,087
Kingspan Group plc		6,643		59,794
Lennox International Incorporated«		88,958		2,777,269
Lindab International AB		10,324		80,574
Masco Corporation«		239,178		2,121,509
Nichias Corporation		9,000		53,561
Nippon Sheet Glass Company Limited		143,000		362,475
Nitto Boseki Company Limited		27,000		77,260
Noritz Corporation		6,700		145,317
Owens Corning Incorporated†		75,700		2,199,842
Quanex Building Products Corporation		65,536		846,070
Rockwool International AS A Shares†		100		9,818
Rockwool International AS B Shares		400		36,782
Sankyo-Tateyama Holdings Incorporated†		46,000		61,160
Sanwa Shutter Corporation		23,000		75,466
Sekisui Jushi Corporation†		2,000		20,231
Taiwan Glass Industrial Corporation†		172,786		225,128
Takara Standard Company Limited		15,000		117,610
Takasago Thermal Engineering Company		10,000		85,348
TOTO Limited		41,000		333,332

194 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Building Products (continued)
Trakya Cam Sanayi AS†		26,542	$	40,048
Ultratech Cement Limited GDR		1,352		31,420
Uponor Oyj		2,800		31,155
USG Corporation†«		107,100		1,006,740
Vanachai Group PCL		331,800		45,391
Wienerberger AG		10,742		153,003
				21,094,735
Commercial Services & Supplies: 1.38%
ABM Industries Incorporated		86,874		1,775,705
Adecco SA		9,584		446,362
Aeon Delight Company Limited		8,900		189,133
Aggreko plc		19,925		625,402
Asahi Holdings Incorporated		8,000		196,431
Avery Dennison Corporation		71,100		2,069,721
Babcock International Group		33,488		340,753
Brambles Limited		188,452		1,362,986
Bureau Veritas SA		3,326		270,655
Cabcharge Australia Limited†		11,765		58,516
Campbell Brothers Limited		10,238		509,534
Capita Group plc		39,061		449,140
Cintas Corporation«		83,500		2,670,330
Clean Harbors Incorporated†		81,104		4,369,072
Copart Incorporated†		46,045		1,981,777
Dai Nippon Printing Company Limited		86,000		900,501
Daiseki Company Limited		4,200		83,195
Davis Service Group plc		8,093		64,972
De La Rue plc		4,668		61,113
Deluxe Corporation«		100,438		2,222,693
Downer EDI Limited		76,754		282,381
Dun & Bradstreet Corporation		30,495		2,039,811
Duskin Company Limited		8,400		165,245
Edenred		13,908		381,085
Experian Group Limited		68,598		781,863
FTI Consulting Incorporated†«		72,083		2,622,380
G&K Services Incorporated Class A		33,000		931,260
G4S plc		86,574		366,259
Gategroup Holding AG†		1,692		63,492
Hays plc		94,795		115,824
HomeServe plc		13,090		98,451
IHS Incorporated†«		30,323		2,352,762
Intertek Group plc		10,596		346,812
Intrum Justitia AB		3,400		49,935
Itoki Corporation†		1,000		2,395
Kokuyo Company Limited		10,900		83,723
Kyodo Printing Company Limited†		6,000		15,426
Loomis AB		1,440		20,664
Manpower Incorporated		52,900		2,130,812
Matsuda Sangyo Company Limited		1,800		30,573
MEITEC Corporation		3,000		58,311
Michael Page International plc		20,448		129,059

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 195

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Commercial Services & Supplies (continued)
Mine Safety Appliances Company		62,900	$	1,943,610
Mineral Resources Limited		20,664		268,205
Mitie Group†		16,880		60,714
Mitsubishi Pencil Company Limited†		3,600		67,517
Moshi Moshi Hotline Incorporated		1,850		35,203
Nippon Kanzai Company Limited†		500		9,414
Niscayah Group AB		22,267		62,908
Nissha Printing Company Limited		3,900		59,183
Okamura Corporation		8,000		54,680
Oyo Corporation†		1,000		10,318
Parexel International Corporation†«		102,370		2,086,301
Park24 Company Limited		14,200		164,535
Pilot Corporation†		8		16,767
Pitney Bowes Incorporated«		124,500		2,528,595
PMP Limited		14,400		10,462
Poyry Oyj†		835		8,158
Programmed Maintenance Services Limited†		9,887		22,089
Progressive Waste Solutions Limited		12,017		268,612
Prosegur Cia de Seguridad SA†		2,673		123,405
Randstad Holdings NV		6,850		234,959
Regus plc		29,594		36,329
Rentokil Initial plc†		129,934		170,219
Republic Services Incorporated		35,200		1,068,672
Ritchie Bros Auctioneers Incorporated		6,229		142,543
RPS Group plc		38,863		125,840
RR Donnelley & Sons Company		136,500		2,081,625
S1 Corporation Incorporated (Korea)†		2,323		118,468
SAI Global Limited		28,628		144,377
Salmat Limited		5,981		21,674
Sato Corporation		1,100		14,908
Secom Company Limited		29,200		1,359,056
Securitas AB		18,400		170,087
SEEK Limited		42,741		258,191
Serco Group plc		28,595		237,819
SGS Societe Generale de Surveillance Holding SA		349		647,325
Shanks Group plc		6,285		11,617
Societe BIC SA		1,857		180,114
Sohgo Security Services Company Limited		11,000		122,798
Spotless Group Limited		26,690		54,642
Stantec Incorporated†		1,835		45,664
Stericycle Incorporated†«		54,831		4,809,227
Taiwan Secom Company Limited†		24,000		43,479
Teleperformance		2,343		62,199
Temp Holdings Company Limited		1,300		12,391
The Brink’s Company		91,800		2,359,260
Tomra Systems ASA		7,776		61,656
Toppan Forms Company Limited		6,500		51,833
Toppan Printing Company Limited		88,000		657,772
Towers Watson & Company		96,275		5,679,262
Transcontinental Incorporated		3,424		49,159
Transfield Services Limited		59,595		154,932

196 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Commercial Services & Supplies (continued)
Transpacific Industries Group Limited†		60,087	$	53,584
TrueBlue Incorporated†«		78,331		1,100,551
Uchida Yoko Company Limited†		2,000		5,086
United Stationers Incorporated		82,656		2,606,970
USG People NV		2,869		29,005
Verisk Analytics Incorporated Class A†		76,524		2,666,096
Waste Connections Incorporated«		200,748		6,943,873
Waste Management Incorporated		50,053		1,653,751
WS Atkins plc		5,238		46,242
				77,810,445
Construction & Engineering: 0.75%
Abengoa SA		2,020		51,532
Actividades de Construccion y Servicios SA		9,462		387,625
Aecom Technology Corporation†		68,800		1,563,136
Aecon Group Incorporated		8,690		72,143
Arcadis NV		6,310		119,415
Ausenco Limited		9,255		27,506
Aveng Limited†		36,549		177,440
Balfour Beatty plc		61,174		247,773
Bilfinger Berger AG		2,829		237,305
Boart Longyear Group		58,337		229,271
Bouygues SA		18,302		701,593
Budimex SA†		489		12,289
Cardno Limited		29,853		166,731
Carillion plc		27,308		151,574
CH Karnchang PCL†		184,900		44,112
China Communications Construction Company Limited		635,779		462,339
China Railway Construction Corporation		282,500		150,804
China Railway Group Limited Class H		552,000		159,360
Chiyoda Corporation		22,000		238,569
Chudenko Corporation		3,900		48,349
Chugai Ro Company Limited†		3,000		10,321
Cintra Concesiones de Infraestructuras de Transporte SA		23,636		295,310
Comsys Holdings Corporation		16,800		169,842
CTCI Corporation†		47,000		62,316
Daelim Industrial Company Limited†		4,072		443,743
Daewoo Engineering & Construction Company Limited†		32,434		339,984
Dialog Group Berhad†		299,194		245,391
Doosan Heavy Industries & Construction Company Limited		6,756		350,110
Eiffage SA†		4,842		235,175
EMCOR Group Incorporated†		117,232		2,685,785
FLSmidth & Company A/S		3,800		231,802
Fomento de Construcciones y Contratas SA		2,658		69,087
Foster Wheeler AG†		80,385		1,973,452
Gamuda Berhad†		314,200		318,013
GS Engineering & Construction Corporation†		5,835		572,781
Hellenic Technodomiki Tev SA†		6,620		16,741
Henderson Investments Limited		18,000		1,435
Hibiya Engineering Limited		2,000		23,622
Hochtief AG		4,214		299,846

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 197

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Construction & Engineering (continued)
Housing & Construction Holdings Limited†		10,493	$	19,656
Hyundai Development Company†		11,203		264,478
Hyundai Engineering & Construction Company Limited†		13,369		897,281
IJM Corporation Berhad		123,520		237,017
Impregilo SpA		13,306		34,464
Imtech NV		6,163		178,663
Interserve plc		5,289		27,459
IRB Infrastructure Developers Limited		22,390		71,783
Italian-Thai Development PCL		82,400		12,427
Jacobs Engineering Group Incorporated†		81,213		3,024,372
JGC Corporation		34,000		969,935
Kajima Corporation		130,000		413,306
Kandenko Company Limited		15,000		75,805
KBR Incorporated		100,500		3,020,025
KEPCO Engineering & Construction Company Incorporated		1,785		106,525
KEPCO Plant Service & Engineering Company Limited		3,274		118,669
Kier Group plc†		2,848		57,385
Kinden Corporation		16,000		136,755
Koninklijke Bam Groep NV		25,886		130,423
Koninklijke Boskalis Westminster NV		3,800		128,618
Kvaerner ASA		10,061		19,412
Kyowa Exeo Corporation		10,000		99,299
Kyudenko Corporation		2,000		13,781
Lanco Infratech Limited†		198,580		74,464
Larsen & Toubro Limited†		71,677		2,517,532
Larsen & Toubro Limited SP GDR«		19,347		684,497
Leighton Holdings Limited		22,258		484,101
Macmahon Holdings Limited		78,049		54,577
Maeda Corporation		12,000		39,720
Maeda Road Construction Company Limited		6,000		64,013
Malaysia Marine and Heavy Engineering		69,400		153,595
Mirait Holdings Corporation		21,600		172,885
Monadelphous Group Limited		10,642		232,372
Murray & Roberts Holdings Limited		37,410		148,557
NCC AB†		8,600		165,037
NEC Networks & System Integration Corporation		1,000		15,509
Nippo Corporation		8,000		70,151
Nippon Densetsu Kogyo Company Limited		4,000		40,738
Nippon Koei Company Limited†		7,000		25,432
Nishimatsu Construction Company Limited		77,000		117,569
Obayashi Corporation		91,000		447,757
Obrascon Huarte Lain SA		2,064		57,299
Okumura Corporation		26,000		99,047
Orascom Construction Industries†		11,526		465,572
Outotec Oyj		2,918		120,610
PBG SA		1,180		38,874
Peab AB		21,523		126,747
Peace Mark Holdings Limited†(a)		10,000		0
Penta-Ocean Construction Company Limited		35,500		91,342
Polimex Mostostal SA		86,564		56,564
Power Line Engineering PCL†		244,400		13,292

198 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Construction & Engineering (continued)
Punj Lloyd Limited†		22,537	$	28,727
PYI Corporation Limited		103,674		4,261
Quanta Services Incorporated†		140,900		2,703,871
Sacyr Vallehermoso SA		7,050		53,850
Samsung Engineering Company Limited†		4,675		1,064,438
Sanki Engineering Company Limited		2,000		10,902
Shaw Group Incorporated†		50,309		1,172,703
Shimizu Corporation		94,000		421,897
Sho-Bond Holdings Company Limited		3,300		81,693
Shui On Construction and Materials Limited		34,063		41,845
Sino Thai Engineering & Construction PCL†		291,300		111,777
Skanska AB		29,289		444,538
SNC-Lavalin Group Incorporated		9,600		513,477
Strabag SE		1,052		36,623
Taihei Dengyo Kaisha Limited		2,000		15,290
Taikisha		2,800		58,589
Taisei Corporation		138,000		368,118
Tekfen Holding AS		24,015		74,468
Toa Corporation†		9,000		16,150
Toda Corporation		49,000		179,580
Toenec Corporation†		2,000		11,038
Tokyo Energy & Systems Incorporated		1,000		5,095
Tokyu Construction Company Limited†		3,880		11,893
Toshiba Plant Systems & Services Corporation		6,000		61,629
Toyo Engineering Corporation		20,000		72,472
United Construction Group Limited		21,698		286,216
United Engineers†		59,000		94,363
URS Corporation†		52,400		1,837,668
Vinci SA		36,199		1,888,814
Voltas Limited†		51,077		129,229
YIT Oyj		11,040		220,110
Yokogawa Bridge Holdings Corporation		2,000		11,979
				42,262,316
Electrical Equipment: 1.18%
ABB Limited		161,662		3,447,806
ABB Limited (India)†		7,603		138,597
Acuity Brands Incorporated«		76,122		3,504,657
Alstom SA		13,122		605,674
Ametek Incorporated		103,879		4,059,591
Areva T&D India Limited		5,981		28,181
Babcock & Wilcox Company†		206,318		4,751,504
Bekaert SA		3,186		181,038
Bharat Heavy Electrical Limited†		23,405		902,624
Brady Corporation Class A«		95,400		2,623,500
China High Speed Transmission Equipment Group Company Limited		130,000		76,464
Chiyoda Integre Company Limited		1,900		24,215
Cosel Company Limited		2,700		42,774
Crompton Greaves Limited†		60,032		197,023
Daihen Corporation		8,000		28,654
Elswedy Cables Holding Company		7,456		33,901

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 199

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Electrical Equipment (continued)
Fuji Electric Holdings Company Limited		81,000	$	236,015
Fujikura Limited		48,000		188,452
Furukawa Electric Company Limited		92,000		323,507
Futaba Corporation		3,800		73,234
Gamesa Corporation Tecnologica SA		8,006		48,187
General Cable Corporation†«		91,812		2,768,132
Graftech International Limited†		256,235		4,022,890
GS Yuasa Corporation		55,000		321,005
Hitachi Cable Limited		28,000		77,614
Hubbell Incorporated Class B		35,132		2,077,355
Huber & Suhner AG†		893		53,881
Idec Corporation		1,100		11,394
Johnson Electric Holdings Limited		145,500		77,365
Legrand SA		12,854		509,098
LS Cable Limited†		3,836		335,643
LS Industrial Systems Company Limited†		3,641		214,695
Mabuchi Motor Company Limited		4,400		195,579
Mitsubishi Electric Corporation		292,000		2,921,496
NEC Corporation		357,149		733,360
Neo Neon Holdings Limited		163,500		40,845
Nexans SA		1,685		134,983
Nidec Copal Corporation		2,800		31,387
Nidec Copal Electronics Corporation†		7,000		48,706
Nidec Corporation		17,400		1,523,546
Nippon Carbon Company Limited		11,000		34,346
Nippon Signal Company Limited		4,700		34,941
Nissin Electric Company Limited		8,000		60,562
Nitto Kogyo Corporation		9,700		123,447
Nordex AG†		816		5,182
Ormat Industries		3,095		17,335
PerkinElmer Incorporated		222,400		5,086,288
Prysmian SpA		13,145		212,128
Regal-Beloit Corporation		68,171		4,007,773
Rockwell Automation Incorporated		91,400		5,861,482
Roper Industries Incorporated		61,945		4,766,668
Sanyo Denki Company Limited†		6,000		47,559
Schneider Electric SA		18,798		2,503,493
SGL Carbon AG†		3,056		146,710
Shihlin Electric†		44,000		50,708
Showa Electric Wire		10,000		10,919
Silitech Technology Corporation†		34,683		93,494
Sumitomo Electric Industries Limited		102,200		1,367,047
Suzlon Energy Limited†		89,769		72,291
TECO Electric & Machinery Company Limited†		198,000		129,100
Toyo Tanso Company Limited		1,300		58,454
Ushio Incorporated		17,300		285,882
Vestas Wind Systems AS†		15,405		322,862
Walsin Lihwa Corporation†		336,000		130,152
Woodward Governor Company		102,760		3,331,479
Ya Hsin Industrial Company Limited†(a)		40,000		0
				66,374,874

200 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Industrial Conglomerates: 1.16%
3M Company		127,800	$	10,604,844
Aboitiz Equity Ventures Incorporated†		345,300		333,369
Aditya Birla Nuvo Limited†		13,276		265,190
Antarchile SA		21,880		396,999
Beijing Enterprises Holdings Limited		66,000		318,974
Berjaya Corporation Berhad		359,200		122,188
Bidvest Group Limited		47,496		1,063,487
Boustead Holdings Berhad†		51,819		95,979
CITIC Pacific Limited		152,000		308,566
CJ Corporation†		1,178		98,639
Clal Industries and Investments†		2,926		13,629
Compagnie Industriali Riunite		19,942		43,257
Cookson Group plc		16,991		144,767
CSR Limited		72,660		202,247
DCC plc - Ireland Exchange		1,395		38,035
DCC plc - United Kingdom Exchange		2,629		71,624
Delek Group Limited		312		55,760
Discount Investment Corporation		1,353		12,345
DMCI Holdings Incorporated		114,000		108,946
Dogan Sirketler Grubu Holdings†		88,596		34,677
Doosan Corporation†		2,874		367,204
Empresas Copec SA		82,151		1,273,510
Enka Insaat Ve Sanayi AS		123,389		285,543
Far Eastern Textile Company Limited†		510,389		670,846
Fraser & Neave Limited		155,000		759,996
Gallant Venture Limited†		21,000		5,751
General Electric Company		1,310,907		21,380,893
Grupo Carso SAB de CV		77,277		196,349
Hankyu Hanshin Holdings Incorporated		185,000		761,631
Haw Par Corporation Limited		14,000		65,976
Hong Leong Asia Limited		11,000		15,813
Hutchison Whampoa Limited		286,000		2,748,604
Jaiprakash Associates Limited†		205,052		275,933
Jardine Matheson Holdings Limited		40,469		2,243,953
Jardine Strategic Holdings Limited		29,810		936,281
Katakura Industries Company Limited		1,000		10,486
Keihan Electric Railway Company Limited		73,000		345,914
Keppel Corporation Limited		185,051		1,429,223
Koc Holding AS		127,584		456,494
Koninklijke Philips Electronics NV		66,845		1,413,935
Koor Industries Limited†		1,354		12,551
LG Corporation		20,856		1,236,812
Malaysian Resources Corporation Berhad†		265,450		183,418
Miramar Hotel & Investment Company Limited		9,000		10,596
MMC Corporation Berhad		109,200		93,321
NWS Holdings Limited		172,097		243,913
Orkla ASA		59,506		496,562
Przedsiebiorstwo Eksportu I Importu Kopex SA		1,096		7,646
Quinenco SA†		23,401		75,824
Rheinmetall Berlin		3,555		235,540
Samsung Techwin Company Limited†		5,696		314,071

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 201

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Industrial Conglomerates (continued)
Sembcorp Industries Limited		109,000	$	390,338
Shanghai Industrial Holdings Limited		75,000		246,205
Siemens AG		60,076		6,179,902
Siemens India Limited†		21,727		417,767
Sime Darby Berhad		325,440		965,981
SK Corporation		3,162		491,782
SM Investments Corporation		39,115		501,053
Smiths Group plc		23,981		386,646
Sonae SGPS SA†		38,828		30,457
Tokai Holdings Corporation†		26,800		139,770
Tyco International Limited		57,570		2,393,761
Wendel		2,019		171,706
Yazicilar Holding AS†		4,064		23,677
				65,227,156
Machinery: 2.94%
Aalberts Industries NV†		5,285		98,548
Aida Engineering Limited†		2,700		13,290
Alfa Laval AB		25,700		504,503
Amada Company Limited		49,000		341,415
Amano Corporation		5,200		46,778
Andritz AG		2,270		210,139
Asahi Diamond Industrial Company Limited		12,000		227,638
Ashok Leyland Limited†		317,592		172,060
Asian Insulators PCL		395,800		41,469
Astec Industries Incorporated†		30,957		1,071,422
Atlas Copco AB Class A		41,997		946,357
Atlas Copco AB Class B		23,892		480,014
ATS Automation Tooling Systems Incorporated†		4,800		33,281
Austal Limited		9,718		25,958
Bando Chemical Industries Limited†		15,000		58,258
Bodycote plc		11,594		54,751
Bradken Limited		21,629		183,662
Briggs & Stratton Corporation«		97,860		1,580,439
Bucher Industries AG†		256		46,297
Cargotec Corporation		2,050		67,240
Caterpillar Incorporated		113,200		10,301,200
Charter International plc		7,702		94,954
China Infrastructure Machinery Holdings Limited		385,000		157,009
CKD Corporation		5,000		36,851
Clarcor Incorporated«		89,038		4,143,829
Construcciones y Auxiliar de Ferrocarriles SA		139		72,006
Cosco Corporation Singapore Limited		120,000		111,556
Crane Company		89,700		3,789,825
CSBC Corporation Taiwan		41,847		36,991
Cummins Incorporated		34,051		3,164,019
Cummins India Limited†		13,942		179,386
Daewoo Shipbuilding & Marine Engineering Company Limited		12,320		339,002
Daifuku Company Limited		14,500		82,873
Danaher Corporation		107,894		4,942,624
Deere & Company		82,400		6,659,568

202 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Machinery (continued)
Donaldson Company Incorporated«		46,100	$	2,718,978
Doosan Infracore Company Limited†		16,140		332,662
Eaton Corporation		39,000		1,675,050
Ebara Corporation		61,000		273,997
ESCO Technologies Incorporated		42,847		1,322,687
FANUC Limited		26,700		4,444,303
Flowserve Corporation		36,031		3,399,165
Fuji Machine Manufacturing Company Limited		5,900		103,489
Fujitec Company Limited†		13,000		72,407
Furukawa Company Limited		61,000		62,714
Gardner Denver Incorporated		33,782		2,661,684
GEA Group AG		10,377		303,886
Georg Fischer AG		206		92,400
Gildemeister AG†		3,643		62,833
Glory Limited		8,800		189,515
Graco Incorporated«		38,800		1,531,824
Haitian International Holdings Limited		50,000		46,410
Hanjin Heavy Industries & Construction Company Limited		3,253		69,440
Hanjin Heavy Industries & Construction Holdings Company Limited†		2,009		17,832
Harsco Corporation		48,200		1,101,852
Heidelberger Druckmaschinen AG		10,670		22,403
Hexagon AB		23,900		403,770
Hino Motors Limited		33,000		191,704
Hisaka Works Limited		5,000		60,822
Hitachi Construction Machinery Company Limited†		12,600		236,304
Hitachi Zosen Corporation		106,500		172,207
Hoshizaki Electric Company Limited		7,200		158,897
Hosokawa Micron Corporation†		4,000		22,031
Hyundai Heavy Industries Company Limited		5,717		1,874,696
Hyundai Mipo Dockyard Company Limited†		1,643		212,863
IDEX Corporation		142,663		5,304,210
IMI plc		18,425		266,435
Industrea Limited		50,029		72,210
Invensys plc		67,436		303,075
Iseki & Company Limited		22,000		51,875
Ishikawajima-Harima Heavy Industries Company Limited		219,000		555,504
Jain Irrigation Systems Limited		39,865		150,110
Japan Steel Works		48,000		314,447
Jaya Holdings Limited†		61,000		25,057
Joy Global Incorporated		67,671		5,647,145
JTEKT Corporation		35,600		439,745
Juki Corporation†		7,000		15,518
Kawasaki Heavy Industries Limited		223,000		673,585
Kaydon Corporation«		57,944		1,948,077
KCI Konecranes Oyj		3,753		102,237
Kennametal Incorporated«		144,900		5,341,014
Kitz Corporation		9,000		42,652
Komatsu Limited		131,530		3,508,273
Komori Corporation		6,600		46,024
Kone Oyj		11,781		696,363
Krones AG		626		42,470

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 203

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Machinery (continued)
Kubota Corporation		161,865	$	1,338,697
Kurita Water Industries Limited		16,100		429,021
Lincoln Electric Holdings Incorporated		148,982		5,069,857
Makino Milling Machine Company Limited		11,000		89,369
Makita Corporation		17,900		744,643
Makita Corporation ADR		1		41
MAN AG		6,208		560,294
Manitowoc Company Incorporated«		232,046		2,578,031
Max Company Limited		6,000		72,847
Meidensha Corporation		31,000		118,988
Melrose plc		38,153		193,965
Metso Oyj		9,985		378,273
Meyer Burger Technology AG†		5,526		201,713
Minebea Company Limited		50,000		209,675
Mitsubishi Heavy Industries Limited		447,000		1,900,039
Mitsuboshi Belting Company Limited†		3,000		16,453
Mitsui Engineering & Shipbuilding Company Limited		101,000		192,005
Miura Company Limited		5,000		135,689
Morgan Crucible Company		12,121		53,922
Mori Seiki Company Limited		14,400		154,548
Mueller Industries Incorporated		73,900		3,483,646
Mueller Water Products Incorporated		272,545		632,304
Nabtesco Corporation		18,100		405,633
Nachi-Fujikoshi Corporation		35,000		184,133
Namura Shipbuilding Company Limited		1,000		3,926
Navistar International Corporation†		46,321		1,917,689
NGK Insulators Limited		40,000		627,483
Nippon Sharyo Limited		14,000		61,363
Nippon Thompson Company Limited		6,000		37,931
Nitta Corporation		3,300		71,128
Nitto Kohki Company Limited†		700		16,036
NKT Holding AS		1,131		42,730
Nordson Corporation«		109,642		4,813,284
Noritake Company Limited†		17,000		66,624
NSK Limited		62,000		496,619
NTN Corporation		68,000		341,458
OILES Corporation		2,380		45,477
Okuma Corporation		20,000		154,518
Organo Corporation†		1,000		7,988
OSG Corporation		12,700		165,804
Oshkosh Truck Corporation†		54,500		1,074,740
Paccar Incorporated		68,400		2,573,892
Parker Hannifin Corporation		30,900		2,268,987
Pentair Incorporated«		65,422		2,245,283
Rotork plc		7,725		215,581
Ryobi Limited		20,000		86,750
Samsung Heavy Industries Company Limited		25,110		826,931
Sandvik AB		68,386		909,240
Sany Heavy Equipment International Holdings Company Limited†		183,000		182,306
Sasebo Heavy Industries Company Limited		4,000		6,857
Scania AB Class B		23,020		417,464

204 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Machinery (continued)
Schindler Holding AG		3,274	$	389,283
Schindler Holding SA		1,005		122,533
Seco Tools		4,200		55,530
Sembcorp Marine Limited		99,200		335,909
Shima Seiki Manufacturing Limited		4,400		85,728
Shin Zu Shing Company Limited		13,649		26,096
Shinmaywa Industries Limited		11,000		40,677
Singamas Container Holding		180,000		54,647
Sinotruk Hong Kong Limited		86,000		58,952
Sintokogio Limited		5,500		55,053
SKF AB Class A†		976		22,882
SKF AB Class B		23,034		542,526
SMC Corporation		8,800		1,394,680
Snap-on Incorporated		102,794		5,438,831
Spirax-Sarco Engineering plc		5,266		157,710
SPX Corporation		30,900		1,757,901
STX Corporation Company Limited†		5,248		80,267
STX Shipbuilding Company Limited†		6,438		114,777
Sulzer AG		1,449		195,501
Sumitomo Heavy Industries Limited		84,000		508,753
Tadano Limited		18,000		114,071
Tata Motors Limited†		41,749		679,965
Tata Motors Limited ADR«		10,088		167,763
Tata Motors Limited Class A Private Placement		10,387		97,559
The Middleby Corporation†		32,600		2,626,419
Thermax India Limited†		11,575		123,376
THK Company Limited		19,500		402,199
Timken Company		50,870		2,001,735
Tocalo Company Limited		1,100		23,400
Tognum AG(a)		4,785		178,715
Torishima Pump Manufacturing Company Limited		1,300		19,044
Toro Company		55,385		3,022,359
Toromont Industries Limited		4,043		74,725
Toshiba Machine Company Limited		10,000		51,732
Trelleborg AB Class B		12,469		104,971
Trinity Industries Incorporated		155,679		4,290,513
Tsubakimoto Chain Company		21,000		117,924
Tsugami Corporation		18,000		90,856
Tsukishima Kikai Company Limited†		1,000		8,767
Union Tool Company		500		9,456
United Tractors		254,380		725,257
Vallourec SA		7,225		647,698
Valmont Industries Incorporated«		13,377		1,237,774
Volvo AB Class A		27,800		345,227
Volvo AB Class B		88,540		1,099,910
Vossloh AG		978		119,479
Wabtec Corporation		84,790		5,162,863
Wartsila Oyj Class B		10,510		292,140
WEG SA		48,100		520,008
Weir Group plc		13,549		422,371

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 205

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Machinery (continued)
Yangzijiang Shipbuilding Holdings Limited		225,000	$	216,738
Zardoya-Otis SA		9,901		149,364
				165,104,552
Marine: 0.13%
AP Moller-Maersk AS A Shares		40		269,943
AP Moller-Maersk AS B Shares		87		607,893
China Cosco Holdings Company Limited		368,000		207,604
Chinese Maritime Transport Limited†		6,000		9,591
Compagnie Maritime Belge SA†		227		5,950
Daiichi Chuo Kisen Kaisha		12,000		18,344
DS Norden AS		1,300		38,783
Evergreen Marine Corporation (Taiwan) Limited		303,000		195,158
Hanjin Shipping Company Limited		8,635		143,321
Hanjin Shipping Holding Company†		11,912		121,067
Hyundai Merchant Marine Company Limited†		7,518		191,427
Iino Kaiun Kaisha Limited		9,500		45,978
Inui Steamship Company Limited		1,100		4,541
Kawasaki Kisen Kaisha Limited		100,000		258,334
Kirby Corporation†		32,518		1,789,791
Kuehne & Nagel International AG		3,262		454,732
Malaysian Bulk Carriers Berhad†		14,000		9,003
MISC Berhad		146,700		345,824
Mitsui OSK Lines Limited		160,000		677,449
Neptune Orient Lines Limited		80,000		76,808
Nippon Yusen Kabushiki Kaisha		227,000		689,917
Orient Overseas International Limited		23,000		114,119
Pacific Basin Shipping Limited		252,000		122,424
Precious Shipping PCL		70,800		40,396
Regional Container Lines PCL†		73,800		17,976
Shih Wei Navigation Company Limited		31,652		36,764
Shinwa Kaiun Kaisha Limited		2,000		3,397
Shipping Corporation of India Limited†		33,100		61,882
Shun Tak Holdings Limited		214,000		118,579
Sincere Navigation Corporation†		128,800		132,499
STX Pan Ocean Company Limited - Korea Exchange		3,981		31,261
STX Pan Ocean Company Limited - Singapore Exchange		9,000		65,612
Taiwan Navigation Company Limited†		20,000		19,575
Thoresen Thai Agencies PCL		81,840		53,249
U-Ming Transport Corporation†		58,000		96,724
Wan Hai Lines Limited		209,212		117,476
Yang Ming Marine Transport†		259,416		139,892
				7,333,283
Road & Rail: 1.08%
Arkansas Best Corporation		42,600		879,690
Asciano Group		384,312		647,362
Avis Budget Group Incorporated†		205,500		2,702,325
Canadian National Railway Company		30,500		2,243,352
Canadian Pacific Railway Limited		10,400		597,259
Central Japan Railway Company		264		2,207,417

206 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Road & Rail (continued)
Comfortdelgro Corporation Limited		234,000	$	267,290
Con-Way Incorporated		97,391		2,492,236
Container Corporation of India†		5,767		116,988
DSV A/S		14,780		309,029
East Japan Railway Company		53,000		3,183,035
Evergreen International Storage & Transport Corporation†		124,000		83,111
Firstgroup plc		25,434		151,281
Fukuyama Transporting Company Limited		29,000		172,695
Genesee & Wyoming Incorporated†		68,740		3,570,356
Go-Ahead Group plc		1,463		37,485
Heartland Express Incorporated«		108,424		1,648,045
Hitachi Transport System Limited		4,600		87,780
J.B. Hunt Transport Services Incorporated		65,114		2,616,932
Kansas City Southern†		70,918		3,840,919
Keihin Electric Express Railway Company Limited		65,000		559,693
Keio Corporation		74,000		478,480
Keisei Electric Railway Company Limited		52,000		341,373
Kintetsu Corporation		219,000		833,724
Knight Transportation Incorporated«		114,500		1,734,675
Korea Express Company Limited†		1,506		124,418
Landstar System Incorporated«		84,594		3,425,211
Maruzen Showa Unyu Company Limited		3,000		10,522
MTR Corporation Limited		170,208		570,929
Nagoya Railroad Company Limited†		112,000		315,405
Nankai Electric Railway Company Limited		70,000		303,327
National Express Group plc		29,635		120,478
Nippon Express Company Limited		124,000		520,167
Nippon Konpo Unyu Soko Company Limited		7,000		76,876
Nishi-Nippon Railroad Company Limited		52,000		239,518
Norfolk Southern Corporation		43,800		2,964,384
Odakyu Electric Railway Company Limited		80,000		714,522
Old Dominion Freight Line†«		82,602		2,653,176
QR National Limited		234,049		828,205
Ryder System Incorporated		31,936		1,503,547
Sagami Railway Company Limited		52,000		163,163
Sankyu Incorporated		41,000		192,910
SBS Transit Limited†		1,684		2,559
Seino Holdings Company Limited		19,000		138,523
Senko Company Limited†		4,000		14,749
SMRT Corporation Limited†		98,000		147,143
Stagecoach Group plc		25,848		107,765
Tobu Railway Company Limited		164,000		751,470
Tokyu Corporation		140,000		679,870
TransForce Incorporated		2,911		38,405
Transport International Holdings Limited†		24,000		54,482
Union Pacific Corporation		96,100		8,857,537
Werner Enterprises Incorporated«		101,074		2,353,003
West Japan Railway Company		27,300		1,136,046
				60,810,842

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 207

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Trading Companies & Distributors: 0.87%
Adani Enterprises Limited†		36,905	$	425,828
Alesco Corporation Limited		3,463		6,149
Ashtead Group plc		26,651		50,810
BayWa AG		313		12,819
Bunzl plc		19,379		251,031
Daewoo International Corporation†		4,012		133,571
Emeco Holdings Limited		72,033		74,266
Fastenal Company«		190,524		6,378,744
Finning International Incorporated		10,900		278,371
GATX Corporation		86,534		3,137,723
Grafton Group plc		8,472		33,176
Hanwa Company Limited		21,000		91,141
Inaba Denki Sangyo Company Limited		2,200		65,243
Itochu Corporation		212,000		2,288,233
Iwatani International Corporation		24,000		82,957
Japan Pulp & Paper Company Limited		11,000		40,281
JFE Shoji Holdings Incorporated		19,000		85,584
Kanematsu Corporation†		34,000		32,711
Kloeckner & Company		4,899		81,248
Kuroda Electric Company Limited		3,100		36,228
Marubeni Corporation		232,000		1,471,124
Misumi Group Incorporated		10,600		250,277
Mitsubishi Corporation		212,300		5,108,317
Mitsubishi Corporation ADR		33		1,596
Mitsui & Company Limited		241,000		4,134,956
Mitsui & Company Limited ADR«		263		90,217
MSC Industrial Direct Company		81,325		5,015,313
Nagase & Company Limited		17,100		216,119
Nichiden Corporation		3,600		121,158
Noble Group Limited		516,694		694,361
Okaya & Company Limited		5,500		64,679
Onoken Company Limited		700		6,486
Ramirent Oyj†		11,459		92,201
Reece Australia Limited		7,324		149,726
Rexel SA†		4,636		87,768
Russel Metals Incorporated		3,149		74,215
Samsung Corporation		19,924		1,438,330
Seven Network Limited		22,953		219,034
Shinwa Company Limited Nagoya†		500		5,781
SIG plc		78,253		131,739
SK Networks Company Limited†		23,850		259,496
Sojitz Corporation		160,700		302,599
Sumitomo Corporation		170,500		2,234,693
Superior Plus Corporation		4,592		48,157
Toyota Tsusho Corporation		32,300		540,626
Travis Perkins plc		20,543		274,403
Trusco Nakayama Corporation		3,400		69,473
Watsco Incorporated«		43,695		2,606,407
Wesco International Incorporated†«		76,124		3,280,183
Wolseley plc		20,266		525,297
WW Grainger Incorporated«		37,680		5,806,488

208 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Trading Companies & Distributors (continued)
Yamazen Corporation†		10,500	$	77,036
Yuasa Trading Company Limited		10,000		15,288
				48,999,657
Transportation Infrastructure: 0.14%
Abertis Infraestructuras SA		26,569		421,306
Aeroports de Paris†		1,924		160,607
Airports of Thailand PCL		53,200		83,430
Ansaldo STS SPA		4,634		41,870
Atlantia SpA		19,516		314,462
Auckland International Airport Limited		155,755		306,732
Bangkok Expressway PCL†		48,400		28,908
BBA Aviation plc		22,450		60,958
Bintulu Port Holdings Berhad†		6,400		14,053
Brisa-Auto Estradas de Portugal SA†		12,968		50,228
China Merchants Holdings International Company Limited		159,455		478,077
Cia de Concessoes Rodoviarias†		20,655		622,673
ConnectEast Group		333,697		193,505
Cosco Pacific Limited		252,518		346,836
Flughafen Wien AG		155		7,579
Flughafen Zuerich AG†		200		88,372
Fraport AG		2,238		156,570
Gemina SpA†		107,844		101,587
Groupe Eurotunnel SA		25,322		235,493
Hamburger Hafen Und Logistik AG		1,110		37,858
Hong Kong Aircraft Engineering Company Limited		10,000		134,448
Hopewell Highway Infrastructure Limited		67,500		44,665
International Container Term Services Incorporated		134,600		162,194
Japan Airport Terminal Company Limited		7,800		116,612
Kamigumi Company Limited		36,000		325,982
Koninklijke Vopak NV		3,272		163,408
Macquarie Airports Group		195,816		662,971
Macquarie Atlas Roads Limited†		53,146		91,554
Malaysia Airports Holdings Berhad†		50,200		104,843
Mitsubishi Logistics Corporation		21,000		230,030
Mitsui-Soko Company Limited		9,000		33,324
Mundra Port & Special Economic Zone Limited		49,540		164,151
Nissin Corporation†		4,000		10,167
Plus Expressways Berhad†		171,000		249,363
Port of Tauranga Limited†		9,453		80,435
SIA Engineering Company		30,000		98,005
Singapore Airport Terminal Services Limited		80,666		152,054
Societa Iniziative Autostradali e Servizi SpA†		1,409		11,752
Societe Des Autoroutes Paris-Rhin-Rhone†		299		22,549
Sumitomo Warehouse Company Limited		17,000		81,536
TAV Havalimanlari Holding AS†		40,981		171,597
The Great Eastern Shipping Company Limited†		13,632		70,859
TNT Express NV		21,386		199,994
Transurban Group		145,308		806,210
Westshore Terminals Investment Corporation		8,100		190,238
				8,130,045

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 209

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Information Technology: 14.35%
Communications Equipment: 1.66%
AAC Acoustic Technologies Holdings Incorporated		78,000	$	163,312
Acme Packet Incorporated†		36,100		1,699,949
ADTRAN Incorporated		114,300		3,550,158
Aiphone Company Limited†		800		15,251
Alcatel SA†		170,658		624,841
Arris Group Incorporated†		241,800		2,640,456
Aruba Networks Incorporated†		49,300		1,051,569
Black Box Corporation		31,262		772,797
Brocade Communications Systems Incorporated†		276,136		1,068,646
BYD Electronic International Company Limited		64,000		19,359
China Wireless Technologies Limited		296,000		56,617
Ciena Corporation†«		163,580		2,002,219
Cisco Systems Incorporated		1,085,149		17,015,136
Comba Telecom Systems Holdings Limited		69,212		59,231
Compal Communications Incorporated†		40,025		43,542
Comtech Telecommunications Corporation«		48,510		1,350,518
D-Link Corporation		73,749		59,456
Denki Kogyo Company Limited		2,000		8,733
Echostar Corporation†		5,800		141,230
Emulex Corporation†		171,335		1,180,498
EVS Broadcast Equipment SA		552		35,932
F5 Networks Incorporated†		52,038		4,247,342
Harmonic Incorporated†		202,994		966,251
Harris Corporation«		85,900		3,466,065
High Tech Computer Corporation		126,691		3,338,326
Hitachi Kokusai Electric Incorporated		5,000		34,439
Icom Incorporated†		600		13,364
Interdigital Incorporated«		77,232		5,437,133
Japan Radio Company Limited		2,000		5,532
Juniper Networks Incorporated†		99,584		2,084,293
Motorola Mobility Holdings Incorporated†		195,887		7,388,858
Motorola Solutions Incorporated		33,942		1,428,619
Nokia Oyj		241,913		1,556,049
Polycom Incorporated†		113,990		2,712,962
Qualcomm Incorporated		321,797		16,559,674
Research in Motion Limited†		30,915		1,000,089
Riverbed Technology Incorporated†		94,973		2,353,431
Sonus Networks Incorporated†«		369,835		957,873
Spirent plc		75,318		154,654
Tekelec†«		114,020		820,944
Telefonaktiebolaget LM Ericsson Class A		3,200		34,758
Telefonaktiebolaget LM Ericsson Class B		207,722		2,331,193
Tellabs Incorporated		650,264		2,653,077
VTech Holdings Limited		20,000		230,391
Zinwell Corporation†		23,446		26,723
				93,361,490

210 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Computers & Peripherals: 2.13%
Acer Incorporated		431,517	$	521,479
Advantech Company Limited†		50,701		146,900
Amtran Technology Company Limited†		169,006		99,599
Apple Incorporated†		179,588		69,110,850
Asustek Computer Incorporated		117,601		1,000,099
BenQ Corporation†		171,392		47,759
Catcher Technology Company Limited†		91,614		724,659
Chicony Electronics Company Limited†		59,012		102,286
Clevo Company†		65,586		107,274
CMC Magnetics Corporation†		511,000		87,385
Compal Electronic Incorporated†		581,754		628,573
Dell Incorporated†«		206,400		3,068,136
Diebold Incorporated		39,936		1,143,767
Eizo Nanao Corporation		1,900		35,655
Electronics For Imaging Incorporated†		82,978		1,179,117
Elitegroup Computer Systems†		43,672		11,934
EMC Corporation†		403,820		9,122,294
Foxconn Technology Company Limited		143,781		513,337
Fujitsu Limited		277,000		1,406,864
Gemalto NV		6,728		320,738
Hewlett-Packard Company		267,215		6,955,606
Inventec Company Limited†		288,775		109,459
Jess Link Products Company Limited†		37,143		49,116
Lenovo Group Limited		992,000		666,596
Lexmark International Incorporated†«		52,200		1,668,312
Lite-On IT Corporation†		51,722		56,219
Lite-On Technology Corporation†		330,656		360,635
Logitech International SA†		8,712		101,964
Megachips Corporation		900		13,920
Melco Holdings Incorporated		2,000		54,995
Micro-Star International Company Limited†		112,218		53,170
Mitac International Corporation		90,131		33,614
NetApp Incorporated†		69,181		2,602,589
Pegatron Corporation†		224,150		218,564
QLogic Corporation†		206,300		2,882,011
Quanta Computer Incorporated		490,766		1,002,090
Ritek Corporation†		272,159		51,145
Sandisk Corporation†		27,400		1,004,210
Seagate Technology plc		286,307		3,315,435
Seiko Epson Corporation		20,800		291,178
Synaptics Incorporated†«		59,928		1,464,041
Toshiba Corporation		567,000		2,474,322
TPV Technology Limited		122,000		54,790
Wacom Company Limited		35		39,196
Western Digital Corporation†		154,700		4,562,103
Wincor Nixdorf AG		1,542		85,699
Wistron Corporation		289,015		363,350
				119,913,034

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 211

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Electronic Equipment, Instruments & Components: 1.56%
Agilent Technologies Incorporated†		66,100	$	2,437,107
Alps Electric Company Limited†		20,600		188,383
Amphenol Corporation Class A		113,834		5,347,921
Anixter International Incorporated		51,841		3,059,137
Anritsu Corporation		16,000		195,752
Arisawa Manufacturing Company Limited		3,400		17,328
Arrow Electronics Incorporated†		77,214		2,409,077
AU Optronics Corporation		1,267,319		601,966
Avnet Incorporated†		100,638		2,640,741
AVX Corporation		31,628		414,327
Benchmark Electronics Incorporated†«		110,804		1,501,394
Brightpoint Incorporated†		119,144		1,135,442
Calcomp Electronics PCL†		243,600		23,897
Canon Electronics Incorporated		2,400		64,564
Celestica Incorporated NPV†		11,138		93,035
Checkpoint Systems Incorporated†		69,600		1,060,008
Cheng Uei Precision Industry Company Limited†		71,144		201,303
Chroma ATE Incorporated†		84,624		213,855
Chunghwa Picture Tubes Limited†		608,075		54,518
Citizen Holdings Company Limited		51,300		262,047
CMK Corporation		4,800		19,303
Corning Incorporated		192,200		2,888,766
Daishinku Corporation†		6,000		25,000
Delta Electronics (Thailand) PCL†		22,600		16,515
Delta Electronics Incorporated		347,531		1,023,726
Digital China Holdings Limited		88,000		150,214
Dolby Laboratories Incorporated Class A†«		33,226		1,116,394
Electrocomponents plc		44,350		153,428
Enplas Corporation†		3,900		80,136
ESPEC Corporation		3,600		25,623
Everlight Electronics Company Limited†		41,210		77,487
Evertz Technologies Limited		1,640		20,029
Flextronics International Limited†		484,800		2,787,600
FLIR Systems Incorporated«		102,159		2,642,853
Foxconn International Holdings Limited†		378,000		188,306
FUJIFILM Holdings Corporation		65,600		1,593,701
Hakuto Company Limited		4,800		46,595
Halma plc		23,434		131,960
Hamamatsu Photonics		10,200		416,569
Hana Microelectronics PCL		194,800		145,596
Hannstar Display Corporation†		523,962		47,336
Hioki EE Corporation†		900		17,896
Hirose Electric Company Limited		4,300		404,334
Hitachi High Technologies Corporation		8,300		158,076
Hitachi Limited		612,000		3,310,628
Hon Hai Precision Industry Company Limited		1,410,388		3,594,158
Horiba Limited		5,500		180,203
Hosiden Corporation		6,500		52,281
Hoya Corporation		58,900		1,300,297
Ibiden Company Limited		18,400		451,056
Ingenico SA		5,163		210,308

212 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Ingram Micro Incorporated†		104,273	$	1,860,230
Innolux Display Corporation†		919,723		402,300
Insight Enterprises Incorporated†		84,060		1,582,009
Itron Incorporated†«		71,762		2,857,563
Jabil Circuit Incorporated		133,500		2,249,475
Japan Aviation Electronics Industry Limited		9,000		69,814
Japan Cash Machine Company Limited		2,900		24,322
Ju Teng International Holdings Limited		76,000		15,901
Kaga Electronics Company Limited†		3,800		39,977
Keyence Corporation		5,500		1,481,325
Kingboard Chemicals Holdings Limited		89,950		350,158
Kingboard Laminates Holdings Limited		121,000		73,867
KOA Corporation		3,700		41,641
Kudelski SA		2,324		23,088
Kyocera Corporation		25,100		2,315,504
Kyocera Corporation ADR		30		2,772
Laird Group plc		7,493		18,847
Largan Precision Company Limited†		20,244		582,803
LG Innotek Company Limited		2,021		136,488
LG Phillips LCD Company Limited†		35,770		708,247
Littelfuse Incorporated«		40,151		1,862,605
Mitsumi Electric Company Limited		8,700		68,686
MMI Holdings Limited		52,941		126,722
Molex Incorporated«		38,791		847,583
Molex Incorporated Class A		42,847		791,813
Muramoto Electron Thailand PCL†		300		2,152
Murata Manufacturing Company Limited		28,600		1,745,576
Nan Ya Printed Circuit Board Corporation†		26,197		86,982
National Instruments Corporation«		164,489		4,182,955
Nichicon Corporation		9,200		137,289
Nidec Sankyo Corporation		3,000		18,416
Nihon Dempa Kogyo Company Limited		3,200		38,326
Nippon Chemi-Con Corporation		17,000		94,436
Nippon Electric Glass Company Limited		61,000		621,224
Oki Electric Industry Company Limited†		64,000		62,391
Omron Corporation		29,704		716,968
Optex Company Limited†		2,730		34,892
Osaki Electric Company Limited		5,000		49,055
Pan-International Industrial†		59,176		72,822
Premier Farnell plc		18,366		54,022
Ryosan Company Limited		4,200		94,498
Ryoyo Electro Corporation		800		7,726
Samart Corporation PCL†		379,400		117,099
Samsung Electro-Mechanics Company Limited†		7,560		481,870
Samsung SDI Company Limited†		4,754		630,044
Sanshin Electronics Company Limited		900		7,335
Shimadzu Corporation		36,000		282,470
Sintek Photronic Corporation†		188,000		87,894
SMK Corporation†		11,000		39,943
Spectris plc		7,349		171,349
Star Micronics Company Limited		6,100		60,551

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 213

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares			Value
Electronic Equipment, Instruments & Components (continued)
Synnex Technology International Corporation†		186,462		$	474,749
Taiyo Yuden Company Limited		15,000			139,300
Tamura Corporation		16,000			43,663
TDK Corporation		17,300			764,119
Tech Data Corporation†«		82,353			3,877,179
Teikoky Tsushin Kogyo Company†		2,000			3,893
TOKO Incorporated†		14,000			30,661
Topcon Corporation		6,200			35,096
Toyo Corporation		3,700			42,797
TPK Holding Company Limited†		7,350			179,964
Trimble Navigation Limited†		79,159			2,939,965
Tripod Technology Corporation†		79,261			269,054
Truly International		22,000			3,119
Unimicron Technology Corporation†		208,402			304,459
Venture Corporation Limited†		33,000			204,613
Vishay Intertechnology Incorporated†		294,754			3,360,196
Vishay Precision Group†		17,769			266,535
Wasion Group Holdings Limited†		28,000			11,028
WBL Corporation Limited(a)		16,000			44,074
Wintek Corporation†		225,484			196,257
WPG Holdings Company Limited†		187,227			281,283
Yageo Corporation†		232,000			74,468
Yamatake Corporation		7,900			170,061
Yaskawa Electric Corporation		33,000			301,563
Yokogawa Electric Corporation		29,700			256,041
Yokowo Company Limited†		3,200			20,013
Young Fast Optoelectronics Company Limited		13,071			38,770
					87,963,121
Internet Software & Services: 1.25%
Access Company Limited		32			27,641
Akamai Technologies Incorporated†		121,148			2,657,987
Alibaba.com Limited		162,766			172,817
AOL Incorporated†«		63,685			992,212
Baidu.com Incorporated ADR†		20,072			2,926,096
Daum Communications Corporation†		1,227			146,874
Digital River Incorporated†«		64,257			1,292,851
eAccess Limited		510			191,434
Earthlink Incorporated		211,193			1,558,604
eBay Incorporated†		219,608	��		6,779,299
Equinix Incorporated†		30,272			2,846,779
G-Resources Group Limited†		1,353,000			100,818
Google Incorporated Class A†		48,642			26,313,376
Gourmet Navigator Incorporated†		1,800			20,118
Gree Incorporated		13,200			428,194
IAC InterActiveCorp†		56,740			2,242,932
Internet Initiative Japan Incorporated		21			98,529
Kakaku.com Incorporated		4,600			170,598
Mixi Incorporated†		4			17,407
NetEase.com Incorporated ADR†«		12,292			621,484
NHN Corporation†		6,648			1,304,263

214 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Internet Software & Services (continued)
Open Text Corporation†		3,500	$	207,327
Rackspace Hosting Incorporated†«		69,604		2,544,722
So-Net Entertainment Corporation†		16		74,706
Telecity Group plc†		21,802		192,527
Tencent Holdings Limited		134,900		3,218,624
Tiscali SpA†		588		43
United Internet AG		13,768		249,907
United Online Incorporated«		144,905		785,385
ValueClick Incorporated†«		159,190		2,435,607
VeriSign Incorporated		108,900		3,392,235
VistaPrint NV†		70,572		2,076,934
WebMD Health Corporation†		104,434		3,690,698
White Energy Company Limited†		56,094		120,297
Yahoo! Japan Corporation		1,966		637,634
				70,536,959
IT Services: 1.88%
Acxiom Corporation†		145,419		1,595,246
Alliance Data Systems Corporation†		33,580		3,136,708
Amadeus IT Holding SA		17,035		339,581
Atos Origin SA		3,333		166,471
Broadridge Financial Solutions Incorporated		80,013		1,665,871
CACI International Incorporated Class A†«		51,456		2,833,167
Cap Gemini SA		11,661		471,511
CGI Group Incorporated†		13,600		275,527
Cielo SA		57,487		1,476,989
Cognizant Technology Solutions Corporation Class A†		58,087		3,685,620
Computer Sciences Corporation		102,200		3,133,452
Computershare Limited		60,615		503,988
Convergys Corporation†«		211,277		2,250,100
Corelogic Incorporated†		65,656		749,792
CSG Systems International Incorporated†«		61,912		827,144
CSK Holdings Corporation		14,500		57,716
Digital Garage Incorporated		18		57,719
DST Systems Incorporated		22,200		1,041,624
Euronet Worldwide Incorporated†«		93,400		1,519,618
Fidelity National Information Services Incorporated		29,800		839,764
Fiserv Incorporated†		90,714		5,064,563
Gartner Incorporated†		50,900		1,813,058
Global Payments Incorporated		51,513		2,360,841
HCL Technologies Limited†		31,652		284,618
Hi Sun Technology China Limited†		309,000		90,216
Indra Sistemas SA		6,012		107,555
Ines Corporation		2,500		17,377
Infosys Technologies Limited†		66,965		3,434,935
Infosys Technologies Limited ADR«		17,827		920,230
International Business Machines Corporation		238,746		41,042,825
Iress Market Technology Limited†		10,643		92,596
IT Holdings Corporation		8,106		78,845
Itochu Techno-Science Corporation		4,300		185,401
Logica plc		101,843		141,668

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 215

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
IT Services (continued)
ManTech International Corporation Class A«		41,296	$	1,548,187
Mphasis Limited†		9,756		75,389
NEC Fielding Limited†		800		10,060
Net One Systems Company Limited		60		162,690
Nihon Unisys Limited		9,400		51,246
Nomura Research Institute Limited		17,300		391,750
NS Solutions Corporation		600		13,670
NTT Data Corporation		168		542,312
OBIC Company Limited		990		186,392
Otsuka Corporation		2,800		192,876
Patni Computer Systems Limited†		1,797		11,348
Redecard SA		58,976		907,665
SAIC Incorporated†		237,949		3,569,235
Satyam Computer Services Limited†		135,961		198,383
Satyam Computer Services Limited ADR†		16,451		45,898
SK C&C Company Limited		2,814		375,250
SMS Management & Technology Limited		7,620		49,870
Tata Consultancy Services Limited†		65,131		1,482,083
Tech Mahindra Limited†		3,875		54,959
Teletech Holdings Incorporated†		53,400		947,316
Teradata Corporation†		108,801		5,696,820
TietoEnator Oyj		2,740		41,417
TKC AS		2,200		48,392
Total System Services Incorporated«		129,350		2,347,703
Transcosmos Incorporated		1,300		16,321
Unisys Corporation†		63,400		1,115,206
Wipro Limited		28,077		206,083
Wipro Limited ADR«		28,596		285,388
Wirecard AG		9,255		161,596
Wright Express Corporation†«		67,651		2,850,813
				105,848,654
Office Electronics: 0.20%
Ability Enterprise Company Limited		40,000		41,803
Brother Industries Limited		35,400		466,152
Canon Incorporated		156,600		7,389,711
Canon Incorporated ADR		7		331
Konica Minolta Holdings Incorporated		73,000		501,830
Neopost SA		2,056		147,918
OCE NV†		3,572		37,458
Ricoh Company Limited		100,565		914,301
Riso Kagaku Corporation†		3,700		67,813
Toshiba TEC Corporation		19,000		79,026
Xerox Corporation		158,039		1,311,724
				10,958,067
Semiconductors & Semiconductor Equipment: 3.08%
Advanced Micro Devices Incorporated†		381,600		2,606,328
Advanced Semiconductor Engineering Incorporated†		823,908		747,948
Advantest Corporation		21,400		279,450
Aixtron AG		8,010		180,022

216 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Alicorp†		61,000	$	67,706
Altera Corporation		61,316		2,231,289
Amkor Technology Incorporated†		183,761		799,360
Analog Devices Incorporated		198,100		6,541,262
Applied Materials Incorporated		162,300		1,837,236
ARM Holdings plc		88,071		807,985
ASM International NV		1,848		48,825
ASM Pacific Technology		22,900		236,788
ASML Holding NV		28,094		989,801
Atmel Corporation†		273,603		2,492,523
ATMI Incorporated†		55,800		955,854
Axell Corporation†		1,400		29,656
Broadcom Corporation Class A		92,800		3,308,320
Cabot Microelectronics Corporation†«		39,217		1,559,268
Cavium Incorporated†		85,599		2,755,432
CREE Incorporated†«		70,663		2,291,601
CSR plc		9,097		32,510
Cymer Incorporated†		49,406		1,998,967
Cypress Semiconductor Corporation		328,900		5,209,776
Dainippon Screen Manufacturing Company Limited		30,000		198,156
Dialog Semiconductor plc†		8,213		159,758
Disco Corporation		3,800		182,724
Elan Microelectronics Corporation†		44,000		47,951
Elpida Memory Incorporated†		24,100		169,330
Epistar Corporation†		114,210		246,069
Fairchild Semiconductor International Incorporated†		249,782		3,312,109
Faraday Technology Corporation†		23,527		23,776
Ferrotec Corporation		3,100		62,379
First Solar Incorporated†«		10,600		1,059,788
Formosa Sumco Technology Corporation		12,600		16,319
Gintech Energy Corporation		66,008		98,604
Global Unichip Corporation†		4,386		14,999
Greatek Electronic Incorporated†		58,066		41,852
Hittite Microwave Corporation†		48,400		2,629,088
Hynix Semiconductor Incorporated		79,807		1,441,302
Infineon Technologies AG		66,575		565,326
Inotera Memories Incorporated†		214,888		49,826
Integrated Device Technology Incorporated†		300,482		1,700,728
Intel Corporation		674,234		13,572,330
International Rectifier Corporation†		135,800		3,094,882
Intersil Corporation Class A«		245,879		2,761,221
King Yuan Electronics Company Limited†		144,063		56,282
Kinsus Interconnect Technology Corporation†		27,582		100,522
KLA-Tencor Corporation		111,700		4,097,156
Kontron AG		3,147		28,879
Linear Technology Corporation		139,300		3,988,159
LSI Logic Corporation†		410,393		2,794,776
Macronix International		509,192		215,804
Maxim Integrated Products Incorporated		198,600		4,577,730
Mediatek Incorporated†		168,367		1,707,964
MEMC Electronic Materials Incorporated†«		134,814		941,002

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 217

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Microchip Technology Incorporated«		125,400	$	4,115,628
Micron Technology Incorporated†«		575,700		3,402,387
Micronics Japan Company Limited		600		4,524
Microsemi Corporation†		169,100		2,626,123
Mimasu Semiconductor Industry Company Limited		600		6,183
Mitsui High-Tec Incorporated		6,300		31,653
Nanya Technology Corporation†		379,367		69,026
National Semiconductor Corporation		159,500		3,971,550
NetLogic Microsystems Incorporated†		120,727		3,624,225
Novatek Microelectronics Corporation Limited†		83,790		221,678
Novellus Systems Incorporated†«		59,400		1,661,418
ON Semiconductor Corporation†		295,700		2,149,739
PMC-Sierra Incorporated†		456,733		2,781,504
Powertech Technology Incorporated†		105,914		256,698
PV Crystalox Solar plc		8,268		2,047
Q-Cells AG†		3,594		4,756
Radiant Opto Electronics Corporation†		108,150		358,993
Realtek Semiconductor Corporation†		50,482		79,461
Renesas Electronics Corporation†		6,100		41,253
Renewable Energy Corporation AS†		22,630		41,904
RF Micro Devices Incorporated†		530,623		3,295,169
Richtek Technology Corporation†		15,166		78,773
Rohm Company Limited		14,100		726,847
Samsung Electronics Company Limited		16,902		11,869,322
Sanken Electric Company Limited		16,000		78,140
Semiconductor Manufacturing International Corporation†		3,332,000		179,853
Semtech Corporation†		126,600		2,700,378
Seoul Semiconductor Company Limited		4,653		120,199
Shindengen Electric Manufacturing Company Limited		9,000		38,118
Shinkawa Limited		2,200		13,672
Shinko Electric Industries		6,300		45,570
Silex Systems Limited†		14,168		48,548
Silicon Laboratories Incorporated†«		78,665		2,719,449
Siliconware Precision Industries Company†		483,471		446,281
Sino-Tech International Holdings Limited†		2,700,000		42,079
Soitec SA†		13,811		102,071
Solarworld AG		3,922		32,941
STMicroelectronics NV		39,442		261,753
Sumco Corporation		14,300		171,067
Taiwan Semiconductor Manufacturing Company Limited†		3,810,298		9,137,766
Teradyne Incorporated†«		352,808		4,268,977
Tessera Technologies Incorporated†		98,300		1,384,064
Texas Instruments Incorporated		144,300		3,782,103
Tokyo Electron Limited		23,800		1,146,058
Tokyo Seimitsu Company Limited		4,100		67,753
Transcend Information Incorporated†		36,130		83,175
Triquint Semiconductor Incorporated†«		319,300		2,420,294
ULVAC Incorporated		9,400		151,835
United Microelectronics Corporation†		2,033,301		798,101
Varian Semiconductor Equipment Associates Incorporated†		131,432		8,054,810
VIA Technologies Incorporated†		150,971		147,033

218 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Windbond Electronics Corporation†		630,000	$	134,437
Xilinx Incorporated		172,300		5,365,422
				173,327,506
Software: 2.59%
ACI Worldwide Incorporated†		58,700		1,755,717
Adobe Systems Incorporated†«		95,844		2,419,103
Advent Software Incorporated†		52,680		1,221,649
Ansys Incorporated†		59,445		3,208,841
Asseco Poland SA		10,340		152,431
Autodesk Incorporated†		148,098		4,176,364
Autonomy Corporation plc†		13,333		544,179
Aveva Group plc		3,449		88,044
Blackboard Incorporated†		61,898		2,612,715
BMC Software Incorporated†		116,400		4,727,004
CA Incorporated«		47,100		988,629
Cadence Design Systems Incorporated†«		529,100		4,888,884
Capcom Company Limited		7,500		219,961
Check Point Software Technologies†«		111,814		6,087,154
Citrix Systems Incorporated†		36,000		2,175,480
Concur Technologies Incorporated†«		82,720		3,459,350
Dassault Systemes SA		4,240		343,273
DTS Corporation		800		9,204
Factset Research Systems Incorporated«		27,541		2,420,854
Fair Isaac Corporation«		78,102		1,995,506
Financial Technologies (India) Limited†		3,146		50,210
Fortinet Incorporated†		56,200		1,075,106
Fuji Soft Incorporated		2,600		40,179
I-Flex Solutions Limited†		2,030		80,496
Informatica Corporation†		68,338		2,855,162
Intuit Incorporated		53,142		2,621,495
Kingdee International Software Group Company Limited		408,000		165,602
Konami Corporation		12,500		463,202
MacDonald Dettwiler & Associates Limited		2,552		126,988
Mentor Graphics Corporation†«		213,972		2,394,347
Micro Focus International plc		20,166		101,573
Micros Systems Incorporated†		52,029		2,479,702
Microsoft Corporation		918,171		24,423,349
Misys plc		22,999		104,984
NCsoft Corporation		1,892		623,397
Neowiz Games Corporation		3,490		201,612
Nice Systems Limited†		4,405		137,089
Nintendo Company Limited		15,300		2,697,487
Nippon System Development Company Limited		4,000		35,108
Nuance Communications Incorporated†«		146,644		2,721,713
Obic Business Consultants Limited†		300		18,579
Oracle Corporation		749,115		21,027,658
Oracle Corporation (Japan)		4,300		143,170
Progress Software Corporation†«		118,550		2,469,397
Red Hat Incorporated†		124,652		4,928,740
Rovi Corporation†		72,789		3,558,654

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 219

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Software (continued)
Royalblue Group plc		2,334	$	61,416
Sage Group plc		83,409		340,258
Salesforce.com Incorporated†«		22,867		2,944,126
SAP AG		64,333		3,508,359
Shanda Interactive Entertainment Limited†		7,308		247,509
Software AG		3,724		163,182
Solera Holdings Incorporated		45,360		2,660,364
Square Enix Company Limited		7,200		173,838
SuccessFactors Incorporated†«		47,400		1,107,264
Sumisho Computer Systems		900		15,253
Symantec Corporation†		87,500		1,500,625
Take-Two Interactive Software Incorporated†«		149,440		1,975,597
Tecmo Koei Holdings Company Limited		8,000		74,918
Temenos Group AG†		5,073		111,518
TiVo Incorporated†«		233,367		2,473,690
Trend Micro Incorporated		14,700		464,166
Ubisoft Entertainment†		3,327		23,588
Verifone Holdings Incorporated†		61,999		2,183,605
VMware Incorporated†		53,111		5,011,554
Websense Incorporated†		64,508		1,326,930
				145,407,101
Materials: 7.51%
Chemicals: 2.94%
A Schulman Incorporated		54,294		990,323
Achilles Corporation†		8,000		12,008
Adeka Corporation		14,900		149,462
Agrium Incorporated		9,900		848,976
Air Liquide SA		19,808		2,572,582
Air Products & Chemicals Incorporated		38,000		3,111,060
Air Water Incorporated		25,000		305,091
Airgas Incorporated		46,605		3,023,732
Akzo Nobel NV		14,553		740,161
Alexandria Mineral Oils Company†		1,424		15,522
Arkema		3,160		244,365
Asahi Kasei Corporation		182,000		1,214,671
Asahi Organic Chemicals Industry Company Limited†		3,000		8,451
Ashland Incorporated		45,989		2,437,877
Asian Paints Limited†		9,321		667,610
BASF SE NPV		63,969		4,549,039
Batu Kawan Berhad		29,000		152,255
Brenntag AG		2,101		215,740
C Uyemura & Company Limited		300		12,455
Castrol India Limited†		13,536		151,899
CF Industries Holdings Incorporated		45,893		8,390,158
Cheil Industries Incorporated†		6,711		614,550
China Petrochemical Development Corporation†		309,010		456,201
China Steel Chemical Corporation†		9,000		45,191
Christian Hansen Holding AS		5,543		126,053
Chugoku Marine Paints Limited		5,000		42,142
Ciech SA†		645		3,217

220 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Chemicals (continued)
Clariant AG		17,409	$	195,290
Coromandel International Limited		25,974		174,887
Croda International		12,493		365,379
Cytec Industries Incorporated		85,675		3,889,645
Daicel Chemical Industries Limited		44,000		267,914
Dainichiseika Color & Chemicals Manufacturing Company Limited†		15,000		76,873
Dainippon Ink & Chemicals Incorporated		139,000		306,773
Daiso Company Limited†		4,000		14,466
DC Chemical Company Limited†		2,575		758,076
Denki Kagaku Kogyo Kabushiki Kaisha		66,000		282,412
Dow Chemical Company		144,144		4,100,897
DuluxGroup Limited		39,654		113,346
Earth Chemical Company Limited†		1,200		43,437
Ecolab Incorporated		44,138		2,365,797
EI du Pont de Nemours & Company		113,191		5,463,730
EMS-Chemie Holdings AG		477		93,328
Eternal Chemical Company Limited†		140,817		125,443
Filtrona plc		12,643		74,826
FMC Corporation		46,213		3,508,953
Formosa Chemicals & Fibre Corporation†		691,170		2,114,700
Formosa Plastics Corporation†		808,298		2,532,960
Frutarom Industries Limited		1,818		16,759
Fufeng Group Limited		66,000		32,846
Fujimi Incorporated		1,000		11,747
Givaudan SA		529		511,374
Global Bio-Chem Technology Group Company Limited		179,200		55,202
Grasim Industries Limited†		8,057		382,719
Grasim Industries Limited GDR		2,371		112,503
Hanwha Chem Corporation†		12,063		419,286
HB Fuller Company		96,728		2,144,460
Hitachi Chemical Company Limited		13,500		235,406
Honam Petrochemical Corporation		1,667		562,547
Huabao International Holdings Limited		294,000		226,994
Huntsman Corporation		116,629		1,529,006
Hyosung Corporation		3,096		230,155
Incitec Pivot Limited		217,571		884,647
Ishihara Sangyo Kaisha Limited†		110,000		132,233
Israel Chemicals Limited		30,578		440,437
Johnson Matthey plc		13,446		371,537
JSR Corporation		26,800		486,551
K S AG		10,237		718,430
Kaneka Corporation		43,000		259,282
Kansai Paint Company Limited		35,000		323,689
Kanto Denka Kogyo Company Limited		6,000		37,840
Kemira Oyj		5,300		73,090
Kolon Industries Incorporated		2,265		243,240
Koninklijke DSM NV		12,891		645,804
Korea Kumho Petrochemical Company†		2,618		451,925
KP Chemical Corporation†		5,520		105,292
Kuraray Company Limited		44,800		646,001
Kureha Corporation		14,000		62,298
LANXESS AG		5,303		329,914

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 221

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Chemicals (continued)
Lee Chang Yung Chemical Industry Corporation†		59,719	$	130,676
LG Chem Limited		6,192		2,214,600
Linde AG		11,852		1,813,344
Lintec Corporation		6,500		155,520
Lubrizol Corporation		42,413		5,715,152
Makhteshim-Agan Industries Limited		17,856		99,180
Methanex Corporation		5,900		153,088
Mexichem SAB de CV		117,200		469,621
Minerals Technologies Incorporated		30,442		1,765,940
Mitsubishi Chemical Holdings Corporation		203,000		1,429,103
Mitsubishi Gas Chemical Company Incorporated		67,000		473,325
Mitsui Chemicals Incorporated		143,000		496,442
Monsanto Company		105,908		7,300,238
Mosaic Company		28,507		2,027,703
Nan Ya Plastics Corporation		1,049,570		2,516,556
NewMarket Corporation«		17,358		2,910,589
Nihon Nohyaku Company Limited		2,000		9,465
Nihon Parkerizing Company Limited		6,000		80,954
Nippon Chemical Industrial Company Limited		4,000		8,151
Nippon Kayaku Company Limited		24,000		251,691
Nippon Paint Company Limited		43,000		342,861
Nippon Shokubai Company Limited		24,000		302,347
Nippon Soda Company Limited		15,000		66,228
Nippon Synthetic Chemical Industry Company Limited		7,000		42,381
Nippon Valqua Industries Limited		4,000		10,920
Nissan Chemical Industries Limited		22,000		229,413
Nitto Denko Corporation		22,000		861,901
NOF Corporation		39,000		192,397
Novozymes A/S Class B		2,850		416,183
Nufarm Limited		39,523		162,913
Nuplex Industries Limited†		14,767		36,566
OCI Materials Company Limited†		682		63,676
Okamoto Industries Incorporated†		4,000		17,056
Olin Corporation		139,600		2,783,624
Orica Limited		48,057		1,210,726
Oriental Union Chemical Corporation†		72,660		117,233
Petkim Petrokimya Holding SA†		51,350		69,217
Petronas Chemicals Group Berhad		413,500		873,961
Potash Corporation of Saskatchewan		59,400		3,424,614
Praxair Incorporated		59,402		5,850,503
PTT Chemical PCL ADR		67,700		308,343
Rockwood Holdings Incorporated†		120,300		6,135,300
RPM International Incorporated		251,918		5,249,971
Sakai Chemical Industry Company Limited		33,000		147,238
Samsung Fine Chemicals Company†		2,398		117,049
Sanyo Chemical Industries Limited		8,000		62,553
Scotts Miracle-Gro Company«		79,392		3,855,276
Sensient Technologies Corporation		97,799		3,554,994
Sherwin-Williams Company«		58,700		4,445,938
Shikoku Chemicals Corporation†		4,000		23,648
Shin-Etsu Chemical Company Limited		53,900		2,734,173

222 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Chemicals (continued)
Shin-Etsu Polymer Company Limited		3,100	$	17,055
Showa Denko KK		200,000		398,560
Sidi Kerir Petrochemcials Company		9,866		22,520
Sigma-Aldrich Corporation«		67,644		4,355,597
Sika AG		143		322,609
Sino Union Energy Investment Group Limited†		280,000		24,870
Sinochem Hong Kong Holding Limited		212,000		66,052
SK Chemicals Company Limited†		1,933		148,757
SKC Company Limited†		2,740		148,641
Solvay SA		3,884		475,762
ST Corporation†		700		8,999
Stella Chemifa Corporation		600		19,285
Sumida Electric		3,100		90,927
Sumitomo Bakelite Company Limited		25,000		143,071
Sumitomo Chemical Company Limited		219,000		920,945
Symrise AG		6,829		185,065
Syngenta AG		6,584		2,084,218
Synthos SA†		150,781		273,062
Taiwan Fertilizer Company Limited		113,000		353,624
Taiyo Nippon Sanso Corporation		48,000		358,116
Takasago International Corporation		13,000		65,384
Tata Chemicals Limited†		33,523		245,256
Teijin Limited		136,000		524,429
Tenma Corporation†		1,000		9,525
Tessenderlo Chemie NV VVPR Strips†		75		19
Tessenderlo Chemie NV		899		29,333
The Israel Corporation Limited		200		177,047
Tikkurila Oyj		1,325		30,074
Toagosei Company Limited		34,000		171,149
Tokai Carbon Company Limited		31,000		162,781
Tokuyama Corporation		47,000		203,199
Tokyo Ohka Kokyo		6,500		135,691
Toray Industries Incorporated		221,000		1,680,353
Tosoh Corporation		78,000		300,422
Toyo Ink Manufacturing Company Limited		33,000		142,877
TSRC Corporation†		69,300		176,461
UBE Industries Limited Japan		152,000		481,404
Umicore SA		6,920		334,036
United Phosphorus Limited†		41,622		132,648
Victrex plc		5,337		112,426
Wacker Chemie AG		1,172		170,268
WR Grace & Company†		106,535		4,199,610
Yara International ASA		11,857		652,350
Yushiro Chemical Industry Company Limited†		600		8,270
Zaklady Azotowe Pulawy SA		351		12,501
Zeon Corporation		29,000		292,536
				165,251,462
Construction Materials: 0.28%
Adelaide Brighton Limited		79,668		239,100
Ambuja Cements Limited†		115,978		337,132

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 223

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Construction Materials (continued)
Anhui Conch Cement Company Limited		168,000	$	705,794
Asia Cement Corporation†		321,635		427,958
Associated Cement Companies Limited†		17,798		389,412
BBMG Corporation		183,000		206,433
Boral Limited		90,921		360,646
Brickworks Limited		6,701		65,942
Buzzi Unicem SpA		3,462		34,626
Cemex SAB de CV†		1,604,348		864,692
China Resources Cement Holdings Limited		334,000		314,807
China Shanshui Cement Group Limited		198,000		196,640
Ciments Francais SA		116		10,774
Cimpor Cimentos de Portugal SA		13,097		100,505
CRH plc		50,759		896,371
Fletcher Building Limited - Australia Exchange		7,818		52,094
Fletcher Building Limited - New Zeland Exchange		88,566		589,806
Goldsun Development & Construction Company Limited†		146,675		68,366
Heidelbergcement AG		8,903		382,142
Holcim Limited		16,041		1,011,466
Imerys SA		2,256		147,578
India Cements Limited†		26,354		38,486
Indocement Tunggal Prakarsa TBK PT		253,000		464,539
Italcementi SpA		3,427		25,580
Italcementi SpA RSP		2,435		8,802
Italmobiliare SpA		261		5,586
James Hardie Industries NV†		57,969		370,762
Lafarge Malayan Cement Berhad†		55,470		123,595
Lafarge SA		11,837		492,550
Martin Marietta Materials Incorporated«		27,589		1,954,129
Nuh Cimento Sanayi AS†		7,805		44,480
Pretoria Portland Cement Company Limited		90,325		303,873
RHI AG†		386		9,666
SA Des Ciments Vicat		887		63,206
Semen Gresik Persero TBK PT		414,500		452,030
Shree Cement Limited†		2,671		96,202
Siam Cement Pub Company		31,300		394,694
Siam City Cement PCL		10,000		77,077
Suez Cement Company†		4,510		25,078
Sumitomo Osaka Cement Company Limited		56,000		172,712
Taiheiyo Cement Corporation		122,000		216,889
Taiwan Cement Corporation†		506,746		680,613
TCC International Holdings Limited†		121,000		63,162
Texas Industries Incorporated«		41,812		1,488,925
Titan Cement Company SA		2,650		50,515
Ultra Tech Cement Limited†		13,602		316,476
YTL Cement Berhad†		14,000		22,064
				15,363,975
Containers & Packaging: 0.65%
Amcor Limited		163,940		1,182,728
AMVIG Holdings Limited		144,000		97,126
AptarGroup Incorporated		111,182		5,612,467

224 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Containers & Packaging (continued)
Ball Corporation		112,700	$	4,048,184
Bemis Company Incorporated		68,114		2,115,621
Cascades Incorporated		2,512		12,979
CCL Industries Incorporated		1,924		60,531
Crown Holdings Incorporated†«		100,593		3,568,034
DS Smith plc		27,576		92,536
FP Corporation		1,500		97,436
Fuji Seal International Incorporated		2,400		46,360
Greif Incorporated Class A«		41,780		2,333,831
Huhtamaki Oyj		4,400		50,986
La Seda de Barcelona SA†		48,278		5,187
Mayr-Melnhof Karton AG†		610		61,776
Nihon Yamamura Glass Company Limited		9,000		22,977
Owens-Illinois Incorporated†		109,811		2,079,820
Packaging Corporation of America		68,201		1,728,895
Rengo Company Limited		29,000		212,937
Rexam plc		60,844		349,270
Rock-Tenn Company Class A		43,744		2,347,740
Sealed Air Corporation		106,500		1,961,730
Silgan Holdings Incorporated		31,100		1,179,623
Smurfit Kappa Group plc - Ireland Exchange†		6,101		48,191
Smurfit Kappa Group plc - London Exchange†		4,061		32,293
Sonoco Products Company		66,739		2,108,285
Temple-Inland Incorporated		200,900		4,861,780
Toyo Seikan Kaisha Limited		24,000		386,472
				36,705,795
Metals & Mining: 3.40%
Aber Diamond Corporation†		3,050		45,752
Acerinox SA		7,510		108,580
African Minerals Limited†		11,252		93,610
African Rainbow Minerals Limited†		11,342		307,193
Agnico Eagle Mines Limited		10,722		741,113
Aichi Steel Corporation		18,000		107,660
Alacer Gold Corporation†		13,205		148,460
Alamos Gold Incorporated		6,612		126,528
Alkane Resources Limited†		26,657		55,581
Allegheny Technologies Incorporated«		55,139		2,763,567
Alumina Limited		317,758		605,839
Aluminum Corporation of China Limited		584,000		396,133
Aneka Tambang TBK PT		392,674		89,116
Anglo American plc		93,398		3,870,187
Anglo Platinum Limited		11,072		927,000
Anglogold Ashanti Limited		57,235		2,602,521
Antofagasta plc		23,413		508,735
APERAM		2,997		54,771
Aquarius Platinum Limited		50,501		208,030
ArcelorMittal		59,957		1,318,896
Assore Limited		15,107		474,480
Atlas Iron Limited		113,981		477,662
AuRico Gold Incorporated Npv†		10,892		127,906

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 225

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares			Value
Metals & Mining (continued)
Aurizon Mines Limited†		6,389		$	40,319
Ausdrill Limited†		6,943			25,744
Barrick Gold Corporation		69,500			3,537,808
Beadell Resources Limited†		66,580			61,170
BHP Billiton Limited		456,187			19,408,807
BHP Billiton plc		152,617			5,194,437
Bhushan Steel Limited		8,325			62,740
BlueScope Steel Limited		240,441			211,790
Boliden AB		21,000			288,372
Borneo Lumbung Energi & Metal TBK PT†		1,254,000			176,585
Bradespar SA		4,300			105,346
Cap SA†		13,343			571,409
Carpenter Technology Corporation«		77,900			3,931,613
Centamin Egypt Limited†		66,898			112,496
Centerra Gold Incorporated		13,776			290,065
CGA Mining Limited†		44,347			123,617
China Metal Recycling Holdings Limited		65,400			78,510
China Mining Resources Group Limited†		156,000			3,249
China Rare Earth Holdings Limited†		278,043			72,906
China Steel Corporation†		1,689,413			1,842,831
China Zhongwang Holdings Limited		128,000			56,352
Chubu Steel Plate Company Limited		2,600			14,580
Chung Hung Steel Corporation†		110,954			47,964
Cia de Minas Buenaventura SA†		19,009			887,295
Cia Minera Milpo SA		72,475			147,258
Cia Siderurgica Nacional SA†		115,178			1,143,170
Cia Vale do Rio Doce		204,246			5,747,987
Cliffs Natural Resources Incorporated		87,516			7,250,701
Coal of Africa Limited†		38,864			42,504
Coeur D’alene Mines Corporation†«		172,294			4,901,764
Commercial Metals Company		223,834			2,630,050
Compania de Minas Buenaventura SA ADR«		5,559			260,328
Compass Minerals International Incorporated		57,809			4,370,938
Cudeco Limited†(a)		10,995			40,363
Daido Steel Company Limited		51,000			310,014
Delong Holdings Limited†		7,000	��		2,097
Detour Gold Corporation†		4,548			170,625
Dongkuk Steel Mill Company Limited†		4,963			143,107
Dowa Mining Company Limited		39,000			231,144
Eastern Platinum Limited†		32,617			25,313
El Ezz Aldekhela Steel Alexandria†		164			16,441
El Ezz Steel Company†		15,612			22,742
Eldorado Gold Corporation		34,270			682,740
Eramet		461			98,581
Eregli Demir Ve Celik Fabrikalari Tas		147,713			288,694
Eurasian Natural Resources Corporation		24,425			268,886
European Goldfields Limited†		6,327			75,914
Exxaro Resources Limited		10,919			293,302
Feng Hsin Iron & Steel Company†		61,690			120,177
First Quantum Minerals Limited		43,520			1,070,557
Fortescue Metals Group Limited		177,211			1,155,285

226 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Metals & Mining (continued)
Fosun International		168,000	$	117,174
Franco-Nevada Corporation		8,007		344,956
Fresnillo plc		9,400		320,407
Fushan International Energy Group Limited		438,000		207,817
Gabriel Resources Limited†		32,774		236,945
Gerdau SA		18,606		133,593
Gindalbie Metals Limited†		94,123		70,899
Godo Steel Limited		7,000		15,984
Gold Fields Limited		101,356		1,695,668
Goldcorp Incorporated		55,580		2,894,496
Golden Star Resources Limited†		13,559		32,953
Grupo Mexico SAB de CV		525,814		1,789,448
Harmony Gold Mining Company Limited		51,222		689,226
Hecla Mining Company†«		546,477		4,191,479
Hidili Industry International Development Limited†		88,000		46,536
Hindalco Industries Limited†		141,841		467,544
Hindalco Industries Limited GDR144A		47,917		156,708
Hindustan Zinc Limited		26,260		74,796
Hitachi Metals Limited		21,000		254,025
Hudbay Minerals Incorporated		14,987		196,960
Hyundai Hysco†		8,120		367,156
Hyundai Steel Company†		7,606		779,657
Iamgold Corporation		22,249		459,611
Iluka Resources Limited		56,058		994,698
Impala Platinum Holdings Limited		92,359		2,369,224
Independence Group NL		26,428		155,106
Indophil Resources NL†		152,574		59,700
Industrias Penoles SAB de CV		14,823		714,816
Inmet Mining Corporation		3,352		214,510
International Nickel Indonesia TBK		247,428		109,118
Intrepid Mines Limited†		100,257		164,885
Ivanhoe Mines Limited†		21,381		491,460
JFE Holdings Incorporated		70,400		1,636,277
Jiangxi Copper Company Limited		198,000		570,131
Jindal Steel & Power Limited†		66,764		761,187
JSC MMC Norilsk Nickel ADR		180,333		4,528,162
JSW Steel Limited†		21,218		313,965
Kazakhmys plc		16,983		299,218
KGHM Polska Miedz SA		20,916		1,269,266
Kingsgate Consolidated Limited		17,603		172,050
Kinross Gold Corporation		73,707		1,281,763
Kobe Steel Limited		412,000		770,787
Korea Zinc Company Limited		1,674		662,785
Koza Altin Isletmeleri AS		13,742		191,125
Kumba Iron Ore Limited		9,411		652,460
Kyoei Steel Limited		2,500		38,740
Labrador Iron Ore Royalty Corporation		3,556		129,378
Lake Shore Gold Corporation†		38,384		88,581
Lonmin plc		8,473		179,689
Lundin Mining Corporation†		21,355		121,680
Lynas Corporation Limited†		235,520		461,590

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 227

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Metals & Mining (continued)
MacArthur Coal Limited		26,063	$	444,139
Major Drilling Group International		4,509		59,902
Maruichi Steel Tube Limited		12,400		279,142
Medusa Mining Limited		21,450		184,483
Melewar Industrial Group†		1		0
Mercator Minerals Limited†(a)		33,385		87,954
Midas Holdings Limited		65,000		25,388
Minara Resources Limited		62,536		58,965
Mincor Resources NL		16,028		15,350
Minefinders Corporation†		4,880		79,282
Minera Frisco SAB de CV†		88,177		384,484
Mineral Deposit Limited†		6,406		29,986
Mirabela Nickel Limited†		50,990		91,162
Mitsubishi Materials Corporation		167,000		493,084
Mitsubishi Steel Manufacturing Company Limited		10,000		30,631
Mitsui Mining & Smelting Company Limited		75,000		227,486
Mitsui Mining Company Limited		5,500		8,859
Mittal Steel South Africa Limited		25,355		224,472
Mongolian Mining Corporation†		163,500		181,022
Mount Gibson Iron Limited		106,035		190,193
Murchison Metals Limited†		36,942		24,666
Mytilineos Holdings SA†		1,209		6,437
Nakayama Steel Works Limited		14,000		16,564
Nakornthai Strip Mill plc†		5,418,300		41,582
National Aluminum Company Limited		36,556		50,999
Neturen Company Limited		900		7,507
New Gold Incorporated†		34,586		469,717
Newcrest Mining Limited		103,570		4,456,424
Newmont Mining Corporation		94,664		5,927,860
Newmont Mining Corporation of Canada Limited		3,222		202,177
Nippon Denko Company Limited		10,000		60,856
Nippon Light Metal Company Limited		79,000		152,070
Nippon Metal Industry Company Limited		19,000		20,271
Nippon Steel Corporation		843,000		2,541,867
Nippon Yakin Kogyo Company Limited		12,500		28,038
Nisshin Steel Company Limited		107,000		210,281
Nittetsu Mining Company Limited		3,000		12,631
NMDC Limited		58,724		282,013
Norddeutsche Affinerie AG		2,066		121,115
Norsk Hydro ASA		56,832		346,190
Northam Platinum Limited		51,691		267,918
Northern Dynasty Minerals†		2,200		23,161
Northgate Minerals Corporation†		15,900		65,431
NovaGold Resources Incorporated†		12,820		131,303
Nyrstar		7,466		83,638
Nyrstar VVPR Strip†		3,073		13
Ocean Grand Holdings Limited†(a)		306,000		0
Om Holdings Limited		28,126		24,364
OneSteel Limited		184,378		297,966
Osisko Mining Corporation†		24,959		364,968
Outokumpu Oyj		5,218		52,346

228 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Metals & Mining (continued)
OZ Minerals Limited		44,632	$	567,935
Pacific Metals Company Limited		21,000		141,204
Pan American Silver Corporation		7,299		239,772
Pan Australian Resources Limited†		77,441		303,852
Perseus Mining Limited†		78,037		300,332
Petropavlovsk plc		8,612		121,400
Philex Mining Corporation		281,700		185,149
Pilot Gold Incorporated†		4,936		10,938
POSCO†		10,500		3,995,190
Quadra FNX Mining Limited†		9,673		128,209
Randgold Resources Limited		5,799		611,272
Rautaruukki Oyj		4,052		61,452
Real Gold Mining Limited(a)(i)		41,000		17,167
Regis Resources Limited†		88,984		278,882
Reliance Steel & Aluminum Company		49,400		2,047,136
Rio Tinto Limited		59,254		4,634,034
Rio Tinto plc		98,201		5,986,179
Royal Gold Incorporated		35,085		2,690,318
RTI International Metals Incorporated†«		48,632		1,295,556
Sally Malay Mining Limited		21,272		37,641
Salzgitter AG		2,771		171,596
Sandfire Resources NL†		24,651		194,977
Sanyo Special Steel Company Limited		18,000		102,387
Schnitzer Steel Industries Incorporated«		42,609		1,940,414
Seabridge Gold Incorporated†		2,100		61,072
Semafo Incorporated†		15,505		128,720
Sesa Goa Limited†		55,179		282,352
Sherritt International Corporation		27,940		154,921
Shree Precoated Steels Limited†		3,781		406
Silver Standard Resources Incorporated†		5,023		142,386
Silver Wheaton Corporation		21,841		865,566
Silvercorp Metals Incorporated		8,391		73,345
Sims Group Limited		27,457		453,782
Sociedad Minera Cerro Verde SA†		3,244		129,111
Sociedad Minera El Brocal SA		3,920		64,623
SSAB Svenskt Stal AB Class A		9,251		93,148
SSAB Svenskt Stal AB Class B†		4,150		37,302
St Barbara Limited†		67,401		148,906
Steel Authority of India Limited†		76,756		180,700
Steel Dynamics Incorporated«		145,300		1,849,669
Sterlite Industries India Limited		234,216		663,629
Straits Resources Limited†		76,749		67,999
Sumitomo Light Metal Industries Limited		128,000		128,332
Sumitomo Metal Industries Limited		514,000		1,083,322
Sumitomo Metal Mining Company Limited		75,000		1,207,045
Sumitomo Titanium Corporation		3,700		193,441
Sundance Resources Limited Australia†		558,512		285,756
Sylvania Platinum Limited†		6,222		2,827
Talvivaara Mining Company plc		21,825		121,325
Taseko Mines Limited†		8,732		35,042
Tata Steel Limited†		97,577		999,826

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 229

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Metals & Mining (continued)
Teck Cominco Incorporated Limited		31,308	$	1,390,685
Teranga Gold Corporation		13,496		32,315
Thompson Creek Metals Company Incorporated†		6,878		56,608
Thyssenkrupp AG		21,395		718,400
Toho Titanium Company Limited†		4,800		109,762
Toho Zinc Company Limited		18,000		77,030
Tokyo Rope Manufacturing Company Limited		29,000		84,487
Tokyo Steel Manufacturing Company Limited		16,100		152,832
Ton Yi Industrial Corporation†		49,350		29,964
Topy Industries Limited		18,000		50,337
Trans Hex Group Limited†		3,465		1,561
Tung Ho Steel Enterprise Corporation†		87,962		94,526
Tycoons Worldwide Groups Thailand PCL†		54,500		14,730
United Company Rusal plc		365,000		398,475
United States Steel Corporation«		92,607		2,789,323
Usinas Siderurgicas de Minas Gerais SA†		39,588		565,756
Vedanta Resources plc		6,812		154,895
Viohalco SA		1,430		6,848
Voestalpine AG		7,838		301,611
Volcan Cia Minera Saa		145,711		160,034
Walter Industries Incorporated		43,254		3,535,582
Western Areas NL		13,015		82,395
Worthington Industries«		117,519		1,909,684
Xingda International Holdings Limited		186,000		111,658
Xstrata plc		135,254		2,349,008
Yamana Gold Incorporated		53,481		846,478
Yamato Kogyo Company Limited		6,500		167,844
Yieh Phui Enterprise†		120,587		47,475
Yodogawa Steel Works Limited		16,000		69,426
Zijin Mining Group Company Limited Class H		843,000		393,424
ZPH Stalprodukt SA		474		41,844
				191,411,295
Paper & Forest Products: 0.24%
AbitibiBowater Incorporated†		44,400		754,356
Ahlstrom Oyj†		1,791		33,186
Canfor Corporation†		5,308		58,538
China Grand Forestry Resources Group Limited†(a)		3,638,000		60,510
Chuetsu Pulp & Paper Company Limited†		4,000		7,092
Compania Manufacturera De Papeles y Cartones SA†		18,142		784,790
Daiken Corporation		5,000		17,898
Daio Paper Corporation		17,000		144,962
Fibria Celulose SA		27,515		269,636
Gunns Limited(a)		59,667		13,176
Hokuetsu Paper Mills Limited		16,000		115,019
Holmen AB Class B		2,500		71,050
Lee & Man Paper Manufacturing Limited		168,000		76,902
Louisiana-Pacific Corporation†«		239,995		1,600,767
MeadWestvaco Corporation		107,600		2,961,152
Mitsubishi Paper Mills Limited		15,000		15,397
Mondi plc		23,407		206,867

230 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Paper & Forest Products (continued)
Mondi Swiecie SA†		1,542	$	41,863
Nine Dragons Paper Holdings Limited		225,000		161,913
Nippon Paper Group Incorporated		15,500		394,095
OJI Paper Company Limited		127,000		679,621
Paperlinx Limited		60,182		7,103
Rayonier Incorporated		80,969		3,395,840
Sappi Limited		70,812		271,497
Shihlin Paper Corporation†		26,000		49,164
Sino-Forest Corporation†(a)		14,102		0
Stora Enso Oyj		37,695		274,900
Svenska Cellulosa AB Class A†		1,000		13,491
Svenska Cellulosa AB Class B		42,500		572,154
Tokushu Tokai Holdings Company Limited†		7,000		14,228
UPM-Kymmene Oyj		32,665		427,303
West Fraser Timber Company Limited		2,275		98,754
Yuen Foong Yu Paper Manufacturing Company Limited†		175,565		72,428
				13,665,652
Telecommunication Services: 3.06%
Diversified Telecommunication Services: 1.83%
AboveNet Incorporated«		39,683		2,439,711
AT&T Incorporated		729,898		20,787,495
BCE Incorporated		18,000		723,823
Belgacom SA		8,553		279,973
Bell Aliant Incorporated		11,577		322,142
Bezeq Israeli Telecommunication Corporation Limited		139,782		306,709
BT Group plc		567,459		1,573,829
Cable & Wireless Communication plc		158,839		91,098
Cable & Wireless Worldwide plc		158,839		89,601
CenturyTel Incorporated		75,371		2,724,662
China Telecom Corporation Limited		2,202,000		1,448,055
China Unicom Limited		1,821,688		3,817,660
Chunghwa Telecom Company Limited		591,602		2,042,912
Cincinnati Bell Incorporated†«		363,158		1,231,106
Citic 1616 Holdings Limited		350		80
Colt Telecom Group SA†		4,296		7,706
Deutsche Telekom AG		207,348		2,617,749
Elisa Oyj		8,050		170,328
France Telecom SA		121,586		2,322,957
France Telecom SA ADR«		11,264		206,019
Frontier Communications Corporation«		664,141		4,974,416
Hellenic Telecommunications Organization SA†		12,060		74,037
Hutchison Telecommunications Hong Kong Holdings Limited		196,000		80,411
ILIAD SA		1,041		124,713
Inmarsat plc		28,161		214,789
KT Corporation†		16,761		579,344
Level 3 Communications Incorporated†«		3,329,500		5,993,100
LG Telecom Limited†		31,079		145,970
Magyar Telekom plc		48,339		129,881
Mahanagar Telephone Nigam Limited†		8,074		6,249
Manitoba Telecom Services Incorporated		5,945		196,872

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 231

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Diversified Telecommunication Services (continued)
Netia SA†		62,583	$	110,477
Nippon Telegraph & Telephone Corporation		58,500		2,739,016
Oilexco Incorporated(a)		3,636		0
PCCW Limited		793,000		340,971
Portugal Telecom SGPS SA		44,738		385,133
Royal KPN NV		98,795		1,397,174
Shin Satellite PCL		188,600		64,817
Singapore Telecommunications Limited		687,100		1,775,584
Singapore Telecommunications Limited GDR		352,000		906,933
SK Broadband Company Limited		33,822		116,430
Swisscom AG		1,422		637,537
TalkTalk Telecom Group plc		22,153		46,002
Tata Communications Limited†		3,567		15,808
TDC AS		21,235		184,563
Tele Norte Leste Participacoes SA†		12,254		170,197
Tele2 AB		19,406		407,572
Telecom Argentina SA ADR«		2,951		68,257
Telecom Corporation of New Zealand Limited		244,383		528,833
Telecom Egypt†		36,313		91,255
Telecom Italia RSP		378,573		414,732
Telecom Italia SpA		651,892		790,661
Telecom Malaysia Berhad		238,400		333,397
Telecomunicacoes de Sao Paulo SA†		3,600		100,974
Telefonica O2 Czech Republic AS		10,454		266,944
Telefonica SA		226,524		4,709,466
Telefonos de Mexico SA de CV		896,736		767,485
Telekom Austria AG		18,285		202,714
Telekomunikacja Polska SA		99,316		596,004
Telekomunikasi Indonesia TBK PT		1,560,500		1,348,223
Telenet Group Holding NV		3,811		154,449
Telenor ASA		52,600		878,052
Teliasonera AB		135,232		964,494
Telkom South Africa Limited		31,738		162,282
Telstra Corporation Limited		585,698		1,897,968
Telus Corporation(a)		3,543		195,294
Telus Corporation (non-voting)		9,400		492,893
True Corporation PCL		489,562		64,033
TT&T PCL(a)		270,800		1,175
Turk Telekomunikasyon AS		75,442		344,928
TW Telecom Incorporated†«		268,171		5,173,019
Verizon Communications Incorporated		347,324		12,562,709
Windstream Corporation«		339,435		4,310,825
Xl Axiata TBK PT		244,500		148,448
				102,591,125
Wireless Telecommunication Services: 1.23%
Advanced Info Service PCL		202,100		765,377
America Movil SAB de CV Class A		22,794		28,173
America Movil SAB de CV Class L		6,007,236		7,692,596
American Tower Corporation Class A†		76,102		4,098,854
Bharti Airtel Limited†		186,557		1,646,834

232 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares			Value
Wireless Telecommunication Services (continued)
Cellcom Israel Limited		6,225		$	139,764
China Mobile Limited		816,500			8,341,053
Crown Castle International Corporation†		47,366			2,057,105
Digi.com Berhad		39,300			399,892
Egyptian Company For Mobile Services†		2,934			48,722
Empresa Nacional de Telecomunicaciones SA†		14,190			313,761
Far Eastone Telecommunications Company Limited		322,722			517,085
Freenet AG		6,810			84,993
Globe Telecom Incorporated		4,050			86,418
Idea Cellular Limited†		248,973			543,310
KDDI Corporation		399			2,993,290
Maxis Berhad		342,200			611,870
Mobile Telesystems ADR		100,000			1,693,000
Mobilone Limited		94,400			196,761
Mobistar SA		1,938			125,493
MTN Group Limited		166,015			3,415,121
NTT DoCoMo Incorporated		1,950			3,554,762
NTT DoCoMo Incorporated ADR		22,450			410,162
Okinawa Cellular Telephone Company		6			13,370
Orascom Telecom Holding SAE†		313,006			184,449
Partner Communications Company Limited†		5,768			63,674
Philippine Long Distance Telephone Company		20,630			1,154,986
PT Indonesian Satellite Corporation TBK		138,500			87,522
Reliance Communications Limited†		99,697			173,473
Reliance Communications Limited GDR 144A		32,828			56,710
Rogers Communications Incorporated		27,400			1,063,488
SBA Communications Corporation†«		74,113			2,800,730
SK Telecom Company Limited		5,006			728,617
SmarTone Telecommunications Holding Limited		47,500			90,225
Softbank Corporation		115,800			3,849,758
Sprint Nextel Corporation†«		341,331			1,283,405
StarHub Limited		75,000			179,229
Taiwan Mobile Company Limited		472,447			1,283,164
Tata Teleservices Maharashtra Limited†		26,818			10,999
Telephone & Data Systems Incorporated«		98,199			2,516,840
Telephone & Data Systems Incorporated Special Shares		83,765			2,123,443
Tim Participacoes SA		121,288			740,574
TM International SDN Berhad		406,850	��		650,989
Total Access Group Incorporated†		81,100			188,746
Turkcell Iletisim Hizmetleri AS		104,104			467,158
United States Cellular Corporation†«		9,019			389,982
Vodafone Group plc		3,617,762			9,493,929
					69,359,856
Utilities: 5.02%
Electric Utilities: 2.00%
Acciona SA		1,629			152,344
AES Corporation†		89,700			974,142
Allete Incorporated		57,532			2,247,200
American Electric Power Company Incorporated		58,598			2,263,641

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 233

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Electric Utilities (continued)
Atel Holding AG†		575	$	161,097
BKW FMB Energie AG		678		39,847
Brookfield Infrastructure Partners LP«		4,875		129,236
Centrais Electricas Brasileiras SA†		36,800		376,808
CESC Limited†		11,882		78,320
CEZ AS		26,282		1,233,488
Cheung Kong Infrastructure Holdings Limited		45,000		272,582
Chubu Electric Power Company Incorporated		95,700		1,813,452
Cia Energetica de Minas Gerais†		5,980		90,757
Cia General de Electricidad SA		35,408		197,265
Cleco Corporation«		118,226		4,200,570
CLP Holdings Limited		263,000		2,437,495
Contact Energy Limited†		45,974		211,935
CPFL Energia SA		16,300		212,466
DPL Incorporated		77,975		2,333,012
Duke Energy Corporation		162,031		3,064,006
E.ON AG		139,266		3,041,327
Edison International		34,768		1,293,022
Electricite de France		17,853		545,131
Emera Incorporated		8,089		261,676
Empresa Electrica Pehuenche SA		6,772		41,090
Endesa SA		5,358		138,040
Enea SA		23,564		143,592
Enel SpA		443,540		2,163,308
Energias de Portugal SA		145,612		477,988
Enersis SA (Chile)		1,905,438		760,027
Entergy Corporation		20,739		1,352,390
EVN AG†		581		9,732
Exelon Corporation		81,100		3,497,032
FirstEnergy Corporation		51,346		2,272,061
Fortis Incorporated (Canada)		11,474		382,662
Fortum Oyj		27,416		736,795
Great Plains Energy Incorporated		86,446		1,690,019
Hawaiian Electric Industries Incorporated«		185,784		4,462,532
Hokkaido Electric Power Company Incorporated		26,600		432,854
Hokuriku Electric Power Company		26,500		480,313
Hong Kong Electric Holdings Limited		174,605		1,356,034
Iberdrola SA		278,017		2,044,906
IDACORP Incorporated«		96,163		3,673,427
Infratil Limited		80,556		121,095
ITC Holdings Corporation		89,512		6,772,478
Japan Wind Development Company Limited†		12		18,239
Kansai Electric Power Company Incorporated		112,500		1,998,708
Korea Electric Power Corporation†		38,644		820,396
KSK Energy Ventures Limited†		40,370		87,355
Kyushu Electric Power Company Incorporated		58,700		973,893
Manila Electric Company†		52,410		326,248
Nextera Energy Incorporated		51,711		2,933,048
Northeast Utilities		116,522		4,043,313
NV Energy Incorporated		155,579		2,321,239
Pepco Holdings Incorporated«		149,988		2,921,766

234 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Electric Utilities (continued)
Pinnacle West Capital Corporation		72,204	$	3,194,305
PNM Resources Incorporated		153,637		2,298,410
Polska Grupa Energetyczna SA		82,556		591,018
Portland General Electric Company		147,053		3,546,918
Power Grid Corporation of India Limited		234,622		512,550
PPL Corporation		64,966		1,876,218
Progress Energy Incorporated		33,929		1,655,735
Public Power Corporation SA		5,300		45,485
Red Electrica de Espana		6,567		322,661
Reliance Energy Limited†		21,390		204,188
Romande Energie Holding SA†		7		11,466
RWE AG		27,089		1,016,005
Scottish & Southern Energy plc		60,732		1,279,053
Shikoku Electric Power Company Incorporated		27,700		686,501
Southern Company		103,038		4,261,652
SP AusNet		146,638		145,567
Spark Infrastructure Group 144A		222,795		299,762
Tata Power Company Limited†		24,451		558,291
Tauron Polska Energia SA		210,484		389,795
Tenaga Nasional Berhad		310,837		550,840
Terna SpA		78,220		283,807
The Chugoku Electric Power Company Incorporated		37,600		629,359
The Okinawa Electric Power Company Incorporated		1,600		75,846
Tohoku Electric Power Company Incorporated		67,300		894,483
Tokyo Electric Power Company Incorporated		219,700		1,126,772
Torrent Power Limited		26,581		130,134
Trustpower Limited		3,817		23,261
Unisource Energy Corporation«		71,809		2,718,689
Verbund Oesterreichische Elektrizitaetswirtschafts AG		4,699		180,709
Westar Energy Incorporated«		222,513		5,929,971
				112,522,850
Gas Utilities: 0.97%
AGL Resources Incorporated		152,669		6,323,550
APA Group		82,305		355,171
Atmos Energy Corporation		176,446		5,917,999
Aygaz AS†		12,972		64,686
China Gas Holdings Limited		462,000		158,291
Enagas SA		12,390		259,623
Energen Corporation		48,126		2,362,987
Envestra Limited		96,353		72,418
Gail India Limited†		77,031		689,683
Gas Natural SDG SA		16,688		305,036
Hong Kong & China Gas Company Limited		636,946		1,500,429
Korea Gas Corporation†		3,903		125,474
Laclede Group Incorporated		38,048		1,510,506
Northwest Natural Gas Company«		46,937		2,122,491
Oneok Incorporated«		66,646		4,725,201
Osaka Gas Company Limited		270,000		1,097,539
Perusahaan Gas Negara PT		1,582,000		569,303
Petronas Gas Berhad†		36,100		161,448

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 235

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Gas Utilities (continued)
Piedmont Natural Gas Company Incorporated«		140,390	$	4,338,051
Questar Corporation		117,903		2,209,502
Saibu Gas Company Limited		32,000		86,900
Shizuoka Gas Company Limited		5,500		34,590
Snam Rete Gas SpA		95,587		461,824
South Jersey Industries Incorporated		50,469		2,600,668
Southwest Gas Corporation		89,707		3,320,953
Toho Gas Company Limited		68,000		401,503
Tokyo Gas Company Limited		342,000		1,573,702
UGI Corporation		216,239		6,435,273
WGL Holdings Incorporated«		98,155		4,059,691
Xinao Gas Holdings Limited		94,000		323,039
Yingde Gases Group Company		206,000		205,450
				54,372,981
Independent Power Producers & Energy Traders: 0.34%
Aboitiz Power Corporation		223,000		158,511
Adani Power Limited†		93,197		185,936
Babcock & Brown Wind Partners		70,286		19,285
Brookfield Renewable Power Fund		2,800		67,991
China Longyuan Power Group		323,000		294,377
China Resources Power Holdings Company		220,600		372,908
Colbun SA†		1,123,579		314,203
Constellation Energy Group Incorporated		119,900		4,614,951
Drax Group plc		16,810		141,671
Dynegy Incorporated†		180,899		795,956
Edison SpA		19,099		22,831
EDP Renovaveis SA†		9,632		57,660
Electric Power Development Company		18,000		506,180
Electricity Generating PCL†		29,800		92,382
Empresa Nacional de Electricidad SA (Chile)		468,386		806,938
Energy World Corporation Limited†		112,693		86,890
Etrion Corporation†		2,567		1,854
Genon Energy Incorporated†		1,492,008		4,535,704
Glow Energy PCL		31,600		57,201
GMR Infrastructure Limited†		111,348		65,778
GVK Power & Infrastructure Limited†		127,035		46,648
International Power plc		95,727		527,495
JSW Energy Limited		47,611		56,400
Neyveli Lignite Corporation Limited†		4,901		8,882
NHPC Limited		199,612		105,333
NRG Energy Incorporated†«		160,504		3,762,214
NTPC Limited†		193,872		716,393
PNOC Energy Development Corporation		938,750		139,188
Ratchaburi Electricity Generating Holding PCL ADR†		20,700		30,563
Reliance Power Limited†		82,833		153,702
Sechilienne SA		456		9,302
Solartron PCL†		391,200		33,416
Tractebel Energia SA		19,929		316,731
Transalta Corporation		12,700		285,565
				19,391,039

236 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Shares		Value
Multi-Utilities: 1.59%
ACEA SpA		1,765	$	15,304
AEM SpA		58,540		80,909
AGL Energy Limited		62,809		1,042,870
Alliant Energy Corporation		73,418		2,978,568
Ameren Corporation		159,606		4,829,678
ATCO Limited		2,829		184,883
Avista Corporation«		110,720		2,810,074
Black Hills Corporation		75,942		2,323,825
Canadian Utilities Limited Class A		4,999		306,280
Canadian Utilities Limited Class B		258		15,675
Centerpoint Energy Incorporated		262,710		5,256,827
Centrica plc		358,663		1,737,835
CMS Energy Corporation«		167,921		3,308,044
Consolidated Edison Incorporated		35,715		2,007,540
Dominion Resources Incorporated		71,286		3,474,480
DTE Energy Company		112,074		5,666,461
Enel Green Power SpA		87,603		201,747
Gaz de France		92,767		2,913,851
Hera SpA		15,096		27,854
Integrys Energy Group Incorporated		49,932		2,500,095
Just Energy Group Incorporated		8,403		109,317
MDU Resources Group Incorporated		115,603		2,466,968
National Grid plc		248,706		2,505,625
NiSource Incorporated«		184,283		3,936,285
NorthWestern Corporation		70,331		2,384,924
NSTAR		68,950		3,152,394
OGE Energy Corporation		64,698		3,238,135
PG&E Corporation		48,665		2,060,963
Public Service Enterprise Group Incorporated		62,502		2,133,193
Scana Corporation«		77,057		3,099,233
Sempra Energy		25,609		1,344,985
Suez Environment SA		16,112		269,634
TECO Energy Incorporated		134,264		2,457,031
United Utilities Group plc		41,317		401,673
Vector Limited		28,886		62,113
Vectren Corporation		158,537		4,339,158
Veolia Environment		24,787		411,625
Wisconsin Energy Corporation		155,626		4,924,007
Xcel Energy Incorporated		322,238		7,949,611
YTL Corporation Berhad		472,780		207,129
YTL Power International Berhad		325,203		206,768
				89,343,571
Water Utilities: 0.12%
American Water Works Company Incorporated		116,178		3,459,781
Aqua America Incorporated«		87,550		1,933,104
China Water Affairs Group Limited		100,000		33,813
Guangdong Investment Limited		348,000		211,234
Hyflux Limited		81,500		117,091
Manila Water Company		64,900		29,601
Northumbrian Water Group plc		26,163		195,500

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 237

DIVERSIFIED STOCK PORTFOLIO

Security Name				Shares		Value
Water Utilities (continued)
Pennon Group plc					20,480	$	214,652
Puncak Niaga Holding Berhad†					13,700		5,281
Severn Trent plc					15,013		357,281
Sound Global Limited					168,000		87,194
							6,644,532
Total Common Stocks (Cost $5,266,796,864)							5,564,444,668
	Dividend Yield
Preferred Stocks: 0.83%
Consumer Discretionary: 0.05%
Automobiles: 0.05%
Bayerische Motoren Werke AG		3.31	%		3,268		176,685
Fiat Industrial†		0.00			4,164		20,751
Fiat SpA		7.06			4,164		18,295
Porsche AG		1.59			9,760		657,019
Volkswagen AG		1.98			9,213		1,531,659
							2,404,409
Media: 0.00%
ProSiebenSat.1 Media AG		8.13			4,409		88,011
Textiles, Apparel & Luxury Goods: 0.00%
Hugo Boss AG		2.68			1,564		154,415
Consumer Staples: 0.09%
Beverages: 0.08%
Cia de Bebidas DAS Americas		4.34			123,294		4,286,904
Household Products: 0.01%
Henkel AG & Company KGaA		1.82			10,953		647,010
Energy: 0.15%
Oil, Gas & Consumable Fuels: 0.15%
Petroleo Brasileiro SA		4.94			666,558		8,709,345
Financials: 0.25%
Commercial Banks: 0.25%
Banco Bradesco SA		3.30			297,528		5,261,268
Banco Itau Holding Financeira SA		3.45			321,031		5,818,044
Investimentos Itau SA		3.95			413,051		2,485,727
Shinkin Central Bank		4.33			92		180,695
Swedbank AB		5.99			10,037		136,788
							13,882,522
Insurance: 0.00%
Unipol Gruppo Finanziario SpA†		0.00			18,590		6,851

238 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security Name	Dividend Yield					Shares		Value
Materials: 0.22%
Chemicals: 0.02%
Braskem SA		5.50	%				30,900	$	366,864
Fuchs Petrolub AG		2.83					1,872		85,671
Sociedad Quimica y Minera de Chile SA Class B		1.30					13,518		865,937
									1,318,472
Metals & Mining: 0.20%
Bradespar SA		3.96					34,500		766,113
Companhia Vale do Rio Doce Class A		5.81					318,130		8,123,616
Gerdau SA		2.24					131,602		1,124,309
Metalurgica Gerdau SA		2.82					40,756		439,588
Usinas Siderurgicas de Minas Gerais SA Class A		4.75					77,402		583,469
									11,037,095
Telecommunication Services: 0.04%
Diversified Telecommunication Services: 0.04%
Brasil Telecom SA		8.10					31,319		235,104
Tele Norte Leste Participacoes SA		4.24					39,777		514,235
Telecomunicacoes de Sao Paulo SA		10.18					45,702		1,440,048
Telemar Norte Leste SA		4.08					5,378		154,019
									2,343,406
Utilities: 0.03%
Electric Utilities: 0.03%
Centrais Electricas Brasileiras SA Preferred B		7.96					39,500		524,549
Cia Energetica de Minas Gerais		4.36					56,943		1,055,229
RWE AG		14.81					2,018		68,147
									1,647,925
Total Preferred Stocks (Cost $42,974,552)									46,526,365
				Expiration Date
Rights: 0.00%
Industrials: 0.00%
Abertis Infraestructuras†					09/05/2011		26,569		20,992
Total Rights (Cost $24,844)									20,992
Warrants: 0.00%
Consumer Discretionary: 0.00%
Distributors: 0.00%
Tat Hong Holdings Limited(a)†					08/02/2013		700		12
Hotels, Restaurants & Leisure: 0.00%
Minor International PCL†					05/18/2013		9,570		824
Consumer Staples: 0.00%
Food & Staples Retailing: 0.00%
Krispy Kreme Doughnuts Incorporated†(a)					03/02/2012		138		83
Sinarmas Land Limited†					11/18/2015		42,500		4,058
									4,141

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 239

DIVERSIFIED STOCK PORTFOLIO

Security Name				Expiration Date		Shares		Value
Food Products: 0.00%
Kulim Malaysia Berhad†					10/21/2015		8,450	$	3,994
Energy: 0.00%
Oil, Gas & Consumable Fuels: 0.00%
Maurel et Prom SA†					06/30/2014		3,641		1,852
Materials: 0.00%
Metals & Mining: 0.00%
Kinross Gold Corporation†					09/17/2014		1,456		4,460
Resolute Mining Limited†					12/31/2011		321		353
									4,813
Total Warrants (Cost $16,964)									15,636
	Interest Rate			Maturity Date		Principal
Convertible Debentures: 0.00%
Financials: 0.00%
Commercial Banks: 0.00%
Banco de Sabadell SA		7.75	%		11/11/2013	$	722		638
Total Convertible Debentures (Cost $4,920)									638
Foreign Government Bonds@: 0.00%
Italia Certificati di Credito del Tesoro (EUR)^		2.64			12/31/2012		8,000		11,059
Total Foreign Government Bonds (Cost $34,489)									11,059
Other: 0.10%
Gryphon Funding Limited, Pass-through Entity(a)(i)(v)						$	5,521,785		2,106,561
VFNC Corporation, Pass-through Entity, 0.21%(a)144A(i)(v)±							6,379,320		3,444,833
Total Other (Cost $2,536,625)									5,551,394
	Yield					Shares
Short-Term Investments: 16.05%
Investment Companies: 16.05%
Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)		0.05					151,506,200		151,506,200
Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)(r)		0.19					751,691,437		751,691,437
Total Short-Term Investments (Cost $903,197,637)									903,197,637

Total Investments in Securities
(Cost $6,215,586,895)*	115.91	%		6,519,768,389
Other Assets and Liabilities, Net	(15.91	)		(895,125,665	)
Total Net Assets	100.00	%	$	5,624,642,724

240 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

DIVERSIFIED STOCK PORTFOLIO

† Non-income earning security.

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

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

(i) Illiquid security.

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

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

± Variable rate investment.

(l) Investment in an affiliate. The total cost of affiliated investments is $919,765,797.

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

(r) The investment company is exempt from registration under Section 3 (c)(7) of the 1940 Act.

@ Foreign bond principal is denominated in local currency.

^ Zero coupon security. Rate represents yield to maturity.

* Cost for federal income tax purposes is 6,285,980,199 and net unrealized appreciation (depreciation) consist of:

Gross unrealized appreciation	$	682,262,678
Gross unrealized depreciation.		(448,474,488	)
Net unrealized appreciation	$	233,788,190

The following table shows the percent of total long-term investments by geographic location as of August 31, 2011:

United States	65.86	%
Japan	6.77	%
United Kingdom	2.99	%
Australia	2.55	%
Canada	1.90	%
South Korea	1.50	%
Switzerland	1.47	%
Brazil	1.43	%
Taiwan	1.27	%
France	1.24	%
Other	13.02	%
	100.00	%

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

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 241

SHORT TERM INVESTMENT PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities: 0.22%
FHLMC±		0.11	%		02/02/2012	$	1,000,000	$	999,808
Total Agency Securities (Cost $999,660)									999,808
Certificates of Deposit: 8.53%
ANZ National (International) Limited±144A		0.34			09/13/2011		1,000,000		999,980
Bank of Montreal (Chicago)		0.14			09/30/2011		4,000,000		4,000,000
Bank of Tokyo-Mitsubishi UFJ Limited (New York)		0.15			09/06/2011		3,000,000		2,999,970
Barclays Bank plc (New York)±		0.61			04/16/2012		1,000,000		999,690
Barclays Bank plc (New York)±		0.67			01/17/2012		1,000,000		1,000,600
Barclays Bank plc (New York)±		0.71			10/24/2011		1,000,000		1,000,350
Credit Suisse (New York)		0.27			10/28/2011		1,000,000		1,000,030
DnB NOR Bank ASA (New York)		0.22			10/18/2011		4,000,000		3,999,880
National Bank of Canada±		0.38			10/07/2011		1,000,000		999,950
Nordea Bank Finland plc (New York)		0.15			09/14/2011		2,000,000		2,000,000
Nordea Bank Finland plc (New York)		0.15			09/19/2011		1,000,000		1,000,000
Norinchukin Bank (New York)		0.18			09/06/2011		3,000,000		2,999,970
Rabobank Nederland NV (New York)±		0.29			12/06/2011		1,000,000		1,000,030
Rabobank Nederland NV (New York)±		0.29			01/10/2012		1,000,000		1,000,040
Rabobank Nederland NV (New York)±		0.31			04/24/2012		1,000,000		999,700
Royal Bank of Scotland±		0.47			09/13/2011		2,000,000		2,000,000
Skandinaviska Enskilda Banken AB (New York)		0.20			09/15/2011		1,000,000		1,000,000
Skandinaviska Enskilda Banken AB (New York)		0.20			09/19/2011		1,000,000		999,990
Skandinaviska Enskilda Banken AB (New York)		0.22			09/14/2011		1,000,000		1,000,000
Sumitomo Trust & Banking Company Limited (New York)		0.15			09/07/2011		5,000,000		5,000,000
Toronto-Dominion Bank (New York)		0.13			09/13/2011		1,000,000		1,000,020
Toronto-Dominion Bank (New York)		0.13			09/23/2011		1,000,000		1,000,030
Total Certificates of Deposit (Cost $37,999,953)									38,000,230
Commercial Paper: 55.46%
ABN AMRO Funding USA LLC 144A(p)^		0.23			09/06/2011		2,000,000		1,999,940
ABN AMRO Funding USA LLC 144A(p)^		0.24			09/09/2011		2,000,000		1,999,920
Alpine Securitzation 144A^		0.19			09/23/2011		5,000,000		4,999,350
Amsterdam Funding Corporation 144A(p)^		0.20			09/12/2011		1,000,000		999,940
Amsterdam Funding Corporation 144A(p)^		0.23			09/16/2011		1,000,000		999,910
Amsterdam Funding Corporation 144A(p)^		0.24			09/23/2011		1,000,000		999,860
Anglesea Funding LLC 144A^		0.33			09/07/2011		3,000,000		2,999,907
Antalis US Funding Corporation 144A(p)^		0.16			09/01/2011		5,000,000		4,999,978
Argento Variable Funding Company Limited 144A(p)^		0.19			09/07/2011		1,000,000		999,970
Argento Variable Funding Company Limited 144A(p)^		0.20			09/09/2011		1,000,000		999,960
Argento Variable Funding Company Limited 144A(p)^		0.21			09/12/2011		1,000,000		999,940
Argento Variable Funding Company Limited 144A(p)^		0.21			09/14/2011		1,000,000		999,930
Argento Variable Funding Company Limited 144A(p)^		0.24			09/20/2011		1,000,000		999,880
ASB Finance Limited±144A		0.37			12/05/2011		1,000,000		1,000,146
ASB Finance Limited±144A		0.37			12/02/2011		1,000,000		1,000,150
Atlantic Asset Securitiaztion 144A(p)^		0.14			09/01/2011		1,000,000		999,996
Atlantis One Funding Corporation 144A(p)^		0.21			09/22/2011		2,000,000		1,999,880
Autobahn Funding Company LLC 144A(p)^		0.16			09/01/2011		2,000,000		1,999,991
Axis Bank Limited^		0.38			09/26/2011		2,000,000		1,999,140
Axis Bank Limited^		0.44			10/03/2011		1,000,000		999,530
Barclays Bank plc 144A^		0.29			10/19/2011		2,000,000		1,999,380
Barton Capital Corporation 144A^		0.11			09/01/2011		1,000,000		999,997

242 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

SHORT TERM INVESTMENT PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Commercial Paper (continued)
BNZ International Funding Limited±144A(p)		0.36	%		10/07/2011	$	1,000,000	$	1,000,050
BNZ International Funding Limited±144A(p)		0.36			10/12/2011		1,000,000		1,000,070
CAFCO LLC 144A(p)^		0.16			09/20/2011		1,000,000		999,940
Caisse d’Amortissement de la Dette Sociale 144A(p)^		0.21			09/28/2011		1,000,000		999,940
Caisse d’Amortissement de la Dette Sociale 144A(p)^		0.21			10/03/2011		1,000,000		999,920
Caisse d’Amortissement de la Dette Sociale 144A(p)^		0.22			10/11/2011		2,000,000		1,999,780
Caisse d’Amortissement de la Dette Sociale 144A(p)^		0.23			10/24/2011		1,000,000		999,850
Caisse d’Amortissement de la Dette Sociale 144A(p)^		0.36			10/26/2011		2,000,000		1,999,689
Caisse des Depots et Consignations 144A^		0.21			09/09/2011		2,000,000		1,999,940
Caisse des Depots et Consignations 144A^		0.29			09/12/2011		1,000,000		999,950
Cancara Asset Securitisation LLC 144A(p)^		0.18			09/07/2011		1,000,000		999,970
Cancara Asset Securitisation LLC 144A(p)^		0.18			09/08/2011		1,000,000		999,960
Cancara Asset Securitisation LLC 144A(p)^		0.20			09/12/2011		1,000,000		999,940
Cancara Asset Securitisation LLC 144A(p)^		0.20			09/14/2011		1,000,000		999,930
Cancara Asset Securitisation LLC 144A(p)^		0.20			09/19/2011		2,000,000		1,999,780
Cancara Asset Securitisation LLC 144A(p)^		0.24			09/20/2011		1,000,000		999,880
Cancara Asset Securitisation LLC 144A(p)^		0.24			09/30/2011		1,000,000		999,810
Chariot Funding LLC 144A(p)^		0.14			09/12/2011		1,000,000		999,970
Chariot Funding LLC 144A(p)^		0.16			09/14/2011		3,000,000		2,999,880
Charta LLC 144A(p)^		0.17			09/09/2011		1,000,000		999,970
Charta LLC 144A(p)^		0.23			09/12/2011		2,000,000		1,999,920
Charta LLC 144A(p)^		0.24			10/06/2011		1,000,000		999,880
Commonwealth Bank of Australia 144A		0.30			09/02/2011		2,000,000		2,000,000
Concord Minutemen Capital Company 144A(p)^		0.37			09/14/2011		1,000,000		999,930
Concord Minutemen Capital Company 144A(p)^		0.38			09/19/2011		2,000,000		1,999,780
Concord Minutemen Capital Company 144A(p)^		0.39			09/28/2011		1,000,000		999,823
CRC Funding LLC 144A(p)^		0.15			09/12/2011		1,000,000		999,940
CRC Funding LLC 144A(p)^		0.16			09/19/2011		1,000,000		999,910
CRC Funding LLC 144A(p)^		0.20			09/21/2011		2,000,000		1,999,800
Credit Suisse (New York)^		0.13			09/07/2011		3,000,000		2,999,910
Crown Point Capital Company 144A(p)^		0.20			09/02/2011		1,000,000		999,990
Crown Point Capital Company 144A(p)^		0.35			09/08/2011		1,000,000		999,960
Crown Point Capital Company 144A(p)^		0.36			09/09/2011		1,000,000		999,960
Crown Point Capital Company 144A(p)^		0.37			09/13/2011		1,000,000		999,930
Crown Point Capital Company 144A(p)^		0.38			09/16/2011		1,000,000		999,910
Crown Point Capital Company 144A(p)^		0.38			09/19/2011		1,000,000		999,890
Crown Point Capital Company 144A(p)^		0.39			09/27/2011		1,000,000		999,830
Danske Corporation 144A^		0.16			09/01/2011		2,000,000		1,999,991
EDF SA 144A^		0.16			09/06/2011		1,000,000		999,970
Erste Abwicklungsanstalt 144A^		0.22			09/07/2011		1,000,000		999,970
Erste Abwicklungsanstalt 144A^		0.23			09/14/2011		1,000,000		999,950
Erste Abwicklungsanstalt 144A^		0.23			09/28/2011		1,000,000		999,870
Erste Abwicklungsanstalt 144A^		0.24			09/29/2011		2,000,000		1,999,720
Fairway Finance Corporation 144A^		0.19			09/06/2011		1,000,000		999,980
Falcon Asset Securitization Company LLC 144A(p)^		0.11			09/12/2011		2,000,000		1,999,940
Falcon Asset Securitization Company LLC 144A(p)^		0.14			09/13/2011		3,000,000		2,999,880
Govco LLC 144A(p)^		0.19			09/12/2011		1,000,000		999,940
Govco LLC 144A(p)^		0.20			09/22/2011		1,000,000		999,860
Govco LLC 144A(p)^		0.25			10/24/2011		3,000,000		2,998,860
Govco LLC 144A(p)^		0.25			10/26/2011		2,000,000		1,999,200
Grampian Funding Limited 144A(p)^		0.19			09/08/2011		1,000,000		999,990

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 243

SHORT TERM INVESTMENT PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Commercial Paper (continued)
Grampian Funding Limited 144A(p)^		0.21	%		09/13/2011	$	1,000,000	$	999,980
Grampian Funding Limited 144A(p)^		0.23			09/23/2011		1,000,000		999,930
Grampian Funding Limited 144A(p)		0.35			09/02/2011		2,000,000		2,000,006
ICICI Bank Limited^		0.61			09/16/2011		1,000,000		999,910
ING US Funding LLC^		0.27			09/19/2011		2,000,000		1,999,820
Jupiter Securitization Company LLC 144A^		0.14			09/12/2011		3,000,000		2,999,820
Kells Funding LLC±144A(p)		0.36			11/29/2011		2,000,000		2,000,360
Kells Funding LLC±144A(p)		0.38			02/21/2012		2,000,000		1,997,180
Kredietbank NA Finance Corporation^		0.16			09/01/2011		5,000,000		4,999,978
Legacy Capital Company 144A(p)		0.00			09/01/2011		2,000,000		2,000,000
Legacy Capital Company 144A(p)^		0.37			09/13/2011		1,000,000		999,930
Lexington Parker Capital Company LLC 144A(p)^		0.36			09/01/2011		1,000,000		999,990
Lexington Parker Capital Company LLC 144A(p)^		0.33			09/06/2011		2,000,000		1,999,920
Lexington Parker Capital Company LLC 144A(p)^		0.37			09/14/2011		1,000,000		999,910
Lexington Parker Capital Company LLC 144A(p)^		0.38			09/20/2011		1,000,000		999,850
Lexington Parker Capital Company LLC 144A(p)^		0.38			09/21/2011		1,000,000		999,840
Lexington Parker Capital Company LLC 144A(p)^		0.38			09/22/2011		1,000,000		999,830
Liberty Funding LLC 144A		0.00			09/01/2011		1,000,000		1,000,000
LMA Americas LLC 144A(p)^		0.16			09/01/2011		5,000,000		4,999,978
Macquarie Bank Limited 144A^		0.28			09/06/2011		2,000,000		1,999,920
Macquarie Bank Limited 144A^		0.36			09/28/2011		1,000,000		999,790
Metlife Short Term Funding 144A(p)^		0.19			09/21/2011		1,000,000		999,890
Metlife Short Term Funding 144A(p)^		0.19			09/28/2011		3,000,000		2,999,550
Metlife Short Term Funding 144A(p)^		0.19			09/29/2011		2,000,000		1,999,680
Metlife Short Term Funding 144A(p)^		0.20			10/05/2011		1,000,000		999,800
Mont Blanc Capital Corporation 144A(p)^		0.17			09/06/2011		2,000,000		1,999,940
Mont Blanc Capital Corporation 144A(p)^		0.19			09/14/2011		1,000,000		999,930
Mont Blanc Capital Corporation 144A(p)^		0.29			09/22/2011		2,000,000		1,999,720
National Cooperative Services^		0.00			09/01/2011		1,000,000		1,000,000
Newport Funding Corporation 144A(p)		0.23			09/23/2011		1,000,000		999,860
Nieuw Amsterdam Receivables Corporation 144A(p)^		0.16			09/19/2011		1,000,000		999,900
Nieuw Amsterdam Receivables Corporation 144A(p)^		0.19			09/22/2011		1,000,000		999,880
Nieuw Amsterdam Receivables Corporation 144A(p)^		0.21			10/04/2011		1,000,000		999,800
Nieuw Amsterdam Receivables Corporation 144A(p)^		0.21			10/05/2011		2,000,000		1,999,580
Nieuw Amsterdam Receivables Corporation 144A(p)^		0.24			09/08/2011		1,000,000		999,970
Nordea North America Incorporated^		0.14			09/15/2011		3,000,000		2,999,820
Northern Pines Funding LLC 144A(p)^		0.21			09/06/2011		1,000,000		999,970
PB Financing Delaware Incorporated 144A^		0.44			09/08/2011		1,000,000		999,950
PB Financing Delaware Incorporated 144A^		0.44			09/09/2011		1,000,000		999,940
Prudential plc 144A^		0.19			09/06/2011		1,000,000		999,970
Prudential plc 144A^		0.20			09/08/2011		1,000,000		999,960
Prudential plc 144A^		0.29			09/22/2011		1,000,000		999,890
Regency Markets #1 LLC 144A(p)^		0.20			09/13/2011		1,000,000		999,930
Regency Markets #1 LLC 144A(p)^		0.22			09/15/2011		1,523,000		1,522,878
Rhein-Main Security Limited 144A(p)^		0.36			09/06/2011		1,000,000		999,970
Rhein-Main Security Limited 144A(p)^		0.39			09/13/2011		1,000,000		999,930
Rhein-Main Security Limited 144A(p)^		0.41			09/23/2011		1,000,000		999,860
Rheingold Securitization Limited 144A(p)^		0.35			09/06/2011		2,000,000		1,999,940
Rheingold Securitization Limited 144A(p)^		0.39			09/16/2011		1,000,000		999,910
Salisbury Receivables Company 144A^		0.20			09/07/2011		1,000,000		999,970
Salisbury Receivables Company 144A^		0.22			09/16/2011		1,000,000		999,910

244 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

SHORT TERM INVESTMENT PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Commercial Paper (continued)
SBAB Bank AB 144A^		0.00	%		09/01/2011	$	1,000,000	$	1,000,000
SBAB Bank AB 144A^		0.26			09/13/2011		1,000,000		999,940
SBAB Bank AB 144A^		0.28			10/04/2011		2,000,000		1,999,580
Sheffield Receivables Corporation 144A(p)^		0.16			09/19/2011		1,000,000		999,900
Sheffield Receivables Corporation 144A(p)^		0.16			09/21/2011		2,000,000		1,999,760
Sheffield Receivables Corporation 144A(p)^		0.20			09/23/2011		3,000,000		2,999,610
Sheffield Receivables Corporation 144A(p)^		0.21			09/26/2011		1,000,000		999,850
Silver Tower US Funding LLC 144A(p)^		0.16			09/01/2011		5,000,000		4,999,978
Solitaire Funding LLC 144A(p)^		0.19			09/09/2011		1,000,000		999,970
Solitaire Funding LLC 144A(p)^		0.19			09/12/2011		1,000,000		999,950
Solitaire Funding LLC 144A(p)^		0.23			09/23/2011		1,000,000		999,880
Solitaire Funding LLC 144A(p)^		0.23			09/26/2011		1,000,000		999,860
Solitaire Funding LLC 144A(p)^		0.25			09/28/2011		1,000,000		999,850
Solitaire Funding LLC 144A(p)^		0.25			10/04/2011		2,000,000		1,999,620
Standard Chartered Bank 144A^		0.19			09/09/2011		3,000,000		2,999,880
Starbird Funding Corporation 144A(p)^		0.16			09/01/2011		2,000,000		1,999,991
Straight A Funding LLC 144A(p)^		0.74			10/27/2011		9,000,000		8,997,660
Suncorp Group Limited 144A^		0.35			09/08/2011		1,000,000		999,960
Suncorp Group Limited 144A^		0.37			09/12/2011		1,000,000		999,940
Surrey Funding Corporation 144A(p)^		0.17			09/07/2011		500,000		499,985
Surrey Funding Corporation 144A(p)^		0.19			09/08/2011		1,000,000		999,970
Swedbank AB^		0.25			09/16/2011		1,000,000		999,920
Swedbank AB^		0.26			09/26/2011		1,000,000		999,860
Swedbank AB^		0.28			09/27/2011		1,000,000		999,850
Swedbank AB^		0.28			09/29/2011		2,000,000		1,999,660
Swedbank AB^		0.28			10/07/2011		2,000,000		1,999,520
Sydney Capital Corporation 144A(p)^		0.33			09/16/2011		2,000,000		1,999,860
Thames Asset Global Securitization 144A(p)^		0.14			09/01/2011		1,000,000		1,000,000
Thames Asset Global Securitization 144A(p)^		0.21			09/08/2011		1,000,000		999,960
Thames Asset Global Securitization 144A(p)^		0.25			09/19/2011		2,000,000		1,999,780
Trinity Health Corporation^		0.20			10/11/2011		1,000,000		999,760
Versailles CP LLC 144A(p)^		0.14			09/01/2011		1,000,000		999,996
Westpac Securities NZ Limited±144A		0.36			10/13/2011		1,000,000		999,850
Windmill Funding Corporation 144A(p)^		0.23			09/14/2011		1,000,000		999,940
Windmill Funding Corporation 144A(p)^		0.25			09/27/2011		3,000,000		2,999,520
Total Commercial Paper (Cost $246,986,850)									246,998,248
Corporate Bonds and Notes: 3.56%
Energy: 0.04%
Oil, Gas & Consumable Fuels: 0.04%
Seariver Maritime Incorporated±(i)		0.35			10/01/2011		200,000		200,000
Financials: 3.50%
Commercial Banks: 2.70%
Bank of America Corporation±		1.07			12/02/2011		1,000,000		1,002,222
Credit Suisse (New York)±		0.25			09/02/2011		3,000,000		3,000,000
ING Bank NV±144A		0.77			02/02/2012		1,000,000		999,168
ING Bank NV±144A		0.78			02/10/2012		1,000,000		1,000,000
Nordea Bank Finland plc (New York)±		0.55			10/14/2011		1,000,000		1,000,410
Royal Bank of Scotland±		0.44			10/31/2011		2,000,000		1,999,900

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 245

SHORT TERM INVESTMENT PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Commercial Banks (continued)
Toronto-Dominion Bank (New York)±		0.29	%		01/12/2012	$	1,000,000	$	1,000,110
UBS AG±		1.40			02/23/2012		2,000,000		2,008,860
									12,010,670
Diversified Financial Services: 0.80%
Citigroup Incorporated±		0.58			04/30/2012		1,000,000		1,002,529
GBG LLC Custody Receipts 144A±§		0.16			09/01/2027		179,000		179,000
General Electric Capital Corporation±		0.45			03/12/2012		1,000,000		1,002,065
General Electric Capital Corporation±		1.18			12/09/2011		1,000,000		1,002,685
LTF Real Estate LLC 144A±§		0.25			06/01/2033		385,000		385,000
									3,571,279
Health Care: 0.02%
Health Care Providers & Services: 0.02%
Acts Retirement Life Communities Incorporated±§		0.22			11/15/2029		97,000		97,000
Total Corporate Bonds and Notes (Cost $15,878,322)									15,878,949
Municipal Bonds and Notes: 12.28%
Alabama: 0.22%
Southeast Alabama Gas District Alabama Revenue Supply Project Series A (IDR)±§		1.75			08/01/2027		1,000,000		1,000,000
California: 3.84%
California HFA Revenue Home Mortgage Series M (GO - Local, FNMA Insured)±§		0.15			08/01/2034		475,000		475,000
California HFFA Series H (Health Revenue, Bank of America NA LOC)±§		0.17			07/01/2035		1,200,000		1,200,000
California Municipal Finance Authority Chevron USA Recovery Zone Project Series A (IDR)±§		0.06			11/01/2035		1,000,000		1,000,000
California PCFA Pacific Gas & Electric Series B (IDR, JPMorgan Chase Bank LOC)±§		0.14			11/01/2026		1,000,000		1,000,000
California Stanford Hospital Series B (Health Revenue, FNMA Insured)±§		0.16			08/01/2036		185,000		185,000
California State Series 1G (Miscellaneous Revenue, Goldman Sachs & Company LOC)±144A		0.22			11/22/2011		2,000,000		2,000,000
City & County of San Francisco CA Public Utilities Series A1T (Miscellaneous Revenue)		0.18			09/12/2011		1,000,000		1,000,000
City of Newport Beach CA Hoag Memorial Hospital Series E (Health Revenue, Bank of America NA LOC)±§		0.17			12/01/2040		500,000		500,000
City of San Jose CA Series C-1 (Miscellaneous Revenue)		0.25			10/05/2011		1,000,000		1,000,000
City of San Jose CA Series C-2 (Miscellaneous Revenue)		0.25			10/05/2011		1,000,000		1,000,000
JPMorgan Chase PUTTER Trust Series 3936 (Miscellaneous Revenue, JPMorgan Chase Bank LOC)±144A		0.14			11/22/2011		3,000,000		3,000,000
Metropolitan Water District Southern California Waterworks Revenue Series B (Utilities Revenue, JPMorgan Chase Bank LOC)±§		0.18			07/01/2027		1,000,000		1,000,000
Pasadena CA COP Series A (Lease Revenue, Bank of America NA LOC)±§		0.24			02/01/2035		250,000		250,000
Riverside CA Series C (Utilities Revenue, Bank of America NA LOC)±§		0.18			10/01/2035		480,000		480,000
Sacramento County CA Sanitation District Financing Authority Subordinate Lien Sacramento Regulation Series C (Water & Sewer Revenue, Bank of America NA LOC)±§		0.18			12/01/2030		1,000,000		1,000,000
Southern California Public Power Authority Magnolia Power Project Series 2009-1-A (Utilities Revenue, KBC Bank NV LOC)±§		0.28			07/01/2036		1,995,000		1,995,000
									17,085,000

246 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

SHORT TERM INVESTMENT PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Colorado: 0.28%
Colorado HFA Taxable Multifamily Project Series A1 (Housing Revenue)±§		0.23	%		10/01/2033	$	980,000	$	980,000
Colorado HFA Taxable Multifamily Project Series B2 (Housing Revenue)±§		0.18			05/01/2050		250,000		250,000
									1,230,000
Florida: 0.13%
Palm Beach County FL Pine Crest Preparatory School Project (Education Revenue, Bank of America NA LOC)±§		0.31			06/01/2032		580,000		580,000
Georgia: 0.22%
Columbus GA Development Authority Taxable Independence Place (Housing Revenue, ACA Insured)±144A§		0.37			10/01/2039		1,000,000		1,000,000
Illinois: 0.22%
Cook County IL Series A (Tax Revenue)±§		0.22			11/01/2023		1,000,000		1,000,000
Indiana: 0.06%
Richmond IN Reid Hospital & Health Care Services Incorporated Hospital Authority Series A (Health Revenue, AGM Insured)±§		0.14			01/01/2040		245,000		245,000
Iowa: 0.43%
Iowa Finance Authority Great River Medical Center Project (Health Revenue, JPMorgan Chase Bank LOC)±§		0.15			06/01/2027		1,900,000		1,900,000
Louisiana: 0.79%
East Baton Rouge Parish LA PCR Exxon Project (IDR)±§		0.05			03/01/2022		1,000,000		1,000,000
East Baton Rouge Parish LA Road & Street Improvement Project Series A (Transportation Revenue, JPMorgan Chase Bank LOC)±§		0.16			08/01/2030		2,000,000		2,000,000
St. James Parish LA Series A-1 (IDR)±§		0.15			11/01/2040		500,000		500,000
									3,500,000
Maryland: 0.33%
Baltimore MD Package Systems Facilities (Transportation Revenue, Bank of America NA LOC)±§		0.16			07/01/2032		985,000		985,000
Maryland CDA Department Housing & Community Development Series 2006-G (Housing Revenue)±§		0.22			09/01/2040		500,000		500,000
									1,485,000
Massachusetts: 0.52%
Massachusetts Development Finance Agency Babson College B (Education Revenue, Citizens Bank NA LOC)±§		0.18			10/01/2031		325,000		325,000
Massachusetts State HEFA Series N-3 (Health Revenue, JPMorgan Chase Bank LOC)±§		0.15			10/01/2038		2,000,000		2,000,000
									2,325,000
Minnesota: 0.04%
Minnesota State HFA Residential Housing Series T (Housing Revenue, GO of Agency Insured)±§		0.21			07/01/2048		200,000		200,000
Nevada: 0.56%
Las Vegas NV Economic Development Revenue Keep Memory Alive Project (Miscellaneous Revenue, PNC Bank NA LOC)±§		0.18			05/01/2037		500,000		500,000
Las Vegas NV Valley Water District Series 04-A (Miscellaneous Revenue)		0.16			10/06/2011		2,000,000		1,999,920
									2,499,920

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 247

SHORT TERM INVESTMENT PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
New Jersey: 0.45%
New Jersey State Housing & Mortgage Finance Agency (Housing Revenue, Bank of America NA LOC)±§		0.26	%		05/01/2048	$	995,000	$	995,000
Salem County NJ PCFA Atlantic City Electric (Utilities Revenue, JPMorgan Chase Bank LOC)±§		0.18			04/15/2014		1,000,000		1,000,000
									1,995,000
New York: 0.76%
Abraham Joshua Hesehal School NY (Miscellaneous Revenue, TD Bank NA LOC)±§		0.22			01/01/2040		370,000		370,000
New York City NY Fiscal 2008 Subseries J-10 (Tax Revenue)±§		0.20			08/01/2027		2,000,000		2,000,000
New York State HFA (Housing Revenue, FNMA Insured)±§		0.15			05/01/2029		500,000		500,000
New York State HFA Victory Housing Series 2004-A (Housing Revenue, FHLMC Insured)±§		0.17			11/01/2033		500,000		500,000
									3,370,000
North Carolina: 0.11%
North Carolina Medical Care Commission University Health System Series B-2 (Health Revenue, Branch Banking & Trust LOC)±§		0.17			12/01/2036		490,000		490,000
Ohio: 0.05%
Ohio State HFA Residential Management Taxable Series I (Housing Revenue, GNMA Insured)±§		0.22			09/01/2039		209,000		209,000
Pennsylvania: 0.34%
Doylestown PA Hospital Authority Series B (Health Revenue, PNC Bank NA LOC)±§		0.18			07/01/2037		500,000		500,000
Pennsylvania EDFA Sunoco Incorporated Project Series B (IDR, JPMorgan Chase Bank LOC)±§		0.15			10/01/2034		1,000,000		1,000,000
									1,500,000
South Carolina: 0.22%
South Carolina Public Service Authority (Miscellaneous Revenue)±144A§		0.27			01/01/2050		1,000,000		1,000,000
Tennessee: 0.21%
Johnson City TN Health & Educational Facilities Board (Health Revenue, PNC Bank NA LOC)±§		0.19			07/01/2033		490,000		490,000
Montgomery County TN Public Building Authority (Miscellaneous Revenue, Bank of America NA LOC)±§		0.18			02/01/2036		430,000		430,000
									920,000
Texas: 1.54%
Bexar County TX Health Facilities Development (Health Revenue, JPMorgan Chase Bank LOC)±§		0.23			12/01/2032		1,960,000		1,960,000
Harris County TX Cultural Education Facilities Finance Corporation Hermann Health Series D1 (Health Revenue, JPMorgan Chase Bank LOC)±§		0.18			06/01/2029		1,000,000		1,000,000
Harris County TX Industrial Development Corporation Deer Park Refining (Resource Recovery Revenue)±§		0.12			03/01/2023		500,000		500,000
Midlothian TX Industrial Development Corporation (IDR, UBS AG LOC)±§		0.12			08/01/2034		1,000,000		1,000,000
North Texas Higher Education Authority (Education Revenue, Guaranteed Student Loans Insured, Lloyds TSB Bank LOC)±§		0.23			12/01/2032		2,000,000		2,000,000
Texas State Taxable Product Development Program Series A (Miscellaneous Revenue, Nations Bank NA LOC)±§		0.21			06/01/2045		100,000		100,000
Tyler TX Health Facilities Development Corporation Mother Frances Hospital Series B (Health Revenue, Bank of America NA LOC)±§		0.38			07/01/2020		300,000		300,000
									6,860,000

248 Wells Fargo Advantage Master Portfolios Portfolio of Investments—August 31, 2011 (Unaudited)

SHORT TERM INVESTMENT PORTFOLIO

Security Name	Interest Rate			Maturity Date		Principal		Value
Virginia: 0.45%
Harrisonburg VA Redevelopment & Housing Authority (Housing Revenue, Bank of America NA LOC)±§		0.25	%		05/01/2026	$	2,000,000	$	2,000,000
Washington: 0.22%
Washington Providence Health & Services Series 08-A (Miscellaneous Revenue)		0.22			09/01/2011		1,000,000		1,000,000
Wisconsin: 0.11%
Wisconsin Housing & Economic Development Authority (Housing Revenue, GO of Authority Insured)±§		0.21			05/01/2030		495,000		495,000
Wyoming: 0.18%
Wyoming Student Loan Corporation Series A (Education Revenue, Royal Bank of Canada LOC)±§		0.19			06/01/2035		785,000		785,000
Total Municipal Bonds and Notes (Cost $54,674,000)									54,673,920
Repurchase Agreements(z): 7.15%
Bank of America NA, dated 08/31/2011, maturity value $5,000,010(1)		0.07			09/01/2011		5,000,000		5,000,000
Citigroup Global Markets, dated 08/31/2011, maturity value $4,000,010(2)		0.09			09/01/2011		4,000,000		4,000,000
Deutsche Bank Securities, dated 08/31/2011, maturity value $13,846,389(3)		0.07			09/01/2011		13,846,362		13,846,362
Societe Generale (New York), dated 08/31/2011, maturity value $9,000,018(4)		0.07			09/01/2011		9,000,000		9,000,000
Total Repurchase Agreements (Cost $31,846,362)									31,846,362
Time Deposits: 11.00%
ABN AMRO Bank NV		0.18			09/01/2011		5,000,000		5,000,000
ABN AMRO Bank NV		0.25			09/06/2011		3,000,000		3,000,000
Commerzbank (London)		0.18			09/01/2011		5,000,000		5,000,000
Credit Agricole Corporate & Investment Bank		0.13			09/01/2011		4,000,000		4,000,000
Credit Agricole Corporate & Investment Bank		0.18			09/01/2011		1,000,000		1,000,000
Credit Agricole Corporate & Investment Bank		0.20			09/01/2011		3,000,000		3,000,000
Credit Industriel et Commercial		0.18			09/01/2011		7,000,000		7,000,000
Erste Bank (Grand Cayman)		0.14			09/01/2011		3,000,000		3,000,000
Groupe BPCE		0.16			09/01/2011		7,000,000		7,000,000
KBC Bank NV (Brussels)		0.20			09/01/2011		3,000,000		3,000,000
Natixis (Cayman Islands)		0.16			09/01/2011		6,000,000		6,000,000
Natixis (Cayman Islands)		0.18			09/01/2011		2,000,000		2,000,000
Total Time Deposits (Cost $49,000,000)									49,000,000
	Yield
US Treasury Securities: 2.92%
US Treasury Bill		0.01			10/06/2011		5,000,000		4,999,940
US Treasury Bill		0.03			02/09/2012		2,000,000		1,999,732
US Treasury Bill		0.03			02/16/2012		3,000,000		2,999,622
US Treasury Bill		0.03			02/23/2012		3,000,000		2,999,562
Total US Treasury Securities (Cost $12,997,115)									12,998,856

Total Investments in Securities
(Cost $450,382,262)*	101.12	%		450,396,373
Other Assets and Liabilities, Net	(1.12	)		(5,007,747	)
Total Net Assets	100.00	%	$	445,388,626

Portfolio of Investments—August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 249

SHORT TERM INVESTMENT PORTFOLIO

± Variable rate investment.

144A Security 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.

(p) Asset-backed commercial paper.

^ Zero coupon security. Rate represents yield to maturity.

(i) Illiquid security.

§ These securities are subject to a demand feature which reduces the effective maturity.

(z) Collateralized by:

(1) U.S. government securities, 2.71% to 6.50%, 4/1/2018 to 7/1/2039, market value including accrued interest is $5,150,000.

(2) U.S. government securities, 3.00% to 6.00%, 1/1/2018 to 7/1/2041, market value including accrued interest is $4,120,000.

(3) U.S. government securities, 4.00% to 7.00%, 4/1/2024 to 8/1/2041, market value including accrled interest is $14,261,753.

(4) U.S. government securities, 2.46% to 6.50%, 12/1/2012 to 9/1/2041, market value including accrued interest is $9,270,000.

* Cost for federal income tax purposes is $450,382,262 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	19,851
Gross unrealized depreciation		(5,740	)
Net unrealized appreciation	$	14,111

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

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

	Diversified Fixed Income Portfolio		Diversified Stock Portfolio		Short Term Investment Portfolio
Assets
Investments
In unaffiliated securities (including securities on loan), at value	$	4,379,126,479	$	5,600,591,810	$	450,396,373
In affiliated securities, at value		208,574,088		919,176,579		0
Total investments, at value (see cost below)		4,587,700,567		6,519,768,389		450,396,373
Cash		38,500		0		0
Segregated cash		0		13,483,040		0
Foreign currency, at value (see cost below)		2,071,981		15,292,140		0
Receivable for investments sold		12,826,328		437,956		65,000
Principal paydown receivable		60,657		0		0
Receivable for dividends and interest		36,485,068		10,854,689		34,630
Receivable for daily variation margin on open futures contracts		0		1,793,070		0
Receivable for securities lending income		9,976		147,701		0
Prepaid expenses and other assets		0		0		5,160
Total assets		4,639,193,077		6,561,776,985		450,501,163
Liabilities
Payable for investments purchased		100,529,836		181,523,004		4,998,869
Payable upon receipt of securities loaned		82,475,855		754,228,062		0
Due to custodian bank		0		0		40,000
Advisory fee payable		917,959		1,146,051		37,601
Accrued expenses and other liabilities		50,568		237,144		36,067
Total liabilities		183,974,218		937,134,261		5,112,537
Total net assets	$	4,455,218,859	$	5,624,642,724	$	445,388,626
Total investments, at cost	$	4,311,022,944	$	6,215,586,895	$	450,382,262
Securities on loan, at value	$	80,840,499	$	733,597,022	$	0
Foreign currency, at cost	$	2,070,764	$	15,377,987	$	0

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

Statements of Operations—Six Months Ended August 31, 2011 (Unaudited) Wells Fargo Advantage Master Portfolios 251

	Diversified Fixed Income Portfolio			Diversified Stock Portfolio			Short Term Investment Portfolio
Investment income
Dividends*	$	0		$	64,504,775		$	0
Interest**		62,262,066			12,437			569,963
Income from affiliated securities		618,994			110,535			0
Securities lending income, net		38,764			1,739,655			0
Total investment income		62,919,824			66,367,400			569,963
Expenses
Advisory fee		5,529,131			8,862,015			216,396
Custody and accounting fees		148,388			639,498			24,191
Professional fees		25,926			37,620			17,942
Shareholder report expenses		6,140			3,025			1,260
Trustees’ fees and expenses		5,948			5,332			5,332
Other fees and expenses		76,016			103,908			1,467
Total expenses		5,791,549			9,651,398			266,588
Less: Fee waivers and/or expense reimbursements		(372,202	)		(1,618,822	)		0
Net expenses		5,419,347			8,032,576			266,588
Net investment income		57,500,477			58,334,824			303,375
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		16,573,722			108,119,370			3,337
Affiliated securities		72,390			279,686			0
Futures transactions		0			5,631,427			0
Net realized gains on investments		16,646,112			114,030,483			3,337
Net change in unrealized gains (losses) on:
Unaffiliated securities		173,828,220			(648,535,111	)		6,535
Affiliated securities		142,646			(3,733,490	)		0
Futures transactions		0			(23,599,300	)		0
Net change in unrealized gains (losses) on investments		173,970,866			(675,867,901	)		6,535
Net realized and unrealized gains (losses) on investments		190,616,978			(561,837,418	)		9,872
Net increase (decrease) in net assets resulting from operations	$	248,117,455		$	(503,502,594	)	$	313,247
*   Net of foreign dividend withholding taxes of		$0			$3,917,999			$0
** Net of foreign interest withholding taxes of		$369,052			$19			$0

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

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

	Diversified Fixed Income Portfolio
	Six Months Ended August 31, 2011 (Unaudited)			Year Ended February 28, 2011
Operations
Net investment income	$	57,500,477		$	85,831,969
Net realized gains (losses) on investments		16,646,112			19,635,065
Net change in unrealized gains (losses) on investments		173,970,866			37,482,944
Net increase (decrease) in net assets resulting from operations		248,117,455			142,949,978
Capital share transactions
Contributions		629,534,671			1,680,844,302
Withdrawals		(214,745,061	)		(377,801,400	)
Net increase in net assets resulting from capital share transactions		414,789,610			1,303,042,902
Total increase in net assets		662,907,065			1,445,992,880
Net assets
Beginning of period		3,792,311,794			2,346,318,914
End of period	$	4,455,218,859		$	3,792,311,794

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

Statements of Changes in Net Assets Wells Fargo Advantage Master Portfolios 253

Diversified Stock Portfolio						Short Term Investment Portfolio
Six Months Ended August 31, 2011 (Unaudited)			Year Ended February 28, 2011			Six Months Ended August 31, 2011 (Unaudited)			Year Ended February 28, 2011
$	58,334,824		$	74,711,486		$	303,375		$	623,944
	114,030,483			123,489,037			3,337			(278,393	)
	(675,867,901	)		901,246,820			6,535			343,068
	(503,502,594	)		1,099,447,343			313,247			688,619
	782,443,078			1,635,583,911			75,724,847			189,810,447
	(275,087,647	)		(746,231,670	)		(23,297,823	)		(55,324,921	)
	507,355,431			889,352,241			52,427,024			134,485,526
	3,852,837			1,988,799,584			52,740,271			135,174,145
	5,620,789,887			3,631,990,303			392,648,355			257,474,210
$	5,624,642,724		$	5,620,789,887		$	445,388,626		$	392,648,355

254 Wells Fargo Advantage Master Portfolios Financial Highlights

	Ratio to Average Net Assets (Annualized)									Total Return1			Portfolio Turnover Rate
	Net Investment Income			Gross Expenses			Net Expenses
Diversified Fixed Income Portfolio
March 1, 2011 to August 31, 2011 (Unaudited)		2.71	%		0.27	%		0.26	%		5.94	%		26	%
March 1, 2010 to February 28, 2011		2.84	%		0.28	%		0.26	%		5.58	%		57	%
March 1, 2009 to February 28, 2010		3.47	%		0.31	%		0.28	%		10.44	%		113	%
March 1, 2008 to February 28, 2009		4.18	%		0.35	%		0.35	%		0.00	%		51	%
March 1, 2007 to February 29, 2008		4.54	%		0.35	%		0.35	%		9.56	%		84	%
June 26, 20062 to February 28, 2007		4.52	%		0.37	%		0.36	%		6.70	%		165	%
Diversified Stock Portfolio
March 1, 2011 to August 31, 2011 (Unaudited)		2.01	%		0.33	%		0.28	%		(8.18	)%		9	%
March 1, 2010 to February 28, 2011		1.65	%		0.34	%		0.28	%		25.76	%		18	%
March 1, 2009 to February 28, 2010		1.66	%		0.38	%		0.31	%		66.83	%		22	%
March 1, 2008 to February 28, 2009		2.02	%		0.43	%		0.42	%		(46.36	)%		29	%
March 1, 2007 to February 29, 2008		1.66	%		0.43	%		0.43	%		(2.23	)%		29	%
June 26, 20062 to February 28, 2007		1.25	%		0.44	%		0.43	%		16.12	%		87	%
Short-Term Investment Portfolio
March 1, 2011 to August 31, 2011 (Unaudited)		0.14	%		0.12	%		0.12	%		(0.00	)%		NA
March 1, 2010 to February 28, 2011		0.20	%		0.14	%		0.14	%		0.00	%		NA
March 1, 2009 to February 28, 2010		0.24	%		0.17	%		0.16	%		0.45	%		NA
March 1, 2008 to February 28, 2009		2.32	%		0.19	%		0.18	%		0.92	%		NA
March 1, 2007 to February 29, 2008		4.99	%		0.17	%		0.16	%		4.81	%		NA
June 26, 20062 to February 28, 2007		5.21	%		0.18	%		0.17	%		4.00	%		NA

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

2. Commencement of operations.

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

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Master Portfolios 255

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 Diversified Fixed Income Portfolio (“Diversified Fixed Income Portfolio”), Wells Fargo Advantage Diversified Stock Portfolio (“Diversified Stock Portfolio”), and Wells Fargo Advantage Short-Term Investment Portfolio (“Short-Term Investment 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 Value Procedures.

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

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

Certain fixed income securities with maturities exceeding 60 days are valued based on available market quotations received from an independent pricing service approved by the Trust’s Board of Trustees which may utilize both transaction data and market information such as yield, prices of securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data. If valuations are not available from the pricing service or values received are deemed not representative of market value, values will be obtained from a third party broker-dealer or determined based on the Portfolios’ Fair Value Procedures.

Debt securities of sufficient credit quality with original maturities of 60 days or less 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.

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

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.

Repurchase agreements

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

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.

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%

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Master Portfolios 257

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 Portfolio’s former securities lending agent, as the various participating funds’ lending activity fluctuated, their ratable interest in the joint account, including their ratable exposure to the defaulted or impaired structured investment vehicles fluctuated depending on the relative activity of each participating fund. In order to eliminate the fluctuation of the various participating funds’ ratable exposure to the defaulted or impaired structured investment vehicles, the adviser to the Portfolio recommended to the Board of Trustees, and the Board of Trustees approved, actions designed to fix the allocation of percentage ownership in defaulted or impaired structured investment vehicles among all funds participating in securities lending (“side pocketing”) based on each participating fund’s percentage ownership of the total cash collateral investment joint account as of the date the fixed allocation is implemented. Accordingly, on February 13, 2009 a side pocketing occurred, which fixed each participating fund’s ownership of defaulted or impaired structured investment vehicle in the joint account based on each participating fund’s percentage ownership of the joint account as of such date.

When-issued transactions

Each Portfolio may purchase securities on a forward commitment or ‘when-issued’ basis. A Portfolio records a when-issued transaction on the trade date and will segregate assets to cover its obligation by confirming the availability of qualifying assets having a value sufficient to make payment for the securities purchased. Securities purchased on a when-issued basis are marked-to-market daily and the Portfolio begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

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.

Mortgage dollar roll transactions

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

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

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are reported on the basis of identified cost of securities delivered.

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

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:

n Level 1 – quoted prices in active markets for identical securities

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

n 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.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Master Portfolios 259

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

Investments in Securities	Quoted Prices (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Diversified Fixed Income Portfolio
Agency securities	$	0		$	1,261,488,947		$	0	$	1,261,488,947
Asset-backed securities		0			0			199,903		199,903
Corporate bonds and notes		0			926,613,846			2,645,867		929,259,713
Foreign government bonds and notes		0			1,096,423,318			0		1,096,423,318
U.S. Treasury securities		935,467,272			0			0		935,467,272
Yankee corporate bonds and notes		0			174,815,177			0		174,815,177
Other		0			0			2,870,678		2,870,678
Short-term investments
Investment companies		105,983,758			81,191,801			0		187,175,559
Total	$	1,041,451,030		$	3,540,533,089		$	5,716,448	$	4,587,700,567
Diversified Stock Portfolio
Equity securities
Common stocks	$	4,077,925,401	*	$	1,486,190,092	*	$	329,175	$	5,564,444,668
Preferred stocks		42,754,368	*		3,771,997	*		0		46,526,365
Rights		0			20,992			0		20,992
Warrants		0			11,547			4,089		15,636
Convertible debentures		0			638			0		638
Foreign government bonds		0			11,059			0		11,059
Other		0			0			5,551,394		5,551,394
Short-term investments
Investment companies		151,506,200			751,691,437			0		903,197,637
Total	$	4,272,185,969		$	2,241,697,762		$	5,884,658	$	6,519,768,389
Short-Term Investment Portfolio
Agency securities	$	0		$	999,808		$	0	$	999,808
Certificates of deposit		0			38,000,230			0		38,000,230
Commercial paper		0			246,998,248			0		246,998,248
Corporate bonds and notes		0			15,878,949			0		15,878,949
Municipal bonds and notes		0			54,673,920			0		54,673,920
Repurchase agreements		0			31,846,362			0		31,846,362
Time deposits		0			49,000,000			0		49,000,000
U.S. Treasury securities		12,998,856			0			0		12,998,856
Total	$	12,998,856		$	437,397,517		$	0	$	450,396,373

* At the end of the period, foreign securities in the Diversified Stock Portfolio valued in the amount of $1,464,065,252 in common stocks and $3,771,997 in preferred stocks were transferred out of Level 1 and into Level 2 since adjustments to prices of foreign securities due to movements against a specified benchmark were necessary at August 31, 2011.

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

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

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

Futures contracts+	Quoted Prices (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Diversified Stock Portfolio	$	(13,245,823	)	$	0	$	0	$	(13,245,823	)

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

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended August 31, 2011, the Diversified Fixed Income Portfolio and Short-Term Investment Portfolio 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:

	Asset-backed securities			Corporate bonds and notes			Other			Total
Diversified Fixed Income Portfolio
Balance as of February 28, 2011	$	214,895		$	2,365,653		$	3,720,445		$	6,300,993
Accrued discounts (premiums)		(1,243	)		(5,240	)		0			(6,483	)
Realized gains (losses)		(290	)		(3,920	)		0			(4,210	)
Change in unrealized gains (losses)		(9,367	)		(129,988	)		168,099			28,744
Purchases		0			357,743			0			357,743
Sales		(4,092	)		(148,891	)		(1,017,866	)		(1,170,849	)
Transfers into Level 3		0			210,510			0			210,510
Transfers out of Level 3		0			0			0			0
Balance as of August 31, 2011	$	199,903		$	2,645,867		$	2,870,678		$	5,716,448
Change in unrealized gains (losses) relating to securities still held at August 31, 2011	$	(10,471	)	$	(139,312	)	$	(266,076	)	$	(415,859	)

	Common stocks			Rights			Warrants		Other			Total
Diversified Stock Portfolio
Balance as of February 28, 2011	$	2,702,850		$	47,511		$	29	$	7,031,768		$	9,782,158
Accrued discounts (premiums)		0			0			0		0			0
Realized gains (losses)		(66,672	)		32,927			0		0			(33,745	)
Change in unrealized gains (losses)		(347,140	)		(41,549	)		4,060		257,718			(126,911	)
Purchases		0			0			0		0			0
Sales		(82,368	)		(38,889	)		0		(1,738,092	)		(1,859,349	)
Transfers into Level 3		0			0			0		0			0
Transfers out of Level 3		(1,877,495	)		0			0		0			(1,877,495	)
Balance as of August 31, 2011	$	329,175		$	0		$	4,089	$	5,551,394		$	5,884,658
Change in unrealized gains (losses) relating to securities still held at August 31, 2011	$	23,825		$	0		$	4,060	$	(514,989	)	$	(487,104	)

	Municipal bonds and notes			Secured master note agreement			Total
Short-Term Investment Portfolio
Balance as of February 28, 2011	$	1,000,000		$	6,500,000		$	7,500,000
Accrued discounts (premiums)		0			0			0
Realized gains (losses)		0			0			0
Change in unrealized gains (losses)		0			0			0
Purchases		0			0			0
Sales		0			(6,500,000	)		0
Transfers into Level 3		0			0			0
Transfers out of Level 3		(1,000,000	)		0			(7,500,000	)
Balance as of August 31, 2011	$	0		$	0		$	0
Change in unrealized gains (losses) relating to securities still held at August 31, 2011	$	0		$	0		$	0

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Master Portfolios 261

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.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.30% and declining to 0.24% as the average daily net assets of Diversified Fixed Income Portfolio increase. Funds Management is entitled to receive an annual advisory fee starting at 0.35% and declining to 0.29% as the average daily net assets of Diversified Stock Portfolio increase. Funds Management is entitled to receive an annual advisory fee of 0.10% of the average daily net assets for Short-Term Investment Portfolio. For the six months ended August 31, 2011, the advisory fee was equivalent to an annual rate for each Portfolio as follows:

	Advisory Fee
Diversified Fixed Income Portfolio		0.26	%
Diversified Stock Portfolio		0.31
Short-Term Investment Portfolio		0.10

Funds Management has contractually waived and/or reimbursed advisory fees to the extent necessary to maintain certain net operating expense ratios for 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 the Portfolios to the adviser. Wells Capital Management, an affiliate of Funds Management, is the sub-adviser to Short-Term Investment Portfolio and is entitled to receive an annual sub-advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of Short-Term Investment Portfolio increases. SSgA Funds Management Incorporated, is the sub-adviser to both Diversified Fixed Income Portfolio and Diversified Stock Portfolio and is entitled to receive an annual sub-advisory fee starting at 0.10% and declining to 0.05% as the average daily net assets of each respective Portfolio increases.

5. INVESTMENT PORTFOLIO TRANSACTIONS

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

	Purchases at Cost				Sales Proceeds
	U.S. Government		Non-U.S. Government		U.S. Government		Non-U.S. Government
Diversified Fixed Income Portfolio	$	1,489,427,912	$	398,684,684	$	1,160,840,848	$	182,465,110
Diversified Stock Portfolio		0		1,297,306,622		0		504,051,835

6. DERIVATIVE TRANSACTIONS

During the six months ended August 31, 2011, the Diversified Stock Portfolio used uninvested cash to enter into futures contracts to gain market exposure.

At August 31, 2011, Diversified Stock Portfolio had long futures contracts outstanding as follows:

Expiration Date	Contracts		Type		Value at August 31, 2011		Net Unrealized Losses
September 2011		548 Long		MSCI EAFE INDEX	$	41,642,520	$	(3,855,375	)
September 2011		583 Long		Russell 2000 Index		42,337,460		(3,801,065	)
September 2011		654 Long		S&P 500 E-Mini Index		39,818,790		(1,898,993	)
September 2011		521 Long		S&P Midcap 400 Index		45,556,240		(3,690,390	)

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

The Diversified Stock Portfolio had an average notional amount of $166,494,753 in long futures contracts during the six months ended August 31, 2011. As of August 31, 2011, the Diversified Stock Portfolio had segregated $ 13,483,040 as cash collateral for open futures contracts.

The receivable for daily variation margin on open futures contracts reflected in the Statement of Assets and Liabilities only represents the current day’s variation margin. The realized gains and change in unrealized gains (losses) on futures contracts are reflected in the Statement of Operations.

7. 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.

8. NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011.

In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU No. 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011.

As of August 31, 2011, management of the Portfolios is currently assessing the potential impact, in addition to expanded financial statement disclosure, that may result from adopting these ASUs.

Other Information (Unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 263

PORTFOLIO HOLDINGS INFORMATION

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

PROXY VOTING INFORMATION

A description of the policies and procedures that the Funds and Portfolios use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our Web site at www.wellsfargo.com/advantagefunds, or visiting the SEC Web site at www.sec.gov. Information regarding how the Funds 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.

264 Wells Fargo Advantage Dow Jones Target Date Funds Other Information (Unaudited)

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of 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 Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 144 funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Chairman, President and CEO of Crystal Geyser. Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction), Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 45 portfolios as of 12/31/10); Director, Diversapack Co. (packaging company); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of Corporate Governance Research Program and Co-Director of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust

Other Information (Unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 265

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
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	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield and former Director and Chairman, Branded Media Corporation (multi-media branding company).	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010.	Asset Allocation Trust

Officers

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips (Born 1970)	Treasurer, since 2008	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010. Vice President and Assistant Vice President of Evergreen Investment Services, Inc. from 1999 to 2006.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009 . Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Assistant Vice President, Evergreen Investment Services, Inc. from 2000 to 2004 and the head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.

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

266 Wells Fargo Advantage Dow Jones Target Date Funds Other Information (Unaudited)

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

Dow Jones Target Today Fund, Dow Jones Target 2010 Fund, Dow Jones Target 2015 Fund, Dow Jones Target 2020 Fund, Dow Jones Target 2025 Fund, Dow Jones Target 2030 Fund, Dow Jones Target 2035 Fund, Dow Jones Target 2040 Fund, Dow Jones Target 2045 Fund, Dow Jones Target 2050 Fund, Diversified Stock Portfolio, Diversified Fixed Income Portfolio and Short-Term Investment 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 Dow Jones Target Today Fund, Dow Jones Target 2010 Fund, Dow Jones Target 2015 Fund, Dow Jones Target 2020 Fund, Dow Jones Target 2025 Fund, Dow Jones Target 2030 Fund, Dow Jones Target 2035 Fund, Dow Jones Target 2040 Fund, Dow Jones Target 2045 Fund and Dow Jones Target 2050 Fund (the “Target Date Funds”). The Master Trust Board reviewed and re-approved: investment advisory agreements with Funds Management for: Diversified Stock Portfolio, Diversified Fixed Income Portfolio and Short-Term Investment Portfolio (the “Master Portfolios”). The Target Date Funds and the Master Portfolios are, collectively, the “Funds.”

The Funds Trust Board also reviewed and re-approved an investment sub-advisory agreement with Global Index Advisors, Inc. (“GIA”) for the Target Date Funds. The Master Trust Board also reviewed and re-approved: an investment sub-advisory agreement with (i) SSgA Funds Management, Inc. (“SSgA”) for the Diversified Stock Portfolio and Diversified Fixed Income Portfolio; and (ii) Wells Capital Management Incorporated (“Wells Capital Management”) for the Short-Term Investment Portfolio. The investment advisory agreements with Funds Management and the investment sub-advisory agreements with Wells Capital Management, GIA and SSgA (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 Target Date Funds are gateway blended funds that invest all of their assets in the Master Portfolios. Information provided to the Boards regarding the Target Date Funds is also applicable to the Master Portfolios, as relevant.

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

Other Information (Unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 267

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 the performance of the Target Date Funds was higher than the median performance of each Fund’s respective Universe for the periods under review except for the 1-year period of the Dow Jones Target Today Fund, Dow Jones Target 2010 Fund, Dow Jones Target 2015 Fund, Dow Jones Target 2020 Fund and Dow Jones Target 2025 Fund. The Funds Trust Board further noted that the performance of each of the Dow Jones Target Today Fund, Dow Jones Target 2010 Fund, Dow Jones Target 2015 Fund, Dow Jones Target 2020 Fund and Dow Jones Target 2025 Fund was lower than the median performance of each Target Date Fund’s respective Universe for the one-year period, and 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 Target Date Funds for the one-year period. The Funds Trust Board noted that the near-dated Target Date Funds had a greater allocation of assets to bonds and cash compared to funds in each respective Target Date Fund’s Universe. The Funds Trust Board was satisfied that Funds Management and the Sub-Advisers were taking appropriate actions with respect to each of the Target Date Funds’ investment performance.

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 Target Date Funds.

The Funds Trust Board received and considered information regarding each Target Date 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 Target Date Fund. The Board received a description of the methodology used by Lipper to select the mutual funds in a Target Date Fund’s Expense Group. The Funds Trust Board noted that the net operating expense ratios of each of the Target Date Funds were in range of or lower than each Target Date 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,

268 Wells Fargo Advantage Dow Jones Target Date Funds Other Information (Unaudited)

with respect to the Target Date 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 Target Date Fund’s Expense Group median. The Funds Trust Board noted that the Advisory Agreement Rates and Net Advisory Rates for the Target Date Funds were in range of or lower than the median rate of each Fund’s Expense Group. The Funds Trust Board further noted that Funds Management had agreed to continue contractual fee cap arrangements for the Target Date Funds designed to lower the Funds’ expenses.

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 Target Date Funds, that the Advisory Agreement Rates, both with and without administration fee rates and before and after waivers, were acceptable in light of the Target Date 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 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 because, as an affiliate of Funds Management, its 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 GIA and SSgA, 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 GIA’s and SSgA’s profitability from their relationships with the Master Portfolios managed by them was not a material factor in determining whether to renew the Advisory Agreements.

Other Information (Unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 269

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 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 Target Date Funds’ shares, including the multiple channels through which the Target Date Funds’ shares are offered and sold. The Boards noted that the Target Date 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.

270 Wells Fargo Advantage Dow Jones Target Date 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 Depository 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

CAB —  Capital Appreciation Bond

CAD —  Canadian Dollar

CCAB —  Convertible Capital Appreciation Bond

CDA —  Community Development Authority

CDO —  Collateralized Debt Obligation

CDSC —  Contingent Deferred Sales Charge

CGIC —  Capital Guaranty Insurance Company

CGY —  Capital Guaranty Corporation

CHF —  Swiss Franc

CIFG —  CDC (Caisse des Dépôts et Consignations) IX IS Financial       Guarantee

COP —  Certificate of Participation

CP —  Commercial Paper

CR —  Custody Receipts

CTF —  Common Trust Fund

DKK —  Danish Krone

DRIVER —  Derivative Inverse Tax-Exempt Receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

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

FSA —  Farm Service Agency

GBP —  Great British Pound

GDR —  Global Depository 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

IBC —  Insured Bond Certificate

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

NOK —  Norwegian Krone

NZD —  New Zealand Dollar

PCFA —  Pollution Control Finance Authority

PCR —  Pollution Control Revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable Floating Option Tax-Exempt Receipts

plc —  Public Limited Company

PLN —  Polish Zloty

PSFG —  Public School Fund Guaranty

PUTTER —  Puttable Tax-Exempt Receipts

R&D —  Research & Development

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real Estate Investment Trust

RIB —  Residual Interest Bond

ROC —  Reset Option Certificates

SAVRS —  Select Auction Variable Rate Securities

SBA —  Small Business Authority

SEK —  Swedish Krona

SFHR —  Single Family Housing Revenue

SFMR —  Single Family Mortgage Revenue

SGD —  Singapore Dollar

SKK —  Slovakian Koruna

SLMA —  Student Loan Marketing Association

SPDR —  Standard & Poor’s Depositary Receipts

STIT —  Short-Term Investment Trust

TAN —  Tax Anticipation Notes

TBA —  To Be Announced

TIPS —  Treasury Inflation-Protected Securities

TRAN —  Tax Revenue Anticipation Notes

TCR —  Transferable Custody Receipts

TRY —  Turkish Lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

USD —  Unified School District

XLCA —  XL Capital Assurance

ZAR —  South African Rand

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FOR MORE INFORMATION

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

© 2011 Wells Fargo Funds Management, LLC. All rights reserved.

205332 10-11 SOFLD/SAR101 08-11

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: October 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: October 27, 2011
By:	/s/    KASEY L. PHILLIPS
	Kasey L. Phillips
	Treasurer
Date: October 27, 2011