UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

Wells Fargo Fund Trust
(Exact name of registrant as specified in charter)

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

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

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

Date of fiscal year end: September 30, 2010

Date of reporting period: March 31, 2010

ITEM 1. REPORT TO SHAREHOLDERS

(WELLS FARGO ADVANTAGE FUNDS LOGO)

(GRAPHIC) REDUCE CLUTTER. SAVE TREES.
Sign up for electronic delivery of prospectuses and shareholder reports at www.wellsfargo.com/advantagedelivery

(GRAPHIC)

Semi-Annual Report
March 31, 2010

WELLS FARGO ADVANTAGE ALLOCATION FUNDS

- WELLS FARGO ADVANTAGE AGGRESSIVE ALLOCATION FUND

- WELLS FARGO ADVANTAGE CONSERVATIVE ALLOCATION FUND

- WELLS FARGO ADVANTAGE GROWTH BALANCED FUND

- WELLS FARGO ADVANTAGE INDEX ASSET ALLOCATION FUND

(FORMERLY NAMED WELLS FARGO ADVANTAGE ASSET ALLOCATION FUND)

- WELLS FARGO ADVANTAGE MODERATE BALANCED FUND


REDUCE CLUTTER. SAVE TREES.

Sign up for electronic delivery of prospectuses and shareholder reports at

www.wellsfargo.com/advantagedelivery

Contents

LETTER TO SHAREHOLDERS ................................................... 2
PERFORMANCE HIGHLIGHTS
Aggressive Allocation Fund ............................................... 4
Conservative Allocation Fund ............................................. 6
Growth Balanced Fund ..................................................... 8
Index Asset Allocation Fund .............................................. 10
Moderate Balanced Fund ................................................. 12
FUND EXPENSES ............................................................ 14
PORTFOLIO OF INVESTMENTS
Aggressive Allocation Fund ............................................... 16
Conservative Allocation Fund ............................................. 17
Growth Balanced Fund ..................................................... 18
Index Asset Allocation Fund .............................................. 19
Moderate Balanced Fund ................................................... 35
FINANCIAL STATEMENTS
Statements of Assets and Liabilities ..................................... 36
Statements of Operations ................................................. 38
Statements of Changes in Net Assets ...................................... 40
Financial Highlights ..................................................... 46
NOTES TO FINANCIAL STATEMENTS ............................................ 50
MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS
C&B Large Cap Value Portfolio ............................................ 61
Disciplined Growth Portfolio ............................................. 65
Emerging Growth Portfolio ................................................ 69
Equity Income Portfolio .................................................. 74
Equity Value Portfolio ................................................... 78
Index Portfolio .......................................................... 83
International Core Portfolio ............................................. 98
International Growth Portfolio ........................................... 103
International Index Portfolio ............................................ 106
International Value Portfolio ............................................ 126
Large Cap Appreciation Portfolio ......................................... 131
Large Company Growth Portfolio ........................................... 136
Small Cap Index Portfolio ................................................ 139
Small Company Growth Portfolio ........................................... 155
Small Company Value Portfolio ............................................ 160
Strategic Small Cap Value Portfolio ...................................... 165
FINANCIAL STATEMENTS
Statements of Assets and Liabilities ..................................... 176
Statements of Operations ................................................. 180
Statements of Changes in Net Assets ...................................... 184
Financial Highlights ..................................................... 192
NOTES TO FINANCIAL STATEMENTS ............................................ 194
OTHER INFORMATION ........................................................ 207
LIST OF ABBREVIATIONS .................................................... 213

The views expressed are as of March 31, 2010, and are those of the Fund
managers. Any reference to a specific security in this report is not a

recommendation to purchase or sell any specific security or adopt any investment strategy. The views are subject to change at any time in response to changing circumstances in the market and are not intended to predict or guarantee the future performance of any individual security, market sector or the markets generally, or the WELLS FARGO ADVANTAGE ALLOCATION FUNDS.

NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE


(GRAPHIC)

WELLS FARGO
INVESTMENT HISTORY

1971 INTRODUCED ONE OF THE FIRST INSTITUTIONAL INDEX FUNDS.

1978 ONE OF THE FIRST FIRMS TO APPLY ASSET ALLOCATION THEORY TO INVESTMENT PORTFOLIO MANAGEMENT.

1985 ONE OF THE FIRST FIRMS TO CREATE A THREE-WAY ASSET ALLOCATION FUND THAT "TILTS" INVESTMENTS TOWARD PORTIONS OF THE MARKET THAT OUR PROPRIETARY MODELS INDICATE WILL PERFORM BETTER.

1994 INTRODUCED TARGET DATE FUNDS THAT AUTOMATICALLY REALLOCATE THE ASSET MIX OVER SPECIFIC TIME HORIZONS.

1997 WELLS FARGO LAUNCHED THE WEALTHBUILDER PORTFOLIOS, A UNIQUE "FUND OF FUNDS" THAT USES FLEXIBLE ASSET ALLOCATION STRATEGIES TO SHIFT ASSETS.

1999 REORGANIZED THE NORWEST ADVANTAGE FUNDS(R) AND STAGECOACH FUNDS(R) INTO THE WELLS FARGO FUNDS(R).

2003 EXPANDED FIXED-INCOME, SMALL CAP, AND EMERGING MARKETS LINEUP FROM MONTGOMERY ASSET MANAGEMENT, LLC.

2004 ADDED ADDITIONAL LARGE CAP AND MID CAP FUNDS TO THE LINEUP BY ADOPTING THE COOKE & BIELER VALUE FUNDS.

2005 WELLS FARGO FUNDS MERGED WITH STRONG FUNDS TO BECOME WELLS FARGO ADVANTAGE FUNDS, FORMING A FUND FAMILY OF OVER 100 FUNDS AND PLACING IT AMONG THE TOP 20 MUTUAL FUND FAMILIES IN THE UNITED STATES.

2006 ENHANCED AND RENAMED THE WELLS FARGO ADVANTAGE OUTLOOK FUNDS(SM) TO THE
WELLS FARGO ADVANTAGE DOW JONES TARGET DATE FUNDS (SM), WHICH SEEK TO REPLICATE RETURNS OF THE APPROPRIATE DOW JONES TARGET DATE INDEXES, THE FIRST LIFE CYCLE INDEXES IN THE INVESTMENT INDUSTRY.

WELLS FARGO ADVANTAGE FUNDS(R)

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.

FOR 529 PLANS, AN INVESTOR'S OR A DESIGNATED BENEFICIARY'S HOME STATE MAY OFFER STATE TAX OR OTHER BENEFITS THAT ARE ONLY AVAILABLE FOR INVESTMENTS IN THAT STATE'S QUALIFIED TUITION PROGRAM. PLEASE CONSIDER THIS BEFORE INVESTING.

CAREFULLY CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES BEFORE INVESTING. FOR A CURRENT PROSPECTUS FOR WELLS FARGO ADVANTAGE FUNDS OR A CURRENT PROGRAM DESCRIPTION FOR CERTAIN 529 COLLEGE SAVINGS PLANS, CONTAINING THIS AND OTHER INFORMATION, VISIT www.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, Wells Fargo Managed Account Services, and certain 529 college savings plans. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds and shares in the 529 plans 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

NOT PART OF THE SEMI-ANNUAL REPORT.


WELLS FARGO ADVANTAGE FUNDS OFFERS MORE THAN 100 MUTUAL FUNDS ACROSS A WIDE RANGE OF ASSET CLASSES, REPRESENTING OVER $170 BILLION IN ASSETS UNDER MANAGEMENT, AS OF MARCH 31, 2010.

EQUITY FUNDS

Asia Pacific Fund
C&B Large Cap Value Fund
C&B Mid Cap Value Fund
Capital Growth Fund
Common Stock Fund
Discovery Fund+
Diversified Equity Fund
Diversified International Fund
Diversified Small Cap Fund
Emerging Growth Fund
Emerging Markets Equity Fund
Endeavor Select Fund+
Enterprise Fund+
Equity Income Fund
Equity Value Fund
Growth Fund
Growth Equity Fund
Index Fund
International Core Fund
International Value Fund
Large Cap Appreciation Fund
Large Cap Growth Fund
Large Company Core Fund
Large Company Growth Fund
Large Company Value Fund
Mid Cap Disciplined Fund
Mid Cap Growth Fund
Opportunity Fund+
Small Cap Disciplined Fund
Small Cap Growth Fund
Small Cap Opportunities Fund
Small Cap Value Fund
Small Company Growth Fund
Small Company Value Fund
Small/Mid Cap Value Fund
Social Sustainability Fund+
Specialized Financial Services Fund
Specialized Technology Fund
U.S. Value Fund

BOND FUNDS

California Limited-Term Tax-Free Fund
California Tax-Free Fund
Colorado Tax-Free Fund
Diversified Bond Fund
Government Securities Fund(1)
High Income Fund
Income Plus Fund
Inflation-Protected Bond Fund
Intermediate Tax/AMT-Free Fund
Minnesota Tax-Free Fund
Municipal Bond Fund
Short Duration Government Bond Fund(1)
Short-Term Bond Fund
Short-Term High Yield Bond Fund
Short-Term Municipal Bond Fund
Stable Income Fund
Strategic Income Fund
Total Return Bond Fund
Ultra Short-Term Income Fund
Ultra Short-Term Municipal Income Fund
Wisconsin Tax-Free Fund

ASSET ALLOCATION FUNDS

Aggressive Allocation Fund
Conservative Allocation Fund
Growth Balanced Fund
Index Asset Allocation Fund
Moderate Balanced 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(2)+
Target 2010 Fund(2)+
Target 2015 Fund(2)+
Target 2020 Fund(2)+
Target 2025 Fund(2)+
Target 2030 Fund(2)+
Target 2035 Fund(2)+
Target 2040 Fund(2)+
Target 2045 Fund(2)+
Target 2050 Fund(2)+

MONEY MARKET FUNDS

100% Treasury Money Market Fund(1)
California Municipal Money Market Fund
California Municipal Money Market Trust
Cash Investment Money Market Fund
Government Money Market Fund(1)
Heritage Money Market Fund+
Minnesota Money Market Fund
Money Market Fund
Money Market Trust
Municipal Money Market Fund
National Tax-Free Money Market Fund
National Tax-Free Money Market Trust
Overland Express Sweep Fund+
Prime Investment Money Market Fund
Treasury Plus Money Market Fund(1)

VARIABLE TRUST FUNDS(3)

VT C&B Large Cap Value Fund
VT Discovery Fund+
VT Equity Income Fund
VT Index Asset Allocation Fund
VT International Core Fund
VT Large Company Core Fund
VT Large Company Growth Fund
VT Opportunity Fund+
VT Small Cap Growth Fund
VT Small Cap Value 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 U.S. government guarantee applies to certain of the underlying securities and NOT to shares of the Fund.

(2.) The full name of this Fund series is the WELLS FARGO ADVANTAGE DOW JONES TARGET DATE FUNDS(SM).

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

+ In this report, the WELLS FARGO ADVANTAGE DISCOVERY FUND(SM), WELLS FARGO ADVANTAGE ENDEAVOR SELECT FUND(SM), WELLS FARGO ADVANTAGE ENTERPRISE FUND(SM), WELLS FARGO ADVANTAGE OPPORTUNITY FUND(SM), WELLS FARGO ADVANTAGE SOCIAL SUSTAINABILITY FUND(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER CONSERVATIVE ALLOCATION PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER EQUITY PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER GROWTH ALLOCATION PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER GROWTH BALANCED Portfolio(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER MODERATE BALANCED PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER TACTICAL EQUITY PORTFOLIO(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET TODAY FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2010 FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2015 FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2020 FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2025 FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2030 FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2035 FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2040 FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2045 FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2050 FUND(SM), WELLS FARGO ADVANTAGE HERITAGE MONEY MARKET FUND(SM), WELLS FARGO ADVANTAGE OVERLAND EXPRESS SWEEP FUND(SM), WELLS FARGO ADVANTAGE VT DISCOVERY FUND(SM), and WELLS FARGO ADVANTAGE VT OPPORTUNITY FUND(SM) are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, Social Sustainability Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Heritage Money Market Fund, Overland Express Sweep Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

NOT PART OF THE SEMI-ANNUAL REPORT.


2 Wells Fargo Advantage Allocation Funds

Letter to Shareholders

(PHOTO OF KARLA M. RABUSCH)

KARLA M. RABUSCH,
President
WELLS FARGO ADVANTAGE FUNDS

THE PERIOD WAS MARKED BY GROWING OPTIMISM, AS SIGNS CONTINUED TO EMERGE THAT THE WORST OF THE ECONOMIC CRISIS MAY HAVE PASSED.

Dear Valued Shareholder:

We're pleased to offer you this semi-annual report for the WELLS FARGO ADVANTAGE ALLOCATION FUNDS for the six-month period that ended March 31, 2010. The period was marked by growing optimism, as signs continued to emerge that the worst of the economic crisis may have passed. Global stock markets rallied strongly throughout the period, even as the overall economic picture remained mixed.

SOLID ECONOMIC REPORTS SPARKED A MARKET RALLY.

The period began on a positive note, as initial estimates of third-quarter real Gross Domestic Product (GDP) supported the case for a slow recovery. The final estimate was that real GDP advanced by 2.2% in the third quarter of 2009--an improvement from the 0.7% decline in the second quarter of 2009, and a noted increase from the 6.4% sequential decline for the first quarter of 2009. Third-quarter GDP was supported by government expenditures but also reflected contributions from personal consumption expenditures, exports, private inventory investment, and residential fixed investment.

Even before the third-quarter numbers were released, most economists surveyed by THE WALL STREET JOURNAL in August 2009 said that the recession that officially began in December 2007 was now over, a judgment that received support from the February 2010 estimate of a 5.9% increase in GDP for the fourth quarter of 2009. A stubbornly high unemployment rate was the main sour note during the period, rising to a seasonally adjusted 10.1% in October and ending the period slightly lower at 9.7%.

For most of the period, international news supported the fairly positive outlook. The two largest eurozone economies, France and Germany, posted modest sequential growth rates in the third quarter of 2009; French GDP again expanded modestly in the fourth quarter, while German GDP was unchanged. Toward the end of the period, though, investors became concerned about the possibility that eurozone member Greece would default on its sovereign debt, sparking increased concerns about the debt burdens of other eurozone member states such as Portugal, Italy, and Spain and causing weakness in the euro. In Japan, the economy posted a 0.9% sequential growth rate in the fourth quarter, largely because of exports.

GOVERNMENTS MAINTAINED AN ACTIVE ROLE IN THE WORLDWIDE ECONOMY, AIDING THE TENTATIVE ECONOMIC RECOVERY.

Both the European Central Bank (ECB) and the Federal Reserve kept their key interest rates at low levels (1% for the ECB, effectively zero for the Federal Reserve), continued to provide cash to banks, and purchased debt securities backed by mortgages in order to support the financial system.

However, as signs accumulated that the economy was stabilizing, the U.S. government began to dial down its intervention. In early 2010, the Federal Reserve announced that it would stop buying mortgage-backed securities at the end of March. The Fed also raised its discount rate--which applies to bank borrowing from the central bank--by 0.25% to 0.75%, while keeping the more important federal funds rate undisturbed. Within the eurozone, although the larger countries such as France and Germany showed signs of stabilization, the ongoing problems in Greece led to widespread talk of a European-funded bailout.


Wells Fargo Advantage Allocation Funds 3

Letter to Shareholders

STOCKS RALLIED ON THE WIDESPREAD HOPE OF A NEAR-TERM RESUMPTION IN ECONOMIC GROWTH, WITH MOST PARTS OF THE STOCK MARKET POSTING DOUBLE-DIGIT GAINS.

GLOBAL STOCK AND BOND MARKETS RALLIED.

Stocks rallied on the widespread hope of a near-term resumption in economic growth, with most parts of the stock market posting double-digit gains. For the period, growth stocks outperformed value stocks among large caps, but value stocks outperformed among small caps. Small cap value benefited from a strong bounce-back in smaller financials stocks. However, returns on international large cap stocks did not keep pace with domestic issues for the six-month time frame.

Most sectors of the bond market also posted gains. Higher-quality government and corporate bonds continued to benefit from relatively low interest rates, though longer-term Treasuries posted a loss for the period. High-yield bonds, which posted losses during the depth of the credit crisis, continued to rally as economic conditions seemed to improve.

MANY VARIABLES ARE AT WORK IN THE MARKET.

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

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

Thank you for choosing to invest with WELLS FARGO ADVANTAGE FUNDS. We appreciate your confidence in us and remain committed to helping you meet your financial needs. For current information about your fund investments, contact your investment professional, visit our Web site at www.wellsfargo.com/advantagefunds, or call us directly at 1-800-222-8222.

Sincerely,

/s/ Karla M. Rabusch

Karla M. Rabusch
President
WELLS FARGO ADVANTAGE FUNDS


4 Wells Fargo Advantage Allocation Funds

Performance Highlights

WELLS FARGO ADVANTAGE AGGRESSIVE ALLOCATION FUND

INVESTMENT OBJECTIVE

The WELLS FARGO ADVANTAGE AGGRESSIVE ALLOCATION FUND (the Fund) seeks total
return, consisting primarily of capital appreciation.

INVESTMENT ADVISER

Wells Fargo Funds Management, LLC

SUBADVISER

Wells Capital Management Incorporated

MASTER PORTFOLIO SUBADVISERS

Artisan Partners Limited Partnership
Cadence Capital Management
Cooke & Bieler, L.P.
Evergreen Investment Management Company, LLC Galliard Capital Management, Inc.
LSV Asset Management
Peregrine Capital Management, Inc.
Smith Asset Management Group, L.P.
SSgA Funds Management
Systematic Financial Management, L.P.
Wells Capital Management Incorporated

PORTFOLIO MANAGERS

Doug Beath
Thomas C. Biwer, CFA
Petros Bocray, CFA
Christian L. Chan, CFA
Jeffrey P. Mellas, CAIA
Andrew Owen, CFA

FUND INCEPTION

December 2, 1997

TEN LARGEST HOLDINGS(1)
(AS OF MARCH 31, 2010)

Microsoft Corporation 1.55%
US Treasury Bill, 0.10%, 08/05/2010 1.50%
Apple Incorporated 1.43%
Goldman Sachs Group Incorporated 1.37%
Cisco Systems Incorporated 1.36%
Google Incorporated Class A 1.26%
Exxon Mobil Corporation 1.26%
General Electric Company 0.94%
JP Morgan Chase & Company 0.94%
Bank of America Corporation 0.91%

NEUTRAL ALLOCATION(2)
(AS OF MARCH 31, 2010)

Stocks (80%) Bonds (20%)

EFFECTIVE ALLOCATION(3)
(AS OF MARCH 31, 2010)

Stocks (95%) Bonds (5%)


(1.) The ten largest holdings are calculated based on the value of the portfolio securities of the Master Portfolio(s) allocable to the Fund divided by the total investments of the Fund. See Notes to Financial Statements for a discussion of the Master Portfolio(s). Holdings are subject to change and may have changed since the date specified.

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

(3.) Effective allocation is subject to change and is calculated based on the total investments of the Fund, excluding cash and cash equivalents, and including the value of futures contracts at period end.


Wells Fargo Advantage Allocation Funds 5

Performance Highlights

WELLS FARGO ADVANTAGE AGGRESSIVE ALLOCATION FUND (CONTINUED)

AVERAGE ANNUAL TOTAL RETURN(4) (%) (AS OF MARCH 31, 2010)

 Expense Ratio
 -----------------
 6 Months* 1 Year 5 Year 10 Year Gross(5) Net(6)
 --------- ------ ------ ------- -------- ------
Administrator Class (NWBEX) 10.42 50.21 1.67 1.12 1.22% 1.00%
Aggressive Allocation Composite Index(7) 9.06 42.83 3.41 1.69
S&P 500 Index(8) 11.75 49.77 1.92 (0.65)
Barclays Capital U.S. Aggregate Bond Index(9) 1.99 7.69 5.44 6.29

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

FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE

RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE - www.wellsfargo.com/advantagefunds.

ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.

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

Balanced funds may invest in stocks and bonds. 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, and smaller company securities risk. Consult the Fund's prospectus for additional information on these and other risks.


(4.) The Fund is a gateway fund in a Master/Gateway structure that invests in two or more Master Portfolios of the Wells Fargo Master Trust in varying proportions. References to the investment activities of the Fund are intended to refer to the investment activities of the Master Portfolios in which it invests.

(5.) Reflects the gross expense ratio as stated in the February 1, 2010 prospectus.

(6.) The investment adviser has contractually committed through January 31, 2011 to waive fees and/or reimburse expenses to the extent necessary to maintain the net operating expense ratios, including the underlying Master Portfolio's fees and expenses. Without these reductions, the Fund's returns would have been lower.

(7.) The Aggressive Allocation Composite Index is weighted 20% in the Barclays Capital U.S. Aggregate Bond Index (includes Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities), 20% in the Russell 1000(R) Value Index (measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values), 20% in the S&P 500 Index, 20% in the Russell 1000(R) Growth (measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values), 12% in the MSCI EAFE Index (an unmanaged group of securities generally representative of the stock markets of Europe, Australasia and the Far East), and 8% in the Russell 2000(R) Index (measures the performance of the 2,000 smallest companies in the Russell 3000(R) Index). You cannot invest directly in an Index.

(8.) 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.

(9.) The Barclays Capital U.S. Aggregate Bond Index is composed of the Barclays Capital Government/Credit Index and the Barclay Capital 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.


6 Wells Fargo Advantage Allocation Funds

Performance Highlights

WELLS FARGO ADVANTAGE CONSERVATIVE ALLOCATION FUND

INVESTMENT OBJECTIVE

The WELLS FARGO ADVANTAGE CONSERVATIVE ALLOCATION FUND (the Fund) seeks total
return, consisting primarily of current income.

INVESTMENT ADVISER

Wells Fargo Funds Management, LLC

SUBADVISER

Wells Capital Management Incorporated

MASTER PORTFOLIO SUBADVISERS

Artisan Partners Limited Partnership
Cadence Capital Management
Cooke & Bieler, L.P.
Evergreen Investment Management Company, LLC Galliard Capital Management, Inc.
LSV Asset Management
Peregrine Capital Management, Inc.
Smith Asset Management Group, L.P.
SSgA Funds Management
Systematic Financial Management, L.P.
Wells Capital Management Incorporated

PORTFOLIO MANAGERS

Doug Beath
Thomas C. Biwer, CFA
Petros Bocray, CFA
Christian L. Chan, CFA
Jeffrey P. Mellas, CAIA
Andrew Owen, CFA

FUND INCEPTION

April 30, 1989

TEN LARGEST HOLDINGS(1)
(AS OF MARCH 31, 2010)

US Treasury Bond, 3.62%, 02/15/2020 1.41%
US Treasury Bond, 2.62%, 12/31/2014 1.11%
FNMA, 6.00%, 05/01/2040 1.09%
GNMA, 7.00%, 08/16/2042 0.97%
US Treasury Bond, 3.37%, 04/15/2032 0.81%
WI Treasury Bond, 3.37%, 11/15/2019 0.71%
College Loan Corporation Trust
 Series 2006-A Class A3 0.67%
Treasury Inflation Protected
 Securities, 2.50%, 01/15/2029 0.67%
FNMA, 4.50%, 04/01/2040 0.62%
FNMA, 5.28%, 08/01/2019 0.57%

NEUTRAL ALLOCATION(2)
(AS OF MARCH 31, 2010)

Stocks (20%)
Bonds (80%)

EFFECTIVE ALLOCATION(3)
(AS OF MARCH 31, 2010)

Stocks (25%)
Bonds (75%)


(1.) The ten largest holdings are calculated based on the value of the portfolio securities of the Master Portfolio(s) allocable to the Fund divided by the total investments of the Fund. See Notes to Financial Statements for a discussion of the Master Portfolio(s). Holdings are subject to change and may have changed since the date specified.

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

(3.) Effective allocation is subject to change and is calculated based on the total investments of the Fund, excluding cash and cash equivalents, and including the value of futures contracts at period end.


Wells Fargo Advantage Allocation Funds 7

Performance Highlights

WELLS FARGO ADVANTAGE CONSERVATIVE ALLOCATION FUND (CONTINUED)

AVERAGE ANNUAL TOTAL RETURN(4) (%) (AS OF MARCH 31, 2010)

 Expense Ratio
 -----------------
 6 Months* 1 Year 5 Year 10 Year Gross(5) Net(6)
 --------- ------ ------ ------- -------- ------
Administrator Class (NVCBX) 6.06 22.08 3.64 3.88 1.10% 0.85%
Conservative Allocation Composite Index(7) 3.35 13.92 4.66 4.62
Barclays Capital U.S. Aggregate Bond Index(8) 1.99 7.69 5.44 6.29
S&P 500 Index(9) 11.75 49.77 1.92 (0.65)

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

FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE

RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE - www.wellsfargo.com/advantagefunds.

ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.

Balanced funds may invest in stocks and bonds. 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. Active trading results in increased turnover and trading expenses, and may generate higher short term capital gains. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to mortgage-and asset-backed securities risk. Consult the Fund's prospectus for additional information on these and other risks.


(4.) The Fund is a gateway fund in a Master/Gateway structure that invests in two or more Master Portfolios of the Wells Fargo Master Trust in varying proportions. References to the investment activities of the Fund are intended to refer to the investment activities of the Master Portfolios in which it invests.

(5.) Reflects the gross expense ratio as stated in the February 1, 2010 prospectus.

(6.) The investment adviser has contractually committed through January 31, 2011 to waive fees and/or reimburse expenses to the extent necessary to maintain the net operating expense ratios, including the underlying Master Portfolio's fees and expenses. Without these reductions, the Fund's returns would have been lower.

(7.) The Conservative Allocation Composite Index is weighted 55% in the Barclays Capital U.S. Aggregate Bond Index (includes Treasury issues, agency issues, corporate bond issues and mortgage-backed securities), 25% in the Barclays Capital 9-12 Month U.S. Treasury Bond Index (an unmanaged index that includes aged U.S. Treasury bills, notes, and bonds with a remaining maturity from one up to but not including 12 months), 5% in the Russell 1000(R) Value Index (measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values), 5% in the S&P 500 Index, 5% in the Russell 1000 Growth (measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values), 3% in the MSCI EAFE Index (an unmanaged group of securities generally representative of the stock markets of Europe, Australasia and the Far East), and 2% in the Russell 2000(R) Index (measures the performance of the 2,000 smallest companies in the Russell 3000(R) Index. 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 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.

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


8 Wells Fargo Advantage Allocation Funds

Performance Highlights

WELLS FARGO ADVANTAGE GROWTH BALANCED FUND

INVESTMENT OBJECTIVE

The WELLS FARGO ADVANTAGE GROWTH BALANCED FUND (the Fund) seeks total return, consisting of capital appreciation and current income.

INVESTMENT ADVISER

Wells Fargo Funds Management, LLC

SUBADVISER

Wells Capital Management Incorporated

MASTER PORTFOLIO SUBADVISERS

Artisan Partners Limited Partnership
Cadence Capital Management
Cooke & Bieler, L.P.
Evergreen Investment Management Company, LLC Galliard Capital Management, Inc.
LSV Asset Management
Peregrine Capital Management, Inc.
Smith Asset Management Group, L.P.
SSgA Funds Management
Systematic Financial Management, L.P.
Wells Capital Management Incorporated

PORTFOLIO MANAGERS

Doug Beath
Thomas C. Biwer, CFA
Petros Bocray, CFA
Christian L. Chan, CFA
Jeffrey P. Mellas, CAIA
Andrew Owen, CFA

FUND INCEPTION

April 30, 1989

TEN LARGEST HOLDINGS(1)
(AS OF MARCH 31, 2010)

Microsoft Corporation 1.26%
Apple Incorporated 1.16%
US Treasury Bill, 0.10%, 08/05/2010 1.12%
Goldman Sachs Group Incorporated 1.11%
Cisco Systems Incorporated 1.10%
Google Incorporated Class A 1.02%
Exxon Mobil Corporation 1.02%
US Treasury Bond, 3.62%, 02/15/2020 0.90%
General Electric Company 0.76%
JP Morgan Chase & Company 0.76%

NEUTRAL ALLOCATION(2)
(AS OF MARCH 31, 2010)

Stocks (65%)
Bonds (35%)

EFFECTIVE ALLOCATION(3)
(AS OF MARCH 31, 2010)

Stocks (80%)
Bonds (20%)


(1.) The ten largest holdings are calculated based on the value of the portfolio securities of the Master Portfolio(s) allocable to the Fund divided by the total investments of the Fund. See Notes to Financial Statements for a discussion of the Master Portfolio(s). Holdings are subject to change and may have changed since the date specified.

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

(3.) Effective allocation is subject to change and is calculated based on the total investments of the Fund, excluding cash and cash equivalents, and including the value of futures contracts at period end.


Wells Fargo Advantage Allocation Funds 9

Performance Highlights

WELLS FARGO ADVANTAGE GROWTH BALANCED FUND (CONTINUED)

AVERAGE ANNUAL TOTAL RETURN(4) (%) (AS OF MARCH 31, 2010)

 Including Sales Charge Excluding Sales Charge Expense Ratio
 ---------------------------------- ---------------------------------- ----------------
 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross(5) Net(6)
 --------- ------ ------ ------- --------- ------ ------ ------- -------- ------
Class A (WFGBX) 3.20 35.88 0.87 1.26 9.50 44.17 2.07 1.86 1.33% 1.20%
Class B (NVGRX)** 4.08 38.08 0.93 1.33 9.08 43.08 1.31 1.33 2.08% 1.95%
Class C (WFGWX) 8.10 42.10 1.31 1.10 9.10 43.10 1.31 1.10 2.08% 1.95%
Administrator Class (NVGBX) 9.65 44.59 2.33 2.11 1.15% 0.95%
Growth Balanced Composite Index(7) 7.75 35.66 3.94 2.68
S&P 500 Index(8) 11.75 49.77 1.92 (0.65)
Barclays Capital U.S. Aggregate
 Bond Index(9) 1.99 7.69 5.44 6.29

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

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

FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE

RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE - www.wellsfargo.com/advantagefunds.

FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.

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

Balanced funds may invest in stocks and bonds. 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, and smaller company securities risk. Consult the Fund's prospectus for additional information on these and other risks.


(4.) The Fund is a gateway fund in a Master/Gateway structure that invests in two or more Master Portfolios of the Wells Fargo Master Trust in varying proportions. References to the investment activities of the Fund are intended to refer to the investment activities of the Master Portfolios in which it invests.

(5.) Reflects the gross expense ratio as stated in the February 1, 2010 prospectus.

(6.) The investment adviser has contractually committed through January 31, 2011 to waive fees and/or reimburse expenses to the extent necessary to maintain the net operating expense ratios, including the underlying Master Portfolio's fees and expenses. Without these reductions, the Fund's returns would have been lower.

(7.) The Growth Balanced Composite Index is weighted 35% in the Barclays Capital Aggregate Bond Index (includes Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities), 16.25% in the Russell 1000(R) Value Index (measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values), 16.25% in the S&P 500 Index, 16.25% in the Russell 1000(R) Growth (measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values), 9.75% in the MSCI EAFE Index (an unmanaged group of securities generally representative of the stock markets of Europe, Australasia, and the Far East), and 6.50% in the Russell 2000(R) Index (measures the performance of the 2,000 smallest companies in the Russell 3000(R) Index). You cannot invest directly in an index.

(8.) 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.

(9.) The Barclays Capital U.S. Aggregate Bond Index is composed of the Barclays Capital Government/Credit Index and the Barclays Capital 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.


10 Wells Fargo Advantage Allocation Funds

Performance Highlights

WELLS FARGO ADVANTAGE INDEX ASSET ALLOCATION FUND(1)

INVESTMENT OBJECTIVE

The WELLS FARGO ADVANTAGE INDEX ASSET ALLOCATION FUND (the Fund) seeks long-term total return, consisting of capital appreciation and current income.

INVESTMENT ADVISER

Wells Fargo Funds Management, LLC

SUBADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

Gregory T. Genung, CFA
Jeffrey P. Mellas, CAIA

FUND INCEPTION

November 13, 1986

TEN LARGEST HOLDINGS(2)
(AS OF MARCH 31, 2010)

US Treasury Bond, 4.38%, 11/15/2039 5.36%
US Treasury Bond, 4.50%, 08/15/2039 4.94%
US Treasury Bond, 4.25%, 05/15/2039 4.18%
US Treasury Bond, 4.50%, 02/15/2036 3.14%
US Treasury Bond, 3.50%, 02/15/2039 2.63%
US Treasury Bond, 4.50%, 05/15/2038 2.59%
US Treasury Bond, 6.25%, 05/15/2030 2.35%
US Treasury Bond, 4.63%, 02/15/2040 2.13%
US Treasury Bond, 5.38%, 02/15/2031 2.10%
US Treasury Bond, 5.00%, 05/15/2037 1.98%

SECTOR DISTRIBUTION(3)
(AS OF MARCH 31, 2010)

(PIE CHART)

Consumer Discretionary (6%)
Consumer Staples (4%)
Energy (11%)
Financials (15%)
Health Care (6%)
Industrials (7%)
Information Technology (6%)
Materials (2%)
Telecommunication Services (3%)
U.S. Treasury Securities (37%)
Utilities (3%)

NEUTRAL ALLOCATION(3)
(AS OF MARCH 31, 2010)

Stocks (60%)
Bonds (40%)

EFFECTIVE ALLOCATION(4)
(AS OF MARCH 31, 2010)

Stocks (85%)
Bonds (15%)


(1.) Prior to March 1, 2010, the WELLS FARGO ADVANTAGE INDEX ASSET ALLOCATION FUND was named WELLS FARGO ADVANTAGE ASSET ALLOCATION FUND.

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

(3.) Sector distribution and neutral allocation are subject to change and are calculated based on the total investments of the Fund, excluding cash and cash equivalents.

(4.) Effective allocation is subject to change and is calculated based on the total investments of the Fund, excluding cash and cash equivalents, and including the value of futures contracts at period end.


Wells Fargo Advantage Allocation Funds 11

Performance Highlights

WELLS FARGO ADVANTAGE INDEX ASSET ALLOCATION FUND (CONTINUED)

AVERAGE ANNUAL TOTAL RETURN (%) (AS OF MARCH 31, 2010)

 Including Sales Charge Excluding Sales Charge Expense Ratio
 ---------------------------------- ---------------------------------- ----------------
 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross(5) Net(6)
 --------- ------ ------ ------- --------- ------ ------ ------- -------- ------
Class A (SFAAX) 0.93 28.01 0.49 0.38 7.08 35.85 1.69 0.97 1.29% 1.15%
Class B (SASBX)** 1.65 29.76 0.56 0.45 6.65 34.76 0.95 0.45 2.04% 1.90%
Class C (WFALX) 5.69 33.75 0.93 0.22 6.69 34.75 0.93 0.22 2.04% 1.90%
Administrator Class (WFAIX) 7.24 36.18 1.95 1.17 1.11% 0.90%
Asset Allocation Composite Index(7) 3.91 22.13 3.59 2.79
S&P 500 Index(8) 11.75 49.77 1.92 (0.65)
Barclays Capital 20+ Treasury Index(9) (7.42) (11.66) 4.60 6.63

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

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

FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE

RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE - www.wellsfargo.com/advantagefunds.

FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.

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

Balanced funds may invest in stocks and bonds. 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. Consult the Fund's prospectus for additional information on these and other risks.


(5.) Reflects the gross expense ratio as stated in the February 1, 2010 prospectus.

(6.) The investment adviser has contractually committed through January 31, 2011 to waive fees and/or reimburse expenses to the extent necessary to maintain the net operating expense ratio shown. Without these reductions, the Fund's returns would have been lower.

(7.) The Asset Allocation Composite Index is weighted 60% in the S&P 500 Index and 40% in the Barclays Capital 20+ Year Treasury Index (a subset of the Barclays Capital U.S. Treasury Index, which contains public obligations of the U.S. Treasury with a remaining maturity of one year or more). You cannot invest directly in an index.

(8.) 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.

(9.) The Barclays Capital 20+ Treasury index is an unmanaged index composed of securities in the U.S. Treasury Index with maturities of 20 years or greater. You cannot invest directly in an index.


12 Wells Fargo Advantage Allocation Funds

Performance Highlights

WELLS FARGO ADVANTAGE MODERATE BALANCED FUND

INVESTMENT OBJECTIVE

The WELLS FARGO ADVANTAGE MODERATE BALANCED FUND (the Fund) seeks total return, consisting of current income and capital appreciation.

INVESTMENT ADVISER

Wells Fargo Funds Management, LLC

SUBADVISER

Wells Capital Management Incorporated

MASTER PORTFOLIO SUBADVISERS

Artisan Partners Limited Partnership
Cadence Capital Management
Cooke & Bieler, L.P.

Evergreen Investment Management Company, LLC

Galliard Capital Management, Inc.
LSV Asset Management

Peregrine Capital Management, Inc.
Smith Asset Management Group, L.P.
SSgA Funds Management

Systematic Financial Management, L.P.
Wells Capital Management Incorporated

PORTFOLIO MANAGERS

Doug Beath
Thomas C. Biwer, CFA
Petros Bocray, CFA
Christian L. Chan, CFA
Jeffrey P. Mellas, CAIA
Andrew Owen, CFA

FUND INCEPTION

April 30, 1989

TEN LARGEST HOLDINGS(1)
(AS OF MARCH 31, 2010)

US Treasury Bond, 3.62%, 02/15/2020 1.16%
WI Treasury Bill 1.00%, 08/05/2010 1.07%
US Treasury Bond, 2.62%, 12/31/2014 0.91%
FNMA, 6.00%, 05/01/2040 0.89%
GNMA, 7.00%, 08/16/2042 0.79%
Microsoft Corporation 0.77%
Apple Incorporated 0.71%
Goldman Sachs Group Incorporated 0.68%
Cisco Systems Incorporated 0.67%
US Treasury Bond, 3.37%, 04/15/2032 0.66%

NEUTRAL ALLOCATION(2)
(AS OF MARCH 31, 2010)

Stocks (60%)
Bonds (40%)

EFFECTIVE ALLOCATION(3)
(AS OF MARCH 31, 2010)

Stocks (51%)
Bonds (49%)


(1.) The ten largest holdings are calculated based on the value of the portfolio securities of the Master Portfolio(s) allocable to the Fund divided by the total investments of the Fund. See Notes to Financial Statements for a discussion of the Master Portfolio(s). Holdings are subject to change and may have changed since the date specified.

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

(3.) Effective allocation is subject to change and is calculated based on the total investments of the Fund, excluding cash and cash equivalents, and including the value of futures contracts at period end.


Wells Fargo Advantage Allocation Funds 13

Performance Highlights

WELLS FARGO ADVANTAGE MODERATE BALANCED FUND (CONTINUED)

AVERAGE ANNUAL TOTAL RETURN(4) (%) (AS OF MARCH 31, 2010)

 Including Sales Charge Excluding Sales Charge Expense Ratio
 ---------------------------------- ---------------------------------- ----------------
 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross(5) Net(6)
 --------- ------ ------ ------- --------- ------ ------ ------- -------- ------
Class A (WFMAX) 1.27 24.02 1.67 2.37 7.45 31.58 2.88 2.98 1.31% 1.15%
Class B (WMOBX)** 2.04 25.55 1.73 2.44 7.04 30.55 2.10 2.44 2.06% 1.90%
Class C (WFBCX) 6.04 29.60 2.10 2.21 7.04 30.60 2.10 2.21 2.06% 1.90%
Administrator Class (NVMBX) 7.57 31.83 3.13 3.23 1.13% 0.90%
Moderate Balanced Composite
 Index(7) 5.29 23.13 4.40 3.80
S&P 500 Index(8) 11.75 49.77 1.92 (0.65)
Barclays Capital U.S. Aggregate
 Bond Index(9) 1.99 7.69 5.44 6.29

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

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

FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE

RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE - www.wellsfargo.com/advantagefunds.

FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.

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

Balanced funds may invest in stocks and bonds. 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 and mortgage- and asset-backed securities risk. Consult the Fund's prospectus for additional information on these and other risks.


(4.) The Fund is a gateway fund in a Master/Gateway structure that invests in two or more Master Portfolios of the Wells Fargo Master Trust in varying proportions. References to the investment activities of the Fund are intended to refer to the investment activities of the Master Portfolios in which it invests.

Performance shown prior to the inception of the Class A, Class B and Class C reflects the performance of the Administrator Class, adjusted to reflect Class A, Class B and Class C sales charges and expenses, as applicable. Class A, Class B, and Class C incepted on January 30, 2004.

(5.) Reflects the gross expense ratio as stated in the February 1, 2010 prospectus.

(6.) The investment adviser has contractually committed through January 31, 2011 to waive fees and/or reimburse expenses to the extent necessary to maintain the net operating expense ratios, including the underlying Master Portfolio's fees and expenses. Without these reductions, the Fund's returns would have been lower.

(7.) The Moderate Balanced Composite Index is weighted 45% in the Barclays Capital U.S. Aggregate Bond Index (includes Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities), 15% in the Barclays Capital 9-12 Month U.S. Treasury Bond Index (an unmanaged index that includes aged U.S. Treasury bills, notes, and bonds with a remaining maturity from one up to but not including 12 months), 10% in the Russell 1000(R) Value Index (measures the performance of those Russell 1,000 companies with lower price-to-book ratios and lower forecasted growth values), 10% in the S&P 500 Index, 10% in the Russell 1000(R) Growth Index (measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values), 6% in the MSCI EAFE Index (an unmanaged group of securities generally representative of the stock markets of Europe, Australasia and the Far East), and 4% in the Russell 2000(R) Index (measures the performance of the 2,000 smallest companies in the Russell 3000(R) Index). You cannot invest directly in an Index.

(8.) 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.

(9.) The Barclays Capital U.S. Aggregate Bond Index is composed of the Barclays Capital Government/Credit Index and the Barclays Capital 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.


14 Wells Fargo Advantage Allocation Funds

Fund Expenses

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from October 1, 2009 to March 31, 2010.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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

 Beginning Ending Expenses
 Account Value Account Value Paid During Net Annual
 10-01-2009 03-31-2010 Period* Expense Ratio
 ------------- ------------- ----------- -------------
AGGRESSIVE ALLOCATION FUND
ADMINISTRATOR CLASS
 Actual $1,000.00 $1,104.20 $ 5.19 0.99%
 Hypothetical (5% return before expenses) $1,000.00 $1,020.00 $ 4.99 0.99%

CONSERVATIVE ALLOCATION FUND

ADMINISTRATOR CLASS
 Actual $1,000.00 $1,060.60 $ 4.37 0.85%
 Hypothetical (5% return before expenses) $1,000.00 $1,020.69 $ 4.28 0.85%

GROWTH BALANCED FUND

CLASS A
 Actual $1,000.00 $1,095.00 $ 6.22 1.19%
 Hypothetical (5% return before expenses) $1,000.00 $1,019.00 $ 5.99 1.19%

CLASS B
 Actual $1,000.00 $1,090.80 $10.11 1.94%
 Hypothetical (5% return before expenses) $1,000.00 $1,015.26 $ 9.75 1.94%

CLASS C
 Actual $1,000.00 $1,091.00 $10.11 1.94%
 Hypothetical (5% return before expenses) $1,000.00 $1,015.26 $ 9.75 1.94%

ADMINISTRATOR CLASS
 Actual $1,000.00 $1,096.50 $ 4.91 0.94%
 Hypothetical (5% return before expenses) $1,000.00 $1,020.24 $ 4.73 0.94%


Wells Fargo Advantage Allocation Funds 15

Fund Expenses

 Beginning Ending Expenses
 Account Value Account Value Paid During Net Annual
 10-01-2009 03-31-2010 Period* Expense Ratio
 ------------- ------------- ----------- -------------
INDEX ASSET ALLOCATION FUND
CLASS A
 Actual $1,000.00 $1,070.80 $ 5.89 1.14%
 Hypothetical (5% return before expenses) $1,000.00 $1,019.25 $ 5.74 1.14%

CLASS B
 Actual $1,000.00 $1,066.50 $ 9.74 1.89%
 Hypothetical (5% return before expenses) $1,000.00 $1,015.51 $ 9.50 1.89%

CLASS C
 Actual $1,000.00 $1,066.90 $ 9.79 1.90%
 Hypothetical (5% return before expenses) $1,000.00 $1,015.46 $ 9.55 1.90%

ADMINISTRATOR CLASS
 Actual $1,000.00 $1,072.40 $ 4.60 0.89%
 Hypothetical (5% return before expenses) $1,000.00 $1,020.49 $ 4.48 0.89%

MODERATE BALANCED FUND

CLASS A
 Actual $1,000.00 $1,074.50 $ 5.90 1.14%
 Hypothetical (5% return before expenses) $1,000.00 $1,019.25 $ 5.74 1.14%

CLASS B
 Actual $1,000.00 $1,070.40 $ 9.76 1.89%
 Hypothetical (5% return before expenses) $1,000.00 $1,015.51 $ 9.50 1.89%

CLASS C
 Actual $1,000.00 $1,070.40 $ 9.76 1.89%
 Hypothetical (5% return before expenses) $1,000.00 $1,015.51 $ 9.50 1.89%

ADMINISTRATOR CLASS
 Actual $1,000.00 $1,075.70 $ 4.61 0.89%
 Hypothetical (5% return before expenses) $1,000.00 $1,020.49 $ 4.48 0.89%


* Expenses are equal to the Portfolio's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half year period).

16 Wells Fargo Advantage Allocation Funds

Portfolio of Investments--March 31, 2010 (Unaudited)

AGGRESSIVE ALLOCATION FUND

FACE/SHARE
 AMOUNT SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 98.71%
 N/A WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE PORTFOLIO $ 6,805,661
 N/A WELLS FARGO ADVANTAGE DISCIPLINED GROWTH PORTFOLIO 4,070,425
 N/A WELLS FARGO ADVANTAGE EMERGING GROWTH PORTFOLIO 956,723
 N/A WELLS FARGO ADVANTAGE EQUITY INCOME PORTFOLIO 6,795,362
 N/A WELLS FARGO ADVANTAGE EQUITY VALUE PORTFOLIO 6,810,720
 N/A WELLS FARGO ADVANTAGE INDEX PORTFOLIO 20,377,988
 N/A WELLS FARGO ADVANTAGE INFLATION-PROTECTED BOND PORTFOLIO 2,052,253
 N/A WELLS FARGO ADVANTAGE INTERNATIONAL CORE PORTFOLIO 3,091,514
 N/A WELLS FARGO ADVANTAGE INTERNATIONAL GROWTH PORTFOLIO 3,084,783
 N/A WELLS FARGO ADVANTAGE INTERNATIONAL INDEX PORTFOLIO 3,086,966
 N/A WELLS FARGO ADVANTAGE INTERNATIONAL VALUE PORTFOLIO 3,090,623
 N/A WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION PORTFOLIO 2,036,206
 N/A WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH PORTFOLIO 14,184,645
 N/A WELLS FARGO ADVANTAGE MANAGED FIXED INCOME PORTFOLIO 14,311,574
 N/A WELLS FARGO ADVANTAGE SMALL CAP INDEX PORTFOLIO 2,724,066
 N/A WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO 1,761,776
 N/A WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO 271,494
 N/A WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE PORTFOLIO 2,443,409
 N/A WELLS FARGO ADVANTAGE TOTAL RETURN BOND PORTFOLIO 4,085,297

TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $96,353,278) 102,041,485
 ------------

 PRINCIPAL INTEREST RATE MATURITY DATE
---------- ------------- -------------
SHORT-TERM INVESTMENTS: 1.50%
US TREASURY BILLS: 1.50%
$1,545,000 US TREASURY BILL### 0.10% 08/05/2010 1,544,135
 ------------
TOTAL SHORT-TERM INVESTMENTS (COST $1,544,135) 1,544,135
 ------------
TOTAL INVESTMENTS IN SECURITIES
(COST $97,897,413)* 100.21% 103,585,620
OTHER ASSETS AND LIABILITIES, NET (0.21) (213,490)
 ------ ------------
TOTAL NET ASSETS 100.00% $103,372,130
 ------ ------------


## Zero coupon security. Rate represents yield to maturity.

# Security pledged as collateral for futures transactions.

* 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.


Wells Fargo Advantage Allocation Funds 17

Portfolio of Investments--March 31, 2010 (Unaudited)

CONSERVATIVE ALLOCATION FUND

FACE/SHARE
 AMOUNT SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 99.53%
 N/A WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE PORTFOLIO $ 5,681,212
 N/A WELLS FARGO ADVANTAGE DISCIPLINED GROWTH PORTFOLIO 3,403,500
 N/A WELLS FARGO ADVANTAGE EMERGING GROWTH PORTFOLIO 793,194
 N/A WELLS FARGO ADVANTAGE EQUITY INCOME PORTFOLIO 5,694,433
 N/A WELLS FARGO ADVANTAGE EQUITY VALUE PORTFOLIO 5,698,127
 N/A WELLS FARGO ADVANTAGE INDEX PORTFOLIO 17,062,141
 N/A WELLS FARGO ADVANTAGE INFLATION-PROTECTED BOND PORTFOLIO 18,481,454
 N/A WELLS FARGO ADVANTAGE INTERNATIONAL CORE PORTFOLIO 2,573,766
 N/A WELLS FARGO ADVANTAGE INTERNATIONAL GROWTH PORTFOLIO 2,558,132
 N/A WELLS FARGO ADVANTAGE INTERNATIONAL INDEX PORTFOLIO 2,565,789
 N/A WELLS FARGO ADVANTAGE INTERNATIONAL VALUE PORTFOLIO 2,559,278
 N/A WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION PORTFOLIO 1,703,662
 N/A WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH PORTFOLIO 11,879,606
 N/A WELLS FARGO ADVANTAGE MANAGED FIXED INCOME PORTFOLIO 128,931,884
 N/A WELLS FARGO ADVANTAGE SMALL CAP INDEX PORTFOLIO 2,270,624
 N/A WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO 1,465,125
 N/A WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO 220,825
 N/A WELLS FARGO ADVANTAGE STABLE INCOME PORTFOLIO 83,666,084
 N/A WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE PORTFOLIO 2,030,383
 N/A WELLS FARGO ADVANTAGE TOTAL RETURN BOND PORTFOLIO 36,790,142

TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $333,606,819) 336,029,361
 ------------

 PRINCIPAL INTEREST RATE MATURITY DATE
---------- ------------- -------------
SHORT-TERM INVESTMENTS: 0.55%
US TREASURY BILLS: 0.55%
$ 1,840,000 US TREASURY BILL## # 0.10% 08/05/2010 1,838,970
 ------------
TOTAL SHORT-TERM INVESTMENTS (COST $1,838,970) 1,838,970
 ------------
TOTAL INVESTMENTS IN SECURITIES
(COST $335,445,789)* 100.08% 337,868,331
OTHER ASSETS AND LIABILITIES, NET (0.08) (263,591)
 ------ ------------
TOTAL NET ASSETS 100.00% $337,604,740
 ------ ------------

## Zero coupon security. Rate represents yield to maturity.

# Security pledged as collateral for futures transactions.

* 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 Allocation Funds

Portfolio of Investments--March 31, 2010 (Unaudited)

GROWTH BALANCED FUND

FACE/SHARE
 AMOUNT SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 98.90%
 N/A WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE PORTFOLIO $ 47,590,303
 N/A WELLS FARGO ADVANTAGE DISCIPLINED GROWTH PORTFOLIO 28,498,799
 N/A WELLS FARGO ADVANTAGE EMERGING GROWTH PORTFOLIO 6,652,436
 N/A WELLS FARGO ADVANTAGE EQUITY INCOME PORTFOLIO 47,623,428
 N/A WELLS FARGO ADVANTAGE EQUITY VALUE PORTFOLIO 47,716,125
 N/A WELLS FARGO ADVANTAGE INDEX PORTFOLIO 142,852,322
 N/A WELLS FARGO ADVANTAGE INFLATION-PROTECTED BOND PORTFOLIO 30,855,349
 N/A WELLS FARGO ADVANTAGE INTERNATIONAL CORE PORTFOLIO 21,571,010
 N/A WELLS FARGO ADVANTAGE INTERNATIONAL GROWTH PORTFOLIO 21,564,266
 N/A WELLS FARGO ADVANTAGE INTERNATIONAL INDEX PORTFOLIO 21,534,634
 N/A WELLS FARGO ADVANTAGE INTERNATIONAL VALUE PORTFOLIO 21,558,455
 N/A WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION PORTFOLIO 14,259,969
 N/A WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH PORTFOLIO 99,398,780
 N/A WELLS FARGO ADVANTAGE MANAGED FIXED INCOME PORTFOLIO 215,203,960
 N/A WELLS FARGO ADVANTAGE SMALL CAP INDEX PORTFOLIO 18,935,180
 N/A WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO 12,239,719
 N/A WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO 1,882,221
 N/A WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE PORTFOLIO 16,988,188
 N/A WELLS FARGO ADVANTAGE TOTAL RETURN BOND PORTFOLIO 61,422,023

TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $846,966,709) 878,347,167
 ------------

 PRINCIPAL INTEREST RATE MATURITY DATE
---------- ------------- -------------
SHORT-TERM INVESTMENTS: 1.51%
US TREASURY BILLS: 1.51%
$ 10,000,000 US TREASURY BILL## # 0.10% 08/05/2010 9,994,402
 3,400,000 US TREASURY BILL## # 0.20 05/06/2010 3,399,471
 13,393,873
 ------------
TOTAL SHORT-TERM INVESTMENTS (COST $13,393,873) 13,393,873
 ------------
TOTAL INVESTMENTS IN SECURITIES
(COST $860,360,582)* 100.41% 891,741,040
OTHER ASSETS AND LIABILITIES, NET (0.41) (3,673,717)
 ------ ------------
TOTAL NET ASSETS 100.00% $888,067,323
 ------ ------------


## Zero coupon security. Rate represents yield to maturity.

# Security pledged as collateral for futures transactions.

* 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.


Wells Fargo Advantage Allocation Funds 19

Portfolio of Investments--March 31, 2010 (Unaudited)

INDEX ASSET ALLOCATION FUND

 SHARES SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
COMMON STOCKS: 59.04%
AEROSPACE, DEFENSE: 0.62%
 30,147 BOEING COMPANY $ 2,188,974
 4,984 GOODRICH CORPORATION 351,472
 12,559 LOCKHEED MARTIN CORPORATION 1,045,160
 15,097 RAYTHEON COMPANY 862,341

 4,447,947
 ------------
APPAREL & ACCESSORY STORES: 0.54%
 3,504 ABERCROMBIE & FITCH COMPANY CLASS A 159,923
 12,513 COACH INCORPORATED 494,514
 18,961 GAP INCORPORATED 438,189
 12,210 KOHL'S CORPORATION+ 668,864
 10,653 LIMITED BRANDS INCORPORATED 262,277
 15,530 NIKE INCORPORATED CLASS B 1,141,455
 2,278 POLO RALPH LAUREN CORPORATION 193,721
 5,167 URBAN OUTFITTERS INCORPORATED+ 196,501
 3,523 VF CORPORATION 282,368
 3,837,812
 ------------
AUTO & TRUCKS: 0.24%
 134,147 FORD MOTOR COMPANY+ 1,686,228
 ------------
AUTO PARTS & EQUIPMENT: 0.12%
 26,753 JOHNSON CONTROLS INCORPORATED 882,581
 ------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.07%
 3,599 AUTONATION INCORPORATED+ 65,070
 1,182 AUTOZONE INCORPORATED+ 204,592
 5,478 O'REILLY AUTOMOTIVE INCORPORATED+ 228,487
 498,149
 ------------
AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.01%
 2,127 RYDER SYSTEM INCORPORATED 82,443
 ------------
BIOPHARMACEUTICALS: 0.49%
 18,309 CELGENE CORPORATION+ 1,134,426
 2,984 CEPHALON INCORPORATED+ 202,256
 10,597 GENZYME CORPORATION+ 549,243
 35,978 GILEAD SCIENCES INCORPORATED+ 1,636,279
 3,522,204
 ------------
BIOTECHNOLOGY: 0.33%
 39,002 AMGEN INCORPORATED+ 2,330,760
 ------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.06%
 11,016 D.R. HORTON INCORPORATED 138,802
 6,480 LENNAR CORPORATION 111,521
 12,636 PULTE HOMES INCORPORATED+ 142,155
 392,478
 ------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 0.58%
 5,225 FASTENAL COMPANY 250,748
 67,721 HOME DEPOT INCORPORATED 2,190,774


20 Wells Fargo Advantage Allocation Funds

Portfolio of Investments--March 31, 2010 (Unaudited)

INDEX ASSET ALLOCATION FUND

 SHARES SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS (continued)
 58,626 LOWE'S COMPANIES INCORPORATED $ 1,421,094
 3,665 SHERWIN-WILLIAMS COMPANY 248,047
 4,110,663
 ------------
BUSINESS SERVICES: 0.88%
 9,149 AUTODESK INCORPORATED+ 269,164
 20,105 AUTOMATIC DATA PROCESSING INCORPORATED 894,069
 4,462 AVERY DENNISON CORPORATION 162,461
 15,740 CA INCORPORATED 369,418
 7,321 CITRIX SYSTEMS INCORPORATED+ 347,528
 11,850 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A+ 604,113
 6,117 COMPUTER SCIENCES CORPORATION+ 333,315
 9,056 COMPUWARE CORPORATION+ 76,070
 5,032 EQUIFAX INCORPORATED 180,146
 13,140 FIDELITY NATIONAL INFORMATION SERVICES INCORPORATED 308,002
 6,066 FISERV INCORPORATED+ 307,910
 19,350 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+ 160,992
 7,217 IRON MOUNTAIN INCORPORATED 197,746
 20,926 JUNIPER NETWORKS INCORPORATED+ 642,010
 5,002 MONSTER WORLDWIDE INCORPORATED+ 83,083
 12,364 OMNICOM GROUP INCORPORATED 479,847
 5,918 ROBERT HALF INTERNATIONAL INCORPORATED 180,085
 4,377 SALESFORCE.COM INCORPORATED+ 325,868
 7,855 TOTAL SYSTEM SERVICES INCORPORATED 123,009
 7,306 VERISIGN INCORPORATED+ 190,029
 6,234,865
 ------------
CASINO & GAMING: 0.06%
 11,813 INTERNATIONAL GAME TECHNOLOGY 217,950
 2,749 WYNN RESORTS LIMITED 208,457
 426,407
 ------------
CHEMICALS & ALLIED PRODUCTS: 1.22%
 8,449 AIR PRODUCTS & CHEMICALS INCORPORATED 624,804
 10,737 BIOGEN IDEC INCORPORATED+ 615,874
 1,934 CF INDUSTRIES HOLDINGS INCORPORATED 176,342
 45,812 DOW CHEMICAL COMPANY 1,354,661
 35,996 E.I. DU PONT DE NEMOURS & COMPANY 1,340,491
 2,895 EASTMAN CHEMICAL COMPANY 184,354
 9,409 ECOLAB INCORPORATED 413,526
 2,888 FMC CORPORATION 174,840
 3,148 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 150,065
 7,201 LIFE TECHNOLOGIES CORPORATION+ 376,396
 21,732 MONSANTO COMPANY 1,552,099
 6,605 PPG INDUSTRIES INCORPORATED 431,967
 12,199 PRAXAIR INCORPORATED 1,012,517
 4,849 SIGMA-ALDRICH CORPORATION 260,197
 8,668,133
 ------------
COAL MINING: 0.15%
 8,748 CONSOL ENERGY INCORPORATED 373,190
 3,785 MASSEY ENERGY COMPANY 197,918
 10,703 PEABODY ENERGY CORPORATION 489,127
 1,060,235
 ------------


Wells Fargo Advantage Allocation Funds 21

Portfolio of Investments--March 31, 2010 (Unaudited)

INDEX ASSET ALLOCATION FUND

 SHARES SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
COMMERCIAL SERVICES: 0.09%
 12,810 PAYCHEX INCORPORATED $ 393,267
 12,141 SAIC INCORPORATED+ 214,896
 608,163
 ------------
COMMUNICATIONS: 2.16%
 235,060 AT&T INCORPORATED 6,073,950
 11,930 CENTURYTEL INCORPORATED 423,038
 113,011 COMCAST CORPORATION CLASS A 2,126,867
 10,395 METROPCS COMMUNICATIONS INCORPORATED+ 73,597
 89,744 NEWS CORPORATION CLASS A 1,293,211
 59,261 QWEST COMMUNICATIONS INTERNATIONAL INCORPORATED 309,342
 3,567 SCRIPPS NETWORKS INTERACTIVE INCORPORATED 158,196
 118,578 SPRINT NEXTEL CORPORATION+ 450,596
 14,041 TIME WARNER CABLE INCORPORATED 748,526
 112,937 VERIZON COMMUNICATIONS INCORPORATED 3,503,306
 18,197 WINDSTREAM CORPORATION 198,165
 15,358,794
 ------------
COMPUTER SOFTWARE & SERVICES: 0.03%
 6,853 AKAMAI TECHNOLOGIES INCORPORATED+ 215,253
 ------------
COMPUTER TECHNOLOGIES: 2.98%
 36,114 APPLE INCORPORATED+ 8,484,262
 68,576 DELL INCORPORATED+ 1,029,326
 93,755 HEWLETT-PACKARD COMPANY 4,983,078
 51,735 INTERNATIONAL BUSINESS MACHINES CORPORATION 6,635,014
 3,110 LEXMARK INTERNATIONAL INCORPORATED+ 112,209
 21,243,889
 ------------
CONGLOMERATES: 1.09%
 424,944 GENERAL ELECTRIC COMPANY 7,733,981
 ------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 0.02%
 8,365 QUANTA SERVICES INCORPORATED+ 160,273
 ------------
COSMETICS , PERSONAL CARE: 0.12%
 17,025 AVON PRODUCTS INCORPORATED 576,637
 4,707 ESTEE LAUDER COMPANIES INCORPORATED CLASS A 305,343
 881,980
 ------------
CRUDE PETROLEUM & NATURAL GAS: 0.07%
 6,947 NOBLE ENERGY INCORPORATED 507,131
 ------------
DATA SERVICES: 0.06%
 13,725 NETAPP INCORPORATED+ 446,886
 ------------
DEPARTMENT STORES: 0.17%
 9,398 JCPENNEY COMPANY INCORPORATED 302,334
 16,767 MACY'S INCORPORATED 365,018
 6,583 NORDSTROM INCORPORATED 268,916
 4,933 ROSS STORES INCORPORATED 263,768
 1,200,036
 ------------
DEPOSITORY INSTITUTIONS: 4.81%
 399,542 BANK OF AMERICA CORPORATION 7,131,825
 48,118 BANK OF NEW YORK MELLON CORPORATION 1,485,884


22 Wells Fargo Advantage Allocation Funds

Portfolio of Investments--March 31, 2010 (Unaudited)

INDEX ASSET ALLOCATION FUND

 SHARES SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
DEPOSITORY INSTITUTIONS (continued)
 27,507 BB&T CORPORATION $ 890,952
 782,558 CITIGROUP INCORPORATED+ 3,169,360
 6,931 COMERICA INCORPORATED 263,655
 31,665 FIFTH THIRD BANCORP 430,327
 8,971 FIRST HORIZON NATIONAL CORPORATION+ 126,038
 18,871 HUDSON CITY BANCORP INCORPORATED 267,213
 28,531 HUNTINGTON BANCSHARES INCORPORATED 153,211
 158,232 JPMORGAN CHASE & COMPANY 7,080,882
 34,973 KEYCORP 271,041
 3,308 M&T BANK CORPORATION 262,589
 20,975 MARSHALL & ILSLEY CORPORATION 168,849
 9,625 NORTHERN TRUST CORPORATION 531,878
 20,589 PNC FINANCIAL SERVICES GROUP INCORPORATED 1,229,163
 47,499 REGIONS FINANCIAL CORPORATION 372,867
 19,729 STATE STREET CORPORATION 890,567
 19,887 SUNTRUST BANKS INCORPORATED 532,773
 76,203 US BANCORP 1,972,134
 206,331 WELLS FARGO & COMPANY(l) 6,421,021
 27,192 WESTERN UNION COMPANY 461,176
 5,990 ZIONS BANCORPORATION 130,702
 34,244,107
 ------------
DIVERSIFIED FINANCIAL SERVICES: 0.02%
 7,314 JANUS CAPITAL GROUP INCORPORATED 104,517
 ------------
DIVERSIFIED MANUFACTURING: 0.19%
 30,449 HONEYWELL INTERNATIONAL INCORPORATED 1,378,426
 ------------
E-COMMERCE/SERVICES: 1.37%
 13,632 AMAZON.COM INCORPORATED+ 1,850,271
 45,009 EBAY INCORPORATED+ 1,212,993
 9,624 GOOGLE INCORPORATED CLASS A+ 5,456,904
 1,815 PRICELINE.COM INCORPORATED+ 462,825
 47,400 YAHOO! INCORPORATED+ 783,522
 9,766,515
 ------------
EATING & DRINKING PLACES: 0.54%
 5,568 DARDEN RESTAURANTS INCORPORATED 247,999
 42,852 MCDONALD'S CORPORATION 2,859,085
 18,689 YUM! BRANDS INCORPORATED 716,349
 3,823,433
 ------------
EDUCATIONAL SERVICES: 0.07%
 5,119 APOLLO GROUP INCORPORATED CLASS A+ 313,744
 2,465 DEVRY INCORPORATED 160,718
 474,462
 ------------
ELECTRIC, GAS & SANITARY SERVICES: 2.52%
 26,622 AES CORPORATION+ 292,842
 6,753 ALLEGHENY ENERGY INCORPORATED 155,319
 9,435 AMEREN CORPORATION 246,065
 19,039 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 650,753
 15,640 CENTERPOINT ENERGY INCORPORATED 224,590
 9,151 CMS ENERGY CORPORATION 141,474
 11,205 CONSOLIDATED EDISON INCORPORATED 499,071


Wells Fargo Advantage Allocation Funds 23

Portfolio of Investments--March 31, 2010 (Unaudited)

INDEX ASSET ALLOCATION FUND

 SHARES SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
ELECTRIC, GAS & SANITARY SERVICES (continued)
 8,008 CONSTELLATION ENERGY GROUP INCORPORATED $ 281,161
 23,900 DOMINION RESOURCES INCORPORATED 982,529
 6,568 DTE ENERGY COMPANY 292,933
 52,145 DUKE ENERGY CORPORATION 851,006
 12,976 EDISON INTERNATIONAL 443,390
 27,931 EL PASO CORPORATION 302,772
 29,967 EMERSON ELECTRIC COMPANY 1,508,539
 7,535 ENTERGY CORPORATION 612,972
 26,281 EXELON CORPORATION 1,151,371
 12,140 FIRSTENERGY CORPORATION 474,553
 16,462 FPL GROUP INCORPORATED 795,608
 12,439 FRONTIER COMMUNICATIONS CORPORATION 92,546
 3,047 INTEGRYS ENERGY GROUP INCORPORATED 144,367
 1,801 NICOR INCORPORATED 75,498
 11,023 NISOURCE INCORPORATED 174,163
 6,988 NORTHEAST UTILITIES 193,148
 10,430 NRG ENERGY INCORPORATED+ 217,987
 4,201 ONEOK INCORPORATED 191,776
 8,855 PEPCO HOLDINGS INCORPORATED 151,863
 14,789 PG&E CORPORATION 627,349
 4,040 PINNACLE WEST CAPITAL CORPORATION 152,429
 15,017 PPL CORPORATION 416,121
 11,335 PROGRESS ENERGY INCORPORATED 446,146
 20,150 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 594,828
 6,955 QUESTAR CORPORATION 300,456
 12,897 REPUBLIC SERVICES INCORPORATED 374,271
 4,440 SCANA CORPORATION 166,900
 9,837 SEMPRA ENERGY 490,866
 25,787 SPECTRA ENERGY CORPORATION 580,981
 3,376 STERICYCLE INCORPORATED+ 183,992
 8,513 TECO ENERGY INCORPORATED 135,272
 32,672 THE SOUTHERN COMPANY 1,083,404
 19,314 WASTE MANAGEMENT INCORPORATED 664,981
 4,655 WISCONSIN ENERGY CORPORATION 230,004
 18,186 XCEL ENERGY INCORPORATED 385,543
 17,981,839
 ------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 0.87%
 11,844 ALTERA CORPORATION 287,928
 6,899 AMPHENOL CORPORATION CLASS A 291,069
 11,856 ANALOG DEVICES INCORPORATED 341,690
 17,172 BROADCOM CORPORATION CLASS A 569,767
 1,934 FIRST SOLAR INCORPORATED<<+ 237,205
 2,765 HARMAN INTERNATIONAL INDUSTRIES INCORPORATED 129,347
 5,209 HARRIS CORPORATION 247,375
 7,690 JABIL CIRCUIT INCORPORATED 124,501
 8,901 JDS UNIPHASE CORPORATION+ 111,530
 6,853 KLA-TENCOR CORPORATION 211,895
 4,603 L-3 COMMUNICATIONS HOLDINGS INCORPORATED 421,773
 8,901 LINEAR TECHNOLOGY CORPORATION 251,720
 26,147 LSI LOGIC CORPORATION+ 160,020
 9,055 MEMC ELECTRONIC MATERIALS INCORPORATED+ 138,813
 5,399 MOLEX INCORPORATED 112,623
 9,471 NATIONAL SEMICONDUCTOR CORPORATION 136,856
 3,818 NOVELLUS SYSTEMS INCORPORATED+ 95,450


24 Wells Fargo Advantage Allocation Funds

Portfolio of Investments--March 31, 2010 (Unaudited)

INDEX ASSET ALLOCATION FUND

 SHARES SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued)
 4,536 QLOGIC CORPORATION+ $ 92,081
 6,261 ROCKWELL COLLINS INCORPORATED 391,876
 15,307 TELLABS INCORPORATED 115,874
 49,460 TEXAS INSTRUMENTS INCORPORATED 1,210,286
 2,979 WHIRLPOOL CORPORATION 259,918
 11,017 XILINX INCORPORATED 280,934
 6,220,531
 ------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 0.11%
 7,120 FLUOR CORPORATION 331,151
 4,961 JACOBS ENGINEERING GROUP INCORPORATED+ 224,188
 7,831 MOODY'S CORPORATION 232,972
 788,311
 ------------
ENTERTAINMENT: 0.12%
 24,188 VIACOM INCORPORATED CLASS B+ 831,583
 ------------
ENTERTAINMENT PRODUCTION: 0.05%
 11,292 DISCOVERY COMMUNICATIONS INCORPORATED CLASS C+ 381,557
 ------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.14%
 3,747 BALL CORPORATION 200,015
 15,407 ILLINOIS TOOL WORKS INCORPORATED 729,676
 2,300 SNAP-ON INCORPORATED 99,682
 1,029,373
 ------------
FOOD & KINDRED PRODUCTS: 2.64%
 25,592 ARCHER DANIELS MIDLAND COMPANY 739,609
 7,511 CAMPBELL SOUP COMPANY 265,514
 12,727 COCA-COLA ENTERPRISES INCORPORATED 352,029
 17,659 CONAGRA FOODS INCORPORATED 442,711
 7,954 CONSTELLATION BRANDS INCORPORATED CLASS A+ 130,764
 7,220 DEAN FOODS COMPANY+ 113,282
 10,120 DR PEPPER SNAPPLE GROUP INCORPORATED 355,920
 13,124 GENERAL MILLS INCORPORATED 929,048
 12,594 H.J. HEINZ COMPANY 574,412
 2,767 HORMEL FOODS CORPORATION 116,242
 4,740 JM SMUCKER COMPANY 285,632
 10,154 KELLOGG COMPANY 542,528
 69,163 KRAFT FOODS INCORPORATED CLASS A 2,091,489
 5,262 MCCORMICK & COMPANY INCORPORATED 201,850
 8,144 MEAD JOHNSON & COMPANY 423,732
 6,309 MOLSON COORS BREWING COMPANY 265,357
 65,085 PEPSICO INCORPORATED 4,306,024
 27,772 SARA LEE CORPORATION 386,864
 23,599 SYSCO CORPORATION 696,171
 91,805 THE COCA-COLA COMPANY 5,049,275
 6,626 THE HERSHEY COMPANY 283,659
 12,148 TYSON FOODS INCORPORATED CLASS A 232,634
 18,784,746
 ------------
FOOD STORES: 0.29%
 25,883 KROGER COMPANY 560,626
 15,484 SAFEWAY INCORPORATED 384,932
 29,607 STARBUCKS CORPORATION 718,562


Wells Fargo Advantage Allocation Funds 25

Portfolio of Investments--March 31, 2010 (Unaudited)

INDEX ASSET ALLOCATION FUND

 SHARES SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
FOOD STORES (continued)
 8,443 SUPERVALU INCORPORATED $ 140,829
 6,784 WHOLE FOODS MARKET INCORPORATED+ 245,242
 2,050,191
 ------------
FORESTRY: 0.05%
 8,417 WEYERHAEUSER COMPANY 381,038
 ------------
FURNITURE & FIXTURES: 0.05%
 5,912 LEGGETT & PLATT INCORPORATED 127,936
 14,288 MASCO CORPORATION 221,750
 349,686
 ------------
GENERAL MERCHANDISE STORES: 1.06%
 3,292 BIG LOTS INCORPORATED+ 119,895
 5,511 FAMILY DOLLAR STORES INCORPORATED 201,758
 1,933 SEARS HOLDINGS CORPORATION+ 209,595
 29,962 TARGET CORPORATION 1,576,001
 16,715 TJX COMPANIES INCORPORATED 710,722
 84,978 WAL-MART STORES INCORPORATED 4,724,777
 7,542,748
 ------------
HEALTH CARE: 0.05%
 6,525 HOSPIRA INCORPORATED+ 369,641
 ------------
HEALTH SERVICES: 0.70%
 11,246 AMERISOURCEBERGEN CORPORATION 325,234
 14,395 CARDINAL HEALTH INCORPORATED 518,652
 5,894 COVENTRY HEALTH CARE INCORPORATED+ 145,700
 4,110 DAVITA INCORPORATED+ 260,574
 10,964 EXPRESS SCRIPTS INCORPORATED+ 1,115,697
 6,779 HUMANA INCORPORATED+ 317,054
 4,169 LABORATORY CORPORATION OF AMERICA HOLDINGS+ 315,635
 10,729 MCKESSON CORPORATION 705,110
 18,482 MEDCO HEALTH SOLUTIONS INCORPORATED+ 1,193,198
 17,246 TENET HEALTHCARE CORPORATION+ 98,647
 4,995,501
 ------------
HOLDING & OTHER INVESTMENT OFFICES: 0.75%
 65,909 BERKSHIRE HATHAWAY INCORPORATED CLASS B+ 5,356,424
 ------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 0.06%
 10,434 BED BATH & BEYOND INCORPORATED+ 456,592
 ------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.12%
 10,137 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 319,518
 7,440 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED 347,002
 7,121 WYNDHAM WORLDWIDE CORPORATION 183,223
 849,743
 ------------
HOUSEHOLD PRODUCTS, WARE: 1.38%
 5,585 CLOROX COMPANY 358,222
 19,664 COLGATE-PALMOLIVE COMPANY 1,676,553
 6,052 FORTUNE BRANDS INCORPORATED 293,583
 11,063 NEWELL RUBBERMAID INCORPORATED 168,158
 115,680 PROCTER & GAMBLE COMPANY 7,319,074
 9,815,590
 ------------


26 Wells Fargo Advantage Allocation Funds

Portfolio of Investments--March 31, 2010 (Unaudited)

INDEX ASSET ALLOCATION FUND

 SHARES SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 1.50%
 28,346 3M COMPANY $ 2,368,875
 53,492 APPLIED MATERIALS INCORPORATED 721,072
 12,422 BAKER HUGHES INCORPORATED 581,846
 9,735 CAMERON INTERNATIONAL CORPORATION+ 417,242
 24,880 CATERPILLAR INCORPORATED 1,563,708
 8,019 CUMMINS INCORPORATED 496,777
 16,886 DEERE & COMPANY 1,004,042
 7,420 DOVER CORPORATION 346,885
 6,587 EATON CORPORATION 499,097
 2,224 FLOWSERVE CORPORATION 245,240
 4,858 FMC TECHNOLOGIES INCORPORATED+ 313,973
 4,674 PALL CORPORATION 189,250
 6,404 PARKER HANNIFIN CORPORATION 414,595
 8,262 PITNEY BOWES INCORPORATED 202,006
 9,893 SMITH INTERNATIONAL INCORPORATED 423,618
 6,269 STANLEY BLACK & DECKER INCORPORATED 359,903
 6,639 TERADATA CORPORATION+ 191,801
 9,106 WESTERN DIGITAL CORPORATION+ 355,043
 10,694,973
 ------------
INSURANCE CARRIERS: 2.07%
 17,165 AETNA INCORPORATED 602,663
 18,684 AFLAC INCORPORATED 1,014,354
 21,369 ALLSTATE CORPORATION 690,432
 5,373 AMERICAN INTERNATIONAL GROUP INCORPORATED+ 183,434
 10,627 AON CORPORATION 453,879
 4,639 ASSURANT INCORPORATED 159,489
 13,086 CHUBB CORPORATION 678,509
 10,951 CIGNA CORPORATION 400,588
 6,488 CINCINNATI FINANCIAL CORPORATION 187,503
 19,478 GENWORTH FINANCIAL INCORPORATED+ 357,227
 17,672 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 502,238
 7,557 LEUCADIA NATIONAL CORPORATION+ 187,489
 12,038 LINCOLN NATIONAL CORPORATION 369,567
 14,132 LOEWS CORPORATION 526,841
 21,195 MARSH & MCLENNAN COMPANIES INCORPORATED 517,582
 32,622 METLIFE INCORPORATED 1,413,837
 12,723 PRINCIPAL FINANCIAL GROUP INCORPORATED 371,639
 18,519 PRUDENTIAL FINANCIAL INCORPORATED 1,120,400
 26,746 THE PROGRESSIVE CORPORATION 510,581
 20,454 THE TRAVELERS COMPANIES INCORPORATED 1,103,289
 3,299 TORCHMARK CORPORATION 176,529
 46,100 UNITEDHEALTH GROUP INCORPORATED 1,506,087
 13,237 UNUMPROVIDENT CORPORATION 327,880
 17,680 WELLPOINT INCORPORATED+ 1,138,238
 13,624 XL CAPITAL LIMITED CLASS A 257,494
 14,757,769
 ------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 0.82%
 13,892 AGILENT TECHNOLOGIES INCORPORATED+ 477,746
 9,387 BECTON DICKINSON & COMPANY 739,039
 60,192 BOSTON SCIENTIFIC CORPORATION+ 434,586
 3,809 C.R. BARD INCORPORATED 329,936
 7,061 CAREFUSION CORPORATION+ 186,622
 10,435 DANAHER CORPORATION 833,861


Wells Fargo Advantage Allocation Funds 27

Portfolio of Investments--March 31, 2010 (Unaudited)

INDEX ASSET ALLOCATION FUND

 SHARES SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (continued)
 5,861 DENTSPLY INTERNATIONAL INCORPORATED $ 204,256
 10,699 EASTMAN KODAK COMPANY 61,947
 6,088 FLIR SYSTEMS INCORPORATED+ 171,682
 2,231 MILLIPORE CORPORATION+ 235,594
 4,682 PERKINELMER INCORPORATED 111,900
 5,985 QUEST DIAGNOSTICS INCORPORATED 348,866
 5,685 ROCKWELL AUTOMATION INCORPORATED 320,407
 3,731 ROPER INDUSTRIES INCORPORATED 215,801
 7,058 TERADYNE INCORPORATED+ 78,838
 16,307 THERMO FISHER SCIENTIFIC INCORPORATED+ 838,832
 3,727 WATERS CORPORATION+ 251,722
 5,841,635
 ------------
MEDIA - COMMUNICATION: 0.23%
 26,964 CBS CORPORATION CLASS B 375,878
 37,243 DIRECTV+ 1,259,186
 1,635,064
 ------------
MEDICAL EQUIPMENT & SUPPLIES: 0.47%
 1,550 INTUITIVE SURGICAL INCORPORATED+ 539,602
 43,994 MEDTRONIC INCORPORATED 1,981,050
 12,960 ST. JUDE MEDICAL INCORPORATED+ 532,008
 4,935 VARIAN MEDICAL SYSTEMS INCORPORATED+ 273,054
 3,325,714
 ------------
MEDICAL PRODUCTS: 0.47%
 12,247 ALLERGAN INCORPORATED 799,974
 24,002 BAXTER INTERNATIONAL INCORPORATED 1,396,916
 11,255 STRYKER CORPORATION 644,011
 8,482 ZIMMER HOLDINGS INCORPORATED+ 502,134
 3,343,035
 ------------
METAL MINING: 0.39%
 5,385 CLIFFS NATURAL RESOURCES INCORPORATED 382,066
 17,148 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 1,432,544
 19,554 NEWMONT MINING CORPORATION 995,885
 2,810,495
 ------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.03%
 5,031 VULCAN MATERIALS COMPANY 237,664
 ------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.07%
 4,888 HASBRO INCORPORATED 187,113
 14,483 MATTEL INCORPORATED 329,343
 516,456
 ------------
MISCELLANEOUS RETAIL: 0.78%
 17,497 COSTCO WHOLESALE CORPORATION 1,044,746
 55,379 CVS CAREMARK CORPORATION 2,024,656
 6,562 GAMESTOP CORPORATION CLASS A+ 143,773
 10,941 OFFICE DEPOT INCORPORATED+ 87,309
 4,987 RADIOSHACK CORPORATION 112,856
 29,033 STAPLES INCORPORATED 679,082
 39,236 WALGREEN COMPANY 1,455,263
 5,547,685
 ------------


28 Wells Fargo Advantage Allocation Funds

Portfolio of Investments--March 31, 2010 (Unaudited)

INDEX ASSET ALLOCATION FUND

 SHARES SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
MISCELLANEOUS SERVICES: 0.02%
 2,031 DUN & BRADSTREET CORPORATION $ 151,147
 ------------
MOTION PICTURES: 0.58%
 45,810 TIME WARNER INCORPORATED 1,432,479
 77,244 WALT DISNEY COMPANY 2,696,588
 4,129,067
 ------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.52%
 12,462 FEDEX CORPORATION 1,163,951
 39,542 UNITED PARCEL SERVICE INCORPORATED CLASS B 2,546,900
 3,710,851
 ------------
NETWORKING: 0.83%
 228,033 CISCO SYSTEMS INCORPORATED+ 5,935,699
 ------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 0.86%
 47,661 AMERICAN EXPRESS COMPANY 1,966,493
 18,132 CAPITAL ONE FINANCIAL CORPORATION 750,846
 21,650 DISCOVER FINANCIAL SERVICES 322,585
 3,843 MASTERCARD INCORPORATED CLASS A 976,122
 14,787 PEOPLE'S UNITED FINANCIAL INCORPORATED 231,269
 19,312 SLM CORPORATION+ 241,786
 17,778 VISA INCORPORATED CLASS A 1,618,331
 6,107,432
 ------------
OFFICE EQUIPMENT: 0.07%
 53,843 XEROX CORPORATION 524,969
 ------------
OIL & GAS EXTRACTION: 2.10%
 19,617 ANADARKO PETROLEUM CORPORATION 1,428,706
 13,403 APACHE CORPORATION 1,360,405
 11,688 BJ SERVICES COMPANY 250,123
 4,128 CABOT OIL & GAS CORPORATION 151,910
 25,961 CHESAPEAKE ENERGY CORPORATION 613,718
 15,749 DENBURY RESOURCES INCORPORATED+ 265,686
 17,794 DEVON ENERGY CORPORATION 1,146,467
 2,768 DIAMOND OFFSHORE DRILLING INCORPORATED 245,826
 10,059 EOG RESOURCES INCORPORATED 934,883
 5,729 EQT CORPORATION 234,889
 11,337 NABORS INDUSTRIES LIMITED+ 222,545
 32,337 OCCIDENTAL PETROLEUM CORPORATION 2,733,770
 4,601 PIONEER NATURAL RESOURCES COMPANY 259,128
 6,338 RANGE RESOURCES CORPORATION 297,062
 4,533 ROWAN COMPANIES INCORPORATED+ 131,956
 47,656 SCHLUMBERGER LIMITED 3,024,250
 13,783 SOUTHWESTERN ENERGY COMPANY+ 561,244
 23,232 XTO ENERGY INCORPORATED 1,096,086
 14,958,654
 ------------
OIL & OIL SERVICES: 0.18%
 36,046 HALLIBURTON COMPANY 1,086,066
 4,210 HELMERICH & PAYNE INCORPORATED 160,317
 1,246,383
 ------------


Wells Fargo Advantage Allocation Funds 29

Portfolio of Investments--March 31, 2010 (Unaudited)

INDEX ASSET ALLOCATION FUND

 SHARES SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
OIL FIELD EQUIPMENT & SERVICES: 0.10%
 16,665 NATIONAL OILWELL VARCO INCORPORATED $ 676,266
 ------------
PAPER & ALLIED PRODUCTS: 0.12%
 4,341 BEMIS COMPANY INCORPORATED 124,674
 17,248 INTERNATIONAL PAPER COMPANY 424,473
 6,821 MEADWESTVACO CORPORATION 174,277
 5,270 PACTIV CORPORATION+ 132,699
 856,123
 ------------
PERSONAL SERVICES: 0.05%
 5,235 CINTAS CORPORATION 147,051
 13,363 H&R BLOCK INCORPORATED 237,861
 384,912
 ------------
PETROLEUM REFINING & RELATED INDUSTRIES: 3.42%
 79,986 CHEVRON CORPORATION 6,065,338
 59,216 CONOCOPHILLIPS 3,030,083
 188,033 EXXON MOBIL CORPORATION 12,594,450
 11,598 HESS CORPORATION 725,455
 28,194 MARATHON OIL CORPORATION 892,058
 7,612 MURPHY OIL CORPORATION 427,718
 4,657 SUNOCO INCORPORATED 138,359
 5,598 TESORO PETROLEUM CORPORATION 77,812
 22,494 VALERO ENERGY CORPORATION 443,132
 24,394,405
 ------------
PHARMACEUTICALS: 3.48%
 61,836 ABBOTT LABORATORIES 3,257,520
 68,268 BRISTOL-MYERS SQUIBB COMPANY 1,822,756
 40,414 ELI LILLY & COMPANY 1,463,795
 12,042 FOREST LABORATORIES INCORPORATED+ 377,637
 109,600 JOHNSON & JOHNSON 7,145,920
 9,895 KING PHARMACEUTICALS INCORPORATED+ 116,365
 124,073 MERCK & COMPANY INCORPORATED 4,634,127
 12,214 MYLAN LABORATORIES INCORPORATED+ 277,380
 321,417 PFIZER INCORPORATED 5,512,302
 4,244 WATSON PHARMACEUTICALS INCORPORATED+ 177,272
 24,785,074
 ------------
PIPELINES: 0.08%
 23,242 THE WILLIAMS COMPANIES INCORPORATED 536,890
 ------------
PRIMARY METAL INDUSTRIES: 0.36%
 4,375 AK STEEL HOLDING CORPORATION 100,013
 40,634 ALCOA INCORPORATED 578,628
 3,910 ALLEGHENY TECHNOLOGIES INCORPORATED 211,101
 12,542 NUCOR CORPORATION 569,156
 5,642 PRECISION CASTPARTS CORPORATION 714,898
 3,362 TITANIUM METALS CORPORATION+ 55,776
 5,709 UNITED STATES STEEL CORPORATION 362,636
 2,592,208
 ------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.14%
 9,453 GANNETT COMPANY INCORPORATED 156,164
 12,572 MCGRAW-HILL COMPANIES INCORPORATED 448,192


30 Wells Fargo Advantage Allocation Funds

Portfolio of Investments--March 31, 2010 (Unaudited)

INDEX ASSET ALLOCATION FUND

 SHARES SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES (continued)
 1,462 MEREDITH CORPORATION $ 50,307
 4,633 NEW YORK TIMES COMPANY CLASS A+ 51,565
 8,183 RR DONNELLEY & SONS COMPANY 174,707
 243 WASHINGTON POST COMPANY CLASS B 107,936
 988,871
 ------------
RAILROAD TRANSPORTATION: 0.43%
 15,533 CSX CORPORATION 790,630
 14,722 NORFOLK SOUTHERN CORPORATION 822,813
 20,123 UNION PACIFIC CORPORATION 1,475,016
 3,088,459
 ------------
REAL ESTATE INVESTMENT TRUSTS (REITS): 0.75%
 4,665 APARTMENT INVESTMENT & MANAGEMENT COMPANY CLASS A 85,883
 3,247 AVALONBAY COMMUNITIES INCORPORATED 280,378
 5,534 BOSTON PROPERTIES INCORPORATED 417,485
 10,766 CB RICHARD ELLIS GROUP INCORPORATED CLASS A+ 170,641
 11,226 EQUITY RESIDENTIAL 439,498
 11,702 HCP INCORPORATED 386,166
 4,926 HEALTH CARE REIT INCORPORATED 222,803
 26,014 HOST HOTELS & RESORTS INCORPORATED 381,105
 16,151 KIMCO REALTY CORPORATION 252,602
 6,484 PLUM CREEK TIMBER COMPANY 252,292
 18,886 PROLOGIS 249,295
 5,403 PUBLIC STORAGE INCORPORATED 497,022
 11,549 SIMON PROPERTY GROUP INCORPORATED 968,961
 6,241 VENTAS INCORPORATED 296,323
 6,278 VORNADO REALTY TRUST 475,245
 5,375,699
 ------------
RETAIL: 0.11%
 13,652 BEST BUY COMPANY INCORPORATED 580,756
 4,956 TIFFANY & COMPANY 235,360
 816,116
 ------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.04%
 6,329 SEALED AIR CORPORATION 133,415
 9,646 THE GOODYEAR TIRE & RUBBER COMPANY+ 121,925
 255,340
 ------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.40%

 10,175 AMERIPRISE FINANCIAL INCORPORATED 461,538
 38,935 CHARLES SCHWAB CORPORATION 727,695
 2,654 CME GROUP INCORPORATED 838,956
 63,401 E*TRADE FINANCIAL CORPORATION+ 104,612
 3,526 FEDERATED INVESTORS INCORPORATED CLASS B 93,016
 5,908 FRANKLIN RESOURCES INCORPORATED 655,197
 20,958 GOLDMAN SACHS GROUP INCORPORATED 3,576,064
 2,931 INTERCONTINENTAL EXCHANGE INCORPORATED+ 328,800
 17,076 INVESCO LIMITED 374,135
 6,475 LEGG MASON INCORPORATED 185,638
 55,681 MORGAN STANLEY 1,630,896
 5,894 NASDAQ STOCK MARKET INCORPORATED+ 124,481
 10,394 NYSE EURONEXT INCORPORATED 307,766
 10,314 T. ROWE PRICE GROUP INCORPORATED 566,548
 9,975,342
 ------------


Wells Fargo Advantage Allocation Funds 31

Portfolio of Investments--March 31, 2010 (Unaudited)

INDEX ASSET ALLOCATION FUND

 SHARES SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 1.10%
 22,485 ADVANCED MICRO DEVICES INCORPORATED+ $ 208,436
 81,753 EMC CORPORATION+ 1,474,824
 220,003 INTEL CORPORATION 4,897,267
 7,337 MICROCHIP TECHNOLOGY INCORPORATED 206,610
 33,879 MICRON TECHNOLOGY INCORPORATED+ 352,003
 22,099 NVIDIA CORPORATION+ 384,081
 9,109 SANDISK CORPORATION+ 315,445
 7,838,666
 ------------
SOFTWARE: 2.20%
 20,874 ADOBE SYSTEMS INCORPORATED+ 738,313
 7,273 BMC SOFTWARE INCORPORATED+ 276,374
 13,009 ELECTRONIC ARTS INCORPORATED+ 242,748
 12,502 INTUIT INCORPORATED+ 429,319
 6,320 MCAFEE INCORPORATED+ 253,622
 303,890 MICROSOFT CORPORATION 8,894,860
 13,871 NOVELL INCORPORATED+ 83,087
 155,673 ORACLE CORPORATION 3,999,239
 7,515 RED HAT INCORPORATED+ 219,964
 32,109 SYMANTEC CORPORATION+ 543,284
 15,680,810
 ------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS: 0.21%
 62,085 CORNING INCORPORATED 1,254,738
 6,714 OWENS-ILLINOIS INCORPORATED+ 238,616
 1,493,354
 ------------
TELECOMMUNICATIONS: 0.58%
 16,037 AMERICAN TOWER CORPORATION CLASS A+ 683,337
 92,114 MOTOROLA INCORPORATED+ 646,640
 66,932 QUALCOMM INCORPORATED 2,810,475
 4,140,452
 ------------
TOBACCO PRODUCTS: 0.90%
 82,860 ALTRIA GROUP INCORPORATED 1,700,287
 6,165 LORILLARD INCORPORATED 463,855
 74,912 PHILIP MORRIS INTERNATIONAL 3,907,410
 6,732 REYNOLDS AMERICAN INCORPORATED 363,393
 6,434,945
 ------------
TRANSPORTATION BY AIR: 0.06%
 29,601 SOUTHWEST AIRLINES COMPANY 391,325
 ------------
TRANSPORTATION EQUIPMENT: 0.91%
 15,362 GENERAL DYNAMICS CORPORATION 1,185,946
 6,320 GENUINE PARTS COMPANY 266,957
 9,331 HARLEY-DAVIDSON INCORPORATED 261,921
 7,284 ITT CORPORATION 390,495
 12,058 NORTHROP GRUMMAN CORPORATION 790,643
 14,504 PACCAR INCORPORATED 628,603
 10,857 TEXTRON INCORPORATED 230,494
 37,294 UNITED TECHNOLOGIES CORPORATION 2,745,211
 6,500,270
 ------------


32 Wells Fargo Advantage Allocation Funds

Portfolio of Investments--March 31, 2010 (Unaudited)

INDEX ASSET ALLOCATION FUND

 SHARES SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
TRANSPORTATION SERVICES: 0.10%
 6,633 C.H. ROBINSON WORLDWIDE INCORPORATED $ 370,453
 8,448 EXPEDITORS INTERNATIONAL OF WASHINGTON INCORPORATED 311,900
 682,353
 ------------
TRAVEL & RECREATION: 0.12%
 17,285 CARNIVAL CORPORATION 672,041
 8,421 EXPEDIA INCORPORATED 210,188
 882,229
 ------------
WHOLESALE TRADE NON-DURABLE GOODS: 0.07%
 3,294 AIRGAS INCORPORATED 209,564
 4,328 BROWN-FORMAN CORPORATION CLASS B 257,300
 466,864
 ------------
WHOLESALE TRADE-DURABLE GOODS: 0.20%
 16,580 KIMBERLY-CLARK CORPORATION 1,042,538
 3,715 PATTERSON COMPANIES INCORPORATED 115,351
 2,451 W.W. GRAINGER INCORPORATED 265,003
 1,422,892
 ------------
TOTAL COMMON STOCKS (COST $408,220,364) 420,648,402
 ------------

 PRINCIPAL INTEREST RATE MATURITY DATE
---------- ------------- -------------
COLLATERALIZED MORTGAGE OBLIGATIONS: 0.12%
$ 244,121 BANC OF AMERICA ALTERNATIVE LOAN TRUST SERIES 2005-10
 CLASS 6A1 5.50% 11/25/2020 217,153
 31,509 CITIGROUP MORTGAGE LOAN TRUST INCORPORATED
 SERIES 2004-HYB4 CLASS AA+/- 0.58 12/25/2034 27,332
 300,000 CITIGROUP MORTGAGE LOAN TRUST INCORPORATED
 SERIES 2006-NCB1 CLASS 2A2+/- 0.35 05/15/2036 154,449
 120,389 FHLMC STRUCTURED PASS-THROUGH SECURITIES
 SERIES T-57 CLASS 2A1+/- 4.77 07/25/2043 117,944
 130,502 FHLMC STRUCTURED PASS-THROUGH SECURITIES
 SERIES T-59 CLASS 2A1+/- 4.53 10/25/2043 127,851
 203,247 FNMA GRANTOR TRUST SERIES 2002-T1 CLASS A4 9.50 11/25/2031 238,816
 17,814 TERWIN MORTGAGE TRUST SERIES 2004-21HE CLASS 1A1+/- 1.21 12/25/2034 14,747

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $1,070,071) 898,292
 ------------

AGENCY SECURITIES: 0.00%

FEDERAL HOME LOAN MORTGAGE CORPORATION: 0.00%
 759 FHLMC #170151 10.50 01/01/2016 855
 ------------
TOTAL AGENCY SECURITIES (COST $759) 855
 ------------
COLLATERAL FOR SECURITIES LENDING: 2.43%
COLLATERAL INVESTED IN OTHER ASSETS: 2.43%
 501,659 BNP PARIBAS SECURITIES CORPORATION REPURCHASE
 AGREEMENT - 102% COLLATERALIZED
 BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $501,659) 0.01 04/01/2010 501,659
 83,081 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 83,081
 241,690 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT
 AUTHORITY+/-ss 0.38 06/01/2028 241,690
 4,138,797 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE BACKED SECURITIES (MATURITY VALUE $4,138,799) 0.02 04/01/2010 4,138,797
 200,339 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 200,339
 377,641 COOK COUNTY IL+/-ss 0.25 11/01/2030 377,641
 376,282 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED
 BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $376,282) 0.03 04/01/2010 376,282


Wells Fargo Advantage Allocation Funds 33

Portfolio of Investments--March 31, 2010 (Unaudited)

INDEX ASSET ALLOCATION FUND

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
---------- --------------------------------------------------------- ------------- ------------- ------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 723,334 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED
 BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $723,334) 0.01% 04/01/2010 $ 723,334
 3,003,427 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 1,234,408
 124,622 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 124,622
 216,011 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 216,011
 151,056 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 151,056
 2,508,368 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED
 BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $2,508,369) 0.01 04/01/2010 2,508,368
 226,585 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 226,585
 151,056 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 151,056
 339,499 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 339,499
 498,486 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 498,486
 226,585 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 226,585
 9,254,246 VFNC CORPORATION+++/-(a)(i) 0.25 09/30/2010 4,997,293
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $15,981,300) 17,316,792
 ------------
US TREASURY SECURITIES: 35.97%
US TREASURY BONDS: 35.97%
23,724,000 US TREASURY BOND 3.50 02/15/2039 19,197,912
32,883,000 US TREASURY BOND 4.25 05/15/2039 30,468,138
14,499,000 US TREASURY BOND<< 4.38 02/15/2038 13,787,650
41,329,000 US TREASURY BOND 4.38 11/15/2039 39,081,736
23,413,000 US TREASURY BOND 4.50 02/15/2036 22,867,922
19,452,000 US TREASURY BOND 4.50 05/15/2038 18,871,475
37,296,000 US TREASURY BOND 4.50 08/15/2039 36,013,950
15,744,000 US TREASURY BOND 4.63 02/15/2040 15,517,680
13,456,000 US TREASURY BOND 4.75 02/15/2037 13,641,020
13,708,000 US TREASURY BOND 5.00 05/15/2037 14,434,099
13,808,000 US TREASURY BOND 5.38 02/15/2031 15,275,100
13,983,000 US TREASURY BOND 6.25 05/15/2030 17,116,058
TOTAL US TREASURY SECURITIES (COST $275,352,287) 256,272,740
 ------------
SHORT-TERM INVESTMENTS: 4.79%

 SHARES YIELD
---------- -------------
MUTUAL FUNDS: 2.01%
14,285,965 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(l)(u) 0.09 14,285,965
 ------------

 PRINCIPAL INTEREST RATE
---------- -------------
US TREASURY BILLS: 2.78%
$12,775,000 US TREASURY BILL### 0.10 08/05/2010 12,767,854
 7,050,000 US TREASURY BILL### 0.20 05/06/2010 7,048,903
 19,816,757
 ------------
TOTAL SHORT-TERM INVESTMENTS (COST $34,102,722) 34,102,722
 ------------
TOTAL INVESTMENTS IN SECURITIES
(COST $734,727,503)* 102.35% 729,239,803
OTHER ASSETS AND LIABILITIES, NET (2.35) (16,718,612)
 ------ ------------
TOTAL NET ASSETS 100.00% $712,521,191
 ------ ------------


34 Wells Fargo Advantage Allocation Funds

Portfolio of Investments--March 31, 2010 (Unaudited)

INDEX ASSET ALLOCATION FUND


<< All or a ortion of this security is on loan.

+ Non-income earning securities.

(l) Investment in an affiliate.

++ Securities that may be resold to "qualified institutional buyers" under rule 144A or securities offered pursuant to section 4(2) of the Securities Act of 1933, as amended.

+/- Variable rate investments.

(a) Security fair valued in accordance with the procedures approved by the Board of Trustees.

(i) Illiquid security.

~ The Fund invests cash balances that it retains for liquidity purposes in an affiliated money market fund.

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

## Zero coupon security. Rate represents yield to maturity.

# Security pledged as collateral for futures transactions.

* Cost for federal income tax purposes is $761,482,032 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation $ 58,707,440
Gross unrealized depreciation (90,949,669)
 -------------
Net unrealized depreciation $ (32,242,229)

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


Wells Fargo Advantage Allocation Funds 35

Portfolio of Investments--March 31, 2010 (Unaudited)

MODERATE BALANCED FUND

FACE/SHARE
 AMOUNT SECURITY NAME VALUE
---------- --------------------------------------------------------- ------------
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 99.67%
 N/A WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE PORTFOLIO $ 7,191,560
 N/A WELLS FARGO ADVANTAGE DISCIPLINED GROWTH PORTFOLIO 4,309,611
 N/A WELLS FARGO ADVANTAGE EMERGING GROWTH PORTFOLIO 1,002,211
 N/A WELLS FARGO ADVANTAGE EQUITY INCOME PORTFOLIO 7,215,309
 N/A WELLS FARGO ADVANTAGE EQUITY VALUE PORTFOLIO 7,201,878
 N/A WELLS FARGO ADVANTAGE INDEX PORTFOLIO 21,604,586
 N/A WELLS FARGO ADVANTAGE INFLATED-PROTECTED BOND PORTFOLIO 9,775,673
 N/A WELLS FARGO ADVANTAGE INTERNATIONAL CORE PORTFOLIO 3,252,712
 N/A WELLS FARGO ADVANTAGE INTERNATIONAL GROWTH PORTFOLIO 3,248,396
 N/A WELLS FARGO ADVANTAGE INTERNATIONAL INDEX PORTFOLIO 3,254,750
 N/A WELLS FARGO ADVANTAGE INTERNATIONAL VALUE PORTFOLIO 3,248,305
 N/A WELLS FORGO ADVANTAGE LARGE CAP APPRECIATION PORTFOLIO 2,157,227
 N/A WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH PORTFOLIO 15,066,052
 N/A WELLS FARGO ADVANTAGE MANAGED FIXED INCOME PORTFOLIO 68,270,142
 N/A WELLS FARGO ADVANTAGE SMALL CAP INDEX PORTFOLIO 2,873,354
 N/A WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO 1,859,613
 N/A WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO 286,068
 N/A WELLS FORGO ADVANTAGE STABLE INCOME PORTFOLIO 32,459,897
 N/A WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE PORTFOLIO 2,566,631
 N/A WELLS FARGO ADVANTAGE TOTAL RETURN BOND PORTFOLIO 19,485,974

 TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $211,004,466) 216,329,949
 -------------

 PRINCIPAL INTEREST RATE MATURITY DATE
---------- ------------- -------------
SHORT-TERM INVESTMENTS: 1.09%
US TREASURY BILLS: 1.09%
$2,360,000 US TREASURY BILL## # 0.10% 08/05/2010 2,358,679
 -------------
TOTAL SHORT-TERM INVESTMENTS (COST $2,358,679)
 2,358,679
 -------------
TOTAL INVESTMENTS IN SECURITIES
(COST $213,363,145)* 100.76% $ 218,688,628
OTHER ASSETS AND LIABILITIES, NET (0.76) (1,648,669)
 ------ -------------
TOTAL NET ASSETS 100.00% $ 217,039,959
 ------ -------------


## Zero coupon security. Rate represents yield to maturity.

# Security pledged as collateral for futures transactions.

* 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.


36 Wells Fargo Advantage Allocation Funds

Statements of Assets and Liabilities--March 31, 2010 (Unaudited)

 Aggressive Conservative
 Allocation Allocation
 Fund Fund
 ------------ ------------
ASSETS
 Investments
 In unaffiliated securities, at value (including securities on loan) $ 1,544,135 $ 1,838,970
 In affiliated Master Portfolios, at value ......................... 102,041,485 336,029,361
 In affiliated securities, at value ................................ 0 0
 ------------ ------------
 Total investments, at value (see cost below) ......................... 103,585,620 337,868,331
 ------------ ------------
 Cash ................................................................. 25,000 25,000
 Receivable for Fund shares issued .................................... 57,080 104,713
 Receivables for dividends and interest ............................... 0 0
 ------------ ------------
Total assets ............................................................ 103,667,700 337,998,044
 ------------ ------------
LIABILITIES
 Payable for daily variation margin on futures contracts .............. 114,756 127,931
 Payable for Fund shares redeemed ..................................... 142,548 144,683
 Payable for investments purchased .................................... 0 0
 Dividends payable .................................................... 0 0
 Payable upon receipt of securities loaned ............................ 0 0
 Payable to investment advisor and affiliates ......................... 31,639 105,022
 Accrued expenses and other liabilities ............................... 6,627 15,668
 ------------ ------------
Total liabilities ....................................................... 295,570 393,304
 ------------ ------------
TOTAL NET ASSETS ........................................................ $103,372,130 $337,604,740
 ============ ============
NET ASSETS CONSIST OF
 Paid-in capital ...................................................... $140,527,447 $359,859,998
 Undistributed (overdistributed) net investment income ................ 480,625 (911,311)
 Accumulated net realized loss on investments ......................... (43,728,662) (24,208,716)
 Net unrealized appreciation (depreciation) of investments ............ 5,688,207 2,422,542
 Net unrealized appreciation (depreciation) of futures ................ 404,513 442,227
 ------------ ------------
TOTAL NET ASSETS ........................................................ $103,372,130 $337,604,740
 ============ ============
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)
 Net assets - Class A ................................................. NA NA
 Shares outstanding - Class A ......................................... NA NA
 Net asset value per share - Class A .................................. NA NA
 Maximum offering price per share - Class A(2) ........................ NA NA
 Net assets - Class B ................................................. NA NA
 Shares outstanding - Class B ......................................... NA NA
 Net asset value and offering price per share - Class B ............... NA NA
 Net assets - Class C ................................................. NA NA
 Shares outstanding - Class C ......................................... NA NA
 Net asset value and offering price per share - Class C ............... NA NA
 Net assets - Administrator Class ..................................... $103,372,130 $337,604,740
 Shares outstanding - Administrator Class ............................. 8,905,014 18,967,705
 Net asset value and offering price per share - Administrator Class ... $ 11.61 $ 17.80
 ------------ ------------
Investments at cost ..................................................... $ 97,897,413 $335,445,789
 ------------ ------------
Securities on loan, at value ............................................ $ 0 $ 0
 ------------ ------------


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

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

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


Wells Fargo Advantage Allocation Funds 37

Statements of Assets and Liabilities-March 31, 2010 (Unaudited)

 Growth Index Asset Moderate
 Balanced Allocation Balanced
 Fund Fund Fund
-------------- ------------- ------------


$ 13,393,873 $ 708,532,817 $ 2,358,679
 878,347,167 0 216,329,949
 0 20,706,986 0
-------------- ------------- ------------
 891,741,040 729,239,803 218,688,628
-------------- ------------- ------------
 25,000 100,000 25,000
 340,546 80,138 183,887
 0 3,452,460 0
-------------- ------------- ------------
 892,106,586 732,872,401 218,897,515
-------------- ------------- ------------

 1,005,338 669,900 168,975
 2,649,080 1,316,676 1,605,639
 0 88,584 0
 0 89 0
 0 17,535,338 0
 324,558 631,183 81,379
 60,287 109,440 1,563
-------------- ------------- ------------
 4,039,263 20,351,210 1,857,556
-------------- ------------- ------------
$ 888,067,323 $ 712,521,191 $217,039,959
============== ============= ============

$1,039,240,157 $ 845,953,539 $244,799,467
 7,752,926 303,742 3,374,750
 (193,854,073) (133,263,409) (37,055,417)
 31,380,458 (5,487,700) 5,325,483
 3,547,855 5,015,019 595,676
-------------- ------------- ------------
$ 888,067,323 $ 712,521,191 $217,039,959
============== ============= ============

$ 57,076,987 $ 655,826,394 $ 7,634,911
 2,194,204 37,596,770 428,566
$ 26.01 $ 17.44 $ 17.82
$ 27.60 $ 18.50 $ 18.91
$ 10,103,825 $ 12,454,463 $ 1,506,119
 434,318 1,168,117 84,800
$ 23.26 $ 10.66 $ 17.76
$ 8,198,403 $ 18,501,255 $ 1,711,613
 354,538 1,738,458 96,815
$ 23.12 $ 10.64 $ 17.68
$ 812,688,108 $ 25,739,078 $206,187,316
 34,647,059 1,474,627 11,503,216
$ 23.46 $ 17.45 $ 17.92
-------------- ------------- ------------
$ 860,360,582 $ 734,727,503 $213,363,145
-------------- ------------- ------------
$ 0 $ 14,170,000 $ 0
-------------- ------------- ------------


38 Wells Fargo Advantage Allocation Funds

Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)

 Aggressive Conservative
 Allocation Allocation
 Fund Fund
 ----------- ------------
INVESTMENT INCOME
 Dividends .......................................................... $ 0 $ 0
 Dividends allocated from affiliated Master Portfolios(1) ........... 644,193 61,798
 Dividends from affiliated securities ............................... 0 0
 Interest ........................................................... 1,242 1,460
 Interest allocated from affiliated Master Portfolios ............... 410,599 3,210,640
 Interest from affiliated securities ................................ 0 0
 Securities lending income .......................................... 0 0
 Securities lending income from affiliated Master Portfolios ........ 8,951 10,800
 Expenses allocated from affiliated Master Portfolios ............... (341,854) (837,308)
 Waivers allocated from affiliated Master Portfolios ................ 36,962 40,427
 ----------- -----------
Total investment income ............................................... 760,093 2,487,817
 ----------- -----------
EXPENSES
 Advisory fees ...................................................... 125,701 421,441
 Administration fees
 Fund level ...................................................... 25,140 84,288
 Class A ......................................................... NA NA
 Class B ......................................................... NA NA
 Class C ......................................................... NA NA
 Administrator Class ............................................. 50,280 168,576
 Custody fees ....................................................... 0 0
 Shareholder servicing fees
 Class A ......................................................... NA NA
 Class B ......................................................... NA NA
 Class C ......................................................... NA NA
 Administrator Class ............................................. 125,701 421,441
 Accounting fees .................................................... 1,198 9,825
 Distribution fees
 Class B ......................................................... NA NA
 Class C ......................................................... NA NA
 Professional fees .................................................. 13,400 0
 Registration fees .................................................. 7,480 7,480
 Shareholder reports ................................................ 8,976 22,439
 Trustees' fees ..................................................... 5,274 0
 Other fees and expenses ............................................ 10,170 13,026
 ----------- -----------
Total expenses ........................................................ 373,320 1,148,516
 ----------- -----------
LESS
 Waived fees and/or reimbursed expenses ............................. (140,596) (457,705)
 Net expenses ....................................................... 232,724 690,811
 ----------- -----------
Net investment income ................................................. 527,369 1,797,006
 ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
 Unaffiliated securities ............................................ 0 0
 Affiliated securities .............................................. 0 0
 Futures transactions ............................................... 2,094,328 1,952,945
 Transactions allocated from Master Portfolios ...................... 677,443 (987,975)
 ----------- -----------
Net realized gain from investments .................................... 1,416,885 964,970
 ----------- -----------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
 Unaffiliated securities ............................................ 0 0
 Affiliated securities .............................................. 0 0
 Futures transactions ............................................... 4,829 91,409
 Transactions allocated from Master Portfolios ...................... 8,315,610 16,461,412
 ----------- -----------
Net change in unrealized appreciation (depreciation) of investments ... 8,320,439 16,552,821
 ----------- -----------
Net realized and unrealized gain (loss) on investments ................ 9,737,324 17,517,791
 ----------- -----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS .................. $10,264,693 $19,314,797
 =========== ===========
1. Net of foreign withholding taxes of ................................ $ 10,655 $ 0

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


Wells Fargo Advantage Allocation Funds 39

Statements of Assets and Liabilities-March 31, 2010 (Unaudited)

 Growth Index Asset Moderate
 Balanced Allocation Balanced
 Fund Fund Fund
----------- ------------ -----------

$ 0 $ 4,151,140 $ 0
 4,452,517 0 774,045
 0 9,961 0
 10,831 5,644,512 2,040
 10,774,270 0 5,334,541
 0 909 0
 0 78,187 0
 75,021 0 21,928
 (2,775,224) 0 (858,949)
 293,198 0 86,757
----------- ------------ -----------
 12,830,613 9,884,709 5,360,362
----------- ------------ -----------

 1,045,595 2,242,326 289,115

 209,119 176,472 57,823
 80,458 904,213 12,668
 16,123 19,007 2,140
 11,039 26,395 2,221
 379,803 13,797 109,390
 0 30,502 0

 72,389 805,294 11,322
 14,187 16,970 1,913
 9,856 23,275 1,986
 945,164 34,491 270,934
 8,653 12,493 5,059

 43,187 50,910 5,735
 29,568 70,702 5,953
 13,372 22,339 13,406
 22,439 12,465 17,452
 64,821 77,288 22,439
 5,274 5,274 5,274
 25,726 101,316 12,949
----------- ------------ -----------
 2,996,773 4,645,529 847,779
----------- ------------ -----------

 (1,000,622) (519,580) (317,514)
 1,996,151 4,125,949 530,265
----------- ------------ -----------
 10,834,462 5,758,760 4,830,097
----------- ------------ -----------


 0 (16,841,536) 0
 0 (281,390) 0
 15,497,285 22,809,648 3,128,427
 2,333,397 0 (442,348)
----------- ------------ -----------
 17,830,682 5,686,722 2,686,079
----------- ------------ -----------

 0 32,439,527 0
 0 2,873,766 0
 1,331,864 1,823,839 48,511
 48,477,260 0 9,677,013
----------- ------------ -----------
 49,809,124 37,137,132 9,725,524
----------- ------------ -----------
 67,639,806 42,823,854 12,411,603
----------- ------------ -----------
$78,474,268 $ 48,582,614 $17,241,700
=========== ============ ===========
$ 0 $ 74,074 $ 11,910


40 Wells Fargo Advantage Allocation Funds

Statements of Changes in Net Assets

 AGGRESSIVE ALLOCATION FUND
 -------------------------------------
 For the
 Six Months Ended For the
 March 31, 2010 Year Ended
 (Unaudited) September 30, 2009
 ---------------- ------------------
INCREASE (DECREASE) IN NET ASSETS
 Beginning net assets .................................................. $169,286,410 $204,445,407
OPERATIONS
 Net investment income ................................................. 527,369 2,671,643
 Net realized gain (loss) on investments ............................... 1,416,885 (27,857,556)
 Net change in unrealized appreciation (depreciation) of investments ... 8,320,439 9,867,473
 ------------ ------------
Net increase (decrease) in net assets resulting from operations .......... 10,264,693 (15,318,440)
 ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
 Net investment income
 Class A ............................................................. NA NA
 Class B ............................................................. NA NA
 Class C ............................................................. NA NA
 Administrator Class ................................................. (2,209,287) (3,643,110)
 Net realized gains
 Class A ............................................................. NA NA
 Class B ............................................................. NA NA
 Class C ............................................................. NA NA
 Administrator Class ................................................. 0 (20,605)
 ------------ ------------
Total distributions to shareholders ...................................... (2,209,287) (3,663,715)
 ------------ ------------
CAPITAL SHARES TRANSACTIONS
 Proceeds from shares sold - Class A ................................... NA NA
 Reinvestment of distributions - Class A ............................... NA NA
 Cost of shares redeemed - Class A ..................................... NA NA
 ------------ ------------
 Net increase (decrease) in net assets resulting from capital share
 transactions - Class A ............................................. NA NA
 ------------ ------------
 Proceeds from shares sold - Class B ................................... NA NA
 Reinvestment of distributions - Class B ............................... NA NA
 Cost of shares redeemed - Class B ..................................... NA NA
 ------------ ------------
 Net increase (decrease) in net assets resulting from capital share
 transactions - Class B ............................................. NA NA
 ------------ ------------
 Proceeds from shares sold - Class C ................................... NA NA
 Reinvestment of distributions - Class C ............................... NA NA
 Cost of shares redeemed - Class C ..................................... NA NA
 ------------ ------------
 Net increase (decrease) in net assets resulting from capital share
 transactions - Class C ............................................. NA NA
 ------------ ------------
 Proceeds from shares sold - Administrator Class ....................... 16,472,947 61,702,225
 Reinvestment of distributions - Administrator Class ................... 2,204,396 3,643,300
 Cost of shares redeemed - Administrator Class ......................... (92,647,029) (81,522,367)
 ------------ ------------
 Net increase (decrease) in net assets resulting from capital share
 transactions - Administrator Class ................................. (73,969,686) (16,176,842)
 ------------ ------------
 Net increase (decrease) in net assets resulting from capital share
 transactions - Total ............................................... (73,969,686) (16,176,842)
 ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS .................................... (65,914,280) (35,158,997)
 ============ ============
ENDING NET ASSETS ........................................................ $103,372,130 $169,286,410
 ============ ============
Ending balance of undistributed (overdistributed) net investment
 income ................................................................ $ 480,625 $ 2,162,543
 ------------ ------------

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


Wells Fargo Advantage Allocation Funds 41

Statements of Changes in Net Assets

 CONSERVATIVE ALLOCATION FUND GROWTH BALANCED FUND INDEX ASSET ALLOCATION FUND
------------------------------------- ------------------------------------- -------------------------------------
 For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
 March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
---------------- ------------------ ---------------- ------------------ ---------------- ------------------

 $ 424,388,975 $ 479,237,779 $ 938,324,045 $1,258,315,439 $708,273,722 $ 869,482,980

 1,797,006 12,946,387 10,834,462 18,363,725 5,758,760 13,770,477
 964,970 (17,154,589) 17,830,682 (154,148,174) 5,686,722 (56,244,749)
 16,552,821 14,503,476 49,809,124 30,694,799 37,137,132 (17,727,983)
 ------------- ------------- ------------- -------------- ------------ -------------
 19,314,797 10,295,274 78,474,268 (105,089,650) 48,582,614 (60,202,255)
 ------------- ------------- ------------- -------------- ------------ -------------


 NA NA (886,051) (1,141,385) (5,296,159) (12,622,827)
 NA NA (74,228) (292,490) (31,234) (235,221)
 NA NA (84,420) (130,410) (49,663) (243,696)
 (12,043,396) (18,792,992) (14,342,061) (29,490,388) (291,116) (611,627)

 NA NA 0 (168,242) 0 (73,264)
 NA NA 0 (89,368) 0 (2,649)
 NA NA 0 (30,238) 0 (2,215)
 0 (2,638,483) 0 (3,731,321) 0 (3,167)
 ------------- ------------- ------------- -------------- ------------ -------------
 (12,043,396) (21,431,475) (15,386,760) (35,073,842) (5,668,172) (13,794,666)
 ------------- ------------- ------------- -------------- ------------ -------------

 NA NA 6,458,951 16,321,997 6,537,504 17,596,987
 NA NA 859,542 1,269,345 5,078,151 12,175,152
 NA NA (9,863,332) (14,812,025) (41,503,099) (96,663,066)
 ------------- ------------- ------------- -------------- ------------ -------------

 NA NA (2,544,839) 2,779,317 (29,887,444) (66,890,927)
 ------------- ------------- ------------- -------------- ------------ -------------
 NA NA 25,699 203,510 11,426 98,066
 NA NA 72,091 371,902 28,691 218,798
 NA NA (4,755,504) (14,431,131) (3,612,020) (12,870,713)
 ------------- ------------- ------------- -------------- ------------ -------------

 NA NA (4,657,714) (13,855,719) (3,571,903) (12,553,849)
 ------------- ------------- ------------- -------------- ------------ -------------
 NA NA 222,521 381,417 149,910 750,786
 NA NA 80,397 151,841 42,532 206,821
 NA NA (432,493) (1,641,652) (2,000,742) (4,519,330)
 ------------- ------------- ------------- -------------- ------------ -------------

 NA NA (129,575) (1,108,394) (1,808,300) (3,561,723)
 ------------- ------------- ------------- -------------- ------------ -------------
 31,223,941 107,926,719 175,704,141 627,120,674 7,684,719 5,005,582
 12,013,888 21,405,584 14,299,006 33,070,800 290,433 609,911
 (137,293,465) (173,044,906) (296,015,249) (827,834,580) (11,374,478) (9,821,331)
 ------------- ------------- ------------- -------------- ------------ -------------

 (94,055,636) (43,712,603) (106,012,102) (167,643,106) (3,399,326) (4,205,838)
 ------------- ------------- ------------- -------------- ------------ -------------

 (94,055,636) (43,712,603) (113,344,230) (179,827,902) (38,666,973) (87,212,337)
 ------------- ------------- ------------- -------------- ------------ -------------
 (86,784,235) (54,848,804) (50,256,722) (319,991,394) 4,247,469 (161,209,258)
 ============= ============= ============= ============== ============ =============
 $ 337,604,740 $ 424,388,975 $ 888,067,323 $ 938,324,045 $712,521,191 $ 708,273,722
 ============= ============= ============= ============== ============ =============

 $ (911,311) $ 9,335,079 $ 7,752,926 $ 12,305,224 $ 303,742 $ 213,154
 ------------- ------------- ------------- -------------- ------------ -------------


42 Wells Fargo Advantage Allocation Funds

Statements of Changes in Net Assets

 AGGRESSIVE ALLOCATION FUND
 -------------------------------------
 For the
 Six Months Ended For the
 March 31, 2010 Year Ended
 (Unaudited) September 30, 2009
 ---------------- ------------------
SHARES ISSUED AND REDEEMED
 Shares sold - Class A ...................................................... NA NA
 Shares issued in reinvestment of distributions - Class A ................... NA NA
 Shares redeemed - Class A .................................................. NA NA
 ---------- ----------
 Net increase (decrease) in shares outstanding - Class A .................... NA NA
 ---------- ----------
 Shares sold - Class B ...................................................... NA NA
 Shares issued in reinvestment of distributions - Class B ................... NA NA
 Shares redeemed - Class B .................................................. NA NA
 ---------- ----------
 Net decrease in shares outstanding - Class B ............................... NA NA
 ---------- ----------
 Shares sold - Class C ...................................................... NA NA
 Shares issued in reinvestment of distributions - Class C ................... NA NA
 Shares redeemed - Class C .................................................. NA NA
 ---------- ----------
 Net decrease in shares outstanding - Class C ............................... NA NA
 ---------- ----------
 Shares sold - Administrator Class .......................................... 1,500,637 6,906,822
 Shares issued in reinvestment of distributions - Administrator Class ....... 199,855 437,810
 Shares redeemed - Administrator Class ...................................... (8,533,945) (9,194,289)
 ---------- ----------
 Net decrease in shares outstanding - Administrator Class ................... (6,833,453) (1,849,657)
 ---------- ----------
NET DECREASE IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS .. (6,833,453) (1,849,657)
 ---------- ----------

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


Wells Fargo Advantage Allocation Funds 43

Statements of Changes in Net Assets

 CONSERVATIVE ALLOCATION FUND GROWTH BALANCED FUND INDEX ASSET ALLOCATION FUND
------------------------------------- ------------------------------------- -------------------------------------
 For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
 March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
---------------- ------------------ ---------------- ------------------ ---------------- ------------------

 NA NA 262,068 795,101 389,956 1,234,205
 NA NA 34,645 66,280 292,581 838,017
 NA NA (395,774) (738,648) (2,461,854) (6,830,133)
 ---------- ----------- ----------- ----------- ---------- ----------
 NA NA (99,061) 122,733 (1,779,317) (4,757,911)
 ---------- ----------- ----------- ----------- ---------- ----------
 NA NA 1,155 11,032 1,109 11,491
 NA NA 3,243 21,681 2,663 24,804
 NA NA (216,320) (791,291) (353,326) (1,482,104)
 ---------- ----------- ----------- ----------- ---------- ----------
 NA NA (211,922) (758,578) (349,554) (1,445,809)
 ---------- ----------- ----------- ----------- ---------- ----------
 NA NA 10,022 22,124 14,646 85,352
 NA NA 3,638 8,868 3,299 23,405
 NA NA (20,292) (90,958) (195,749) (518,967)
 ---------- ----------- ----------- ----------- ---------- ----------
 NA NA (6,632) (59,966) (177,804) (410,210)
 ---------- ----------- ----------- ----------- ---------- ----------
 1,780,324 6,778,676 7,891,821 34,150,289 466,438 356,722
 697,266 1,393,541 639,777 1,912,938 17,060 41,938
 (7,825,139) (10,828,737) (13,378,488) (46,422,491) (678,509) (700,526)
 ---------- ----------- ----------- ----------- ---------- ----------
 (5,347,549) (2,656,520) (4,846,890) (10,359,264) (195,011) (301,866)
 ---------- ----------- ----------- ----------- ---------- ----------
 (5,347,549) (2,656,520) (5,164,505) (11,055,075) (2,501,686) (6,915,796)
 ---------- ----------- ----------- ----------- ---------- ----------


44 Wells Fargo Advantage Allocation Funds

Statements of Changes in Net Assets

 MODERATE BALANCED FUND
 -------------------------------------
 For the
 Six Months Ended For the
 March 31, 2010 Year Ended
 (Unaudited) September 30, 2009
 ---------------- ------------------
INCREASE (DECREASE) IN NET ASSETS
 Beginning net assets ................................................. $ 342,174,335 $ 420,207,990
OPERATIONS
 Net investment income ................................................ 4,830,097 8,790,347
 Net realized gain (loss) on investments .............................. 2,686,079 (29,245,227)
 Net change in unrealized appreciation (depreciation) of investments .. 9,725,524 12,201,507
 ------------- -------------
Net increase (decrease) in net assets resulting from operations ......... 17,241,700 (8,253,373)
 ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
 Net investment income
 Class A ........................................................... (296,526) (263,142)
 Class B ........................................................... (36,142) (53,839)
 Class C ........................................................... (42,451) (37,718)
 Administrator Class ............................................... (7,225,301) (13,200,377)
 Net realized gains
 Class A ........................................................... 0 (81,272)
 Class B ........................................................... 0 (22,182)
 Class C ........................................................... 0 (15,819)
 Administrator Class ............................................... 0 (3,791,484)
 ------------- -------------
Total distributions to shareholders ..................................... (7,600,420) (17,465,833)
 ------------- -------------
CAPITAL SHARES TRANSACTIONS
 Proceeds from shares sold - Class A .................................. 2,158,253 3,447,139
 Reinvestment of distributions - Class A .............................. 286,367 331,213
 Cost of shares redeemed - Class A .................................... (3,805,905) (3,433,436)
 ------------- -------------
 Net increase (decrease) in net assets resulting from capital share
 transactions - Class A ............................................ (1,361,285) 344,916
 ------------- -------------
 Proceeds from shares sold - Class B .................................. 23,709 521,701
 Reinvestment of distributions - Class B .............................. 33,463 73,607
 Cost of shares redeemed - Class B .................................... (337,807) (920,587)
 ------------- -------------
 Net decrease in net assets resulting from capital share transactions
 - Class B ......................................................... (280,635) (325,279)
 ------------- -------------
 Proceeds from shares sold - Class C .................................. 268,125 231,733
 Reinvestment of distributions - Class C .............................. 39,202 49,780
 Cost of shares redeemed - Class C .................................... (107,284) (426,119)
 ------------- -------------
 Net increase (decrease) in net assets resulting from capital share
 transactions - Class C ............................................ 200,043 (144,606)
 ------------- -------------
 Proceeds from shares sold - Administrator Class ...................... 19,860,340 47,800,651
 Reinvestment of distributions - Administrator Class .................. 7,188,444 16,658,857
 Cost of shares redeemed - Administrator Class ........................ (160,382,563) (116,648,988)
 ------------- -------------
 Net decrease in net assets resulting from capital share transactions
 - Administrator Class ............................................. (133,333,779) (52,189,480)
 ------------- -------------
 Net decrease in net assets resulting from capital share transactions
 - Total ........................................................... (134,775,656) (52,314,449)
 ------------- -------------
NET DECREASE IN NET ASSETS .............................................. (125,134,376) (78,033,655)
 ============= =============
ENDING NET ASSETS ....................................................... $ 217,039,959 $ 342,174,335
 ============= =============
Ending balance of undistributed net investment income ................... $ 3,374,750 $ 6,145,073
 ------------- -------------

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


Wells Fargo Advantage Allocation Funds 45

Statements of Changes in Net Assets

 MODERATE BALANCED FUND
 -------------------------------------
 For the
 Six Months Ended For the
 March 31, 2010 Year Ended
 (Unaudited) September 30, 2009
 ---------------- ------------------
SHARES ISSUED AND REDEEMED
 Shares sold - Class A ...................................................... 124,810 230,988
 Shares issued in reinvestment of distributions - Class A ................... 16,708 22,975
 Shares redeemed - Class A .................................................. (219,247) (225,138)
 ---------- ----------
 Net increase (decrease) in shares outstanding - Class A .................... (77,729) 28,825
 ---------- ----------
 Shares sold - Class B ...................................................... 1,357 34,723
 Shares issued in reinvestment of distributions - Class B ................... 1,955 5,117
 Shares redeemed - Class B .................................................. (19,789) (61,775)
 ---------- ----------
 Net decrease in shares outstanding - Class B ............................... (16,477) (21,935)
 ---------- ----------
 Shares sold - Class C ...................................................... 15,512 14,915
 Shares issued in reinvestment of distributions - Class C ................... 2,301 3,467
 Shares redeemed - Class C .................................................. (6,201) (28,224)
 ---------- ----------
 Net increase (decrease) in shares outstanding - Class C .................... 11,612 (9,842)
 ---------- ----------
 Shares sold - Administrator Class .......................................... 1,142,602 3,066,484
 Shares issued in reinvestment of distributions - Administrator Class ....... 417,205 1,149,823
 Shares redeemed - Administrator Class ...................................... (9,226,311) (7,732,355)
 ---------- ----------
 Net decrease in shares outstanding - Administrator Class ................... (7,666,504) (3,516,048)
 ---------- ----------
NET DECREASE IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS .. (7,749,098) (3,519,000)
 ---------- ----------


46 Wells Fargo Advantage Allocation Funds

Financial Highlights

 Beginning Net Realized Distributions
 Net Asset Net and Unrealized from Net Distributions
 Value Per Investment Gain (Loss) Investment from Net
 Share Income on Investments Income Realized Gains
 --------- ---------- -------------- ------------- --------------
AGGRESSIVE ALLOCATION FUND
Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) .. $10.76 0.15 0.96 (0.26) 0.00
October 1, 2008 to September 30, 2009 .......... $11.62 0.19 (0.83) (0.22) 0.00(5)
October 1, 2007 to September 30, 2008 .......... $16.92 0.21 (3.91) (0.23) (1.37)
October 1, 2006 to September 30, 2007 .......... $15.32 0.23 2.39 (0.18) (0.84)
October 1, 2005 to September 30, 2006 .......... $14.57 0.22 1.08 (0.20) (0.35)
October 1, 2004 to September 30, 2005 .......... $13.09 0.19 1.45 (0.16) 0.00
CONSERVATIVE ALLOCATION FUND
Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) .. $17.45 0.25 0.78 (0.68) 0.00
October 1, 2008 to September 30, 2009 .......... $17.77 0.58 (0.05) (0.75) (0.10)
October 1, 2007 to September 30, 2008 .......... $20.35 0.73 (2.04) (0.72) (0.55)
October 1, 2006 to September 30, 2007 .......... $19.74 0.70 0.84 (0.64) (0.29)
October 1, 2005 to September 30, 2006 .......... $19.78 0.67 0.30 (0.63) (0.38)
October 1, 2004 to September 30, 2005 .......... $19.48 0.54 0.40 (0.41) (0.23)
GROWTH BALANCED FUND
Class A
October 1, 2009 to March 31, 2010 (Unaudited) .. $24.12 0.26(4) 2.01 (0.38) 0.00
October 1, 2008 to September 30, 2009 .......... $25.63 0.41(4) (1.32) (0.52) (0.08)
October 1, 2007 to September 30, 2008 .......... $36.21 0.63(4) (7.32) (0.63) (3.26)
October 1, 2006 to September 30, 2007 .......... $33.51 0.61 4.40 (0.53) (1.78)
October 1, 2005 to September 30, 2006 .......... $33.09 0.60 1.98 (0.45) (1.71)
October 1, 2004 to September 30, 2005 .......... $30.51 0.52 2.68 (0.41) (0.21)
Class B
October 1, 2009 to March 31, 2010 (Unaudited) .. $21.46 0.13(4) 1.81 (0.14) 0.00
October 1, 2008 to September 30, 2009 .......... $22.70 0.22(4) (1.13) (0.25) (0.08)
October 1, 2007 to September 30, 2008 .......... $32.51 0.36(4) (6.52) (0.39) (3.26)
October 1, 2006 to September 30, 2007 .......... $30.29 0.33 3.95 (0.28) (1.78)
October 1, 2005 to September 30, 2006 .......... $30.12 0.30 1.81 (0.23) (1.71)
October 1, 2004 to September 30, 2005 .......... $27.83 0.23 2.47 (0.20) (0.21)
Class C
October 1, 2009 to March 31, 2010 (Unaudited) .. $21.42 0.14(4) 1.80 (0.24) 0.00
October 1, 2008 to September 30, 2009 .......... $22.77 0.23(4) (1.17) (0.33) (0.08)
October 1, 2007 to September 30, 2008 .......... $32.60 0.36(4) (6.54) (0.39) (3.26)
October 1, 2006 to September 30, 2007 .......... $30.37 0.33 3.97 (0.29) (1.78)
October 1, 2005 to September 30, 2006 .......... $30.19 0.32 1.80 (0.23) (1.71)
October 1, 2004 to September 30, 2005 .......... $27.81 0.21 2.50 (0.12) (0.21)
Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) .. $21.81 0.28(4) 1.80 (0.43) 0.00
October 1, 2008 to September 30, 2009 .......... $23.29 0.41(4) (1.21) (0.60) (0.08)
October 1, 2007 to September 30, 2008 .......... $33.29 0.64(4) (6.67) (0.71) (3.26)
October 1, 2006 to September 30, 2007 .......... $30.98 0.70 3.99 (0.60) (1.78)
October 1, 2005 to September 30, 2006 .......... $30.76 0.62 1.85 (0.54) (1.71)
October 1, 2004 to September 30, 2005 .......... $28.41 0.56 2.50 (0.50) (0.21)


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

(2.) Includes net expenses allocated from the Master Portfolio(s) in which the Fund invests.

(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

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


Wells Fargo Advantage Allocation Funds 47

Financial Highlights

 Ratio to
 Ending Average Net Assets (Annualized)
Net Asset ------------------------------------ Portfolio Net Assets at
Value Per Net Investment Gross Net Total Turnover End of Period
 Share Income Expenses Expenses Return(1) Rate (000's omitted)
--------- -------------- -------- -------- --------- --------- ---------------


 $11.61 1.83% 1.27%(2) 0.99%(2) 10.42% 47%(3) $ 103,372
 $10.76 1.83% 1.22%(2) 1.00%(2) (4.96)% 80%(3) $ 169,286
 $11.62 1.76% 1.21%(2) 1.00%(2) (23.80)% 62%(3) $ 204,445
 $16.92 1.55% 1.20%(2) 1.00%(2) 17.79% 58%(3) $ 273,273
 $15.32 1.55% 1.20%(2) 1.00%(2) 9.14% 61%(3) $ 223,488
 $14.57 1.42% 1.12%(2) 1.00%(2) 12.61% 64%(3) $ 196,484


 $17.80 3.18% 1.12%(2) 0.85%(2) 6.06% 91%(3) $ 337,605
 $17.45 3.18% 1.09%(2) 0.85%(2) 3.68% 130%(3) $ 424,389
 $17.77 3.80% 1.06%(2) 0.85%(2) (6.85)% 100%(3) $ 479,238
 $20.35 3.75% 1.05%(2) 0.85%(2) 8.05% 91%(3) $ 615,216
 $19.74 3.69% 1.04%(2) 0.85%(2) 5.14% 106%(3) $ 515,658
 $19.78 2.78% 1.01%(2) 0.85%(2) 4.91% 102%(3) $ 442,285


 $26.01 2.06% 1.37%(2) 1.19%(2) 9.50% 67%(3) $ 57,077
 $24.12 1.95% 1.32%(2) 1.20%(2) (2.95)% 105%(3) $ 55,318
 $25.63 2.09% 1.34%(2) 1.20%(2) (20.42)% 80%(3) $ 55,626
 $36.21 1.89% 1.32%(2) 1.20%(2) 15.55% 75%(3) $ 79,411
 $33.51 1.89% 1.30%(2) 1.20%(2) 8.13% 80%(3) $ 64,560
 $33.09 1.59% 1.33%(2) 1.20%(2) 10.58% 80%(3) $ 58,091


 $23.26 1.46% 2.12%(2) 1.94%(2) 9.08% 67%(3) $ 10,104
 $21.46 1.21% 2.08%(2) 1.95%(2) (3.66)% 105%(3) $ 13,869
 $22.70 1.31% 2.09%(2) 1.95%(2) (21.02)% 80%(3) $ 31,892
 $32.51 1.12% 2.06%(2) 1.95%(2) 14.69% 75%(3) $ 66,097
 $30.29 1.12% 2.05%(2) 1.95%(2) 7.30% 80%(3) $ 73,602
 $30.12 0.84% 2.08%(2) 1.95%(2) 9.76% 80%(3) $ 85,327


 $23.12 1.29% 2.12%(2) 1.94%(2) 9.10% 67%(3) $ 8,198
 $21.42 1.21% 2.06%(2) 1.95%(2) (3.69)% 105%(3) $ 7,738
 $22.77 1.33% 2.08%(2) 1.95%(2) (21.02)% 80%(3) $ 9,588
 $32.60 1.12% 2.06%(2) 1.95%(2) 14.72% 75%(3) $ 15,226
 $30.37 1.12% 2.05%(2) 1.95%(2) 7.29% 80%(3) $ 16,351
 $30.19 0.84% 2.08%(2) 1.95%(2) 9.79% 80%(3) $ 18,262


 $23.46 2.26% 1.19%(2) 0.94%(2) 9.65% 67%(3) $ 812,688
 $21.81 2.18% 1.14%(2) 0.95%(2) (2.68)% 105%(3) $ 861,399
 $23.29 2.32% 1.16%(2) 0.95%(2) (20.25)% 80%(3) $1,161,210
 $33.29 2.12% 1.14%(2) 0.95%(2) 15.84% 75%(3) $1,804,249
 $30.98 2.13% 1.12%(2) 0.95%(2) 8.40% 80%(3) $1,919,297
 $30.76 1.84% 1.07%(2) 0.95%(2) 10.87% 80%(3) $1,848,078


48 Wells Fargo Advantage Allocation Funds

Financial Highlights

 Beginning Net Realized Distributions
 Net Asset Net and Unrealized from Net Distributions
 Value Per Investment Gain (Loss) Investment from Net
 Share Income on Investments Income Realized Gains
 --------- ---------- -------------- ------------- --------------
INDEX ASSET ALLOCATION FUND
Class A
October 1, 2009 to March 31, 2010 (Unaudited) .. $16.42 0.14(4) 1.16 (0.28) 0.00
October 1, 2008 to September 30, 2009 .......... $17.63 0.31(4) (1.21) (0.31) 0.00(5)
October 1, 2007 to September 30, 2008 .......... $23.12 0.44(4) (4.36) (0.44) (1.13)
October 1, 2006 to September 30, 2007 .......... $20.94 0.47(4) 2.58 (0.47) (0.40)
October 1, 2005 to September 30, 2006 .......... $19.99 0.44 1.16 (0.43) (0.22)
October 1, 2004 to September 30, 2005 .......... $18.80 0.40 1.64 (0.41) (0.44)
Class B
October 1, 2009 to March 31, 2010 (Unaudited) .. $10.02 0.04(4) 0.67 (0.07) 0.00
October 1, 2008 to September 30, 2009 .......... $10.74 0.13(4) (0.74) (0.11) 0.00(5)
October 1, 2007 to September 30, 2008 .......... $14.07 0.18(4) (2.66) (0.16) (0.69)
October 1, 2006 to September 30, 2007 .......... $12.73 0.19(4) 1.57 (0.18) (0.24)
October 1, 2005 to September 30, 2006 .......... $12.15 0.18 0.70 (0.17) (0.13)
October 1, 2004 to September 30, 2005 .......... $11.42 0.15 1.00 (0.15) (0.27)
Class C
October 1, 2009 to March 31, 2010 (Unaudited) .. $10.00 0.04(4) 0.68 (0.08) 0.00
October 1, 2008 to September 30, 2009 .......... $10.73 0.12(4) (0.73) (0.12) 0.00(5)
October 1, 2007 to September 30, 2008 .......... $14.07 0.18(4) (2.66) (0.17) (0.69)
October 1, 2006 to September 30, 2007 .......... $12.75 0.18(4) 1.56 (0.18) (0.24)
October 1, 2005 to September 30, 2006 .......... $12.16 0.17 0.72 (0.17) (0.13)
October 1, 2004 to September 30, 2005 .......... $11.44 0.17 0.98 (0.16) (0.27)
Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) .. $16.44 0.16(4) 1.18 (0.33) 0.00
October 1, 2008 to September 30, 2009 .......... $17.65 0.34(4) (1.20) (0.35) 0.00(5)
October 1, 2007 to September 30, 2008 .......... $23.15 0.50(4) (4.38) (0.49) (1.13)
October 1, 2006 to September 30, 2007 .......... $20.97 0.54(4) 2.57 (0.53) (0.40)
October 1, 2005 to September 30, 2006 .......... $20.02 0.41 1.24 (0.48) (0.22)
October 1, 2004 to September 30, 2005 .......... $18.82 0.47 1.63 (0.46) (0.44)
MODERATE BALANCED FUND
Class A
October 1, 2009 to March 31, 2010 (Unaudited) .. $17.12 0.29(4) 0.97 (0.56) 0.00
October 1, 2008 to September 30, 2009 .......... $17.85 0.38(4) (0.36) (0.57) (0.18)
October 1, 2007 to September 30, 2008 .......... $22.76 0.55 (3.34) (0.61) (1.51)
October 1, 2006 to September 30, 2007 .......... $21.97 0.65(4) 1.73 (0.61) (0.98)
October 1, 2005 to September 30, 2006 .......... $22.23 0.60 0.75 (0.51) (1.10)
October 1, 2004 to September 30, 2005 .......... $21.72 0.43 1.13 (0.40) (0.65)
Class B
October 1, 2009 to March 31, 2010 (Unaudited) .. $16.99 0.20(4) 0.98 (0.41) 0.00
October 1, 2008 to September 30, 2009 .......... $17.67 0.26(4) (0.34) (0.42) (0.18)
October 1, 2007 to September 30, 2008 .......... $22.53 0.42 (3.34) (0.43) (1.51)
October 1, 2006 to September 30, 2007 .......... $21.76 0.47(4) 1.72 (0.44) (0.98)
October 1, 2005 to September 30, 2006 .......... $22.04 0.42 0.76 (0.36) (1.10)
October 1, 2004 to September 30, 2005 .......... $21.62 0.31 1.08 (0.32) (0.65)
Class C
October 1, 2009 to March 31, 2010 (Unaudited) .. $16.96 0.23(4) 0.95 (0.46) 0.00
October 1, 2008 to September 30, 2009 .......... $17.64 0.26(4) (0.34) (0.42) (0.18)
October 1, 2007 to September 30, 2008 .......... $22.52 0.41 (3.33) (0.45) (1.51)
October 1, 2006 to September 30, 2007 .......... $21.77 0.47(4) 1.72 (0.46) (0.98)
October 1, 2005 to September 30, 2006 .......... $22.05 0.43 0.75 (0.36) (1.10)
October 1, 2004 to September 30, 2005 .......... $21.62 0.31 1.08 (0.31) (0.65)
Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) .. $17.23 0.29(4) 0.99 0.59) 0.00
October 1, 2008 to September 30, 2009 .......... $17.98 0.42(4) (0.37) (0.62) (0.18)
October 1, 2007 to September 30, 2008 .......... $22.90 0.60 (3.36) (0.65) (1.51)
October 1, 2006 to September 30, 2007 .......... $22.08 0.67(4) 1.77 (0.64) (0.98)
October 1, 2005 to September 30, 2006 .......... $22.32 0.64 0.78 (0.56) (1.10)
October 1, 2004 to September 30, 2005 .......... $21.76 0.52 1.10 (0.41) (0.65)


Wells Fargo Advantage Allocation Funds 49

Financial Highlights

 Ratio to
 Ending Average Net Assets (Annualized)(1)
Net Asset ------------------------------------ Portfolio Net Assets at
Value Per Net Investment Gross Net Total Turnover End of Period
 Share Income Expenses Expenses Return(1) Rate (000's omitted)
--------- -------------- -------- -------- --------- --------- ---------------


 $17.44 1.66% 1.29% 1.14% 7.08% 13% $655,826
 $16.42 2.13% 1.29% 1.15% (4.85)% 43% $646,455
 $17.63 2.17% 1.29% 1.15% (17.92)% 45% $777,876
 $23.12 2.12% 1.25% 1.15% 14.83% 16% $914,716
 $20.94 2.13% 1.26% 1.15% 8.13% 11% $871,848
 $19.99 2.06% 1.23% 1.15% 11.03% 6% $934,783

 $10.66 0.90% 2.04% 1.89% 6.65% 13% $ 12,454
 $10.02 1.43% 2.04% 1.90% (5.48)% 43% $ 15,201
 $10.74 1.42% 2.04% 1.90% (18.56)% 45% $ 31,831
 $14.07 1.36% 2.00% 1.90% 14.03% 16% $ 85,203
 $12.73 1.38% 2.01% 1.90% 7.33% 11% $125,661
 $12.15 1.33% 1.98% 1.90% 10.19% 6% $146,644

 $10.64 0.90% 2.04% 1.90% 6.69% 13% $ 18,501
 $10.00 1.39% 2.03% 1.90% (5.51)% 43% $ 19,162
 $10.73 1.42% 2.03% 1.90% (18.56)% 45% $ 24,975
 $14.07 1.37% 2.00% 1.90% 13.91% 16% $ 36,028
 $12.75 1.38% 2.01% 1.90% 7.42% 11% $ 36,261
 $12.16 1.26% 1.98% 1.90% 10.15% 6% $ 40,795

 $17.45 1.90% 1.11% 0.89% 7.24% 13% $ 25,739
 $16.44 2.39% 1.11% 0.90% (4.61)% 43% $ 27,455
 $17.65 2.43% 1.11% 0.90% (17.73)% 45% $ 34,802
 $23.15 2.35% 1.07% 0.90% 15.10% 16% $ 49,620
 $20.97 2.39% 1.08% 0.90% 8.43% 11% $ 78,458
 $20.02 2.31% 1.00% 0.90% 11.35% 6% $ 36,815


 $17.82 3.34% 1.36%(2) 1.14%(2) 7.45% 79%(3) $ 7,635
 $17.12 2.47% 1.31%(2) 1.15%(2) 0.94% 116%(3) $ 8,669
 $17.85 2.88% 1.31%(2) 1.15%(2) (13.39)% 89%(3) $ 8,524
 $22.76 2.80% 1.28%(2) 1.15%(2) 11.33% 82%(3) $ 9,839
 $21.97 2.75% 1.27%(2) 1.15%(2) 6.39% 93%(3) $ 5,618
 $22.23 2.11% 1.30%(2) 1.15%(2) 7.32% 91%(3) $ 4,745

 $17.76 2.58% 2.11%(2) 1.89%(2) 7.04% 79%(3) $ 1,506
 $16.99 1.72% 2.06%(2) 1.90%(2) 0.19% 116%(3) $ 1,720
 $17.67 2.13% 2.06%(2) 1.90%(2) (14.06)% 89%(3) $ 2,177
 $22.53 2.01% 2.03%(2) 1.90%(2) 10.49% 82%(3) $ 3,699
 $21.76 1.99% 2.02%(2) 1.90%(2) 5.60% 93%(3) $ 3,283
 $22.04 1.35% 2.05%(2) 1.90%(2) 6.50% 91%(3) $ 3,121

 $17.68 2.57% 2.11%(2) 1.89%(2) 7.04% 79%(3) $ 1,712
 $16.96 1.72% 2.05%(2) 1.90%(2) 0.21% 116%(3) $ 1,445
 $17.64 2.13% 2.05%(2) 1.90%(2) (14.05)% 89%(3) $ 1,677
 $22.52 2.03% 2.03%(2) 1.90%(2) 10.49% 82%(3) $ 2,034
 $21.77 2.00% 2.02%(2) 1.90%(2) 5.58% 93%(3) $ 1,602
 $22.05 1.35% 2.05%(2) 1.90%(2) 6.50% 91%(3) $ 1,223

 $17.92 4.23% 1.17%(2) 0.89%(2) 7.57% 79%(3) $206,187
 $17.23 2.72% 1.13%(2) 0.90%(2) 1.14% 116%(3) $330,340
 $17.98 3.13% 1.13%(2) 0.90%(2) (13.17)% 89%(3) $407,829
 $22.90 3.00% 1.10%(2) 0.90%(2) 11.59% 82%(3) $533,729
 $22.08 2.98% 1.09%(2) 0.90%(2) 6.68% 93%(3) $558,601
 $22.32 2.34% 1.04%(2) 0.90%(2) 7.57% 91%(3) $557,564


50 Wells Fargo Advantage Allocation Funds

Notes to Financial Statements (Unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the "Trust") is an open-end investment management 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 Aggressive Allocation Fund ("Aggressive Allocation Fund"), Wells Fargo Advantage Conservative Allocation Fund ("Conservative Allocation Fund"), Wells Fargo Advantage Growth Balanced Fund ("Growth Balanced Fund") Wells Fargo Advantage Index Asset Allocation Fund ("Index Asset Allocation Fund") (formerly Wells Fargo Advantage Asset Allocation Fund) and Wells Fargo Advantage Moderate Balanced Fund ("Moderate Balanced Fund") (each, a "Fund", collectively, the "Funds"). Each Fund is a diversified series of the Trust, a Delaware statutory trust organized on November 8, 1999.

Each Fund, except Index Asset Allocation Fund, seeks 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 investment management company. Each Master Portfolio directly acquires portfolio securities, and a Fund investing in a Master Portfolio acquires an indirect interest in those securities. Each Fund accounts for its investment in the Master Portfolios as partnership investments and records daily its share of the Master Portfolio's income, expense and realized and unrealized gains and losses. The financial statements of Master Portfolios for the six months ended March 31, 2010 are included elsewhere in this report and should be read in conjunction with the respective Fund's financial statements. As of March 31, 2010, each Fund, except Index Asset Allocation Fund, owns in the following percentages in Master Portfolios:

 Aggressive Conservative Growth Moderate
 Allocation Allocation Balanced Balanced
 Fund Fund Fund Fund
 ---------- ------------ -------- --------
C&B LARGE CAP VALUE PORTFOLIO 7% 1% 6% 3%
DISCIPLINED GROWTH PORTFOLIO 4% 1% 3% 2%
EMERGING GROWTH PORTFOLIO 1% 0%* 1% 0%*
EQUITY INCOME PORTFOLIO 7% 2% 5% 3%
EQUITY VALUE PORTFOLIO 7% 2% 5% 3%
INDEX PORTFOLIO 21% 5% 16% 10%
INFLATION-PROTECTED BOND PORTFOLIO 2% 5% 4% 4%
INTERNATIONAL CORE PORTFOLIO 3% 1% 3% 2%
INTERNATIONAL GROWTH PORTFOLIO 3% 1% 2% 2%
INTERNATIONAL INDEX PORTFOLIO 3% 1% 2% 2%
INTERNATIONAL VALUE PORTFOLIO 3% 1% 2% 2%
LARGE CAP APPRECIATION PORTFOLIO 2% 1% 2% 1%
LARGE COMPANY GROWTH PORTFOLIO 14% 3% 11% 7%
MANAGED FIXED INCOME PORTFOLIO 14% 38% 25% 32%
SMALL CAP INDEX PORTFOLIO 3% 1% 2% 1%
SMALL COMPANY GROWTH PORTFOLIO 2% 0%* 2% 1%
SMALL COMPANY VALUE PORTFOLIO 0%* 0%* 0%* 0%*
STABLE INCOME PORTFOLIO 0% 25% 0% 15%
STRATEGIC SMALL CAP VALUE PORTFOLIO 3% 1% 2% 1%
TOTAL RETURN BOND PORTFOLIO 4% 11% 7% 9%

* Amount represents less than 0.05%


Wells Fargo Advantage Allocation Funds 51

Notes to Financial Statements (Unaudited)

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 ("GAAP") which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management has considered the circumstances under which the Funds should recognize or make disclosures regarding events or transactions occurring subsequent to the balance sheet date through the date the financial statements are issued. Adjustments or additional disclosures, if any, have been included in these financial statements.

SECURITIES VALUATION

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

Certain fixed income securities with maturities exceeding 60 days are valued by using a pricing service approved by the Trust's Board of Trustees. This service uses market prices as quoted by an independent pricing service or by dealers in these securities when, in the service's judgment, these prices are readily available and are representative of the securities' fair values. For some securities, such prices are not readily available. These securities will generally be fair valued using methods which may include consideration of yields or prices of securities of comparable quality, coupon rate, maturity and type of issue, indications as to values from dealers in securities, trading characteristics and general market conditions.

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

Investments in open-end mutual funds are valued at net asset value.

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 the this report.

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

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

REPURCHASE AGREEMENTS

The Funds 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 a Fund in the event that such Fund is delayed or prevented from exercising its rights to dispose of the collateral, including the risk of a possible decline in the value of the underlying obligations during the period in which a Fund seeks to assert its rights.


52 Wells Fargo Advantage Allocation Funds

Notes to Financial Statements (Unaudited)

SECURITY LOANS

The Funds may loan securities in return for securities, irrevocable letters of credit or cash collateral, which is invested in various short-term fixed income securities. A Fund may receive compensation for lending securities in the form of fees payable by the borrower or by retaining a portion of interest on the investment securities purchased with cash received as collateral (after payment of a "broker rebate fee" to the borrower). A Fund also continues to receive interest or dividends on the securities loaned. Security loans are secured at all times by collateral, although the loans may not be fully supported at all times if, for example, the instruments in which cash collateral is invested decline in value or the borrower fails to provide additional collateral when required in a timely manner or at all. The collateral is equal to at least 102% of the market value of the securities loaned plus accrued interest when the transaction is entered into. Cash collateral received by a Fund pursuant to these loans generally is invested on behalf of the Fund by the securities lending agent in securities that, at the time of investment, are considered high-quality short-term debt investments (including money market instruments) and have been evaluated and approved by the Fund's adviser and are permissible investments for the Fund. Cash collateral is invested on behalf of a Fund through a joint account in a manner similar to the Fund's investment of its cash reserves and the Fund is entitled to the gains and bears the losses on such investments. The net asset value of a Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of instruments purchased with cash collateral. Another risk from securities lending is that the borrower may not provide additional collateral when required or return the securities when due or when called for by the Fund. In either case, a Fund could experience delays in recovering securities or collateral or could lose all or part of the value of the loaned securities.

Wells Fargo Bank, N.A., currently acts as the securities lending agent for the Funds, subject to the overall supervision of the Funds' investment adviser, and has delegated its duties as securities lending agent to an affiliated sub-agent for certain funds and to an unaffiliated sub-agent for other funds. Pursuant to an exemptive order granted by the SEC and subject to compliance with its conditions, Wells Fargo Bank, N.A. under a contract is entitled to receive for its services 25% of the revenues earned on the securities lending activities and incurs all expenses. Wells Fargo Bank, N.A. pays all or part of its portion of the revenues generated by securities lending activities to the sub-agents as compensation for their services as sub-agents. The securities lending agent may make payments to borrowers and placing brokers that are not affiliated, directly or indirectly, with the Trust, the adviser or the distributor. For the six months ended March 31, 2010, Wells Fargo Bank, N.A. waived its share of revenues earned on securities lending activities. Such waivers by Wells Fargo Bank, N.A. have the impact of increasing securities lending income on the Statements of Operations. The value of the securities on loan and the liability to return the collateral are shown on the Statements of Assets and Liabilities.

FUTURES CONTRACTS

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

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

STRUCTURED INVESTMENT VEHICLES

The Funds may invest in structured debt securities, such as those issued by Structured Investment Vehicles ("SIVs"). SIVs invest in a diversified pool of underlying securities, which may include finance company debt and structured finance assets, residential mortgage-backed securities, commercial mortgage-backed securities, collateralized loan obligations, collateralized debt obligations and other asset backed securities. The ability of a SIV to repay debt depends primarily on the cash collections received from the SIV's underlying asset portfolio, which may include certain assets such as subprime mortgages that are subject to heightened risks of credit quality or market value deterioration under the


Wells Fargo Advantage Allocation Funds 53

Notes to Financial Statements (Unaudited)

continuing adverse conditions in the U.S. credit markets, and on the ability to obtain short-term funding through the issuance of new debt. Investments in these securities present increased credit and liquidity risks as there could be losses to a Fund in the event of credit or market value deterioration in a SIV's underlying portfolio, mismatches in the timing of the cash flows of the underlying asset interests and the repayment obligations of maturing securities issued by a SIV, or a SIV's inability to issue new debt.

As of March 31, 2010, the following Fund owned certain of these types of structured securities in the amounts shown in the table. These securities were originally purchased by the Fund's securities lending agent on behalf of the Fund through a joint account with cash collateral received by the Fund pursuant to loans of the Fund's securities. Although considered high-quality, short-term money market instruments when originally purchased by the securities lending agent through the joint account, the SIVs have been restructured following default and are valued at fair value as shown in the Portfolio of Investments.

 Restructured
 SIVs ($Value) % of Net Assets
 ------------- ---------------
INDEX ASSET ALLOCATION FUND $6,231,701 0.87%

In a securities lending transaction, the net asset value of a Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of instruments in which cash collateral is invested. Thus, the current net asset value of each Fund reflects the current valuations assigned to the restructured SIVs that were purchased on its behalf through the investment of cash collateral. Fluctuations in the values of restructured SIVs generate unrealized gains or losses for a Fund, which are reflected in the Fund's Statement of Assets and Liabilities.

The amount of securities lending activity undertaken by a Fund fluctuates from time to time. After the occurrence of a default or impairment of a SIV purchased in a joint account by the 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 SIVs would fluctuate depending on the relative activity of each participating Fund. In order to eliminate the fluctuation of the various Funds' ratable exposure to the defaulted or impaired SIVs, the adviser to the Funds recommended to the Board of Trustees, and the Board of Trustees approved, actions designed to fix the allocation of percentage ownership in defaulted or impaired SIVs among all funds participating in securities lending ("side pocketing") based on each Fund's percentage ownership of the total cash collateral investment joint account as of the date the fixed allocation is implemented. Accordingly, on February 13, 2009 a side pocketing occurred, which fixed each Fund's ownership of defaulted or impaired SIVs in the joint account based on each such Fund's percentage ownership of the joint account as of such date.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

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

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 Fund is informed of the ex-dividend date.

For each Fund that invests in a Master Portfolio, the securities transactions, realized gains or losses, and interest and dividend income are recorded by each Master Portfolio and each Fund records its daily proportionate share of each Master Portfolio's income and realized and unrealized gains and losses.

DISTRIBUTIONS TO SHAREHOLDERS

Net investment income, if any, is declared and distributed to shareholders annually, with the exception of Index Asset Allocation Fund, for which net investment income, if any, is declared and distributed quarterly. Distributions to shareholders from net realized capital gains, if any, are declared and distributed at least annually.


54 Wells Fargo Advantage Allocation Funds

Notes to Financial Statements (Unaudited)

FEDERAL AND OTHER TAXES

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

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 September 30, 2009 estimated net capital loss carryforwards, which are available to offset future net realized capital gains were as follows:

 Expiration
 -------------------------
 2016 2017
 ---------- ------------
AGGRESSIVE ALLOCATION FUND $ 0 $ 26,721,224
CONSERVATIVE ALLOCATION FUND 0 15,438,774
GROWTH BALANCED FUND 0 106,543,939
INDEX ASSET ALLOCATION FUND 4,414,660 90,934,457
MODERATE BALANCED FUND 0 21,001,170

At September 30, 2009 current year deferred post-October capital losses, which will be treated as realized for tax purposes on the first day of the succeeding year were:

 Deferred
 Post-October
 Capital Loss
 ------------
AGGRESSIVE ALLOCATION FUND $17,468,379
CONSERVATIVE ALLOCATION FUND 11,053,895
GROWTH BALANCED FUND 99,452,086
INDEX ASSET ALLOCATION FUND 5,870,621
MODERATE BALANCED FUND 20,102,712

CLASS ALLOCATIONS

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

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund's investments. These inputs are summarized into three broad levels as follows:

- Level 1 - quoted prices in active markets for identical investments

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

- Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)


Wells Fargo Advantage Allocation Funds 55

Notes to Financial Statements (Unaudited)

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

The following is a summary of the inputs used as of March 31, 2010 in valuing the Funds' investments in securities:

 Significant Significant
 Quoted Prices Other Observable Unobservable
INVESTMENTS IN SECURITIES (Level 1) Inputs (Level 2) Inputs (Level 3) Total
------------------------- ------------- ---------------- ---------------- ------------
AGGRESSIVE ALLOCATION FUND
 Equity securities
 AFFILIATED MASTER PORTFOLIOS $ 0 $102,041,485 $ 0 $102,041,485
 U.S. Treasury obligations 0 1,544,135 0 1,544,135
 $ 0 $103,585,620 $ 0 $103,585,620
CONSERVATIVE ALLOCATION FUND
 Equity securities
 AFFILIATED MASTER PORTFOLIOS $ 0 $336,029,361 $ 0 $336,029,361
 U.S. Treasury obligations 0 1,838,970 0 1,838,970
 $ 0 $337,868,331 $ 0 $337,868,331
GROWTH BALANCED FUND
 Equity securities
 AFFILIATED MASTER PORTFOLIOS $ 0 $878,347,167 $ 0 $878,347,167
 U.S. Treasury obligations 0 13,393,873 0 13,393,873
 $ 0 $891,741,040 $ 0 $891,741,040
INDEX ASSET ALLOCATION FUND
 Equity securities
 COMMON STOCKS $420,648,402 $ 0 $ 0 $420,648,402
 Agency securities 0 855 0 855
 Collaterized mortgage obligations 0 898,292 0 898,292
 Corporate bonds and notes 0 0 6,231,701 6,231,701
 Debt securities issued by states in the U.S.
 and its political subdivisions 0 2,836,651 0 2,836,651
 Short-term investments 14,285,965 8,248,440 0 22,534,405
 U.S. Treasury obligations 256,272,740 19,816,757 0 276,089,497
 $691,207,107 $ 31,800,995 $6,231,701 $729,239,803
MODERATE BALANCED FUND
 Equity securities
 AFFILIATED MASTER PORTFOLIOS $ 0 $216,329,949 $ 0 $216,329,949
 U.S. Treasury obligations 0 2,358,679 0 2,358,679
 $ 0 $218,688,628 $ 0 $218,688,628

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

As of March 31, 2010, the inputs used in valuing the Funds' other financial instruments*, which are carried at fair value, were as follows:

 Significant Significant
 Quoted Prices Other Observable Unobservable
 (Level 1) Inputs (Level 2) Inputs (Level 3) Total
 ------------- ---------------- ---------------- ------------
AGGRESSIVE ALLOCATION FUND $ 404,513 $0 $0 $ 404,513
CONSERVATIVE ALLOCATION FUND 442,227 0 0 442,227
GROWTH BALANCED FUND 3,547,855 0 0 3,547,855
INDEX ASSET ALLOCATION FUND 5,015,019 0 0 5,015,019
MODERATE BALANCED FUND 595,676 0 0 595,676

* Other financial instruments includes futures contracts.


56 Wells Fargo Advantage Allocation Funds

Notes to Financial Statements (Unaudited)

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

INDEX ASSET ALLOCATION FUND

 CORPORATE BONDS
 AND NOTES
 ---------------
Balance as of September 30, 2009 $ 5,428,124
 Accrued discounts (premiums) 0
 Realized gain (loss) (5,340,683)
 Change in unrealized appreciation (depreciation) 6,793,653
 Net purchases (sales) (649,393)
 Transfer in (out) of Level 3 0
Balance as of March 31, 2010 $ 6,231,701
Change in unrealized appreciation (depreciation)
 relating to securities held at the end of reporting period $ 1,184,910

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"). 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.

For each Fund, except the Index Asset Allocation Fund, Funds Management is paid an annual rate of 0.25% of each Fund's average daily net assets.

For Index Asset Allocation Fund, Funds Management is paid an annual advisory fee starting at 0.65% and declining to 0.50% as average daily net assets increase. For the six months ended March 31, 2010, the advisory fee was equivalent to an annual rate of 0.64% of the Fund's average daily net assets.

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

Wells Capital Management Incorporated, an affiliate of Funds Management and indirect wholly owned subsidiary of Wells Fargo & Company, is the sub-adviser to the Funds.

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

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

ADMINISTRATION AND TRANSFER AGENT FEES

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


Wells Fargo Advantage Allocation Funds 57

Notes to Financial Statements (Unaudited)

 Administration Fees
 Average Daily (% of Average
 Net Assets Daily Net Assets)
 ---------------- -------------------
Fund level First $5 billion 0.05
 Next $5 billion 0.04
 Over $10 billion 0.03
Class A, Class B, Class C All asset levels 0.28
Administrator Class All asset levels 0.10

Funds Management has contractually waived and/or reimbursed advisory and administration fees during the six months ended March 31, 2010 to the extent necessary to maintain certain net operating expense ratios for the Funds. Expenses were waived and/or reimbursed by Funds Management proportionately from all classes, first from advisory fees, and then from any class specific expenses, if applicable.

CUSTODY AND FUND ACCOUNTING FEES

State Street Bank and Trust Company ("State Street") provides custody services to Index Asset Allocation Fund and is entitled to an annual asset-based fee for domestic and global custody service. Prior to November 16, 2009, Wells Fargo Bank, N.A. provided custody services to Index Asset Allocation Fund and received a monthly fee at an annual rate of 0.02% of the Fund's average daily net assets. Any Fund that invests its assets solely in one or more Master Portfolio or other investment companies does not incur a custody fee.

State Street also provides fund accounting services to each Fund and is entitled to receive annual asset-based fees and is reimbursed for out-of-pocket expenses incurred for providing these services. Prior to November 16, 2009, PNC Global Investment Servicing ("PNC") served as fund accountant to each Fund and received an annual asset-based fee and an annual fixed fee from each Fund. PNC was also reimbursed for all out-of-pocket expenses reasonably incurred in providing these services.

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 each class.

For the six months ended March 31, 2010, Wells Fargo Funds Distributor, LLC received the following amounts in front-end sales charges and contingent deferred sales charges.

 Front-end Contingent
 sales charges deferred sales charges
 ------------- -----------------------
 Class A Class B Class C
 ------------- ------------- -------
GROWTH BALANCED FUND $ 7,852 $ 68 $178
INDEX ASSET ALLOCATION FUND 70,700 7,370 584
MODERATE BALANCED FUND 46,444 300 6

SHAREHOLDER SERVICING FEES

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class B, Class C and Administrator Class of 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 & Company.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, exclusive of short-term securities (securities with maturities of one year or less at purchase date) and U.S. Government obligations for the six months ended March 31, 2010, were as follows:


58 Wells Fargo Advantage Allocation Funds

Notes to Financial Statements (Unaudited)

 Purchases at Cost Sales Proceeds
 ----------------- --------------
AGGRESSIVE ALLOCATION FUND $ 510,980,348* $ 569,611,195*
CONSERVATIVE ALLOCATION FUND 1,211,204,955* 1,146,687,387*
GROWTH BALANCED FUND 820,178,906* 830,707,585*
INDEX ASSET ALLOCATION FUND 83,300,934 92,970,699
MODERATE BALANCED FUND 1,023,656,772* 988,952,431*

* 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. DERIVATIVE TRANSACTIONS

During the six months ended March 31, 2010, the Fund entered into futures contracts for hedging purposes.

At March 31, 2010, the following Funds had futures contracts outstanding as follows:

 Initial Value at Net Unrealized
 Expiration Contract March 31, Appreciation/
 Date Contracts Type Amount 2010 (Depreciation)
 ---------- ----------- ---------------- ------------ ----------- --------------
AGGRESSIVE ALLOCATION FUND June 2010 52 Long S&P 500 Index $ 14,766,700 15,147,600 $ 380,900
 June 2010 132 Short US Treasury Bond $ 15,352,113 15,328,500 $ 23,613
CONSERVATIVE ALLOCATION FUND June 2010 58 Long S&P 500 Index 16,470,550 16,895,400 424,850
 June 2010 143 Short US Treasury Bond 16,623,252 16,605,875 17,377
GROWTH BALANCED FUND June 2010 453 Long S&P 500 Index 128,642,275 131,958,900 3,316,625
 June 2010 1,152 Short US Treasury Bond 134,007,230 133,776,000 231,230
INDEX ASSET ALLOCATION FUND June 2010 638 Long S&P 500 Index 181,111,500 185,849,400 4,737,900
 June 2010 46 Long US Treasury Bond 5,318,688 5,341,750 23,062
 June 2010 1,528 Short US Treasury Bond 177,693,057 177,439,000 254,057
MODERATE BALANCED FUND June 2010 77 Long S&P 500 Index 21,866,075 22,430,100 564,025
 June 2010 188 Short US Treasury Bond 21,863,151 21,831,500 31,651

The Aggressive Allocation Fund, Conservative Allocation Fund, Growth Balanced Fund, Index Asset Allocation Fund and Moderate Balanced fund had average contract amounts of $29,920,593, $32,908,030, $263,958,949, $362,207,776 and $46,102,100 in futures contracts during the six months ended March 31, 2010.

The fair value of derivative instruments as of March 31, 2010 was as follows for the Aggressive Allocation Fund:

 Asset Derivatives
 ----------------------------------------
 Balance Sheet Location Fair Value
 --------------------------- ----------
Equity contracts Net assets - Net unrealized
 appreciation of futures $380,900*
Interest rate contracts Net assets - Net unrealized
 appreciation of futures 23,613*
 --------
 $404,513

* Includes cumulative unrealized appreciation (depreciation) on futures contracts. The variation margin only shows the one day change in unrealized appreciation (depreciation) on the futures contracts.

The effect of derivative instruments on the Statement of Operations for the six months ended March 31, 2010 was as follows for the Aggressive Allocation Fund:

 Amount of Change in
 Realized Gain Unrealized
 or Loss on Gains or Losses
 Futures on Futures
 Transactions Transactions
 ------------- ---------------
Equity contracts $1,942,713 $(391,518)
Interest rate contracts 151,615 396,347
 ---------- ---------
 $2,094,328 $ 4,829


Wells Fargo Advantage Allocation Funds 59

Notes to Financial Statements (Unaudited)

The fair value of derivative instruments as of March 31, 2010 was as follows for the Conservative Allocation Fund:

 Asset Derivatives
 ----------------------------------------
 Balance Sheet Location Fair Value
 --------------------------- ----------
Equity contracts Net assets - Net unrealized
 appreciation of futures $424,850*
Interest rate contracts Net assets - Net unrealized
 appreciation of futures 17,377*
 --------
 $442,227

* Includes cumulative unrealized appreciation (depreciation) on futures contracts. The variation margin only shows the one day change in unrealized appreciation (depreciation) on the futures contracts.

The effect of derivative instruments on the Statement of Operations for the six months ended March 31, 2010 was as follows for the Conservative Allocation Fund:

 Amount of Change in
 Realized Gain Unrealized
 or Loss on Gains or Losses
 Futures on Futures
 Transactions Transactions
 ------------- ---------------
Equity contracts $1,796,414 $(234,924)
Interest rate contracts 156,531 326,333
 ---------- ---------
 $1,952,945 $ 91,409

The fair value of derivative instruments as of March 31, 2010 was as follows for the Growth Balanced Fund:

 Asset Derivatives
 ----------------------------------------
 Balance Sheet Location Fair Value
 --------------------------- ----------
Equity contracts Net assets - Net unrealized
 appreciation of futures $3,316,625*
Interest rate contracts Net assets - Net unrealized
 appreciation of futures 231,230*
 ----------
 $3,547,855

* Includes cumulative unrealized appreciation (depreciation) on futures contracts. The variation margin only shows the one day change in unrealized appreciation (depreciation) on the futures contracts.

The effect of derivative instruments on the Statement of Operations for the six months ended March 31, 2010 was as follows for the Growth Balanced Fund:

 Amount of Change in
 Realized Gain Unrealized
 or Loss on Gains or Losses
 Futures on Futures
 Transactions Transactions
 ------------- ---------------
Equity contracts $14,460,405 $ (963,860)
Interest rate contracts 1,036,880 2,295,724
 ----------- ----------
 $15,497,285 $1,331,864

The fair value of derivative instruments as of March 31, 2010 was as follows for the Index Asset Allocation Fund:

 Asset Derivatives
 ----------------------------------------
 Balance Sheet Location Fair Value
 --------------------------- ----------
Equity contracts Net assets - Net unrealized
 appreciation of futures $4,737,900*
Interest rate contracts Net assets - Net unrealized
 appreciation of futures 277,119*
 ----------
 $5,015,019

* Includes cumulative unrealized appreciation (depreciation) on futures contracts. The variation margin only shows the one day change in unrealized appreciation (depreciation) on the futures contracts.


60 Wells Fargo Advantage Allocation Funds

Notes to Financial Statements (Unaudited)

The effect of derivative instruments on the Statement of Operations for the six months ended March 31, 2010 was as follows for the Index Asset Allocation Fund:

 Amount of Amount of
 Realized Gain Realized
 or Loss on Gain or Losses
 Futures on Futures
 Transactions Transactions
 ------------- --------------
Equity contracts $ 21,475,208 $ (865,354)
Interest rate contracts 1,334,440 2,689,193
 ----------- ----------
 $22,809,648 $1,823,839

The fair value of derivative instruments as of March 31, 2010 was as follows for the Moderate Balanced Fund:

 Asset Derivatives
 --------------------------------------
 Fair
 Balance Sheet Location Value
 --------------------------- --------
Equity contracts Net assets - Net unrealized
 appreciation of futures $564,025*
Interest rate contracts Net assets - Net unrealized
 appreciation of futures 31,651*
 --------
 $595,676

* Includes cumulative unrealized appreciation (depreciation) on futures contracts. The variation margin only shows the one day change in unrealized appreciation (depreciation) on the futures contracts.

The effect of derivative instruments on the Statement of Operations for the six months ended March 31, 2010 was as follows for the Moderate Balanced Fund:

 Amount of Change in
 Realized Gain Unrealized
 or Loss on Gains or Losses
 Futures on Futures
 Transactions Transactions
 ------------- ---------------
Equity contracts $2,918,867 $ 564,025
Interest rate contracts 209,560 (515,514)
 ---------- ---------
 $3,128,427 $ 48,511

7. BANK BORROWINGS

The Funds are permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Each Fund, except Index Asset Allocation Fund, and certain other funds in the Trust are party to a $25,000,000 revolving credit agreement with the Bank of New York Mellon. Index Asset Allocation Fund and certain funds in the Trust and Wells Fargo Variable Trust are party to a $125,000,000 revolving credit agreement with State Street Bank and Trust Company. Interest under each credit agreement is charged to each Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, under the credit agreement, 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 March 31, 2010, there were no borrowings by any of the Fund under the agreement.

8. INDEMNIFICATION

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

9. REORGANIZATION

At a meeting of the Board of Trustees of Aggressive Allocation Fund held on January 11, 2010, the Trustees approved a Plan of Reorganization (the "Plan"). Under the Plan, Wells Fargo Advantage Growth Balanced Fund will acquire the assets and assume the liabilities of Aggressive Allocation Fund in exchange for shares of Wells Fargo Advantage Growth Balanced Fund.

A Special Meeting of Shareholders of Aggressive Allocation Fund will be held in June 2010 to consider and vote on the Plan. In April 2010, materials for this meeting were mailed to shareholders of record on March 10, 2010. If approved by the shareholders at this meeting, the reorganization will take place in July 2010.


Wells Fargo Advantage Master Portfolios 61

Portfolio of Investments--March 31, 2010 (Unaudited)

C&B LARGE CAP VALUE PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 96.17%
APPAREL & ACCESSORY STORES: 1.68%
 124,635 VF CORPORATION $ 9,989,495
 ---------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 1.65%
 13,500 NVR INCORPORATED+ 9,807,750
 ---------------
BUSINESS SERVICES: 7.78%
 307,700 AVERY DENNISON CORPORATION 11,203,357
 185,510 FISERV INCORPORATED+<< 9,416,488
 109,700 MANPOWER INCORPORATED 6,266,064
 497,400 OMNICOM GROUP INCORPORATED 19,304,094
 46,190,003
 ---------------
CHEMICALS & ALLIED PRODUCTS: 2.52%
 313,500 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 14,944,545
 ---------------
CONGLOMERATES: 1.97%
 644,300 GENERAL ELECTRIC COMPANY 11,726,260
 ---------------
COSMETICS, PERSONAL CARE: 1.48%
 258,900 AVON PRODUCTS INCORPORATED 8,768,943
 ---------------
DEPOSITORY INSTITUTIONS: 7.55%
 713,700 BANK OF AMERICA CORPORATION 12,739,545
 266,400 JPMORGAN CHASE & COMPANY 11,921,400
 446,700 STATE STREET CORPORATION 20,164,038
 44,824,983
 ---------------
EATING & DRINKING PLACES: 4.48%
 291,500 DARDEN RESTAURANTS INCORPORATED 12,983,410
 204,200 MCDONALD'S CORPORATION 13,624,224
 26,607,634
 ---------------
ELECTRIC, GAS & SANITARY SERVICES: 1.96%
 400,500 REPUBLIC SERVICES INCORPORATED 11,622,510
 ---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 5.34%
 1,625,900 FLEXTRONICS INTERNATIONAL LIMITED+ 12,747,056
 464,300 MOLEX INCORPORATED CLASS A 8,194,895
 393,100 TYCO ELECTRONICS LIMITED 10,802,388
 31,744,339
 ---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 2.00%
 251,200 ILLINOIS TOOL WORKS INCORPORATED 11,896,832
 ---------------
FOOD & KINDRED PRODUCTS: 2.20%
 194,100 DIAGEO PLC ADR 13,092,045
 ---------------
GENERAL MERCHANDISE STORES: 2.32%
 251,500 KOHL'S CORPORATION+ 13,777,169
 ---------------
HEALTH SERVICES: 1.35%
 223,100 CARDINAL HEALTH INCORPORATED 8,038,293
 ---------------
HOLDING & OTHER INVESTMENT OFFICES: 1.91%
 140,000 BERKSHIRE HATHAWAY INCORPORATED CLASS B+ 11,377,800
 ---------------


62 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

C&B LARGE CAP VALUE PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
HOUSEHOLD PRODUCTS, WARE: 4.42%
 223,500 COLGATE-PALMOLIVE COMPANY $ 19,055,610
 155,100 HENKEL AG & COMPANY KGAA ADR<< 7,181,130
 26,236,740
 ---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 9.31%
 261,600 DIEBOLD INCORPORATED 8,308,416
 328,500 DOVER CORPORATION 15,357,375
 176,700 EATON CORPORATION 13,388,559
 179,600 LAM RESEARCH CORPORATION+ 6,702,672
 471,800 PITNEY BOWES INCORPORATED 11,535,510
 55,292,532
 ---------------
INSURANCE CARRIERS: 6.05%
 253,900 ALLSTATE CORPORATION 8,203,509
 150,000 AXIS CAPITAL HOLDINGS LIMITED 4,689,000
 172,600 CHUBB CORPORATION 8,949,310
 450,300 WILLIS GROUP HOLDINGS 14,089,887
 35,931,706
 ---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 3.92%
 66,500 BECTON DICKINSON & COMPANY 5,235,545
 309,600 QUEST DIAGNOSTICS INCORPORATED 18,046,584
 23,282,129
 ---------------
MEDICAL PRODUCTS: 1.27%
 129,800 BAXTER INTERNATIONAL INCORPORATED 7,554,360
 ---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 1.27%
 197,000 TYCO INTERNATIONAL LIMITED 7,535,250
 ---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 2.01%
 185,700 UNITED PARCEL SERVICE INCORPORATED CLASS B 11,960,937
 ---------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 3.39%
 487,900 AMERICAN EXPRESS COMPANY 20,130,754
 ---------------
PERSONAL SERVICES: 0.99%
 208,400 CINTAS CORPORATION 5,853,956
 ---------------
PETROLEUM REFINING & RELATED INDUSTRIES: 5.21%
 140,400 CHEVRON CORPORATION 10,646,532
 302,700 EXXON MOBIL CORPORATION 20,274,846
 30,921,378
 ---------------
PHARMACEUTICALS: 2.91%
 265,000 JOHNSON & JOHNSON 17,278,000
 ---------------
SOFTWARE: 1.97%
 399,750 MICROSOFT CORPORATION 11,700,683
 ---------------
TELECOMMUNICATIONS: 2.56%
 652,900 VODAFONE GROUP PLC ADR 15,206,041
 ---------------
TRAVEL & RECREATION: 2.64%
 403,000 CARNIVAL CORPORATION 15,668,640
 ---------------


Wells Fargo Advantage Master Portfolios 63

Portfolio of Investments--March 31, 2010 (Unaudited)

C&B LARGE CAP VALUE PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
WHOLESALE TRADE-DURABLE GOODS: 2.06%
 194,800 KIMBERLY-CLARK CORPORATION $ 12,249,024
 ---------------
TOTAL COMMON STOCKS (COST $559,014,031) 571,210,731
 ---------------

 DIVIDEND
 YIELD
 -------------
PREFERRED STOCKS: 1.96%
 217,500 HENKEL AG & COMPANY KGAA ADR (HOUSEHOLD PRODUCTS, WARES) 1.50% 11,636,250
TOTAL PREFERRED STOCKS (COST $9,772,032) 11,636,250
 ---------------

 PRINCIPAL INTEREST RATE MATURITY DATE
------------- ------------- -------------
COLLATERAL FOR SECURITIES LENDING: 1.26%
COLLATERAL INVESTED IN OTHER ASSETS: 1.26%
$ 267,136 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
 COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY
 VALUE $267,136) 0.01 04/01/2010 267,136
 79,993 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 79,993
 109,990 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 109,990
 2,203,842 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $2,203,843) 0.02 04/01/2010 2,203,842
 52,945 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 52,945
 159,986 COOK COUNTY IL+/-ss 0.25 11/01/2030 159,986
 200,342 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $200,342) 0.03 04/01/2010 200,342
 307,572 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $307,572) 0.01 04/01/2010 307,572
 1,933,197 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 794,544
 32,997 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 32,997
 99,991 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 99,991
 39,996 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 39,996
 1,335,660 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $1,335,660) 0.01 04/01/2010 1,335,660
 59,995 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 59,995
 39,996 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 39,996
 116,890 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 116,890
 179,984 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 179,984
 59,995 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 59,996
 2,466,178 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 1,331,736
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $7,091,887) 7,473,591
 ---------------

 SHARES YIELD
------------- -------------
SHORT-TERM INVESTMENTS: 2.81%
MUTUAL FUNDS: 2.81%
 16,713,155 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 16,713,155
 ---------------
TOTAL SHORT-TERM INVESTMENTS (COST $16,713,155) 16,713,155
 ---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $592,591,105)* 102.20% 607,033,727
OTHER ASSETS AND LIABILITIES, NET (2.20) (13,082,537)
 ------ ---------------
TOTAL NET ASSETS 100.00% $ 593,951,190
 ------ ---------------


64 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

C&B LARGE CAP VALUE PORTFOLIO


+ Non-income earning securities.

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

+/- Variable rate investments.

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

(a) Security fair valued in accordance with the procedures approved by the Board of Trustees.

(i) Illiquid security.

++ Securities that may be resold to "qualified institutional buyers" under rule 144A or securities offered pursuant to section 4(2) of the Securities Act of 1933, as amended.

~ The Fund invests cash balances that it retains for liquidity purposes in an affiliated money market fund.

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

(l) Investment in an affiliate.

* Cost for federal income tax purposes is $606,283,098 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation $ 64,898,079
Gross unrealized depreciation (64,147,450)
 ------------
Net unrealized appreciation $ 750,629

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


Wells Fargo Advantage Master Portfolios 65

Portfolio of Investments--March 31, 2010 (Unaudited)

DISCIPLINED GROWTH PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 98.35%
APPAREL & ACCESSORY STORES: 4.18%
 57,600 GAP INCORPORATED $ 1,331,135
 62,300 LIMITED BRANDS INCORPORATED 1,533,826
 2,864,961
 ---------------
AUTO & TRUCKS: 2.53%
 138,100 FORD MOTOR COMPANY+ 1,735,917
 ---------------
BIOPHARMACEUTICALS: 1.46%
 22,085 GILEAD SCIENCES INCORPORATED+ 1,004,426
 ---------------
BIOTECHNOLOGY: 1.64%
 18,875 AMGEN INCORPORATED+ 1,127,970
 ---------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 1.98%
 41,995 HOME DEPOT INCORPORATED 1,358,538
 ---------------
BUSINESS SERVICES: 2.12%
 61,905 CA INCORPORATED 1,452,910
 ---------------
CHEMICALS: 2.09%
 30,890 SCOTTS MIRACLE-GRO COMPANY 1,431,752
 ---------------
COMMERCIAL SERVICES: 1.40%
 54,100 SAIC INCORPORATED+ 957,570
 ---------------
COMPUTER TECHNOLOGIES: 6.15%
 5,410 APPLE INCORPORATED+ 1,270,971
 28,770 HEWLETT-PACKARD COMPANY 1,529,126
 11,070 INTERNATIONAL BUSINESS MACHINES CORPORATION 1,419,728
 4,219,825
 ---------------
DATA SERVICES: 1.75%
 36,800 NETAPP INCORPORATED+ 1,198,208
 ---------------
E-COMMERCE/SERVICES: 2.16%
 5,800 PRICELINE.COM INCORPORATED+ 1,479,000
 ---------------
EATING & DRINKING PLACES: 2.04%
 20,985 MCDONALD'S CORPORATION 1,400,119
 ---------------
EDUCATIONAL SERVICES: 1.63%
 9,960 ITT EDUCATIONAL SERVICES INCORPORATED+ 1,120,301
 ---------------
ELECTRIC, GAS & SANITARY SERVICES: 3.30%
 109,475 EL PASO CORPORATION 1,186,709
 25,415 PG&E CORPORATION 1,078,104
 2,264,813
 ---------------
ELECTRONIC: 2.01%
 71,100 GENTEX CORPORATION 1,380,762
 ---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 5.27%
 27,000 HARRIS CORPORATION 1,282,230
 73,000 JABIL CIRCUIT INCORPORATED 1,181,870
 27,400 TECH DATA CORPORATION+ 1,148,060
 3,612,160
 ---------------


66 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

DISCIPLINED GROWTH PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 1.72%
 24,900 ILLINOIS TOOL WORKS INCORPORATED $ 1,179,264
 ---------------
FOOD & KINDRED PRODUCTS: 3.96%
 23,235 THE COCA-COLA COMPANY 1,277,925
 74,900 TYSON FOODS INCORPORATED CLASS A 1,434,335
 2,712,260
 ---------------
GENERAL MERCHANDISE STORES: 1.98%
 24,435 WAL-MART STORES INCORPORATED 1,358,586
 ---------------
HEALTH SERVICES: 4.60%
 16,610 EXPRESS SCRIPTS INCORPORATED+ 1,690,234
 34,100 VALEANT PHARMACEUTICALS INTERNATIONAL+ 1,463,231
 3,153,465
 ---------------
HOUSEHOLD PRODUCTS, WARE: 3.95%
 20,985 CHURCH & DWIGHT COMPANY INCORPORATED 1,404,946
 15,310 COLGATE-PALMOLIVE COMPANY 1,305,331
 2,710,277
 ---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 5.98%
 16,555 3M COMPANY 1,383,501
 18,800 EATON CORPORATION 1,424,476
 33,200 WESTERN DIGITAL CORPORATION+ 1,294,468
 4,102,445
 ---------------
INFORMATION & BUSINESS SERVICES: 1.83%
 2,210 GOOGLE INCORPORATED CLASS A+ 1,253,092
 ---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 1.91%
 23,300 ROCKWELL AUTOMATION INCORPORATED 1,313,188
 ---------------
METAL MINING: 2.16%
 17,720 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 1,480,329
 ---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 2.26%
 16,600 FEDEX CORPORATION 1,550,440
 ---------------
NETWORKING: 2.19%
 57,655 CISCO SYSTEMS INCORPORATED+ 1,500,760
 ---------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 6.04%
 33,700 AMERICAN EXPRESS COMPANY 1,390,462
 32,700 CAPITAL ONE FINANCIAL CORPORATION 1,354,107
 5,505 MASTERCARD INCORPORATED<< 1,398,270
 4,142,839
 ---------------
OIL & GAS EXTRACTION: 2.52%
 33,215 NEWFIELD EXPLORATION COMPANY+ 1,728,841
 ---------------
PAPER & ALLIED PRODUCTS: 1.38%
 37,545 PACTIV CORPORATION+ 945,383
 ---------------
PHARMACEUTICALS: 4.03%
 24,405 ABBOTT LABORATORIES 1,285,655
 55,300 BRISTOL-MYERS SQUIBB COMPANY 1,476,510
 2,762,165
 ---------------


Wells Fargo Advantage Master Portfolios 67

Portfolio of Investments--March 31, 2010 (Unaudited)

DISCIPLINED GROWTH PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 2.34%
 46,400 SANDISK CORPORATION+ $ 1,606,832
 ---------------
SOFTWARE: 5.93%
 37,545 BMC SOFTWARE INCORPORATED+ 1,426,710
 41,500 MICROSOFT CORPORATION 1,214,705
 48,605 RED HAT INCORPORATED+ 1,422,668
 4,064,083
 ---------------
TOBACCO PRODUCTS: 1.86%
 24,445 PHILIP MORRIS INTERNATIONAL 1,275,051
 ---------------
TOTAL COMMON STOCKS (COST $55,544,666) 67,448,532
 ---------------

 PRINCIPAL INTEREST RATE MATURITY DATE
------------- ------------- -------------
COLLATERAL FOR SECURITIES LENDING: 1.55%
COLLATERAL INVESTED IN OTHER ASSETS: 1.55%
$ 29,300 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
 COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE
 $29,300) 0.01% 04/01/2010 29,300
 8,774 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 8,774
 12,064 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 12,064
 241,725 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $241,725) 0.02 04/01/2010 241,725
 5,807 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 5,807
 17,548 COOK COUNTY IL+/-ss 0.25 11/01/2030 17,548
 21,974 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $21,974) 0.03 04/01/2010 21,974
 33,736 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $33,736) 0.01 04/01/2010 33,736
 431,169 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 177,210
 3,619 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 3,619
 10,967 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 10,967
 4,387 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 4,387
 146,500 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $ 146,500) 0.01 04/01/2010 146,500
 6,580 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 6,580
 4,387 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 4,387
 12,821 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 12,821
 19,741 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 19,741
 6,580 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 6,580
 550,042 VFNCCORPORATION+/-(a)(i)++ 0.25 09/30/2010 297,024
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $975,611) 1,060,744
 ---------------

 SHARES YIELD
------------- -------------
SHORT-TERM INVESTMENTS: 1.47%
MUTUAL FUNDS: 1.47%
 1,008,460 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 1,008,460
 ---------------
TOTAL SHORT-TERM INVESTMENTS (COST $1,008,460) 1,008,460
 ---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $57,528,737)* 101.37% 69,517,736
OTHER ASSETS AND LIABILITIES, NET (1.37) (940,751)
 ------ ---------------
TOTAL NET ASSETS 100.00% $ 68,576,985
 ------ ---------------


68 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

DISCIPLINED GROWTH PORTFOLIO


+ Non-income earning securities.

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

+/- Variable rate investments.

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

(a) Security fair valued in accordance with the procedures approved by the Board of Trustees.

(i) Illiquid security.

++ Securities that may be resold to "qualified institutional buyers" under rule 144A or securities offered pursuant to section 4(2) of the Securities Act of 1933, as amended.

~ The Fund invests cash balances that it retains for liquidity purposes in an affiliated money market fund.

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

(l) Investment in an affiliate.

* Cost for federal income tax purposes is $58,728,476 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation $12,303,557
Gross unrealized depreciation (1,514,297)
 -----------
Net unrealized appreciation $10,789,260

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


Wells Fargo Advantage Master Portfolios 69

Portfolio of Investments--March 31, 2010 (Unaudited)

EMERGING GROWTH PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 98.29%
ANTHRACITE MINING: 0.32%
 5,870 LOGMEIN INCORPORATED+ $ 121,450
 ---------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 0.75%
 6,000 WARNACO GROUP INCORPORATED+ 286,260
 ---------------
BIOPHARMACEUTICALS: 4.61%
 10,800 ACORDA THERAPEUTICS INCORPORATED+ 369,360
 8,600 AFFYMAX INCORPORATED+ 201,498
 14,800 ALEXION PHARMACEUTICALS INCORPORATED+ 804,676
 10,600 HUMAN GENOME SCIENCES INCORPORATED+ 320,120
 1,300 UNITED THERAPEUTICS CORPORATION+ 71,929
 1,767,583
 ---------------
BUSINESS SERVICES: 11.71%
 53,030 ARIBA INCORPORATED+ 681,436
 19,650 BLUE COAT SYSTEMS INCORPORATED+ 609,936
 15,410 CONCUR TECHNOLOGIES INCORPORATED+ 631,964
 2,000 COSTAR GROUP INCORPORATED+ 83,040
 18,830 GLOBAL CASH ACCESS INCORPORATED+ 153,841
 39,620 GSE SYSTEMS INCORPORATED+ 214,344
 5,030 MEDASSETS INCORPORATED+ 105,630
 5,310 MERCADOLIBRE INCORPORATED+ 255,995
 47,500 PERFICIENT INCORPORATED+ 535,325
 42,140 SKILLSOFT PLC ADR+ 434,885
 41,410 SUCCESSFACTORS INCORPORATED+ 788,446
 4,494,842
 ---------------
CASINO & GAMING: 3.18%
 6,380 BALLY TECHNOLOGIES INCORPORATED+ 258,645
 22,960 WMS INDUSTRIES INCORPORATED+ 962,942
 1,221,587
 ---------------
COMMERCIAL SERVICES: 0.28%
 3,600 WRIGHT EXPRESS CORPORATION+ 108,432
 ---------------
COMMUNICATIONS: 8.01%
 40,500 ARUBA NETWORKS INCORPORATED+ 553,230
 36,260 ASIAINFO HOLDINGS INCORPORATED+ 960,165
 10,320 DG FASTCHANNEL INCORPORATED+ 329,724
 52,400 LOOPNET INCORPORATED+ 588,976
 27,900 SOURCEFIRE INCORPORATED+ 640,305
 3,072,400
 ---------------
COMPUTER DATA SECURITY: 0.37%
 8,000 FORTINET INCORPORATED+ 140,640
 ---------------
COMPUTER TECHNOLOGIES: 1.53%
 76,700 LIVEPERSON INCORPORATED+ 588,289
 ---------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 0.15%
 2,100 INSITUFORM TECHNOLOGIES INCORPORATED CLASS A+ 55,881
 ---------------
E-COMMERCE/SERVICES: 1.77%
 20,420 GSI COMMERCE INCORPORATED+ 565,021
 3,000 OPENTABLE INCORPORATED+ 114,390
 679,411
 ---------------


70 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

EMERGING GROWTH PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
EDUCATIONAL SERVICES: 1.40%
 3,420 AMERICAN PUBLIC EDUCATION INCORPORATED+ $ 159,372
 4,070 CAPELLA EDUCATION COMPANY+ 377,859
 537,231
 ---------------
ELECTRICAL PRODUCTS: 1.75%
 31,090 HARBIN ELECTRIC INCORPORATED+ 671,233
 ---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 11.10%
 22,190 BALDOR ELECTRIC COMPANY 829,906
 9,300 CEVA INCORPORATED+ 108,438
 103,300 ENTROPIC COMMUNICATIONS INCORPORATED+ 524,764
 1,050 MAXLINEAR INCORPORATED+ 18,638
 52,600 MONOLITHIC POWER SYSTEMS+ 1,172,980
 16,700 NETLOGIC MICROSYSTEMS INCORPORATED+ 491,481
 9,800 OSI SYSTEMS INCORPORATED+ 274,890
 10,170 POLYPORE INTERNATIONAL INCORPORATED+ 177,568
 5,700 REGAL-BELOIT CORPORATION 338,637
 8,300 SOLERA HOLDINGS INCORPORATED 320,795
 4,258,097
 ---------------
ENERGY: 0.41%
 5,300 ENERNOC INCORPORATED+ 157,304
 ---------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 0.48%
 7,500 ICF INTERNATIONAL INCORPORATED+ 186,300
 ---------------
ENVIRONMENTAL CONTROL: 0.38%
 22,100 SHARPS COMPLIANCE CORPORATION+ 144,534
 ---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.45%
 36,000 MUELLER WATER PRODUCTS INCORPORATED 172,080
 ---------------
HEALTH SERVICES: 1.45%
 15,850 IPC THE HOSPITALIST COMPANY+ 556,494
 ---------------
HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS: 1.23%
 26,120 ORION MARINE GROUP INCORPORATED+ 471,466
 ---------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 1.21%
 18,400 HHGREGG INCORPORATED+ 464,416
 ---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 6.44%
 52,340 ALTRA HOLDINGS INCORPORATED+ 718,628
 31,100 ARCSIGHT INCORPORATED+ 875,465
 44,010 ENTEGRIS INCORPORATED+ 221,810
 6,500 MERU NETWORKS INCORPORATED+ 124,605
 8,160 RIVERBED TECHNOLOGY INCORPORATED+ 231,744
 17,400 SUPER MICRO COMPUTER INCORPORATED+ 300,672
 2,472,924
 ---------------
INSURANCE CARRIERS: 0.05%
 1,300 PRIMERICA INCORPORATED+ 19,500
 ---------------
LEISURE, SPORTING & RECREATION: 2.50%
 13,160 DICK'S SPORTING GOODS INCORPORATED+ 343,608
 24,020 HIBBETT SPORTS INCORPORATED+ 614,432
 958,040
 ---------------


Wells Fargo Advantage Master Portfolios 71

Portfolio of Investments--March 31, 2010 (Unaudited)

EMERGING GROWTH PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 6.75%
 2,950 BADGER METER INCORPORATED $ 113,605
 27,400 DEXCOM INCORPORATED+ 266,602
 58,350 ENDOLOGIX INCORPORATED+ 235,734
 30,670 EV3 INCORPORATED+ 486,426
 12,190 MASIMO CORPORATION 323,645
 1,820 METTLER-TOLEDO INTERNATIONAL INCORPORATED+ 198,744
 38,600 NXSTAGE MEDICAL INCORPORATED+ 441,970
 5,500 SIRONA DENTAL SYSTEMS INCORPORATED+ 209,165
 7,200 VEECO INSTRUMENTS INCORPORATED+ 313,200
 2,589,091
 ---------------
MEDICAL EQUIPMENT & SUPPLIES: 2.56%
 37,640 CONCEPTUS INCORPORATED+<< 751,294
 5,110 NUVASIVE INCORPORATED+ 230,972
 982,266
 ---------------
MEDICAL PRODUCTS: 1.49%
 23,660 VOLCANO CORPORATION+ 571,626
 ---------------
MOTION PICTURES: 1.34%
 28,650 IMAX CORPORATION+ 515,414
 ---------------
OIL & GAS EXPLORATION: 1.49%
 36,000 NORTHERN OIL & GAS INCORPORATED+ 570,600
 ---------------
OIL & GAS EXTRACTION: 2.54%
 6,710 ARENA RESOURCES INCORPORATED+ 224,114
 40,300 BRIGHAM EXPLORATION COMPANY+<< 642,785
 10,010 SMARTHEAT INCORPORATED+ 107,507
 974,406
 ---------------
PHARMACEUTICALS: 2.35%
 10,290 CATALYST HEALTH SOLUTIONS INCORPORATED+ 425,800
 8,200 MAP PHARMACEUTICALS INCORPORATED+ 130,298
 2,360 ONYX PHARMACEUTICALS INCORPORATED+ 71,461
 4,100 SXC HEALTH SOLUTIONS CORPORATION+ 275,848
 903,407
 ---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 5.80%
 11,280 ROVI CORPORATION+ 418,826
 34,836 SHUTTERFLY INCORPORATED+ 839,199
 16,930 VISTAPRINT NV+<< 969,243
 2,227,268
 ---------------
RETAIL FOOD: 1.41%
 7,100 PANERA BREAD COMPANY+ 543,079
 ---------------
RETAIL, TRADE & SERVICES: 1.03%
 14,900 LUMBER LIQUIDATORS HOLDINGS INCORPORATED+ 397,383
 ---------------
RETAIL-SPECIAL LINE: 0.24%
 1,680 BLUE NILE INCORPORATED+ 92,434
 ---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 0.71%
 47,490 GFI GROUP INCORPORATED 274,492
 ---------------


72 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

EMERGING GROWTH PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
SOCIAL SERVICES: 0.98%
 10,030 ALMOST FAMILY INCORPORATED+ $ 378,031
 ---------------
SOFTWARE: 2.82%
 4,800 LONGTOP FINANCIAL TECHNOLOGIES LIMITED ADR+ 154,608
 56,340 PROS HOLDINGS INCORPORATED+ 556,639
 17,050 SOLARWINDS INCORPORATED+ 369,303
 1,080,550
 ---------------
TRANSPORTATION BY AIR: 1.69%
 9,100 ALLEGIANT TRAVEL COMPANY+ 526,526
 3,240 BRISTOW GROUP INCORPORATED+ 122,245
 648,771
 ---------------
WATER TRANSPORTATION: 2.29%
 30,980 AEGEAN MARINE PETROLEUM NETWORK INCORPORATED 879,212
 ---------------
WHOLESALE TRADE NON-DURABLE GOODS: 1.27%
 8,400 TRACTOR SUPPLY COMPANY 487,620
 ---------------
TOTAL COMMON STOCKS (COST $28,512,238) 37,722,044
 ---------------

 PRINCIPAL INTEREST RATE MATURITY DATE
------------- ------------- -------------
COLLATERAL FOR SECURITIES LENDING: 4.86%
COLLATERAL INVESTED IN OTHER ASSETS: 4.86%
$ 47,233 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
 COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY
 VALUE $47,233) 0.01% 04/01/2010 47,233
 14,144 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 14,144
 19,448 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 19,448
 389,670 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $389,670) 0.02 04/01/2010 389,670
 9,361 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 9,361
 28,288 COOK COUNTY IL+/-ss 0.25 11/01/2030 28,288
 35,423 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $35,423) 0.03 04/01/2010 35,423
 54,383 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $54,383) 0.01 04/01/2010 54,383
 834,629 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 343,033
 5,834 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 5,834
 17,680 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 17,680
 7,072 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 7,072
 236,163 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $236,163) 0.01 04/01/2010 236,163
 10,608 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 10,608
 7,072 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 7,072
 20,668 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 20,668
 31,824 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 31,824
 10,608 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 10,608
 1,064,736 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 574,957
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $1,698,674) 1,863,469
 ---------------


Wells Fargo Advantage Master Portfolios 73

Portfolio of Investments--March 31, 2010 (Unaudited)

EMERGING GROWTH PORTFOLIO

 SHARES SECURITY NAME YIELD VALUE
------------- ----------------------------------------------------------------- ------------- ---------------
SHORT-TERM INVESTMENTS: 1.73%
MUTUAL FUNDS: 1.73%
 663,091 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% $ 663,091
 ---------------
TOTAL SHORT-TERM INVESTMENTS (COST $663,091) 663,091
 ---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $30,874,003)* 104.88% 40,248,604
OTHER ASSETS AND LIABILITIES, NET (4.88) (1,873,213)
 ------ ---------------
TOTAL NET ASSETS 100.00% $ 38,375,391
 ------ ---------------


+ Non-income earning securities.

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

+/- Variable rate investments.

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

(a) Security fair valued in accordance with the procedures approved by the Board of Trustees.

(i) Illiquid security.

++ Securities that may be resold to "qualified institutional buyers" under rule 144A or securities offered pursuant to section 4(2) of the Securities Act of 1933, as amended.

~ The Fund invests cash balances that it retains for liquidity purposes in an affiliated money market fund.

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

(l) Investment in an affiliate.

* Cost for federal income tax purposes is $33,347,634 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation $ 9,600,180
Gross unrealized depreciation (2,699,210)
 -----------
Net unrealized appreciation $ 6,900,970

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


74 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

EQUITY INCOME PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 98.82%
APPAREL & ACCESSORY STORES: 1.05%
 30,275 VF CORPORATION $ 2,426,537
 ---------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 1.18%
 84,525 HOME DEPOT INCORPORATED 2,734,384
 ---------------
CHEMICALS & ALLIED PRODUCTS: 3.07%
 44,147 AIR PRODUCTS & CHEMICALS INCORPORATED 3,264,671
 103,309 E.I. DU PONT DE NEMOURS & COMPANY 3,847,227
 7,111,898
 ---------------
COMMUNICATIONS: 4.91%
 237,440 AT&T INCORPORATED 6,135,450
 10,701 TIME WARNER CABLE INCORPORATED 570,470
 150,336 VERIZON COMMUNICATIONS INCORPORATED 4,663,423
 11,369,343
 ---------------
COMPUTER TECHNOLOGIES: 3.48%
 90,070 HEWLETT-PACKARD COMPANY 4,787,221
 25,492 INTERNATIONAL BUSINESS MACHINES CORPORATION 3,269,349
 8,056,570
 ---------------
CONGLOMERATES: 2.37%
 302,194 GENERAL ELECTRIC COMPANY 5,499,931
 ---------------
DEPOSITORY INSTITUTIONS: 14.44%
 400,246 BANK OF AMERICA CORPORATION 7,144,391
 200,505 BANK OF NEW YORK MELLON CORPORATION 6,191,594
 240,590 JPMORGAN CHASE & COMPANY 10,766,403
 59,150 STATE STREET CORPORATION 2,670,031
 258,156 US BANCORP 6,681,077
 33,453,496
 ---------------
DIVERSIFIED MANUFACTURING: 2.19%
 111,830 HONEYWELL INTERNATIONAL INCORPORATED 5,062,544
 ---------------
E-COMMERCE/SERVICES: 0.05%
 4,582 AOL INCORPORATED+ 115,833
 ---------------
EATING & DRINKING PLACES: 1.24%
 43,020 MCDONALD'S CORPORATION 2,870,294
 ---------------
ELECTRIC, GAS & SANITARY SERVICES: 7.14%
 69,066 DOMINION RESOURCES INCORPORATED 2,839,303
 88,575 EMERSON ELECTRIC COMPANY 4,458,866
 24,295 FIRSTENERGY CORPORATION 949,692
 111,370 FPL GROUP INCORPORATED 5,382,512
 15,800 PG&E CORPORATION 670,236
 75,730 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 2,235,550
 16,536,159
 ---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 0.58%
 87,195 NOKIA OYJ ADR<< 1,355,010
 ---------------


Wells Fargo Advantage Master Portfolios 75

Portfolio of Investments--March 31, 2010 (Unaudited)

EQUITY INCOME PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
FOOD & KINDRED PRODUCTS: 3.23%
 41,975 MCCORMICK & COMPANY INCORPORATED $ 1,610,161
 63,195 PEPSICO INCORPORATED 4,180,981
 56,925 SYSCO CORPORATION 1,679,288
 7,470,430
 ---------------
GENERAL MERCHANDISE STORES: 2.71%
 119,195 TARGET CORPORATION 6,269,657
 ---------------
HOUSEHOLD PRODUCTS, WARE: 2.12%
 11,925 COLGATE-PALMOLIVE COMPANY 1,016,726
 40,285 FORTUNE BRANDS INCORPORATED 1,954,225
 30,510 PROCTER & GAMBLE COMPANY 1,930,368
 4,901,319
 ---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 1.73%
 47,816 3M COMPANY 3,995,983
 ---------------
INSURANCE CARRIERS: 6.26%
 121,705 METLIFE INCORPORATED 5,274,695
 51,400 PRUDENTIAL FINANCIAL INCORPORATED 3,109,700
 113,550 THE TRAVELERS COMPANIES INCORPORATED 6,124,887
 14,509,282
 ---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 0.90%
 26,334 BECTON DICKINSON & COMPANY 2,073,276
 ---------------
MEDICAL EQUIPMENT & SUPPLIES: 1.24%
 63,675 MEDTRONIC INCORPORATED 2,867,285
 ---------------
MISCELLANEOUS RETAIL: 2.38%
 33,500 COSTCO WHOLESALE CORPORATION 2,000,285
 95,975 CVS CAREMARK CORPORATION 3,508,846
 5,509,131
 ---------------
MOTION PICTURES: 1.51%
 46,816 TIME WARNER INCORPORATED 1,463,936
 58,515 WALT DISNEY COMPANY 2,042,759
 3,506,695
 ---------------
NETWORKING: 1.11%
 98,700 CISCO SYSTEMS INCORPORATED+ 2,569,161
 ---------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 2.09%
 76,610 AMERICAN EXPRESS COMPANY 3,160,929
 40,725 CAPITAL ONE FINANCIAL CORPORATION 1,686,422
 4,847,351
 ---------------
OIL & GAS EXTRACTION: 2.16%
 7,925 APACHE CORPORATION 804,388
 95,500 CHESAPEAKE ENERGY CORPORATION 2,257,620
 23,050 OCCIDENTAL PETROLEUM CORPORATION 1,948,647
 5,010,655
 ---------------
OIL & OIL SERVICES: 1.72%
 131,875 HALLIBURTON COMPANY 3,973,394
 ---------------


76 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

EQUITY INCOME PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
PETROLEUM REFINING & RELATED INDUSTRIES: 13.01%
 126,170 CHEVRON CORPORATION $ 9,567,471
 141,100 CONOCOPHILLIPS 7,220,087
 147,236 EXXON MOBIL CORPORATION 9,861,867
 110,250 MARATHON OIL CORPORATION 3,488,310
 30,137,735
 ---------------
PHARMACEUTICALS: 6.67%
 95,225 ABBOTT LABORATORIES 5,016,453
 100,725 BRISTOL-MYERS SQUIBB COMPANY 2,689,358
 42,515 JOHNSON & JOHNSON 2,771,978
 59,137 MERCK & COMPANY INCORPORATED 2,208,767
 161,685 PFIZER INCORPORATED 2,772,898
 15,459,454
 ---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.49%
 32,000 MCGRAW-HILL COMPANIES INCORPORATED 1,140,800
 ---------------
RETAIL: 0.31%
 17,000 BEST BUY COMPANY INCORPORATED 723,180
 ---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.34%
 68,572 AMERIPRISE FINANCIAL INCORPORATED 3,110,426
 ---------------
SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 1.25%
 130,150 INTEL CORPORATION 2,897,139
 ---------------
SOFTWARE: 2.56%
 60,125 MICROSOFT CORPORATION 1,759,859
 113,800 ORACLE CORPORATION 2,923,522
 73,225 SYMANTEC CORPORATION+ 1,238,967
 5,922,348
 ---------------
TRANSPORTATION EQUIPMENT: 2.33%
 73,200 UNITED TECHNOLOGIES CORPORATION 5,388,252
 ---------------
TOTAL COMMON STOCKS (COST $206,562,141) 228,874,952
 ---------------

 PRINCIPAL INTEREST RATE MATURITY DATE
------------- ------------- -------------
COLLATERAL FOR SECURITIES LENDING: 0.58%
COLLATERAL INVESTED IN OTHER ASSETS: 0.58%
$ 52,798 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
 COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY
 VALUE $52,798) 0.01% 04/01/2010 52,798
 15,810 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 15,810
 21,739 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 21,739
 435,574 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $435,574) 0.02 04/01/2010 435,574
 10,464 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 10,464
 31,620 COOK COUNTY IL+/-ss 0.25 11/01/2030 31,620
 39,596 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $39,596) 0.03 04/01/2010 39,596
 60,790 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $60,790) 0.01 04/01/2010 60,790
 270,455 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 111,157
 6,522 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 6,522
 19,763 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 19,763
 7,905 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 7,905


Wells Fargo Advantage Master Portfolios 77

Portfolio of Investments--March 31, 2010 (Unaudited)

EQUITY INCOME PORTFOLIO

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
------------- ----------------------------------------------------------------- ------------- ------------- ---------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 263,984 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $263,984) 0.01% 04/01/2010 $ 263,984
 11,858 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 11,858
 7,905 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 7,905
 23,102 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 23,102
 35,573 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 35,573
 11,858 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 11,856
 345,019 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 186,310
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $1,300,926) 1,354,326
 ---------------

 SHARES YIELD
------------- -------------
SHORT-TERM INVESTMENTS: 1.16%
MUTUAL FUNDS: 1.16%
 2,670,386 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 2,670,386
 ---------------
TOTAL SHORT-TERM INVESTMENTS (COST $2,670,386) 2,670,386
 ---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $210,533,453)* 100.56% 232,899,664
OTHER ASSETS AND LIABILITIES, NET (0.56) (1,296,530)
 ------ ---------------
TOTAL NET ASSETS 100.00% $ 231,603,134
 ------ ---------------


+ Non-income earning securities.

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

+/- Variable rate investments.

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

(a) Security fair valued in accordance with the procedures approved by the Board of Trustees.

(i) Illiquid security.

++ Securities that may be resold to "qualified institutional buyers" under rule 144A or securities offered pursuant to section 4(2) of the Securities Act of 1933, as amended.

~ The Fund invests cash balances that it retains for liquidity purposes in an affiliated money market fund.

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

(l) Investment in an affiliate.

* Cost for federal income tax purposes is $211,336,200 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation $ 47,477,417
Gross unrealized depreciation (25,913,953)
 ------------
Net unrealized appreciation $ 21,563,464

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


78 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

EQUITY VALUE PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 98.95%
AUTO & TRUCKS: 0.93%
 390,000 FORD MOTOR COMPANY+<< $ 4,902,300
 ---------------
BIOTECHNOLOGY: 2.85%
 155,000 AMGEN INCORPORATED+ 9,262,800
 110,400 LIFE TECHNOLOGIES CORPORATION+ 5,770,608
 15,033,408
 ---------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 1.07%
 61,000 WALTER INDUSTRIES INCORPORATED 5,628,470
 ---------------
CHEMICALS & ALLIED PRODUCTS: 3.10%
 197,000 CELANESE CORPORATION CLASS A 6,274,450
 37,325 CF INDUSTRIES HOLDINGS INCORPORATED 3,403,294
 53,800 EASTMAN CHEMICAL COMPANY 3,425,984
 53,300 MOSAIC COMPANY 3,239,041
 16,342,769
 ---------------
COAL MINING: 0.97%
 102,200 ALPHA NATURAL RESOURCES INCORPORATED+ 5,098,758
 ---------------
COMMUNICATIONS: 3.34%
 164,500 COMCAST CORPORATION CLASS A 3,095,890
 1,345,000 QWEST COMMUNICATIONS INTERNATIONAL INCORPORATED 7,020,900
 240,400 VERIZON COMMUNICATIONS INCORPORATED 7,457,208
 17,573,998
 ---------------
COMPUTER TECHNOLOGIES: 2.01%
 76,000 LEXMARK INTERNATIONAL INCORPORATED+ 2,742,080
 430,600 SEAGATE TECHNOLOGY 7,862,756
 10,604,836
 ---------------
CONGLOMERATES: 4.64%
 1,343,800 GENERAL ELECTRIC COMPANY 24,457,160
 ---------------
DEPARTMENT STORES: 0.72%
 173,700 MACY'S INCORPORATED 3,781,449
 ---------------
DEPOSITORY INSTITUTIONS: 14.22%
 1,066,000 BANK OF AMERICA CORPORATION 19,028,100
 2,366,000 CITIGROUP INCORPORATED+ 9,582,300
 119,500 COMERICA INCORPORATED 4,545,780
 206,000 FIFTH THIRD BANCORP 2,799,540
 327,000 JPMORGAN CHASE & COMPANY 14,633,250
 486,400 KEYCORP 3,769,600
 111,000 NORTHERN TRUST CORPORATION 6,133,860
 102,000 PNC FINANCIAL SERVICES GROUP INCORPORATED 6,089,400
 654,700 REGIONS FINANCIAL CORPORATION 5,139,395
 120,700 SUNTRUST BANKS INCORPORATED 3,233,553
 74,954,778
 ---------------
DRILLING OIL & NATURAL GAS WELLS: 1.15%
 145,000 NOBLE CORPORATION 6,063,900
 ---------------
EATING & DRINKING PLACES: 0.51%
 60,500 DARDEN RESTAURANTS INCORPORATED 2,694,670
 ---------------


Wells Fargo Advantage Master Portfolios 79

Portfolio of Investments--March 31, 2010 (Unaudited)

EQUITY VALUE PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
ELECTRIC, GAS & SANITARY SERVICES: 3.06%
 168,000 AMERICAN ELECTRIC POWER COMPANY INCORPORATED $ 5,742,240
 114,000 DTE ENERGY COMPANY 5,084,400
 490,400 EL PASO CORPORATION 5,315,936
 16,142,576
 ---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 3.42%
 186,500 COOPER INDUSTRIES PLC 8,940,810
 476,000 LSI LOGIC CORPORATION+ 2,913,120
 97,900 TYCO ELECTRONICS LIMITED 2,690,292
 40,000 WHIRLPOOL CORPORATION 3,490,000
 18,034,222
 ---------------
FOOD & KINDRED PRODUCTS: 1.36%
 62,500 JM SMUCKER COMPANY 3,766,250
 176,900 TYSON FOODS INCORPORATED CLASS A 3,387,635
 7,153,885
 ---------------
GENERAL MERCHANDISE STORES: 1.27%
 122,000 KOHL'S CORPORATION+ 6,683,159
 ---------------
HEALTH SERVICES: 1.43%
 116,900 AMERISOURCEBERGEN CORPORATION 3,380,748
 114,600 CARDINAL HEALTH INCORPORATED 4,129,038
 7,509,786
 ---------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 1.72%
 352,300 WYNDHAM WORLDWIDE CORPORATION 9,064,679
 ---------------
HOUSEHOLD PRODUCTS, WARE: 1.06%
 368,300 NEWELL RUBBERMAID INCORPORATED 5,598,160
 ---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 3.79%
 90,200 CATERPILLAR INCORPORATED 5,669,070
 61,500 CUMMINS INCORPORATED 3,809,925
 51,000 EATON CORPORATION 3,864,270
 115,000 STANLEY BLACK & DECKER INCORPORATED 6,602,150
 19,945,415
 ---------------
INSURANCE CARRIERS: 6.20%
 115,500 ASSURED GUARANTY LIMITED 2,537,535
 268,000 GENWORTH FINANCIAL INCORPORATED+ 4,915,120
 151,800 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 4,314,156
 107,500 PRUDENTIAL FINANCIAL INCORPORATED 6,503,750
 201,600 UNITEDHEALTH GROUP INCORPORATED 6,586,272
 52,500 WELLPOINT INCORPORATED+ 3,379,950
 234,300 XL CAPITAL LIMITED CLASS A 4,428,270
 32,665,053
 ---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 0.69%
 195,600 HOLOGIC INCORPORATED+ 3,626,424
 ---------------
MEDIA: 1.08%
 165,000 VIACOM INCORPORATED CLASS B+ 5,672,700
 ---------------
MEDICAL EQUIPMENT & SUPPLIES: 0.50%
 58,600 MEDTRONIC INCORPORATED 2,638,758
 ---------------


80 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

EQUITY VALUE PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
METAL MINING: 2.74%
 93,000 CLIFFS NATURAL RESOURCES INCORPORATED<< $ 6,598,350
 94,000 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 7,852,760
 14,451,110
 ---------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 1.72%
 128,000 CAPITAL ONE FINANCIAL CORPORATION 5,300,480
 252,000 DISCOVER FINANCIAL SERVICES 3,754,800
 9,055,280
 ---------------
OFFICE EQUIPMENT: 0.59%
 316,000 XEROX CORPORATION 3,081,000
 ---------------
OIL & GAS EXTRACTION: 5.83%
 317,000 CHESAPEAKE ENERGY CORPORATION 7,493,880
 82,000 DEVON ENERGY CORPORATION 5,283,260
 143,500 NEWFIELD EXPLORATION COMPANY+ 7,469,175
 129,800 WHITING PETROLEUM CORPORATION+ 10,493,032
 30,739,347
 ---------------
PETROLEUM REFINING & RELATED INDUSTRIES: 7.36%
 184,800 CHEVRON CORPORATION 14,013,384
 209,800 EXXON MOBIL CORPORATION 14,052,404
 171,800 HESS CORPORATION 10,746,090
 38,811,878
 ---------------
PHARMACEUTICALS: 2.48%
 47,200 ABBOTT LABORATORIES 2,486,496
 65,200 JOHNSON & JOHNSON 4,251,040
 170,000 MERCK & COMPANY INCORPORATED 6,349,500
 13,087,036
 ---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 1.13%
 359,000 GANNETT COMPANY INCORPORATED 5,930,680
 ---------------
REAL ESTATE DEVELOPING & MANAGEMENT: 0.39%
 128,200 CB RICHARD ELLIS GROUP INCORPORATED CLASS A+ 2,047,584
 ---------------
REAL ESTATE INVESTMENT TRUSTS (REITS): 3.17%
 107,000 BOSTON PROPERTIES INCORPORATED 8,072,080
 103,000 SIMON PROPERTY GROUP INCORPORATED 8,641,700
 16,713,780
 ---------------
RENTAL AUTO/EQUIPMENT: 0.55%
 292,000 HERTZ GLOBAL HOLDINGS INCORPORATED+<< 2,917,080
 ---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 3.74%
 257,000 AMERIPRISE FINANCIAL INCORPORATED 11,657,520
 47,300 GOLDMAN SACHS GROUP INCORPORATED 8,070,799
 19,728,319
 ---------------
SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 2.61%
 535,500 ADVANCED MICRO DEVICES INCORPORATED+ 4,964,085
 848,000 MICRON TECHNOLOGY INCORPORATED+ 8,810,720
 13,774,805
 ---------------
TOBACCO PRODUCTS: 0.58%
 56,400 REYNOLDS AMERICAN INCORPORATED 3,044,472
 ---------------


Wells Fargo Advantage Master Portfolios 81

Portfolio of Investments--March 31, 2010 (Unaudited)

EQUITY VALUE PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
TRANSPORTATION BY AIR: 0.36%
 210,900 AMR CORPORATION+ $ 1,921,299
 ---------------
TRANSPORTATION EQUIPMENT: 4.61%
 37,300 GENERAL DYNAMICS CORPORATION 2,879,560
 125,000 ITT CORPORATION 6,701,250
 64,500 LEAR CORPORATION+ 5,118,075
 324,000 TEXTRON INCORPORATED<< 6,878,520
 95,900 TRW AUTOMOTIVE HOLDINGS CORPORATION+ 2,740,822
 24,318,227
 ---------------
TOTAL COMMON STOCKS (COST $439,995,553) 521,493,210
 ---------------

 PRINCIPAL INTEREST RATE MATURITY DATE
------------- ------------- -------------
COLLATERAL FOR SECURITIES LENDING: 2.23%
COLLATERAL INVESTED IN OTHER ASSETS: 2.23%
$ 514,533 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
 COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY
 VALUE $514,533) 0.01% 04/01/2010 514,533
 154,075 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 154,075
 211,853 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 211,853
 4,244,837 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $4,244,839) 0.02 04/01/2010 4,244,837
 101,978 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 101,978
 308,150 COOK COUNTY IL+/-ss 0.25 11/01/2030 308,150
 385,880 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $385,880) 0.03 04/01/2010 385,880
 592,418 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $592,418) 0.01 04/01/2010 592,418
 1,344,989 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 552,790
 63,556 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 63,556
 192,593 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 192,593
 77,037 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 77,037
 2,572,625 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $2,572,626) 0.01 04/01/2010 2,572,625
 115,556 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 115,556
 77,037 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 77,037
 225,142 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 225,142
 346,668 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 346,668
 115,556 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 115,557
 1,715,801 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 926,533
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $11,513,254) 11,778,818
 ---------------

 SHARES YIELD
------------- -------------
SHORT-TERM INVESTMENTS: 1.75%
MUTUAL FUNDS: 1.75%
 9,199,253 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 9,199,253
 ---------------
TOTAL SHORT-TERM INVESTMENTS (COST $9,199,253) 9,199,253
 ---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $460,708,060)* 102.93% 542,471,281
OTHER ASSETS AND LIABILITIES, NET (2.93) (15,438,700)
 ------ ---------------
TOTAL NET ASSETS 100.00% $ 527,032,581
 ------ ---------------


82 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

EQUITY VALUE PORTFOLIO


+ Non-income earning securities.

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

+/- Variable rate investments.

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

(a) Security fair valued in accordance with the procedures approved by the Board of Trustees.

(i) Illiquid security.

++ Securities that may be resold to "qualified institutional buyers" under rule 144A or securities offered pursuant to section 4(2) of the Securities Act of 1933, as amended.

~ The Fund invests cash balances that it retains for liquidity purposes in an affiliated money market fund.

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

(l) Investment in an affiliate.

* Cost for federal income tax purposes is $464,188,373 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation $86,853,004
Gross unrealized depreciation (8,570,096)
 -----------
Net unrealized appreciation $78,282,908

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


Wells Fargo Advantage Master Portfolios 83

Portfolio of Investments--March 31, 2010 (Unaudited)

INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 99.10%
AEROSPACE, DEFENSE: 1.15%
 148,626 BOEING COMPANY $ 10,791,728
 24,575 GOODRICH CORPORATION 1,733,029
 22,694 L-3 COMMUNICATIONS HOLDINGS INCORPORATED 2,079,451
 61,918 LOCKHEED MARTIN CORPORATION 5,152,816
 74,429 RAYTHEON COMPANY 4,251,384
 24,008,408
 ---------------
APPAREL & ACCESSORY STORES: 0.63%
 17,274 ABERCROMBIE & FITCH COMPANY CLASS A 788,385
 93,477 GAP INCORPORATED 2,160,253
 52,521 LIMITED BRANDS INCORPORATED 1,293,067
 76,565 NIKE INCORPORATED CLASS B 5,627,528
 11,232 POLO RALPH LAUREN CORPORATION 955,169
 25,474 URBAN OUTFITTERS INCORPORATED+ 968,776
 17,370 VF CORPORATION 1,392,206
 13,185,384
 ---------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 0.12%
 61,690 COACH INCORPORATED 2,437,989
 ---------------
AUTO & TRUCKS: 0.40%
 661,332 FORD MOTOR COMPANY+ 8,312,943
 ---------------
AUTO PARTS & EQUIPMENT: 0.33%
 17,744 AUTONATION INCORPORATED+ 320,812
 5,830 AUTOZONE INCORPORATED+ 1,009,115
 131,890 JOHNSON CONTROLS INCORPORATED 4,351,051
 27,010 O'REILLY AUTOMOTIVE INCORPORATED+ 1,126,587
 6,807,565
 ---------------
AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.02%
 10,487 RYDER SYSTEM INCORPORATED 406,476
 ---------------
BIOPHARMACEUTICALS: 0.83%
 90,264 CELGENE CORPORATION+ 5,592,757
 14,712 CEPHALON INCORPORATED+ 997,179
 52,246 GENZYME CORPORATION+ 2,707,910
 177,371 GILEAD SCIENCES INCORPORATED+ 8,066,833
 17,364,679
 ---------------
BIOTECHNOLOGY: 0.78%
 192,278 AMGEN INCORPORATED+ 11,490,533
 52,934 BIOGEN IDEC INCORPORATED+ 3,036,294
 35,503 LIFE TECHNOLOGIES CORPORATION+ 1,855,742
 16,382,569
 ---------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.09%
 54,309 D.R. HORTON INCORPORATED 684,293
 31,946 LENNAR CORPORATION 549,791
 62,295 PULTE HOMES INCORPORATED+ 700,819
 1,934,903
 ---------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 0.97%
 25,762 FASTENAL COMPANY 1,236,318
 333,862 HOME DEPOT INCORPORATED 10,800,436


84 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS (continued)
 289,021 LOWE'S COMPANIES INCORPORATED $ 7,005,869
 18,070 SHERWIN-WILLIAMS COMPANY 1,222,978
 20,265,601
 ---------------
BUSINESS SERVICES: 1.32%
 45,103 AUTODESK INCORPORATED+ 1,326,930
 99,119 AUTOMATIC DATA PROCESSING INCORPORATED 4,407,822
 22,001 AVERY DENNISON CORPORATION 801,056
 77,598 CA INCORPORATED 1,821,225
 36,092 CITRIX SYSTEMS INCORPORATED+ 1,713,287
 58,423 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A+ 2,978,405
 30,161 COMPUTER SCIENCES CORPORATION+ 1,643,473
 44,649 COMPUWARE CORPORATION+ 375,052
 24,810 EQUIFAX INCORPORATED 888,198
 64,779 FIDELITY NATIONAL INFORMATION SERVICES INCORPORATED 1,518,420
 29,906 FISERV INCORPORATED+ 1,518,029
 95,396 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+ 793,695
 35,580 IRON MOUNTAIN INCORPORATED 974,892
 24,661 MONSTER WORLDWIDE INCORPORATED+ 409,619
 60,954 OMNICOM GROUP INCORPORATED 2,365,625
 29,179 ROBERT HALF INTERNATIONAL INCORPORATED<< 887,917
 21,580 SALESFORCE.COM INCORPORATED+ 1,606,631
 38,724 TOTAL SYSTEM SERVICES INCORPORATED 606,418
 36,018 VERISIGN INCORPORATED+ 936,828
 27,573,522
 ---------------
CASINO & GAMING: 0.10%
 58,240 INTERNATIONAL GAME TECHNOLOGY 1,074,528
 13,556 WYNN RESORTS LIMITED 1,027,951
 2,102,479
 ---------------
CHEMICALS & ALLIED PRODUCTS: 1.81%
 41,654 AIR PRODUCTS & CHEMICALS INCORPORATED 3,080,313
 9,537 CF INDUSTRIES HOLDINGS INCORPORATED 869,584
 225,851 DOW CHEMICAL COMPANY 6,678,414
 177,461 E.I. DU PONT DE NEMOURS & COMPANY 6,608,648
 14,275 EASTMAN CHEMICAL COMPANY 909,032
 46,388 ECOLAB INCORPORATED 2,038,753
 14,238 FMC CORPORATION 861,969
 15,519 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 739,791
 107,138 MONSANTO COMPANY 7,651,796
 32,564 PPG INDUSTRIES INCORPORATED 2,129,686
 60,143 PRAXAIR INCORPORATED 4,991,869
 23,909 SIGMA-ALDRICH CORPORATION 1,282,957
 37,842,812
 ---------------
COAL MINING: 0.25%
 43,129 CONSOL ENERGY INCORPORATED 1,839,883
 18,661 MASSEY ENERGY COMPANY 975,784
 52,768 PEABODY ENERGY CORPORATION 2,411,498
 5,227,165
 ---------------
COMMERCIAL SERVICES: 0.14%
 63,153 PAYCHEX INCORPORATED 1,938,797
 59,855 SAIC INCORPORATED+ 1,059,434
 2,998,231
 ---------------


Wells Fargo Advantage Master Portfolios 85

Portfolio of Investments--March 31, 2010 (Unaudited)

INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMUNICATIONS: 3.62%
 1,158,825 AT&T INCORPORATED $ 29,944,038
 58,818 CENTURYTEL INCORPORATED 2,085,686
 557,135 COMCAST CORPORATION CLASS A 10,485,281
 51,247 METROPCS COMMUNICATIONS INCORPORATED+ 362,829
 442,433 NEWS CORPORATION CLASS A 6,375,460
 292,150 QWEST COMMUNICATIONS INTERNATIONAL INCORPORATED 1,525,023
 17,586 SCRIPPS NETWORKS INTERACTIVE INCORPORATED 779,939
 584,578 SPRINT NEXTEL CORPORATION+ 2,221,396
 69,222 TIME WARNER CABLE INCORPORATED 3,690,225
 556,772 VERIZON COMMUNICATIONS INCORPORATED 17,271,067
 89,710 WINDSTREAM CORPORATION 976,942
 75,717,886
 ---------------
COMPUTER SOFTWARE & SERVICES: 0.05%
 33,787 AKAMAI TECHNOLOGIES INCORPORATED+ 1,061,250
 ---------------
COMPUTER TECHNOLOGIES: 5.00%
 178,042 APPLE INCORPORATED+ 41,827,407
 338,073 DELL INCORPORATED+ 5,074,476
 462,205 HEWLETT-PACKARD COMPANY 24,566,196
 255,048 INTERNATIONAL BUSINESS MACHINES CORPORATION 32,709,906
 15,334 LEXMARK INTERNATIONAL INCORPORATED+ 553,251
 104,731,236
 ---------------
CONGLOMERATES: 1.82%
 2,094,934 GENERAL ELECTRIC COMPANY 38,127,799
 ---------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 0.04%
 41,243 QUANTA SERVICES INCORPORATED+ 790,216
 ---------------
CONTAINER, PACKAGING: 0.06%
 33,103 OWENS-ILLINOIS INCORPORATED+ 1,176,481
 ---------------
COSMETICS, PERSONAL CARE: 0.21%
 83,935 AVON PRODUCTS INCORPORATED 2,842,878
 23,206 ESTEE LAUDER COMPANIES INCORPORATED CLASS A 1,505,373
 4,348,251
 ---------------
CRUDE PETROLEUM & NATURAL GAS: 0.12%
 34,250 NOBLE ENERGY INCORPORATED 2,500,250
 ---------------
DATA SERVICES: 0.11%
 67,667 NETAPP INCORPORATED+ 2,203,238
 ---------------
DEPARTMENT STORES: 0.28%
 46,333 JCPENNEY COMPANY INCORPORATED 1,490,533
 82,662 MACY'S INCORPORATED 1,799,552
 32,454 NORDSTROM INCORPORATED 1,325,746
 24,321 ROSS STORES INCORPORATED 1,300,444
 5,916,275
 ---------------
DEPOSITORY INSTITUTIONS: 8.07%
 1,969,705 BANK OF AMERICA CORPORATION 35,159,234
 237,220 BANK OF NEW YORK MELLON CORPORATION 7,325,354
 135,609 BB&T CORPORATION 4,392,376
 3,857,935 CITIGROUP INCORPORATED+ 15,624,637
 34,169 COMERICA INCORPORATED 1,299,789


86 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
DEPOSITORY INSTITUTIONS (continued)
 156,105 FIFTH THIRD BANCORP $ 2,121,467
 44,221 FIRST HORIZON NATIONAL CORPORATION+ 621,308
 93,035 HUDSON CITY BANCORP INCORPORATED 1,317,376
 140,655 HUNTINGTON BANCSHARES INCORPORATED 755,317
 780,069 JPMORGAN CHASE & COMPANY 34,908,088
 172,415 KEYCORP 1,336,216
 16,311 M&T BANK CORPORATION<< 1,294,767
 103,408 MARSHALL & ILSLEY CORPORATION 832,434
 47,451 NORTHERN TRUST CORPORATION 2,622,142
 101,503 PNC FINANCIAL SERVICES GROUP INCORPORATED 6,059,729
 234,166 REGIONS FINANCIAL CORPORATION 1,838,203
 97,264 STATE STREET CORPORATION 4,390,497
 98,043 SUNTRUST BANKS INCORPORATED 2,626,572
 375,673 US BANCORP 9,722,417
 1,017,194 WELLS FARGO & COMPANY(l) 31,655,077
 134,056 WESTERN UNION COMPANY 2,273,590
 29,530 ZIONS BANCORPORATION 644,345
 168,820,935
 ---------------
DIVERSIFIED FINANCIAL SERVICES: 0.02%
 36,061 JANUS CAPITAL GROUP INCORPORATED 515,312
 ---------------
DIVERSIFIED MANUFACTURING: 0.32%
 150,113 HONEYWELL INTERNATIONAL INCORPORATED 6,795,616
 ---------------
E-COMMERCE/SERVICES: 2.12%
 67,207 AMAZON.COM INCORPORATED+ 9,122,006
 221,893 EBAY INCORPORATED+ 5,980,016
 47,448 GOOGLE INCORPORATED CLASS A+ 26,903,490
 8,949 PRICELINE.COM INCORPORATED+ 2,281,995
 44,287,507
 ---------------
EATING & DRINKING PLACES: 0.90%
 27,453 DARDEN RESTAURANTS INCORPORATED 1,222,757
 211,256 MCDONALD'S CORPORATION 14,095,000
 92,138 YUM! BRANDS INCORPORATED 3,531,650
 18,849,407
 ---------------
EDUCATIONAL SERVICES: 0.11%
 25,240 APOLLO GROUP INCORPORATED CLASS A+ 1,546,960
 12,156 DEVRY INCORPORATED 792,571
 2,339,531
 ---------------
ELECTRIC, GAS & SANITARY SERVICES: 4.21%
 131,248 AES CORPORATION+ 1,443,728
 33,293 ALLEGHENY ENERGY INCORPORATED 765,739
 46,517 AMEREN CORPORATION 1,213,163
 93,862 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 3,208,203
 77,107 CENTERPOINT ENERGY INCORPORATED 1,107,257
 45,114 CMS ENERGY CORPORATION 697,462
 55,241 CONSOLIDATED EDISON INCORPORATED 2,460,434
 39,482 CONSTELLATION ENERGY GROUP INCORPORATED 1,386,213
 117,826 DOMINION RESOURCES INCORPORATED 4,843,827
 32,382 DTE ENERGY COMPANY 1,444,237
 257,073 DUKE ENERGY CORPORATION 4,195,431
 63,970 EDISON INTERNATIONAL 2,185,855


Wells Fargo Advantage Master Portfolios 87

Portfolio of Investments--March 31, 2010 (Unaudited)

INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
ELECTRIC, GAS & SANITARY SERVICES (continued)
 137,698 EL PASO CORPORATION $ 1,492,646
 147,736 EMERSON ELECTRIC COMPANY 7,437,030
 37,147 ENTERGY CORPORATION 3,021,908
 129,565 EXELON CORPORATION 5,676,243
 59,851 FIRSTENERGY CORPORATION 2,339,576
 81,157 FPL GROUP INCORPORATED 3,922,318
 15,024 INTEGRYS ENERGY GROUP INCORPORATED 711,837
 8,880 NICOR INCORPORATED 372,250
 54,346 NISOURCE INCORPORATED 858,667
 34,450 NORTHEAST UTILITIES 952,198
 51,421 NRG ENERGY INCORPORATED+ 1,074,699
 20,712 ONEOK INCORPORATED 945,503
 43,658 PEPCO HOLDINGS INCORPORATED 748,735
 72,908 PG&E CORPORATION 3,092,757
 19,917 PINNACLE WEST CAPITAL CORPORATION 751,468
 74,034 PPL CORPORATION 2,051,482
 55,883 PROGRESS ENERGY INCORPORATED 2,199,555
 99,339 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 2,932,487
 34,290 QUESTAR CORPORATION 1,481,328
 63,582 REPUBLIC SERVICES INCORPORATED 1,845,150
 21,890 SCANA CORPORATION 822,845
 48,497 SEMPRA ENERGY 2,420,000
 127,128 SPECTRA ENERGY CORPORATION 2,864,194
 16,646 STERICYCLE INCORPORATED+ 907,207
 41,971 TECO ENERGY INCORPORATED 666,919
 161,073 THE SOUTHERN COMPANY 5,341,181
 95,221 WASTE MANAGEMENT INCORPORATED 3,278,459
 22,952 WISCONSIN ENERGY CORPORATION 1,134,058
 89,658 XCEL ENERGY INCORPORATED 1,900,750
 88,194,999
 ---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 1.21%
 58,389 ALTERA CORPORATION 1,419,437
 34,012 AMPHENOL CORPORATION CLASS A 1,434,966
 58,449 ANALOG DEVICES INCORPORATED 1,684,500
 9,538 FIRST SOLAR INCORPORATED+<< 1,169,836
 13,633 HARMAN INTERNATIONAL INDUSTRIES INCORPORATED 637,752
 25,682 HARRIS CORPORATION 1,219,638
 37,911 JABIL CIRCUIT INCORPORATED 613,779
 43,884 JDS UNIPHASE CORPORATION+ 549,867
 33,785 KLA-TENCOR CORPORATION 1,044,632
 43,884 LINEAR TECHNOLOGY CORPORATION 1,241,040
 128,906 LSI LOGIC CORPORATION+ 788,905
 44,642 MEMC ELECTRONIC MATERIALS INCORPORATED+ 684,362
 26,617 MOLEX INCORPORATED 555,231
 46,692 NATIONAL SEMICONDUCTOR CORPORATION 674,699
 18,824 NOVELLUS SYSTEMS INCORPORATED+ 470,600
 30,868 ROCKWELL COLLINS INCORPORATED 1,932,028
 75,466 TELLABS INCORPORATED 571,278
 243,835 TEXAS INSTRUMENTS INCORPORATED 5,966,642
 14,687 WHIRLPOOL CORPORATION 1,281,441
 54,317 XILINX INCORPORATED 1,385,084
 25,325,717
 ---------------


88 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 0.19%
 35,105 FLUOR CORPORATION $ 1,632,734
 24,460 JACOBS ENGINEERING GROUP INCORPORATED+ 1,105,347
 38,606 MOODY'S CORPORATION<< 1,148,529
 3,886,610
 ---------------
ENTERTAINMENT PRODUCTION: 0.09%
 55,670 DISCOVERY COMMUNICATIONS INCORPORATED CLASS C+ 1,881,089
 ---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.24%
 18,472 BALL CORPORATION 986,035
 75,955 ILLINOIS TOOL WORKS INCORPORATED 3,597,229
 11,340 SNAP-ON INCORPORATED 491,476
 5,074,740
 ---------------
FOOD & KINDRED PRODUCTS: 4.43%
 126,167 ARCHER DANIELS MIDLAND COMPANY 3,646,226
 37,031 CAMPBELL SOUP COMPANY 1,309,046
 62,742 COCA-COLA ENTERPRISES INCORPORATED 1,735,444
 87,059 CONAGRA FOODS INCORPORATED 2,182,569
 39,216 CONSTELLATION BRANDS INCORPORATED CLASS A+ 644,711
 35,597 DEAN FOODS COMPANY+ 558,517
 49,893 DR PEPPER SNAPPLE GROUP INCORPORATED 1,754,737
 64,701 GENERAL MILLS INCORPORATED 4,580,184
 62,090 H.J. HEINZ COMPANY 2,831,925
 13,645 HORMEL FOODS CORPORATION 573,226
 23,370 JM SMUCKER COMPANY 1,408,276
 50,063 KELLOGG COMPANY 2,674,866
 340,970 KRAFT FOODS INCORPORATED CLASS A 10,310,933
 25,943 MCCORMICK & COMPANY INCORPORATED 995,173
 40,151 MEAD JOHNSON & COMPANY 2,089,057
 31,106 MOLSON COORS BREWING COMPANY 1,308,318
 320,865 PEPSICO INCORPORATED 21,228,428
 136,914 SARA LEE CORPORATION 1,907,212
 116,342 SYSCO CORPORATION 3,432,089
 452,592 THE COCA-COLA COMPANY 24,892,560
 32,668 THE HERSHEY COMPANY 1,398,517
 59,892 TYSON FOODS INCORPORATED CLASS A 1,146,932
 92,608,946
 ---------------
FOOD STORES: 0.48%
 127,600 KROGER COMPANY 2,763,816
 76,337 SAFEWAY INCORPORATED 1,897,738
 145,960 STARBUCKS CORPORATION 3,542,449
 41,625 SUPERVALU INCORPORATED 694,305
 33,447 WHOLE FOODS MARKET INCORPORATED+ 1,209,109
 10,107,417
 ---------------
FORESTRY: 0.09%
 41,498 WEYERHAEUSER COMPANY 1,878,614
 ---------------
FURNITURE & FIXTURES: 0.08%
 29,148 LEGGETT & PLATT INCORPORATED 630,763
 70,443 MASCO CORPORATION 1,093,275
 1,724,038
 ---------------


Wells Fargo Advantage Master Portfolios 89

Portfolio of Investments--March 31, 2010 (Unaudited)

INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
GENERAL MERCHANDISE STORES: 1.93%
 16,230 BIG LOTS INCORPORATED+ $ 591,097
 27,169 FAMILY DOLLAR STORES INCORPORATED 994,657
 60,198 KOHL'S CORPORATION+ 3,297,646
 9,530 SEARS HOLDINGS CORPORATION+<< 1,033,338
 147,710 TARGET CORPORATION 7,769,546
 82,406 TJX COMPANIES INCORPORATED 3,503,903
 418,934 WAL-MART STORES INCORPORATED 23,292,730
 40,482,917
 ---------------
HEALTH CARE: 0.09%
 32,170 HOSPIRA INCORPORATED+ 1,822,431
 ---------------
HEALTH SERVICES: 1.18%
 55,443 AMERISOURCEBERGEN CORPORATION 1,603,412
 70,969 CARDINAL HEALTH INCORPORATED 2,557,013
 29,061 COVENTRY HEALTH CARE INCORPORATED+ 718,388
 20,262 DAVITA INCORPORATED+ 1,284,611
 54,052 EXPRESS SCRIPTS INCORPORATED+ 5,500,332
 33,422 HUMANA INCORPORATED+ 1,563,147
 20,557 LABORATORY CORPORATION OF AMERICA HOLDINGS+ 1,556,370
 52,893 MCKESSON CORPORATION 3,476,128
 91,114 MEDCO HEALTH SOLUTIONS INCORPORATED+ 5,882,320
 85,022 TENET HEALTHCARE CORPORATION+ 486,326
 24,628,047
 ---------------
HOLDING & OTHER INVESTMENT OFFICES: 1.39%
 16,010 AVALONBAY COMMUNITIES INCORPORATED 1,382,464
 324,925 BERKSHIRE HATHAWAY INCORPORATED CLASS B+ 26,406,655
 31,967 PLUM CREEK TIMBER COMPANY 1,243,836
 29,032,955
 ---------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 0.11%
 51,442 BED BATH & BEYOND INCORPORATED+ 2,251,102
 ---------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.20%
 49,979 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 1,575,338
 36,679 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED 1,710,709
 35,110 WYNDHAM WORLDWIDE CORPORATION 903,380
 4,189,427
 ---------------
HOUSEHOLD PRODUCTS, WARE: 2.31%
 27,535 CLOROX COMPANY 1,766,095
 96,943 COLGATE-PALMOLIVE COMPANY 8,265,360
 29,839 FORTUNE BRANDS INCORPORATED 1,447,490
 54,543 NEWELL RUBBERMAID INCORPORATED 829,054
 570,293 PROCTER & GAMBLE COMPANY 36,082,438
 48,390,437
 ---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 2.52%
 139,743 3M COMPANY 11,678,323
 263,711 APPLIED MATERIALS INCORPORATED 3,554,824
 61,240 BAKER HUGHES INCORPORATED 2,868,482
 47,997 CAMERON INTERNATIONAL CORPORATION+ 2,057,151
 122,659 CATERPILLAR INCORPORATED 7,709,118
 39,535 CUMMINS INCORPORATED 2,449,193
 83,250 DEERE & COMPANY 4,950,045


90 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued)
 36,580 DOVER CORPORATION $ 1,710,115
 32,474 EATON CORPORATION 2,460,555
 10,965 FLOWSERVE CORPORATION 1,209,111
 23,950 FMC TECHNOLOGIES INCORPORATED+ 1,547,889
 23,043 PALL CORPORATION 933,011
 31,571 PARKER HANNIFIN CORPORATION 2,043,907
 40,731 PITNEY BOWES INCORPORATED 995,873
 48,773 SMITH INTERNATIONAL INCORPORATED 2,088,460
 30,906 STANLEY BLACK & DECKER INCORPORATED 1,774,313
 32,733 TERADATA CORPORATION+ 945,656
 44,892 WESTERN DIGITAL CORPORATION+ 1,750,339
 52,726,365
 ---------------
INFORMATION & BUSINESS SERVICES: 0.18%
 233,680 YAHOO! INCORPORATED+ 3,862,730
 ---------------
INSURANCE CARRIERS: 3.48%
 84,623 AETNA INCORPORATED 2,971,114
 92,110 AFLAC INCORPORATED 5,000,652
 105,351 ALLSTATE CORPORATION 3,403,891
 26,491 AMERICAN INTERNATIONAL GROUP INCORPORATED+<< 904,403
 52,394 AON CORPORATION 2,237,748
 22,871 ASSURANT INCORPORATED 786,305
 64,513 CHUBB CORPORATION 3,344,999
 53,987 CIGNA CORPORATION 1,974,844
 31,989 CINCINNATI FINANCIAL CORPORATION 924,482
 96,025 GENWORTH FINANCIAL INCORPORATED+ 1,761,099
 87,121 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 2,475,979
 37,258 LEUCADIA NATIONAL CORPORATION+ 924,371
 59,346 LINCOLN NATIONAL CORPORATION 1,821,922
 69,670 LOEWS CORPORATION 2,597,298
 104,490 MARSH & MCLENNAN COMPANIES INCORPORATED 2,551,646
 160,827 METLIFE INCORPORATED 6,970,242
 62,724 PRINCIPAL FINANCIAL GROUP INCORPORATED 1,832,168
 91,299 PRUDENTIAL FINANCIAL INCORPORATED 5,523,590
 131,855 THE PROGRESSIVE CORPORATION 2,517,112
 100,836 THE TRAVELERS COMPANIES INCORPORATED 5,439,094
 16,266 TORCHMARK CORPORATION 870,394
 227,272 UNITEDHEALTH GROUP INCORPORATED 7,424,976
 65,259 UNUMPROVIDENT CORPORATION 1,616,465
 87,162 WELLPOINT INCORPORATED+ 5,611,490
 67,168 XL CAPITAL LIMITED CLASS A 1,269,475
 72,755,759
 ---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 1.38%
 68,490 AGILENT TECHNOLOGIES INCORPORATED+ 2,355,371
 46,277 BECTON DICKINSON & COMPANY 3,643,388
 296,745 BOSTON SCIENTIFIC CORPORATION+ 2,142,499
 18,781 C.R. BARD INCORPORATED 1,626,810
 34,909 CAREFUSION CORPORATION+ 922,645
 51,445 DANAHER CORPORATION 4,110,970
 28,896 DENTSPLY INTERNATIONAL INCORPORATED 1,007,026
 52,746 EASTMAN KODAK COMPANY 305,399
 30,015 FLIR SYSTEMS INCORPORATED+ 846,423
 11,000 MILLIPORE CORPORATION+ 1,161,600
 23,084 PERKINELMER INCORPORATED 551,708


Wells Fargo Advantage Master Portfolios 91

Portfolio of Investments--March 31, 2010 (Unaudited)

INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (continued)
 29,508 QUEST DIAGNOSTICS INCORPORATED $ 1,720,021
 28,029 ROCKWELL AUTOMATION INCORPORATED 1,579,714
 18,394 ROPER INDUSTRIES INCORPORATED 1,063,909
 34,799 TERADYNE INCORPORATED+ 388,705
 80,394 THERMO FISHER SCIENTIFIC INCORPORATED+ 4,135,467
 18,374 WATERS CORPORATION+ 1,240,980
 28,802,635
 ---------------
MEDIA-COMMUNICATION: 0.58%
 132,931 CBS CORPORATION CLASS B 1,853,058
 183,607 DIRECTV+ 6,207,753
 119,245 VIACOM INCORPORATED CLASS B+ 4,099,643
 12,160,454
 ---------------
MEDICAL EQUIPMENT & SUPPLIES: 0.78%
 7,644 INTUITIVE SURGICAL INCORPORATED+ 2,661,106
 216,889 MEDTRONIC INCORPORATED 9,766,512
 63,895 ST. JUDE MEDICAL INCORPORATED+ 2,622,890
 24,333 VARIAN MEDICAL SYSTEMS INCORPORATED+ 1,346,345
 16,396,853
 ---------------
MEDICAL PRODUCTS: 0.79%
 60,377 ALLERGAN INCORPORATED 3,943,826
 118,329 BAXTER INTERNATIONAL INCORPORATED 6,886,748
 55,489 STRYKER CORPORATION 3,175,081
 41,816 ZIMMER HOLDINGS INCORPORATED+ 2,475,507
 16,481,162
 ---------------
METAL MINING: 0.66%
 26,550 CLIFFS NATURAL RESOURCES INCORPORATED 1,883,723
 84,538 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 7,062,305
 96,401 NEWMONT MINING CORPORATION 4,909,703
 13,855,731
 ---------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.06%
 24,804 VULCAN MATERIALS COMPANY<< 1,171,741
 ---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.12%
 24,097 HASBRO INCORPORATED 922,433
 71,401 MATTEL INCORPORATED 1,623,659
 2,546,092
 ---------------
MISCELLANEOUS RETAIL: 1.31%
 86,259 COSTCO WHOLESALE CORPORATION 5,150,525
 273,016 CVS CAREMARK CORPORATION 9,981,465
 32,350 GAMESTOP CORPORATION CLASS A+ 708,789
 53,942 OFFICE DEPOT INCORPORATED+ 430,457
 24,589 RADIOSHACK CORPORATION 556,449
 143,133 STAPLES INCORPORATED 3,347,881
 193,431 WALGREEN COMPANY 7,174,356
 27,349,922
 ---------------
MISCELLANEOUS SERVICES: 0.04%
 10,013 DUN & BRADSTREET CORPORATION 745,167
 ---------------


92 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
MOTION PICTURES: 0.97%
 225,838 TIME WARNER INCORPORATED $ 7,061,954
 380,808 WALT DISNEY COMPANY 13,294,007
 20,355,961
 ---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.87%
 61,438 FEDEX CORPORATION 5,738,309
 194,938 UNITED PARCEL SERVICE INCORPORATED CLASS B 12,555,957
 18,294,266
 ---------------
NETWORKING: 1.68%
 84,657 BROADCOM CORPORATION CLASS A 2,808,919
 1,124,183 CISCO SYSTEMS INCORPORATED+ 29,262,483
 103,165 JUNIPER NETWORKS INCORPORATED+ 3,165,102
 35,236,504
 ---------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 1.44%
 234,967 AMERICAN EXPRESS COMPANY 9,694,738
 89,393 CAPITAL ONE FINANCIAL CORPORATION 3,701,764
 106,733 DISCOVER FINANCIAL SERVICES 1,590,322
 18,949 MASTERCARD INCORPORATED 4,813,046
 72,900 PEOPLE'S UNITED FINANCIAL INCORPORATED 1,140,156
 95,208 SLM CORPORATION+ 1,192,004
 87,645 VISA INCORPORATED CLASS A 7,978,324
 30,110,354
 ---------------
OFFICE EQUIPMENT: 0.12%
 265,441 XEROX CORPORATION 2,588,050
 ---------------
OIL & GAS EXTRACTION: 3.52%
 96,710 ANADARKO PETROLEUM CORPORATION 7,043,389
 66,078 APACHE CORPORATION 6,706,917
 57,624 BJ SERVICES COMPANY 1,233,154
 20,351 CABOT OIL & GAS CORPORATION 748,917
 127,987 CHESAPEAKE ENERGY CORPORATION 3,025,613
 77,642 DENBURY RESOURCES INCORPORATED+ 1,309,821
 87,725 DEVON ENERGY CORPORATION 5,652,122
 13,646 DIAMOND OFFSHORE DRILLING INCORPORATED 1,211,901
 49,591 EOG RESOURCES INCORPORATED 4,608,988
 28,241 EQT CORPORATION 1,157,881
 55,892 NABORS INDUSTRIES LIMITED+ 1,097,160
 159,421 OCCIDENTAL PETROLEUM CORPORATION 13,477,451
 22,687 PIONEER NATURAL RESOURCES COMPANY 1,277,732
 31,246 RANGE RESOURCES CORPORATION 1,464,500
 22,350 ROWAN COMPANIES INCORPORATED+ 650,609
 234,940 SCHLUMBERGER LIMITED 14,909,292
 67,951 SOUTHWESTERN ENERGY COMPANY+ 2,766,965
 114,535 XTO ENERGY INCORPORATED 5,403,761
 73,746,173
 ---------------
OIL & OIL SERVICES: 0.29%
 177,707 HALLIBURTON COMPANY 5,354,312
 20,756 HELMERICH & PAYNE INCORPORATED 790,388
 6,144,700
 ---------------


Wells Fargo Advantage Master Portfolios 93

Portfolio of Investments--March 31, 2010 (Unaudited)

INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
OIL FIELD EQUIPMENT & SERVICES: 0.16%
 82,159 NATIONAL OILWELL VARCO INCORPORATED $ 3,334,012
 ---------------
PAPER & ALLIED PRODUCTS: 0.20%
 21,403 BEMIS COMPANY INCORPORATED 614,694
 85,034 INTERNATIONAL PAPER COMPANY 2,092,687
 33,628 MEADWESTVACO CORPORATION 859,195
 25,983 PACTIV CORPORATION+ 654,252
 4,220,828
 ---------------
PERSONAL SERVICES: 0.09%
 25,812 CINTAS CORPORATION 725,059
 65,880 H&R BLOCK INCORPORATED 1,172,664
 1,897,723
 ---------------
PETROLEUM REFINING & RELATED INDUSTRIES: 5.75%
 394,324 CHEVRON CORPORATION 29,901,589
 291,928 CONOCOPHILLIPS 14,937,956
 926,984 EXXON MOBIL CORPORATION 62,089,388
 57,181 HESS CORPORATION 3,576,672
 138,995 MARATHON OIL CORPORATION 4,397,802
 37,528 MURPHY OIL CORPORATION 2,108,698
 22,961 SUNOCO INCORPORATED 682,171
 27,600 TESORO PETROLEUM CORPORATION 383,640
 110,895 VALERO ENERGY CORPORATION 2,184,632
 120,262,548
 ---------------
PHARMACEUTICALS: 5.84%
 304,849 ABBOTT LABORATORIES 16,059,445
 336,558 BRISTOL-MYERS SQUIBB COMPANY 8,986,099
 199,241 ELI LILLY & COMPANY 7,216,509
 59,368 FOREST LABORATORIES INCORPORATED+ 1,861,780
 540,319 JOHNSON & JOHNSON 35,228,799
 48,785 KING PHARMACEUTICALS INCORPORATED+ 573,712
 611,667 MERCK & COMPANY INCORPORATED 22,845,762
 60,213 MYLAN LABORATORIES INCORPORATED+<< 1,367,437
 1,584,553 PFIZER INCORPORATED 27,175,084
 20,924 WATSON PHARMACEUTICALS INCORPORATED+ 873,995
 122,188,622
 ---------------
PIPELINES: 0.13%
 114,584 THE WILLIAMS COMPANIES INCORPORATED 2,646,890
 ---------------
PRIMARY METAL INDUSTRIES: 0.61%
 21,571 AK STEEL HOLDING CORPORATION 493,113
 200,323 ALCOA INCORPORATED 2,852,600
 19,280 ALLEGHENY TECHNOLOGIES INCORPORATED 1,040,927
 61,831 NUCOR CORPORATION 2,805,891
 27,817 PRECISION CASTPARTS CORPORATION 3,524,692
 16,577 TITANIUM METALS CORPORATION+ 275,012
 28,149 UNITED STATES STEEL CORPORATION<< 1,788,024
 12,780,259
 ---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.23%
 46,603 GANNETT COMPANY INCORPORATED 769,882
 61,983 MCGRAW-HILL COMPANIES INCORPORATED 2,209,694


94 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES (continued)
 7,208 MEREDITH CORPORATION $ 248,027
 22,842 NEW YORK TIMES COMPANY CLASS A+ 254,231
 40,343 RR DONNELLEY & SONS COMPANY 861,323
 1,199 WASHINGTON POST COMPANY CLASS B 532,572
 4,875,729
 ---------------
RAILROAD TRANSPORTATION: 0.73%
 76,580 CSX CORPORATION 3,897,922
 72,578 NORFOLK SOUTHERN CORPORATION 4,056,384
 99,208 UNION PACIFIC CORPORATION 7,271,946
 15,226,252
 ---------------
REAL ESTATE INVESTMENT TRUSTS (REITS): 1.14%
 23,000 APARTMENT INVESTMENT & MANAGEMENT COMPANY CLASS A 423,430
 27,284 BOSTON PROPERTIES INCORPORATED 2,058,305
 53,076 CB RICHARD ELLIS GROUP INCORPORATED CLASS A+ 841,255
 55,345 EQUITY RESIDENTIAL 2,166,757
 57,693 HCP INCORPORATED 1,903,869
 24,284 HEALTH CARE REIT INCORPORATED 1,098,365
 128,247 HOST HOTELS & RESORTS INCORPORATED 1,878,819
 79,625 KIMCO REALTY CORPORATION 1,245,335
 93,106 PROLOGIS 1,228,999
 26,639 PUBLIC STORAGE INCORPORATED 2,450,522
 56,936 SIMON PROPERTY GROUP INCORPORATED 4,776,930
 30,767 VENTAS INCORPORATED 1,460,817
 30,954 VORNADO REALTY TRUST 2,343,218
 23,876,621
 ---------------
RETAIL: 0.19%
 67,303 BEST BUY COMPANY INCORPORATED 2,863,070
 24,434 TIFFANY & COMPANY 1,160,371
 4,023,441
 ---------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.06%
 31,206 SEALED AIR CORPORATION 657,822
 47,556 THE GOODYEAR TIRE & RUBBER COMPANY+ 601,108
 1,258,930
 ---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 2.35%
 50,165 AMERIPRISE FINANCIAL INCORPORATED 2,275,484
 191,947 CHARLES SCHWAB CORPORATION 3,587,489
 13,085 CME GROUP INCORPORATED 4,136,299
 312,563 E*TRADE FINANCIAL CORPORATION+ 515,729
 17,386 FEDERATED INVESTORS INCORPORATED CLASS B 458,643
 29,126 FRANKLIN RESOURCES INCORPORATED 3,230,073
 103,325 GOLDMAN SACHS GROUP INCORPORATED 17,630,345
 14,452 INTERCONTINENTAL EXCHANGE INCORPORATED+ 1,621,225
 84,187 INVESCO LIMITED 1,844,537
 31,921 LEGG MASON INCORPORATED 915,175
 274,503 MORGAN STANLEY 8,040,193
 29,059 NASDAQ STOCK MARKET INCORPORATED+ 613,726
 51,245 NYSE EURONEXT INCORPORATED 1,517,364
 50,851 T. ROWE PRICE GROUP INCORPORATED 2,793,245
 49,179,527
 ---------------


Wells Fargo Advantage Master Portfolios 95

Portfolio of Investments--March 31, 2010 (Unaudited)

INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 1.87%
 110,852 ADVANCED MICRO DEVICES INCORPORATED+ $ 1,027,598
 403,036 EMC CORPORATION+ 7,270,769
 1,084,593 INTEL CORPORATION 24,143,040
 36,173 MICROCHIP TECHNOLOGY INCORPORATED 1,018,632
 167,020 MICRON TECHNOLOGY INCORPORATED+ 1,735,338
 108,950 NVIDIA CORPORATION+ 1,893,551
 22,364 QLOGIC CORPORATION+ 453,989
 44,906 SANDISK CORPORATION+ 1,555,095
 39,098,012
 ---------------
SOFTWARE: 3.69%
 102,906 ADOBE SYSTEMS INCORPORATED+ 3,639,785
 35,856 BMC SOFTWARE INCORPORATED+ 1,362,528
 64,133 ELECTRONIC ARTS INCORPORATED+ 1,196,722
 61,635 INTUIT INCORPORATED+ 2,116,546
 31,158 MCAFEE INCORPORATED+ 1,250,371
 1,498,149 MICROSOFT CORPORATION 43,850,821
 68,382 NOVELL INCORPORATED+ 409,608
 767,452 ORACLE CORPORATION 19,715,842
 37,051 RED HAT INCORPORATED+ 1,084,483
 158,298 SYMANTEC CORPORATION+ 2,678,402
 77,305,108
 ---------------
TELECOMMUNICATIONS: 1.00%
 79,060 AMERICAN TOWER CORPORATION CLASS A+ 3,368,747
 61,323 FRONTIER COMMUNICATIONS CORPORATION 456,243
 454,115 MOTOROLA INCORPORATED+ 3,187,887
 329,972 QUALCOMM INCORPORATED 13,855,524
 20,868,401
 ---------------
TELECOMMUNICATIONS EQUIPMENT: 0.30%
 306,074 CORNING INCORPORATED 6,185,756
 ---------------
TOBACCO PRODUCTS: 1.52%
 408,496 ALTRIA GROUP INCORPORATED 8,382,338
 30,395 LORILLARD INCORPORATED 2,286,920
 369,312 PHILIP MORRIS INTERNATIONAL 19,263,314
 33,188 REYNOLDS AMERICAN INCORPORATED 1,791,488
 31,724,060
 ---------------
TRANSPORTATION BY AIR: 0.09%
 145,934 SOUTHWEST AIRLINES COMPANY 1,929,247
 ---------------
TRANSPORTATION EQUIPMENT: 1.53%
 75,734 GENERAL DYNAMICS CORPORATION 5,846,665
 31,160 GENUINE PARTS COMPANY 1,316,198
 46,003 HARLEY-DAVIDSON INCORPORATED 1,291,304
 35,910 ITT CORPORATION 1,925,135
 59,446 NORTHROP GRUMMAN CORPORATION 3,897,874
 71,506 PACCAR INCORPORATED 3,099,070
 53,526 TEXTRON INCORPORATED 1,136,357
 183,857 UNITED TECHNOLOGIES CORPORATION 13,533,714
 32,046,317
 ---------------


96 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
TRANSPORTATION SERVICES: 0.16%
 32,704 C.H. ROBINSON WORLDWIDE INCORPORATED $ 1,826,518
 41,648 EXPEDITORS INTERNATIONAL OF WASHINGTON INCORPORATED 1,537,644
 3,364,162
 ---------------
TRAVEL & RECREATION: 0.21%
 85,217 CARNIVAL CORPORATION 3,313,237
 41,515 EXPEDIA INCORPORATED 1,036,214
 4,349,451
 ---------------
WHOLESALE TRADE NON-DURABLE GOODS: 0.11%
 16,243 AIRGAS INCORPORATED 1,033,380
 21,341 BROWN-FORMAN CORPORATION CLASS B 1,268,722
 2,302,102
 ---------------
WHOLESALE TRADE-DURABLE GOODS: 0.33%
 81,738 KIMBERLY-CLARK CORPORATION 5,139,684
 18,317 PATTERSON COMPANIES INCORPORATED 568,743
 12,087 W.W. GRAINGER INCORPORATED 1,306,846
 7,015,273
 ---------------
TOTAL COMMON STOCKS (COST $1,980,313,596) 2,073,801,292
 ---------------

 PRINCIPAL INTEREST RATE MATURITY DATE
------------- ------------- -------------
COLLATERAL FOR SECURITIES LENDING: 0.66%
COLLATERAL INVESTED IN OTHER ASSETS: 0.66%
$ 379,141 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
 COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY
 VALUE $379,141) 0.01% 04/01/2010 379,141
 113,532 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 113,532
 156,107 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 156,107
 3,127,873 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $3,127,875) 0.02 04/01/2010 3,127,873
 75,144 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 75,144
 227,065 COOK COUNTY IL+/-ss 0.25 11/01/2030 227,065
 284,342 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $284,342) 0.03 04/01/2010 284,342
 436,532 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $436,532) 0.01 04/01/2010 436,532
 5,638,299 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 2,317,341
 46,832 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 46,832
 141,915 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 141,915
 56,766 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 56,766
 1,895,678 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $1,895,679) 0.01 04/01/2010 1,895,678
 85,149 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 85,149
 56,766 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 56,766
 165,899 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 165,899
 255,448 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 255,448
 85,149 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 85,151
 7,192,773 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 3,884,097
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $12,677,512) 13,790,778
 ---------------


Wells Fargo Advantage Master Portfolios 97

Portfolio of Investments--March 31, 2010 (Unaudited)

INDEX PORTFOLIO

 SHARES SECURITY NAME YIELD VALUE
------------- ----------------------------------------------------------------- ------------- ---------------
SHORT-TERM INVESTMENTS: 0.78%
MUTUAL FUNDS: 0.68%
 14,251,491 WELLS FARGO ADVANTAGE MONEY MARKET TRUST(l)~(u) 0.09% $ 14,251,491
 ---------------

 PRINCIPAL INTEREST RATE MATURITY DATE
------------- ------------- -------------
US TREASURY BILLS: 0.10%
$ 500,000 US TREASURY BILL## # 0.00 04/01/2010 500,000
 1,655,000 US TREASURY BILL## # 0.13 08/05/2010 1,654,073
 2,154,073
 ---------------
TOTAL SHORT-TERM INVESTMENTS (COST $16,405,564) 16,405,564
 ---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $2,009,396,672)* 100.54% 2,103,997,634
OTHER ASSETS AND LIABILITIES, NET (0.54) (11,332,974)
 ------ ---------------
TOTAL NET ASSETS 100.00% $ 2,092,664,660
 ------ ---------------


+ Non-income earning securities.

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

(l) Investment in an affiliate.

+/- Variable rate investments.

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

(a) Security fair valued in accordance with the procedures approved by the Board of Trustees.

(i) Illiquid security.

++ Securities that may be resold to "qualified institutional buyers" under rule 144A or securities offered pursuant to section 4(2) of the Securities Act of 1933, as amended.

~ The Fund invests cash balances that it retains for liquidity purposes in an affiliated money market fund.

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

(##) Zero coupon security. Rate represents yield to maturity.

# Security pledged as collateral for futures transactions.

* Cost for federal income tax purposes is $2,054,486,886 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation $ 378,107,231
Gross unrealized depreciation (328,596,483)
 -------------
Net unrealized appreciation $ 49,510,748

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


98 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL CORE PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 95.05%
ARGENTINA: 0.19%
 9,810 IRSA INVERSIONES Y REPRESENTACIONES SA ADR (REAL ESTATE) $ 105,946
 ---------------
AUSTRALIA: 3.53%
 55,976 AMP LIMITED (INSURANCE CARRIERS) 321,554
 8,350 ASX LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 260,061
 9,101 COMMONWEALTH BANK OF AUSTRALIA (DEPOSITORY INSTITUTIONS) 470,108
 634 MACQUARIE GROUP LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 27,490
 11,383 NEWCREST MINING LIMITED (METAL MINING) 342,825
 26,984 SUNCORP-METWAY LIMITED (DEPOSITORY INSTITUTIONS) 211,466
 14,938 WESTPAC BANKING CORPORATION (DEPOSITORY INSTITUTIONS) 381,627
 2,015,131
 ---------------
AUSTRIA: 0.32%
 5,239 RHI AG (MISCELLANEOUS MANUFACTURING INDUSTRIES)+ 180,227
 ---------------
BELGIUM: 1.01%
 39,072 AGFA-GEVAERT NV (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 302,387
 5,404 ANHEUSER-BUSCH INBEV NV (FOOD & KINDRED PRODUCTS) 272,213
 574,600
 ---------------
BRAZIL: 0.40%
 12,351 BANCO BRADESCO SA ADR (DEPOSITORY INSTITUTIONS) 227,629
 ---------------
CANADA: 6.45%
 6,312 AGNICO-EAGLE MINES LIMITED (METAL MINING) 351,389
 21,777 BROOKFIELD ASSET MANAGEMENT INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 553,571
 12,423 CANADIAN NATURAL RESOURCES LIMITED (OIL & GAS EXTRACTION) 919,448
 11,760 ENCANA CORPORATION (OIL & GAS EXPLORATION) 365,890
 6,404 GOLDCORP INCORPORATED (METAL MINING) 239,287
 13,348 PACIFIC RUBIALES ENERGY CORPORATION (OIL & GAS EXTRACTION) 259,298
 5,494 POTASH CORPORATION OF SASKATCHEWAN (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 655,709
 4,478 RESEARCH IN MOTION LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 331,148
 3,675,740
 ---------------
CHINA: 4.48%
 244,000 CHINA INFRASTRUCTURE MACHINERY HOLDINGS LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
 EQUIPMENT) 182,271
 23,974 CHINA MOBILE LIMITED (COMMUNICATIONS) 230,654
 6,825 CHINA MOBILE LIMITED ADR (COMMUNICATIONS) 328,419
 7,560 NETEASE.COM INCORPORATED ADR (BUSINESS SERVICES)+ 268,153
 23,812 SINA CORPORATION (BUSINESS SERVICES)+ 897,474
 7,100 TENCENT HOLDINGS LIMITED (COMMUNICATIONS) 142,471
 22,603 VANCEINFO TECHNOLOGIES INCORPORATED (BUSINESS SERVICES)+ 503,821
 2,553,263
 ---------------
DENMARK: 0.35%
 2,395 CARLSBERG A/S (FOOD & KINDRED PRODUCTS) 201,010
 ---------------
FINLAND: 0.44%
 16,191 NOKIA OYJ (COMMUNICATIONS) 252,142
 ---------------
FRANCE: 6.37%
 4,017 ALSTOM RGPT (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 250,498
 16,385 AXA SA (INSURANCE CARRIERS) 364,488
 5,474 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 420,392
 6,469 COMPAGNIE DE SAINT-GOBAIN (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 311,050


Wells Fargo Advantage Master Portfolios 99

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL CORE PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
FRANCE (continued)
 7,744 FRANCE TELECOM SA (COMMUNICATIONS) $ 185,289
 5,473 LVMH MOET HENNESSY LOUIS VUITTON SA (HOLDING COMPANIES DIVERSIFIED) 639,713
 3,845 PINAULT-PRINTEMPTS-REDOUTE SA (GENERAL MERCHANDISE STORES) 511,899
 5,854 PUBLICIS GROUPE (BUSINESS SERVICES) 250,485
 6,051 TECHNIP SA (PETROLEUM REFINING & RELATED INDUSTRIES) 492,002
 3,544 TOTAL SA (OIL & GAS EXTRACTION) 205,733
 3,631,549
 ---------------
GERMANY: 9.29%
 12,511 ADIDAS-SALOMON AG (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 669,160
 4,375 AIXTRON AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 157,330
 2,858 ALLIANZ AG (INSURANCE AGENTS, BROKERS & SERVICE) 358,339
 3,931 BASF AG (OIL & GAS EXTRACTION) 243,808
 4,949 BAYER AG (CHEMICALS & ALLIED PRODUCTS) 334,753
 18,479 DAIMLER AG (TRANSPORTATION EQUIPMENT) 869,934
 1,947 DEUTSCHE BANK AG (BANKING) 149,973
 4,435 DEUTSCHE BOERSE AG (DIVERSIFIED FINANCIAL SERVICES) 328,739
 2,030 HOCHTIEF AG (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 170,596
 40,410 INFINEON TECHNOLOGIES AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
 EQUIPMENT)+ 280,486
 9,603 KLOECKNER & COMPANY (METAL FABRICATE, HARDWARE) 283,855
 4,936 LANXESS (CHEMICALS & ALLIED PRODUCTS) 227,438
 2,392 METRO AG (FOOD STORES) 141,895
 2,457 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG (INSURANCE CARRIERS) 398,724
 2,315 SALZGITTER AG (PRIMARY METAL INDUSTRIES) 214,902
 2,787 SAP AG (BUSINESS SERVICES) 134,986
 3,303 SIEMENS AG (MISCELLANEOUS MANUFACTURING INDUSTRIES) 330,798
 5,295,716
 ---------------
GREECE: 0.76%
 37,106 HELLENIC EXCHANGES SA HOLDING (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 325,762
 5,359 NATIONAL BANK OF GREECE SA (DEPOSITORY INSTITUTIONS) 107,848
 433,610
 ---------------
HONG KONG: 0.27%
 9,345 HONG KONG EXCHANGES & CLEARING LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES &
 SERVICES) 155,986
 ---------------
IRELAND: 0.39%
 22,753 EXPERIAN GROUP LIMITED (BUSINESS SERVICES) 223,912
 ---------------
ISRAEL: 0.31%
 2,762 TEVA PHARMACEUTICAL INDUSTRIES LIMITED ADR (BIOPHARMACEUTICALS) 174,227
 ---------------
JAPAN: 16.68%
 21,000 ASAHI GLASS COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 236,528
 8,100 CANON INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
 EQUIPMENT) 375,152
 2,000 EAST JAPAN RAILWAY COMPANY (RAILROAD TRANSPORTATION) 139,242
 31,300 ELPIDA MEMORY INCORPORATED (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)+ 616,358
 465,000 ISUZU MOTORS LIMITED (AUTOMOBILE) 1,258,370
 25,300 KOMATSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 530,410
 19,100 MAKITA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 629,244
 19,100 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 320,955
 500 NINTENDO COMPANY LIMITED (SOFTWARE) 167,398
 23,000 NIPPON ELECTRIC GLASS COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 324,003
 80,000 NIPPON YUSEN KABUSHIKI KAISHA (WATER TRANSPORTATION) 315,756
 60,900 NOMURA HOLDINGS INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 448,819
 2,090 ORIX CORPORATION (NON-DEPOSITORY CREDIT INSTITUTIONS) 185,326


100 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL CORE PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
JAPAN (continued)
 29,000 SOMPO JAPAN INSURANCE INCORPORATED (INSURANCE CARRIERS)(a) $ 206,721
 233,000 SUMITOMO HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 1,403,134
 4,900 TDK CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 326,003
 5,000 TOKYO ELECTRON LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
 EQUIPMENT) 331,586
 78,000 TOSHIBA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
 EQUIPMENT) 402,974
 71,000 TOSHIBA MACHINE COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 302,257
 3,900 TOYOTA MOTOR CORPORATION (AUTOMOBILE) 156,225
 4,300 UNI-CHARM CORPORATION (APPAREL & ACCESSORY STORES) 415,328
 1,144 YAHOO! JAPAN CORPORATION (COMMUNICATIONS) 416,656
 9,508,445
 ---------------
LUXEMBOURG: 0.55%
 7,133 ARCELORMITTAL (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 313,015
 ---------------
NETHERLANDS: 6.53%
 17,585 ASML HOLDING NV (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 628,456
 5,877 BRUNEL INTERNATIONAL (BUSINESS SERVICES) 206,184
 11,866 ING GROEP NV (FINANCIAL SERVICES) 118,470
 22,173 NEW WORLD RESOURCES NV (ENERGY) 260,936
 23,259 RANDSTAD HOLDINGS NV (BUSINESS SERVICES) 1,105,329
 20,148 UNILEVER NV (FOOD & KINDRED PRODUCTS) 609,433
 41,924 USG PEOPLE NV (BUSINESS SERVICES) 791,613
 3,720,421
 ---------------
NORWAY: 0.36%
 15,081 TELENOR ASA (COMMUNICATIONS) 204,524
 ---------------
POLAND: 0.27%
 2,630 BANK PEKAO SA (DEPOSITORY INSTITUTIONS) 152,832
 ---------------
RUSSIA: 1.24%
 5,774 GAZPROM ADR (OIL & GAS EXTRACTION) 135,516
 3,337 LUKOIL OIL COMPANY ADR (OIL & GAS EXTRACTION) 189,208
 13,375 MECHEL ADR (PRIMARY METAL INDUSTRIES) 380,118
 704,842
 ---------------
SINGAPORE: 0.34%
 19,000 DBS GROUP HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) 194,217
 ---------------
SOUTH KOREA: 0.79%
 161 LOTTE CONFECTIONERY COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 187,687
 363 SAMSUNG ELECTRONICS COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
 COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 262,437
 450,124
 ---------------
SPAIN: 1.80%
 18,853 BANCO SANTANDER CENTRAL HISPANO SA (DEPOSITORY INSTITUTIONS) 250,564
 50,488 CRITERIA CAIXACORP SA (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 250,195
 5,020 INDUSTRIA DE DISENO TEXTIL SA (APPAREL & ACCESSORY STORES) 330,911
 8,185 TELEFONICA SA (COMMUNICATIONS) 193,906
 1,025,576
 ---------------
SWEDEN: 1.19%
 4,001 HENNES & MAURITZ AB CLASS B (APPAREL & ACCESSORY STORES) 259,933
 23,190 NORDEA BANK AB (DEPOSITORY INSTITUTIONS) 228,830
 10,590 SKANSKA AB (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 192,423
 681,186
 ---------------


Wells Fargo Advantage Master Portfolios 101

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL CORE PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
SWITZERLAND: 11.46%
 26,496 ABB LIMITED (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) $ 578,720
 7,713 ADECCO SA (BUSINESS SERVICES) 437,806
 7,698 COMPAGNIE FINANCIERE RICHEMONT SA (MISCELLANEOUS MANUFACTURING INDUSTRIES) 298,093
 13,813 CREDIT SUISSE GROUP (DEPOSITORY INSTITUTIONS) 712,004
 19,846 NESTLE SA (FOOD & KINDRED PRODUCTS) 1,016,392
 10,847 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 585,866
 4,419 ROCHE HOLDINGS AG (CHEMICALS & ALLIED PRODUCTS) 716,663
 3,486 SWATCH GROUP AG CLASS B (APPAREL & ACCESSORY STORES) 1,111,526
 6,149 TRANSOCEAN LIMITED (OIL & GAS FIELD SERVICES)+ 531,151
 2,135 ZURICH FINANCIAL SERVICES AG (INSURANCE CARRIERS) 547,316
 6,535,537
 ---------------
TAIWAN: 0.61%
 20,000 MEDIATEK INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
 EQUIPMENT) 346,999
 ---------------
UNITED KINGDOM: 18.67%
 9,590 ANGLO AMERICAN PLC (COAL MINING) 418,248
 40,193 ANTOFAGASTA PLC (TRANSPORTATION SERVICES) 634,326
 135,615 ASHTEAD GROUP PLC (TRANSPORTATION EQUIPMENT) 196,432
 104,732 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 572,627
 15,222 BG GROUP PLC (OIL & GAS EXTRACTION) 263,448
 27,604 BHP BILLITON PLC (COAL MINING) 946,692
 94,484 BP PLC (OIL & GAS EXTRACTION) 893,827
 54,399 BRITISH AIRWAYS PLC (TRANSPORTATION BY AIR) 200,598
 27,445 BURBERRY GROUP PLC (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 297,573
 37,325 COOKSON GROUP PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 309,541
 6,740 GLAXOSMITHKLINE PLC (CHEMICALS & ALLIED PRODUCTS) 129,435
 286,072 HAYS PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 471,014
 91,918 HSBC HOLDINGS PLC (DEPOSITORY INSTITUTIONS) 931,763
 16,392 INTERCONTINENTAL HOTELS GROUP PLC (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 256,708
 6,604 INTERTEK GROUP PLC (BUSINESS SERVICES) 146,114
 44,017 INVENSYS PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 227,573
 40,163 KINGFISHER PLC (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 130,671
 242,021 LLOYDS TSB GROUP PLC (DEPOSITORY INSTITUTIONS) 230,533
 4,044 NEXT PLC (APPAREL & ACCESSORY STORES) 132,800
 4,137 RECKITT BENCKISER GROUP (CHEMICALS & ALLIED PRODUCTS) 227,071
 15,284 RIO TINTO PLC (METAL MINING) 905,704
 20,349 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION) 589,800
 30,901 SAVILLS PLC (SOCIAL SERVICES) 163,185
 6,880 STANDARD CHARTERED PLC (DEPOSITORY INSTITUTIONS) 187,666
 12,053 TRAVIS PERKINS PLC (LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE) 149,707
 90,821 VODAFONE GROUP PLC (COMMUNICATIONS) 209,488
 29,462 WPP PLC (COMMUNICATIONS) 305,359
 27,361 XSTRATA PLC (METAL MINING) 518,381
 10,646,284
 ---------------
TOTAL COMMON STOCKS (COST $46,918,294) 54,184,690
 ---------------

 DIVIDEND YIELD
 --------------
PREFERRED STOCKS: 1.67%
 12,611 FRESENIUS AG (HEALTHCARE) 1.31% 952,148
TOTAL PREFERRED STOCKS (COST $690,908) 952,148
 ---------------


102 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL CORE PORTFOLIO

 SHARES SECURITY NAME YIELD VALUE
------------- ----------------------------------------------------------------- ------------- ---------------
SHORT-TERM INVESTMENTS: 2.09%
MUTUAL FUNDS: 2.09%
 1,193,423 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% $ 1,193,423
 ---------------
TOTAL SHORT-TERM INVESTMENTS (COST $1,193,423) 1,193,423
 ---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $48,802,625)* 98.81% 56,330,261
OTHER ASSETS AND LIABILITIES, NET 1.19 678,385
 ------ ---------------
TOTAL NET ASSETS 100.00% $ 57,008,646
 ------ ---------------


+ Non-income earning securities.

(a) Security fair valued in accordance with the procedures approved by the Board of Trustees.

~ The Fund invests cash balances that it retains for liquidity purposes in an affiliated money market fund.

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

(l) Investment in an affiliate.

* Cost for federal income tax purposes is $50,876,106 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation $ 7,902,423
Gross unrealized depreciation (2,448,268)
 -----------
Net unrealized appreciation $ 5,454,155

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


Wells Fargo Advantage Master Portfolios 103

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL GROWTH PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 98.17%
AUSTRALIA: 0.20%
 61,339 FOSTER'S GROUP LIMITED (EATING & DRINKING PLACES) $ 297,760
 ---------------
BELGIUM: 1.42%
 29,353 ANHEUSER-BUSCH INBEV NV (FOOD & KINDRED PRODUCTS) 1,478,584
 19,796 UMICORE (CHEMICALS & ALLIED PRODUCTS) 691,297
 2,169,881
 ---------------
BRAZIL: 1.30%
 50,088 PETROLEO BRASILEIRO SA ADR CLASS A (OIL & GAS) 1,982,984
 ---------------
CANADA: 2.26%
 61,631 CANADIAN PACIFIC RAILWAY LIMITED (RAILROAD TRANSPORTATION) 3,466,127
 ---------------
CHINA: 7.17%
 767 BAIDU.COM INCORPORATED ADR (BUSINESS SERVICES)+ 457,899
 2,531,029 CHINA CONSTRUCTION BANK (DEPOSITORY INSTITUTIONS) 2,073,265
 472,000 CHINA LIFE INSURANCE COMPANY LIMITED (INSURANCE CARRIERS) 2,261,442
 145,657 CHINA MERCHANTS BANK COMPANY LIMITED (SECURITY & COMMODITY
 BROKERS, DEALERS, EXCHANGES & SERVICES) 393,959
 227,746 CHINA MERCHANTS HOLDINGS INTERNATIONAL COMPANY LIMITED (HOLDING &
 OTHER INVESTMENT OFFICES) 838,914
 7,541 CTRIP.COM INTERNATIONAL LIMITED ADR (TRAVEL & RECREATION)+ 295,607
 1,905,000 INDUSTRIAL & COMMERCIAL BANK OF CHINA CLASS H (DEPOSITORY
 INSTITUTIONS) 1,452,503
 901,495 SANDS CHINA LIMITED (CASINO & GAMING) 1,432,778
 15,000 TENCENT HOLDINGS LIMITED (COMMUNICATIONS) 300,995
 1,026,350 WYNN MACAU LIMITED (CASINO & GAMING)+ 1,480,519
 10,987,881
 ---------------
DENMARK: 1.23%
 76,726 DANSKE BANK (DEPOSITORY INSTITUTIONS) 1,887,595
 ---------------
FRANCE: 12.45%
 35,384 ACCOR SA (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 1,957,536
 40,864 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 3,138,273
 17,517 COMPAGNIE DE SAINT-GOBAIN (BUILDING MATERIALS, HARDWARE, GARDEN
 SUPPLY & MOBILE HOME DEALERS) 842,273
 55,674 CREDIT AGRICOLE SA (DEPOSITORY INSTITUTIONS) 974,542
 283,822 NATIXIS (DEPOSITORY INSTITUTIONS) 1,531,461
 43,461 PERNOD-RICARD (FOOD & KINDRED PRODUCTS) 3,690,508
 38,542 SOCIETE GENERALE (DEPOSITORY INSTITUTIONS) 2,424,024
 9,109 UNIBAIL (REAL ESTATE) 1,845,461
 45,213 VINCI SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION
 CONTRACTS) 2,664,657
 19,068,735
 ---------------
GERMANY: 13.64%
 62,595 BAYER AG (CHEMICALS & ALLIED PRODUCTS) 4,233,962
 71,910 DAIMLER AG (TRANSPORTATION EQUIPMENT) 3,385,301
 4,321 DEUTSCHE BOERSE AG (BUSINESS SERVICES) 320,289
 175,656 DEUTSCHE POST AG (TRANSPORTATION SERVICES) 3,047,474
 38,288 LINDE AG (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED
 SERVICES) 4,568,389
 24,297 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG (INSURANCE
 CARRIERS) 3,942,933
 765 RHOEN KLINIKUM AG (HEALTH SERVICES) 19,580
 15,611 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 1,383,176
 20,901,104
 ---------------
HONG KONG: 5.04%
 236,654 BANK OF EAST ASIA LIMITED (DEPOSITORY INSTITUTIONS) 871,727
 76,051 BEIJING ENTERPRISES HOLDINGS LIMITED (MISCELLANEOUS RETAIL) 528,441


104 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL GROWTH PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
HONG KONG (continued)
 132,100 ESPRIT HOLDINGS LIMITED (WHOLESALE TRADE-DURABLE GOODS) $ 1,042,100
 1,405,582 GENTING INTERNATIONAL PLC (REAL ESTATE)+ 889,196
 1,194,373 HUABAO INTERNATIONAL HOLDINGS LIMITED (TOBACCO PRODUCTS) 1,435,232
 412,000 LI & FUNG LIMITED (WHOLESALE TRADE-DURABLE GOODS) 2,027,034
 466,129 NWS HOLDINGS LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 930,547
 7,724,277
 ---------------
INDIA: 2.31%
 15,043 HOUSING DEVELOPMENT FINANCE CORPORATION (BUSINESS SERVICES) 910,454
 61,595 ICICI BANK LIMITED ADR (DEPOSITORY INSTITUTIONS) 2,630,107
 3,540,561
 ---------------
IRELAND: 5.40%
 56,768 ACCENTURE PLC (COMPUTER TECHNOLOGIES) 2,381,418
 58,230 COVIDIEN LIMITED (SURGICAL & MEDICAL INSTRUMENTS & APPARATUS) 2,927,804
 301,219 EXPERIAN GROUP LIMITED (BUSINESS SERVICES) 2,964,291
 8,273,513
 ---------------
ITALY: 1.58%
 649,962 INTESA SANPAOLO (DEPOSITORY INSTITUTIONS) 2,420,731
 ---------------
JAPAN: 7.95%
 48,197 DENSO CORPORATION (TRANSPORTATION EQUIPMENT) 1,435,754
 6,350 FAST RETAILING COMPANY LIMITED (APPAREL & ACCESSORY STORES) 1,103,728
 46,600 HONDA MOTOR COMPANY LIMITED (AUTOMOBILE) 1,644,882
 14,500 MITSUBISHI CORPORATION (BUSINESS SERVICES) 379,987
 83,300 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED (DEPOSITORY
 INSTITUTIONS) 436,592
 218,800 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 3,676,701
 14,950 NITORI COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT
 STORES) 1,135,362
 79,660 SUZUKI MOTOR CORPORATION (AUTOMOBILE) 1,757,820
 22,700 TOKYO ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS &
 SANITARY SERVICES) 605,074
 12,175,900
 ---------------
NETHERLANDS: 9.91%
 35,981 AKZO NOBEL NV (CHEMICALS & ALLIED PRODUCTS) 2,050,582
 203,129 ASML HOLDING NV (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
 EQUIPMENT) 7,259,467
 379,768 ING GROEP NV (FINANCIAL SERVICES) 3,791,607
 72,705 TNT NV (TRANSPORTATION SERVICES) 2,084,766
 15,186,422
 ---------------
SINGAPORE: 0.98%
 241,400 OVERSEA-CHINESE BANKING CORPORATION LIMITED (DEPOSITORY
 INSTITUTIONS) 1,502,980
 ---------------
SPAIN: 0.72%
 16,602 INDUSTRIA DE DISENO TEXTIL SA (APPAREL & ACCESSORY STORES) 1,094,379
 ---------------
SWEDEN: 1.16%
 84,283 SANDVIK AB (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE
 HOME DEALERS) 1,053,450
 40,775 SKF AB CLASS B (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
 TRANSPORTATION EQUIPMENT) 724,515
 1,777,965
 ---------------
SWITZERLAND: 10.73%
 50,111 HOLCIM LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 3,735,513
 85,494 NESTLE SA (FOOD & KINDRED PRODUCTS) 4,378,486
 56,506 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 3,051,989
 19,156 ROCHE HOLDINGS AG (CHEMICALS & ALLIED PRODUCTS) 3,106,673


Wells Fargo Advantage Master Portfolios 105

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL GROWTH PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
SWITZERLAND (continued)
 4,621 ROCHE HOLDINGS AG - BEARER SHARES (CHEMICALS & ALLIED
 PRODUCTS) $ 770,897
 85,919 UBS AG (DEPOSITORY INSTITUTIONS) 1,396,673
 16,440,231
 ---------------
TAIWAN: 1.37%
 183,448 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED ADR
 (SEMICONDUCTORS) 1,924,370
 149,000 UNI-PRESIDENT ENTERPRISES CORPORATION (WHOLESALE TRADE
 NON-DURABLE GOODS) 169,606
 2,093,976
 ---------------
TURKEY: 0.09%
 16,394 COCA-COLA ICECEK URETIM AS (BEVERAGES) 139,340
 ---------------
UNITED KINGDOM: 9.71%
 8,545 CARNIVAL PLC (AMUSEMENT & RECREATION SERVICES) 350,758
 270,491 HSBC HOLDINGS PLC (DEPOSITORY INSTITUTIONS) 2,744,166
 88,891 IMPERIAL TOBACCO GROUP PLC (TOBACCO PRODUCTS) 2,711,329
 489,248 KINGFISHER PLC (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY &
 MOBILE HOME DEALERS) 1,591,777
 80,563 NATIONAL GRID PLC (ELECTRIC, GAS & SANITARY SERVICES) 784,261
 178,529 SMITH & NEPHEW PLC (CHEMICALS & ALLIED PRODUCTS) 1,778,574
 20,824 STANDARD CHARTERED PLC (DEPOSITORY INSTITUTIONS) 568,017
 658,481 TESCO PLC (FOOD & KINDRED PRODUCTS) 4,351,209
 14,880,091
 ---------------
UNITED STATES: 1.55%
 45,404 PHILIP MORRIS INTERNATIONAL (TOBACCO PRODUCTS) 2,368,273
 ---------------
TOTAL COMMON STOCKS (COST $130,972,643) 150,380,706
 ---------------

 YIELD
 -------------
SHORT-TERM INVESTMENTS: 2.18%
MUTUAL FUNDS: 2.18%
 3,339,209 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% 3,339,209
 ---------------
TOTAL SHORT-TERM INVESTMENTS (COST $3,339,209) 3,339,209
 ---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $134,311,852)* 100.35% 153,719,915
OTHER ASSETS AND LIABILITIES, NET (0.35) (528,606)
 ------ ---------------
TOTAL NET ASSETS 100.00% $ 153,191,309
 ------ ---------------


+ Non-income earning securities.

~ The Fund invests cash balances that it retains for liquidity purposes in an affiliated money market fund.

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

(l) Investment in an affiliate.

* Cost for federal income tax purposes is $142,191,901 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation $20,784,270
Gross unrealized depreciation (9,256,256)
 -----------
Net unrealized appreciation $11,528,014

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


106 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 97.77%
AUSTRALIA: 8.47%
 2,390 AGL ENERGY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) $ 32,179
 12,646 ALUMINA LIMITED (METAL MINING) 20,018
 6,626 AMCOR LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
 TRANSPORTATION EQUIPMENT) 38,853
 11,151 AMP LIMITED (INSURANCE CARRIERS) 64,057
 2,007 ARISTOCRAT LEISURE LIMITED (AMUSEMENT & RECREATION SERVICES) 8,343
 3,015 ARROW ENERGY NL (OIL & GAS EXTRACTION)+ 13,917
 14,918 ASCIANO GROUP (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 25,942
 939 ASX LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES &
 SERVICES) 29,245
 13,619 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED (DEPOSITORY
 INSTITUTIONS) 316,936
 5,461 AXA ASIA PACIFIC HOLDINGS LIMITED (INSURANCE CARRIERS) 31,671
 1,894 BENDIGO BANK LIMITED (DEPOSITORY INSTITUTIONS) 17,380
 18,408 BHP BILLITON LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS,
 EXCEPT FUELS) 736,327
 1,035 BILLABONG INTERNATIONAL LIMITED (APPAREL & OTHER FINISHED
 PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 10,732
 9,443 BLUESCOPE STEEL LIMITED (FABRICATED METAL PRODUCTS, EXCEPT
 MACHINERY & TRANSPORTATION EQUIPMENT) 25,216
 3,155 BORAL LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 16,242
 7,687 BRAMBLES LIMITED (BUSINESS SERVICES) 51,917
 701 CALTEX AUSTRALIA LIMITED (OIL & GAS EXTRACTION) 7,275
 9,255 CFS RETAIL PROPERTY TRUST (REAL ESTATE) 15,924
 2,963 COCA-COLA AMATIL LIMITED (FOOD & KINDRED PRODUCTS) 30,589
 290 COCHLEAR LIMITED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
 PHOTOGRAPHIC, MEDICAL & OPTICAL) 19,384
 8,424 COMMONWEALTH BANK OF AUSTRALIA (DEPOSITORY INSTITUTIONS) 435,138
 2,417 COMPUTERSHARE LIMITED (BUSINESS SERVICES) 27,769
 2,534 CROWN LIMITED (EATING & DRINKING PLACES) 19,021
 3,028 CSL LIMITED (CHEMICALS & ALLIED PRODUCTS) 101,226
 7,438 CSR LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE
 HOME DEALERS) 11,296
 25,191 DB RREEF TRUST (REAL ESTATE) 18,724
 345 ENERGY RESOURCES OF AUSTRALIA LIMITED (OIL & GAS EXTRACTION) 5,984
 10,969 FAIRFAX MEDIA LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 18,118
 6,737 FORTESCUE METALS GROUP LIMITED (METAL MINING)+ 30,293
 10,365 FOSTER'S GROUP LIMITED (EATING & DRINKING PLACES) 50,316
 6,668 GOODMAN FIELDER LIMITED (FOOD & KINDRED PRODUCTS) 8,750
 49,877 GPT GROUP (REAL ESTATE INVESTMENT TRUSTS (REITS)) 26,318
 68,250 GPT GROUP HOLDINGS ENTITLEMENT SHARES (REAL ESTATE INVESTMENT
 TRUSTS (REITS))(a) 0
 2,751 HARVEY NORMAN HOLDINGS LIMITED (GENERAL MERCHANDISE STORES) 9,139
 8,767 INCITEC PIVOT LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 27,916
 11,116 INSURANCE AUSTRALIA GROUP LIMITED (INSURANCE CARRIERS) 39,578
 2,240 JAMES HARDIE INDUSTRIES NV (STONE, CLAY, GLASS & CONCRETE
 PRODUCTS) 14,923
 812 LEIGHTON HOLDINGS LIMITED (BUILDING CONSTRUCTION-GENERAL
 CONTRACTORS & OPERATIVE BUILDERS) 29,060
 3,445 LEND LEASE CORPORATION LIMITED (REAL ESTATE) 27,377
 633 MACQUAIRE OFFICE TRUST (HOLDING & OTHER INVESTMENT OFFICES) 166
 4,045 MACQUARIE AIRPORTS GROUP (MISCELLANEOUS REPAIR SERVICES) 11,470
 31,028 MACQUARIE GOODMAN GROUP (REAL ESTATE) 18,650
 1,811 MACQUARIE GROUP LIMITED (SECURITY & COMMODITY BROKERS, DEALERS,
 EXCHANGES & SERVICES) 78,523
 11,743 MACQUARIE INFRASTRUCTURE GROUP (HOLDING & OTHER INVESTMENT
 OFFICES) 12,069
 3,964 METCASH LIMITED (FOOD & KINDRED PRODUCTS) 15,060
 14,429 MIRVAC GROUP (REAL ESTATE) 19,530
 11,394 NATIONAL AUSTRALIA BANK LIMITED (DEPOSITORY INSTITUTIONS) 287,741
 2,599 NEWCREST MINING LIMITED (METAL MINING) 78,275
 6,997 ONESTEEL LIMITED (PRIMARY METAL INDUSTRIES) 25,041
 1,957 ORICA LIMITED (CHEMICALS & ALLIED PRODUCTS) 48,111
 4,780 ORIGIN ENERGY LIMITED (OIL & GAS EXTRACTION) 72,594
 16,176 OZ MINERALS LIMITED (METAL MINING) 16,996
 3,321 PALADIN ENERGY LIMITED (ELECTRIC, GAS & SANITARY SERVICES)+ 12,038
 5,749 QANTAS AIRWAYS LIMITED (TRANSPORTATION BY AIR) 14,983


Wells Fargo Advantage Master Portfolios 107

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
AUSTRALIA (continued)
 5,576 QBE INSURANCE GROUP LIMITED (INSURANCE AGENTS, BROKERS &
 SERVICE) $ 106,583
 2,371 RIO TINTO LIMITED (METAL MINING) 170,579
 4,465 SANTOS LIMITED (OIL & GAS EXTRACTION) 60,067
 865 SIMS GROUP LIMITED (PRIMARY METAL INDUSTRIES) 17,193
 2,009 SONIC HEALTHCARE LIMITED (HEALTH SERVICES) 26,492
 7,216 SP AUSNET (ELECTRIC, GAS & SANITARY SERVICES) 5,993
 12,984 STOCKLAND (REAL ESTATE) 47,540
 6,918 SUNCORP-METWAY LIMITED (DEPOSITORY INSTITUTIONS) 54,215
 3,474 TABCORP HOLDINGS LIMITED (AMUSEMENT & RECREATION SERVICES) 21,997
 6,639 TATTERSALL'S LIMITED (AMUSEMENT & RECREATION SERVICES) 14,987
 23,416 TELSTRA CORPORATION LIMITED (COMMUNICATIONS) 64,248
 3,559 TOLL HOLDINGS LIMITED (TRANSPORTATION SERVICES) 24,233
 6,587 TRANSURBAN GROUP (LOCAL & SUB-TRANSIT & INTERURBAN HIGHWAY
 PASS TRANSPORTATION) 30,525
 5,573 WESFARMERS LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 162,576
 787 WESFARMERS LIMITED PRICE PROTECTED SHARES (PPS) (MISCELLANEOUS
 MANUFACTURING INDUSTRIES) 23,016
 11,306 WESTFIELD GROUP (REAL ESTATE) 125,122
 16,541 WESTPAC BANKING CORPORATION (DEPOSITORY INSTITUTIONS) 422,579
 2,960 WOODSIDE PETROLEUM LIMITED (PETROLEUM REFINING & RELATED
 INDUSTRIES) 127,392
 6,744 WOOLWORTHS LIMITED (FOOD STORES) 173,282
 849 WORLEYPARSONS LIMITED (PERSONAL SERVICES) 19,828
 4,822,787
 ---------------
AUSTRIA: 0.30%
 998 ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG (DEPOSITORY
 INSTITUTIONS) 41,921
 2,181 IMMOEAST IMMOBILIEN ANLAGEN AG (REAL ESTATE)+ 11,960
 816 OMV AG (OIL & GAS EXTRACTION) 30,617
 280 RAIFFEISEN INTERNATIONAL BANK HOLDINGS (DEPOSITORY INSTITUTIONS) 13,312
 1,668 TELEKOM AUSTRIA AG (COMMUNICATIONS) 23,317
 399 VERBUND - OESTERREICHISCHE ELEKTRIZITAETSWIRTSCHAFTS AG
 (ELECTRIC, GAS & SANITARY SERVICES) 15,839
 608 VOESTALPINE AG (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
 TRANSPORTATION EQUIPMENT) 24,595
 199 WIENER STAEDTISCHE ALLGEMEINE VERSICHERUNG AG (INSURANCE AGENTS,
 BROKERS & SERVICE) 10,509
 172,070
 ---------------
BELGIUM: 0.92%
 2,600 ANHEUSER-BUSCH INBEV NV STRIP VVPR (FOOD & KINDRED PRODUCTS)+ 25
 3,926 ANHEUSER-BUSCH INBEV NV (FOOD & KINDRED PRODUCTS) 197,762
 828 BELGACOM SA (COMMUNICATIONS) 32,342
 78 COLRUYT SA (FOOD STORES) 19,200
 540 DELHAIZE GROUP (GENERAL MERCHANDISE STORES) 43,396
 2,741 DEXIA (DEPOSITORY INSTITUTIONS) 16,349
 11,989 FORTIS (DEPOSITORY INSTITUTIONS) 42,685
 9,100 FORTIS STRIP VVPR (DEPOSITORY INSTITUTIONS)+ 25
 433 GROUPE BRUXELLES LAMBERT SA (BUSINESS SERVICES) 38,260
 864 KBC GROEP NV (DEPOSITORY INSTITUTIONS) 41,841
 155 MOBISTAR SA (COMMUNICATIONS) 9,539
 170 NATIONALE A PORTEFEUILLE (HOLDING & OTHER INVESTMENT OFFICES) 8,909
 323 SOLVAY SA (CHEMICALS & ALLIED PRODUCTS) 33,204
 522 UCB SA (CHEMICALS & ALLIED PRODUCTS) 22,290
 589 UMICORE (CHEMICALS & ALLIED PRODUCTS) 20,569
 526,396
 ---------------
BERMUDA: 0.06%
 50 INDEPENDENT TANKERS CORPORATION LIMITED (CRUDE PETROLEUM &
 NATURAL GAS)+ 40
 1,499 SEADRILL LIMITED (OIL & GAS EXTRACTION) 34,933
 34,973
 ---------------


108 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
CHINA: 0.08%
 4,098 CHINESE ESTATES HOLDINGS LIMITED (REAL ESTATE) $ 6,851
 16,000 MONGOLIA ENERGY COMPANY LIMITED (MINING & QUARRYING OF
 NONMETALLIC MINERALS, EXCEPT FUELS)+ 7,398
 10,400 SANDS CHINA LIMITED (CASINO & GAMING) 16,529
 8,000 SHANGRI-LA ASIA LIMITED (HOTELS, ROOMING HOUSES, CAMPS & OTHER
 LODGE PLACES) 15,703
 46,481
 ---------------
CYPRUS: 0.03%
 2,942 BANK OF CYPRUS PUBLIC COMPANY LIMITED (INSURANCE CARRIERS) 18,597
 ---------------
DENMARK: 0.93%
 7 A.P. MOLLER-MAERSK A/S CLASS A (WATER TRANSPORTATION) 53,340
 3 A.P. MOLLER-MAERSK A/S CLASS B (WATER TRANSPORTATION) 21,848
 612 CARLSBERG A/S (FOOD & KINDRED PRODUCTS) 51,365
 118 COLOPLAST AS CLASS B (MEASURING, ANALYZING & CONTROLLING
 INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 12,995
 2,428 DANSKE BANK (DEPOSITORY INSTITUTIONS) 59,733
 1,150 DSV A/S (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 20,551
 300 H. LUNDBECK AS (CHEMICALS & ALLIED PRODUCTS) 5,655
 2,402 NOVO NORDISK AS CLASS B (CHEMICALS & ALLIED PRODUCTS) 186,388
 256 NOVOZYMES A/S CLASS B (HEALTH SERVICES) 28,332
 83 TOPDANMARK A/S (INSURANCE CARRIERS)+ 10,812
 123 TRYGVESTA A/S (INSURANCE CARRIERS) 8,118
 1,148 VESTAS WIND SYSTEMS A/S (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT
 & COMPONENTS, EXCEPT COMPUTER EQUIPMENT)+ 62,380
 120 WILLIAM DEMANT HOLDING (MEASURING, ANALYZING & CONTROLLING
 INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL)+ 8,491
 530,008
 ---------------
FINLAND: 1.20%
 707 ELISA OYJ (COMMUNICATIONS) 14,581
 2,388 FORTUM OYJ (ELECTRIC, GAS & SANITARY SERVICES) 58,411
 338 KESKO OYJ (WHOLESALE TRADE-DURABLE GOODS) 13,303
 825 KONE OYJ (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 34,097
 657 METSO OYJ (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
 EQUIPMENT) 21,217
 664 NESTE OIL OYJ LIMITED (PETROLEUM REFINING & RELATED INDUSTRIES) 11,578
 20,376 NOKIA OYJ (COMMUNICATIONS) 317,315
 550 NOKIAN RENKAAT OYJ (TRANSPORTATION EQUIPMENT) 14,285
 668 OKO BANK (DEPOSITORY INSTITUTIONS) 7,507
 463 ORION OYJ (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
 PHOTOGRAPHIC, MEDICAL & OPTICAL) 10,243
 638 OUTOKUMPU OYJ (PRIMARY METAL INDUSTRIES) 14,003
 400 RAUTARUUKKI OYJ (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
 TRANSPORTATION EQUIPMENT) 8,644
 2,259 SAMPO OYJ (BUSINESS SERVICES) 59,924
 420 SANOMAWSOY OYJ (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 9,303
 3,160 STORA ENSO OYJ (PAPER & ALLIED PRODUCTS) 24,072
 2,830 UPM-KYMMENE OYJ (PAPER & ALLIED PRODUCTS) 37,555
 488 WARTSILA OYJ (MISCELLANEOUS MANUFACTURING INDUSTRIES) 24,717
 680,755
 ---------------
FRANCE: 9.80%
 787 ACCOR SA (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 43,539
 153 AEROPORTS DE PARIS (TRANSPORTATION BY AIR) 12,597
 700 AIR FRANCE-KLM (TRANSPORTATION BY AIR) 11,067
 1,365 AIR LIQUIDE SA (CHEMICALS & ALLIED PRODUCTS) 163,863
 12,444 ALCATEL SA (COMMUNICATIONS) 39,346
 1,085 ALSTOM RGPT (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
 EQUIPMENT) 67,660
 235 ATOS ORIGIN SA (BUSINESS SERVICES) 11,801
 9,237 AXA SA (INSURANCE CARRIERS) 205,479
 71 BIOMERIEUX (HEALTH SERVICES) 8,154
 5,207 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 399,887


Wells Fargo Advantage Master Portfolios 109

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
FRANCE (continued)
 1,203 BOUYGUES SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION
 CONTRACTS) $ 60,476
 251 BUREAU VERITAS SA (SOCIAL SERVICES) 13,323
 786 CAP GEMINI SA (BUSINESS SERVICES) 38,717
 3,452 CARREFOUR SA (FOOD STORES) 166,379
 300 CASINO GUICHARD PERRACHON SA (FOOD STORES) 25,385
 341 CHRISTIAN DIOR SA (APPAREL & OTHER FINISHED PRODUCTS MADE FROM
 FABRICS & SIMILAR MATERIALS) 36,376
 192 CNP ASSURANCES (INSURANCE CARRIERS) 18,132
 2,094 COMPAGNIE DE SAINT-GOBAIN (BUILDING MATERIALS, HARDWARE, GARDEN
 SUPPLY & MOBILE HOME DEALERS) 100,686
 743 COMPAGNIE GENERALE DE GEOPHYSIQUE - VERITAS (MEASURING,
 ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
 OPTICAL)+ 21,079
 798 COMPAGNIE GENERALE DES ESTABLISSEMENTS MICHELIN (RUBBER &
 MISCELLANEOUS PLASTICS PRODUCTS) 58,806
 5,050 CREDIT AGRICOLE SA (DEPOSITORY INSTITUTIONS) 88,397
 336 DASSAULT SYSTEMES SA (INDUSTRIAL & COMMERCIAL MACHINERY &
 COMPUTER EQUIPMENT) 19,875
 210 EIFFAGE SA (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
 OPERATIVE BUILDERS) 10,862
 1,271 ELECTRICITE DE FRANCE (ELECTRIC, GAS & SANITARY SERVICES) 69,354
 27 ERAMET (METAL MINING) 9,294
 1,081 ESSILOR INTERNATIONAL SA CIE GENERALE D'OPTIQUE (MEASURING,
 ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
 OPTICAL) 69,017
 143 EURAZEO (HOLDING & OTHER INVESTMENT OFFICES) 9,933
 511 EUTELSAT COMMUNICATIONS (COMMUNICATIONS) 18,166
 120 FONCIERE DES REGIONS (REAL ESTATE) 13,217
 10,080 FRANCE TELECOM SA (COMMUNICATIONS) 241,182
 6,758 GAZ DE FRANCE (ELECTRIC, GAS & SANITARY SERVICES) 261,052
 1,715 GDF SUEZ (ENERGY) 2
 97 GECINA SA (REAL ESTATE) 10,735
 2,992 GROUPE DANONE (FOOD & KINDRED PRODUCTS) 180,235
 2,562 GROUPE EUROTUNNEL SA (RAILROAD TRANSPORTATION) 26,108
 283 HERMES INTERNATIONAL (APPAREL & OTHER FINISHED PRODUCTS MADE
 FROM FABRICS & SIMILAR MATERIALS) 39,313
 126 ICADE (HOLDING & OTHER INVESTMENT OFFICES) 14,025
 84 ILIAD SA (BUSINESS SERVICES) 8,662
 176 IMERYS SA (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY &
 MOBILE HOME DEALERS) 10,849
 131 IPSEN (CHEMICALS & ALLIED PRODUCTS) 6,397
 345 JC DECAUX SA (BUSINESS SERVICES) 9,641
 472 KLEPIERRE (REAL ESTATE) 18,539
 1,303 L'OREAL SA (COSMETICS, PERSONAL CARE) 137,026
 1,074 LAFARGE SA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 75,576
 611 LAGARDERE SCA (COMMUNICATIONS) 24,724
 544 LEGRAND SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
 COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 17,186
 1,333 LVMH MOET HENNESSY LOUIS VUITTON SA (HOLDING
 COMPANIES-DIVERSIFIED) 155,808
 334 M6 METROPOLE TELEVISION (AMUSEMENT & RECREATION SERVICES) 8,639
 4,508 NATIXIS (DEPOSITORY INSTITUTIONS) 24,324
 166 NEOPOST SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
 EQUIPMENT) 13,266
 655 PAGESJAUNES SA (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 7,522
 1,064 PERNOD-RICARD (FOOD & KINDRED PRODUCTS) 90,350
 788 PEUGEOT SA (AUTOMOBILE) 23,202
 408 PINAULT-PRINTEMPTS-REDOUTE SA (GENERAL MERCHANDISE STORES) 54,319
 645 PUBLICIS GROUPE (BUSINESS SERVICES) 27,599
 994 RENAULT SA (AUTOMOBILE) 46,586
 972 SAFRAN SA (TRANSPORTATION EQUIPMENT) 25,338
 5,781 SANOFI-AVENTIS SA (CHEMICALS & ALLIED PRODUCTS) 430,930
 1,283 SCHNEIDER ELECTRIC SA (BUILDING MATERIALS, HARDWARE, GARDEN
 SUPPLY & MOBILE HOME DEALERS) 150,484
 858 SCOR SE (INSURANCE CARRIERS) 21,671
 138 SOCIETE BIC SA (HOME FURNITURE, FURNISHINGS & EQUIPMENT
 STORES) 10,566
 117 SOCIETE DES AUTOROUTES PARIS-RHIN-RHONE (HEAVY CONSTRUCTION
 OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 8,415
 3,415 SOCIETE GENERALE (DEPOSITORY INSTITUTIONS) 214,780


110 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
FRANCE (continued)
 609 SOCIETE TELEVISION FRANCAISE 1 (COMMUNICATIONS) $ 11,298
 513 SODEXHO ALLIANCE SA (CONSTRUCTION SPECIAL TRADE CONTRACTORS) 30,660
 1,466 SUEZ ENVIRONNEMENT SA (ELECTRIC, GAS & SANITARY SERVICES) 33,740
 557 TECHNIP SA (PETROLEUM REFINING & RELATED INDUSTRIES) 45,289
 463 THALES SA (TRANSPORTATION EQUIPMENT) 18,585
 11,588 TOTAL SA (OIL & GAS EXTRACTION) 672,694
 496 UNIBAIL (REAL ESTATE) 100,488
 312 VALLOUREC SA (PIPELINES) 62,915
 2,149 VEOLIA ENVIRONNEMENT (ELECTRIC, GAS & SANITARY SERVICES) 74,537
 2,405 VINCI SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 141,740
 6,686 VIVENDI SA (COMMUNICATIONS) 178,938
 5,576,802
 ---------------
GERMANY: 7.24%
 1,125 ADIDAS-SALOMON AG (APPAREL & OTHER FINISHED PRODUCTS MADE FROM
 FABRICS & SIMILAR MATERIALS) 60,171
 2,468 ALLIANZ AG (INSURANCE AGENTS, BROKERS & SERVICE) 309,440
 4,994 BASF AG (OIL & GAS EXTRACTION) 309,737
 4,510 BAYER AG (CHEMICALS & ALLIED PRODUCTS) 305,059
 1,780 BAYERISCHE MOTOREN WERKE AG (TRANSPORTATION EQUIPMENT) 82,174
 480 BEIERSDORF AG (APPAREL & ACCESSORY STORES) 28,711
 441 CELESIO AG (WHOLESALE TRADE-DURABLE GOODS) 14,099
 3,858 COMMERZBANK AG (DEPOSITORY INSTITUTIONS) 33,042
 4,903 DAIMLER AG (AUTOMOBILE) 230,818
 3,207 DEUTSCHE BANK AG (BANKING) 247,028
 1,048 DEUTSCHE BOERSE AG (BUSINESS SERVICES) 77,682
 1,187 DEUTSCHE LUFTHANSA AG (TRANSPORTATION BY AIR) 19,688
 4,549 DEUTSCHE POST AG (TRANSPORTATION SERVICES) 78,921
 453 DEUTSCHE POSTBANK AG (DEPOSITORY INSTITUTIONS) 14,534
 15,406 DEUTSCHE TELEKOM AG (COMMUNICATIONS) 208,810
 10,441 E.ON AG (ELECTRIC, GAS & SANITARY SERVICES) 385,482
 190 FRAPORT AG (TRANSPORTATION SERVICES) 10,004
 1,029 FRESENIUS MEDICAL CARE AG & COMPANY (HEALTH SERVICES) 58,060
 146 FRESENIUS SE (HEALTH SERVICES) 10,867
 810 GEA GROUP AG (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT &
 RELATED SERVICES) 18,774
 313 HANNOVER RUECKVERSICHERUNG AG (INSURANCE CARRIERS) 15,456
 765 HEIDELBERGCEMENT AG (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 42,673
 707 HENKEL KGAA (CHEMICALS & ALLIED PRODUCTS) 32,758
 217 HOCHTIEF AG (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
 OPERATIVE BUILDERS) 18,236
 5,832 INFINEON TECHNOLOGIES AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT
 & COMPONENTS, EXCEPT COMPUTER EQUIPMENT)+ 40,480
 926 K+S AG (CHEMICALS & ALLIED PRODUCTS) 56,194
 816 LINDE AG (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT &
 RELATED SERVICES) 97,362
 567 MAN AG (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 47,465
 352 MERCK KGAA (CHEMICALS & ALLIED PRODUCTS) 28,526
 617 METRO AG (FOOD STORES) 36,601
 1,074 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG (INSURANCE
 CARRIERS) 174,289
 31 PUMA AG RUDOLF DASSLER SPORT (APPAREL & ACCESSORY STORES) 9,821
 2,278 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 201,837
 202 SALZGITTER AG (PRIMARY METAL INDUSTRIES) 18,752
 4,666 SAP AG (BUSINESS SERVICES) 225,995
 4,518 SIEMENS AG (MISCELLANEOUS MANUFACTURING INDUSTRIES) 452,481
 434 SOLARWORLD AG (MISCELLANEOUS MANUFACTURING INDUSTRIES) 6,545
 343 SUEDZUCKER AG (FOOD & KINDRED PRODUCTS) 7,570
 1,798 THYSSENKRUPP AG (PRIMARY METAL INDUSTRIES) 61,817
 719 TUI AG (AMUSEMENT & RECREATION SERVICES) 8,085
 651 UNITED INTERNET AG (BUSINESS SERVICES) 9,874


Wells Fargo Advantage Master Portfolios 111

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
GERMANY (continued)
 159 VOLKSWAGEN AG (AUTOMOBILE) $ 15,355
 81 WACKER CHEMIE AG (CHEMICALS & ALLIED PRODUCTS) 12,078
 4,123,351
 ---------------
GREECE: 0.39%
 2,509 ALPHA BANK AE (DEPOSITORY INSTITUTIONS) 23,755
 995 COCA-COLA HELLENIC BOTTLING COMPANY SA (FOOD & KINDRED PRODUCTS) 26,824
 1,711 EFG EUROBANK ERGASIAS SA (DEPOSITORY INSTITUTIONS)+ 15,715
 580 HELLENIC PETROLEUM SA (PETROLEUM REFINING & RELATED INDUSTRIES) 6,643
 1,270 HELLENIC TELECOMMUNICATIONS ORGANIZATION SA (COMMUNICATIONS) 15,764
 3,291 MARFIN INVESTMENT GROUP SA (INVESTMENT COMPANIES) 7,556
 3,263 NATIONAL BANK OF GREECE SA (DEPOSITORY INSTITUTIONS) 65,667
 1,160 OPAP SA (AMUSEMENT & RECREATION SERVICES) 26,321
 1,568 PIRAEUS BANK SA (DEPOSITORY INSTITUTIONS)+ 13,702
 600 PUBLIC POWER CORPORATION SA (ELECTRIC, GAS & SANITARY SERVICES) 10,535
 300 TITAN CEMENT COMPANY SA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 7,942
 220,424
 ---------------
HONG KONG: 2.36%
 1,000 ASM PACIFIC TECHNOLOGY (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
 COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 9,473
 7,802 BANK OF EAST ASIA LIMITED (DEPOSITORY INSTITUTIONS) 28,739
 20,000 BOC HONG KONG HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) 47,706
 6,000 CATHAY PACIFIC AIRWAYS LIMITED (TRANSPORTATION BY AIR) 12,643
 8,000 CHEUNG KONG HOLDINGS LIMITED (REAL ESTATE) 103,036
 2,000 CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED (BUILDING
 CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 7,741
 11,000 CLP HOLDINGS LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 78,630
 6,208 ESPRIT HOLDINGS LIMITED (WHOLESALE TRADE-DURABLE GOODS) 48,973
 11,000 FOXCONN INTERNATIONAL HOLDINGS LIMITED (ELECTRONIC & OTHER
 ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT)+ 11,603
 24,000 GENTING INTERNATIONAL PLC (REAL ESTATE)+ 15,183
 4,000 HANG LUNG GROUP LIMITED (REAL ESTATE) 21,225
 11,000 HANG LUNG PROPERTIES LIMITED (REAL ESTATE) 44,344
 4,100 HANG SENG BANK LIMITED (DEPOSITORY INSTITUTIONS) 57,136
 6,000 HENDERSON LAND DEVELOPMENT COMPANY LIMITED (REAL ESTATE) 42,271
 21,220 HONG KONG & CHINA GAS COMPANY LIMITED
 (ELECTRIC, GAS & SANITARY SERVICES) 52,912
 400 HONG KONG AIRCRAFT ENGINEERING COMPANY LIMITED
 (TRANSPORTATION EQUIPMENT) 5,051
 7,500 HONG KONG ELECTRIC HOLDINGS LIMITED (ELECTRIC, GAS & SANITARY
 SERVICES) 44,483
 6,000 HONG KONG EXCHANGES & CLEARING LIMITED (SECURITY & COMMODITY
 BROKERS, DEALERS, EXCHANGES & SERVICES) 100,151
 3,000 HOPEWELL HOLDINGS (REAL ESTATE) 8,887
 12,000 HUTCHISON WHAMPOA LIMITED (BUSINESS SERVICES) 87,787
 3,701 HYSAN DEVELOPMENT COMPANY LIMITED (REAL ESTATE) 10,701
 3,976 KERRY PROPERTIES LIMITED (REAL ESTATE) 21,329
 12,200 LI & FUNG LIMITED (WHOLESALE TRADE-DURABLE GOODS) 60,024
 3,500 LIFESTYLE INTERNATIONAL HOLDINGS LIMITED (GENERAL
 MERCHANDISE STORES) 6,320
 7,946 MTR CORPORATION LIMITED (RAILROAD TRANSPORTATION) 30,088
 13,387 NEW WORLD DEVELOPMENT LIMITED (REAL ESTATE) 26,208
 10,800 NOBLE GROUP LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 23,623
 4,449 NWS HOLDINGS LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 8,882
 1,200 ORIENT OVERSEAS INTERNATIONAL LIMITED (WATER TRANSPORTATION) 8,895
 18,977 PCCW LIMITED (COMMUNICATIONS) 5,646
 10,050 SINO LAND COMPANY (REAL ESTATE) 19,701
 8,000 SUN HUNG KAI PROPERTIES LIMITED (REAL ESTATE) 120,346
 4,500 SWIRE PACIFIC LIMITED (BUSINESS SERVICES) 54,133
 2,000 TELEVISION BROADCASTS LIMITED (COMMUNICATIONS) 9,685
 11,606 THE LINK REIT (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT &
 RELATED SERVICES) 28,610


112 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
HONG KONG (continued)
 7,625 WHARF HOLDINGS LIMITED (BUSINESS SERVICES) $ 42,965
 5,000 WHEELOCK & COMPANY (HOLDING & OTHER INVESTMENT OFFICES) 14,747
 1,000 WING HANG BANK LIMITED (DEPOSITORY INSTITUTIONS) 9,144
 3,500 YUE YUEN INDUSTRIAL HOLDINGS LIMITED (APPAREL & OTHER FINISHED
 PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS)(a) 12,123
 1,341,144
 ---------------
IRELAND: 0.36%
 6,409 ANGLO IRISH BANK CORPORATION PLC (DEPOSITORY INSTITUTIONS)(a) 0
 3,798 CRH PLC (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 94,826
 2,565 ELAN CORPORATION PLC (CHEMICALS & ALLIED PRODUCTS)+ 19,331
 5,517 EXPERIAN GROUP LIMITED (BUSINESS SERVICES) 54,293
 726 KERRY GROUP PLC (FOOD & KINDRED PRODUCTS) 22,553
 480 RYANAIR HOLDINGS PLC ADR (TRANSPORTATION BY AIR)+ 13,042
 204,045
 ---------------
ITALY: 3.06%
 5,668 AEM SPA (ELECTRIC, GAS & SANITARY SERVICES) 10,633
 6,353 ASSICURAZIONI GENERALI SPA (INSURANCE CARRIERS) 152,479
 1,402 ATLANTIA SPA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION
 CONTRACTS) 32,722
 528 AUTOGRILL SPA (EATING & DRINKING PLACES) 6,425
 3,355 BANCA CARIGE SPA (DEPOSITORY INSTITUTIONS) 9,165
 11,380 BANCA MONTE DEI PASCHI DI SIENA SPA (DEPOSITORY INSTITUTIONS) 16,846
 2,043 BANCA POPOLARE DI MILANO SCARL (DEPOSITORY INSTITUTIONS) 12,686
 3,318 BANCO POPOLARE SPA (DEPOSITORY INSTITUTIONS) 23,080
 35,815 ENEL SPA (ELECTRIC, GAS & SANITARY SERVICES) 200,266
 14,304 ENI SPA (OIL & GAS EXTRACTION) 335,583
 375 EXOR SPA (HOLDING & OTHER INVESTMENT OFFICES) 6,514
 4,103 FIAT SPA (COMMON) (TRANSPORTATION EQUIPMENT) 53,422
 2,204 FINMECCANICA SPA (TRANSPORTATION BY AIR) 29,411
 322 FONDIARIA SAI SPA (INSURANCE CARRIERS) 4,845
 41,907 INTESA SANPAOLO (DEPOSITORY INSTITUTIONS) 156,079
 4,832 INTESA SANPAOLO RNC (DEPOSITORY INSTITUTIONS)+ 14,472
 367 ITALCEMENTI SPA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 4,243
 600 LUXOTTICA GROUP SPA (MEASURING, ANALYZING & CONTROLLING
 INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 16,046
 3,858 MEDIASET SPA (COMMUNICATIONS) 33,141
 2,578 MEDIOBANCA SPA (HOLDING & OTHER INVESTMENT OFFICES)+ 27,699
 1,138 MEDIOLANUM SPA (INSURANCE CARRIERS) 6,659
 8,824 PARMALAT SPA (FOOD & KINDRED PRODUCTS) 24,164
 13,596 PIRELLI & COMPANY SPA (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 8,355
 516 PRYSMIAN SPA (COMMUNICATIONS) 10,140
 1,421 SAIPEM SPA (OIL & GAS EXTRACTION) 54,987
 7,773 SNAM RETE GAS SPA (ELECTRIC, GAS & SANITARY SERVICES) 39,396
 32,340 TELECOM ITALIA RSP SPA (COMMUNICATIONS) 36,473
 53,959 TELECOM ITALIA SPA (COMMUNICATIONS) 77,690
 7,079 TERNA SPA (ELECTRIC, GAS & SANITARY SERVICES) 30,620
 89,048 UNICREDITO ITALIANO SPA (DEPOSITORY INSTITUTIONS) 263,097
 3,087 UNIONE DI BANCHE SCPA (DEPOSITORY INSTITUTIONS) 41,653
 3,829 UNIPOL SPA (INSURANCE AGENTS, BROKERS & SERVICE) 4,323
 1,743,314
 ---------------
JAPAN: 22.09%
 2,000 77 BANK LIMITED (DEPOSITORY INSTITUTIONS) 11,424
 100 ABC-MART INCORPORATED (WHOLESALE TRADE-DURABLE GOODS) 3,198
 300 ACOM COMPANY LIMITED (DEPOSITORY INSTITUTIONS) 4,910


Wells Fargo Advantage Master Portfolios 113

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
JAPAN (continued)
 900 ADVANTEST CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
 EQUIPMENT) $ 22,507
 3,400 AEON COMPANY LIMITED (GENERAL MERCHANDISE STORES) 38,586
 400 AEON CREDIT SERVICE COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 4,749
 500 AEON MALL COMPANY LIMITED (REAL ESTATE) 10,541
 1,000 AIR WATER INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 11,445
 1,000 AISIN SEIKI COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 29,950
 4,000 AJINOMOTO COMPANY INCORPORATED (FOOD & KINDRED PRODUCTS) 39,619
 200 ALFRESA HOLDINGS CORPORATION (WHOLESALE TRADE NON-DURABLE GOODS) 8,621
 5,000 ALL NIPPON AIRWAYS COMPANY LIMITED (TRANSPORTATION BY AIR) 14,280
 2,000 AMADA COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 16,772
 5,000 AOZORA BANK LIMITED (DEPOSITORY INSTITUTIONS) 7,060
 2,100 ASAHI BREWERIES LIMITED (FOOD & KINDRED PRODUCTS) 39,376
 6,000 ASAHI GLASS COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 67,579
 7,000 ASAHI KASEI CORPORATION (CHEMICALS & ALLIED PRODUCTS) 37,662
 1,000 ASICS CORPORATION (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 9,776
 2,500 ASTELLAS PHARMA INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 90,518
 2,000 BANK OF KYOTO LIMITED (DEPOSITORY INSTITUTIONS) 18,419
 7,000 BANK OF YOKOHAMA LIMITED (DEPOSITORY INSTITUTIONS) 34,292
 400 BENESSE CORPORATION (EDUCATIONAL SERVICES) 17,328
 3,300 BRIDGESTONE CORPORATION (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 56,335
 1,100 BROTHER INDUSTRIES LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
 EQUIPMENT) 13,296
 5,800 CANON INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
 EQUIPMENT) 268,628
 300 CANON MARKETING JAPAN INCORPORATED (WHOLESALE TRADE NON-DURABLE GOODS) 4,085
 1,200 CASIO COMPUTER COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 9,229
 8 CENTRAL JAPAN RAILWAY COMPANY (RAILROAD TRANSPORTATION) 60,926
 4,000 CHIBA BANK LIMITED (DEPOSITORY INSTITUTIONS) 23,917
 1,000 CHIYODA CORPORATION (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 9,926
 3,600 CHUBU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 89,990
 1,200 CHUGAI PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 22,565
 1,500 CITIZEN HOLDINGS COMPANY LIMITED (APPAREL & ACCESSORY STORES) 10,252
 300 COCA-COLA WEST JAPAN COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 4,906
 3,000 COSMO OIL COMPANY LIMITED (OIL & GAS EXTRACTION) 7,252
 800 CREDIT SAISON COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 12,408
 3,000 DAI NIPPON PRINTING COMPANY LIMITED (BUSINESS SERVICES) 40,528
 2,000 DAICEL CHEMICAL INDUSTRIES LIMITED (CHEMICALS & ALLIED PRODUCTS) 13,755
 2,000 DAIDO STEEL COMPANY LIMITED (PRIMARY METAL INDUSTRIES) 8,407
 1,000 DAIHATSU MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 9,552
 3,700 DAIICHI SANKYO COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 69,298
 1,300 DAIKIN INDUSTRIES LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 53,188
 800 DAINIPPON SUMITOMO PHARMA COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 7,333
 400 DAITO TRUST CONSTRUCTION COMPANY LIMITED (REAL ESTATE) 19,296
 3,000 DAIWA HOUSE INDUSTRY COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE
 BUILDERS) 33,854
 9,000 DAIWA SECURITIES GROUP INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 47,363
 2 DENA COMPANY LIMITED (BUSINESS SERVICES) 14,804
 3,000 DENKI KAGAKU KOGYO KABUSHIKI KAISHA (CHEMICALS & ALLIED PRODUCTS) 12,900
 2,600 DENSO CORPORATION (TRANSPORTATION EQUIPMENT) 77,452
 900 DENTSU INCORPORATED (BUSINESS SERVICES) 23,653
 1,100 DOWA MINING COMPANY LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 6,624
 1,900 EAST JAPAN RAILWAY COMPANY (RAILROAD TRANSPORTATION) 132,100
 1,400 EISAI COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 49,941
 680 ELECTRIC POWER DEVELOPMENT COMPANY (ELECTRIC, GAS & SANITARY SERVICES) 22,402
 900 ELPIDA MEMORY INCORPORATED (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)+ 17,723
 300 FAMILYMART COMPANY LIMITED (GENERAL MERCHANDISE STORES) 9,546
 1,100 FANUC LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 116,718


114 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
JAPAN (continued)
 300 FAST RETAILING COMPANY LIMITED (APPAREL & ACCESSORY STORES) $ 52,145
 3,000 FUJI ELECTRIC HOLDINGS COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 8,183
 3,000 FUJI HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 15,531
 3 FUJI TELEVISION NETWORK INCORPORATED (MEDIA) 4,444
 2,500 FUJIFILM HOLDINGS CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
 MEDICAL & OPTICAL) 86,105
 10,000 FUJITSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 65,462
 4,000 FUKUOKA FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 16,986
 4,000 FURUKAWA ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
 COMPUTER EQUIPMENT) 20,794
 2,000 GS YUASA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
 EQUIPMENT) 13,499
 2,000 GUNMA BANK LIMITED (BUSINESS SERVICES) 11,060
 120 HAKUHODO DY HOLDINGS INCORPORATED (BUSINESS SERVICES) 6,315
 6,800 HANKYU HANSHIN HOLDINGS INCORPORATED (RAILROAD TRANSPORTATION) 31,494
 1,000 HINO MOTORS LIMITED (TRANSPORTATION EQUIPMENT) 4,225
 200 HIROSE ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
 COMPUTER EQUIPMENT) 23,061
 400 HISAMITSU PHARMACEUTICAL COMPANY INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 14,868
 600 HITACHI CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 12,964
 600 HITACHI CONSTRUCTION MACHINERY COMPANY LIMITED (HEAVY CONSTRUCTION OTHER THAN BUILDING
 CONSTRUCTION CONTRACTS)+ 14,177
 400 HITACHI HIGH-TECHNOLOGIES CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 9,177
 24,000 HITACHI LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 89,592
 1,000 HITACHI METALS LIMITED (PRIMARY METAL INDUSTRIES) 10,514
 1,000 HOKKAIDO ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 19,189
 7,000 HOKUHOKU FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 15,349
 1,000 HOKURIKU ELECTRIC POWER COMPANY (ELECTRIC, GAS & SANITARY SERVICES) 21,992
 9,000 HONDA MOTOR COMPANY LIMITED (AUTOMOBILE) 317,681
 2,200 HOYA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
 EQUIPMENT) 60,454
 700 IBIDEN COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
 EQUIPMENT) 24,110
 100 IDEMITSU KOSAN COMPANY LIMITED (OIL & GAS EXTRACTION) 7,573
 5 INPEX HOLDINGS INCORPORATED (OIL & GAS EXTRACTION) 36,688
 1,960 ISETAN MITSUKOSHI HOLDINGS LIMITED (MISCELLANEOUS RETAIL) 21,070
 7,000 ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES COMPANY LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 12,804
 6,000 ISUZU MOTORS LIMITED (AUTOMOBILE) 16,237
 300 ITO EN LIMITED (EATING & DRINKING PLACES) 4,643
 8,000 ITOCHU CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 70,082
 200 ITOCHU TECHNO-SCIENCE CORPORATION (BUSINESS SERVICES) 6,568
 2,800 J FRONT RETAILING COMPANY LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 16,472
 200 JAFCO COMPANY LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 5,252
 200 JAPAN PETROLEUM EXPLORATION COMPANY (OIL & GAS EXTRACTION) 10,140
 3 JAPAN PRIME REALTY INVESTMENT CORPORATION (REAL ESTATE) 6,678
 3 JAPAN REAL ESTATE INVESTMENT CORPORATION (REAL ESTATE) 25,575
 8 JAPAN RETAIL FUND INVESTMENT CORPORATION (REAL ESTATE) 9,413
 2,000 JAPAN STEEL WORKS (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 22,912
 25 JAPAN TOBACCO INCORPORATED (TOBACCO PRODUCTS) 93,058
 2,700 JFE HOLDINGS INCORPORATED (PRIMARY METAL INDUSTRIES) 108,734
 1,000 JGC CORPORATION (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 17,841
 4,000 JOYO BANK LIMITED (DEPOSITORY INSTITUTIONS) 17,841
 1,300 JS GROUP CORPORATION (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 26,462
 1,000 JSR CORPORATION (CHEMICALS & ALLIED PRODUCTS) 20,890
 1,000 JTEKT CORPORATION (TRANSPORTATION EQUIPMENT) 11,809
 13 JUPITER TELECOMMUNICATIONS COMPANY LIMITED (COMMUNICATIONS) 15,018
 5,000 KAJIMA CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 12,247
 2,000 KAMIGUMI COMPANY LIMITED (TRANSPORTATION SERVICES) 16,087
 2,000 KANEKA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 12,964
 4,200 KANSAI ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 96,228
 1,000 KANSAI PAINT COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 8,151
 2,900 KAO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 73,516


Wells Fargo Advantage Master Portfolios 115

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
JAPAN (continued)
 8,000 KAWASAKI HEAVY INDUSTRIES LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) $ 22,077
 4,000 KAWASAKI KISEN KAISHA LIMITED (WATER TRANSPORTATION) 15,959
 16 KDDI CORPORATION (COMMUNICATIONS) 82,832
 3,000 KEIHIN ELECTRIC EXPRESS RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 24,644
 3,000 KEIO CORPORATION (RAILROAD TRANSPORTATION) 20,248
 2,000 KEISEI ELECTRIC RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 12,172
 200 KEYENCE CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
 EQUIPMENT) 47,791
 1,000 KIKKOMAN CORPORATION (FOOD & KINDRED PRODUCTS) 11,702
 1,000 KINDEN CORPORATION (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 8,760
 9,000 KINTETSU CORPORATION (RAILROAD TRANSPORTATION) 28,014
 5,000 KIRIN BREWERY COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 73,751
 13,000 KOBE STEEL LIMITED (PRIMARY METAL INDUSTRIES)+ 27,950
 1,000 KOITO MANUFACTURING COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 14,847
 5,100 KOMATSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 106,921
 500 KONAMI CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 9,643
 2,500 KONICA MINOLTA HOLDINGS INCORPORATED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
 PHOTOGRAPHIC, MEDICAL & OPTICAL) 29,174
 6,000 KUBOTA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 54,680
 2,000 KURARAY COMPANY LIMITED (TEXTILE MILL PRODUCTS) 26,912
 600 KURITA WATER INDUSTRIES LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 16,975
 900 KYOCERA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
 EQUIPMENT) 87,699
 2,000 KYOWA HAKKO KOGYO COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 20,644
 2,100 KYUSHU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 45,711
 400 LAWSON INCORPORATED (FOOD STORES) 17,071
 200 MABUCHI MOTOR COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
 COMPUTER EQUIPMENT) 11,509
 600 MAKITA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 19,767
 9,000 MARUBENI CORPORATION (BUSINESS SERVICES) 55,931
 1,100 MARUI COMPANY LIMITED (GENERAL MERCHANDISE STORES) 7,977
 200 MARUICHI STEEL TUBE LIMITED (PRIMARY METAL INDUSTRIES) 4,056
 600 MATSUI SECURITIES COMPANY LIMITED (INSURANCE AGENTS, BROKERS & SERVICE) 4,287
 10,700 MATSUSHITA ELECTRIC INDUSTRIAL COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
 COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 163,665
 2,000 MATSUSHITA ELECTRIC WORKS LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME
 DEALERS) 25,243
 8,000 MAZDA MOTOR CORPORATION (AUTOMOBILE) 22,505
 400 MCDONALD'S HOLDINGS COMPANY LIMITED (FOOD STORES) 8,121
 700 MEDICEO PALTAC HOLDINGS COMPANY LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 8,289
 400 MEIJI HOLDINGS COMPANY LIMITED (PHARMACEUTICALS)+ 15,531
 3,900 MILLEA HOLDINGS INCORPORATED (INSURANCE AGENTS, BROKERS & SERVICE) 109,837
 2,000 MINEBEA COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
 EQUIPMENT) 12,172
 6,500 MITSUBISHI CHEMICAL HOLDINGS CORPORATION (CHEMICALS & ALLIED PRODUCTS) 33,234
 6,900 MITSUBISHI CORPORATION (BUSINESS SERVICES) 180,821
 11,000 MITSUBISHI ELECTRIC CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 101,070
 7,000 MITSUBISHI ESTATE COMPANY LIMITED (REAL ESTATE) 114,558
 2,000 MITSUBISHI GAS CHEMICAL COMPANY INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 12,044
 17,000 MITSUBISHI HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 70,371
 1,000 MITSUBISHI LOGISTICS CORPORATION (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 12,429
 6,000 MITSUBISHI MATERIALS CORPORATION (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 17,264
 19,000 MITSUBISHI MOTORS CORPORATION (AUTOMOBILE)+ 25,810
 69,170 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 362,534
 300 MITSUBISHI UFJ SECURITIES COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 10,910
 9,400 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 157,957
 5,000 MITSUI CHEMICALS INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 15,135
 4,000 MITSUI ENGINEERING & SHIPBUILDING COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 9,969
 5,000 MITSUI FUDOSAN COMPANY LIMITED (REAL ESTATE) 84,875
 3,000 MITSUI MINING & SMELTING COMPANY LIMITED (METAL MINING) 8,985
 6,000 MITSUI OSK LINES LIMITED (WATER TRANSPORTATION) 43,063


116 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
JAPAN (continued)
 3,061 MITSUI SUMITOMO INSURANCE GROUP HOLDINGS INCORPORATED (INSURANCE CARRIERS) $ 84,964
 5,000 MITSUI TRUST HOLDINGS INCORPORATED (DEPOSITORY INSTITUTIONS) 18,772
 400 MITSUMI ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
 COMPUTER EQUIPMENT) 8,754
 74,500 MIZUHO FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 147,422
 8,000 MIZUHO TRUST & BANKING COMPANY LIMITED (DEPOSITORY INSTITUTIONS) 8,044
 1,200 MURATA MANUFACTURING COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
 COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 68,157
 1,000 NAMCO BANDAI HOLDINGS INCORPORATED (AMUSEMENT & RECREATION SERVICES) 9,744
 14,000 NEC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 42,079
 1,000 NGK INSULATORS LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
 EQUIPMENT) 20,398
 1,000 NGK SPARK PLUG COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 13,584
 1,000 NHK SPRING COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 9,177
 600 NIDEC CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 64,306
 1,700 NIKON CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
 OPTICAL) 37,113
 500 NINTENDO COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
 EQUIPMENT) 167,398
 3 NIPPON BUILDING FUND INCORPORATED (REAL ESTATE) 25,832
 2,000 NIPPON ELECTRIC GLASS COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 28,174
 5,000 NIPPON EXPRESS COMPANY LIMITED (TRANSPORTATION SERVICES) 21,500
 1,000 NIPPON MEAT PACKERS INCORPORATED (FOOD & KINDRED PRODUCTS) 12,654
 5,000 NIPPON MINING HOLDINGS INCORPORATED (PETROLEUM REFINING & RELATED INDUSTRIES)(a) 23,818
 7,000 NIPPON OIL CORPORATION (PETROLEUM REFINING & RELATED INDUSTRIES)(a) 33,346
 500 NIPPON PAPER GROUP INCORPORATED (PAPER & ALLIED PRODUCTS) 12,862
 3,000 NIPPON SHEET GLASS COMPANY LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME
 DEALERS) 8,857
 28,000 NIPPON STEEL CORPORATION (PRIMARY METAL INDUSTRIES) 109,916
 2,800 NIPPON TELEGRAPH & TELEPHONE CORPORATION (COMMUNICATIONS) 118,002
 8,000 NIPPON YUSEN KABUSHIKI KAISHA (WATER TRANSPORTATION) 31,576
 4,000 NIPPONKOA INSURANCE COMPANY LIMITED (INSURANCE CARRIERS)(a) 25,662
 4,000 NISHI-NIPPON CITY BANK LIMITED (DEPOSITORY INSTITUTIONS) 11,809
 1,000 NISSAN CHEMICAL INDUSTRIES LIMITED (CHEMICALS & ALLIED PRODUCTS) 13,991
 13,400 NISSAN MOTOR COMPANY LIMITED (AUTOMOBILE) 114,808
 100 NISSHA PRINTING COMPANY LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 3,904
 1,000 NISSHIN SEIFUN GROUP INCORPORATED (FOOD & KINDRED PRODUCTS) 12,910
 4,000 NISSHIN STEEL COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 8,343
 1,000 NISSHINBO INDUSTRIES INCORPORATED (TEXTILE MILL PRODUCTS) 10,354
 400 NISSIN FOOD PRODUCTS COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 13,456
 200 NITORI COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 15,189
 900 NITTO DENKO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 34,945
 600 NOK CORPORATION (TRANSPORTATION EQUIPMENT) 9,030
 20,100 NOMURA HOLDINGS INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 148,132
 500 NOMURA REAL ESTATE HOLDING INCORPORATED (REAL ESTATE) 7,712
 2 NOMURA REAL ESTATE OFFICE FUND (REAL ESTATE) 11,231
 500 NOMURA RESEARCH INSTITUTE LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 11,392
 3,000 NSK LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 23,682
 3,000 NTN CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 13,542
 7 NTT DATA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
 EQUIPMENT) 23,323
 84 NTT DOCOMO INCORPORATED (COMMUNICATIONS) 127,945
 6 NTT URBAN DEVELOPMENT CORPORATION (REAL ESTATE) 5,070
 4,000 OBAYASHI CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 17,756
 40 OBIC COMPANY LIMITED (BUSINESS SERVICES) 7,265
 4,000 ODAKYU ELECTRIC RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 33,287
 5,000 OJI PAPER COMPANY LIMITED (PAPER & ALLIED PRODUCTS) 21,927
 1,200 OLYMPUS CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
 OPTICAL) 38,507
 1,100 OMRON CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
 EQUIPMENT) 25,532
 500 ONO PHARMACEUTICAL COMPANY LIMITED (PHARMACEUTICALS) 22,248
 200 ORACLE CORPORATION JAPAN (BUSINESS SERVICES) 9,274


Wells Fargo Advantage Master Portfolios 117

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
JAPAN (continued)
 300 ORIENTAL LAND COMPANY LIMITED (AMUSEMENT & RECREATION SERVICES) $ 20,922
 560 ORIX CORPORATION (NON-DEPOSITORY CREDIT INSTITUTIONS) 49,657
 11,000 OSAKA GAS COMPANY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 39,416
 100 OTSUKA CORPORATION (BUSINESS SERVICES) 6,354
 38 RAKUTEN INCORPORATED (BUSINESS SERVICES) 27,477
 2,600 RESONA HOLDINGS INCORPORATED (DEPOSITORY INSTITUTIONS) 32,872
 4,000 RICOH COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 62,467
 200 RINNAI CORPORATION (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 10,504
 600 ROHM COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
 EQUIPMENT) 44,796
 300 SANKYO COMPANY LIMITED (AMUSEMENT & RECREATION SERVICES) 14,841
 400 SANTEN PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 12,006
 10,000 SANYO ELECTRIC COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 16,045
 1,500 SAPPORO HOKUYO HOLDINGS INCORPORATED (DEPOSITORY INSTITUTIONS) 6,851
 1,000 SAPPORO HOLDINGS LIMITED (EATING & DRINKING PLACES) 5,220
 87 SBI HOLDINGS INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 17,169
 1,200 SECOM COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
 EQUIPMENT) 52,498
 1,100 SEGA SAMMY HOLDINGS INCORPORATED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 13,319
 700 SEIKO EPSON CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 10,872
 3,000 SEKISUI CHEMICAL COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 20,344
 3,000 SEKISUI HOUSE LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 29,971
 2,900 SENSHU IKEDA HOLDINGS INCORPORATED (BANKING)+ 5,273
 4,220 SEVEN & I HOLDINGS COMPANY LIMITED (FOOD STORES) 101,968
 3 SEVEN BANK LIMITED (DEPOSITORY INSTITUTIONS) 6,033
 5,200 SHARP CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
 EQUIPMENT) 65,021
 1,000 SHIKOKU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 28,335
 2,000 SHIMADZU CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
 OPTICAL) 16,023
 400 SHIMANO INCORPORATED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 17,692
 100 SHIMANURA COMPANY LIMITED (APPAREL & ACCESSORY STORES) 8,857
 3,000 SHIMIZU CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 12,515
 2,300 SHIN-ETSU CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 133,586
 300 SHINKO ELECTRIC INDUSTRIES (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
 EQUIPMENT) 4,640
 3,000 SHINKO SECURITIES COMPANY LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 9,498
 5,000 SHINSEI BANK LIMITED (DEPOSITORY INSTITUTIONS) 6,043
 1,600 SHIONOGI & COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 30,429
 1,900 SHISEIDO COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 41,256
 3,000 SHIZUOKA BANK LIMITED (DEPOSITORY INSTITUTIONS) 26,153
 8,000 SHOWA DENKO KK (CHEMICALS & ALLIED PRODUCTS) 18,055
 1,000 SHOWA SHELL SEKIYU KK (OIL & GAS EXTRACTION) 6,760
 300 SMC CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 40,721
 4,100 SOFTBANK CORPORATION (HOLDING & OTHER INVESTMENT OFFICES) 100,998
 6,400 SOJITZ CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 12,391
 5,000 SOMPO JAPAN INSURANCE INCORPORATED (INSURANCE CARRIERS)(a) 35,642
 5,500 SONY CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
 EQUIPMENT) 210,611
 5 SONY FINANCIAL HOLDINGS INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 16,419
 300 SQUARE ENIX COMPANY LIMITED (AMUSEMENT & RECREATION SERVICES) 6,559
 800 STANLEY ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
 COMPUTER EQUIPMENT) 15,514
 600 SUMCO CORPORATION (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED) 12,759
 9,000 SUMITOMO CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 43,994
 6,100 SUMITOMO CORPORATION (MISCELLANEOUS RETAIL) 70,141
 4,100 SUMITOMO ELECTRIC INDUSTRIES LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
 EXCEPT COMPUTER EQUIPMENT) 50,258
 3,000 SUMITOMO HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 18,066
 18,000 SUMITOMO METAL INDUSTRIES LIMITED (PRIMARY METAL INDUSTRIES) 54,487
 3,000 SUMITOMO METAL MINING COMPANY LIMITED (METAL MINING) 44,636
 7,000 SUMITOMO MITSUI FINANCIAL GROUP INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 231,362
 2,000 SUMITOMO REALTY & DEVELOPMENT COMPANY LIMITED (REAL ESTATE) 38,058
 900 SUMITOMO RUBBER INDUSTRIES (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 7,932


118 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
JAPAN (continued)
 8,000 SUMITOMO TRUST & BANKING COMPANY LIMITED (DEPOSITORY INSTITUTIONS) $ 46,893
 1,000 SURUGA BANK LIMITED (DEPOSITORY INSTITUTIONS) 8,942
 400 SUZUKEN COMPANY LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 14,098
 1,900 SUZUKI MOTOR CORPORATION (AUTOMOBILE) 41,926
 1,500 T&D HOLDINGS INCORPORATED (INSURANCE CARRIERS) 35,506
 4,000 TAIHEIYO CEMENT CORPORATION (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 5,733
 5,000 TAISEI CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 11,017
 1,000 TAISHO PHARMACEUTICAL COMPANY LIMITED (PHARMACEUTICALS) 18,184
 2,000 TAIYO NIPPON SANSO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 19,553
 2,000 TAKASHIMAYA COMPANY LIMITED (GENERAL MERCHANDISE STORES) 16,430
 4,100 TAKEDA PHARMACEUTICAL COMPANY LIMITED (PHARMACEUTICALS) 180,463
 1,000 TANABE SEIYAKU COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 14,119
 700 TDK CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 46,572
 5,000 TEIJIN LIMITED (TEXTILE MILL PRODUCTS) 16,793
 900 TERUMO CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
 PHOTOGRAPHIC, MEDICAL & OPTICAL) 47,941
 1,000 THE CHUGOKU BANK LIMITED (DEPOSITORY INSTITUTIONS) 13,499
 1,500 THE CHUGOKU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 29,811
 2,000 THE HACHIJUNI BANK LIMITED (DEPOSITORY INSTITUTIONS) 11,381
 3,000 THE HIROSHIMA BANK LIMITED (DEPOSITORY INSTITUTIONS) 12,675
 1,000 THE IYO BANK LIMITED (DEPOSITORY INSTITUTIONS) 9,509
 600 THK COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 13,092
 200 TOA MEDICAL ELECTRONICS COMPANY (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
 PHOTOGRAPHIC, MEDICAL & OPTICAL) 11,723
 5,000 TOBU RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 27,757
 600 TOHO COMPANY LIMITED TOKYO (AMUSEMENT & RECREATION SERVICES) 9,665
 3,000 TOHO GAS COMPANY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 16,365
 2,300 TOHOKU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 48,613
 2,000 TOKUYAMA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 11,081
 6,600 TOKYO ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 175,925
 1,000 TOKYO ELECTRON LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
 EXCEPT COMPUTER EQUIPMENT) 66,317
 13,000 TOKYO GAS COMPANY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 57,290
 500 TOKYO STEEL MANUFACTURING COMPANY LIMITED (PRIMARY METAL INDUSTRIES) 6,263
 2,000 TOKYO TATEMONO COMPANY LIMITED (INSURANCE AGENTS, BROKERS & SERVICE) 7,188
 6,000 TOKYU CORPORATION (RAILROAD TRANSPORTATION) 25,094
 2,000 TOKYU LAND CORPORATION (REAL ESTATE) 7,637
 2,000 TONENGENERAL SEKIYU KK (PETROLEUM REFINING & RELATED INDUSTRIES) 16,879
 3,000 TOPPAN PRINTING COMPANY LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 27,083
 7,000 TORAY INDUSTRIES INCORPORATED (TEXTILE MILL PRODUCTS) 40,881
 22,000 TOSHIBA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
 EXCEPT COMPUTER EQUIPMENT) 113,659
 3,000 TOSOH CORPORATION (CHEMICALS & ALLIED PRODUCTS) 7,637
 2,000 TOTO LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 13,627
 800 TOYO SEIKAN KAISHA LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 14,171
 1,000 TOYO SUISAN KAISHA LIMITED (FOOD STORES) 25,864
 400 TOYODA GOSEI COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 11,214
 300 TOYOTA BOSHOKU CORPORATION (TRANSPORTATION EQUIPMENT) 5,763
 1,000 TOYOTA INDUSTRIES CORPORATION (TRANSPORTATION EQUIPMENT) 28,559
 16,100 TOYOTA MOTOR CORPORATION (AUTOMOBILE) 644,930
 1,100 TOYOTA TSUSHO CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 17,249
 600 TREND MICRO INCORPORATED (BUSINESS SERVICES) 20,922
 300 TSUMURA & COMPANY (CHEMICALS & ALLIED PRODUCTS) 8,712
 5,000 UBE INDUSTRIES LIMITED JAPAN (CHEMICALS & ALLIED PRODUCTS) 12,836
 200 UNI-CHARM CORPORATION (APPAREL & ACCESSORY STORES) 19,318
 1,000 UNY COMPANY LIMITED (MISCELLANEOUS RETAIL) 8,268
 600 USHIO INCORPORATED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
 PHOTOGRAPHIC, MEDICAL & OPTICAL) 10,179
 120 USS COMPANY LIMITED (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 8,151
 9 WEST JAPAN RAILWAY COMPANY (RAILROAD TRANSPORTATION) 30,998
 79 YAHOO! JAPAN CORPORATION (COMMUNICATIONS) 28,773


Wells Fargo Advantage Master Portfolios 119

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
JAPAN (continued)
 500 YAKULT HONSHA COMPANY LIMITED (FOOD & KINDRED PRODUCTS) $ 13,488
 470 YAMADA DENKI COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 34,688
 1,000 YAMAGUCHI FINANCIAL GROUP (HOLDING & OTHER INVESTMENT OFFICES) 10,942
 800 YAMAHA CORPORATION (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 10,328
 1,100 YAMAHA MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 16,484
 2,200 YAMATO HOLDINGS COMPANY LIMITED (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 30,921
 200 YAMATO KOGYO COMPANY LIMITED (PRIMARY METAL INDUSTRIES) 6,642
 1,000 YAMAZAKI BAKING COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 12,376
 1,000 YASKAWA ELECTRIC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
 COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 9,145
 1,200 YOKOGAWA ELECTRIC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
 COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 10,448
 12,574,335
 ---------------
LUXEMBOURG: 0.59%
 4,671 ARCELORMITTAL (IRON, STEEL) 204,976
 414 MILLICOM INTERNATIONAL CELLULAR SA (COMMUNICATIONS) 37,039
 1,519 SES FDR (BUSINESS SERVICES) 38,355
 2,539 TENARIS SA (PRIMARY METAL INDUSTRIES) 54,800
 335,170
 ---------------
NETHERLANDS: 2.75%
 8,397 AEGON NV (INSURANCE CARRIERS) 57,501
 1,246 AKZO NOBEL NV (CHEMICALS & ALLIED PRODUCTS) 71,010
 2,319 ASML HOLDING NV (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 82,877
 344 BOSKALIS WESTMINSTER (CONSTRUCTION SPECIAL TRADE CONTRACTORS) 13,184
 276 CORIO NV (REAL ESTATE) 18,428
 2,186 EUROPEAN AERONAUTIC DEFENCE & SPACE COMPANY (AEROSPACE, DEFENSE) 43,978
 359 FUGRO NV (OIL & GAS EXTRACTION) 23,464
 599 HEINEKEN HOLDING NV (FOOD & KINDRED PRODUCTS) 26,646
 1,317 HEINEKEN NV (FOOD & KINDRED PRODUCTS) 67,684
 19,805 ING GROEP NV (FINANCIAL SERVICES) 197,733
 6,408 KONINKLIJKE AHOLD NV (FOOD STORES) 85,425
 828 KONINKLIJKE DSM NV (CHEMICALS & ALLIED PRODUCTS) 36,922
 5,291 KONINKLIJKE PHILIPS ELECTRONICS NV (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
 EXCEPT COMPUTER EQUIPMENT) 169,653
 163 KONINKLIJKE VOPAK NV (TRANSPORTATION SERVICES) 12,837
 1,258 QIAGEN NV (HEALTH SERVICES)+ 28,970
 527 RANDSTAD HOLDINGS NV (BUSINESS SERVICES) 25,044
 3,884 REED ELSEVIER NV (HOLDING & OTHER INVESTMENT OFFICES) 47,203
 9,091 ROYAL KPN NV (COMMUNICATIONS) 144,030
 884 SBM OFFSHORE NV (PETROLEUM REFINING & RELATED INDUSTRIES) 17,689
 3,716 STMICROELECTRONICS (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED) 36,990
 1,995 TNT NV (TRANSPORTATION SERVICES) 57,205
 8,919 UNILEVER NV (FOOD & KINDRED PRODUCTS) 269,780
 1,514 WOLTERS KLUWER NV (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 32,831
 1,567,084
 ---------------
NEW ZEALAND: 0.12%
 7,944 AUCKLAND INTERNATIONAL AIRPORT LIMITED (TRANSPORTATION BY AIR) 10,947
 1,646 CONTACT ENERGY LIMITED (ELECTRIC, GAS & SANITARY SERVICES)+ 7,483
 3,196 FLETCHER BUILDING LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 18,957
 885 NUFARM LIMITED (CHEMICALS & ALLIED PRODUCTS) 6,684
 2,983 SKY CITY ENTERTAINMENT GROUP LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 6,823
 10,406 TELECOM CORPORATION OF NEW ZEALAND LIMITED (COMMUNICATIONS) 16,040
 66,934
 ---------------


120 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
NORWAY: 0.66%
 4,861 DNB NOR ASA (DEPOSITORY INSTITUTIONS) $ 55,536
 3,558 NORSK HYDRO ASA (OIL & GAS EXTRACTION) 27,120
 4,141 ORKLA ASA (MISCELLANEOUS MANUFACTURING INDUSTRIES) 36,615
 1,724 RENEWABLE ENERGY CORPORATION AS (ELECTRIC, GAS & SANITARY SERVICES)+ 8,064
 6,102 STATOIL ASA (PETROLEUM REFINING & RELATED INDUSTRIES) 141,277
 4,493 TELENOR ASA (COMMUNICATIONS) 60,933
 1,000 YARA INTERNATIONAL ASA (CHEMICALS & ALLIED PRODUCTS) 43,411
 372,956
 ---------------
PORTUGAL: 0.25%
 12,164 BANCO COMERCIAL PORTUGUES SA (DEPOSITORY INSTITUTIONS) 13,538
 2,721 BANCO ESPIRITO SANTO SA (DEPOSITORY INSTITUTIONS) 14,700
 932 BRISA-AUTO ESTRADAS DE PORTUGAL SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 7,905
 1,220 CIMPOR CIMENTOS DE PORTUGAL SA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 9,219
 9,467 ENERGIAS DE PORTUGAL SA (ELECTRIC, GAS & SANITARY SERVICES) 37,631
 799 GALP ENERGIA SGPS SA (OIL & GAS EXTRACTION) 13,878
 1,142 JERONIMO MARTINS (FOOD & KINDRED PRODUCTS) 11,568
 3,172 PORTUGAL TELECOM SGPS SA (COMMUNICATIONS) 35,465
 143,904
 ---------------
SINGAPORE: 1.41%
 8,000 ASCENDAS REIT (REAL ESTATE) 10,980
 14,000 CAPITALAND LIMITED (REAL ESTATE) 39,730
 11,670 CAPITAMALL TRUST (REAL ESTATE) 14,765
 7,000 CAPITAMALLS ASIA LIMITED (REAL ESTATE) 11,308
 3,000 CITY DEVELOPMENTS LIMITED (REAL ESTATE) 22,731
 10,000 COMFORTDELGRO CORPORATION LIMITED (TRANSPORTATION SERVICES) 11,151
 7,000 COSCO CORPORATION SINGAPORE LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 6,205
 9,500 DBS GROUP HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) 97,109
 5,000 FRASER & NEAVE LIMITED (HEALTH SERVICES) 17,156
 34,672 GOLDEN AGRI-RESOURCES LIMITED (AGRICULTURAL SERVICES) 14,375
 1,122 JARDINE CYCLE & CARRIAGE LIMITED (WHOLESALE TRADE-DURABLE GOODS) 23,564
 40 K-REIT ASIA (REAL ESTATE) 31
 7,000 KEPPEL CORPORATION LIMITED (BUSINESS SERVICES) 45,634
 5,000 NEPTUNE ORIENT LINES LIMITED (WATER TRANSPORTATION) 7,184
 6,590 OLAM INTERNATIONAL LIMITED (AGRICULTURAL SERVICES) 12,201
 14,130 OVERSEA-CHINESE BANKING CORPORATION LIMITED (DEPOSITORY INSTITUTIONS) 87,975
 4,980 SEMBCORP INDUSTRIES LIMITED (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 14,702
 5,000 SEMBCORP MARINE LIMITED (TRANSPORTATION EQUIPMENT) 14,976
 2,600 SINGAPORE AIRLINES LIMITED (TRANSPORTATION BY AIR) 28,250
 5,000 SINGAPORE EXCHANGE LIMITED (BUSINESS SERVICES) 27,342
 9,000 SINGAPORE PRESS HOLDINGS LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 24,576
 7,000 SINGAPORE TECHNOLOGIES ENGINEERING LIMITED (ENGINEERING, ACCOUNTING,
 RESEARCH MANAGEMENT & RELATED SERVICES) 15,962
 43,000 SINGAPORE TELECOMMUNICATIONS LIMITED (COMMUNICATIONS) 97,437
 4,000 STARHUB LIMITED (COMMUNICATIONS) 6,548
 7,000 UNITED OVERSEAS BANK LIMITED (DEPOSITORY INSTITUTIONS) 96,172
 3,000 UNITED OVERSEAS LAND LIMITED (REAL ESTATE) 8,363
 7,000 WILMAR INTERNATIONAL LIMITED (FOOD & KINDRED PRODUCTS) 33,525
 9,000 YANGZIJIANG SHIPBUILDING HOLDINGS LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 7,463
 797,415
 ---------------
SOUTH AFRICA: 0.07%
 490 RANDGOLD RESOURCES LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 37,290
 ---------------


Wells Fargo Advantage Master Portfolios 121

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
SPAIN: 3.80%
 1,533 ABERTIS INFRAESTRUCTURAS SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) $ 29,505
 132 ACCIONA SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 14,639
 724 ACERINOX SA (PRIMARY METAL INDUSTRIES) 14,252
 770 ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA (RAILROAD TRANSPORTATION) 35,526
 19,358 BANCO BILBAO VIZCAYA ARGENTARIA SA (DEPOSITORY INSTITUTIONS) 264,858
 4,664 BANCO DE SABADE (DEPOSITORY INSTITUTIONS) 25,752
 1,104 BANCO DE VALENCIA SA (DEPOSITORY INSTITUTIONS)+ 7,038
 4,650 BANCO POPULAR ESPANOL SA (DEPOSITORY INSTITUTIONS) 34,229
 45,146 BANCO SANTANDER CENTRAL HISPANO SA (DEPOSITORY INSTITUTIONS) 600,008
 1,471 BANKINTER SA (DEPOSITORY INSTITUTIONS) 12,239
 2,363 CINTRA CONCESIONES DE INFRAESTRUCTURAS DE TRANSPORTE SA
 (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 22,979
 4,355 CRITERIA CAIXACORP SA (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 21,581
 1,131 EDP RENOVAVEIS SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
 COMPUTER EQUIPMENT)+ 8,837
 928 ENAGAS (ELECTRIC, GAS & SANITARY SERVICES) 20,336
 197 FOMENTO DE CONSTRUCCIONES Y CONTRATAS SA (HEAVY CONSTRUCTION OTHER THAN BUILDING
 CONSTRUCTION CONTRACTS) 7,212
 945 GAMESA CORPORATION TECNOLOGICA SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
 COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 12,955
 1,254 GAS NATURAL SDG SA (ELECTRIC, GAS & SANITARY SERVICES) 23,153
 511 GESTEVISION TELECINCO SA (AMUSEMENT & RECREATION SERVICES) 8,020
 662 GRIFOLS SA (CHEMICALS & ALLIED PRODUCTS) 9,889
 4,378 IBERDROLA RENOVABLES (ELECTRIC UTILITIES) 18,183
 20,013 IBERDROLA SA (ELECTRIC, GAS & SANITARY SERVICES) 169,617
 2,472 IBERIA LINEAS AEREAS DE ESPANA SA (TRANSPORTATION BY AIR) 8,641
 510 INDRA SISTEMAS SA (BUSINESS SERVICES) 10,456
 1,173 INDUSTRIA DE DISENO TEXTIL SA (APPAREL & ACCESSORY STORES) 77,322
 3,791 MAPFRE SA (INSURANCE CARRIERS) 13,907
 589 RED ELECTRICA DE ESPANA (ELECTRIC, GAS & SANITARY SERVICES) 31,611
 3,944 REPSOL YPF SA (OIL & GAS EXTRACTION) 93,382
 473 SACYR VALLEHERMOSO SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 4,173
 23,236 TELEFONICA SA (COMMUNICATIONS) 550,470
 690 ZARDOYA-OTIS SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 11,957
 2,162,727
 ---------------
SWEDEN: 2.69%
 1,768 ALFA LAVAL AB (MISCELLANEOUS MANUFACTURING INDUSTRIES) 26,028
 1,687 ASSA ABLOY AB CLASS B (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
 TRANSPORTATION EQUIPMENT) 33,013
 3,604 ATLAS COPCO AB CLASS A (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 55,902
 2,122 ATLAS COPCO AB CLASS B (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 29,741
 1,304 ELECTROLUX AB CLASS B (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
 EXCEPT COMPUTER EQUIPMENT) 29,798
 1,192 GETINGE AB (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 28,576
 2,780 HENNES & MAURITZ AB CLASS B (APPAREL & ACCESSORY STORES) 180,608
 331 HOLMEN AB CLASS B (PAPER & ALLIED PRODUCTS) 8,916
 2,110 HUSQVARNA AB B SHARES (COMMUNICATIONS) 15,341
 2,400 INVESTOR AB (HOLDING & OTHER INVESTMENT OFFICES) 46,035
 1,175 KINNEVIK INVESTMENT AB (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 21,643
 1,153 LUNDIN PETROLEUM AB (OIL & GAS EXTRACTION)+ 9,765
 17,856 NORDEA BANK AB (DEPOSITORY INSTITUTIONS) 176,196
 600 RATOS AB B SHARES (HOLDING & OTHER INVESTMENT OFFICES) 19,901
 5,422 SANDVIK AB (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 67,769
 1,692 SCANIA AB CLASS B (TRANSPORTATION EQUIPMENT) 26,760
 1,707 SECURITAS AB (BUSINESS SERVICES) 18,203
 8,238 SKANDINAVISKA ENSKILDA BANKEN AB CLASS A (DEPOSITORY INSTITUTIONS) 52,630
 2,340 SKANSKA AB (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 42,518
 2,140 SKF AB CLASS B (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 38,025
 992 SSAB SVENSKT STAL AB CLASS A (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
 TRANSPORTATION EQUIPMENT) 17,833


122 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
SWEDEN (continued)
 475 SSAB SVENSKT STAL AB CLASS B (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
 TRANSPORTATION EQUIPMENT)+ $ 7,710
 3,077 SVENSKA CELLULOSA AB CLASS B (PAPER & ALLIED PRODUCTS) 43,381
 2,614 SVENSKA HANDELSBANKEN (DEPOSITORY INSTITUTIONS) 76,603
 3,300 SWEDBANK AB (DEPOSITORY INSTITUTIONS) 33,866
 1,625 SWEDISH MATCH AB (TOBACCO PRODUCTS) 38,844
 1,695 TELE2 AB (COMMUNICATIONS) 28,287
 17,587 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B (COMMUNICATIONS) 185,355
 12,411 TELIASONERA AB (COMMUNICATIONS) 88,090
 2,400 VOLVO AB CLASS A (TRANSPORTATION EQUIPMENT) 23,765
 5,795 VOLVO AB CLASS B (TRANSPORTATION EQUIPMENT) 58,306
 1,529,408
 ---------------
SWITZERLAND: 7.69%
 11,997 ABB LIMITED (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 262,036
 555 ACTELION LIMITED (CHEMICALS & ALLIED PRODUCTS)+ 25,250
 660 ADECCO SA (BUSINESS SERVICES) 37,463
 420 ARYZTA AG (CONSUMER STAPLES) 18,403
 259 BALOISE HOLDING AG (INSURANCE AGENTS, BROKERS & SERVICE) 22,967
 83 BKW FMB ENERGIE AG (ELECTRIC, GAS & SANITARY SERVICES) 6,168
 2,809 COMPAGNIE FINANCIERE RICHEMONT SA (MISCELLANEOUS MANUFACTURING INDUSTRIES) 108,774
 6,119 CREDIT SUISSE GROUP (DEPOSITORY INSTITUTIONS) 315,409
 211 GEBERIT AG (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 37,761
 41 GIVAUDAN SA (CHEMICALS & ALLIED PRODUCTS) 35,968
 1,321 HOLCIM LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 98,474
 1,093 JULIUS BAER GROUP LIMITED (BANKING) 39,650
 1,093 JULIUS BAER HOLDING AG (DEPOSITORY INSTITUTIONS) 13,424
 294 KUEHNE & NAGEL INTERNATIONAL AG (TRANSPORTATION SERVICES) 29,751
 1 LINDT & SPRUENGLI AG (FOOD & KINDRED PRODUCTS) 27,077
 5 LINDT & SPRUENGLI AG (PARTICIPATION CERTIFICATE) (FOOD & KINDRED PRODUCTS) 11,831
 943 LOGITECH INTERNATIONAL SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
 EXCEPT COMPUTER EQUIPMENT)+ 15,517
 236 LONZA GROUP AG (CHEMICALS & ALLIED PRODUCTS) 19,249
 19,013 NESTLE SA (FOOD & KINDRED PRODUCTS) 973,731
 644 NOBEL BIOCARE HOLDING AG (MISCELLANEOUS MANUFACTURING INDUSTRIES) 17,224
 11,577 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 625,294
 140 PARGESA HOLDING SA (HOLDING & OTHER INVESTMENT OFFICES) 11,884
 240 PHONAK HOLDING AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
 PHOTOGRAPHIC, MEDICAL & OPTICAL) 29,818
 3,854 ROCHE HOLDINGS AG (CHEMICALS & ALLIED PRODUCTS) 625,032
 253 SCHINDLER HOLDING AG (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 22,267
 111 SCHINDLER HOLDING SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 9,643
 29 SGS SOCIETE GENERALE DE SURVEILLANCE HOLDING SA (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 39,991
 41 STRAUMANN HOLDING AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
 PHOTOGRAPHIC, MEDICAL & OPTICAL) 10,207
 224 SWATCH GROUP AG (APPAREL & ACCESSORY STORES) 13,320
 166 SWATCH GROUP AG CLASS B (APPAREL & ACCESSORY STORES) 52,930
 154 SWISS LIFE HOLDING (INSURANCE CARRIERS) 20,229
 1,857 SWISS REINSURANCE (INSURANCE CARRIERS) 91,406
 125 SWISSCOM AG (COMMUNICATIONS) 45,618
 515 SYNGENTA AG (CHEMICALS & ALLIED PRODUCTS) 143,012
 19,347 UBS AG (DEPOSITORY INSTITUTIONS) 314,499
 801 ZURICH FINANCIAL SERVICES AG (INSURANCE CARRIERS) 205,340
 4,376,617
 ---------------
UNITED KINGDOM: 20.38%
 4,985 3I GROUP PLC (HOLDING & OTHER INVESTMENT OFFICES) 22,029
 962 ADMIRAL GROUP PLC (INSURANCE CARRIERS) 19,270
 1,725 AMEC PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 20,915


Wells Fargo Advantage Master Portfolios 123

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
UNITED KINGDOM (continued)
 7,158 ANGLO AMERICAN PLC (COAL MINING) $ 312,181
 2,147 ANTOFAGASTA PLC (TRANSPORTATION SERVICES) 33,884
 1,939 ASSOCIATED BRITISH FOODS PLC (FOOD & KINDRED PRODUCTS) 28,792
 7,965 ASTRAZENECA PLC (CHEMICALS & ALLIED PRODUCTS) 355,233
 1,175 AUTONOMY CORPORATION PLC (BUSINESS SERVICES)+ 32,505
 15,059 AVIVA PLC (INSURANCE CARRIERS) 88,049
 19,270 BAE SYSTEMS PLC (TRANSPORTATION BY AIR) 108,576
 3,541 BALFOUR BEATTY PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 15,701
 62,944 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 344,149
 18,520 BG GROUP PLC (OIL & GAS EXTRACTION) 320,527
 12,120 BHP BILLITON PLC (COAL MINING) 415,661
 102,860 BP PLC (OIL & GAS EXTRACTION) 973,065
 2,991 BRITISH AIRWAYS PLC (TRANSPORTATION BY AIR) 11,029
 10,966 BRITISH AMERICAN TOBACCO PLC (TOBACCO PRODUCTS) 377,998
 4,539 BRITISH LAND COMPANY PLC (REAL ESTATE) 33,138
 6,126 BRITISH SKY BROADCASTING PLC (COMMUNICATIONS) 55,963
 41,747 BT GROUP PLC (COMMUNICATIONS) 78,492
 1,712 BUNZL PLC (BUSINESS SERVICES) 18,731
 2,246 BURBERRY GROUP PLC (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 24,352
 7,389 CAIRN ENERGY PLC (ENERGY)+ 46,757
 3,342 CAPITA GROUP PLC (BUSINESS SERVICES) 38,366
 908 CARNIVAL PLC (AMUSEMENT & RECREATION SERVICES) 37,272
 128 CATTLES PLC (NON-DEPOSITORY CREDIT INSTITUTIONS)(a) 0
 27,925 CENTRICA PLC (ELECTRIC, GAS & SANITARY SERVICES) 124,544
 5,924 COBHAM PLC (TRANSPORTATION EQUIPMENT) 23,103
 9,950 COMPASS GROUP PLC (FOOD & KINDRED PRODUCTS) 79,421
 13,607 DIAGEO PLC (FOOD & KINDRED PRODUCTS) 228,374
 1,890 DRAX GROUP PLC (ELECTRIC, GAS & SANITARY SERVICES) 10,715
 1,331 EURASIAN NATURAL RESOURCES CORPORATION (METAL MINING) 24,076
 2,498 FIRSTGROUP PLC (TRANSPORTATION SERVICES) 13,609
 928 FRESNILLO PLC (MATERIALS) 11,942
 6,900 G4S PLC (SOCIAL SERVICES) 27,381
 28,478 GLAXOSMITHKLINE PLC (CHEMICALS & ALLIED PRODUCTS) 546,890
 3,693 HAMMERSON PLC (REAL ESTATE) 22,047
 4,544 HOME RETAIL GROUP (GENERAL MERCHANDISE STORES) 18,687
 95,440 HSBC HOLDINGS PLC (DEPOSITORY INSTITUTIONS) 967,465
 2,686 ICAP PLC (BUSINESS SERVICES) 15,236
 5,531 IMPERIAL TOBACCO GROUP PLC (TOBACCO PRODUCTS) 168,705
 2,284 INMARSAT PLC (COMMUNICATIONS) 26,203
 1,332 INTERCONTINENTAL HOTELS GROUP PLC (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 20,860
 8,168 INTERNATIONAL POWER PLC (ELECTRIC, GAS & SANITARY SERVICES) 39,527
 4,385 INVENSYS PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 22,671
 2,179 INVESTEC PLC (HOLDING & OTHER INVESTMENT OFFICES) 17,823
 6,440 J SAINSBURY PLC (FOOD STORES) 32,015
 1,169 JOHNSON MATTHEY PLC (CHEMICALS & ALLIED PRODUCTS) 30,973
 1,164 KAZAKHMYS PLC (METAL MINING) 26,972
 12,851 KINGFISHER PLC (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 41,811
 4,115 LAND SECURITIES GROUP PLC (REAL ESTATE) 42,338
 31,457 LEGAL & GENERAL GROUP PLC (INSURANCE AGENTS, BROKERS & SERVICE) 42,032
 2,675 LIBERTY INTERNATIONAL PLC (REAL ESTATE) 20,439
 207,493 LLOYDS TSB GROUP PLC (DEPOSITORY INSTITUTIONS) 197,644
 772 LONDON STOCK EXCHANGE GROUP PLC (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 8,324
 799 LONMIN PLC (METAL MINING) 24,710
 9,184 MAN GROUP PLC (BUSINESS SERVICES) 33,657
 8,474 MARKS & SPENCER GROUP PLC (GENERAL MERCHANDISE STORES) 47,592
 13,265 NATIONAL GRID PLC (ELECTRIC, GAS & SANITARY SERVICES) 129,132


124 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
UNITED KINGDOM (continued)
 1,065 NEW CARPHONE WAREHOUSE (RETAIL, CONSUMER ELECTRONIC PRODUCTS) $ 2,578
 1,073 NEXT PLC (APPAREL & ACCESSORY STORES) 35,236
 28,717 OLD MUTUAL PLC (INSURANCE CARRIERS) 53,383
 4,357 PEARSON PLC (COMMUNICATIONS) 68,498
 1,074 PETROFAC LIMITED (OIL & GAS EXTRACTION) 19,590
 13,782 PRUDENTIAL PLC (INSURANCE CARRIERS) 114,505
 3,313 RECKITT BENCKISER GROUP (CHEMICALS & ALLIED PRODUCTS) 181,844
 6,517 REED ELSEVIER PLC (COMMUNICATIONS) 51,970
 13,673 RESOLUTION LIMITED (INVESTMENT COMPANIES) 17,004
 4,544 REXAM PLC (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 20,197
 7,531 RIO TINTO PLC (METAL MINING) 446,275
 9,965 ROLLS ROYCE GROUP PLC (TRANSPORTATION EQUIPMENT) 90,051
 90,747 ROYAL BANK OF SCOTLAND GROUP PLC (DEPOSITORY INSTITUTIONS) 60,592
 19,569 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION) 566,505
 14,804 ROYAL DUTCH SHELL PLC CLASS B (OIL & GAS EXTRACTION) 407,853
 5,139 SABMILLER PLC (EATING & DRINKING PLACES) 150,666
 7,140 SAGE GROUP PLC (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 25,906
 637 SCHRODERS PLC (HOLDING & OTHER INVESTMENT OFFICES) 13,601
 4,955 SCOTTISH & SOUTHERN ENERGY PLC (ELECTRIC, GAS & SANITARY SERVICES) 82,786
 3,807 SEGRO PLC (REAL ESTATE) 18,464
 2,667 SERCO GROUP PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 24,323
 1,226 SEVERN TRENT PLC (ELECTRIC, GAS & SANITARY SERVICES) 22,232
 3,013 SHIRE LIMITED (CHEMICALS & ALLIED PRODUCTS) 66,480
 4,819 SMITH & NEPHEW PLC (CHEMICALS & ALLIED PRODUCTS) 48,009
 2,088 SMITHS GROUP PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 35,995
 10,999 STANDARD CHARTERED PLC (DEPOSITORY INSTITUTIONS) 300,020
 12,172 STANDARD LIFE PLC (INSURANCE AGENTS, BROKERS & SERVICE) 36,997
 2,131 TALKTALK TELECOM GROUP PLC (COMMUNICATIONS) 4,172
 43,172 TESCO PLC (FOOD & KINDRED PRODUCTS) 285,278
 4,491 THOMAS COOK GROUP PLC (TRANSPORTATION SERVICES) 18,387
 4,572 TOMKINS PLC (BUSINESS SERVICES) 16,374
 2,895 TUI TRAVEL PLC (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 13,245
 4,816 TULLOW OIL PLC (OIL & GAS EXTRACTION) 91,353
 7,041 UNILEVER PLC (FOOD & KINDRED PRODUCTS) 206,749
 3,710 UNITED UTILITIES GROUP PLC (ELECTRIC, GAS & SANITARY SERVICES) 31,471
 714 VEDANTA RESOURCES PLC (PRIMARY METAL INDUSTRIES) 30,078
 288,575 VODAFONE GROUP PLC (COMMUNICATIONS) 665,627
 911 WHITBREAD PLC (EATING & DRINKING PLACES) 20,377
 11,394 WILLIAM MORRISON SUPERMARKETS PLC (FOOD STORES) 50,747
 1,523 WOLSELEY PLC (WHOLESALE TRADE-DURABLE GOODS) 36,794
 6,738 WPP PLC (COMMUNICATIONS) 69,836
 10,373 XSTRATA PLC (METAL MINING) 196,527
 11,598,128
 ---------------
UNITED STATES: 0.07%
 7 CITIGROUP INCORPORATED (DEPOSITORY INSTITUTIONS)+ 28
 1 NYSE EURONEXT INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 30
 319 SYNTHES INCORPORATED (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS)+ 39,814
 39,872
 ---------------
TOTAL COMMON STOCKS (COST $53,322,369) 55,642,987
 ---------------


Wells Fargo Advantage Master Portfolios 125

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL INDEX PORTFOLIO

 EXPIRATION
 SHARES SECURITY NAME DATE VALUE
------------- --------------------------------------------------------------------------------- ------------- ---------------
RIGHTS: 0.00%
 724 VOLKSWAGEN AG (TRANSPORTATION EQUIPMENT)+ 04/09/2010 $ 450
TOTAL RIGHTS (COST $0) 450
 ---------------
WARRANTS: 0.00%
 2,828 GOLDEN AGRI-RESOURCES LIMITED (AGRICULTURE SERVICES)+ 07/23/2012 253
TOTAL WARRANTS (COST $0) 253
 ---------------

 DIVIDEND
 YIELD
 -------------
PREFERRED STOCKS: 0.34%
 270 BAYERISCHE MOTOREN WERKE AG (TRANSPORTATION EQUIPMENT) 1.17% 9,556
 439 FRESENIUS AG (HEALTHCARE) 1.31 33,145
 956 HENKEL KGAA (CHEMICALS & ALLIED PRODUCTS) 1.32 51,468
 476 PORSCHE AG (AUTO & TRUCKS) 0.11 29,050
 202 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 6.26 16,613
 565 VOLKSWAGEN AG (TRANSPORTATION EQUIPMENT) 2.36 51,816
TOTAL PREFERRED STOCKS (COST $156,253) 191,648
 ---------------

 YIELD
 -------------
SHORT-TERM INVESTMENTS: 0.90%
MUTUAL FUNDS: 0.90%
 511,273 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 511,273
 ---------------
TOTAL SHORT-TERM INVESTMENTS (COST $511,273) 511,273
 ---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $53,989,895)* 99.01% 56,346,611
OTHER ASSETS AND LIABILITIES, NET 0.99 565,935
 ------ ---------------
TOTAL NET ASSETS 100.00% $ 56,912,546
 ------ ---------------


+ Non-income earning securities.

(a) Security fair valued in accordance with the procedures approved by the Board of Trustees.

~ The Fund invests cash balances that it retains for liquidity purposes in an affiliated money market fund.

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

(l) Investment in an affiliate.

* Cost for federal income tax purposes is $54,833,764 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation $ 9,144,274
Gross unrealized depreciation (7,631,427)
 -----------
Net unrealized appreciation $ 1,512,847

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


126 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL VALUE PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 95.11%
AUSTRALIA: 6.19%
 187,200 AMCOR LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) $ 1,097,702
 600,118 AWB LIMITED (AGRICULTURAL SERVICES) 525,917
 404,900 BLUESCOPE STEEL LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 1,081,229
 755,171 CHALLENGER FINANCIAL SERVICES GROUP LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 2,910,527
 340,400 DOWNER EDI LIMITED (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 2,361,503
 1,718,600 GOODMAN FIELDER LIMITED (FOOD & KINDRED PRODUCTS) 2,255,215
 29,469 MACQUARIE GROUP LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 1,277,745
 500,681 METCASH LIMITED (FOOD & KINDRED PRODUCTS) 1,902,123
 570,994 MINCOR RESOURCES NL (METAL MINING) 1,053,185
 368,800 SALLY MALAY MINING LIMITED (METAL MINING) 812,230
 153,900 SUNCORP-METWAY LIMITED (DEPOSITORY INSTITUTIONS) 1,206,073
 210,400 TABCORP HOLDINGS LIMITED (AMUSEMENT & RECREATION SERVICES) 1,332,208
 527,300 TELSTRA CORPORATION LIMITED (COMMUNICATIONS) 1,446,792
 19,262,449
 ---------------
AUSTRIA: 0.95%
 32,300 ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG (DEPOSITORY INSTITUTIONS) 1,356,769
 39,300 VOESTALPINE AG (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 1,589,763
 2,946,532
 ---------------
BELGIUM: 2.25%
 39,400 DELHAIZE GROUP (GENERAL MERCHANDISE STORES) 3,166,330
 53,300 KBC GROEP NV (DEPOSITORY INSTITUTIONS) 2,581,190
 37,000 TESSENDERLO CHEMIE NV (CHEMICALS & ALLIED PRODUCTS) 1,237,358
 6,984,878
 ---------------
DENMARK: 0.92%
 45,600 DANSKE BANK (DEPOSITORY INSTITUTIONS) 1,121,840
 93,000 H. LUNDBECK AS (CHEMICALS & ALLIED PRODUCTS) 1,753,093
 2,874,933
 ---------------
FINLAND: 1.40%
 156,300 NOKIA OYJ (COMMUNICATIONS) 2,434,060
 82,700 TIETOENATOR OYJ (BUSINESS SERVICES) 1,914,517
 4,348,577
 ---------------
FRANCE: 9.92%
 54,000 AXA SA (INSURANCE CARRIERS) 1,201,242
 20,800 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 1,597,398
 31,998 CASINO GUICHARD PERRACHON SA (FOOD STORES) 2,707,615
 74,700 CREDIT AGRICOLE SA (DEPOSITORY INSTITUTIONS) 1,307,581
 86,100 FRANCE TELECOM SA (COMMUNICATIONS) 2,060,095
 31,800 LAGARDERE SCA (COMMUNICATIONS) 1,286,803
 36,000 RALLYE SA (FOOD STORES)+ 1,328,149
 74,500 SAFRAN SA (TRANSPORTATION EQUIPMENT) 1,942,033
 79,700 SANOFI-AVENTIS SA (CHEMICALS & ALLIED PRODUCTS) 5,941,029
 105,400 SCOR REGROUPE (INSURANCE CARRIERS) 2,662,105
 4,300 SCOR SE (INSURANCE CARRIERS) 108,275
 17,600 SOCIETE GENERALE (DEPOSITORY INSTITUTIONS) 1,106,917
 32,500 THALES SA (TRANSPORTATION EQUIPMENT) 1,304,593
 48,200 TOTAL SA (OIL & GAS EXTRACTION) 2,798,056
 130,400 VIVENDI SA (COMMUNICATIONS) 3,489,913
 30,841,804
 ---------------


Wells Fargo Advantage Master Portfolios 127

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL VALUE PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
GERMANY: 8.95%
 33,100 ALLIANZ AG (INSURANCE AGENTS, BROKERS & SERVICE) $ 4,150,107
 69,900 BASF AG (OIL & GAS EXTRACTION) 4,335,329
 20,100 DEUTSCHE BANK AG (BANKING) 1,548,255
 77,800 DEUTSCHE LUFTHANSA AG (TRANSPORTATION BY AIR) 1,290,390
 114,700 E.ON AG (ELECTRIC, GAS & SANITARY SERVICES) 4,234,728
 31,000 HANNOVER RUECKVERSICHERUNG AG (INSURANCE CARRIERS) 1,530,773
 22,800 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG (INSURANCE CARRIERS) 3,699,999
 25,900 NORDDEUTSCHE AFFINERIE AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
 COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,334,732
 25,900 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 2,294,809
 78,400 THYSSENKRUPP AG (PRIMARY METAL INDUSTRIES) 2,695,455
 6,754 VOSSLOH AG (TRANSPORTATION EQUIPMENT) 721,209
 27,835,786
 ---------------
HONG KONG: 2.28%
 2,260,000 CHAODA MODERN AGRICULTURE LIMITED (AGRICULTURAL SERVICES) 2,407,213
 993,000 NOBLE GROUP LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 2,172,043
 1,000,000 UNION BANK HONG KONG (DEPOSITORY INSTITUTIONS) 2,503,783
 7,083,039
 ---------------
IRELAND: 0.34%
 79,300 ALLIED IRISH BANKS PLC (DEPOSITORY INSTITUTIONS) 128,314
 225,000 BANK OF IRELAND PLC (DEPOSITORY INSTITUTIONS) 486,234
 111,500 IRISH LIFE & PERMAMENT GROUP HOLDINGS PLC (DIVERSIFIED FINANCIAL SERVICES, MORTGAGE,
 SAVING, INVESTMENTS & PENSION PRODUCTS) 443,209
 1,057,757
 ---------------
ITALY: 2.63%
 141,055 BENETTON GROUP SPA (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 1,169,768
 688,400 ENEL SPA (ELECTRIC, GAS & SANITARY SERVICES) 3,849,321
 135,200 ENI SPA (OIL & GAS EXTRACTION) 3,171,900
 8,190,989
 ---------------
JAPAN: 20.09%
 203,200 ADEKA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 2,030,044
 85,600 ASTELLAS PHARMA INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 3,099,326
 266,000 CENTRAL GLASS COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 1,314,494
 208,000 CHIBA BANK LIMITED (DEPOSITORY INSTITUTIONS) 1,243,684
 169,600 COMSYS HOLDINGS CORPORATION (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 1,641,758
 161,000 COSMO OIL COMPANY LIMITED (OIL & GAS EXTRACTION) 389,197
 90,000 CREDIT SAISON COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 1,395,871
 73,600 EDION CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
 EXCEPT COMPUTER EQUIPMENT) 758,122
 63,300 EIZO NANAO CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
 EXCEPT COMPUTER EQUIPMENT) 1,560,664
 378,000 FUKUOKA FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 1,605,156
 57,700 HITACHI CAPITAL CORPORATION (BUSINESS SERVICES) 821,464
 214,000 ITOCHU CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 1,874,703
 40,300 JFE HOLDINGS INCORPORATED (PRIMARY METAL INDUSTRIES) 1,622,949
 52,000 KANEKA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 337,063
 500 KDDI CORPORATION (COMMUNICATIONS) 2,588,512
 23,900 KONAMI CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 460,923
 98,000 KYORIN COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 1,417,221
 148,000 MAEDA ROAD CONSTRUCTION COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
 OPERATIVE BUILDERS) 1,206,289
 516,000 MARUBENI CORPORATION (BUSINESS SERVICES) 3,206,717
 52,200 MIRACA HOLDINGS INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 1,591,293
 64,100 MITSUBISHI CORPORATION (BUSINESS SERVICES) 1,679,805
 97,000 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 1,629,982
 1,831,300 MIZUHO FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 3,623,815


128 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL VALUE PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
JAPAN (continued)
 131,300 NAMCO BANDAI HOLDINGS INCORPORATED (AMUSEMENT & RECREATION SERVICES) $ 1,279,434
 213,000 NIPPON EXPRESS COMPANY LIMITED (TRANSPORTATION SERVICES) 915,884
 406,500 NIPPON MINING HOLDINGS INCORPORATED (PETROLEUM REFINING & RELATED INDUSTRIES)(a) 1,936,430
 303,300 NIPPON OIL CORPORATION (PETROLEUM REFINING & RELATED INDUSTRIES)(a) 1,444,819
 14,200 NIPPON SYSTEM DEVELOPMENT COMPANY LIMITED (BUSINESS SERVICES) 170,570
 74,600 NIPPON TELEGRAPH & TELEPHONE CORPORATION (COMMUNICATIONS) 3,143,908
 168,000 NISSAN SHATAI COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 1,340,550
 1,000 NTT DOCOMO INCORPORATED (COMMUNICATIONS) 1,523,158
 40,000 RYOSAN COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
 EXCEPT COMPUTER EQUIPMENT) 1,018,719
 384,000 SANWA SHUTTER CORPORATION (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 1,281,506
 678,000 SOJITZ CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 1,312,632
 267,100 SUMITOMO CORPORATION (MISCELLANEOUS RETAIL) 3,071,264
 42,500 SUMITOMO MITSUI FINANCIAL GROUP INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 1,404,696
 68,700 TAKEDA PHARMACEUTICAL COMPANY LIMITED (PHARMACEUTICALS) 3,023,858
 64,200 TAKEFUJI CORPORATION (NON-DEPOSITORY CREDIT INSTITUTIONS) 273,308
 62,000 THE KEIYO BANK LIMITED (DEPOSITORY INSTITUTIONS) 299,091
 234,000 TOSHIBA TEC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
 EXCEPT COMPUTER EQUIPMENT) 926,088
 28,000 TSURUHA HOLDINGS INCORPORATED (GENERAL MERCHANDISE STORES) 1,003,316
 62,468,283
 ---------------
NETHERLANDS: 3.28%
 151,800 AEGON NV (INSURANCE CARRIERS) 1,039,496
 82,761 CSM (FOOD & KINDRED PRODUCTS) 2,570,967
 77,200 ING GROEP NV (FINANCIAL SERVICES) 770,765
 52,700 KONINKLIJKE DSM NV (CHEMICALS & ALLIED PRODUCTS) 2,349,984
 37,904 KONINKLIJKE TEN CATE NV (EDUCATIONAL SERVICES) 992,160
 39,100 NUTRECO HOLDING NV (FOOD & KINDRED PRODUCTS) 2,463,607
 10,186,979
 ---------------
NORWAY: 0.94%
 132,000 DNB NOR ASA (DEPOSITORY INSTITUTIONS) 1,508,076
 61,700 STATOIL ASA (PETROLEUM REFINING & RELATED INDUSTRIES) 1,428,510
 2,936,586
 ---------------
PORTUGAL: 0.89%
 245,688 BANCO BPI SA (DEPOSITORY INSTITUTIONS) 653,058
 131,400 BANCO ESPIRITO SANTO SA (DEPOSITORY INSTITUTIONS) 709,902
 126,300 PORTUGAL TELECOM SGPS SA (COMMUNICATIONS) 1,412,120
 2,775,080
 ---------------
SINGAPORE: 0.29%
 606,490 MOBILONE LIMITED (COMMUNICATIONS) 901,747
 ---------------
SPAIN: 4.49%
 185,200 BANCO BILBAO VIZCAYA ARGENTARIA SA (DEPOSITORY INSTITUTIONS) 2,533,923
 146,100 BANCO ESPANOL DE CREDITO SA (DEPOSITORY INSTITUTIONS) 1,539,174
 430,300 BANCO SANTANDER CENTRAL HISPANO SA (DEPOSITORY INSTITUTIONS) 5,718,859
 123,800 REPSOL YPF SA (OIL & GAS EXTRACTION) 2,931,201
 52,400 TELEFONICA SA (COMMUNICATIONS) 1,241,377
 13,964,534
 ---------------
SWEDEN: 2.68%
 120,300 BOLIDEN AB (METAL MINING) 1,719,381
 113,500 SAAB AB (AEROSPACE, DEFENSE)+ 1,729,081
 101,800 SVENSKA CELLULOSA AB CLASS B (PAPER & ALLIED PRODUCTS) 1,435,233


Wells Fargo Advantage Master Portfolios 129

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL VALUE PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
SWEDEN (continued)
 68,600 SVENSKA HANDELSBANKEN (DEPOSITORY INSTITUTIONS) $ 2,010,326
 137,500 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B (COMMUNICATIONS) 1,449,152
 8,343,173
 ---------------
SWITZERLAND: 6.79%
 28,800 BALOISE HOLDING AG (INSURANCE AGENTS, BROKERS & SERVICE) 2,553,870
 173,900 CLARIANT AG (CHEMICALS & ALLIED PRODUCTS) 2,211,683
 27,500 CREDIT SUISSE GROUP (DEPOSITORY INSTITUTIONS) 1,417,512
 3,700 GEORG FISCHER AG (TRANSPORTATION EQUIPMENT) 1,358,024
 76,700 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 4,142,702
 28,900 SWISS REINSURANCE (INSURANCE CARRIERS) 1,422,525
 7,500 SWISSCOM AG (COMMUNICATIONS) 2,737,102
 2,000 VALORA HOLDING AG (GENERAL MERCHANDISE STORES) 517,830
 7,800 VERWALTUNGS-UND PRIVAT-BANK AG (DEPOSITORY INSTITUTIONS) 850,721
 15,200 ZURICH FINANCIAL SERVICES AG (INSURANCE CARRIERS) 3,896,586
 21,108,555
 ---------------
UNITED KINGDOM: 19.83%
 190,400 AMLIN PLC (INSURANCE CARRIERS) 1,121,344
 109,800 ASTRAZENECA PLC (PHARMACEUTICALS) 4,897,003
 220,500 AVIVA PLC (INSURANCE CARRIERS) 1,289,247
 242,900 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 1,328,068
 720,100 BP PLC (OIL & GAS EXTRACTION) 6,812,210
 83,025 BRIT INSURANCE HOLDINGS NV (PROPERTY - CASUALTY INSURANCE) 948,077
 1,092,100 BT GROUP PLC (COMMUNICATIONS) 2,053,346
 328,700 CENTRICA PLC (ELECTRIC, GAS & SANITARY SERVICES) 1,465,979
 87,468 CHARTER INTERNATIONAL PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 996,158
 279,000 DRAX GROUP PLC (ELECTRIC, GAS & SANITARY SERVICES) 1,581,756
 390,000 DS SMITH PLC (PAPER & ALLIED PRODUCTS) 797,780
 213,300 GLAXOSMITHKLINE PLC (PHARMACEUTICALS) 4,096,203
 184,200 GREENE KING PLC (FOOD & KINDRED PRODUCTS) 1,252,824
 358,800 HOME RETAIL GROUP (GENERAL MERCHANDISE STORES) 1,475,537
 323,800 IMI PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 3,243,017
 67,900 KAZAKHMYS PLC (METAL MINING) 1,573,393
 653,600 LOGICACMG PLC (BUSINESS SERVICES) 1,353,858
 632,790 MARSTON'S PLC (FOOD & KINDRED PRODUCTS) 880,557
 544,300 MEGGITT PLC (TRANSPORTATION BY AIR) 2,525,005
 237,100 NORTHERN FOODS PLC (FOOD & KINDRED PRODUCTS) 209,403
 1,123,200 OLD MUTUAL PLC (INSURANCE CARRIERS) 2,087,957
 315,100 PREMIER FOODS PLC (WHOLESALE TRADE-DURABLE GOODS) 151,769
 443,900 ROYAL & SUN ALLIANCE INSURANCE GROUP PLC (INSURANCE CARRIERS) 858,863
 14,300 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION) 413,616
 264,000 ROYAL DUTCH SHELL PLC CLASS B (OIL & GAS EXTRACTION) 7,273,252
 124,200 SPECTRIS PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,559,617
 319,900 TATE & LYLE PLC (FOOD & KINDRED PRODUCTS) 2,204,905
 389,400 THOMAS COOK GROUP PLC (LEISURE) 1,594,286
 14,800 TOMKINS PLC (BUSINESS SERVICES) 53,003
 1,698,900 VODAFONE GROUP PLC (COMMUNICATIONS) 3,918,680
 223,600 WH SMITH PUBLIC LIMITED CORPORATION (GENERAL MERCHANDISE STORES) 1,648,722
 61,665,435
 ---------------
TOTAL COMMON STOCKS (COST $323,674,421) 295,777,116
 ---------------


130 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

INTERNATIONAL VALUE PORTFOLIO

 SHARES SECURITY NAME YIELD VALUE
------------- ----------------------------------------------------------------- ------------- ---------------
SHORT-TERM INVESTMENTS: 2.34%
MUTUAL FUNDS: 2.34%
 7,289,152 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% $ 7,289,152
 ---------------
TOTAL SHORT-TERM INVESTMENTS (COST $7,289,152) 7,289,152
 ---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $330,963,573)* 97.45% 303,066,268
OTHER ASSETS AND LIABILITIES, NET 2.55 7,932,668
 ------ ---------------
TOTAL NET ASSETS 100.00% $ 310,998,936
 ------ ---------------


(a) Security fair valued in accordance with the procedures approved by the Board of Trustees.

+ Non-income earning securities.

~ The Fund invests cash balances that it retains for liquidity purposes in an affiliated money market fund.

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

(l) Investment in an affiliate.

* Cost for federal income tax purposes is $324,949,432 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation $ 31,267,611
Gross unrealized depreciation (53,150,775)
 ------------
Net unrealized depreciation $(21,883,164)

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


Wells Fargo Advantage Master Portfolios 131

Portfolio of Investments--March 31, 2010 (Unaudited)

LARGE CAP APPRECIATION PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 98.43%
AEROSPACE, DEFENSE: 1.09%
 10,650 GOODRICH CORPORATION $ 751,034
 ---------------
APPAREL & ACCESSORY STORES: 0.96%
 7,780 POLO RALPH LAUREN CORPORATION 661,611
 ---------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 1.06%
 18,620 COACH INCORPORATED 735,862
 ---------------
AUTO PARTS & EQUIPMENT: 1.14%
 23,940 JOHNSON CONTROLS INCORPORATED 789,781
 ---------------
BIOPHARMACEUTICALS: 1.03%
 15,660 GILEAD SCIENCES INCORPORATED+ 712,217
 ---------------
BIOTECHNOLOGY: 2.22%
 13,790 AMGEN INCORPORATED+ 824,090
 12,390 BIOGEN IDEC INCORPORATED+ 710,690
 1,534,780
 ---------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.92%
 880 NVR INCORPORATED+ 639,320
 ---------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 1.25%
 26,670 HOME DEPOT INCORPORATED 862,775
 ---------------
BUSINESS SERVICES: 2.13%
 28,420 CA INCORPORATED 667,017
 20,790 OMNICOM GROUP INCORPORATED 806,860
 1,473,877
 ---------------
CHEMICALS & ALLIED PRODUCTS: 2.44%
 8,920 CF INDUSTRIES HOLDINGS INCORPORATED 813,326
 23,410 E.I. DU PONT DE NEMOURS & COMPANY 871,788
 1,685,114
 ---------------
COAL MINING: 0.59%
 8,890 PEABODY ENERGY CORPORATION 406,273
 ---------------
COMMUNICATIONS: 1.31%
 48,260 COMCAST CORPORATION CLASS A 908,253
 ---------------
COMPUTER TECHNOLOGIES: 6.56%
 8,890 APPLE INCORPORATED+ 2,088,528
 21,650 HEWLETT-PACKARD COMPANY 1,150,698
 10,130 INTERNATIONAL BUSINESS MACHINES CORPORATION 1,299,173
 4,538,399
 ---------------
DATA SERVICES: 1.01%
 21,360 NETAPP INCORPORATED+ 695,482
 ---------------
DEPARTMENT STORES: 1.13%
 19,140 NORDSTROM INCORPORATED<< 781,869
 ---------------
E-COMMERCE/SERVICES: 4.52%
 6,280 AMAZON.COM INCORPORATED+ 852,384
 36,410 EBAY INCORPORATED+ 981,250
 2,280 GOOGLE INCORPORATED CLASS A+ 1,292,783
 3,126,417
 ---------------


132 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

LARGE CAP APPRECIATION PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
EATING & DRINKING PLACES: 1.34%
 13,920 MCDONALD'S CORPORATION $ 928,742
 ---------------
ELECTRIC, GAS & SANITARY SERVICES: 1.19%
 16,370 EMERSON ELECTRIC COMPANY 824,066
 ---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 2.51%
 19,610 COOPER INDUSTRIES PLC 940,103
 32,460 TEXAS INSTRUMENTS INCORPORATED 794,296
 1,734,399
 ---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 1.09%
 28,060 CROWN HOLDINGS INCORPORATED+ 756,498
 ---------------
FOOD & KINDRED PRODUCTS: 3.77%
 30,780 ARCHER DANIELS MIDLAND COMPANY 889,542
 12,290 GENERAL MILLS INCORPORATED 870,009
 18,600 H.J. HEINZ COMPANY 848,346
 2,607,897
 ---------------
FOOD STORES: 1.32%
 37,720 STARBUCKS CORPORATION 915,464
 ---------------
FURNITURE & FIXTURES: 1.33%
 42,640 LEGGETT & PLATT INCORPORATED 922,730
 ---------------
GENERAL MERCHANDISE STORES: 2.10%
 26,090 WAL-MART STORES INCORPORATED 1,450,604
 ---------------
HEALTH CARE: 1.03%
 12,640 HOSPIRA INCORPORATED+ 716,056
 ---------------
HEALTH SERVICES: 3.68%
 31,120 AMERISOURCEBERGEN CORPORATION 899,990
 13,950 MCKESSON CORPORATION 916,794
 11,300 MEDCO HEALTH SOLUTIONS INCORPORATED+ 729,528
 2,546,312
 ---------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 1.28%
 20,230 BED BATH & BEYOND INCORPORATED+ 885,265
 ---------------
HOUSEHOLD PRODUCTS, WARE: 1.20%
 13,110 PROCTER & GAMBLE COMPANY 829,470
 ---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 4.41%
 10,040 3M COMPANY 839,043
 21,930 CAMERON INTERNATIONAL CORPORATION+ 939,920
 19,120 DOVER CORPORATION 893,860
 6,720 JOY GLOBAL INCORPORATED 380,352
 3,053,175
 ---------------
INSURANCE CARRIERS: 2.77%
 29,890 LINCOLN NATIONAL CORPORATION 917,623
 16,550 PRUDENTIAL FINANCIAL INCORPORATED 1,001,275
 1,918,898
 ---------------


Wells Fargo Advantage Master Portfolios 133

Portfolio of Investments--March 31, 2010 (Unaudited)

LARGE CAP APPRECIATION PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 2.41%
 24,390 AGILENT TECHNOLOGIES INCORPORATED+ $ 838,772
 16,120 THERMO FISHER SCIENTIFIC INCORPORATED+ 829,213
 1,667,985
 ---------------
MEDIA - COMMUNICATION: 1.22%
 24,970 DIRECTV+ 844,236
 ---------------
MEDICAL EQUIPMENT & SUPPLIES: 1.17%
 17,920 MEDTRONIC INCORPORATED 806,938
 ---------------
METAL MINING: 0.50%
 4,830 CLIFFS NATURAL RESOURCES INCORPORATED 342,689
 ---------------
MISCELLANEOUS RETAIL: 2.48%
 13,670 COSTCO WHOLESALE CORPORATION 816,236
 24,270 WALGREEN COMPANY 900,174
 1,716,410
 ---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 1.26%
 13,490 UNITED PARCEL SERVICE INCORPORATED CLASS B 868,891
 ---------------
NETWORKING: 2.42%
 64,220 CISCO SYSTEMS INCORPORATED+ 1,671,647
 ---------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 1.21%
 20,350 AMERICAN EXPRESS COMPANY 839,641
 ---------------
OIL & GAS EXTRACTION: 1.17%
 9,590 OCCIDENTAL PETROLEUM CORPORATION 810,739
 ---------------
PHARMACEUTICALS: 3.39%
 14,360 ABBOTT LABORATORIES 756,485
 12,150 JOHNSON & JOHNSON 792,180
 21,321 MERCK & COMPANY INCORPORATED 796,339
 2,345,004
 ---------------
RAILROAD TRANSPORTATION: 1.31%
 16,250 NORFOLK SOUTHERN CORPORATION 908,213
 ---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 3.31%
 3,310 BLACKROCK INCORPORATED 720,786
 4,440 GOLDMAN SACHS GROUP INCORPORATED 757,597
 22,660 LAZARD LIMITED 808,962
 2,287,345
 ---------------
SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 2.48%
 26,700 BROADCOM CORPORATION CLASS A 885,906
 46,070 EMC CORPORATION+ 831,103
 1,717,009
 ---------------
SOFTWARE: 7.11%
 18,360 BMC SOFTWARE INCORPORATED+ 697,680
 19,600 MCAFEE INCORPORATED+ 786,548
 76,920 MICROSOFT CORPORATION 2,251,448
 46,040 ORACLE CORPORATION 1,182,768
 4,918,444
 ---------------


134 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

LARGE CAP APPRECIATION PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS: 1.17%
 31,810 OWENS CORNING INCORPORATED+ $ 809,246
 ---------------
TELECOMMUNICATIONS: 1.11%
 17,950 AMERICAN TOWER CORPORATION CLASS A+ 764,850
 ---------------
TOBACCO PRODUCTS: 1.36%
 17,990 PHILIP MORRIS INTERNATIONAL 938,358
 ---------------
TRANSPORTATION BY AIR: 1.35%
 70,420 SOUTHWEST AIRLINES COMPANY 930,952
 ---------------
TRANSPORTATION EQUIPMENT: 1.21%
 12,780 NORTHROP GRUMMAN CORPORATION 837,985
 ---------------
WHOLESALE TRADE-DURABLE GOODS: 2.42%
 12,030 KIMBERLY-CLARK CORPORATION 756,446
 8,480 W.W. GRAINGER INCORPORATED 916,858
 1,673,304
 ---------------
TOTAL COMMON STOCKS (COST $56,309,649) 68,092,526
 ---------------

 PRINCIPAL INTEREST RATE MATURITY DATE
------------- ------------- -------------
COLLATERAL FOR SECURITIES LENDING: 1.77%
COLLATERAL INVESTED IN OTHER ASSETS: 1.77%
$ 30,988 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
 COLLATERALIZED BY MORTGAGE-BACKED SECURITIES
 (MATURITY VALUE $30,988) 0.01% 04/01/2010 30,988
 9,279 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 9,279
 12,759 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 12,759
 255,649 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED
 BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $255,649) 0.02 04/01/2010 255,649
 6,142 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 6,142
 18,559 COOK COUNTY IL+/-ss 0.25 11/01/2030 18,559
 23,240 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED
 BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $23,240) 0.03 04/01/2010 23,240
 35,679 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED
 BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $35,679) 0.01 04/01/2010 35,679
 548,971 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 225,627
 3,828 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 3,828
 11,599 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 11,599
 4,640 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 4,640
 154,939 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED
 BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $154,939) 0.01 04/01/2010 154,939
 6,959 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 6,959
 4,640 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 4,640
 13,559 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 13,559
 20,878 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 20,878
 6,959 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 6,960
 700,322 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 378,174
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $1,115,706) 1,224,098
 ---------------
TOTAL INVESTMENTS IN SECURITIES
 (COST $57,425,355)* 100.20% 69,316,624
OTHER ASSETS AND LIABILITIES, NET (0.20) (141,494)
 ------ ---------------
TOTAL NET ASSETS 100.00% $69,175,130
 ------ ---------------


Wells Fargo Advantage Master Portfolios 135

Portfolio of Investments--March 31, 2010 (Unaudited)

LARGE CAP APPRECIATION PORTFOLIO


+ Non-income earning securities.

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

+/- Variable rate investments.

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

(a) Security fair valued in accordance with the procedures approved by the Board of Trustees.

(i) Illiquid security.

++ Securities that may be resold to "qualified institutional buyers" under rule 144A or securities offered pursuant to section 4(2) of the Securities Act of 1933, as amended.

* Cost for federal income tax purposes is $58,793,841 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation $12,152,090
Gross unrealized depreciation (1,629,307)
 -----------
Net unrealized appreciation $10,522,783

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


136 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

LARGE COMPANY GROWTH PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 97.49%
BIOPHARMACEUTICALS: 2.28%
 288,240 GENZYME CORPORATION+ $ 14,939,479
 ---------------
BIOTECHNOLOGY: 0.95%
 103,600 AMGEN INCORPORATED+ 6,191,136
 ---------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 4.83%
 323,200 FASTENAL COMPANY<< 15,510,368
 664,400 LOWE'S COMPANIES INCORPORATED 16,105,056
 31,615,424
 ---------------
BUSINESS SERVICES: 2.75%
 210,500 AUTOMATIC DATA PROCESSING INCORPORATED 9,360,935
 118,200 FACTSET RESEARCH SYSTEMS INCORPORATED 8,672,334
 18,033,269
 ---------------
COMMERCIAL SERVICES: 3.23%
 689,600 PAYCHEX INCORPORATED 21,170,720
 ---------------
COMPUTER TECHNOLOGIES: 6.65%
 185,400 APPLE INCORPORATED+ 43,556,022
 ---------------
E-COMMERCE/SERVICES: 12.50%
 214,800 AMAZON.COM INCORPORATED+ 29,154,804
 356,770 EBAY INCORPORATED+ 9,614,952
 76,100 GOOGLE INCORPORATED CLASS A+ 43,149,461
 81,919,217
 ---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 1.39%
 322,000 LINEAR TECHNOLOGY CORPORATION 9,106,160
 ---------------
GENERAL MERCHANDISE STORES: 8.25%
 157,600 KOHL'S CORPORATION+ 8,633,328
 538,860 TARGET CORPORATION 28,344,036
 306,700 WAL-MART STORES INCORPORATED 17,052,520
 54,029,884
 ---------------
MEDICAL EQUIPMENT & SUPPLIES: 3.60%
 524,010 MEDTRONIC INCORPORATED 23,596,170
 ---------------
NETWORKING: 6.45%
 1,624,443 CISCO SYSTEMS INCORPORATED+ 42,284,251
 ---------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 2.05%
 147,300 VISA INCORPORATED CLASS A 13,408,719
 ---------------
OIL & GAS EXTRACTION: 1.51%
 156,300 SCHLUMBERGER LIMITED 9,913,718
 ---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 20.27%
 1,744,537 CHARLES SCHWAB CORPORATION 32,605,397
 27,000 CME GROUP INCORPORATED 8,534,970
 185,400 FRANKLIN RESOURCES INCORPORATED 20,560,860
 305,490 GOLDMAN SACHS GROUP INCORPORATED 52,125,759
 345,200 T. ROWE PRICE GROUP INCORPORATED 18,961,836
 132,788,822
 ---------------


Wells Fargo Advantage Master Portfolios 137

Portfolio of Investments--March 31, 2010 (Unaudited)

LARGE COMPANY GROWTH PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 6.01%
 827,800 EMC CORPORATION+ $ 14,933,512
 1,098,570 INTEL CORPORATION 24,454,168
 39,387,680
 ---------------
SOFTWARE: 6.11%
 1,367,598 MICROSOFT CORPORATION 40,029,593
 ---------------
TELECOMMUNICATIONS: 4.39%
 684,900 QUALCOMM INCORPORATED 28,758,951
 ---------------
TRANSPORTATION SERVICES: 4.27%
 257,000 C.H. ROBINSON WORLDWIDE INCORPORATED 14,353,450
 368,500 EXPEDITORS INTERNATIONAL OF WASHINGTON INCORPORATED 13,605,020
 27,958,470
 ---------------
TOTAL COMMON STOCKS (COST $539,527,091) 638,687,685
 ---------------

 PRINCIPAL INTEREST RATE MATURITY DATE
------------- ------------- -------------
COLLATERAL FOR SECURITIES LENDING: 0.95%
COLLATERAL INVESTED IN OTHER ASSETS: 0.95%
$ 150,763 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
 COLLATERALIZED BY MORTGAGE-BACKED SECURITIES
 (MATURITY VALUE $150,763) 0.01% 04/01/2010 150,763
 45,145 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 45,145
 62,075 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 62,075
 1,243,780 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $1,243,781) 0.02 04/01/2010 1,243,780
 29,881 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 29,881
 90,291 COOK COUNTY IL+/-ss 0.25 11/01/2030 90,291
 113,067 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $113,067) 0.03 04/01/2010 113,067
 173,584 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $173,584) 0.01 04/01/2010 173,584
 2,904,320 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 1,193,676
 18,623 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 18,623
 56,432 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 56,432
 22,573 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 22,573
 753,805 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $753,805) 0.01 04/01/2010 753,805
 33,859 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 33,859
 22,573 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 22,573
 65,969 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 65,969
 101,577 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 101,577
 33,859 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 33,858
 3,705,039 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 2,000,721
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $5,638,803) 6,212,252
 ---------------


138 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

LARGE COMPANY GROWTH PORTFOLIO

 SHARES SECURITY NAME YIELD VALUE
------------- ---------------------------------------------------------------- ------------- ---------------
SHORT-TERM INVESTMENTS: 1.21%
MUTUAL FUNDS: 1.21%
 7,933,097 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% $ 7,933,097
TOTAL SHORT-TERM INVESTMENTS (COST $7,933,097) 7,933,097
 ---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $553,098,991)* 99.65% 652,833,034
OTHER ASSETS AND LIABILITIES, NET 0.35 2,269,501
 ------ ---------------
TOTAL NET ASSETS 100.00% $ 655,102,535
 ------ ---------------


+ Non-income earning securities.

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

+/- Variable rate investments.

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

(a) Security fair valued in accordance with the procedures approved by the Board of Trustees.

(i) Illiquid security.

++ Securities that may be resold to "qualified institutional buyers" under rule 144A or securities offered pursuant to section 4(2) of the Securities Act of 1933, as amended.

~ The Fund invests cash balances that it retains for liquidity purposes in an affiliated money market fund.

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

(l) Investment in an affiliate.

* Cost for federal income tax purposes is $594,219,738 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation $131,394,619
Gross unrealized depreciation (72,781,323)
 ------------
Net unrealized appreciation $ 58,613,296

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


Wells Fargo Advantage Master Portfolios 139

Portfolio of Investments--March 31, 2010 (Unaudited)

SMALL CAP INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 98.89%
AEROSPACE, DEFENSE: 0.22%
 8,760 AAR CORPORATION+ $ 217,425
 ---------------
APPAREL & ACCESSORY STORES: 3.75%
 13,249 CARTER'S INCORPORATED+ 399,457
 6,164 CHILDREN'S PLACE RETAIL STORES INCORPORATED+ 274,606
 8,098 CHRISTOPHER & BANKS CORPORATION 64,784
 13,432 DRESS BARN INCORPORATED+ 351,381
 12,743 FINISH LINE INCORPORATED CLASS A 207,966
 6,744 GYMBOREE CORPORATION+ 348,193
 9,967 HOT TOPIC INCORPORATED 64,786
 4,116 JOS. A. BANK CLOTHIERS INCORPORATED+ 224,939
 21,337 LIZ CLAIBORNE INCORPORATED+ 158,534
 4,852 MAIDENFORM BRANDS INCORPORATED+ 106,016
 11,764 MEN'S WEARHOUSE INCORPORATED 281,630
 28,938 QUIKSILVER INCORPORATED+ 136,877
 7,550 SKECHERS U.S.A. INCORPORATED CLASS A+ 274,216
 8,565 STAGE STORES INCORPORATED 131,815
 5,729 THE BUCKLE INCORPORATED 210,598
 6,657 THE CATO CORPORATION CLASS A 142,726
 5,703 TRUE RELIGION APPAREL INCORPORATED+ 173,143
 3,729 VOLCOM INCORPORATED+ 72,790
 4,697 ZUMIEZ INCORPORATED+ 96,242
 3,720,699
 ---------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.13%
 4,774 LITHIA MOTORS INCORPORATED CLASS A+ 30,554
 8,916 SONIC AUTOMOTIVE INCORPORATED+ 98,076
 128,630
 ---------------
AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.20%
 3,205 MIDAS INCORPORATED+ 36,152
 4,466 MONRO MUFFLER BRAKE INCORPORATED 159,704
 195,856
 ---------------
BIOTECHNOLOGY: 0.47%
 13,046 CUBIST PHARMACEUTICALS INCORPORATED+ 294,057
 7,488 MARTEK BIOSCIENCES CORPORATION+ 168,555
 462,612
 ---------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.16%
 4,167 M/I HOMES INCORPORATED+ 61,047
 22,113 STANDARD-PACIFIC CORPORATION+ 99,951
 160,998
 ---------------
BUSINESS SERVICES: 8.02%

 10,514 ABM INDUSTRIES INCORPORATED 222,897
 5,006 ADMINISTAFF INCORPORATED 106,828
 7,342 AMN HEALTHCARE SERVICES INCORPORATED+ 64,610
 5,982 ARBITRON INCORPORATED 159,480
 10,025 BLACKBAUD INCORPORATED 252,530
 9,363 BLUE COAT SYSTEMS INCORPORATED+ 290,628
 11,792 BRADY CORPORATION CLASS A 366,967
 6,782 CACI INTERNATIONAL INCORPORATED CLASS A+ 331,301
 15,590 CIBER INCORPORATED+ 58,307


140 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

SMALL CAP INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
BUSINESS SERVICES (continued)
 8,925 COGNEX CORPORATION $ 165,023
 5,135 COMPELLENT TECHNOLOGIES INCORPORATED+ 90,119
 2,197 COMPUTER PROGRAMS & SYSTEMS INCORPORATED 85,859
 5,451 COMSCORE INCORPORATED+ 90,977
 9,670 CONCUR TECHNOLOGIES INCORPORATED+ 396,567
 8,021 CSG SYSTEMS INTERNATIONAL INCORPORATED+ 168,120
 15,877 CYBERSOURCE CORPORATION+ 280,070
 9,094 DEALERTRACK HOLDINGS INCORPORATED+ 155,326
 6,800 EBIX INCORPORATED+<< 108,596
 12,868 ECLIPSYS CORPORATION+ 255,816
 3,335 FORRESTER RESEARCH INCORPORATED+ 100,283
 11,617 GEO GROUP INCORPORATED+ 230,249
 5,673 GERBER SCIENTIFIC INCORPORATED+ 35,229
 9,784 HEALTHCARE SERVICES GROUP 219,064
 8,443 HEARTLAND PAYMENT SYSTEMS INCORPORATED 157,040
 3,842 HEIDRICK & STRUGGLES INTERNATIONAL INCORPORATED 107,691
 7,960 INFOSPACE INCORPORATED+ 87,958
 3,914 INTEGRAL SYSTEMS INCORPORATED MD+ 37,692
 2,876 INTERACTIVE INTELLIGENCE INCORPORATED+ 53,752
 5,982 KELLY SERVICES INCORPORATED CLASS A+ 99,660
 4,082 LOJACK CORPORATION+ 16,859
 5,088 MANHATTAN ASSOCIATES INCORPORATED+ 129,642
 1,560 NCI INCORPORATED+ 47,159
 7,782 NETSCOUT SYSTEMS INCORPORATED+ 115,096
 6,761 NETWORK EQUIPMENT TECHNOLOGY INCORPORATED+ 37,253
 7,269 OMNICELL INCORPORATED+ 101,984
 8,123 ON ASSIGNMENT INCORPORATED+ 57,917
 4,203 PCTEL INCORPORATED+ 25,975
 6,785 PERFICIENT INCORPORATED+ 76,467
 9,742 PHASE FORWARD INCORPORATED+ 127,328
 7,882 PHOENIX TECHNOLOGIES LIMITED+ 25,380
 3,773 PORTFOLIO RECOVERY ASSOCIATES INCORPORATED+<< 207,025
 4,258 QUALITY SYSTEMS INCORPORATED 261,612
 6,186 RADIANT SYSTEMS INCORPORATED+ 88,274
 5,349 RADISYS CORPORATION+ 47,927
 1,961 REWARDS NETWORK INCORPORATED 26,277
 11,609 SFN GROUP INCORPORATED+ 92,988
 2,679 STARTEK INCORPORATED+ 18,619
 4,557 STRATASYS INCORPORATED+ 111,100
 9,066 SYKES ENTERPRISES INCORPORATED+ 207,067
 4,738 SYNNEX CORPORATION+ 140,055
 8,632 TALEO CORPORATION CLASS A+ 223,655
 7,229 TELETECH HOLDINGS INCORPORATED+ 123,471
 6,754 THE KNOT INCORPORATED+ 52,816
 15,205 THQ INCORPORATED+ 106,587
 9,906 TRUEBLUE INCORPORATED+ 153,543
 19,119 UNITED ONLINE INCORPORATED 143,010
 5,088 USA MOBILITY INCORPORATED 64,465
 4,624 VIAD CORPORATION 95,023
 2,720 VOLT INFORMATION SCIENCE INCORPORATED+ 27,771
 9,738 WEBSENSE INCORPORATED+ 221,734
 7,952,718
 ---------------


Wells Fargo Advantage Master Portfolios 141

Portfolio of Investments--March 31, 2010 (Unaudited)

SMALL CAP INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
CASINO & GAMING: 0.18%
 2,539 MONARCH CASINO & RESORT INCORPORATED+ $ 21,683
 6,147 MULTIMEDIA GAMES INCORPORATED+ 23,973
 13,520 PINNACLE ENTERTAINMENT INCORPORATED+ 131,685
 177,341
 ---------------
CHEMICALS & ALLIED PRODUCTS: 2.20%
 4,643 AMERICAN VANGUARD CORPORATION 37,840
 5,647 ARCH CHEMICALS INCORPORATED 194,200
 6,340 ARQULE INCORPORATED+ 36,518
 6,296 BALCHEM CORPORATION 155,196
 6,597 CAMBREX CORPORATION+ 26,718
 3,742 EMERGENT BIOSOLUTIONS INCORPORATED+ 62,828
 10,962 HB FULLER COMPANY 254,428
 3,515 MANNATECH INCORPORATED 11,740
 2,635 NEWMARKET CORPORATION 271,379
 6,875 OM GROUP INCORPORATED+ 232,925
 13,071 PAREXEL INTERNATIONAL CORPORATION+ 304,685
 2,558 PENFORD CORPORATION 26,220
 20,824 POLYONE CORPORATION+ 213,238
 2,506 QUAKER CHEMICAL CORPORATION 67,938
 1,715 STEPAN COMPANY 95,851
 3,924 SURMODICS INCORPORATED+ 82,169
 4,863 ZEP INCORPORATED 106,402
 2,180,275
 ---------------
COAL MINING: 0.25%
 10,218 PENN VIRGINIA CORPORATION 250,341
 ---------------
COMMERCIAL SERVICES: 1.03%
 5,789 HMS HOLDINGS CORPORATION+ 295,181
 32,006 LIVE NATION INCORPORATED+ 464,087
 8,599 WRIGHT EXPRESS CORPORATION+ 259,002
 1,018,270
 ---------------
COMMUNICATIONS: 1.26%
 6,496 ANIXTER INTERNATIONAL INCORPORATED+ 304,338
 4,171 AUDIOVOX CORPORATION CLASS A+ 32,450
 15,788 BRIGHTPOINT INCORPORATED+ 118,884
 6,045 CBEYOND INCORPORATED+ 82,696
 10,040 GENERAL COMMUNICATION INCORPORATED CLASS A+ 57,931
 7,412 IOWA TELECOMMUNICATIONS SERVICES INCORPORATED 123,780
 10,165 J2 GLOBAL COMMUNICATIONS INCORPORATED+ 237,861
 7,568 NEUTRAL TANDEM INCORPORATION+ 120,937
 6,941 NOVATEL WIRELESS INCORPORATED+ 46,713
 6,717 NTELOS HOLDINGS CORPORATION 119,495
 1,245,085
 ---------------
COMPUTERS-INTEGRATED SYSTEMS: 0.05%
 4,521 AGILYSYS INCORPORATED 50,500
 ---------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 1.23%
 5,116 CHEMED CORPORATION 278,208
 8,532 COMFORT SYSTEMS USA INCORPORATED 106,565
 4,240 DREW INDUSTRIES INCORPORATED+ 93,365
 8,804 DYCOM INDUSTRIES INCORPORATED+ 77,211
 14,899 EMCOR GROUP INCORPORATED+ 366,962


142 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

SMALL CAP INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS (continued)
 8,805 INSITUFORM TECHNOLOGIES INCORPORATED CLASS A+ $ 234,301
 5,919 MATRIX SERVICE COMPANY+ 63,688
 1,220,300
 ---------------
DEPOSITORY INSTITUTIONS: 6.62%
 10,233 BANK MUTUAL CORPORATION 66,515
 2,925 BANK OF THE OZARKS INCORPORATED 102,931
 14,602 BOSTON PRIVATE FINANCIAL HOLDINGS INCORPORATED 107,617
 13,283 BROOKLINE BANCORP INCORPORATED 141,331
 3,576 CITY HOLDING COMPANY 122,621
 6,337 COLUMBIA BANKING SYSTEM INCORPORATED 128,704
 7,368 COMMUNITY BANK SYSTEM INCORPORATED 167,843
 5,727 DIME COMMUNITY BANCSHARES 72,332
 20,760 EAST WEST BANCORP INCORPORATED 361,639
 17,076 FIRST BANCORP PUERTO RICO 41,153
 17,148 FIRST COMMONWEALTH FINANCIAL CORPORATION 115,063
 11,039 FIRST FINANCIAL BANCORP 196,384
 4,689 FIRST FINANCIAL BANKSHARE 241,718
 16,657 FIRST MIDWEST BANCORP INCORPORATED 225,702
 16,182 GLACIER BANCORP INCORPORATED 246,452
 6,385 HANCOCK HOLDING COMPANY 266,957
 11,521 HANMI FINANCIAL CORPORATION+<< 27,650
 4,397 HOME BANCSHARES INCORPORATED 116,257
 4,709 INDEPENDENT BANK CORPORATION 116,124
 7,286 NARA BANK NATIONAL ASSOCIATION 63,825
 28,335 NATIONAL PENN BANCSHARES INCORPORATED 195,512
 7,743 NBT BANCORP INCORPORATED 176,928
 19,616 OLD NATIONAL BANCORP 234,411
 7,493 PINNACLE FINANCIAL PARTNERS INCORPORATED+ 113,219
 13,162 PRIVATEBANCORP INCORPORATED 180,319
 5,433 S&T BANCORP INCORPORATED 113,550
 9,134 SIGNATURE BANK+ 338,415
 3,468 SIMMONS FIRST NATIONAL CORPORATION 95,613
 48,481 SOUTH FINANCIAL GROUP INCORPORATED<< 33,515
 6,017 STERLING BANCORPORATION 60,471
 22,320 STERLING BANCSHARES INCORPORATED 124,546
 27,897 SUSQUEHANNA BANCSHARES INCORPORATED 273,670
 1,732 TOMPKINS TRUST COMPANY INCORPORATED 63,183
 17,273 TRUSTCO BANK CORPORATION 106,574
 6,734 UMB FINANCIAL CORPORATION 273,400
 25,745 UMPQUA HOLDINGS CORPORATION 341,379
 8,601 UNITED BANKSHARES INCORPORATED<< 225,518
 18,602 UNITED COMMUNITY BANKS INCORPORATED+ 82,035
 21,704 WHITNEY HOLDING CORPORATION 299,298
 4,368 WILSHIRE BANCORP INCORPORATED 48,179
 6,782 WINTRUST FINANCIAL CORPORATION 252,358
 6,560,911
 ---------------
DURABLE GOODS - CONSUMER: 0.05%
 4,291 STURM, RUGER & COMPANY INCORPORATED 51,449
 ---------------
E-COMMERCE/SERVICES: 0.15%
 6,963 NUTRI SYSTEM INCORPORATED 124,011
 2,627 STAMPS.COM INCORPORATED+ 26,533
 150,544
 ---------------


Wells Fargo Advantage Master Portfolios 143

Portfolio of Investments--March 31, 2010 (Unaudited)

SMALL CAP INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
EATING & DRINKING PLACES: 2.53%
 4,759 BJ'S RESTAURANTS INCORPORATED+ $ 110,885
 4,063 BUFFALO WILD WINGS INCORPORATED+ 195,471
 5,442 CALIFORNIA PIZZA KITCHEN INCORPORATED+ 91,371
 4,994 CEC ENTERTAINMENT INCORPORATED+ 190,221
 12,418 CKE RESTAURANTS INCORPORATED 137,467
 5,149 CRACKER BARREL OLD COUNTRY STORE INCORPORATED 238,811
 3,427 DINEEQUITY INCORPORATED+ 135,469
 12,436 JACK IN THE BOX INCORPORATED+ 292,868
 1,816 LANDRY'S RESTAURANTS INCORPORATED+ 32,543
 4,220 O'CHARLEYS INCORPORATED+ 37,727
 5,160 PF. CHANG'S CHINA BISTRO INCORPORATED+ 227,711
 4,769 PAPA JOHNS INTERNATIONAL INCORPORATED+ 122,611
 3,514 RED ROBIN GOURMET BURGERS INCORPORATED+ 85,882
 14,512 RUBY TUESDAY INCORPORATED+ 153,392
 6,415 RUTH'S CHRIS STEAK HOUSE INCORPORATED+ 34,000
 13,746 SONIC CORPORATION+ 151,893
 274 STEAK 'N SHAKE COMPANY+ 104,468
 11,610 TEXAS ROADHOUSE INCORPORATED CLASS A+ 161,263
 2,504,053
 ---------------
EDUCATIONAL SERVICES: 0.60%
 4,118 AMERICAN PUBLIC EDUCATION INCORPORATED+ 191,899
 3,273 CAPELLA EDUCATION COMPANY+ 303,865
 4,562 UNIVERSAL TECHNICAL INSTITUTE INCORPORATED+ 104,105
 599,869
 ---------------
ELECTRIC, GAS & SANITARY SERVICES: 3.33%
 6,741 ALLETE INCORPORATED 225,689
 4,165 AMERICAN STATES WATER COMPANY 144,526
 12,326 AVISTA CORPORATION 255,271
 2,630 CENTRAL VERMONT PUBLIC SERVICE 53,047
 3,556 CH ENERGY GROUP INCORPORATED 145,227
 9,884 EL PASO ELECTRIC COMPANY+ 203,610
 5,009 LACLEDE GROUP INCORPORATED 168,903
 9,319 NEW JERSEY RESOURCES 350,022
 5,967 NORTHWEST NATURAL GAS COMPANY 278,062
 16,451 PIEDMONT NATURAL GAS COMPANY 453,719
 6,708 SOUTH JERSEY INDUSTRIES INCORPORATED 281,669
 10,177 SOUTHWEST GAS CORPORATION 304,496
 6,735 UIL HOLDINGS CORPORATION 185,213
 8,087 UNISOURCE ENERGY CORPORATION 254,255
 3,303,709
 ---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 10.23%
 5,892 ACTEL CORPORATION+ 81,604
 9,769 ACUITY BRANDS INCORPORATED 412,349
 27,083 ADAPTEC INCORPORATED+ 88,561
 7,471 ADVANCED ENERGY INDUSTRIES INCORPORATED+ 123,720
 5,126 AO SMITH CORPORATION 269,474
 2,993 APPLIED SIGNAL TECHNOLOGY INCORPORATED 58,603
 28,210 ARRIS GROUP INCORPORATED+ 338,802
 7,102 ATMI INCORPORATED+ 137,140
 2,780 AZZ INCORPORATED 94,103
 9,441 BALDOR ELECTRIC COMPANY 353,093
 2,619 BEL FUSE INCORPORATED CLASS B 52,773


144 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

SMALL CAP INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued)
 14,330 BENCHMARK ELECTRONICS INCORPORATED+ $ 297,204
 5,717 CERADYNE INCORPORATED+ 129,719
 8,798 CHECKPOINT SYSTEMS INCORPORATED+ 194,612
 6,361 COMTECH TELECOMMUNICATIONS CORPORATION+ 203,488
 7,643 CTS CORPORATION 71,997
 3,488 CUBIC CORPORATION 125,568
 6,756 CYMER INCORPORATED+ 251,999
 36,456 CYPRESS SEMICONDUCTOR CORPORATION+ 419,244
 7,876 DIODES INCORPORATED+ 176,422
 3,978 DIONEX CORPORATION+ 297,475
 5,153 DSP GROUP INCORPORATED+ 42,924
 3,937 DTS INCORPORATED+ 134,015
 6,203 ELECTRO SCIENTIFIC INDUSTRIES INCORPORATED+ 79,460
 3,436 EMS TECHNOLOGIES INCORPORATED+ 57,038
 9,859 EXAR CORPORATION+ 69,506
 5,224 GREATBATCH INCORPORATED+ 110,697
 21,722 HARMONIC INCORPORATED+ 137,066
 6,870 HELEN OF TROY LIMITED+ 179,032
 4,827 HITTITE MICROWAVE CORPORATION+ 212,243
 5,256 HUTCHINSON TECHNOLOGY INCORPORATED+ 32,797
 4,914 LITTELFUSE INCORPORATED+ 186,781
 6,994 MAGNETEK INCORPORATED+ 11,750
 5,302 MERCURY COMPUTER SYSTEMS INCORPORATED+ 72,743
 8,378 METHODE ELECTRONICS INCORPORATED 82,942
 9,677 MICREL INCORPORATED 103,157
 18,663 MICROSEMI CORPORATION+ 323,616
 10,210 MOOG INCORPORATED CLASS A+ 361,638
 1,080 NATIONAL PRESTO INDUSTRIES INCORPORATED 128,423
 4,622 PARK ELECTROCHEMICAL CORPORATION 132,836
 5,760 PERICOM SEMICONDUCTOR+ 61,690
 8,950 PLEXUS CORPORATION+ 322,469
 1,960 POWELL INDUSTRIES INCORPORATED+ 63,759
 3,550 ROGERS CORPORATION+ 102,986
 39,549 SKYWORKS SOLUTIONS INCORPORATED+<< 616,964
 5,025 STANDARD MICROSYSTEMS CORPORATION+ 116,982
 2,910 SUPERTEX INCORPORATED+ 74,467
 9,808 SYMMETRICOM INCORPORATED+ 57,181
 7,540 SYNAPTICS INCORPORATED+ 208,179
 9,280 TECHNITROL INCORPORATED 48,998
 15,175 TEKELEC+ 275,578
 11,209 TESSERA TECHNOLOGIES INCORPORATED+ 227,319
 2,856 TOLLGRADE COMMUNICATIONS INCORPORATED+ 17,964
 34,525 TRIQUINT SEMICONDUCTOR INCORPORATED+ 241,675
 9,714 TTM TECHNOLOGIES INCORPORATED+ 86,260
 3,081 UNIVERSAL ELECTRONICS INCORPORATED+ 68,830
 16,731 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ 554,131
 8,557 VIASAT INCORPORATED+ 296,158
 4,406 VICOR CORPORATION+ 60,847
 10,139,051
 ---------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 1.39%
 2,860 CDI CORPORATION 41,928
 9,488 ERESEARCH TECHNOLOGY INCORPORATED+ 65,562
 3,075 EXPONENT INCORPORATED+ 87,699
 2,110 LANDAUER INCORPORATED 137,614
 3,912 MAXMUS INCORPORATED 238,358


Wells Fargo Advantage Master Portfolios 145

Portfolio of Investments--March 31, 2010 (Unaudited)

SMALL CAP INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES (continued)
 14,515 REGENERON PHARMACEUTICAL INCORPORATED+ $ 384,502
 3,630 STANLEY INCORPORATED+ 102,693
 13,879 TETRA TECH INCORPORATED+ 319,772
 1,378,128
 ---------------
ENVIRONMENTAL CONTROL: 0.22%
 12,596 CALGON CARBON CORPORATION+ 215,644
 ---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.96%
 9,924 GRIFFON CORPORATION+ 123,653
 3,216 GULF ISLAND FABRICATION INCORPORATED 69,948
 8,159 MOBILE MINI INCORPORATED+ 126,383
 4,069 NCI BUILDING SYSTEMS INCORPORATED+ 44,922
 8,512 QUANEX BUILDING PRODUCTS CORPORATION 140,703
 8,668 SIMPSON MANUFACTURING COMPANY INCORPORATED 240,624
 6,603 WATTS WATER TECHNOLOGIES INCORPORATED 205,089
 951,322
 ---------------
FOOD & KINDRED PRODUCTS: 1.84%
 2,277 BOSTON BEER COMPANY INCORPORATED+ 118,996
 2,839 CAL-MAINE FOODS INCORPORATED 96,214
 18,503 DARLING INTERNATIONAL INCORPORATED+ 165,787
 4,754 DIAMOND FOODS INCORPORATED 199,858
 3,186 J & J SNACK FOODS CORPORATION 138,495
 7,211 LANCE INCORPORATED 166,790
 2,924 PEET'S COFFEE & TEA INCORPORATED+ 115,937
 3,943 SANDERSON FARMS INCORPORATED 211,384
 7,729 TREEHOUSE FOODS INCORPORATED+ 339,071
 9,693 UNITED NATURAL FOODS INCORPORATED+ 272,664
 1,825,196
 ---------------
FOOD STORES: 0.05%
 6,228 GREAT ATLANTIC & PACIFIC TEA COMPANY INCORPORATED+ 47,769
 ---------------
FOOD-WHOLESALE: 0.05%
 2,643 CALAVO GROWERS INCORPORATED 48,208
 ---------------
FOOTWEAR: 0.57%
 19,278 CROCS INCORPORATED+<< 169,068
 2,897 DECKERS OUTDOOR CORPORATION+ 399,786
 568,854
 ---------------
FURNITURE & FIXTURES: 0.27%
 5,856 ETHAN ALLEN INTERIORS INCORPORATED 120,809
 11,599 LA-Z-BOY INCORPORATED+ 145,451
 266,260
 ---------------
GENERAL MERCHANDISE STORES: 0.68%
 9,090 CABELA'S INCORPORATED+ 158,984
 11,456 CASEY'S GENERAL STORES INCORPORATED 359,718
 8,926 FRED'S INCORPORATED 106,933
 5,872 STEIN MART INCORPORATED+ 53,024
 678,659
 ---------------


146 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

SMALL CAP INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
HEALTH SERVICES: 3.03%
 6,363 AMEDISYS INCORPORATED+<< $ 351,365
 6,951 AMSURG CORPORATION+ 150,072
 2,683 BIO-REFERENCE LABORATORIES INCORPORATED+ 117,972
 1,605 CORVEL CORPORATION+ 57,379
 6,939 CROSS COUNTRY HEALTHCARE INCORPORATED+ 70,153
 6,411 CRYOLIFE INCORPORATED+ 41,479
 7,496 ENZO BIOCHEM INCORPORATED+ 45,126
 3,906 GENOPTIX INCORPORATED+ 138,624
 6,595 GENTIVA HEALTH SERVICES INCORPORATED+ 186,507
 7,605 HEALTHWAYS INCORPORATED+ 122,212
 7,603 INVENTIV HEALTH INCORPORATED+ 170,763
 3,066 IPC THE HOSPITALIST COMPANY+ 107,647
 4,189 LCA-VISION INCORPORATED+ 34,852
 3,403 LHC GROUP INCORPORATED+ 114,103
 7,773 MAGELLAN HEALTH SERVICES INCORPORATED+ 337,970
 4,148 MEDCATH CORPORATION+ 43,430
 10,581 MEDNAX INCORPORATED+<< 615,708
 4,635 NAUTILUS GROUP INCORPORATED+ 13,998
 7,455 ODYSSEY HEALTHCARE INCORPORATED+ 135,010
 5,548 REHABCARE GROUP INCORPORATED+ 151,294
 3,005,664
 ---------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 0.12%
 4,207 HAVERTY FURNITURE COMPANIES INCORPORATED 68,658
 7,051 TUESDAY MORNING CORPORATION+ 46,466
 115,124
 ---------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.06%
 4,703 MARCUS CORPORATION 61,092
 ---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 5.24%
 2,828 AAON INCORPORATED 63,969
 15,270 ACTUANT CORPORATION CLASS A 298,529
 4,466 ASTEC INDUSTRIES INCORPORATED+ 129,335
 3,948 BLACK BOX CORPORATION 121,440
 11,251 BRIGGS & STRATTON CORPORATION 219,395
 14,525 BROOKS AUTOMATION INCORPORATED+ 128,111
 2,057 CASCADE CORPORATION 66,256
 6,798 DRIL-QUIP INCORPORATED+ 413,590
 4,567 ENPRO INDUSTRIES INCORPORATED+ 132,808
 11,746 GARDNER DENVER INCORPORATED 517,294
 11,106 INTERMEC INCORPORATED+ 157,483
 5,000 INTEVAC INCORPORATED+ 69,100
 6,335 JOHN BEAN TECHNOLOGIES CORPORATION 111,116
 7,546 KAYDON CORPORATION 283,730
 15,702 KULICKE & SOFFA INDUSTRIES INCORPORATED+ 113,840
 2,807 LINDSAY MANUFACTURING COMPANY 116,238
 3,358 LUFKIN INDUSTRIES INCORPORATED 265,786
 7,849 NETGEAR INCORPORATED+ 204,859
 11,219 OIL STATES INTERNATIONAL INCORPORATED+ 508,669
 7,406 ROBBINS & MYERS INCORPORATED 176,411
 5,985 SCANSOURCE INCORPORATED+ 172,248
 6,031 SIGMA DESIGNS INCORPORATED+ 70,744
 7,566 TORO COMPANY 372,020
 5,366 ULTRATECH INCORPORATED+ 72,978
 7,275 WATSCO INCORPORATED 413,802
 5,199,751
 ---------------


Wells Fargo Advantage Master Portfolios 147

Portfolio of Investments--March 31, 2010 (Unaudited)

SMALL CAP INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
INSURANCE CARRIERS: 3.69%
 1,993 AMERICAN PHYSICIANS CAPITAL INCORPORATED $ 63,676
 11,496 AMERIGROUP CORPORATION+ 382,127
 4,248 AMERISAFE INCORPORATED+ 69,540
 11,017 CENTENE CORPORATION+ 264,849
 10,710 DELPHI FINANCIAL GROUP INCORPORATED CLASS A 269,464
 5,282 EHEALTH INCORPORATED+ 83,192
 9,902 EMPLOYERS HOLDINGS INCORPORATED 147,045
 11,011 HEALTHSPRING INCORPORATED+ 193,794
 3,060 INFINITY PROPERTY & CASUALTY CORPORATION 139,046
 2,989 MOLINA HEALTHCARE INCORPORATED+ 75,233
 9,317 NATIONAL FINANCIAL PARTNERS CORPORATION+ 131,370
 4,658 PRESIDENTIAL LIFE CORPORATION 46,440
 7,293 PROASSURANCE CORPORATION+ 426,932
 3,903 RLI CORPORATION 222,549
 3,386 SAFETY INSURANCE GROUP INCORPORATED 127,551
 11,965 SELECTIVE INSURANCE GROUP INCORPORATED 198,619
 4,102 STEWART INFORMATION SERVICES CORPORATION 56,608
 3,000 THE NAVIGATORS GROUP INCORPORATED+ 117,990
 10,123 TOWER GROUP INCORPORATED 224,427
 4,986 UNITED FIRE & CASUALTY COMPANY 89,698
 8,523 ZENITH NATIONAL INSURANCE CORPORATION 326,601
 3,656,751
 ---------------
LEATHER & LEATHER PRODUCTS: 0.38%
 9,647 BROWN SHOE COMPANY INCORPORATED 149,336
 5,345 GENESCO INCORPORATED+ 165,748
 6,088 K-SWISS INCORPORATED 63,680
 378,764
 ---------------
LEGAL SERVICES: 0.06%
 1,514 PRE-PAID LEGAL SERVICES INCORPORATED+ 57,305
 ---------------
LEISURE, SPORTING & RECREATION: 0.50%
 4,853 BIG 5 SPORTING GOODS CORPORATION 73,863
 14,490 CALLAWAY GOLF COMPANY 127,802
 6,450 HIBBETT SPORTS INCORPORATED+ 164,991
 8,904 INTERVAL LEISURE GROUP INCORPORATED+ 129,642
 496,298
 ---------------
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE: 0.30%
 2,410 DELTIC TIMBER CORPORATION 106,161
 1,529 SKYLINE CORPORATION 28,439
 4,341 UNIVERSAL FOREST PRODUCTS 167,215
 301,815
 ---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 6.08%
 4,968 ABAXIS INCORPORATED+ 135,080
 15,232 ALIGN TECHNOLOGY INCORPORATED+ 294,587
 16,903 AMERICAN MEDICAL SYSTEMS HOLDINGS INCORPORATED+ 314,058
 2,024 AMERICAN SCIENCE & ENGINEERING INCORPORATED 151,638
 2,897 ANALOGIC CORPORATION 123,789
 3,369 BADGER METER INCORPORATED 129,740
 2,900 CANTEL INDUSTRIES 57,565
 5,298 COHU INCORPORATED 72,953
 6,562 CONMED CORPORATION+ 156,241


148 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

SMALL CAP INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (continued)
 10,221 COOPER COMPANIES INCORPORATED $ 397,392
 5,376 CYBERONICS INCORPORATED+ 103,004
 5,949 ESCO TECHNOLOGIES INCORPORATED 189,238
 6,712 ESTERLINE TECHNOLOGIES CORPORATION+ 331,774
 3,627 FARO TECHNOLOGIES INCORPORATED+ 93,395
 8,525 FEI COMPANY+ 195,308
 5,653 HAEMONETICS CORPORATION+ 323,069
 7,178 HANGER ORTHOPEDIC GROUP INCORPORATED+ 130,496
 2,712 ICU MEDICAL INCORPORATED+ 93,428
 5,809 II-VI INCORPORATED+ 196,577
 4,646 INTEGRA LIFESCIENCES HOLDINGS+ 203,634
 26,709 ION GEOPHYSICAL CORPORATION+ 131,408
 3,051 KEITHLEY INSTRUMENTS INCORPORATED 20,137
 2,460 KENSEY NASH CORPORATION+ 58,031
 14,911 KOPIN CORPORATION+ 55,171
 9,136 MERIDIAN DIAGNOSTICS INCORPORATED 186,100
 6,320 MERIT MEDICAL SYSTEMS INCORPORATED+ 96,380
 11,143 MKS INSTRUMENTS INCORPORATED+ 218,291
 3,712 MTS SYSTEMS CORPORATION 107,759
 6,388 NATUS MEDICAL INCORPORATED+ 101,633
 5,009 NEOGEN CORPORATION+ 125,726
 8,172 NEWPORT CORPORATION+ 102,150
 4,054 OSTEOTECH INCORPORATED+ 15,892
 4,167 PALOMAR MEDICAL TECHNOLOGIES INCORPORATED+ 45,254
 6,984 RUDOLPH TECHNOLOGIES INCORPORATED+ 59,853
 6,863 SONIC SOLUTIONS+ 64,306
 8,064 SYMMETRY MEDICAL INCORPORATED+ 80,963
 8,147 TELEDYNE TECHNOLOGIES INCORPORATED+ 336,227
 7,529 THERAGENICS CORPORATION+ 12,498
 8,985 VEECO INSTRUMENTS INCORPORATED+ 390,848
 4,804 ZOLL MEDICAL CORPORATION+ 126,633
 6,028,226
 ---------------
MEDICAL EQUIPMENT & SUPPLIES: 0.51%
 7,275 INVACARE CORPORATION 193,079
 13,249 PSS WORLD MEDICAL INCORPORATED+ 311,484
 504,563
 ---------------
MEDICAL PRODUCTS: 0.32%
 7,449 WEST PHARMACEUTICAL SERVICES INCORPORATED 312,486
 ---------------
METAL FABRICATE, HARDWARE: 0.13%
 3,824 CIRCOR INTERNATIONAL INCORPORATED 126,995
 ---------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.15%
 5,590 AMCOL INTERNATIONAL CORPORATION 152,048
 ---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.94%
 1,341 BLYTH INCORPORATED 41,906
 14,500 CENTRAL GARDEN & PET COMPANY CLASS A+ 132,820
 7,761 DAKTRONICS INCORPORATED 59,139
 14,007 HILLENBRAND INCORPORATED 308,014
 6,279 JAKKS PACIFIC INCORPORATED+ 81,941
 3,821 KID BRANDS INCORPORATED+ 33,052
 3,847 LYDALL INCORPORATED 30,199


Wells Fargo Advantage Master Portfolios 149

Portfolio of Investments--March 31, 2010 (Unaudited)

SMALL CAP INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES (continued)
 4,812 RC2 CORPORATION+ $ 72,036
 12,065 SHUFFLE MASTER INCORPORATED+ 98,812
 2,806 STANDEX INTERNATIONAL CORPORATION 72,311
 930,230
 ---------------
MISCELLANEOUS RETAIL: 0.52%
 8,964 HSN INCORPORATED+ 263,900
 6,031 JO ANN STORES INCORPORATED+ 253,181
 517,081
 ---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.75%
 5,693 ARKANSAS BEST CORPORATION 170,107
 6,520 FORWARD AIR CORPORATION 171,476
 11,836 HEARTLAND EXPRESS INCORPORATED 195,294
 6,292 OLD DOMINION FREIGHT LINE INCORPORATED+ 210,090
 746,967
 ---------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 0.53%
 6,649 CASH AMERICA INTERNATIONAL INCORPORATED 262,503
 5,974 FIRST CASH FINANCIAL SERVICES INCORPORATED+ 128,859
 3,693 WORLD ACCEPTANCE CORPORATION+ 133,243
 524,605
 ---------------
OFFICE SUPPLIES: 0.32%
 19,045 OFFICEMAX INCORPORATED+ 312,719
 ---------------
OIL & GAS EXTRACTION: 1.95%
 5,123 BASIC ENERGY SERVICES INCORPORATED+ 39,498
 4,329 PETROLEUM DEVELOPMENT CORPORATION+ 100,303
 11,937 PETROQUEST ENERGY INCORPORATED+ 60,043
 12,178 PIONEER DRILLING COMPANY+ 85,733
 5,088 SEACOR HOLDINGS INCORPORATED+ 410,398
 2,659 SEAHAWK DRILLING INCORPORATED+ 50,122
 14,126 ST. MARY LAND & EXPLORATION COMPANY 491,726
 9,487 STONE ENERGY CORPORATION+ 168,394
 4,145 SUPERIOR WELL SERVICES+ 55,460
 8,443 SWIFT ENERGY COMPANY+ 259,538
 17,004 TETRA TECHNOLOGIES INCORPORATED+ 207,789
 1,929,004
 ---------------
PAPER & ALLIED PRODUCTS: 1.00%
 8,723 BUCKEYE TECHNOLOGIES INCORPORATED+ 114,097
 2,557 CLEARWATER PAPER CORPORATION+ 125,932
 3,297 NEENAH PAPER INCORPORATED 52,224
 8,734 ROCK-TENN COMPANY CLASS A 398,008
 3,981 SCHWEITZER MANDUIT INTERNATIONAL INCORPORATED 189,336
 2,856 STANDARD REGISTER COMPANY 15,280
 11,029 WAUSAU PAPER CORPORATION 94,188
 989,065
 ---------------
PERSONAL SERVICES: 0.51%
 7,002 COINSTAR INCORPORATED+ 227,565
 4,178 G&K SERVICES INCORPORATED CLASS A 108,127
 3,227 UNIFIRST CORPORATION 166,191
 501,883
 ---------------


150 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

SMALL CAP INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
PETROLEUM REFINING & RELATED INDUSTRIES: 0.82%
 13,601 HEADWATERS INCORPORATED+ $ 62,429
 9,798 HOLLY CORPORATION 273,462
 3,732 WD-40 COMPANY 122,522
 13,363 WORLD FUEL SERVICES CORPORATION 355,990
 ---------------
 814,403
PHARMACEUTICALS: 1.67%
 8,680 CATALYST HEALTH SOLUTIONS INCORPORATED+ 359,178
 3,348 KENDLE INTERNATIONAL INCORPORATED+ 58,523
 7,862 PAR PHARMACEUTICAL COMPANIES INCORPORATED+ 194,978
 6,890 PHARMERICA CORPORATION+ 125,536
 12,492 SALIX PHARMACEUTICALS LIMITED+ 465,327
 15,066 SAVIENT PHARMACEUTICALS INCORPORATED+ 217,704
 17,435 VIROPHARMA INCORPORATED+ 237,639
 1,658,885
 ---------------
PRIMARY METAL INDUSTRIES: 1.91%
 10,499 BELDEN CDT INCORPORATED 288,303
 4,552 BRUSH ENGINEERED MATERIALS INCORPORATED+ 102,739
 12,909 CENTURY ALUMINUM COMPANY+ 177,628
 10,309 CURTISS-WRIGHT CORPORATION 358,753
 4,273 ENCORE WIRE CORPORATION 88,878
 6,804 GIBRALTAR INDUSTRIES INCORPORATED+ 85,798
 8,472 MUELLER INDUSTRIES INCORPORATED 226,965
 2,032 OLYMPIC STEEL INCORPORATED 66,345
 6,763 RTI INTERNATIONAL METALS INCORPORATED+ 205,122
 6,243 TEXAS INDUSTRIES INCORPORATED<< 213,323
 4,851 TREDEGAR CORPORATION 82,855
 1,896,709
 ---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.26%
 9,022 BOWNE & COMPANY INCORPORATED 100,686
 2,513 CONSOLIDATED GRAPHICS INCORPORATED+ 104,063
 6,538 EW SCRIPPS COMPANY+ 55,246
 259,995
 ---------------
REAL ESTATE: 0.15%
 7,153 MERITAGE CORPORATION+ 150,213
 ---------------
REAL ESTATE INVESTMENT TRUSTS (REITS): 6.57%
 9,026 ACADIA REALTY TRUST 161,204
 22,353 BIOMED REALTY TRUST INCORPORATED 369,719
 12,161 CEDAR SHOPPING CENTERS INCORPORATED 96,194
 14,921 COLONIAL PROPERTIES TRUST 192,182
 27,948 DIAMONDROCK HOSPITALITY+ 282,554
 6,034 EASTGROUP PROPERTIES INCORPORATED 227,723
 9,626 ENTERTAINMENT PROPERTIES TRUST 395,917
 19,514 EXTRA SPACE STORAGE INCORPORATED 247,438
 8,188 FORESTAR REAL ESTATE GROUP INCORPORATED+ 154,589
 15,240 FRANKLIN STREET PROPERTIES CORPORATION 219,913
 13,814 HEALTHCARE REALTY TRUST INCORPORATED 321,728
 7,868 HOME PROPERTIES INCORPORATED 368,222
 16,147 INLAND REAL ESTATE CORPORATION 147,745
 9,697 KILROY REALTY CORPORATION 299,055
 14,175 KITE REALTY GROUP TRUST 67,048
 15,527 LASALLE HOTEL PROPERTIES 361,779


Wells Fargo Advantage Master Portfolios 151

Portfolio of Investments--March 31, 2010 (Unaudited)

SMALL CAP INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
REAL ESTATE INVESTMENT TRUSTS (REITS) (continued)
 24,846 LEXINGTON CORPORATE PROPERTIES TRUST $ 161,747
 5,245 LTC PROPERTIES INCORPORATED 141,930
 18,095 MEDICAL PROPERTIES TRUST INCORPORATED 189,636
 6,547 MID-AMERICA APARTMENT COMMUNITIES INCORPORATED 339,069
 18,658 NATIONAL RETAIL PROPERTIES INCORPORATED 425,962
 4,854 PARKWAY PROPERTIES INCORPORATED 91,158
 8,932 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST 111,382
 10,935 POST PROPERTIES INCORPORATED 240,789
 4,060 PS BUSINESS PARKS INCORPORATED 216,804
 6,192 SOVRAN SELF STORAGE INCORPORATED 215,853
 9,099 TANGER FACTORY OUTLET CENTERS INCORPORATED 392,713
 4,836 URSTADT BIDDLE PROPERTIES INCORPORATED 76,457
 6,516,510
 ---------------
RETAIL: 0.23%
 10,965 EZCORP INCORPORATED+ 225,879
 ---------------
RETAIL, TRADE & SERVICES: 0.26%
 3,499 LUMBER LIQUIDATORS HOLDINGS INCORPORATED+ 93,318
 4,936 MARINEMAX INCORPORATED+ 53,111
 5,143 PETMED EXPRESS INCORPORATED<< 114,020
 260,449
 ---------------
RETAIL-SPECIAL LINE: 0.24%
 3,259 BLUE NILE INCORPORATED+ 179,310
 4,035 NORTH AMERICAN WATCH CORPORATION 45,515
 5,335 ZALE CORPORATION+ 14,618
 239,443
 ---------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.14%
 5,873 A. SCHULMAN INCORPORATED 143,712
 ---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.02%
 9,900 INVESTMENT TECHNOLOGY GROUP INCORPORATED+ 165,231
 9,628 LABRANCHE & COMPANY INCORPORATED+ 50,643
 9,566 OPTIONSXPRESS HOLDINGS INCORPORATED 155,830
 3,565 PIPER JAFFRAY COMPANIES INCORPORATED+ 143,670
 6,949 STIFEL FINANCIAL CORPORATION+ 373,509
 6,448 SWS GROUP INCORPORATED 74,345
 7,444 TRADESTATION GROUP INCORPORATED+ 52,182
 1,015,410
 ---------------
SOCIAL SERVICES: 0.14%
 1,833 ALMOST FAMILY INCORPORATED+ 69,086
 5,768 RES-CARE INCORPORATED+ 69,158
 138,244
 ---------------
SOFTWARE: 1.16%
 9,576 COMMVAULT SYSTEMS INCORPORATED+ 204,448
 10,361 EPICOR SOFTWARE CORPORATION+ 99,051
 7,328 EPIQ SYSTEMS INCORPORATED+ 91,087
 7,990 JDA SOFTWARE GROUP INCORPORATED+ 222,282
 9,286 PROGRESS SOFTWARE CORPORATION+ 291,859
 6,685 SMITH MICRO SOFTWARE INCORPORATED+ 59,095
 18,719 TAKE-TWO INTERACTIVE SOFTWARE INCORPORATED+<< 184,382
 1,152,204
 ---------------


152 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

SMALL CAP INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS: 0.84%
 6,295 APOGEE ENTERPRISES INCORPORATED $ 99,524
 5,304 CABOT MICROELECTRONICS CORPORATION+ 200,650
 4,306 CARBO CERAMICS INCORPORATED 268,436
 9,858 EAGLE MATERIALS INCORPORATED 261,631
 830,241
 ---------------
TECHNOLOGY: 0.09%
 6,399 AVID TECHNOLOGY INCORPORATED+ 88,178
 ---------------
TEXTILE MILL PRODUCTS: 0.68%
 6,176 ALBANY INTERNATIONAL CORPORATION CLASS A 132,969
 12,668 INTERFACE INCORPORATED 146,695
 3,122 OXFORD INDUSTRIES INCORPORATED 63,470
 11,206 WOLVERINE WORLD WIDE INCORPORATED 326,767
 669,901
 ---------------
TEXTILES - PRODUCTS: 0.25%
 16,070 ICONIX BRAND GROUP INCORPORATED+ 246,835
 ---------------
TOBACCO PRODUCTS: 0.10%
 20,047 ALLIANCE ONE INTERNATIONAL INCORPORATED+ 102,039
 ---------------
TRANSPORTATION BY AIR: 0.77%
 2,453 AIR METHODS CORPORATION+ 83,402
 3,396 ALLEGIANT TRAVEL COMPANY+ 196,493
 8,086 BRISTOW GROUP INCORPORATED+ 305,085
 12,604 SKYWEST INCORPORATED 179,985
 764,965
 ---------------
TRANSPORTATION EQUIPMENT: 2.41%
 3,343 AEROVIRONMENT INCORPORATED+ 87,286
 2,748 ARCTIC CAT INCORPORATED+ 29,816
 4,512 ATC TECHNOLOGY CORPORATION+ 77,426
 19,902 BRUNSWICK CORPORATION 317,835
 11,344 CLARCOR INCORPORATED 391,255
 11,452 GENCORP INCORPORATED+ 65,964
 5,512 GROUP 1 AUTOMOTIVE INCORPORATED+ 175,612
 5,180 HORNBECK OFFSHORE+ 96,193
 12,816 ORBITAL SCIENCES CORPORATION+ 243,632
 7,396 POLARIS INDUSTRIES INCORPORATED 378,379
 7,399 SPARTAN MOTORS INCORPORATED 41,434
 4,122 STANDARD MOTOR PRODUCTS INCORPORATED 40,890
 5,220 SUPERIOR INDUSTRIES INTERNATIONAL INCORPORATED 83,938
 3,750 TRIUMPH GROUP INCORPORATED 262,838
 6,542 WINNEBAGO INDUSTRIES INCORPORATED+ 95,579
 2,388,077
 ---------------
TRANSPORTATION SERVICES: 0.24%
 8,566 HUB GROUP INCORPORATED CLASS A+ 239,677
 ---------------
WHOLESALE TRADE NON-DURABLE GOODS: 1.47%
 9,188 HAIN CELESTIAL GROUP INCORPORATED+ 159,412
 6,350 MYERS INDUSTRIES INCORPORATED 66,548
 2,881 NASH FINCH COMPANY 96,946
 2,294 PERRY ELLIS INTERNATIONAL INCORPORATED+ 51,959
 3,607 SCHOOL SPECIALTY INCORPORATED+ 81,915


Wells Fargo Advantage Master Portfolios 153

Portfolio of Investments--March 31, 2010 (Unaudited)

SMALL CAP INDEX PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
WHOLESALE TRADE NON-DURABLE GOODS (continued)
 5,052 SPARTAN STORES INCORPORATED $ 72,850
 4,117 THE ANDERSONS INCORPORATED 137,837
 8,123 TRACTOR SUPPLY COMPANY 471,540
 5,402 UNITED STATIONERS INCORPORATED+ 317,908
 1,456,915
 ---------------
WHOLESALE TRADE-DURABLE GOODS: 1.69%
 3,763 A.M. CASTLE & COMPANY 49,220
 8,390 APPLIED INDUSTRIAL TECHNOLOGIES INCORPORATED 208,492
 9,766 BARNES GROUP INCORPORATED 189,949
 5,570 DIGI INTERNATIONAL INCORPORATED+ 59,265
 10,326 INSIGHT ENTERPRISES INCORPORATED+ 148,281
 5,800 KAMAN CORPORATION CLASS A 145,058
 13,124 KNIGHT TRANSPORTATION INCORPORATED 276,785
 901 LAWSON PRODUCTS INCORPORATED 13,938
 2,749 MWI VETERINARY SUPPLY INCORPORATED+ 111,060
 10,484 PEP BOYS-MANNY, MOE & JACK 105,364
 11,063 POOL CORPORATION 250,466
 6,237 TYLER TECHNOLOGIES INCORPORATED+ 116,881
 1,674,759
 ---------------
TOTAL COMMON STOCKS (COST $97,202,021) 98,052,755
 ---------------

 PRINCIPAL INTEREST RATE MATURITY DATE
------------- ------------- -------------
COLLATERAL FOR SECURITIES LENDING: 3.25%
COLLATERAL INVESTED IN OTHER ASSETS: 3.25%
$ 65,225 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
 COLLATERALIZED BY MORTGAGE-BACKED SECURITIES
 (MATURITY VALUE $65,225) 0.01% 04/01/2010 65,225
 19,531 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 19,531
 26,856 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 26,856
 538,100 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $538,100) 0.02 04/01/2010 538,100
 12,927 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 12,927
 39,063 COOK COUNTY IL+/-ss 0.25 11/01/2030 39,063
 48,916 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $48,916) 0.03 04/01/2010 48,916
 75,098 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $75,098) 0.01 04/01/2010 75,098
 1,742,565 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 716,194
 8,057 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 8,057
 24,414 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 24,414
 9,766 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 9,766
 326,121 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $326,121) 0.01 04/01/2010 326,121
 14,649 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 14,649
 9,766 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 9,766
 28,540 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 28,540
 43,946 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 43,946
 14,649 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 14,648
 2,222,989 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 1,200,414
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $2,878,167) 3,222,231
 ----------------


154 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

SMALL CAP INDEX PORTFOLIO

 SHARES SECURITY NAME YIELD VALUE
------------- ----------------------------------------------------------------- ------------- ---------------
SHORT-TERM INVESTMENTS: 1.08%
MUTUAL FUNDS: 0.91%
 897,297 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% $ 897,297
 ---------------

 PRINCIPAL INTEREST RATE MATURITY DATE
------------- ------------- -------------
US TREASURY BILLS: 0.17%
$ 170,000 US TREASURY BILL## # 0.08 05/06/2010 169,974
 ---------------
TOTAL SHORT-TERM INVESTMENTS (COST $1,067,271) 1,067,271
 ---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $101,147,459)* 103.22% 102,342,257
OTHER ASSETS AND LIABILITIES, NET (3.22) (3,190,102)
 ------ ---------------
TOTAL NET ASSETS 100.00% $ 99,152,155
 ------ ---------------


+ Non-income earning securities.

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

+/- Variable rate investments.

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

(a) Security fair valued in accordance with the procedures approved by the Board of Trustees.

(i) Illiquid security.

++ Securities that may be resold to "qualified institutional buyers" under rule 144A or securities offered pursuant to section 4(2) of the Securities Act of 1933, as amended.

~ The Fund invests cash balances that it retains for liquidity purposes in an affiliated money market fund.

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

(l) Investment in an affiliate.

# Security pledged as collateral for futures transactions.

## Zero coupon security. Rate represents yield to maturity.

* Cost for federal income tax purposes is $106,708,649 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation $ 12,970,435
Gross unrealized depreciation (17,336,827)
 ------------
Net unrealized depreciation $ (4,366,392)

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


Wells Fargo Advantage Master Portfolios 155

Portfolio of Investments--March 31, 2010 (Unaudited)

SMALL COMPANY GROWTH PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 95.32%
APPAREL & ACCESSORY STORES: 8.22%
 292,420 CHARMING SHOPPES INCORPORATED+ $ 1,596,613
 168,370 COLLECTIVE BRANDS INCORPORATED+ 3,828,734
 188,300 DRESS BARN INCORPORATED+ 4,925,928
 272,440 FINISH LINE INCORPORATED CLASS A 4,446,221
 169,360 HANESBRANDS INCORPORATED+ 4,711,595
 114,150 RUE21 INCORPORATED+ 3,957,581
 1,124,790 WET SEAL INCORPORATED CLASS A+ 5,354,000
 28,820,672
 ---------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 2.12%
 87,841 COPART INCORPORATED+ 3,127,140
 391,400 SONIC AUTOMOTIVE INCORPORATED+ 4,305,400
 7,432,540
 ---------------
BIOTECHNOLOGY: 0.58%
 171,840 SEATTLE GENETICS INCORPORATED+ 2,051,770
 ---------------
BUSINESS SERVICES: 14.34%
 108,420 ARBITRON INCORPORATED<< 2,890,477
 166,240 BOTTOMLINE TECHNOLOGIES INCORPORATED+ 2,797,819
 520,080 CADENCE DESIGN SYSTEMS INCORPORATED+ 3,463,733
 202,720 CARDTRONICS INCORPORATED+ 2,520,347
 61,412 CONCUR TECHNOLOGIES INCORPORATED+ 2,518,506
 190,450 MEDIDATA SOLUTIONS INCORPORATED+ 2,894,840
 144,660 OMNICELL INCORPORATED+ 2,029,580
 274,180 PARAMETRIC TECHNOLOGY CORPORATION+ 4,948,949
 339,280 PHASE FORWARD INCORPORATED+ 4,434,390
 395,160 SFN GROUP INCORPORATED+ 3,165,232
 136,000 SKILLSOFT PLC ADR+ 1,403,520
 245,220 SUCCESSFACTORS INCORPORATED+ 4,668,989
 188,970 SYKES ENTERPRISES INCORPORATED+ 4,316,075
 139,790 TNS INCORPORATED+ 3,117,317
 68,610 ULTIMATE SOFTWARE GROUP INCORPORATED+ 2,260,700
 167,210 VOCUS INCORPORATED+ 2,850,931
 50,281,405
 ---------------
CASINO & GAMING: 0.64%
 55,020 BALLY TECHNOLOGIES INCORPORATED+<< 2,230,498
 ---------------
CHEMICALS & ALLIED PRODUCTS: 5.09%
 184,940 ALNYLAM PHARMACEUTICALS INCORPORATED+ 3,147,679
 175,890 CRUCELL NV ADR+ 3,588,156
 168,530 ELIZABETH ARDEN INCORPORATED+ 3,033,540
 205,845 INSPIRE PHARMACEUTICALS INCORPORATED+ 1,284,473
 180,430 OLIN CORPORATION 3,540,037
 163,790 TALECRIS BIOTHERAPEUTICS HOLDINGS CORPORATION+ 3,262,697
 17,856,582
 ---------------
COMMERCIAL SERVICES: 0.48%
 104,070 TRANSCEND SERVICES INCORPORATED+ 1,691,138
 ---------------
COMMUNICATIONS: 1.52%
 268,850 ARUBA NETWORKS INCORPORATED+ 3,672,491
 63,170 ASIAINFO HOLDINGS INCORPORATED+ 1,672,742
 5,345,233
 ---------------


156 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

SMALL COMPANY GROWTH PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
DEPOSITORY INSTITUTIONS: 3.61%
 485,730 FBR CAPITAL MARKETS CORPORATION+ $ 2,210,072
 27,660 HANCOCK HOLDING COMPANY 1,156,465
 109,200 HOME BANCSHARES INCORPORATED 2,887,248
 61,450 SIGNATURE BANK+ 2,276,723
 111,300 WINTRUST FINANCIAL CORPORATION 4,141,473
 12,671,981
 ---------------
EATING & DRINKING PLACES: 0.84%
 211,190 TEXAS ROADHOUSE INCORPORATED CLASS A+ 2,933,429
 ---------------
EDUCATIONAL SERVICES: 0.98%
 156,910 EDUCATION MANAGEMENT CORPORATION+<< 3,436,329
 ---------------
ELECTRONIC: 0.90%
 162,780 GENTEX CORPORATION 3,161,188
 ---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 10.32%
 189,400 ADVANCED ANALOGIC TECHNOLOGIES INCORPORATED+ 661,006
 44,970 APPLIED SIGNAL TECHNOLOGY INCORPORATED 880,513
 776,930 ATMEL CORPORATION+ 3,907,958
 51,950 CALIX NETWORKS INCORPORATED+ 698,728
 314,420 MICREL INCORPORATED 3,351,717
 149,740 MICROSEMI CORPORATION+ 2,596,492
 95,420 NETLOGIC MICROSYSTEMS INCORPORATED+ 2,808,211
 184,820 OSI SYSTEMS INCORPORATED+ 5,184,201
 281,840 PMC-SIERRA INCORPORATED+ 2,514,013
 75,690 POLYCOM INCORPORATED+ 2,314,600
 52,675 SILICON LABORATORIES INCORPORATED+<< 2,511,017
 176,550 TESSERA TECHNOLOGIES INCORPORATED+ 3,580,434
 76,800 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ 2,543,616
 76,520 VIASAT INCORPORATED+ 2,648,357
 36,200,863
 ---------------
ENVIRONMENTAL CONTROL: 0.51%
 104,190 CALGON CARBON CORPORATION+ 1,783,733
 ---------------
FOOD & KINDRED PRODUCTS: 0.96%
 119,590 UNITED NATURAL FOODS INCORPORATED+ 3,364,067
 ---------------
GENERAL MERCHANDISE STORES: 0.95%
 204,060 99 CENTS ONLY STORES+ 3,326,178
 ---------------
HEALTH CARE: 0.42%
 29,510 GEN-PROBE INCORPORATED+ 1,475,500
 ---------------
HEALTH SERVICES: 3.41%
 123,120 GENOPTIX INCORPORATED+ 4,369,529
 108,190 LHC GROUP INCORPORATED+ 3,627,611
 260,550 NEKTAR THERAPEUTICS+ 3,962,966
 11,960,106
 ---------------
HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS: 1.25%
 242,880 ORION MARINE GROUP INCORPORATED+ 4,383,984
 ---------------
HOLDING & OTHER INVESTMENT OFFICES: 0.37%
 77,890 FINANCIAL ENGINES INCORPORATED+ 1,316,341
 ---------------


Wells Fargo Advantage Master Portfolios 157

Portfolio of Investments--March 31, 2010 (Unaudited)

SMALL COMPANY GROWTH PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 3.72%
 135,980 COLUMBUS MCKINNON CORPORATION+ $ 2,158,003
 205,350 ENTEGRIS INCORPORATED+ 1,034,964
 227,100 INTERMEC INCORPORATED+ 3,220,278
 233,970 NETEZZA CORPORATION+ 2,992,476
 128,010 RIVERBED TECHNOLOGY INCORPORATED+ 3,635,484
 13,041,205
 ---------------
INSURANCE CARRIERS: 2.03%
 82,120 ARGO GROUP INTERNATIONAL HOLDINGS LIMITED 2,676,291
 16,700 ENSTAR GROUP LIMITED+ 1,154,972
 119,210 VALIDUS HOLDINGS LIMITED 3,281,851
 7,113,114
 ---------------
LEISURE, SPORTING & RECREATION: 1.09%
 146,610 DICK'S SPORTING GOODS INCORPORATED+ 3,827,987
 ---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 9.76%
 158,170 AMERICAN MEDICAL SYSTEMS HOLDINGS INCORPORATED+ 2,938,799
 82,455 ARGON ST INCORPORATED+ 2,194,128
 400,530 DEXCOM INCORPORATED+ 3,897,157
 215,860 EMDEON INCORPORATED+ 3,566,007
 421,730 ENDOLOGIX INCORPORATED+ 1,703,789
 60,310 HEARTWARE INTERNATIONAL INCORPORATED+ 2,681,986
 599,508 INFINERA CORPORATION+<< 5,107,808
 216,100 SENSATA TECHNOLOGIES HOLDINGS N.V+ 3,881,156
 98,505 SONOSITE INCORPORATED+ 3,162,996
 340,900 SPECTRANETICS CORPORATION+ 2,355,619
 104,510 ZOLL MEDICAL CORPORATION+ 2,754,884
 34,244,329
 ---------------
MEDICAL PRODUCTS: 1.12%
 100,540 INVERNESS MEDICAL INNOVATIONS INCORPORATED+ 3,916,033
 ---------------
METAL MINING: 0.58%
 150,560 THOMPSON CREEK METALS COMPANY INCORPORATED+ 2,037,077
 ---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.92%
 138,050 STR HOLDINGS INCORPORATED+ 3,244,175
 ---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 1.84%
 232,570 HEARTLAND EXPRESS INCORPORATED 3,837,405
 112,250 WERNER ENTERPRISES INCORPORATED 2,600,833
 6,438,238
 ---------------
OIL & GAS EXTRACTION: 3.92%
 218,120 COMPLETE PRODUCTION SERVICES INCORPORATED+ 2,519,286
 42,720 COMSTOCK RESOURCES INCORPORATED+ 1,358,496
 74,850 CONCHO RESOURCES INCORPORATED+ 3,769,446
 233,150 GULFPORT ENERGY CORPORATION+ 2,620,606
 165,280 SUPERIOR ENERGY SERVICES INCORPORATED+ 3,474,186
 13,742,020
 ---------------
PAPER & RELATED PRODUCTS: 0.52%
 155,190 KAPSTONE PAPER AND PACKAGING CORPORATION+ 1,842,105
 ---------------
PHARMACEUTICALS: 0.52%
 165,950 ISIS PHARMACEUTICALS INCORPORATED+ 1,812,174
 ---------------


158 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

SMALL COMPANY GROWTH PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
PRIMARY METAL INDUSTRIES: 1.76%
 313,710 HORSEHEAD HOLDING CORPORATION+ $ 3,714,326
 140,960 STEEL DYNAMICS INCORPORATED 2,462,571
 6,176,897
 ---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 1.79%
 169,400 ROVI CORPORATION+ 6,289,822
 ---------------
RAILROAD TRANSPORTATION: 0.63%
 64,350 GENESEE & WYOMING INCORPORATED+ 2,195,622
 ---------------
RENTAL AUTO/EQUIPMENT: 0.67%
 236,390 HERTZ GLOBAL HOLDINGS INCORPORATED+<< 2,361,536
 ---------------
RETAIL-SPECIAL LINE: 1.12%
 173,910 ULTA SALON COSMETICS & FRAGRANCE INCORPORATED+ 3,933,844
 ---------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 1.01%
 106,300 JARDEN CORPORATION 3,538,727
 ---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.85%
 94,710 EVERCORE PARTNERS INCORPORATED CLASS A 2,841,300
 362,300 GFI GROUP INCORPORATED 2,094,094
 94,940 OPTIONSXPRESS HOLDINGS INCORPORATED 1,546,573
 6,481,967
 ---------------
SOFTWARE: 1.54%
 105,730 COMMVAULT SYSTEMS INCORPORATED+ 2,257,336
 144,510 SOLARWINDS INCORPORATED+ 3,130,087
 5,387,423
 ---------------
TRANSPORTATION BY AIR: 0.36%
 170,000 US AIRWAYS GROUP INCORPORATED+ 1,249,500
 ---------------
TRANSPORTATION SERVICES: 1.06%
 132,770 HUB GROUP INCORPORATED CLASS A+ 3,714,905
 ---------------
TOTAL COMMON STOCKS (COST $268,409,380) 334,312,237
 ---------------

 PRINCIPAL INTEREST RATE MATURITY DATE
------------- ------------- -------------
COLLATERAL FOR SECURITIES LENDING: 1.99%
COLLATERAL INVESTED IN OTHER ASSETS: 1.99%
$ 222,088 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
 COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY
 VALUE $222,088) 0.01% 04/01/2010 222,088
 66,503 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 66,503
 91,442 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 91,442
 1,832,204 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $1,832,205) 0.02 04/01/2010 1,832,204
 44,017 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 44,017
 133,007 COOK COUNTY IL+/-ss 0.25 11/01/2030 133,007
 166,558 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $166,558) 0.03 04/01/2010 166,558
 255,706 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $255,706) 0.01 04/01/2010 255,706
 2,310,770 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 949,727
 27,433 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 27,433


Wells Fargo Advantage Master Portfolios 159

Portfolio of Investments--March 31, 2010 (Unaudited)

SMALL COMPANY GROWTH PORTFOLIO

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
------------- ----------------------------------------------------------------- ------------- ------------- ---------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 83,129 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28% 07/01/2029 $ 83,129
 33,252 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 33,252
 1,110,425 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $1,110,425) 0.01 04/01/2010 1,110,425
 49,878 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 49,878
 33,252 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 33,252
 97,178 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 97,178
 149,633 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 149,633
 49,878 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 49,877
 2,947,847 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 1,591,838
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $6,530,892) 6,987,147
 ---------------

 SHARES YIELD
------------- -------------
SHORT-TERM INVESTMENTS: 4.19%
MUTUAL FUNDS: 4.19%
 14,708,242 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 14,708,242
 ---------------
TOTAL SHORT-TERM INVESTMENTS (COST $14,708,242) 14,708,242
 ---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $289,648,514)* 101.50% 356,007,626
OTHER ASSETS AND LIABILITIES, NET (1.50) (5,257,419)
 ------ ---------------
TOTAL NET ASSETS 100.00% $ 350,750,207
 ------ ---------------


+ Non-income earning securities.

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

+/- Variable rate investments.

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

(a) Security fair valued in accordance with the procedures approved by the Board of Trustees.

(i) Illiquid security.

++ Securities that may be resold to "qualified institutional buyers" under rule 144A or securities offered pursuant to section 4(2) of the Securities Act of 1933, as amended.

~ The Fund invests cash balances that it retains for liquidity purposes in an affiliated money market fund.

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

(l) Investment in an affiliate.

* Cost for federal income tax purposes is $306,097,849 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation $ 70,979,900
Gross unrealized depreciation (21,070,123)
 ------------
Net unrealized appreciation $ 49,909,777

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


160 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

SMALL COMPANY VALUE PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 96.82%
AMUSEMENT & RECREATION SERVICES: 0.71%
 45,460 INTERNATIONAL SPEEDWAY CORPORATION CLASS A $ 1,171,498
 ---------------
APPAREL & ACCESSORY STORES: 5.54%
 37,730 CHILDREN'S PLACE RETAIL STORES INCORPORATED+ 1,680,872
 58,100 DSW INCORPORATED CLASS A+ 1,483,293
 84,900 HANESBRANDS INCORPORATED+ 2,361,918
 64,400 TRUE RELIGION APPAREL INCORPORATED+ 1,955,184
 87,490 VOLCOM INCORPORATED+ 1,707,805
 9,189,072
 ---------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.85%
 105,520 ASBURY AUTOMOTIVE GROUP INCORPORATED+ 1,403,416
 ---------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 1.00%
 76,310 TUTOR PRINI CORPORATION+ 1,659,743
 ---------------
BUSINESS SERVICES: 7.76%
 153,240 AIRCASTLE LIMITED 1,451,183
 34,540 CACI INTERNATIONAL INCORPORATED CLASS A+ 1,687,279
 203,740 EARTHLINK INCORPORATED 1,739,940
 21,170 MICROSTRATEGY INCORPORATED CLASS A+ 1,800,932
 27,520 PORTFOLIO RECOVERY ASSOCIATES INCORPORATED+ 1,510,022
 47,610 RENT-A-CENTER INCORPORATED+ 1,125,977
 65,740 SYNNEX CORPORATION+ 1,943,274
 81,500 TAL INTERNATIONAL GROUP INCORPORATED 1,628,370
 12,886,977
 ---------------
CASINO & GAMING: 1.11%
 101,180 AMERISTAR CASINOS INCORPORATED 1,843,500
 ---------------
CHEMICALS & ALLIED PRODUCTS: 4.86%
 45,900 CYTEC INDUSTRIES INCORPORATED 2,145,366
 83,200 OLIN CORPORATION 1,632,384
 101,810 ROCKWOOD HOLDINGS INCORPORATED+ 2,710,182
 79,130 TALECRIS BIOTHERAPEUTICS HOLDINGS CORPORATION+ 1,576,270
 8,064,202
 ---------------
COMMUNICATIONS: 1.10%
 533,340 CINCINNATI BELL INCORPORATED+ 1,818,689
 ---------------
COMMUNICATIONS EQUIPMENT: 0.96%
 56,970 COMMSCOPE INCORPORATED+ 1,596,299
 ---------------
COMPUTER TECHNOLOGIES: 1.13%
 51,760 LEXMARK INTERNATIONAL INCORPORATED+ 1,867,501
 ---------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 0.91%
 27,720 CHEMED CORPORATION 1,507,414
 ---------------
DEPOSITORY INSTITUTIONS: 13.22%
 121,400 ASSOCIATED BANC-CORP 1,675,320
 46,870 BANK OF THE OZARKS INCORPORATED 1,649,355
 76,990 CARDINAL FINANCIAL CORPORATION 822,253
 32,200 CITY NATIONAL CORPORATION 1,737,834
 105,640 EAST WEST BANCORP INCORPORATED<< 1,840,249
 118,609 FIRST HORIZON NATIONAL CORPORATION+ 1,666,454


Wells Fargo Advantage Master Portfolios 161

Portfolio of Investments--March 31, 2010 (Unaudited)

SMALL COMPANY VALUE PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
DEPOSITORY INSTITUTIONS (continued)
 70,400 MB FINANCIAL INCORPORATED $ 1,586,112
 117,000 NORTHWEST BANCSHARES INCORPORATED 1,373,580
 85,210 PACWEST BANCORP 1,944,492
 72,700 PINNACLE FINANCIAL PARTNERS INCORPORATED+ 1,098,497
 30,900 SVB FINANCIAL GROUP+ 1,441,794
 131,850 UMPQUA HOLDINGS CORPORATION 1,748,331
 88,010 WASHINGTON FEDERAL INCORPORATED 1,788,363
 42,190 WINTRUST FINANCIAL CORPORATION 1,569,890
 21,942,524
 ---------------
ELECTRIC, GAS & SANITARY SERVICES: 3.82%
 48,000 ENERGEN CORPORATION 2,233,440
 78,830 GREAT PLAINS ENERGY INCORPORATED 1,463,873
 94,180 PORTLAND GENERAL ELECTRIC COMPANY 1,818,616
 35,780 UNITIL CORPORATION 831,885
 6,347,814
 ---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 4.58%
 176,700 AVIAT NETWORKS INCORPORATED+ 1,171,521
 49,980 COMTECH TELECOMMUNICATIONS CORPORATION+ 1,598,860
 131,700 GRAFTECH INTERNATIONAL LIMITED+ 1,800,339
 324,010 RF MICRO DEVICES INCORPORATED+ 1,613,570
 159,060 TTM TECHNOLOGIES INCORPORATED+ 1,412,453
 7,596,743
 ---------------
FOOD & KINDRED PRODUCTS: 1.74%
 47,930 CENTRAL EUROPEAN DISTRIBUTION CORPORATION+ 1,678,029
 35,080 CORN PRODUCTS INTERNATIONAL INCORPORATED 1,215,873
 2,893,902
 ---------------
GENERAL MERCHANDISE STORES: 0.85%
 80,770 CABELA'S INCORPORATED+ 1,412,667
 ---------------
HEALTH SERVICES: 1.04%
 107,520 HEALTHWAYS INCORPORATED+ 1,727,846
 ---------------
HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS: 0.54%
 172,320 GREAT LAKES DREDGE & DOCK COMPANY 904,680
 ---------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 1.39%
 78,510 GAYLORD ENTERTAINMENT COMPANY+<< 2,299,558
 ---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 1.62%
 101,920 ALTRA HOLDINGS INCORPORATED+ 1,399,362
 41,760 BLACK BOX CORPORATION 1,284,538
 2,683,900
 ---------------
INSURANCE CARRIERS: 3.12%
 62,060 AMERIGROUP CORPORATION+ 2,062,874
 45,071 ARGO GROUP INTERNATIONAL HOLDINGS LIMITED 1,468,864
 91,410 UNITED FIRE & CASUALTY COMPANY 1,644,466
 5,176,204
 ---------------
INVESTMENT COMPANIES: 1.20%
 156,600 APOLLO INVESTMENT CORPORATION 1,993,518
 ---------------


162 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

SMALL COMPANY VALUE PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
LEISURE, SPORTING & RECREATION: 2.05%
 184,290 CALLAWAY GOLF COMPANY $ 1,625,438
 57,180 GENESCO INCORPORATED+ 1,773,152
 3,398,590
 ---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 1.13%
 45,360 TELEDYNE TECHNOLOGIES INCORPORATED+ 1,872,007
 ---------------
METAL FABRICATE, HARDWARE: 1.62%
 134,860 CHART INDUSTRIES INCORPORATED+ 2,697,200
 ---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.67%
 74,610 RC2 CORPORATION+ 1,116,912
 ---------------
MISCELLANEOUS REPAIR SERVICES: 1.04%
 150,890 DYNCORP INTERNATIONAL INCORPORATED+ 1,733,726
 ---------------
OIL & GAS EXTRACTION: 4.02%
 68,410 BERRY PETROLEUM COMPANY CLASS A 1,926,426
 252,900 GLOBAL INDUSTRIES LIMITED+ 1,623,618
 156,200 KEY ENERGY SERVICES INCORPORATED+ 1,491,710
 38,400 UNIT CORPORATION+ 1,623,552
 6,665,306
 ---------------
PAPER & ALLIED PRODUCTS: 1.44%
 117,250 TEMPLE-INLAND INCORPORATED 2,395,418
 ---------------
PETROLEUM REFINING & RELATED INDUSTRIES: 1.07%
 63,400 HOLLY CORPORATION 1,769,494
 ---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.99%
 78,840 AMERICAN GREETINGS CORPORATION CLASS A 1,643,026
 ---------------
REAL ESTATE INVESTMENT TRUSTS (REITS): 9.64%
 51,150 AMERICAN CAMPUS COMMUNITIES 1,414,809
 112,190 BIOMED REALTY TRUST INCORPORATED 1,855,623
 46,290 CORPORATE OFFICE PROPERTIES TRUST 1,857,618
 100,700 DUPONT FABROS TECHNOLOGY INCORPORATION 2,174,113
 116,220 FIRST POTOMAC REALTY TRUST 1,746,787
 100,580 LASALLE HOTEL PROPERTIES 2,343,514
 104,500 REDWOOD TRUST INCORPORATED 1,611,390
 39,200 SOVRAN SELF STORAGE INCORPORATED 1,366,512
 146,594 SUNSTONE HOTEL INVESTORS INCORPORATED 1,637,455
 16,007,821
 ---------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 1.76%
 94,980 COOPER TIRE & RUBBER COMPANY 1,806,520
 126,970 TITAN INTERNATIONAL INCORPORATED<< 1,108,448
 2,914,968
 ---------------
SATELLITE: 1.46%
 299,790 IRADIUM COMMUNICATIONS INCORPORATED+<< 2,431,297
 ---------------
SOCIAL SERVICES: 0.96%
 132,340 RES-CARE INCORPORATED+ 1,586,757
 ---------------
SOFTWARE: 0.98%
 53,870 DIGITAL RIVER INCORPORATED+ 1,632,261
 ---------------


Wells Fargo Advantage Master Portfolios 163

Portfolio of Investments--March 31, 2010 (Unaudited)

SMALL COMPANY VALUE PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
TRANSPORTATION BY AIR: 3.41%
 334,160 AIRTRAN HOLDINGS INCORPORATED+ $ 1,697,533
 74,830 ATLAS AIR WORLDWIDE HOLDINGS INCORPORATED+ 3,969,732
 5,667,265
 ---------------
TRANSPORTATION EQUIPMENT: 3.22%
 83,490 MARTEN TRANSPORT LIMITED+ 1,645,588
 66,460 SPIRIT AEROSYSTEMS HOLDINGS INCORPORATED+ 1,553,835
 30,560 TRIUMPH GROUP INCORPORATED 2,141,950
 5,341,373
 ---------------
TRANSPORTATION SERVICES: 0.89%
 51,470 GATX CORPORATION 1,474,616
 ---------------
WHOLESALE TRADE-DURABLE GOODS: 1.42%
 83,590 A.M. CASTLE & COMPANY 1,093,357
 36,620 WESCO INTERNATIONAL INCORPORATED+ 1,271,080
 2,364,437
 ---------------
TOTAL COMMON STOCKS (COST $114,079,991) 160,700,141
 ---------------

 PRINCIPAL INTEREST RATE MATURITY DATE
------------- ------------- -------------
COLLATERAL FOR SECURITIES LENDING: 1.93%
COLLATERAL INVESTED IN OTHER ASSETS: 1.93%
$ 70,778 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
 COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY
 VALUE $70,778) 0.01% 04/01/2010 70,778
 21,194 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 21,194
 29,142 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 29,142
 583,910 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $583,910) 0.02 04/01/2010 583,910
 14,028 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 14,028
 42,388 COOK COUNTY IL+/-ss 0.25 11/01/2030 42,388
 53,081 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $53,081) 0.03 04/01/2010 53,081
 81,492 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $81,492) 0.01 04/01/2010 81,492
 1,617,785 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 664,910
 8,743 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 8,743
 26,493 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 26,493
 10,597 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 10,597
 353,885 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $353,885) 0.01 04/01/2010 353,885
 15,896 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 15,896
 10,597 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 10,597
 30,970 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 30,970
 47,687 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 47,687
 15,896 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 15,894
 2,063,807 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 1,114,456
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $2,876,714) 3,196,141
 ---------------


164 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

SMALL COMPANY VALUE PORTFOLIO

 SHARES SECURITY NAME YIELD VALUE
------------- ----------------------------------------------------------------- ------------- ---------------
SHORT-TERM INVESTMENTS: 2.60%
MUTUAL FUNDS: 2.60%
 4,319,642 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% $ 4,319,642
 ---------------
TOTAL SHORT-TERM INVESTMENTS (COST $4,319,642) 4,319,642
 ---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $121,276,347)* 101.35% 168,215,924
OTHER ASSETS AND LIABILITIES, NET (1.35) (2,245,612)
 ------ ---------------
TOTAL NET ASSETS 100.00% $ 165,970,312
 ------ ---------------


+ Non-income earning securities.

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

+/- Variable rate investments.

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

(a) Security fair valued in accordance with the procedures approved by the Board of Trustees.

(i) Illiquid security.

++ Securities that may be resold to "qualified institutional buyers" under rule 144A or securities offered pursuant to section 4(2) of the Securities Act of 1933, as amended.

~ The Fund invests cash balances that it retains for liquidity purposes in an affiliated money market fund.

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

(l) Investment in an affiliate.

* Cost for federal income tax purposes is $146,644,524 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation $ 48,627,735
Gross unrealized depreciation (27,056,335)
 ------------
Net unrealized appreciation $ 21,571,400

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


Wells Fargo Advantage Master Portfolios 165

Portfolio of Investments--March 31, 2010 (Unaudited)

STRATEGIC SMALL CAP VALUE PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 96.31%
AMUSEMENT & RECREATION SERVICES: 0.09%
 3,300 INTERNATIONAL SPEEDWAY CORPORATION CLASS A $ 85,041
 ---------------
APPAREL & ACCESSORY STORES: 5.02%
 1,800 ABERCROMBIE & FITCH COMPANY CLASS A 82,152
 24,300 BEBE STORES INCORPORATED 216,270
 44,700 CHARMING SHOPPES INCORPORATED+ 244,062
 1,700 CHILDREN'S PLACE RETAIL STORES INCORPORATED+ 75,735
 31,300 CHRISTOPHER & BANKS CORPORATION 250,400
 4,800 CITI TRENDS INCORPORATED+ 155,712
 40,100 COLDWATER CREEK INCORPORATED+ 278,294
 22,170 COLLECTIVE BRANDS INCORPORATED+ 504,146
 2,600 COLUMBIA SPORTSWEAR COMPANY 136,578
 62,411 DELIA*S INCORPORATED+ 107,971
 14,400 DESTINATION MATERNITY CORPORATION+ 369,504
 37,000 KENNETH COLE PRODUCTIONS INCORPORATED CLASS A 473,970
 29,482 LIZ CLAIBORNE INCORPORATED+ 219,051
 12,900 MAIDENFORM BRANDS INCORPORATED+ 281,865
 84,700 NEW YORK & COMPANY INCORPORATED+ 405,713
 4,500 SKECHERS U.S.A. INCORPORATED CLASS A+ 163,440
 5,600 STAGE STORES INCORPORATED 86,184
 12,500 THE CATO CORPORATION CLASS A 268,000
 34,900 WET SEAL INCORPORATED CLASS A+ 166,124
 4,485,171
 ---------------
AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.90%
 8,032 MIDAS INCORPORATED+ 90,601
 20,020 MONRO MUFFLER BRAKE INCORPORATED 715,915
 806,516
 ---------------
BIOPHARMACEUTICALS: 0.09%
 1,200 CEPHALON INCORPORATED+ 81,336
 ---------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.97%
 12,111 CAVCO INDUSTRIES INCORPORATED+ 413,470
 42,005 PALM HARBOR HOMES INCORPORATED+ 84,430
 16,775 TUTOR PRINI CORPORATION+ 364,856
 862,756
 ---------------
BUSINESS SERVICES: 7.39%
 22,639 ABM INDUSTRIES INCORPORATED 479,947
 4,800 ADMINISTAFF INCORPORATED 102,432
 62,100 APAC CUSTOMER SERVICES INCORPORATED+ 357,075
 83,392 ASSET ACCEPTANCE CAPITAL CORPORATION+ 526,204
 9,000 BARRETT BUSINESS SERVICES INCORPORATED 122,040
 13,900 CAI INTERNATIONAL INCORPORATED+ 171,248
 38,800 CONVERGYS CORPORATION+ 475,688
 12,200 FAIR ISAAC CORPORATION 309,148
 34,639 GEO GROUP INCORPORATED+ 686,545
 17,350 GERBER SCIENTIFIC INCORPORATED+ 107,744
 19,000 GSE SYSTEMS INCORPORATED+ 102,790
 22,500 HACKETT GROUP INCORPORATED+ 62,550
 21,806 HEALTHCARE SERVICES GROUP 488,236
 125,310 HILL INTERNATIONAL INCORPORATED+ 730,557
 46,100 LIONBRIDGE TECHNOLOGIES INCORPORATED+ 167,343


166 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

STRATEGIC SMALL CAP VALUE PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
BUSINESS SERVICES (continued)
 5,600 MDC PARTNERS INCORPORATED $ 57,960
 9,600 MENTOR GRAPHICS CORPORATION+ 76,992
 33,300 MONSTER WORLDWIDE INCORPORATED+ 553,113
 31,591 PLATO LEARNING INCORPORATED+ 175,646
 5,600 ROLLINS INCORPORATED 121,408
 7,000 SYKES ENTERPRISES INCORPORATED+ 159,880
 71,095 TIER TECHNOLOGIES INCORPORATED CLASS B+ 565,916
 6,600,462
 ---------------
CASINO & GAMING: 0.23%
 83,410 CENTURY CASINOS INCORPORATED+ 208,525
 ---------------
CHEMICALS & ALLIED PRODUCTS: 3.17%
 21,700 ELIZABETH ARDEN INCORPORATED+ 390,600
 38,500 FERRO CORPORATION 338,415
 21,300 ICO INCORPORATED 172,104
 1,775 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 84,614
 13,500 LANDEC CORPORATION+ 89,505
 26,900 OLIN CORPORATION 527,778
 50,420 ORASURE TECHNOLOGIES INCORPORATED+ 298,991
 69,726 PRESTIGE BRANDS HOLDINGS INCORPORATED+ 627,534
 6,100 ROCKWOOD HOLDINGS INCORPORATED+ 162,382
 3,600 RPM INTERNATIONAL INCORPORATED 76,824
 15,652 SERACARE LIFE SCIENCES INCORPORATED+ 62,608
 2,831,355
 ---------------
COMMUNICATIONS: 1.31%
 71,645 CHINA GRENTECH CORPORATION LIMITED ADR+ 275,833
 63,220 CINCINNATI BELL INCORPORATED+ 215,580
 9,100 KRATOS DEFENSE & SECURITY SOLUTIONS INCORPORATED+ 129,857
 21,800 PREMIERE GLOBAL SERVICES INCORPORATED+ 180,068
 192,190 SANDVINE CORPORATION+(a) 369,293
 1,170,631
 ---------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 1.02%
 13,880 CHICAGO BRIDGE & IRON COMPANY NV+ 322,849
 7,800 COMFORT SYSTEMS USA INCORPORATED 97,422
 9,400 INSITUFORM TECHNOLOGIES INCORPORATED CLASS A+ 250,134
 22,640 MATRIX SERVICE COMPANY+ 243,606
 914,011
 ---------------
DATA SERVICES: 0.25%
 38,395 BROCADE COMMUNICATIONS SYSTEMS INCORPORATED+ 219,235
 ---------------
DEPOSITORY INSTITUTIONS: 8.05%
 15,075 1ST UNITED BANCORP INCORPORATED+ 121,354
 18,721 ASSOCIATED BANC-CORP 258,350
 8,600 ASTORIA FINANCIAL CORPORATION 124,700
 11,642 BANCORP INCORPORATED+ 103,614
 3,100 BANK OF THE OZARKS INCORPORATED 109,089
 10,800 BANNER CORPORATION 41,472
 18,300 BOSTON PRIVATE FINANCIAL HOLDINGS INCORPORATED 134,871
 16,900 BROOKLINE BANCORP INCORPORATED 179,816
 1,700 CATHAY GENERAL BANCORPORATION 19,805
 5,190 CITY NATIONAL CORPORATION 280,104


Wells Fargo Advantage Master Portfolios 167

Portfolio of Investments--March 31, 2010 (Unaudited)

STRATEGIC SMALL CAP VALUE PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
DEPOSITORY INSTITUTIONS (continued)
 4,000 COLUMBIA BANKING SYSTEM INCORPORATED $ 81,240
 4,100 EAST WEST BANCORP INCORPORATED 71,422
 12,900 FIRST BUSEY CORPORATION 57,018
 2,400 FIRST FINANCIAL CORPORATION 69,504
 12,177 FIRST HORIZON NATIONAL CORPORATION+ 171,083
 13,300 FIRST MIDWEST BANCORP INCORPORATED 180,215
 5,970 FIRST NIAGARA FINANCIAL GROUP INCORPORATED 84,893
 32,308 FIRST SECURITY GROUP INCORPORATED 69,785
 38,000 GLACIER BANCORP INCORPORATED 578,740
 5,400 GREAT SOUTHERN BANCORP INCORPORATION 121,176
 5,150 HANCOCK HOLDING COMPANY 215,322
 2,600 HUDSON VALLEY HOLDING CORPORATION 62,920
 6,470 IBERIABANK CORPORATION 388,265
 3,400 NBT BANCORP INCORPORATED 77,690
 30,800 NEW YORK COMMUNITY BANCORP INCORPORATED 509,432
 22,000 NEWALLIANCE BANCSHARES INCORPORATED 277,640
 13,500 NEWBRIDGE BANCORPORATION+ 47,925
 4,400 NORTHRIM BANCORP INCORPORATED 75,152
 2,635 NORTHWEST BANCSHARES INCORPORATED 30,935
 9,200 PACIFIC CONTINENTAL CORPORATION 96,600
 24,900 PACIFIC PREMIER BANCORP INCORPORATED+ 122,010
 9,300 PACWEST BANCORP 212,226
 3,900 STELLARONE CORPORATION 52,143
 22,900 STERLING BANCSHARES INCORPORATED 127,782
 4,300 TCF FINANCIAL CORPORATION 68,542
 6,000 TEXAS CAPITAL BANCSHARES INCORPORATED+ 113,940
 10,100 UMB FINANCIAL CORPORATION 410,060
 22,248 UNITED COMMUNITY BANKS INCORPORATED+ 98,114
 8,710 UNIVEST CORPORATION OF PENNSYLVANIA 162,790
 7,000 WASHINGTON BANKING COMPANY 88,130
 26,650 WASHINGTON FEDERAL INCORPORATED 541,528
 11,699 WEST COAST BANCORP (OREGON) 30,183
 8,730 WESTERN LIBERTY BANCORP+ 61,110
 24,170 WHITNEY HOLDING CORPORATION 333,304
 7,890 WILMINGTON TRUST CORPORATION 130,737
 7,192,731
 ---------------
E-COMMERCE/SERVICES: 0.20%
 21,600 SUPPORT.COM INCORPORATED+ 70,632
 19,100 WEB.COM GROUP INCORPORATED+ 104,095
 174,727
 ---------------
EATING & DRINKING PLACES: 0.72%
 3,700 CEC ENTERTAINMENT INCORPORATED+ 140,933
 11,000 MCCORMICK & SCHMICK'S SEAFOOD INCORPORATED+ 110,770
 14,300 MORTON'S RESTAURANT GROUP INCORPORATED+ 87,373
 7,900 O'CHARLEYS INCORPORATED+ 70,626
 46,400 WENDY'S ARBY'S GROUP INCORPORATED 232,000
 641,702
 ---------------
EDUCATIONAL SERVICES: 0.19%
 11,900 LEARNING TREE INTERNATIONAL INCORPORATED+ 167,433
 58,950 VOYAGER EXPANDED LEARNING CORPORATION(a) 0
 167,433
 ---------------


168 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

STRATEGIC SMALL CAP VALUE PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
ELECTRIC, GAS & SANITARY SERVICES: 2.76%
 12,796 ALLETE INCORPORATED $ 428,410
 4,900 BLACK HILLS CORPORATION 148,715
 15,100 CLEAN HARBORS INCORPORATED+ 838,956
 8,975 EL PASO CORPORATION 97,289
 26,677 EL PASO ELECTRIC COMPANY+ 549,546
 15,065 NEWALTA INCORPORATED 137,092
 3,400 NICOR INCORPORATED 142,528
 3,500 PORTLAND GENERAL ELECTRIC COMPANY 67,585
 1,700 WGL HOLDINGS INCORPORATED 58,905
 2,469,026
 ---------------
ELECTRONIC: 0.82%
 37,765 GENTEX CORPORATION 733,396
 ---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 6.71%
 24,300 ADAPTEC INCORPORATED+ 79,461
 9,900 ADC TELECOMMUNICATIONS INCORPORATED+ 72,369
 7,700 ARRIS GROUP INCORPORATED+ 92,477
 55,200 ATMI INCORPORATED+ 1,065,912
 6,400 AVIAT NETWORKS INCORPORATED+ 42,432
 13,400 CTS CORPORATION 126,228
 3,600 DIODES INCORPORATED+ 80,640
 33,560 GRAFTECH INTERNATIONAL LIMITED+ 458,765
 8,400 HELEN OF TROY LIMITED+ 218,904
 10,100 HOUSTON WIRE & CABLE COMPANY 116,958
 10,600 IMATION CORPORATION+ 116,706
 16,250 INTEGRATED ELECTRICAL SERVICES INCORPORATED+ 91,813
 9,600 INTERSIL CORPORATION CLASS A 141,696
 15,700 MAXIM INTEGRATED PRODUCTS INCORPORATED 304,423
 17,100 MIPS TECHNOLOGIES INCORPORATED+ 76,266
 37,500 MOLEX INCORPORATED CLASS A 661,875
 295,510 MRV COMMUNICATIONS INCORPORATED+ 393,028
 12,280 OSI SYSTEMS INCORPORATED+ 344,454
 76,325 POWER-ONE INCORPORATED+ 322,092
 20,656 RICHARDSON ELECTRONICS LIMITED 164,215
 6,700 SPECTRUM BRANDS INCORPORATED+ 183,446
 67,382 TECHNITROL INCORPORATED 355,777
 12,500 TELLABS INCORPORATED 94,625
 154,325 TRIDENT MICROSYSTEMS INCORPORATED+ 268,526
 5,500 UNIVERSAL ELECTRONICS INCORPORATED+ 122,870
 5,995,958
 ---------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 1.10%
 32,500 CRA INTERNATIONAL INCORPORATED+ 744,900
 10,135 INFINITY PHARMACEUTICALS INCORPORATED+ 61,824
 39,260 SYMYX TECHNOLOGIES INCORPORATED+ 176,277
 983,001
 ---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.44%
 3,700 CROWN HOLDINGS INCORPORATED+ 99,752
 17,500 QUANEX BUILDING PRODUCTS CORPORATION 289,275
 389,027
 ---------------


Wells Fargo Advantage Master Portfolios 169

Portfolio of Investments--March 31, 2010 (Unaudited)

STRATEGIC SMALL CAP VALUE PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
FOOD & KINDRED PRODUCTS: 0.42%
 4,600 AMERICAN ITALIAN PASTA COMPANY CLASS A+ $ 178,802
 13,240 DEL MONTE FOODS COMPANY 193,304
 372,106
 ---------------
FOOD STORES: 0.70%
 50,400 WINN-DIXIE STORES INCORPORATED+ 629,496
 ---------------
FOOTWEAR: 0.12%

 800 DECKERS OUTDOOR CORPORATION+ 110,400
 ---------------
FURNITURE & FIXTURES: 0.48%

 15,400 FURNITURE BRANDS INTERNATIONAL INCORPORATED+ 99,022
 6,000 HNI CORPORATION 159,780
 7,600 KIMBALL INTERNATIONAL INCORPORATED CLASS B 52,820
 17,200 LSI INDUSTRIES INCORPORATED 117,304
 428,926
 ---------------
HEALTH SERVICES: 3.39%
 33,800 ALLIED HEALTHCARE INTERNATIONAL INCORPORATED+ 91,936
 11,400 AMERICAN DENTAL PARTNERS INCORPORATED+ 148,770
 29,100 BIOSCRIP INCORPORATED+ 232,218
 21,600 CARDIAC SCIENCE CORPORATION+ 40,392
 22,317 CROSS COUNTRY HEALTHCARE INCORPORATED+ 225,625
 7,100 EMERITUS CORPORATION+ 144,485
 23,135 ENSIGN GROUP INCORPORATED 400,930
 24,000 FIVE STAR QUALITY CARE INCORPORATED+ 73,200
 8,340 GENTIVA HEALTH SERVICES INCORPORATED+ 235,855
 4,440 HEALTHSOUTH REHABILITATION CORPORATION+ 83,028
 356,800 HOOPER HOLMES INCORPORATED+ 310,416
 2,800 HUMANA INCORPORATED+ 130,956
 12,000 LHC GROUP INCORPORATED+ 402,360
 13,805 MDS INCORPORATED+ 111,959
 15,500 NAUTILUS GROUP INCORPORATED+ 46,810
 33,723 NOVAMED INCORPORATED+ 114,658
 8,600 REHABCARE GROUP INCORPORATED+ 234,522
 3,028,120
 ---------------
HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS: 0.46%
 1,500 GRANITE CONSTRUCTION INCORPORATED 45,330
 7,275 MYR GROUP INCORPORATED+ 118,655
 15,833 STERLING CONSTRUCTION COMPANY INCORPORATED+ 248,895
 412,880
 ---------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.12%
 58,938 EMPIRE RESORTS INCORPORATED 107,267
 ---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 4.86%
 18,510 ACTUANT CORPORATION CLASS A 361,871
 12,200 ALTRA HOLDINGS INCORPORATED+ 167,506
 7,900 BLOUNT INTERNATIONAL INCORPORATED+ 81,844
 9,300 COLUMBUS MCKINNON CORPORATION+ 147,591
 29,520 CRAY INCORPORATED+ 175,644
 2,600 DIEBOLD INCORPORATED 82,576
 15,500 FLANDER CORPORATION+ 58,900
 3,200 GARDNER DENVER INCORPORATED 140,928
 103,990 INTERMEC INCORPORATED+ 1,474,578


170 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

STRATEGIC SMALL CAP VALUE PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued)
 9,500 INTEVAC INCORPORATED+ $ 131,290
 1,256 KADANT INCORPORATED+ 18,099
 12,800 KENNAMETAL INCORPORATED 359,936
 23,374 MODINE MANUFACTURING COMPANY+ 262,724
 17,700 NN INCORPORATED+ 97,350
 164,500 QUANTUM CORPORATION+ 432,635
 18,600 SPARTECH CORPORATION 217,620
 2,700 TENNANT COMPANY 73,953
 1,900 TIMKEN COMPANY 57,019
 4,342,064
 ---------------
INSURANCE CARRIERS: 4.00%
 13,400 AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY 142,710
 8,850 AMERISAFE INCORPORATED+ 144,875
 14,311 ARGO GROUP INTERNATIONAL HOLDINGS LIMITED 466,395
 26,987 BROWN & BROWN INCORPORATED 483,607
 5,100 DELPHI FINANCIAL GROUP INCORPORATED CLASS A 128,316
 11,100 DONEGAL GROUP INCORPORATED CLASS A 161,061
 3,100 EMC INSURANCE GROUP INCORPORATED 69,812
 10,900 HALLMARK FINANCIAL SERVICES INCORPORATED+ 98,100
 29,982 MEADOWBROOK INSURANCE GROUP INCORPORATED 236,858
 6,745 MERCURY GENERAL CORPORATION 294,891
 7,005 NYMAGIC INCORPORATED 148,716
 9,000 ONEBEACON INSURANCE GROUP LIMITED 155,250
 8,600 PENN MILLERS HOLDING CORPORATION+ 104,490
 20,700 PMA CAPITAL CORPORATION CLASS A+ 127,098
 22,500 SEABRIGHT INSURANCE HOLDINGS 247,725
 4,200 STATE AUTO FINANCIAL CORPORATION 75,390
 35,318 STEWART INFORMATION SERVICES CORPORATION 487,388
 3,572,682
 ---------------
INVESTMENTS & MISCELLANEOUS FINANCIAL SERVICES: 0.39%
 421,960 SANDSTORM RESOURCES LIMITED+ 344,830
 ---------------
LEATHER & LEATHER PRODUCTS: 0.29%
 7,400 SHOE CARNIVAL INCORPORATED+ 169,164
 3,700 WEYCO GROUP INCORPORATED 87,024
 256,188
 ---------------
LEGAL SERVICES: 0.35%
 6,900 RAYONIER INCORPORATED 313,467
 ---------------
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE: 0.55%
 19,815 NOBILITY HOMES INCORPORATED 193,989
 16,063 SKYLINE CORPORATION 298,772
 492,761
 ---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 5.20%
 61,859 ALLIED HEALTHCARE PRODUCTS INCORPORATED+ 231,971
 15,200 CANTEL INDUSTRIES 301,720
 9,163 COHERENT INCORPORATED+ 292,849
 6,000 HANGER ORTHOPEDIC GROUP INCORPORATED+ 109,080
 46,100 HEALTHTRONICS INCORPORATED+ 165,038
 27,625 HERLEY INDUSTRIES INCORPORATED+ 404,983
 2,600 ICU MEDICAL INCORPORATED+ 89,570
 38,330 ION GEOPHYSICAL CORPORATION+ 188,584


Wells Fargo Advantage Master Portfolios 171

Portfolio of Investments--March 31, 2010 (Unaudited)

STRATEGIC SMALL CAP VALUE PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (continued)
 108,601 LTX-CREDENCE CORPORATION+ $ 329,061
 19,700 MEDICAL ACTION INDUSTRIES INCORPORATED+ 241,719
 36,000 NEWPORT CORPORATION+ 450,000
 3,700 PALOMAR MEDICAL TECHNOLOGIES INCORPORATED+ 40,182
 37,300 PERKINELMER INCORPORATED 891,470
 9,700 WATERS CORPORATION+ 655,138
 9,500 ZOLL MEDICAL CORPORATION+ 250,420
 4,641,785
 ---------------
MEDIA: 0.29%
 39,820 OUTDOOR CHANNEL HOLDINGS INCORPORATED+ 262,414
 ---------------
METAL MINING: 2.75%
 11,995 ELDORADO GOLD CORPORATION+ 144,900
 3,680 GOLDCORP INCORPORATED 136,970
 130,400 GREAT BASIN GOLD LIMITED+ 225,592
 105,940 PETAQUILLA MINERALS LIMITED+ 58,267
 21,075 RANDGOLD RESOURCES LIMITED ADR 1,619,192
 5,905 ROYAL GOLD INCORPORATED 272,870
 2,457,791
 ---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 1.35%
 38,030 ACCO BRANDS CORPORATION+ 291,310
 10,133 BLYTH INCORPORATED 316,656
 17,000 KID BRANDS INCORPORATED+ 147,050
 25,600 LEAPFROG ENTERPRISES INCORPORATED+ 167,680
 8,200 RC2 CORPORATION+ 122,754
 6,300 STANDEX INTERNATIONAL CORPORATION 162,351
 1,207,801
 ---------------
MISCELLANEOUS RETAIL: 0.73%
 12,400 AC MOORE ARTS & CRAFTS INCORPORATED+ 36,332
 71,300 OFFICE DEPOT INCORPORATED+ 568,974
 10,200 PC MALL INCORPORATED+ 51,612
 656,918
 ---------------
MOTION PICTURES: 0.07%
 2,200 ASCENT MEDIA CORPORATION+ 59,950
 ---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.38%
 11,200 ARKANSAS BEST CORPORATION 334,656
 7,650 YRC WORLDWIDE INCORPORATED+ 4,160
 338,816
 ---------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 1.16%
 151,271 CAPITALSOURCE INCORPORATED 845,605
 36,158 MCG CAPITAL CORPORATION+ 188,383
 1,033,988
 ---------------
NURSING HOME: 0.06%
 1,521 ASSISTED LIVING CONCEPTS INCORPORATED+ 49,950
 ---------------
OIL & GAS EXPLORATION: 0.06%
 17,300 CRIMSON EXPLORATION INCORPORATED+ 50,516
 ---------------


172 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

STRATEGIC SMALL CAP VALUE PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
OIL & GAS EXTRACTION: 5.88%
 3,400 ATWOOD OCEANICS INCORPORATED+ $ 117,742
 12,400 COMPLETE PRODUCTION SERVICES INCORPORATED+ 143,220
 2,100 COMSTOCK RESOURCES INCORPORATED+ 66,780
 8,305 FOREST OIL CORPORATION+ 214,435
 72,994 GLOBAL INDUSTRIES LIMITED+ 468,621
 22,155 HELIX ENERGY SOLUTIONS GROUP INCORPORATED+ 288,680
 8,500 HERCULES OFFSHORE INCORPORATED+ 36,635
 29,530 KEY ENERGY SERVICES INCORPORATED+ 282,012
 63,839 MCMORAN EXPLORATION COMPANY+ 933,965
 139,245 NEWPARK RESOURCES INCORPORATED+ 731,036
 5,235 OCEANEERING INTERNATIONAL INCORPORATED+ 332,370
 3,465 PRIDE INTERNATIONAL INCORPORATED+ 104,331
 13,005 RANGE RESOURCES CORPORATION 609,544
 14,040 SANDRIDGE ENERGY INCORPORATED+ 108,108
 14,800 STONE ENERGY CORPORATION+ 262,700
 5,000 SUPERIOR ENERGY SERVICES INCORPORATED+ 105,100
 1,900 UNIT CORPORATION+ 80,332
 34,950 WARREN RESOURCES INCORPORATED+ 88,074
 23,204 WILLBROS GROUP INCORPORATED+ 278,680
 5,252,365
 ---------------
OIL & GAS-EQUIPMENT & SERVICES: 0.10%
 12,000 CAL DIVE INTERNATIONAL INCORPORATED+ 87,960
 ---------------
OIL & OIL SERVICES: 0.26%
 6,010 HELMERICH & PAYNE INCORPORATED 228,861
 ---------------
PAPER & ALLIED PRODUCTS: 0.78%
 4,835 CELLU TISSUE HOLDINGS INCORPORATED+ 48,253
 9,000 CLEARWATER PAPER CORPORATION+ 443,250
 3,200 SONOCO PRODUCTS COMPANY 98,528
 12,475 WAUSAU PAPER CORPORATION 106,537
 696,568
 ---------------
PERSONAL SERVICES: 0.42%
 3,700 COINSTAR INCORPORATED+ 120,250
 13,800 REGIS CORPORATION 257,784
 378,034
 ---------------
PETROLEUM REFINING & RELATED INDUSTRIES: 2.66%
 7,700 DELEK US HOLDINGS INCORPORATED 56,056
 28,664 INTEROIL CORPORATION+ 1,857,427
 14,000 WD-40 COMPANY 459,620
 2,373,103
 ---------------
PHARMACEUTICALS: 0.16%
 7,800 PHARMERICA CORPORATION+ 142,116
 ---------------
PIPELINES: 0.13%
 2,300 ENBRIDGE ENERGY PARTNERS LP 116,311
 ---------------
PRIMARY METAL INDUSTRIES: 0.30%
 3,600 BELDEN CDT INCORPORATED 98,856
 6,400 MUELLER INDUSTRIES INCORPORATED 171,456
 270,312
 ---------------


Wells Fargo Advantage Master Portfolios 173

Portfolio of Investments--March 31, 2010 (Unaudited)

STRATEGIC SMALL CAP VALUE PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.52%

 5,900 AMERICAN GREETINGS CORPORATION CLASS A $ 122,956
 9,100 ENNIS INCORPORATED 148,057
 4,900 JOURNAL COMMUNICATIONS INCORPORATED CLASS A 20,580
 6,700 MULTI-COLOR CORPORATION 80,266
 19,900 PRESSTEK INCORPORATED+ 89,152
 461,011
 ---------------
PROPERTY - CASUALTY INSURANCE: 0.07%
 2,500 AMERICAN PHYSICIANS SERVICE GROUP INCORPORATED 62,500
 ---------------
PUBLISHING: 0.15%
 34,472 CAMBIUM LEARNING GROUP INCORPORATED+ 137,888
 ---------------
REAL ESTATE INVESTMENT TRUSTS (REITS): 8.41%
 6,500 AGREE REALTY CORPORATION 148,590
 31,120 ANNALY CAPITAL MANAGEMENT INCORPORATED 534,642
 113,677 ANWORTH MORTGAGE ASSET CORPORATION 766,183
 37,555 CAPSTEAD MORTGAGE CORPORATION 449,158
 14,200 CEDAR SHOPPING CENTERS INCORPORATED 112,322
 301,681 CHIMERA INVESTMENT CORPORATION 1,173,539
 2,800 COLONIAL PROPERTIES TRUST 36,064
 29,212 EXTERRAN HOLDINGS INCORPORATED+ 706,054
 25,104 FORESTAR REAL ESTATE GROUP INCORPORATED+ 473,964
 4,200 FRANKLIN STREET PROPERTIES CORPORATION 60,606
 10,420 HATTERAS FINANCIAL CORPORATION 268,523
 43,360 HILLTOP HOLDINGS INCORPORATED+ 509,480
 4,500 LASALLE HOTEL PROPERTIES 104,850
 30,483 LEXINGTON CORPORATE PROPERTIES TRUST 198,444
 16,050 MEDICAL PROPERTIES TRUST INCORPORATED 168,204
 78,795 MFA MORTGAGE INVESTMENTS INCORPORATED 579,931
 122,575 ORIGEN FINANCIAL INCORPORATED+ 204,700
 39,606 PRIMORIS SERVICES CORPORATION 306,550
 8,045 REDWOOD TRUST INCORPORATED 124,054
 5,370 SILVER STANDARD RESOURCES INCORPORATED+ 95,532
 30,008 THOMAS PROPERTIES GROUP INCORPORATED 99,927
 13,000 U-STORE-IT TRUST 93,600
 36,755 UMH PROPERTIES INCORPORATED 300,288
 7,515,205
 ---------------
RETAIL-DRUG STORES: 0.06%
 2,555 VITAMIN SHOPPE INCORPORATED+ 57,360
 ---------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.92%
 104,868 INTERTAPE POLYMER GROUP INCORPORATED+ 347,113
 5,021 JARDEN CORPORATION 167,149
 14,663 SEALED AIR CORPORATION 309,096
 823,358
 ---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 0.43%
 10,200 ALLIANCE BERNSTEIN HOLDING LP 312,732
 9,700 TRADESTATION GROUP INCORPORATED+ 67,997
 380,729
 ---------------
SOFTWARE: 2.33%
 17,700 AMERICAN SOFTWARE INCORPORATED CLASS A 102,837
 24,200 CHORDIANT SOFTWARE INCORPORATED+ 122,694


174 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

STRATEGIC SMALL CAP VALUE PORTFOLIO

 SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
SOFTWARE (continued)
 23,600 ELECTRONIC ARTS INCORPORATED+ $ 440,376
 18,700 EPICOR SOFTWARE CORPORATION+ 178,772
 7,800 EPIQ SYSTEMS INCORPORATED+ 96,954
 17,200 JDA SOFTWARE GROUP INCORPORATED+ 478,504
 14,800 LAWSON SOFTWARE INCORPORATED+ 97,828
 8,200 NOVELL INCORPORATED+ 49,118
 6,900 PROS HOLDINGS INCORPORATED+ 68,172
 49,355 REALNETWORKS INCORPORATED+ 238,385
 4,533 SYBASE INCORPORATED+ 211,328
 2,084,968
 ---------------
TRANSPORTATION BY AIR: 0.82%
 70,855 AIRTRAN HOLDINGS INCORPORATED+ 359,943
 31,125 JETBLUE AIRWAYS CORPORATION+ 173,678
 2,856 PHI INCORPORATED (VOTING)+ 63,346
 6,615 PHI INCORPORATED (NON-VOTING)+ 140,106
 737,073
 ---------------
TRANSPORTATION EQUIPMENT: 0.49%
 7,400 ATC TECHNOLOGY CORPORATION+ 126,984
 11,898 EXIDE TECHNOLOGIES+ 68,414
 21,700 SPARTAN MOTORS INCORPORATED 121,520
 2,800 WABTEC CORPORATION 117,936
 434,854
 ---------------
TRANSPORTATION SERVICES: 0.26%
 8,200 DYNAMEX INCORPORATED+ 141,040
 3,200 GATX CORPORATION 91,680
 232,720
 ---------------
WATER TRANSPORTATION: 0.02%
 2,700 HORIZON LINES INCORPORATED 14,688
 ---------------
WHOLESALE TRADE NON-DURABLE GOODS: 0.26%
 10,300 SCHOOL SPECIALTY INCORPORATED+ 233,913
 ---------------
WHOLESALE TRADE-DURABLE GOODS: 1.27%
 2,900 BARNES GROUP INCORPORATED 56,405
 4,300 INTERLINE BRANDS INCORPORATED+ 82,302
 16,700 KAMAN CORPORATION CLASS A 417,667
 5,800 LKQ CORPORATION+ 117,740
 1,700 OMNICARE INCORPORATED 48,093
 2,700 OWENS & MINOR INCORPORATED 125,253
 33,996 PATRICK INDUSTRIES INCORPORATED+ 98,588
 12,200 WILLIS LEASE FINANCE CORPORATION+ 192,516
 1,138,564
 ---------------
TOTAL COMMON STOCKS (COST $73,117,958) 86,043,617
 ---------------
INVESTMENT COMPANIES: 0.28%
 9,579 KBW REGIONAL BANKING ETF 251,161
TOTAL INVESTMENT COMPANIES (COST $212,809) 251,161
 ---------------


Wells Fargo Advantage Master Portfolios 175

Portfolio of Investments--March 31, 2010 (Unaudited)

STRATEGIC SMALL CAP VALUE PORTFOLIO

 SHARES SECURITY NAME DIVIDEND YIELD VALUE
------------- -------------------------------------------------------------------------------- -------------- ---------------
PREFERRED STOCKS: 0.32%
 1,200 CARRIAGE SERVICES INCORPORATED (FUNERAL SERVICES & RELATED ITEMS)(a) 11.86% $ 35,400
 55 CENTER FINANCIAL CORPORATION SERIES B (BANKING)(a)(i) 12.00 71,133
 3,600 LASALLE HOTEL PROPERTIES (REAL ESTATE INVESTMENT TRUST) 8.42 85,572
 3,953 SVB CAPITAL II (COMMERCIAL BANKS) 7.54 91,710
TOTAL PREFERRED STOCKS (COST $200,498) 283,815
 ---------------

 YIELD
 --------------
SHORT-TERM INVESTMENTS: 2.76%
MUTUAL FUNDS: 2.76%
 2,471,710 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 2,471,710
 ---------------
TOTAL SHORT-TERM INVESTMENTS (COST $2,471,710) 2,471,710
 ---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $76,002,975)* 99.67% 89,050,303
OTHER ASSETS AND LIABILITIES, NET 0.33 292,715
 ------ ---------------
TOTAL NET ASSETS 100.00% $ 89,343,018
 ------ ---------------


+ Non-income earning securities.

(a) Security fair valued in accordance with the procedures approved by the Board of Trustees.

(i) Illiquid security.

~ The Fund invests cash balances that it retains for liquidity purposes in an affiliated money market fund.

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

(l) Investment in an affiliate.

* Cost for federal income tax purposes is $80,086,381 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation $ 21,772,730
Gross unrealized depreciation (12,808,808)
 ------------
Net unrealized appreciation $ 8,963,922

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


176 Wells Fargo Advantage Master Portfolios

Statements of Assets and Liabilities--March 31, 2010 (Unaudited)

 C&B Large Disciplined
 Cap Value Growth
 Portfolio Portfolio
 ------------ -----------
ASSETS
 Investments
 In unaffiliated securities (including securities on loan) ... $590,320,572 $68,509,276
 In affiliated securities .................................... 16,713,155 1,008,460
 ------------ -----------
 Total investments at value (see cost below) .................... 607,033,727 69,517,736
 ------------ -----------
 Segregated cash ................................................ 0 0
 Foreign currency, at value (see cost below) .................... 0 0
 Receivable for investments sold ................................ 0 0
 Receivables for dividends ...................................... 1,208,534 139,950
 Unrealized appreciation on forward foreign currency contracts .. 0 0
 ------------ -----------
Total Assets ...................................................... 608,242,261 69,657,686
 ------------ -----------
LIABILITIES
 Variation margin payable on futures contracts .................. 0 0
 Payable for investments purchased .............................. 6,672,717 0
 Unrealized depreciation of forward foreign currency contracts .. 0 0
 Payable upon receipt of securities loaned ...................... 7,272,712 1,026,018
 Payable to investment advisor and affiliates ................... 325,943 38,694
 Payable for custodian fee ...................................... 3,601 1,471
 Accrued expenses and other liabilities ......................... 16,098 14,518
 ------------ -----------
Total liabilities ................................................. 14,291,071 1,080,701
 ------------ -----------
TOTAL NET ASSETS .................................................. $593,951,190 $68,576,985
 ============ ===========
Investments, at cost .............................................. $592,591,105 $57,528,737
 ------------ -----------
Securities on loan, at value ...................................... $ 6,893,910 $ 762,000
 ------------ -----------
Foreign currencies, at cost ....................................... $ 0 $ 0
 ------------ -----------

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


Wells Fargo Advantage Master Portfolios 177

Statements of Assets and Liabilities--March 31, 2010 (Unaudited)

 Emerging Equity Equity International International
 Growth Income Value Index Core Growth
 Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
----------- ------------ ------------ -------------- ------------- -------------


$39,585,513 $230,229,278 $533,272,028 $2,058,091,066 $55,136,838 $150,380,706
 663,091 2,670,386 9,199,253 45,906,568 1,193,423 3,339,209
----------- ------------ ------------ -------------- ----------- ------------
 40,248,604 232,899,664 542,471,281 2,103,997,634 56,330,261 153,719,915
----------- ------------ ------------ -------------- ----------- ------------
 0 0 0 0 1,136,500 0
 0 0 0 0 65,751 75,679
 220,571 0 15,566,036 0 0 974,428
 29,016 178,344 520,195 2,675,446 175,665 353,630
 0 0 0 0 61,382 22
----------- ------------ ------------ -------------- ----------- ------------
 40,498,191 233,078,008 558,557,512 2,106,673,080 57,769,559 155,123,674
----------- ------------ ------------ -------------- ----------- ------------

 0 0 0 57,750 0 0
 282,293 0 19,533,051 436,477 630,928 1,549,067
 0 0 0 0 6,544 25
 1,796,247 1,332,544 11,670,492 13,336,663 0 0
 25,576 121,836 293,409 120,229 43,513 89,043
 3,233 0 6,055 20,949 41,887 257,573
 15,451 20,494 21,924 36,352 38,041 36,657
----------- ------------ ------------ -------------- ----------- ------------
 2,122,800 1,474,874 31,524,931 14,008,420 760,913 1,932,365
----------- ------------ ------------ -------------- ----------- ------------
$38,375,391 $231,603,134 $527,032,581 $2,092,664,660 $57,008,646 $153,191,309
=========== ============ ============ ============== =========== ============
$30,874,003 $210,533,453 $460,708,060 $2,009,396,672 $48,802,625 $134,311,852
----------- ------------ ------------ -------------- ----------- ------------
$ 1,189,257 $ 1,351,980 $ 12,895,930 $ 9,619,845 $ 0 $ 0
----------- ------------ ------------ -------------- ----------- ------------
$ 0 $ 0 $ 0 $ 0 $ 65,275 $ 75,679
----------- ------------ ------------ -------------- ----------- ------------


178 Wells Fargo Advantage Master Portfolios

Statements of Assets and Liabilities--March 31, 2010 (Unaudited)

 International International
 Index Value
 Portfolio Portfolio
 ------------- -------------
ASSETS
 Investments
 In unaffiliated securities (including securities on loan) .... $55,835,338 $295,777,116
 In affiliated securities ..................................... 511,273 7,289,152
 ----------- ------------
 Total investments at value (see cost below) ..................... 56,346,611 303,066,268
 ----------- ------------
 Segregated cash ................................................. 0 0
 Foreign currency, at value (see cost below) ..................... 331,686 7,099,150
 Variation margin receivable on futures contracts ................ 245,471 0
 Receivable for investments sold ................................. 0 0
 Receivables for dividends ....................................... 269,812 1,610,226
 Receivable from investment advisor and affiliates ............... 34,984 0
 Unrealized appreciation on forward foreign currency contracts ... 5,521 0
 ----------- ------------
Total Assets ....................................................... 57,234,085 311,775,644
 ----------- ------------
LIABILITIES
 Foreign taxes payable ........................................... 10,996 108,770
 Payable to custodian for overdrafts ............................. 0 0
 Variation margin payable on futures contracts ................... 6,132 0
 Payable for investments purchased ............................... 0 107,343
 Unrealized depreciation of forward foreign currency contracts ... 3,071 0
 Payable upon receipt of securities loaned ....................... 0 0
 Payable to investment advisor and affiliates .................... 0 210,079
 Payable for custodian fee ....................................... 267,695 292,394
 Payable for audit fee ........................................... 17,741 12,929
 Accrued expenses and other liabilities .......................... 15,904 45,193
 ----------- ------------
Total liabilities .................................................. 321,539 776,708
 ----------- ------------
TOTAL NET ASSETS ................................................... $56,912,546 $310,998,936
 =========== ============
Investments, at cost ............................................... $53,989,895 $330,963,573
 ----------- ------------
Securities on loan, at value ....................................... $ 0 $ 0
 ----------- ------------
Foreign currencies, at cost ........................................ $ 332,358 $ 7,154,058
 ----------- ------------

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


Wells Fargo Advantage Master Portfolios 179

Statements of Assets and Liabilities--March 31, 2010 (Unaudited)

 Large Cap Large Company Small Cap Small Company Small Company Strategic
Appreciation Growth Index Growth Value Small Cap
 Portfolio Portfolio Portfolio Portfolio Portfolio Value Portfolio
------------ ------------- ------------ ------------- ------------- ---------------


 $69,316,624 $644,899,937 $101,444,960 $341,299,384 $163,896,282 $86,578,593
 0 7,933,097 897,297 14,708,242 4,319,642 2,471,710
 ----------- ------------ ------------ ------------ ------------ -----------
 69,316,624 652,833,034 102,342,257 356,007,626 168,215,924 89,050,303
 ----------- ------------ ------------ ------------ ------------ -----------
 0 0 0 0 0 50,000
 0 0 0 0 0 0
 0 0 0 0 0 0
 1,186,578 18,190,303 1,300 5,563,772 1,197,363 409,792
 81,827 285,452 88,939 39,875 187,539 151,475
 0 0 0 0 0 0
 0 0 0 0 0 0
 ----------- ------------ ------------ ------------ ------------ -----------
 70,585,029 671,308,789 102,432,496 361,611,273 169,600,826 89,661,570
 ----------- ------------ ------------ ------------ ------------ -----------

 0 0 0 0 0 0
 179,672 0 0 0 0 0
 0 0 9,512 0 0 0
 0 9,913,718 147,897 3,799,879 430,015 234,749
 0 0 0 0 0 0
 1,179,884 5,978,335 3,081,883 6,801,035 3,065,842 0
 35,558 277,609 13,294 235,437 111,234 61,461
 2,546 4,087 10,422 5,643 7,468 7,823
 10,638 17,768 13,347 13,752 12,161 11,641
 1,601 14,737 3,986 5,320 3,794 2,878
 ----------- ------------ ------------ ------------ ------------ -----------
 1,409,899 16,206,254 3,280,341 10,861,066 3,630,514 318,552
 ----------- ------------ ------------ ------------ ------------ -----------
 $69,175,130 $655,102,535 $ 99,152,155 $350,750,207 $165,970,312 $89,343,018
 =========== ============ ============ ============ ============ ===========
 $57,425,355 $553,098,991 $101,147,459 $289,648,514 $121,276,347 $76,002,975
 ----------- ------------ ------------ ------------ ------------ -----------
 $ 776,150 $ 3,853,597 $ 1,572,059 $ 5,508,335 $ 1,742,951 $ 0
 ----------- ------------ ------------ ------------ ------------ -----------
 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
 ----------- ------------ ------------ ------------ ------------ -----------


180 Wells Fargo Advantage Master Portfolios

Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)

 C&B Large Disciplined
 Cap Value Growth
 Portfolio Portfolio
 ------------ -----------
INVESTMENT INCOME
 Dividends(1) ................................................................... $ 5,884,299 $ 474,578
 Interest ....................................................................... 0 0
 Income from affiliated securities .............................................. 9,199 722
 Securities lending income ...................................................... 10,664 1,011
 ------------ ----------
Total investment income ........................................................... 5,904,162 476,311
 ------------ ----------
EXPENSES
 Advisory fees .................................................................. 2,044,092 235,558
 Custody fees ................................................................... 18,944 3,242
 Professional fees .............................................................. 18,902 19,394
 Other fees and expenses ........................................................ 13,632 7,352
 ------------ ----------
Total expenses .................................................................... 2,095,570 265,546
 ------------ ----------
LESS
 Waived fees and/or reimbursed expenses ......................................... (68,598) 0
 Net expenses ................................................................... 2,026,972 265,546
 ------------ ----------
Net investment income (loss) ...................................................... 3,877,190 210,765
 ------------ ----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
 Unaffiliated securities, foreign currencies and foreign currency translation ... (19,403,831) 2,383,763
 Affiliated securities .......................................................... 0 0
 Forward foreign currency contracts ............................................. 0 0
 Futures transactions ........................................................... 0 0
 ------------ ----------
Net realized gain (loss) from investments ......................................... (19,403,831) 2,383,763
 ------------ ----------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
 Unaffiliated securities, foreign currencies and foreign currency translation ... 70,751,791 3,736,949
 Affiliated securities .......................................................... 0 0
 Forward foreign currency contracts ............................................. 0 0
 Futures transactions ........................................................... 0 0
 ------------ ----------
Net change in unrealized appreciation (depreciation) of investments ............... 70,751,791 3,736,949
 ------------ ----------
Net realized and unrealized gain on investments ................................... 51,347,960 6,120,712
 ------------ ----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS .............................. $ 55,225,150 $6,331,477
 ============ ==========

(1) Net of foreign withholding taxes of ........................................... $ 7,082 $ 0

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


Wells Fargo Advantage Master Portfolios 181

Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)

 Emerging Equity Equity International International
 Growth Income Value Index Core Growth
 Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
----------- ----------- ----------- ------------ ------------- -------------

$ 44,068 $ 2,834,835 $ 3,928,056 $ 19,978,246 $ 399,268 $ 840,522
 0 0 0 2,477 0 0
 776 0 2,500 9,216 2,772 1,546
 13,962 1,892 24,877 137,384 4,104 7,393
----------- ----------- ----------- ------------ ----------- ----------
 58,806 2,836,727 3,955,433 20,127,323 406,144 849,461
----------- ----------- ----------- ------------ ----------- ----------

 177,275 794,975 1,712,881 875,174 263,152 679,551
 4,537 9,133 18,268 68,468 49,216 275,518
 19,394 23,478 17,649 23,660 24,564 24,788
 7,272 10,169 13,079 29,075 14,226 12,310
----------- ----------- ----------- ------------ ----------- ----------
 208,478 837,755 1,761,877 996,377 351,158 992,167
----------- ----------- ----------- ------------ ----------- ----------

 (12,358) (4,135) (59,020) (7,064) (12,546) (161,987)
 196,120 833,620 1,702,857 989,313 338,612 830,180
----------- ----------- ----------- ------------ ----------- ----------
 (137,314) 2,003,107 2,252,576 19,138,010 67,532 19,281
----------- ----------- ----------- ------------ ----------- ----------


 10,797,923 (5,607,484) 24,124,035 14,987,315 8,564,401 2,283,441
 0 0 0 25,601 0 0
 0 0 0 0 (8,069) (3,709)
 0 0 0 3,085,831 0 0
----------- ----------- ----------- ------------ ----------- ----------
 10,797,923 (5,607,484) 24,124,035 18,098,747 8,556,332 2,279,732
----------- ----------- ----------- ------------ ----------- ----------

 (5,069,232) 25,200,842 35,516,973 181,377,738 (6,538,455) (291,921)
 0 0 0 3,102,890 0 0
 0 0 0 0 497,413 (3)
 0 0 0 101,911 0 0
----------- ----------- ----------- ------------ ----------- ----------
 (5,069,232) 25,200,842 35,516,973 184,582,539 (6,041,042) (291,924)
----------- ----------- ----------- ------------ ----------- ----------
 5,728,691 19,593,358 59,641,008 202,681,286 2,515,290 1,987,808
----------- ----------- ----------- ------------ ----------- ----------
$ 5,591,377 $21,596,465 $61,893,584 $221,819,296 $ 2,582,822 $2,007,089
=========== =========== =========== ============ =========== ==========
$ 0 $ 0 $ 17,301 $ 0 $ 37,658 $ 67,010


182 Wells Fargo Advantage Master Portfolios

Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)

 International International
 Index Value
 Portfolio Portfolio
 ------------- -------------
INVESTMENT INCOME
 Dividends(1) ................................................................... $ 574,150 $ 3,095,614
 Interest ....................................................................... 0 0
 Income from affiliated securities .............................................. 2,021 4,037
 Securities lending income ...................................................... 17,405 39,906
 ---------- ------------
Total investment income ........................................................... 593,576 3,139,557
 ---------- ------------
EXPENSES
 Advisory fees .................................................................. 97,052 1,427,200
 Custody fees ................................................................... 275,059 330,609
 Professional fees .............................................................. 23,620 19,503
 Other fees and expenses ........................................................ 14,053 20,591
 ---------- ------------
Total expenses .................................................................... 409,784 1,797,903
 ---------- ------------
LESS
 Waived fees and/or reimbursed expenses ......................................... (235,462) (259,904)
 Net expenses ................................................................... 174,322 1,537,999
 ---------- ------------
Net investment income (loss) ...................................................... 419,254 1,601,558
 ---------- ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
 Unaffiliated securities, foreign currencies and foreign currency translation ... 1,070,143 (15,781,282)
 Forward foreign currency contracts ............................................. (40,492) 0
 Futures transactions ........................................................... 176,307 0
 ---------- ------------
Net realized gain (loss) from investments ......................................... 1,205,958 (15,781,282)
 ---------- ------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
 Unaffiliated securities, foreign currencies and foreign currency translation ... 19,309 17,616,610
 Forward foreign currency contracts ............................................. 5,984 0
 Futures transactions ........................................................... 13,622 0
 ---------- ------------
Net change in unrealized appreciation (depreciation) of investments ............... 38,915 17,616,610
 ---------- ------------
Net realized and unrealized gain on investments ................................... 1,244,873 1,835,328
 ---------- ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS .............................. $1,664,127 $ 3,436,886
 ========== ============
1 Net of foreign withholding taxes of ............................................. $ 67,060 $ 363,507

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


Wells Fargo Advantage Master Portfolios 183

Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)

 Large Cap Large Company Small Cap Small Company Small Company Strategic
Appreciation Growth Index Growth Value Small Cap
 Portfolio Portfolio Portfolio Portfolio Portfolio Value Portfolio
------------ ------------- ------------ ------------- ------------- ---------------

 $ 528,503 $ 4,389,027 $ 604,189 $ 427,124 $ 891,860 $ 808,448
 0 0 394 0 0 0
 672 6,799 1,969 3,146 2,363 3,268
 1,055 61,258 37,004 23,601 8,464 0
 ---------- ----------- ------------ ----------- ------------ ------------
 530,230 4,457,084 643,556 453,871 902,687 811,716
 ---------- ----------- ------------ ----------- ------------ ------------

 271,105 2,291,009 110,056 1,423,105 717,264 419,421
 4,679 22,515 13,970 14,282 12,505 10,996
 17,419 23,950 21,592 21,043 19,988 20,118
 7,695 21,116 9,160 11,419 9,898 8,940
 ---------- ----------- ------------ ----------- ------------ ------------
 300,898 2,358,590 154,778 1,469,849 759,655 459,475
 ---------- ----------- ------------ ----------- ------------ ------------

 (31,579) (278,652) (13,755) (20,317) (1,562) (8,818)
 269,319 2,079,938 141,023 1,449,532 758,093 450,657
 ---------- ----------- ------------ ----------- ------------ ------------
 260,911 2,377,146 502,533 (995,661) 144,594 361,059
 ---------- ----------- ------------ ----------- ------------ ------------


 7,490,274 25,817,256 (26,559,069) 34,185,248 21,697,313 (14,693,224)
 0 0 0 0 0 0
 0 0 1,607,557 0 0 0
 ---------- ----------- ------------ ----------- ------------ ------------
 7,490,274 25,817,256 (24,951,512) 34,185,248 21,697,313 (14,693,224)
 ---------- ----------- ------------ ----------- ------------ ------------

 584,880 36,018,807 38,372,492 5,013,701 (1,387,585) 21,951,808
 0 0 0 0 0 0
 0 0 (93,510) 0 0 0
 ---------- ----------- ------------ ----------- ------------ ------------
 584,880 36,018,807 38,278,982 5,013,701 (1,387,585) 21,951,808
 ---------- ----------- ------------ ----------- ------------ ------------
 8,075,154 61,836,063 13,327,470 39,198,949 20,309,728 7,258,584
 ---------- ----------- ------------ ----------- ------------ ------------
 $8,336,065 $64,213,209 $ 13,830,003 $38,203,288 $ 20,454,322 $ 7,619,643
 ========== =========== ============ =========== ============ ============
 $ 2,388 $ 0 $ 0 $ 0 $ 0 $ 342


184 Wells Fargo Advantage Master Portfolios

Statements of Changes in Net Assets

 C&B LARGE CAP VALUE PORTFOLIO
 --------------------------------
 For the For the
 Six Months Ended Year Ended
 March 31, 2010 September 30,
 (Unaudited) 2009
 ---------------- -------------
INCREASE (DECREASE) IN NET ASSETS
 Beginning net assets ........................................................ $ 635,871,240 $ 676,445,814
OPERATIONS
 Net investment income (loss) ................................................ 3,877,190 11,286,676
 Net realized gain (loss) on investments ..................................... (19,403,831) (71,204,167)
 Net change in unrealized appreciation (depreciation) of investments ......... 70,751,791 25,300,192
 ------------- -------------
Net increase (decrease) in net assets resulting from operations ................ 55,225,150 (34,617,299)
 ------------- -------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
 Contributions ............................................................... 26,344,494 114,730,358
 Withdrawals ................................................................. (123,489,694) (120,687,633)
 ------------- -------------
Net increase (decrease) from transactions in investors' beneficial interests ... (97,145,200) (5,957,275)
 ------------- -------------
NET DECREASE IN NET ASSETS ..................................................... (41,920,050) (40,574,574)
 ============= =============
ENDING NET ASSETS .............................................................. $ 593,951,190 $ 635,871,240
 ============= =============

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


Wells Fargo Advantage Master Portfolios 185

Statements of Changes in Net Assets

 DISCIPLINED GROWTH PORTFOLIO EMERGING GROWTH PORTFOLIO EQUITY INCOME PORTFOLIO
------------------------------------- ------------------------------------- -------------------------------------
 For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
 March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
---------------- ------------------ ---------------- ------------------ ---------------- ------------------

 $ 88,895,931 $ 108,621,365 $ 88,625,473 $ 99,217,350 $263,302,372 $ 358,051,926

 210,765 423,486 (137,314) (383,603) 2,003,107 6,586,974
 2,383,763 (31,162,876) 10,797,923 (23,525,696) (5,607,484) (8,276,559)
 3,736,949 9,883,779 (5,069,232) 16,900,670 25,200,842 (42,154,866)
 ------------ ------------- ------------ ------------ ------------ -------------
 6,331,477 (20,855,611) 5,591,377 (7,008,629) 21,596,465 (43,844,451)
 ------------ ------------- ------------ ------------ ------------ -------------


 4,433,324 19,431,523 2,147,527 14,074,802 7,515,956 15,470,818
 (31,083,747) (18,301,346) (57,988,986) (17,658,050) (60,811,659) (66,375,921)
 ------------ ------------- ------------ ------------ ------------ -------------
 (26,650,423) 1,130,177 (55,841,459) (3,583,248) (53,295,703) (50,905,103)
 ------------ ------------- ------------ ------------ ------------ -------------
 (20,318,946) (19,725,434) (50,250,082) (10,591,877) (31,699,238) (94,749,554)
 ============ ============= ============ ============ ============ =============
 $ 68,576,985 $ 88,895,931 $ 38,375,391 $ 88,625,473 $231,603,134 $ 263,302,372
 ============ ============= ============ ============ ============ =============


186 Wells Fargo Advantage Master Portfolios

Statements of Changes in Net Assets

 EQUITY VALUE PORTFOLIO
 -------------------------------------
 For the
 Six Months Ended For the
 March 31, 2010 Year Ended
 (Unaudited) September 30, 2009
 ---------------- ------------------
INCREASE (DECREASE) IN NET ASSETS
 Beginning net assets ........................................................ $513,115,704 $ 610,647,019
OPERATIONS
 Net investment income ....................................................... 2,252,576 8,564,863
 Net realized gain (loss) on investments ..................................... 24,124,035 (171,525,727)
 Net change in unrealized appreciation (depreciation) of investments ......... 35,516,973 110,011,229
 ------------ -------------
Net increase (decrease) in net assets resulting from operations ................ 61,893,584 (52,949,635)
 ------------ -------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
 Contributions ............................................................... 40,619,358 73,995,358
 Withdrawals ................................................................. (88,596,065) (118,577,038)
 ------------ -------------
Net increase (decrease) from transactions in investors' beneficial interests ... (47,976,707) (44,581,680)
 ------------ -------------
NET INCREASE (DECREASE) IN NET ASSETS .......................................... 13,916,877 (97,531,315)
 ============ =============
ENDING NET ASSETS .............................................................. $527,032,581 $ 513,115,704
 ============ =============

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


Wells Fargo Advantage Master Portfolios 187

Statements of Changes in Net Assets

 INDEX PORTFOLIO INTERNATIONAL CORE PORTFOLIO INTERNATIONAL GROWTH PORTFOLIO
------------------------------------- ------------------------------------- -------------------------------------
 For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
 March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
---------------- ------------------ ---------------- ------------------ ---------------- ------------------
 $1,966,584,375 $2,237,608,527 $ 72,541,985 $ 85,536,172 $155,627,337 $131,370,011

 19,138,010 43,817,844 67,532 1,124,652 19,281 1,943,425
 18,098,747 (1,206,803) 8,556,332 (37,177,159) 2,279,732 (41,563,740)
 184,582,539 (221,743,261) (6,041,042) 26,898,537 (291,924) 49,952,778
 -------------- -------------- ------------ ------------ ------------ ------------
 221,819,296 (179,132,220) 2,582,822 (9,153,970) 2,007,089 10,332,463
 -------------- -------------- ------------ ------------ ------------ ------------


 190,855,626 168,953,827 6,565,665 12,972,699 26,858,291 47,353,096
 (286,594,637) (260,845,759) (24,681,826) (16,812,916) (31,301,408) (33,428,233)
 -------------- -------------- ------------ ------------ ------------ ------------
 (95,739,011) (91,891,932) (18,116,161) (3,840,217) (4,443,117) 13,924,863
 -------------- -------------- ------------ ------------ ------------ ------------
 126,080,285 (271,024,152) (15,533,339) (12,994,187) (2,436,028) 24,257,326
 ============== ============== ============ ============ ============ ============
 $2,092,664,660 $1,966,584,375 $ 57,008,646 $ 72,541,985 $153,191,309 $155,627,337
 ============== ============== ============ ============ ============ ============


188 Wells Fargo Advantage Master Portfolios

Statements of Changes in Net Assets

 INTERNATIONAL INDEX PORTFOLIO
 -------------------------------------
 For the
 Six Months Ended For the
 March 31, 2010 Year Ended
 (Unaudited) September 30, 2009
 ---------------- ------------------
INCREASE (DECREASE) IN NET ASSETS
 Beginning net assets ........................................................ $ 72,676,443 $ 86,405,709
OPERATIONS
 Net investment income ....................................................... 419,254 1,839,039
 Net realized gain (loss) on investments ..................................... 1,205,958 (3,860,283)
 Net change in unrealized appreciation (depreciation) of investments ......... 38,915 273,186
 ------------ ------------
Net increase (decrease) in net assets resulting from operations ................ 1,664,127 (1,748,058)
 ------------ ------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
 Contributions ............................................................... 6,402,130 9,195,379
 Withdrawals ................................................................. (23,830,154) (21,176,587)
 ------------ ------------
Net decrease from transactions in investors' beneficial interests .............. (17,428,024) (11,981,208)
 ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS .......................................... (15,763,897) (13,729,266)
 ============ ============
ENDING NET ASSETS .............................................................. $ 56,912,546 $ 72,676,443
 ============ ============

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


Wells Fargo Advantage Master Portfolios 189

Statements of Changes in Net Assets

 INTERNATIONAL VALUE PORTFOLIO LARGE CAP APPRECIATION PORTFOLIO LARGE COMPANY GROWTH PORTFOLIO
------------------------------------- ------------------------------------- -------------------------------------
 For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
 March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
---------------- ------------------ ---------------- ------------------ ---------------- ------------------
 $ 315,042,164 $312,461,025 $ 94,632,067 $145,700,178 $ 984,855,684 $1,373,797,607

 1,601,558 7,188,690 260,911 840,517 2,377,146 8,784,107
 (15,781,282) (35,211,563) 7,490,274 (46,529,618) 25,817,256 (73,157,003)
 17,616,610 48,006,861 584,880 27,482,892 36,018,807 (3,942,699)
 ------------- ------------ ------------ ------------ ------------- --------------
 3,436,886 19,983,988 8,336,065 (18,206,209) 64,213,209 (68,315,595)
 ------------- ------------ ------------ ------------ ------------- --------------


 19,446,445 52,555,498 1,743,185 12,075,054 15,649,093 29,275,266
 (26,926,559) (69,958,347) (35,536,187) (44,936,956) (409,615,451) (349,901,594)
 ------------- ------------ ------------ ------------ ------------- --------------
 (7,480,114) (17,402,849) (33,793,002) (32,861,902) (393,966,358) (320,626,328)
 ------------- ------------ ------------ ------------ ------------- --------------
 (4,043,228) 2,581,139 (25,456,937) (51,068,111) (329,753,149) (388,941,923)
 ============= ============ ============ ============ ============= ==============
 $ 310,998,936 $315,042,164 $ 69,175,130 $ 94,632,067 $ 655,102,535 $ 984,855,684
 ============= ============ ============ ============ ============= ==============


190 Wells Fargo Advantage Master Portfolios

Statements of Changes in Net Assets

 SMALL CAP INDEX PORTFOLIO
 -----------------------------------
 For the
 Six Months
 Ended For the
 March 31, 2010 Year Ended
 (Unaudited) September 30, 2009
 -------------- ------------------
INCREASE (DECREASE) IN NET ASSETS
 Beginning net assets ................................................... $ 243,094,590 $282,510,520
OPERATIONS
 Net investment income (loss) ........................................... 502,533 2,946,644
 Net realized gain (loss) on investments ................................ (24,951,512) (9,376,550)
 Net change in unrealized appreciation (depreciation) of investments .... 38,278,982 (24,573,330)
 ------------- ------------
Net increase (decrease) in net assets resulting from operations ........... 13,830,003 (31,003,236)
 ------------- ------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
 Contributions .......................................................... 5,114,070 23,376,006
 Withdrawals ............................................................ (162,886,508) (31,788,700)
 ------------- ------------
Net decrease from transactions in investors' beneficial interests ......... (157,772,438) (8,412,694)
 ------------- ------------
NET DECREASE IN NET ASSETS ................................................ (143,942,435) (39,415,930)
 ============= ============
ENDING NET ASSETS ......................................................... $ 99,152,155 $243,094,590
 ============= ============

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


Wells Fargo Advantage Master Portfolios 191

Statements of Changes in Net Assets

 SMALL COMPANY GROWTH PORTFOLIO SMALL COMPANY VALUE PORTFOLIO STRATEGIC SMALL CAP VALUE PORTFOLIO
------------------------------------- ------------------------------------- -------------------------------------

 For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
 March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
---------------- ------------------ ---------------- ------------------ ---------------- ------------------

 $ 391,788,240 $ 481,304,784 $ 239,231,863 $ 439,963,198 $ 219,129,458 $255,355,235

 (995,661) (1,746,971) 144,594 3,036,418 361,059 2,378,279
 34,185,248 (91,099,903) 21,697,313 (190,649,157) (14,693,224) (63,513,017)
 5,013,701 72,864,087 (1,387,585) 128,533,240 21,951,808 36,276,909
 ------------- ------------- ------------- ------------- ------------- ------------
 38,203,288 (19,982,787) 20,454,322 (59,079,499) 7,619,643 (24,857,829)
 ------------- ------------- ------------- ------------- ------------- ------------


 36,182,364 71,091,475 16,472,995 64,432,062 5,836,056 17,652,796
 (115,423,685) (140,625,232) (110,188,868) (206,083,898) (143,242,139) (29,020,744)
 ------------- ------------- ------------- ------------- ------------- ------------
 (79,241,321) (69,533,757) (93,715,873) (141,651,836) (137,406,083) (11,367,948)
 ------------- ------------- ------------- ------------- ------------- ------------
 (41,038,033) (89,516,544) (73,261,551) (200,731,335) (129,786,440) (36,225,777)
 ============= ============= ============= ============= ============= ============
 $ 350,750,207 $ 391,788,240 $ 165,970,312 $ 239,231,863 $ 89,343,018 $219,129,458
 ============= ============= ============= ============= ============= ============


192 Wells Fargo Advantage Master Portfolios

Financial Highlights

 Ratio to Average Net Assets
 (Annualized)
 ------------------------------------ Portfolio
 Net Investment Gross Net Total Turnover
 Income (Loss) Expenses Expenses Return(1) Rate(2)
 -------------- -------- -------- --------- ---------
C&B LARGE CAP VALUE PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. 1.31% 0.71% 0.69% 9.60% 6%
October 1, 2008 to September 30, 2009 .......... 2.19% 0.73% 0.64% (5.53)% 28%
October 1, 2007 to September 30, 2008 .......... 1.71% 0.73% 0.68% (20.18)% 21%
October 1, 2006 to September 30, 2007 .......... 1.48% 0.74% 0.68% 11.88% 24%
October 1, 2005 to September 30, 2006 .......... 1.77% 0.76% 0.66% 15.30% 29%
December 6, 2004(3) to September 30, 2005 ...... 0.98% 0.77% 0.71% 1.51% 19%
DISCIPLINED GROWTH PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. 0.63% 0.79% 0.79% 9.61% 39%
October 1, 2008 to September 30, 2009 .......... 0.54% 0.79% 0.77% (18.88)% 104%
October 1, 2007 to September 30, 2008 .......... 0.07% 0.77% 0.76% (25.19)% 103%
October 1, 2006 to September 30, 2007 .......... 0.10% 0.79% 0.79% 21.22% 68%
October 1, 2005 to September 30, 2006 .......... 0.12% 0.79% 0.78% 1.41% 90%
October 1, 2004 to September 30, 2005 .......... 0.44% 0.79% 0.78% 11.76% 45%
EMERGING GROWTH PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. (0.66)% 1.00% 0.94% 14.94% 52%
October 1, 2008 to September 30, 2009 .......... (0.53)% 0.94% 0.91% (5.70)% 147%
October 1, 2007 to September 30, 2008 .......... (0.49)% 0.93% 0.92% (30.95)% 191%
January 31, 2007(2) to September 30, 2007 ...... (0.54)% 1.01% 0.99% 24.40% 125%
EQUITY INCOME PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. 1.76% 0.74% 0.73% 9.45% 2%
October 1, 2008 to September 30, 2009 .......... 2.69% 0.75% 0.69% (9.66)% 11%
October 1, 2007 to September 30, 2008 .......... 2.16% 0.75% 0.57% (23.18)% 8%
October 1, 2006 to September 30, 2007 .......... 1.91% 0.76% 0.57% 15.91% 16%
October 1, 2005 to September 30, 2006 .......... 1.84% 0.75% 0.70% 11.21% 7%
October 1, 2004 to September 30, 2005 .......... 2.04% 0.73% 0.60% 13.30% 20%
EQUITY VALUE PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. 0.92% 0.72% 0.70% 12.93% 66%
October 1, 2008 to September 30, 2009 .......... 1.89% 0.73% 0.69% (7.21)% 142%
October 1, 2007 to September 30, 2008 .......... 1.68% 0.74% 0.70% (27.44)% 152%
October 1, 2006 to September 30, 2007 .......... 1.29% 0.77% 0.69% 20.21% 108%
October 1, 2005 to September 30, 2006 .......... 1.18% 0.78% 0.77% 10.73% 107%
October 1, 2004 to September 30, 2005 .......... 1.22% 0.78% 0.76% 21.61% 145%
INDEX PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. 1.94% 0.10% 0.10% 11.50% 10%
October 1, 2008 to September 30, 2009 .......... 2.61% 0.12% 0.10% (7.00)% 10%
October 1, 2007 to September 30, 2008 .......... 2.07% 0.11% 0.11% (22.28)% 5%
October 1, 2006 to September 30, 2007 .......... 1.86% 0.11% 0.10% 16.35% 8%
October 1, 2005 to September 30, 2006 .......... 1.86% 0.11% 0.11% 10.70% 9%
October 1, 2004 to September 30, 2005 .......... 2.08% 0.12% 0.04% 12.23% 8%
INTERNATIONAL CORE PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. 0.24% 1.27% 1.22% 4.09% 59%
October 1, 2008 to September 30, 2009 .......... 1.77% 1.23% 1.15% (10.14)% 212%
October 1, 2007 to September 30, 2008 .......... 1.60% 1.14% 1.12% (31.42)% 55%
October 1, 2006 to September 30, 2007 .......... 1.27% 1.09% 1.08% 23.70% 66%
October 1, 2005 to September 30, 2006 .......... 1.99% 1.09% 1.03% 14.58% 39%
October 1, 2004 to September 30, 2005 .......... 1.51% 1.09% 1.08% 18.69% 108%
INTERNATIONAL GROWTH PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. 0.03% 1.39% 1.16% 0.71% 46%
October 1, 2008 to September 30, 2009 .......... 1.71% 1.14% 1.11% 6.23% 95%
October 1, 2007 to September 30, 2008 .......... 1.17% 1.08% 1.05% (28.68)% 57%
October 1, 2006 to September 30, 2007 .......... 1.09% 1.06% 1.03% 27.40% 73%
October 1, 2005 to September 30, 2006 .......... 0.87% 1.07% 0.98% 19.95% 62%
October 6, 2004(3) to September 30, 2005 ....... 1.02% 1.08% 1.06% 22.30% 67%


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

(2.) Portfolio turnover rates presented for periods of less than one year are not annualized.

(3.) Commencement of operations.

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


Wells Fargo Advantage Master Portfolios 193

Financial Highlights

 Ratio to Average Net Assets
 (Annualized)
 ------------------------------------ Portfolio
 Net Investment Gross Net Total Turnover
 Income (Loss) Expenses Expenses Return(1) Rate(2)
 -------------- -------- -------- --------- ---------
INTERNATIONAL INDEX PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. 1.51% 1.48% 0.63% 2.31% 9%
October 1, 2008 to September 30, 2009 .......... 2.86% 0.55% 0.46% 1.65% 13%
October 1, 2007 to September 30, 2008 .......... 2.84% 0.51% 0.50% (29.67)% 14%
October 1, 2006 to September 30, 2007 .......... 2.15% 0.49% 0.49% 24.52% 3%
October 1, 2005 to September 30, 2006 .......... 2.59% 0.49% 0.37% 19.44% 7%
October 6, 2004(3) to September 30, 2005 ....... 2.41% 0.49% 0.46% 21.90% 21%
INTERNATIONAL VALUE PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. 1.07% 1.20% 1.02% 0.92% 14%
October 1, 2008 to September 30, 2009 .......... 2.72% 1.08% 1.03% 5.26% 41%
October 1, 2007 to September 30, 2008 .......... 3.68% 1.07% 1.01% (34.21)% 23%
October 1, 2006 to September 30, 2007 .......... 2.47% 1.07% 1.03% 21.91% 19%
October 1, 2005 to September 30, 2006 .......... 2.34% 1.09% 1.09% 19.32% 31%
October 1, 2004 to September 30, 2005 .......... 2.21% 1.11% 1.10% 25.92% 14%
LARGE CAP APPRECIATION PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. 0.67% 0.78% 0.70% 11.30% 48%
October 1, 2008 to September 30, 2009 .......... 0.88% 0.78% 0.71% (10.97)% 144%
October 1, 2007 to September 30, 2008 .......... 0.41% 0.74% 0.69% (25.49)% 151%
October 1, 2006 to September 30, 2007 .......... 0.57% 0.74% 0.69% 21.80% 145%
October 1, 2005 to September 30, 2006 .......... 0.65% 0.75% 0.72% 3.34% 155%
October 1, 2004 to September 30, 2005 .......... 0.83% 0.74% 0.74% 20.02% 133%
LARGE COMPANY GROWTH PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. 0.71% 0.71% 0.62% 9.72% 4%
October 1, 2008 to September 30, 2009 .......... 0.97% 0.70% 0.62% 3.31% 13%
October 1, 2007 to September 30, 2008 .......... 0.48% 0.68% 0.67% (22.59)% 7%
October 1, 2006 to September 30, 2007 .......... 0.46% 0.70% 0.68% 17.80% 10%
October 1, 2005 to September 30, 2006 .......... 0.14% 0.70% 0.61% 1.41% 6%
October 1, 2004 to September 30, 2005 .......... 0.69% 0.69% 0.68% 11.03% 18%
SMALL CAP INDEX PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. 0.91% 0.28% 0.26% 13.76% 9%
October 1, 2008 to September 30, 2009 .......... 1.46% 0.26% 0.24% (10.87)% 20%
October 1, 2007 to September 30, 2008 .......... 1.36% 0.23% 0.18% (14.30)% 22%
October 1, 2006 to September 30, 2007 .......... 1.10% 0.23% 0.18% 14.78% 24%
October 1, 2005 to September 30, 2006 .......... 0.95% 0.24% 0.23% 6.89% 20%
October 1, 2004 to September 30, 2005 .......... 1.00% 0.23% 0.18% 21.03% 14%
SMALL COMPANY GROWTH PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. (0.59)% 0.88% 0.87% 11.94% 61%
October 1, 2008 to September 30, 2009 .......... (0.53)% 0.89% 0.87% 1.75% 169%
October 1, 2007 to September 30, 2008 .......... (0.53)% 0.89% 0.89% (27.50)% 150%
October 1, 2006 to September 30, 2007 .......... (0.46)% 0.90% 0.90% 17.74% 138%
October 1, 2005 to September 30, 2006 .......... (0.33)% 0.91% 0.90% 7.02% 125%
October 1, 2004 to September 30, 2005 .......... (0.45)% 0.91% 0.91% 16.51% 142%
SMALL COMPANY VALUE PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. 0.17% 0.90% 0.90% 15.85% 35%
October 1, 2008 to September 30, 2009 .......... 1.16% 0.90% 0.88% (6.28)% 99%
October 1, 2007 to September 30, 2008 .......... 1.02% 0.90% 0.89% (22.01)% 82%
October 1, 2006 to September 30, 2007 .......... 0.53% 0.93% 0.92% 6.53% 69%
October 1, 2005 to September 30, 2006 .......... 0.64% 0.92% 0.79% 6.70% 114%
October 1, 2004 to September 30, 2005 .......... 0.61% 0.92% 0.82% 24.77% 70%
STRATEGIC SMALL CAP VALUE PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. 0.73% 0.93% 0.91% 9.96% 24%
October 1, 2008 to September 30, 2009 .......... 1.31% 0.91% 0.74% (8.76)% 50%
October 1, 2007 to September 30, 2008 .......... 0.80% 0.91% 0.83% (16.47)% 46%
October 1, 2006 to September 30, 2007 .......... 0.30% 0.93% 0.92% 8.65% 64%
January 31, 2006(3) to September 30, 2006 ...... 0.75% 0.94% 0.75% 0.60% 37%


194 Wells Fargo Advantage Master Portfolios

Notes to Financial Statements (Unaudited)

1. ORGANIZATION

Wells Fargo Master Trust (the "Trust") is an open-end investment management company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). These financial statements report on the following funds: Wells Fargo Advantage C&B Large Cap Value Portfolio ("C&B Large Cap Value Portfolio"), Wells Fargo Advantage Disciplined Growth Portfolio ("Disciplined Growth Portfolio"), Wells Fargo Advantage Emerging Growth Portfolio ("Emerging Growth Portfolio"), Wells Fargo Advantage Equity Income Portfolio ("Equity Income Portfolio"), Wells Fargo Advantage Equity Value Portfolio ("Equity Value Portfolio"), Wells Fargo Advantage Index Portfolio ("Index Portfolio"), Wells Fargo Advantage International Core Portfolio ("International Core Portfolio"), Wells Fargo Advantage International Growth Portfolio ("International Growth Portfolio"), Wells Fargo Advantage International Index Portfolio ("International Index Portfolio"), Wells Fargo Advantage International Value Portfolio ("International Value Portfolio"), Wells Fargo Advantage Large Cap Appreciation Portfolio ("Large Cap Appreciation Portfolio"), Wells Fargo Advantage Large Company Growth Portfolio ("Large Company Growth Portfolio"), Wells Fargo Advantage Small Cap Index Portfolio ("Small Cap Index Portfolio"), Wells Fargo Advantage Small Company Growth Portfolio ("Small Company Growth Portfolio"), Wells Fargo Advantage Small Company Value Portfolio ("Small Company Value Portfolio") and Wells Fargo Advantage Strategic Small Cap Value Portfolio ("Strategic Small Cap Value Portfolio") (each, a "Fund", collectively, the "Funds").

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITIES VALUATION

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

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

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. In light of the judgment involved in fair value decisions, there can be no assurance that a fair value assigned to a particular security is accurate. 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.


Wells Fargo Advantage Master Portfolios 195

Notes to Financial Statements (Unaudited)

Certain fixed income securities with maturities exceeding 60 days are valued by using a pricing service approved by the Trust's Board of Trustees. This service uses market prices as quoted by an independent pricing service or by dealers in these securities when, in the service's judgment, these prices are readily available and are representative of the securities' fair values. For some securities, such prices are not readily available. These securities will generally be fair valued using methods which may include consideration of yields or prices of securities of comparable quality, coupon rate, maturity and type of issue, indications as to values from dealers in securities, trading characteristics and general market conditions.

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

Investments in open-end mutual funds are valued at net asset value.

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

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

FOREIGN CURRENCY TRANSLATION

The accounting records of the Funds are maintained in U.S. dollars. Assets, including investment securities, and liabilities denominated in foreign currency are translated into U.S. dollars at the prevailing rates of exchange at the date of valuation. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities, at fiscal period-end, 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 at fiscal period-end are not separately presented. Such changes are recorded with net realized and unrealized gain from investments. Gains and loses from certain foreign currency transactions are treated as ordinary income for U.S. federal income tax purposes.

FORWARD FOREIGN CURRENCY CONTRACTS

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

SECURITY LOANS

The Funds may loan securities in return for securities, irrevocable letters of credit or cash collateral, which is invested in various short-term fixed income securities. A Fund may receive compensation for lending securities in the form of fees payable by the borrower or by retaining a portion of interest on the investment securities purchased with cash received as collateral (after payment of a "broker rebate fee" to the borrower). A Fund also continues to receive interest


196 Wells Fargo Advantage Master Portfolios

Notes to Financial Statements (Unaudited)

or dividends on the securities loaned. Security loans are secured at all times by collateral, although the loans may not be fully supported at all times if, for example, the instruments in which cash collateral is invested decline in value or the borrower fails to provide additional collateral when required in a timely manner or at all. The collateral is equal to at least 102% of the market value of the securities loaned plus accrued interest when the transaction is entered into. Cash collateral received by a Fund pursuant to these loans generally is invested on behalf of the Fund by the securities lending agent in securities that, at the time of investment, are considered high-quality short-term debt investments (including money market instruments) and have been evaluated and approved by the Fund's adviser and are permissible investments for the Fund. Cash collateral is invested on behalf of a Fund through a joint account and the Fund is entitled to the gains and bears the losses on such investments. The net asset value of a Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of instruments purchased with cash collateral. Another risk from securities lending is that the borrower may not provide additional collateral when required or return the securities when due or when called for by the Fund. In either case, a Fund could experience delays in recovering securities or collateral or could lose all or part of the value of the loaned securities.

Wells Fargo Bank, N.A., currently acts as the securities lending agent for the Funds, subject to the overall supervision of the Funds' investment adviser, and has delegated its duties as securities lending agent to an affiliated sub-agent for certain funds and to an unaffiliated sub-agent for other funds. Pursuant to an exemptive order granted by the SEC and subject to compliance with its conditions, Wells Fargo Bank, N.A. under a contract is entitled to receive for its services 25% of the revenues earned on the securities lending activities and incurs all expenses. Wells Fargo Bank, N.A. pays all or part of its portion of the revenues generated by securities lending activities to the sub-agents as compensation for their services as sub-agents. The securities lending agent may make payments to borrowers and placing brokers that are not affiliated, directly or indirectly, with the Trust, the adviser or the distributor. For the six months ended March 31, 2010, Wells Fargo Bank, N.A. waived its share of revenues earned on securities lending activities. Such waivers by Wells Fargo Bank, N.A. have the impact of increasing securities lending income on the Statements of Operations. For foreign equity securities, Bank of New York Mellon serves as the securities lending sub-agent and receives for its services 20% of the revenues earned on the securities lending activities that it conducts with respect to foreign equity securities. The value of the securities on loan and the liability to return the collateral are shown on the Statements of Assets and Liabilities.

FUTURES CONTRACTS

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

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

STRUCTURED INVESTMENT VEHICLES

The Funds may invest in structured debt securities, such as those issued by Structured Investment Vehicles ("SIVs"). SIVs invest in a diversified pool of underlying securities, which may include finance company debt and structured finance assets, residential mortgage-backed securities, commercial mortgage-backed securities, collateralized loan obligations, collateralized debt obligations and other asset backed securities. The ability of a SIV to repay debt depends primarily on the cash collections received from the SIV's underlying asset portfolio, which may include certain assets such as subprime mortgages that are subject to heightened risks of credit quality or market value deterioration under the continuing adverse conditions in the U.S. credit markets, and on the ability to obtain short-term funding through the issuance of new debt. Investments in these securities present increased credit and liquidity risks as there could be losses to a Fund in the event of credit or market value deterioration in a SIV's underlying portfolio, mismatches in the


Wells Fargo Advantage Master Portfolios 197

Notes to Financial Statements (Unaudited)

timing of the cash flows of the underlying asset interests and the repayment obligations of maturing securities issued by a SIV, or a SIV's inability to issue new debt.

As of March 31, 2010, the following Funds owned certain of these types of structured securities in the amounts shown in the table. These securities were originally purchased by the Funds' securities lending agent on behalf of the Funds through a joint account with cash collateral received by the Funds pursuant to loans of the Funds' securities. Although considered high-quality, short-term money market instruments when originally purchased by the securities lending agent through the joint account, the SIVs have been restructured following default and are valued at fair value as shown in the Portfolio of Investments.

 Restructured
 SIVs ($ Value) % of Net Assets
 -------------- ---------------
C&B LARGE CAP VALUE PORTFOLIO $2,126,280 0.36%
DISCIPLINED GROWTH PORTFOLIO 474,232 0.69%
EMERGING GROWTH PORTFOLIO 917,990 2.39%
EQUITY INCOME PORTFOLIO 297,467 0.13%
EQUITY VALUE PORTFOLIO 1,479,323 0.28%
INDEX PORTFOLIO 6,201,438 0.30%
LARGE CAP APPRECIATION PORTFOLIO 603,801 0.87%
LARGE COMPANY GROWTH PORTFOLIO 3,194,397 0.49%
SMALL CAP INDEX PORTFOLIO 1,916,608 1.93%
SMALL COMPANY GROWTH PORTFOLIO 2,541,565 0.72%
SMALL COMPANY VALUE PORTFOLIO 1,779,366 1.07%

In a securities lending transaction, the net asset value of a Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of instruments in which cash collateral is invested. Thus, the current net asset value of each Fund reflects the current valuations assigned to the restructured SIVs that were purchased on its behalf through the investment of cash collateral. Fluctuations in the values of restructured SIVs generate unrealized gains or losses for a Fund, which are reflected in the Fund's Statement of Assets and Liabilities.

The amount of securities lending activity undertaken by a Fund fluctuates from time to time. After the occurrence of a default or impairment of a SIV purchased in a joint account by the 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 SIVs would fluctuate depending on the relative activity of each participating Fund. In order to eliminate the fluctuation of the various Funds' ratable exposure to the defaulted or impaired SIVs, the adviser to the Funds recommended to the Board of Trustees, and the Board of Trustees approved, actions designed to fix the allocation of percentage ownership in defaulted or impaired SIVs among all funds participating in securities lending ("side pocketing") based on each Fund's percentage ownership of the total cash collateral investment joint account as of the date the fixed allocation is implemented. Accordingly, on February 13, 2009 a side pocketing occurred, which fixed each Fund's ownership of defaulted or impaired SIVs in the joint account based on each such Fund's percentage ownership of the joint account as of such date.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Securities transactions are recorded on a trade date basis. Realized gains or losses are reported on the basis of identified cost of securities delivered. 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 Fund is informed of the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.


198 Wells Fargo Advantage Master Portfolios

Notes to Financial Statements (Unaudited)

FEDERAL AND OTHER TAXES

Each Fund of the Trust is treated as a separate entity for federal income tax purposes. The Funds of the Trust 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 Fund are deemed to have been "passed through" to the interestholders in proportion to their holdings of the Fund regardless of whether such interest, dividends and gains have been distributed by the Fund.

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.

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund's investments. These inputs are summarized into three broad levels as follows:

- Level 1 - quoted prices in active markets for identical investments

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

- Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

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

The following is a summary of the inputs used as of March 31, 2010 in valuing the Funds' investments in securities:

 Significant
 Other Significant
 Observable Unobservable
 Quoted Price Inputs Inputs
INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) Total
------------------------- -------------- ----------- ------------ --------------
C&B LARGE CAP VALUE PORTFOLIO
 Equity securities
 COMMON STOCKS $ 571,210,731 $ 0 $ 0 $ 571,210,731
 PREFERRED STOCKS 11,636,250 0 0 11,636,250
 Corporate debt securities 0 0 2,126,280 2,126,280
 Debt securities issued by states in the U.S. and its political
 subdivisions 0 1,032,759 0 1,032,759
 Short-term investments 16,713,155 4,314,552 0 21,027,707
 TOTAL $ 599,560,136 $ 5,347,311 $ 2,126,280 $ 607,033,727
DISCIPLINED GROWTH PORTFOLIO
 Equity securities
 COMMON STOCKS $ 67,448,532 $ 0 $ 0 $ 67,448,532
 Corporate debt securities 0 0 474,232 474,232
 Debt securities issued by states in the U.S. and its political
 subdivisions 0 113,277 0 113,277
 Short-term investments 1,008,460 473,235 0 1,481,695
 TOTAL $ 68,456,992 $ 586,512 $ 474,232 $ 69,517,736


Wells Fargo Advantage Master Portfolios 199

Notes to Financial Statements (Unaudited)

 Significant
 Other Significant
 Observable Unobservable
 Quoted Price Inputs Inputs
INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) Total
------------------------- -------------- ----------- ------------ --------------
EMERGING GROWTH PORTFOLIO
 Equity securities
 COMMON STOCKS $ 37,722,044 $ 0 $ 0 $ 37,722,044
 Corporate debt securities 0 0 917,990 917,990
 Debt securities issued by states in the U.S. and its political
 subdivisions 0 182,607 0 182,607
 Short-term investments 663,091 762,872 0 1,425,963
 TOTAL $ 38,385,135 $ 945,479 $ 917,990 $ 40,248,604
EQUITY INCOME PORTFOLIO
 Equity securities
 COMMON STOCKS $ 228,874,952 $ 0 $ 0 $ 228,874,952
 Corporate debt securities 0 0 297,467 297,467
 Debt securities issued by states in the U.S. and its political
 subdivisions 0 204,117 0 204,117
 Short-term investments 2,670,386 852,742 0 3,523,128
 TOTAL $ 231,545,338 $ 1,056,859 $ 297,467 $ 232,899,664
EQUITY VALUE PORTFOLIO
 Equity securities
 COMMON STOCKS $ 521,493,210 $ 0 $ 0 $ 521,493,210
 Corporate debt securities 0 0 1,479,323 1,479,323
 Debt securities issued by states in the U.S. and its political
 subdivisions 0 1,989,202 0 1,989,202
 Short-term investments 9,199,253 8,310,293 0 17,509,546
 TOTAL $ 530,692,463 $10,299,495 $ 1,479,323 $ 542,471,281
INDEX PORTFOLIO
 Equity securities
 COMMON STOCKS $2,073,801,292 $ 0 $ 0 $2,073,801,292
 Corporate debt securities 0 0 6,201,438 6,201,438
 Debt securities issued by states in the U.S. and its political
 subdivisions 0 1,465,774 0 1,465,774
 Short-term investments 16,405,564 6,123,566 0 22,529,130
 TOTAL $2,090,206,856 $ 7,589,340 $ 6,201,438 $2,103,997,634
INTERNATIONAL CORE PORTFOLIO
 Equity securities
 COMMON STOCKS $ 53,977,969 $ 0 $ 206,721 $ 54,184,690
 PREFERRED STOCKS 952,148 0 0 952,148
 Short-term investments 1,193,423 0 0 1,193,423
 TOTAL $ 56,123,540 $ 0 $ 206,721 $ 56,330,261


200 Wells Fargo Advantage Master Portfolios

Notes to Financial Statements (Unaudited)

 Significant
 Other Significant
 Observable Unobservable
 Quoted Price Inputs Inputs
INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) Total
------------------------- -------------- ----------- ------------ --------------
INTERNATIONAL GROWTH PORTFOLIO
 Equity securities
 COMMON STOCKS $ 150,380,706 $ 0 $ 0 $ 150,380,706
 Short-term investments 3,339,209 0 0 3,339,209
 TOTAL $ 153,719,915 $ 0 $ 0 $ 153,719,915
INTERNATIONAL INDEX PORTFOLIO
 Equity securities
 COMMON STOCKS $ 55,512,396 $ 0 $ 130,591 $ 55,642,987
 PREFERRED STOCKS 191,648 0 0 191,648
 RIGHTS 450 0 0 450
 WARRANTS 253 0 0 253
 Short-term investments 511,273 0 0 511,273
 TOTAL $ 56,216,020 $ 0 $ 130,591 $ 56,346,611
INTERNATIONAL VALUE PORTFOLIO
 Equity securities
 COMMON STOCKS $ 292,395,867 $ 0 $ 3,381,249 $ 295,777,116
 Short-term investments 7,289,152 0 0 7,289,152
 TOTAL $ 299,685,019 $ 0 $ 3,381,249 $ 303,066,268
LARGE CAP APPRECIATION PORTFOLIO
 Equity securities
 COMMON STOCKS $ 68,092,526 $ 0 $ 0 $ 68,092,526
 Corporate debt securities 0 0 603,801 603,801
 Debt securities issued by states in the U.S. and its political
 subdivisions 0 119,802 0 119,802
 Short-term investments 0 500,495 0 500,495
 TOTAL $ 68,092,526 $ 620,297 $ 603,801 $ 69,316,624
LARGE COMPANY GROWTH PORTFOLIO
 Equity securities
 COMMON STOCKS $ 638,687,685 $ 0 $ 0 $ 638,687,685
 Corporate debt securities 0 0 3,194,397 3,194,397
 Debt securities issued by states in
 the U.S. and its political subdivisions 0 582,856 0 582,856
 Short-term investments 7,933,097 2,434,999 0 10,368,096
 TOTAL $ 646,620,782 $ 3,017,855 $ 3,194,397 $ 652,833,034


Wells Fargo Advantage Master Portfolios 201

Notes to Financial Statements (Unaudited)

 Significant
 Other Significant
 Observable Unobservable
 Quoted Price Inputs Inputs
INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) Total
------------------------- -------------- ----------- ------------ --------------
SMALL CAP INDEX PORTFOLIO
 Equity securities
 COMMON STOCKS $ 98,052,755 $ 0 $ 0 $ 98,052,755
 Corporate debt securities 0 0 1,916,608 1,916,608
 Debt securities issued by states in the U.S. and its political
 subdivisions 0 252,163 0 252,163
 Short-term investments 1,067,271 1,053,460 0 2,120,731
 TOTAL $ 99,120,026 $ 1,305,623 $ 1,916,608 $ 102,342,257
SMALL COMPANY GROWTH PORTFOLIO
 Equity securities
 COMMON STOCKS $ 334,312,237 $ 0 $ 0 $ 334,312,237
 Corporate debt securities 0 0 2,541,565 2,541,565
 Debt securities issued by states in the U.S. and its political
 subdivisions 0 858,601 0 858,601
 Short-term investments 14,708,242 3,586,981 0 18,295,223
 TOTAL $ 349,020,479 $ 4,445,582 $ 2,541,565 $ 356,007,626
SMALL COMPANY VALUE PORTFOLIO
 Equity securities
 COMMON STOCKS $ 160,700,141 $ 0 $ 0 $ 160,700,141
 Corporate debt securities 0 0 1,779,366 1,779,366
 Debt securities issued by states in the U.S. and its political
 subdivisions 0 273,629 0 273,629
 Short-term investments 4,319,642 1,143,146 0 5,462,788
 TOTAL $ 165,019,783 $ 1,416,775 $ 1,779,366 $ 168,215,924
STRATEGIC SMALL CAP VALUE PORTFOLIO
 Equity securities
 COMMON STOCKS $ 85,674,324 $ 0 $ 369,293 $ 86,043,617
 INVESTMENT COMPANIES 251,161 0 0 251,161
 PREFERRED STOCKS 177,282 0 106,533 283,815
 Short-term investments 2,471,710 0 0 2,471,710
 TOTAL $ 88,574,477 $ 0 $ 475,826 $ 89,050,303

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


202 Wells Fargo Advantage Master Portfolios

Notes to Financial Statements (Unaudited)

As of March 31, 2010, the inputs used in valuing the Funds' other financial instruments, which are carried at fair value, were as follows:

 Significant
 Other Significant
 Observable Unobservable
 Quoted Price Inputs Inputs
OTHER FINANCIAL INSTRUMENTS (Level 1) (Level 2) (Level 3) Total
--------------------------- -------------- ----------- ------------ --------------
INDEX PORTFOLIO
 Futures contracts $ 601,925 $ 0 $ 0 $ 601,925
INTERNATIONAL CORE PORTFOLIO
 Forward foreign currency contracts 0 54,838 0 54,838
INTERNATIONAL INDEX PORTFOLIO
 Futures contracts 29,054 0 0 29,054
 Forward foreign currency contracts 0 2,450 0 2,450
SMALL CAP INDEX PORTFOLIO
 Futures contracts 33,450 0 0 33,450

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

 C&B Large Disciplined Emerging Equity Equity
 Cap Value Growth Growth Income Value Index International
 Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Core Portfolio
 ----------- ----------- ---------- ---------- ---------- ----------- -------------------
 CORPORATE CORPORATE CORPORATE CORPORATE CORPORATE CORPORATE
 DEBT DEBT DEBT DEBT DEBT DEBT COMMON SHORT-TERM
 SECURITIES SECURITIES SECURITIES SECURITIES SECURITIES SECURITIES STOCKS SECURITIES
 ----------- ----------- ---------- ---------- ---------- ----------- -------- ----------
BALANCE AS OF SEPTEMBER 30, 2009 $ 1,849,905 $ 412,591 $ 798,669 $ 258,803 $1,287,041 $ 5,395,372 $ 0 $ 15,654
 Realized gain (loss) (1,050,830) (240,264) (607,064) (608,416) (936,436) (5,528,046) 0 (15,262)
 Change in unrealized
 appreciation
 (depreciation) 1,448,761 329,016 778,865 664,086 1,213,290 6,688,638 0 3,914
 Net purchases (sales) (121,556) (27,111) (52,480) (17,006) (84,572) (354,526) 0 (4,306)
 Net transfer in (out) of
 Level 3 0 0 0 0 0 0 206,721 0
BALANCE AS OF MARCH 31, 2010 $ 2,126,280 $ 474,232 $ 917,990 $ 297,467 $1,479,323 $ 6,201,438 $206,721 $ 0
 Change in unrealized
 appreciation
 (depreciation) relating to
 securities held at the
 end of reporting period $ 381,704 $ 85,133 $ 164,795 $ 53,401 $ 265,564 $ 1,113,265 $ 0 $ 0

 International
 Growth
 Portfolio International Index Portfolio International Value Portfolio
 ------------- ----------------------------- ---------------------------------
 SHORT-TERM COMMON SHORT-TERM COMMON SHORT-TERM
 SECURITIES STOCKS WARRANTS SECURITIES STOCKS RIGHTS SECURITIES
 ------------- -------- -------- ---------- ---------- ----------- ----------
BALANCE AS OF SEPTEMBER 30, 2009 $ 46,080 $ 14 $ 3,065 $ 23,194 $ 0 $ 110,787 $ 140,944
 Realized gain (loss) (44,928) 0 0 (22,614) 0 0 (137,420)
 Change in unrealized
 appreciation
 (depreciation) 11,520 0 0 5,799 0 0 35,236
 Net purchases (sales) (12,672) 12,109 0 (6,379) 0 0 (38,760)
 Net transfer in (out) of
 Level 3 0 118,468 (3,065) 0 3,381,249 (110,787) 0
BALANCE AS OF MARCH 31, 2010 $ 0 $130,591 $ 0 $ 0 $3,381,249 $ 0 $ 0
 Change in unrealized
 appreciation
 (depreciation) relating to
 securities held at the end
 of reporting period $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0


Wells Fargo Advantage Master Portfolios 203

Notes to Financial Statements (Unaudited)

 Large Small Small
 Large Cap Company Small Company Company Strategic
 Appreciation Growth Cap Index Growth Value Small Cap Value
 Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
 ------------ ----------- ----------- ----------- ----------- ------------------
 CORPORATE CORPORATE CORPORATE CORPORATE CORPORATE
 DEBT DEBT DEBT DEBT DEBT COMMON PREFERRED
 SECURITIES SECURITIES SECURITIES SECURITIES SECURITIES STOCKS STOCKS
 ------------ ----------- ----------- ----------- ----------- -------- ---------
BALANCE AS OF SEPTEMBER 30, 2009 $ 525,319 $ 2,779,188 $ 1,667,487 $ 2,211,209 $ 1,548,083 $ 0 $ 42,400
 Accrued discounts (premiums) 0 0 0 0 0 0 0
 Realized gain (loss) (182,955) (3,454,315) (1,589,917) (1,715,642) (1,139,513) 0 368
 Change in unrealized
 appreciation
 (depreciation) 295,956 4,052,142 1,948,608 2,191,293 1,472,519 0 3,616
 Net purchases (sales) (34,519) (182,618) (109,570) (145,295) (101,723) 0 60,149
 Net transfer in (out) of
 Level 3 0 0 0 0 0 369,293 0
BALANCE AS OF MARCH 31, 2010 $ 603,801 $ 3,194,397 $ 1,916,608 $ 2,541,565 $ 1,779,366 $369,293 $106,533
Change in unrealized appreciation
 (depreciation) relating to
 securities held at the end of
 reporting period $ 108,393 $ 573,449 $ 344,064 $ 456,255 $ 319,427 $ 0 $ 1,500

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"). 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.

Funds Management is paid an annual advisory fee starting at 0.70% and declining to 0.55% as the average daily net assets of each of C&B Large Cap Value Portfolio, Disciplined Growth Portfolio, Equity Income Portfolio and Equity Value Portfolio increases. For the six months ended March 31, 2010, Disciplined Growth Portfolio, Equity Income Portfolio and Equity Value Portfolio each paid an advisory fee at an annual rate equivalent to 0.70% of each Fund's average daily net assets. C&B Large Cap Value Portfolio paid an advisory fee at an annual rate equivalent to 0.69% of its average daily net assets.

Funds Management is paid an annual advisory fee starting at 0.85% and declining to 0.75% as the average daily net assets of each of Emerging Growth Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio and Strategic Small Cap Value Portfolio increases. For the six months ended March 31, 2010, each of these Funds paid an advisory fee at an annual rate equivalent to 0.85% of each Fund's average daily net assets.

Funds Management is paid an annual advisory fee starting at 0.10% and declining to 0.05% as the average daily net assets of Index Portfolio increases. For the six months ended March 31, 2010, Index Portfolio paid an advisory fee at an annual rate equivalent to 0.09% of its average daily net assets.

Funds Management is paid an annual advisory fee starting at 0.95% and declining to 0.80% as the average daily net assets of each of International Core Portfolio, International Growth Portfolio and International Value Portfolio increases. For the six months ended March 31, 2010, each of these Funds paid an advisory fee at an annual rate equivalent to 0.95% of each Fund's average daily net assets.

Funds Management is paid an annual advisory fee starting at 0.35% and declining to 0.30% as the average daily net assets of International Index Portfolio increases. For the six months ended March 31, 2010, International Index Portfolio paid an advisory fee at an annual rate equivalent to 0.35% of its average daily net assets.

Funds Management is paid an annual advisory fee starting at 0.70% and declining to 0.55% as the average daily net assets of each of Large Cap Appreciation Portfolio and Large Company Growth Portfolio increases. For the six months ended March 31, 2010, Large Cap Appreciation Portfolio and Large Company Growth Portfolio paid an advisory fee at an annual rate equivalent to 0.70% and 0.69%, respectively, of each Fund's average daily net assets.

Funds Management is paid an annual advisory fee starting at 0.20% and declining to 0.15% as the average daily net assets of Small Cap Index Portfolio increases. For the six months ended March 31, 2010, Small Cap Index Portfolio paid an advisory fee at an annual rate equivalent to 0.20% of its average daily net assets.


204 Wells Fargo Advantage Master Portfolios

Notes to Financial Statements (Unaudited)

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

Wells Capital Management Incorporated, an affiliate of Funds Management and indirect wholly owned subsidiary of Wells Fargo & Company, is the sub-adviser to Emerging Growth Portfolio, Equity Income Portfolio, Index Portfolio, Small Cap Index Portfolio and Strategic Small Cap Value Portfolio.

Peregrine Capital Management, Inc., an affiliate of Funds Management and direct wholly owned subsidiary of Wells Fargo & Company, is the sub-adviser to Large Company Growth Portfolio, Small Company Growth Portfolio and Small Company Value Portfolio.

Evergreen Investment Management Company, LLC, an affiliate of Funds Management and indirect wholly owned subsidiary of Wells Fargo & Company, is the sub-adviser to International Core Portfolio.

Cooke & Bieler LP is the sub-adviser to C&B Large Cap Value Portfolio. Smith Asset Management Group LP is the sub-adviser to Disciplined Growth Portfolio. Systematic Financial Management LP is the subadviser to Equity Value Portfolio. Artisan Partners LP is the sub-adviser to International Growth Portfolio. SSgA Funds Management is the sub-adviser to International Index Portfolio. LSV Asset Management is the sub-adviser to International Value Portfolio. Cadence Capital Management LLC is the sub-adviser to Large Cap Appreciation Portfolio.

Funds Management has contractually waived and/or reimbursed advisory and administration fees during the six months ended March 31, 2010 to the extent necessary to maintain certain net operating expense ratios for the Funds.

CUSTODY FEES

State Street Bank and Trust Company ("State Street") provides custody and fund accounting services to the Funds. For providing custody services, State Street is entitled to an annual asset-based fee for domestic and global custody services for the Funds. For providing fund accounting services to the Funds, State Street is entitled to receive annual asset-based fees and is reimbursed for out-of-pocket expenses incurred for providing these services.

Prior to November 16, 2009, Wells Fargo Bank, N.A. provided custody services to the Funds and received a monthly fee at an annual rate of 0.02% of the average daily net assets of each Fund, except International Core Portfolio, International Growth Portfolio, International Index Portfolio and International Value Portfolio. Wells Fargo Bank, N.A. was paid at an annual rate of 0.10% of the average daily net assets of International Core Portfolio, International Growth Portfolio, International Index Portfolio and International Value Portfolio. PNC Global Investment Servicing ("PNC") served as fund accountant for the Funds prior to November 16, 2009 and received an annual asset-based fee and an annual fixed fee from each Fund. PNC was also reimbursed for all out-of-pocket expenses reasonably incurred in providing these services.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, exclusive of short-term securities (securities with maturities of one year or less at purchase date) and U.S. Government obligations for the six months ended March 31, 2010, were as follows:

 Purchases Sales
 at Cost Proceeds
 ------------ ------------
C&B LARGE CAP VALUE PORTFOLIO $ 32,604,335 $128,896,046
DISCIPLINED GROWTH PORTFOLIO 26,197,618 52,196,220
EMERGING GROWTH PORTFOLIO 23,100,164 76,947,340
EQUITY INCOME PORTFOLIO 4,680,770 56,643,261
EQUITY VALUE PORTFOLIO 316,505,659 360,319,988
INDEX PORTFOLIO 198,902,928 282,307,063
INTERNATIONAL CORE PORTFOLIO 32,048,457 50,493,844
INTERNATIONAL GROWTH PORTFOLIO 63,820,590 69,483,075
INTERNATIONAL INDEX PORTFOLIO 4,831,131 21,400,928
INTERNATIONAL VALUE PORTFOLIO 38,802,284 50,256,769


Wells Fargo Advantage Master Portfolios 205

Notes to Financial Statements (Unaudited)

 Purchases Sales
 at Cost Proceeds
 ------------ ------------
LARGE CAP APPRECIATION PORTFOLIO $ 36,443,172 $ 69,377,033
LARGE COMPANY GROWTH PORTFOLIO 25,131,944 429,388,022
SMALL CAP INDEX PORTFOLIO 10,045,743 166,169,238
SMALL COMPANY GROWTH PORTFOLIO 200,714,614 296,341,739
SMALL COMPANY VALUE PORTFOLIO 59,804,164 144,196,323
STRATEGIC SMALL CAP VALUE PORTFOLIO 24,955,824 148,614,025

6. DERIVATIVE TRANSACTIONS

During the six months ended March 31, 2010, certain Funds entered into futures contracts for hedging purposes.

At March 31, 2010, the Funds had long futures contracts outstanding as follows:

 Initial Net Unrealized
 Contract Appreciation/
 Expiration Date Contracts Type Amount (Depreciation)
 --------------- --------- ----------------------- ----------- --------------
INDEX PORTFOLIO June 2010 55 Long S&P 500 Index $15,419,575 $601,925
INTERNATIONAL INDEX PORTFOLIO June 2010 10 Long Dow Jones Euro 381,153 3,917
 STOXX 50 Index
 June 2010 6 Long FTSE 100 Index 505,747 5,089
 June 2010 3 Long TOPIX Index 293,623 20,048
SMALL CAP INDEX PORTFOLIO June 2010 10 Long Russell 2000 MINI Index 643,650 33,450

The Index Portfolio, International Index Portfolio, and Small Cap Index Portfolio had average contract amounts of $19,901,492, $1,488,974, and $3,025,831 respectively, in futures contracts during the six months ended March 31, 2010.

During the six months ended March 31, 2010, certain Funds entered into forward foreign currency exchange contracts for hedging purposes.

At March 31, 2010, the Funds had forward foreign currency exchange contracts outstanding as follows:

Forward Foreign Currency Exchange Contracts to Buy:

 U.S. Value Net Unrealized
 Contracts at March 31, In Exchange Appreciation/
 Exchange Date to Receive 2010 for U.S. $ (Depreciation)
 ------------- -------------- ------------ ----------- --------------
INTERNATIONAL CORE PORTFOLIO 04/15/2010 527,700 EUR $712,745 $718,902 $(6,157)
INTERNATIONAL GROWTH PORTFOLIO 04/07/2010 44,882 EUR 60,620 60,645 (25)
INTERNATIONAL INDEX PORTFOLIO 06/30/2010 225,000 EUR 303,910 300,551 3,359
 06/30/2010 100,000 GBP 151,672 149,510 2,162
 06/30/2010 12,000,000 JPY 128,419 131,490 (3,071)

Forward Foreign Currency Exchange Contracts to Sell:

 U.S. Value Net Unrealized
 Contracts at March 31, In Exchange Appreciation/
 Exchange Date to Receive 2010 for U.S. $ (Depreciation)
 ------------- -------------- ------------ ----------- --------------
INTERNATIONAL CORE PORTFOLIO 04/15/2010 527,700 EUR $ 712,745 $ 712,358 $ (387)
 04/30/2010 132,307,000 JPY 1,415,390 1,476,772 61,382
INTERNATIONAL GROWTH PORTFOLIO 04/07/2010 21,485 GBP 32,603 32,625 22

The International Core Portfolio had average market values of $1,055,954 and $5,601,977 in forward foreign currency exchange contracts to buy and forward foreign currency exchange contracts to sell, respectively, during the six months ended March 31, 2010. The International Growth Portfolio had average market values of $134,520 and $34,965 in forward foreign currency exchange contracts to buy and forward foreign currency exchange contracts to sell, respectively, during


206 Wells Fargo Advantage Master Portfolios

Notes to Financial Statements (Unaudited)

the six months ended March 31, 2010. The International Index Portfolio had average market values of $818,240 and $180,566 in forward foreign currency exchange contracts to buy and forward foreign currency exchange contracts to sell, respectively, during the six months ended March 31, 2010.

For Index Portfolio, International Core Portfolio, International Growth Portfolio, and Small Cap Index Portfolio, the fair value, realized gains or losses and change in unrealized gains or losses on derivative instruments are reflected in the appropriate financial statements of each Fund.

For International Index Portfolio, a summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair values of derivative instruments as of March 31, 2010 was as follows for International Index Portfolio:

 ASSET DERIVATIVES LIABILITY DERIVATIVES
 -------------------------------------------- ------------------------------------------
 Fair Fair
 Balance Sheet Location Value Balance Sheet Location Value
 ---------------------------------- -------- ---------------------------------- ------
Equity contracts Variation margin $245,471* Variation margin $6,132*
Forward foreign currency contracts Unrealized appreciation on forward Unrealized depreciation on
 foreign currency contracts 5,521 forward foreign currency contracts 3,071
 -------- ------
 $250,992 $9,203

* Amount represents current day's variation margin. Prior variation movements have been reflected in cash on the Statement of Assets and Liabilities upon receipt of payment.

The effect of derivative instruments on the Statement of Operations for the year ended March 31, 2010 was as follows for International Index Portfolio:

 AMOUNT OF REALIZED GAINS OR LOSSES ON
 DERIVATIVES
 ------------------------------------------------
 Futures Forward Currency Contracts Total
 -------- -------------------------- --------
Equity contracts $176,307 $ 0 $176,307
Forward foreign currency contracts 0 (40,492) (40,492)
 -------- -------- --------
 $176,307 $(40,492) $135,815

 CHANGE IN UNREALIZED GAINS OR LOSSES ON
 DERIVATIVES
 ----------------------------------------------
 Futures Forward Currency Contracts Total
 ------- -------------------------- -------
Equity contracts $13,622 $ 0 $13,622
Forward foreign currency contracts 0 5,984 5,984
 ------- ------ -------
 $13,622 $5,984 $19,606

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.


Wells Fargo Advantage Allocation Funds 207

Other Information (Unaudited)

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the "Trustees") of the Wells Fargo Funds Trust (the "Trust") and Officers of the Trust. This table should be read in conjunction with the Prospectus and the Statement of Additional Information(1) of each Fund. Each of the Trustees and Officers listed below acts in identical capacities for each of the 132 funds comprising the Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust (collectively the "Fund Complex"), except that the person occupying the office of Treasurer varies for specified Funds. 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

 Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
------------ ------------------------- ---------------------------------------------------------- -------------------
Peter G. Gordon Trustee, since 1998; Co-Founder, Chairman, President and CEO of Crystal Geyser. None
67 Chairman, since 2005 Water Company.
 (Lead Trustee since 2001)

Isaiah Harris, Jr. Advisory Board Retired. Prior thereto, President and CEO of BellSouth CIGNA Corporation;
57 Trustee, since 2008 Advertising and Publishing Corp from 2005 to 2007, Deluxe Corporation
 President and CEO of BellSouth Enterprises from 2004 to
 2005 and President of BellSouth Consumer Services from
 2000 to 2003. Currently a member of the Iowa State
 University Foundation Board of Governors and a member of
 the Advisory Board of Iowa State University School of
 Business.

Judith M. Johnson Trustee, since 2008 Retired. Prior thereto, Chief Executive Officer and Chief None
60 Investment Officer of Minneapolis Employees Retirement
 Fund from 1996 to 2008. Ms. Johnson is a certified public
 accountant and a certified managerial accountant.

David F. Larcker Advisory Board James Irvin Miller Professor of Accounting at the Graduate None
59 Trustee, since 2008 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.


208 Wells Fargo Advantage Allocation Funds

Other Information (Unaudited)

 Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
------------ ------------------------- ---------------------------------------------------------- -------------------
Olivia S. Mitchell Trustee, since 2006 Professor of Insurance and Risk Management, Wharton None
57 School, University of Pennsylvania. Director of the
 Boettner Center on Pensions and Retirement Research.
 Research associate and board member, Penn Aging Research
 Center. Research associate, National Bureau of Economic
 Research.

Timothy J. Penny Trustee, since 1996 President and CEO of Southern Minnesota Initiative None
58 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.

Donald C. Willeke Trustee, since 1996 Principal of the law firm of Willeke & Daniels. General None
69 Counsel of the Minneapolis Employees Retirement Fund from
 1984 to present.

OFFICERS

 Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
------------ ------------------------- ---------------------------------------------------------- -------------------
Karla M. Rabusch President, since 2003 Executive Vice President of Wells Fargo Bank, N.A. and None
50 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 Secretary, since 2000; Senior Vice President and Secretary of Wells Fargo Funds None
49 Chief Legal Counsel, Management, LLC since 2001. Vice President and Managing
 since 2003 Senior Counsel of Wells Fargo Bank, N.A. since 1996.

Kasey Phillips(3) Treasurer, since 2009 Senior Vice President of Evergreen Investment Management None
39 Company, LLC since 2006 and currently the Treasurer of the
 Evergreen Funds since 2005. Vice President and Assistant
 Vice President of Evergreen Investment Services, Inc. from
 1999 to 2006.

David Berardi(4) Assistant Treasurer, Vice President of Evergreen Investment Management Company, None
34 since 2009 LLC since 2008. Assistant Vice President of Evergreen
 Investment Services, Inc. from 2004 to 2008. Manager of
 Fund Reporting and Control for Evergreen Investment
 Management Company, LLC since 2004.

Jeremy DePalma(4) Assistant Treasurer, Senior Vice President of Evergreen Investment Management None
36 since 2009 Company, LLC since 2008. 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 since 2005.

Debra Ann Early Chief Compliance Officer, Chief Compliance Officer of Wells Fargo Funds Management, None
45 since 2007 LLC since 2007. Chief Compliance Officer of Parnassus
 Investments from 2005 to 2007. Chief Financial Officer of
 Parnassus Investments from 2004 to 2007 and Senior Audit
 Manager of PricewaterhouseCoopers LLP from 1998 to 2004.


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

(2.) Length of service dates reflects a Trustee's commencement of service with the Trust's predecessor entities.

(3.) Effective November 1, 2009.

(4.) Treasurer during the period from June 1, 2009 to October 31, 2009. Assistant Treasurer effective November 1, 2009.


Wells Fargo Advantage Allocation Funds 209

Other Information (Unaudited)

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

AGGRESSIVE ALLOCATION FUND, INDEX ASSET ALLOCATION FUND, CONSERVATIVE ALLOCATION FUND, GROWTH BALANCED FUND, MODERATE BALANCED FUND, C&B LARGE CAP VALUE PORTFOLIO, DISCIPLINED GROWTH PORTFOLIO, EMERGING GROWTH PORTFOLIO, EQUITY INCOME PORTFOLIO, EQUITY VALUE PORTFOLIO, INDEX PORTFOLIO, INTERNATIONAL CORE PORTFOLIO, INTERNATIONAL GROWTH PORTFOLIO, INTERNATIONAL INDEX PORTFOLIO, INTERNATIONAL VALUE PORTFOLIO, LARGE CAP APPRECIATION PORTFOLIO, LARGE COMPANY GROWTH PORTFOLIO, SMALL CAP INDEX PORTFOLIO, SMALL COMPANY GROWTH PORTFOLIO, SMALL COMPANY VALUE PORTFOLIO AND STRATEGIC SMALL CAP VALUE PORTFOLIO

Section 15(c) of the Investment Company Act of 1940 (the "1940 Act") contemplates 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 of the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not "interested persons" of each Trust, as defined in the 1940 Act (the "Independent Trustees"), will meet in person to review and consider the continuation of any investment advisory and sub-advisory agreements. In this regard, the Funds Trust Board reviewed and re-approved:
investment advisory agreements with Wells Fargo Funds Management, LLC ("Funds Management") for the Aggressive Allocation Fund, Index Asset Allocation Fund, Conservative Allocation Fund, Growth Balanced Fund and Moderate Balanced Fund (the "Allocation Funds"). The Master Trust Board reviewed and re-approved:
investment advisory agreements with Funds Management for: C&B Large Cap Value Portfolio, Disciplined Growth Portfolio, Emerging Growth Portfolio, Equity Income Portfolio, Equity Value Portfolio, Index Portfolio, International Core Portfolio, International Growth Portfolio, International Index Portfolio, International Value Portfolio, Large Cap Appreciation Portfolio, Large Company Growth Portfolio, Small Cap Index Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio and Strategic Small Cap Value Portfolio (the "Master Portfolios"). The Allocation Funds and the Master Portfolios are, collectively, the "Funds."

The Boards also reviewed and re-approved an investment sub-advisory agreement with Wells Capital Management Incorporated ("Wells Capital Management") for the Allocation Funds, Emerging Growth Portfolio, Equity Income Portfolio, Index Portfolio, Small Cap Index Portfolio and Strategic Small Cap Value Portfolio. The Master Trust Board also reviewed and re-approved: (i) an investment sub-advisory agreement with Artisan Partners Limited Partnership ("Artisan") for the International Growth Portfolio; (ii) an investment sub-advisory agreement with Cadence Capital Management, LLC ("Cadence") for the Large Cap Appreciation Portfolio; (iii) an investment sub-advisory agreement with Cooke & Bieler L.P. ("Cooke & Bieler") for the C&B Large Cap Value Portfolio; (iv) an investment sub-advisory agreement with Evergreen Investment Management Company, LLC ("Evergreen") for the International Core Portfolio; (v) an investment sub-advisory agreement with LSV Asset Management ("LSV") for the International Value Portfolio; (vi) investment sub-advisory agreements with Peregrine Capital Management, Inc. ("Peregrine") for the Large Company Growth Portfolio, Small Company Growth Portfolio and Small Company Value Portfolio; (vii) investment sub-advisory agreements with Smith Asset Management, L.P. ("Smith") for the Disciplined Growth Portfolio; (viii) an investment sub-advisory agreement with SSgA Funds Management ("SSgA") for the International Index Portfolio; and (ix) an investment sub-advisory agreement with Systematic Financial Management, L.P. ("Systematic") for the Equity Value Portfolio. The investment advisory agreements with Funds Management and the investment sub-advisory agreements with Wells Capital Management, Artisan, Cadence, Cooke & Bieler, Evergreen, LSV, Peregrine, Smith, SSgA, and Systematic (the "Sub-Advisers") are collectively referred to as the "Advisory Agreements."

More specifically, at a meeting held on March 25-26, 2010 (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 the continuation of the Advisory Agreements. Prior to the meeting held on March 25-26, 2010, 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.

Because the Allocation Funds are gateway blended funds that invest all of their assets in multiple Master Portfolios identified above, information provided to the Boards regarding the Allocation Funds is also applicable to the Master Portfolios identified above.


210 Wells Fargo Advantage Allocation Funds

Other Information (Unaudited)

NATURE, EXTENT AND QUALITY OF SERVICES

The Boards received and considered various information regarding the nature, extent and quality of services provided to the Funds by Funds Management and the Sub-Advisers under the Advisory Agreements. The Boards also received and considered information provided in response to a detailed set of requests submitted by the Independent Trustees' independent legal counsel. 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.

In considering these matters, the Boards considered not only the specific information presented in connection with the meeting, but also the knowledge gained over the course of interacting with Funds Management and the Sub-Advisers about various topics, including Funds Management's oversight of service providers. Based on the above factors, together with those referenced below, each Board concluded that it was satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by Funds Management and the Sub-Advisers.

FUND PERFORMANCE AND EXPENSES

The Boards considered the performance results for the Funds over various time periods ended December 31, 2009. With respect to the Allocation Funds, the Funds Trust Board also considered these results in comparison to the median performance of a universe of relevant funds (the "Universe") that was determined by Lipper Inc. ("Lipper") to be similar to the Allocation Funds, and in comparison to each Allocation Fund's benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Funds Trust Board received a description of the methodology used by Lipper to select the mutual funds in the Universe.

The Funds Trust Board noted that the longer-term performance of the Aggressive Allocation Fund, the Conservative Allocation Fund and the Moderate Balanced Fund was lower than the median performance of their respective Universe. The Funds Trust Board also noted that each such Allocation Fund's more recent performance was higher than the median performance of its Universe. The Funds Trust Board noted that the 3- and 5-year performance of the Growth Balanced Fund was lower than the median performance of the Universe, but also noted that such Allocation Fund's 1- and 10-year performance was higher than the median performance of the Universe. The Funds Trust Board noted that the performance of the Index Asset Allocation Fund was lower than the median performance of the Universe for all periods under review and required further inquiry. Funds Management provided information about factors that contributed to the Index Asset Allocation Fund's underperformance. The Funds Trust Board noted the change in the portfolio management team that occurred during the annual review period, and agreed that Funds Management was taking responsible steps to address such Fund's underperformance.

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 Allocation Funds.

The Funds Trust Board received and considered information regarding the Allocation Funds' 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 (the "Expense Group") that was determined by Lipper to be similar to the Allocation Funds. The Funds Trust Board received a description of the methodology used by Lipper to select the mutual funds in the Allocation Funds' Expense Group. The Funds Trust Board noted that the net operating expense ratios of the Allocation Funds were equal to, lower than, or in range of their 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.


Wells Fargo Advantage Allocation Funds 211

Other Information (Unaudited)

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"), on a stand-alone basis and, with respect to the Allocation Funds, on a combined basis with the Allocation 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").

AGGRESSIVE ALLOCATION FUND, CONSERVATIVE ALLOCATION FUND, GROWTH BALANCED FUND AND MODERATE BALANCED FUND

The Funds Trust Board received and considered information comparing the Advisory Agreement Rates and Net Advisory Rates with the median rate of those of other funds in each Fund's Expense Group. The Funds Trust Board noted that the Advisory Agreement Rates and Net Advisory Rates were in range of or lower than each Fund's Expense Group median.

INDEX ASSET ALLOCATION FUND

The Funds Trust Board received and considered information comparing the Advisory Agreement Rates and Net Advisory Rates with the median rate of those of other funds in the Fund's Expense Group. The Funds Trust Board noted that the Advisory Agreement Rate and Net Advisory Rate were higher than the Expense Group median for the Class A shares, but the Advisory Agreement Rate and Net Advisory Rate were in range of or lower than the Expense Group median of the Administrator Class shares. The Funds Trust Board noted that, at the time of review, the Fund was benefiting from breakpoints applicable to the Advisory Agreement Rates. The Funds Trust Board also considered that Funds Management had agreed to waive a portion of its advisory fees.

With respect to the Allocation Funds, the Funds Trust Board concluded that the Advisory Agreement Rates, both with and without administration fee rates and before and after waivers, were acceptable in light of the Allocation Funds' Expense Group information, the net expense ratio commitments and the services covered by the Advisory Agreements.

THE MASTER PORTFOLIOS

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 in range of or lower than the Expense Group median.

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

SUB-ADVISORY AGREEMENT RATES

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 based on the Advisory Agreement Rates and Net Advisory Rates, as well as an analysis of the profitability to other Wells Fargo businesses of providing services to the Funds. The Boards concluded that, in light of the costs of providing investment management and other services to the Funds, the profits and other ancillary benefits that Funds Management and its affiliates received with regard to providing these services to the Funds were not unreasonable.

The Boards did not consider separate profitability information with respect to Wells Capital Management, Evergreen, Peregrine and Smith, because, as affiliates of Funds Management, their profitability information was subsumed in the profitability analysis provided by Funds Management. The Board of the Master Trust also did not consider separate profitability information with respect to Artisan, Cadence, Cooke & Bieler, LSV, SSgA, and Systematic, which are not affiliated with Funds Management. The Master Trust Board considered that the sub-advisory fees paid to these Sub-Advisers had


212 Wells Fargo Advantage Allocation Funds

Other Information (Unaudited)

been negotiated by Funds Management on an arm's length basis and that Artisan's, Cadence's, Cooke & Bieler's, LSV's, SSgA's and Systematic's profitability from their relationships with the Master Portfolios managed by them was not a material factor in determining whether to renew the agreements.

ECONOMIES OF SCALE

The Boards received and considered general information regarding whether there have been economies of scale with respect to the management of the Funds, whether the Funds have appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale for the Funds. The Boards also considered information provided by Funds Management in separate presentations on advisory fee breakpoints and economies of scale made at the March 2010 Board meeting. 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. The Boards concluded that any actual or potential economies of scale are, or will be, shared reasonably with Fund shareholders/interestholders, most particularly through Advisory Agreement Rate breakpoints and fee waiver and expense reimbursement arrangements applicable to the Funds.

INFORMATION ABOUT SERVICES AND FEES OFFERED TO OTHER CLIENTS

The Boards also received and considered information about the nature and extent of services and fee rates offered by Funds Management to similarly situated series of the Trusts, and those offered by the Sub-Advisers to other clients. The Boards concluded that the Advisory Agreement Rates, the Sub-Advisory Agreement Rates and the Net Advisory Rates were within an acceptable range of the fee rates offered to similarly situated series of the Trusts by Funds Management and to other clients by the Sub-Advisers, giving effect to differences in services covered by such fee rates.

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 Allocation Funds and Master Portfolios. Ancillary benefits could include, among others, benefits directly attributable to the relationship of Funds Management and the Sub-Advisers with the Allocation Funds and Master Portfolios and benefits potentially derived from an increase in Funds Management's and the Sub-Advisers' business as a result of their relationship with the Allocation Funds and Master Portfolios (such as the ability to market to shareholders/interestholders other financial products offered by Funds Management and its affiliates or the Sub-Advisers and their affiliates).

The Boards have reviewed information about the policies of the Sub-Advisers in seeking the best execution of portfolio transactions, whether and to what extent soft dollar credits are sought and how any such credits are utilized, any benefits that may be realized by using an affiliated broker and the controls applicable to brokerage allocation procedures. The Boards have reviewed information about Funds Management's and the Sub-Advisers' methods for allocating portfolio investment opportunities among the Funds and other clients.

OTHER FACTORS AND BROADER REVIEW

The Boards also considered the markets for distribution of the Allocation Funds' shares, including the multiple channels through which the Allocation Funds' shares are offered and sold. The Boards noted that the Allocation 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 the Sub-Advisers annually as part of the re-approval process under Section 15(c) of the 1940 Act. The Boards also review and assess 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 their quarterly meetings, which include, among other things, portfolio reviews and fund 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/interestholders. Accordingly, the Boards unanimously approved the continuation of the Advisory Agreements for an additional one-year period.


Wells Fargo Advantage Allocation Funds 213

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
ADR -- American Depositary Receipt
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
ARM -- Adjustable Rate Mortgages
BART -- Bay Area Rapid Transit
CDA -- Community Development Authority
CDO -- Collateralized Debt Obligation
CDSC -- Contingent Deferred Sales Charge
CGIC -- Capital Guaranty Insurance Company
CGY -- Capital Guaranty Corporation
CIFG -- CDC (Caisse des Depots et Consignations) IXIS Financial
 Guarantee
COP -- Certificate of Participation
CP -- Commercial Paper
CTF -- Common Trust Fund
DW&P -- Department of Water & Power
DWR -- Department of Water Resources
ECFA -- Educational & Cultural Facilities Authority
EDFA -- Economic Development Finance Authority
ETET -- Eagle Tax-Exempt Trust
ETF -- Exchange-Traded Fund
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
GDR -- Global Depositary Receipt
GNMA -- Government National Mortgage Association
GO -- General Obligation
HCFR -- Healthcare Facilities Revenue
HEFA -- Health & Educational Facilities Authority
HEFAR -- Higher Education Facilities Authority Revenue
HFA -- Housing Finance Authority
HFFA -- Health Facilities Financing Authority
HUD -- Housing & Urban Development
IDA -- Industrial Development Authority
IDAG -- Industrial Development Agency
IDR -- Industrial Development Revenue
LIBOR -- London Interbank Offered Rate
LLC -- Limited Liability Company
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
MTN -- Medium Term Note
MUD -- Municipal Utility District
NATL-RE -- National Public Finance Guarantee Corporation
PCFA -- Pollution Control Finance Authority
PCR -- Pollution Control Revenue
PFA -- Public Finance Authority
PFFA -- Public Facilities Financing Authority
plc -- Public Limited Company
PSFG -- Public School Fund Guaranty
R&D -- Research & Development
RDA -- Redevelopment Authority
RDFA -- Redevelopment Finance Authority
REITS -- Real Estate Investment Trusts
SFHR -- Single Family Housing Revenue
SFMR -- Single Family Mortgage Revenue
SLMA -- Student Loan Marketing Association
SPDR -- Standard & Poor's Depositary Receipts
STIT -- Short-Term Investment Trust
TBA -- To Be Announced
TRAN -- Tax Revenue Anticipation Notes
USD -- Unified School District
XLCA -- XL Capital Assurance


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More information about WELLS FARGO ADVANTAGE FUNDS is available free upon request. To obtain literature, please write, e-mail, visit the Funds' Web site, or call:

WELLS FARGO ADVANTAGE FUNDS
P.O. Box 8266
Boston, MA 02266-8266
E-mail: wfaf@wellsfargo.com

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

THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE GENERAL INFORMATION OF THE SHAREHOLDERS OF WELLS FARGO ADVANTAGE FUNDS. IF THIS REPORT IS USED FOR PROMOTIONAL PURPOSES, DISTRIBUTION OF THE REPORT MUST BE ACCOMPANIED OR PRECEDED BY A CURRENT PROSPECTUS. FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES AND EXPENSES, CALL 1-800-222-8222 OR VISIT THE FUNDS' WEB SITE AT www.wellsfargo.com/advantagefunds. PLEASE CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE INVESTMENT CAREFULLY BEFORE INVESTING. THIS AND OTHER INFORMATION ABOUT WELLS FARGO ADVANTAGE FUNDS CAN BE FOUND IN THE CURRENT PROSPECTUS. READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.

"Dow Jones" and "Dow Jones Target Date Indexes" are service marks of Dow Jones & Company, Inc., and have been licensed for use for certain purposes 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 or Barclays Capital, and neither Dow Jones nor Barclays Capital 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, BARCLAYS CAPITAL OR ANY OF THEIR LICENSORS HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

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

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

NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE

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(C) 2010 Wells Fargo Funds Management, LLC. All rights reserved. www.wellsfargo.com/advantagefunds 112811 05-10
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Semi-Annual Report

March 31, 2010

WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS

- WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE FUND

- WELLS FARGO ADVANTAGE DIVERSIFIED EQUITY FUND

- WELLS FARGO ADVANTAGE DIVERSIFIED SMALL CAP FUND

- WELLS FARGO ADVANTAGE EMERGING GROWTH FUND

- WELLS FARGO ADVANTAGE EQUITY INCOME FUND

- WELLS FARGO ADVANTAGE EQUITY VALUE FUND

- WELLS FARGO ADVANTAGE GROWTH EQUITY FUND

- WELLS FARGO ADVANTAGE INTERNATIONAL VALUE FUND

- WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION FUND

- WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH FUND

- WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH FUND

- WELLS FARGO ADVANTAGE SMALL COMPANY VALUE FUND


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Contents

LETTER TO SHAREHOLDERS ........................................ 2

PERFORMANCE HIGHLIGHTS
C&B Large Cap Value Fund ...................................... 6
Diversified Equity Fund ....................................... 8
Diversified Small Cap Fund .................................... 10
Emerging Growth Fund .......................................... 12
Equity Income Fund ............................................ 14
Equity Value Fund ............................................. 16
Growth Equity Fund ............................................ 18
International Value Fund ...................................... 20
Large Cap Appreciation Fund ................................... 22
Large Company Growth Fund ..................................... 24
Small Company Growth Fund ..................................... 26
Small Company Value Fund ...................................... 28

FUND EXPENSES ................................................. 30

PORTFOLIO OF INVESTMENTS
C&B Large Cap Value Fund ...................................... 35
Diversified Equity Fund ....................................... 35
Diversified Small Cap Fund .................................... 36
Emerging Growth Fund .......................................... 36
Equity Income Fund ............................................ 37
Equity Value Fund ............................................. 37
Growth Equity Fund ............................................ 38
International Value Fund ...................................... 38
Large Cap Appreciation Fund ................................... 39
Large Company Growth Fund ..................................... 39
Small Company Growth Fund ..................................... 40
Small Company Value Fund ...................................... 40

FINANCIAL STATEMENTS
Statements of Assets and Liabilities .......................... 42
Statements of Operations ...................................... 46
Statements of Changes in Net Assets ........................... 50
Financial Highlights .......................................... 62

NOTES TO FINANCIAL STATEMENTS ................................. 78

MASTER PORTFOLIOS

PORTFOLIO OF INVESTMENTS
C&B Large Cap Value Portfolio ................................. 85
Disciplined Growth Portfolio .................................. 89
Emerging Growth Portfolio ..................................... 93
Equity Income Portfolio ....................................... 98
Equity Value Portfolio ........................................ 102
Index Portfolio ............................................... 107
International Core Portfolio .................................. 122
International Growth Portfolio ................................ 127
International Index Portfolio ................................. 130
International Value Portfolio ................................. 150
Large Cap Appreciation Portfolio .............................. 155
Large Company Growth Portfolio ................................ 160
Small Cap Index Portfolio ..................................... 163
Small Company Growth Portfolio ................................ 179
Small Company Value Portfolio ................................. 184
Strategic Small Cap Value Portfolio ........................... 189

FINANCIAL STATEMENTS
Statements of Assets and Liabilities .......................... 200
Statements of Operations ...................................... 204
Statements of Changes in Net Assets ........................... 208
Financial Highlights .......................................... 216

NOTES TO FINANCIAL STATEMENTS ................................. 218

OTHER INFORMATION ............................................. 231

LIST OF ABBREVIATIONS ......................................... 239

NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE


(LOGO)

WELLS FARGO INVESTMENT HISTORY

1971 INTRODUCED ONE OF THE FIRST INSTITUTIONAL INDEX FUNDS.

1978 ONE OF THE FIRST FIRMS TO APPLY ASSET ALLOCATION THEORY TO INVESTMENT
 PORTFOLIO MANAGEMENT.

1985 ONE OF THE FIRST FIRMS TO CREATE A THREE-WAY ASSET ALLOCATION FUND THAT
 "TILTS" INVESTMENTS TOWARD PORTIONS OF THE MARKET THAT OUR PROPRIETARY
 MODELS INDICATE WILL PERFORM BETTER.

1994 INTRODUCED TARGET DATE FUNDS THAT AUTOMATICALLY REALLOCATE THE ASSET MIX
 OVER SPECIFIC TIME HORIZONS.

1997 WELLS FARGO LAUNCHED THE WEALTHBUILDER PORTFOLIOS, A UNIQUE "FUND OF
 FUNDS" THAT USES FLEXIBLE ASSET ALLOCATION STRATEGIES TO SHIFT ASSETS.

1999 REORGANIZED THE NORWEST ADVANTAGE FUNDS(R) AND STAGECOACH FUNDS(R) INTO
 THE WELLS FARGO FUNDS(R).

2003 EXPANDED FIXED-INCOME, SMALL CAP, AND EMERGING MARKETS LINEUP FROM
 MONTGOMERY ASSET MANAGEMENT, LLC.

2004 ADDED ADDITIONAL LARGE CAP AND MID CAP FUNDS TO THE LINEUP BY ADOPTING THE
 COOKE & BIELER VALUE FUNDS.

2005 WELLS FARGO FUNDS MERGED WITH STRONG FUNDS TO BECOME WELLS FARGO ADVANTAGE
 FUNDS, FORMING A FUND FAMILY OF MORE THAN 100 FUNDS AND PLACING IT AMONG
 THE TOP 20 MUTUAL FUND FAMILIES IN THE UNITED STATES.

2006 ENHANCED AND RENAMED THE WELLS FARGO ADVANTAGE OUTLOOK FUNDS(SM) TO THE
 WELLS FARGO ADVANTAGE DOW JONES TARGET DATE FUNDS(SM), WHICH SEEK TO
 REPLICATE RETURNS OF THE APPROPRIATE DOW JONES TARGET DATE INDEXES, THE
 FIRST LIFE CYCLE INDEXES IN THE INVESTMENT INDUSTRY.

WELLS FARGO ADVANTAGE FUNDS(R)

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.

FOR 529 PLANS, AN INVESTOR'S OR A DESIGNATED BENEFICIARY'S HOME STATE MAY OFFER STATE TAX OR OTHER BENEFITS THAT ARE ONLY AVAILABLE FOR INVESTMENTS IN THAT STATE'S QUALIFIED TUITION PROGRAM. PLEASE CONSIDER THIS BEFORE INVESTING.

CAREFULLY CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES BEFORE INVESTING. FOR A CURRENT PROSPECTUS FOR WELLS FARGO ADVANTAGE FUNDS OR A CURRENT PROGRAM DESCRIPTION FOR CERTAIN 529 COLLEGE SAVINGS PLANS, CONTAINING THIS AND OTHER INFORMATION, VISIT WWW.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, the Wells Fargo Managed Account Services, and certain 529 college savings plans. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds and shares in the 529 plans 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

NOT PART OF THE SEMI-ANNUAL REPORT.


WELLS FARGO ADVANTAGE FUNDS OFFERS MORE THAN 100 MUTUAL FUNDS ACROSS A WIDE RANGE OF ASSET CLASSES, REPRESENTING OVER $170 BILLION IN ASSETS UNDER MANAGEMENT, AS OF MARCH 31, 2010.

EQUITY FUNDS

Asia Pacific Fund Equity Value Fund Small Cap Disciplined Fund
C&B Large Cap Value Fund Growth Fund Small Cap Growth Fund
C&B Mid Cap Value Fund Growth Equity Fund Small Cap Opportunities Fund
Capital Growth Fund Index Fund Small Cap Value Fund
Common Stock Fund International Core Fund Small Company Growth Fund
Discovery Fund+ International Value Fund Small Company Value Fund
Diversified Equity Fund Large Cap Appreciation Fund Small/Mid Cap Value Fund
Diversified International Fund Large Cap Growth Fund Social Sustainability Fund+
Diversified Small Cap Fund Large Company Core Fund Specialized Financial Services Fund
Emerging Growth Fund Large Company Growth Fund Specialized Technology Fund
Emerging Markets Equity Fund Large Company Value Fund U.S. Value Fund
Endeavor Select Fund+ Mid Cap Disciplined Fund
Enterprise Fund+ Mid Cap Growth Fund
Equity Income Fund Opportunity Fund+

BOND FUNDS

California Limited-Term Tax-Free Fund Inflation-Protected Bond Fund Short-Term Municipal Bond Fund
California Tax-Free Fund Intermediate Tax/AMT-Free Fund Stable Income Fund
Colorado Tax-Free Fund Minnesota Tax-Free Fund Strategic Income Fund
Diversified Bond Fund Municipal Bond Fund Total Return Bond Fund
Government Securities Fund(1) Short Duration Government Bond Fund(1) Ultra Short-Term Income Fund
High Income Fund Short-Term Bond Fund Ultra Short-Term Municipal Income Fund
Income Plus Fund Short-Term High Yield Bond Fund Wisconsin Tax-Free Fund

ASSET ALLOCATION FUNDS

Aggressive Allocation Fund WealthBuilder Growth Allocation Portfolio+ Target 2020 Fund(2)+
Conservative Allocation Fund WealthBuilder Growth Balanced Portfolio+ Target 2025 Fund(2)+
Growth Balanced Fund WealthBuilder Moderate Balanced Portfolio+ Target 2030 Fund(2)+
Index Asset Allocation Fund WealthBuilder Tactical Equity Portfolio+ Target 2035 Fund(2)+
Moderate Balanced Fund Target Today Fund(2)+ Target 2040 Fund(2)+
WealthBuilder Conservative Allocation Portfolio+ Target 2010 Fund(2)+ Target 2045 Fund(2)+
WealthBuilder Equity Portfolio+ Target 2015 Fund(2)+ Target 2050 Fund(2)+

MONEY MARKET FUNDS

100% Treasury Money Market Fund(1) Heritage Money Market Fund+ National Tax-Free Money Market Fund
California Municipal Money Market Fund Minnesota Money Market Fund National Tax-Free Money Market Trust
California Municipal Money Market Trust Money Market Fund Overland Express Sweep Fund+
Cash Investment Money Market Fund Money Market Trust Prime Investment Money Market Fund
Government Money Market Fund(1) Municipal Money Market Fund Treasury Plus Money Market Fund(1)

VARIABLE TRUST FUNDS(3)

VT C&B Large Cap Value Fund VT International Core Fund VT Small Cap Growth Fund
VT Discovery Fund+ VT Large Company Core Fund VT Small Cap Value Fund
VT Equity Income Fund VT Large Company Growth Fund VT Total Return Bond Fund
VT Index Asset Allocation Fund VT Opportunity 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 U.S. government guarantee applies to certain of the underlying securities and NOT to shares of the Fund.

2. The full name of this Fund series is the WELLS FARGO ADVANTAGE DOW JONES TARGET DATE FUNDS(SM).

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

+ In this report, the WELLS FARGO ADVANTAGE DISCOVERY FUND(SM), WELLS FARGO ADVANTAGE ENDEAVOR SELECT FUND(SM), WELLS FARGO ADVANTAGE ENTERPRISE FUND(SM), WELLS FARGO ADVANTAGE OPPORTUNITY FUND(SM), WELLS FARGO ADVANTAGE SOCIAL SUSTAINABILITY FUND(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER CONSERVATIVE ALLOCATION PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER EQUITY PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER GROWTH ALLOCATION PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER GROWTH BALANCED PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER MODERATE BALANCED PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER TACTICAL EQUITY Portfolio(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET TODAY FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2010 FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2015 FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2020 FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2025 FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2030 FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2035 FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2040 FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2045 FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2050 FUND(SM), WELLS FARGO ADVANTAGE HERITAGE MONEY MARKET FUND(SM), WELLS FARGO ADVANTAGE OVERLAND EXPRESS SWEEP FUND(SM), WELLS FARGO ADVANTAGE VT DISCOVERY FUND(SM), and WELLS FARGO ADVANTAGE VT OPPORTUNITY FUND(SM) are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, Social Sustainability Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Heritage Money Market Fund, Overland Express Sweep Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

NOT PART OF THE SEMI-ANNUAL REPORT.


2 Wells Fargo Equity Gateway Funds

Letter to Shareholders

[PHOTO OF KARLA M. RABUSCH]

KARLA M. RABUSCH,
President
WELLS FARGO ADVANTAGE FUNDS

ECONOMIC GROWTH WAS STRONG THROUGHOUT THE SIX-MONTH PERIOD AS THE ECONOMIC RECOVERY APPEARED TO GAIN MOMENTUM.

Dear Valued Shareholder,

We are pleased to provide you with this semi-annual report for the Wells Fargo Advantage Equity Gateway Funds for the six-month period that ended March 31, 2010. The period brought additional signs of economic improvement, continuing to support a strong rally in the financial markets after the severe downturn in 2008 and early 2009. We believe that the continued advance in the financial markets during the six-month period underscores the importance of maintaining a disciplined focus on a long-term investment strategy. Although periods of volatility can be challenging for investors, staying focused on a long-term strategy based on individual goals and risk tolerance can help avoid missing potential periods of strong recovery.

ECONOMIC GROWTH TURNED POSITIVE AFTER SEVERE CONTRACTION.

Economic growth was strong throughout the six-month period as the economic recovery appeared to gain momentum. Gross Domestic Product (GDP) growth was 3.2% in the first quarter of 2010 and 5.6% in the fourth quarter of 2009, the strongest since 2003. GDP returned to positive growth in the third quarter of 2009, following four consecutive quarters of contraction for the first time in at least 60 years. The consensus among economists was that the recession that began in December 2007 had likely ended during the summer of 2009. However, with much of the growth attributable to government stimulus, questions remained over the sustainability of the recovery. By the end of the six-month period, the National Bureau of Economic Research had not declared an official end to the recession.

PAYROLL GROWTH RESUMED, THOUGH THE UNEMPLOYMENT RATE REMAINED HIGH.

Employment data turned positive during the six-month period, a welcome sign that the economic recovery appeared to be moving toward self-sustainability. U.S. employers added 162,000 jobs in March 2010, the most in three years. The unemployment rate edged down to 9.7% in the final months of the period, after having peaked at 10.1% in October 2009--its highest level in more than 25 years. Other encouraging news in March included increases in temporary jobs, average hours worked, and manufacturing employment. Still, more than 8 million jobs were lost during the recession, and the number of long-term unemployed-- those out of work for 27 weeks or longer--continued to increase, ending the period at 6.5 million.

Other economic data continued to show additional signs of improvement. Industrial production, manufacturing, and consumer sentiment had all improved significantly as the six-month period came to a close. Retail sales strengthened significantly during the period, with particular strength in March. Although housing inventory and foreclosure rates remained elevated, home sales and prices began to show signs of improvement in many areas of the country--spurred in part by the government's $8,000 tax credit for first-time home buyers, which was extended through the end of April 2010.

THE FED CONTINUED TO FOCUS ON ECONOMIC STIMULUS.

Despite extensive quantitative easing measures by the Federal Reserve, bank lending remained constrained during the six-month period. This indicates that the trillions of dollars of government stimulus that were added to the monetary


Wells Fargo Equity Gateway Funds 3

Letter to Shareholders

system might not have an inflationary impact in the near term. Throughout the period, the Federal Open Market Committee (FOMC) held the federal funds rate at the range of 0% to 0.25% that it first targeted in December 2008. The Fed did, however, begin to remove some of its unconventional stimulus measures. It concluded its purchases of longer-term Treasuries in October 2009 and mortgage-backed securities in March 2010.

The FOMC's final statement during the six-month period noted that economic activity continued to strengthen, the labor market was stabilizing, business spending had risen significantly, and inflation remained subdued. However, the committee also noted that unemployment remained high and credit continued to be tight, reiterating that it was likely to keep the federal funds rate at exceptionally low levels for an extended period because of the continued substantial economic slack.

FINANCIAL MARKETS CONTINUED TO ADVANCE ON THE SIGNS OF ECONOMIC IMPROVEMENT.

The strong rally in the equity markets continued during the six-month period. The advance was interrupted only briefly by modest corrections in October 2009 and January 2010, due primarily to concerns about sovereign debt, with particular focus on Greece. The euro weakened significantly against the U.S. dollar as the European Union continued to debate potential support plans for Greece throughout the period.

Despite the macroeconomic concerns, strong corporate earnings reports throughout the six-month period provided support for the equity markets to continue to move higher. Companies in the S&P 500 Index exceeded analysts' earnings estimates at a pace of nearly 80% in the third quarter of 2009 and more than 70% in the fourth quarter of 2009. Other than brief spikes in late October and early January, market volatility, as measured by the Chicago Board Options Exchange Volatility Index, declined over the course of the six-month period, ending at its lowest level since early 2008.

Among major stock-market indices, the S&P 500 Index gained 11.8% during the six-month period, and the Dow Jones Industrial Average rose 13.3%. The tech-heavy NASDAQ Composite Index advanced 13.5%, as information technology remained one of the strongest-performing sectors.

Over the six-month period, mid cap stocks outpaced both large cap and small cap stocks, which had similar returns, as measured by the Russell indices. The Russell Midcap(R) Index rose 15.1%, while the Russell 1000(R) Index of large cap stocks advanced 12.1%, and the Russell 2000(R) Index of small cap stocks gained 13.1%. Performance leadership between the growth and value investment styles was mixed according to market capitalization during the period. Among large cap stocks, the growth style outpaced value. Conversely, value outpaced growth among small cap stocks.

International stocks, as measured by the MSCI EAFE Index, rose 3.1% during the six-month period. Emerging markets, as measured by the MSCI Emerging Markets Index, climbed 11.2% for the six-month period.

STRONG CORPORATE EARNINGS REPORTS THROUGHOUT THE SIX-MONTH PERIOD PROVIDED SUPPORT FOR THE EQUITY MARKETS TO CONTINUE TO MOVE HIGHER.


4 Wells Fargo Equity Gateway Funds

Letter to Shareholders

DON'T LET SHORT-TERM VOLATILITY DERAIL LONG-TERM INVESTMENT GOALS.

The six-month period that ended March 31, 2010, saw a continued advance in the equity markets and a welcome reprieve from the volatility of 2008 and early 2009. The sustained rebound in market performance that began in early 2009 underscores the importance of maintaining focus on long-term investment goals through periods of volatility, so as not to miss potential periods of strong recovery. Although periods of volatility can present challenges, experience has taught us that maintaining a long-term investment strategy based on individual goals and risk tolerance can be an effective way to plan for the future.

As a whole, WELLS FARGO ADVANTAGE FUNDS represents investments across a broad range of asset classes and investment styles, giving you an opportunity to create a diversified investment portfolio. Although diversification may not prevent losses in a downturn, it may help to reduce them and provide you with one way of managing risk. Our diverse family of mutual funds may also help. We offer more than 100 Funds that cover a broad spectrum of investment styles and asset classes.

Thank you for choosing WELLS FARGO ADVANTAGE FUNDS. We appreciate your confidence in us. Through each market cycle, we are committed to helping you meet your financial needs. If you have any questions about your investment, please contact your investment professional or call us at 1-800-222-8222. You may also want to visit our Web site at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.

Sincerely,

-s- Karla M. Rabusch
Karla M. Rabusch
President
WELLS FARGO ADVANTAGE FUNDS


THIS PAGE IS INTENTIONALLY LEFT BLANK.


6 Wells Fargo Equity Gateway Funds

Performance Highlights

WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE FUND

INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE FUND (the Fund) seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal.

INVESTMENT ADVISER
Wells Fargo Funds Management, LLC

SUBADVISER
Cooke & Bieler, L.P.

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

FUND INCEPTION
May 15, 1990

TEN LARGEST EQUITY HOLDINGS(1)
(AS OF MARCH 31, 2010)

Exxon Mobil Corporation 3.38%
State Street Corporation 3.36%
American Express Company 3.36%
Omnicom Group Incorporated 3.22%
Colgate-Palmolive Company 3.18%
Quest Diagnostics Incorporated 3.01%
Johnson & Johnson 2.88%
Carnival Corporation 2.61%
Dover Corporation 2.56%
Vodafone Group plc ADR 2.54%

SECTOR DISTRIBUTION(2)
(AS OF MARCH 31, 2010)

[PIE CHART]

Consumer Discretionary 16%
Consumer Staples 12%
Energy 5%
Financials 19%
Health Care 10%
Industrials 20%
Information Technology 12%
Materials 3%
Telecommunications Services 3%


1. The ten largest equity holdings are calculated based on the value of the portfolio securities of the Master Portfolio(s) allocable to the Fund divided by the total investments of the Fund. See Notes to Financial Statements for a discussion of the Master Portfolio(s). Holdings are subject to change and may have changed since the date specified.

2. Sector distribution is subject to change and represents the sector distribution of the Master Portfolio(s), which is calculated based on total investments of the Master Portfolio(s) excluding cash and cash equivalents. See Notes to Financial Statements for a discussion of the Master Portfolio(s).


Wells Fargo Equity Gateway Funds 7

Performance Highlights

WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE FUND (CONTINUED)

AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF MARCH 31, 2010)

 Including Sales Charge Excluding Sales Charge Expense Ratio
 ---------------------------------- ---------------------------------- ----------------
 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross(4) Net(5)
 --------- ------ ------ ------- --------- ------ ------ ------- -------- ------
Class A (CBEAX) 3.15 44.40 (0.20) 4.96 9.43 53.29 0.98 5.59 1.39% 1.15%
Class B (CBEBX)** 4.07 46.92 (0.17) 5.06 9.07 51.92 0.23 5.06 2.15% 1.90%
Class C (CBECX) 8.01 51.14 0.23 4.83 9.01 52.14 0.23 4.83 2.14% 1.90%
Administrator Class (CBLLX) 9.48 53.36 1.21 5.71 1.21% 0.95%
Institutional Class (CBLSX) 9.66 53.96 1.49 5.89 0.94% 0.70%
Investor Class (CBEQX) 9.45 53.19 0.99 5.58 1.49% 1.20%
Russell 1000 Value Index(6) 11.28 53.56 1.05 3.10

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

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

FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE

RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE - WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.

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

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


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

Performance shown prior to the inception of Class A, Class B and Class C on July 26, 2004, reflects the performance of the unnamed share class of the C&B Large Cap Value Portfolio, predecessor fund, adjusted to reflect Class A, Class B and Class C sales charges and expenses, as applicable. Performance shown prior to the inception of the Administrator Class and Institutional Class on July 26, 2004, reflects the performance of the unnamed share class of the C&B Large Cap Value Portfolio and includes expenses that are not applicable to and are higher than those of the Administrator Class and Institutional Class. Effective June 20, 2008, Class D was renamed Investor Class and modified to assume the features and attributes of the Investor Class.

4. Reflects the gross expense ratio as stated in the February 1, 2010 prospectus.

5. The investment adviser has contractually committed through January 31, 2011 to waive fees and/or reimburse expenses to the extent necessary to maintain the net operating expense ratios, including the underlying Master Portfolio's fees and expenses. Without these reductions, the Fund's returns would have been lower.

6. The Russell 1000(R) Value Index measures performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. You cannot invest directly in an index.


8 Wells Fargo Equity Gateway Funds

Performance Highlights

WELLS FARGO ADVANTAGE DIVERSIFIED EQUITY FUND

INVESTMENT OBJECTIVE

The WELLS FARGO ADVANTAGE DIVERSIFIED EQUITY FUND (the Fund) seeks long-term capital appreciation.

INVESTMENT ADVISER
Wells Fargo Funds Management, LLC

SUBADVISERS FOR MASTER PORTFOLIOS
Artisan Partners Limited Partnership
Cadence Capital Management LLC
Cooke & Bieler, L.P.
Evergreen Investment Management Company, LLC LSV Asset Management
Peregrine Capital Management, Inc.
Smith Asset Management Group L.P.
SSgA Funds Management
Systematic Financial Management, L.P.
Wells Capital Management Incorporated

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

FUND INCEPTION
December 31, 1988

TEN LARGEST EQUITY HOLDINGS(1)
(AS OF MARCH 31, 2010)

Microsoft Corporation 1.99%
Apple Incorporated 1.83%
Goldman Sachs Group Incorporated 1.76%
Cisco Systems Incorporated 1.74%
Google Incorporated Class A 1.61%
Exxon Mobil Corporation 1.61%
General Electric Company 1.21%
JPMorgan Chase & Company 1.21%
Bank of America Corporation 1.16%
Chevron Corporation 1.08%

SECTOR DISTRIBUTION(2)
(AS OF MARCH 31, 2010)

[PIE CHART]

Consumer Discretionary 13%
Consumer Staples 7%
Energy 8%
Financials 20%
Health Care 10%
Industrials 12%
Information Technology 20%
Materials 4%
Telecommunication Services 4%
Utilities 2%


1. The ten largest equity holdings are calculated based on the value of the portfolio securities of the Master Portfolio(s) allocable to the Fund divided by the total investments of the Fund. See Notes to Financial Statements for a discussion of the Master Portfolio(s). Holdings are subject to change and may have changed since the date specified.

2. Sector distribution is subject to change and represents the sector distribution of the Master Portfolio(s), which is calculated based on total investments of the Master Portfolio(s) excluding cash and cash equivalents. See Notes to Financial Statements for a discussion of the Master Portfolio(s).


Wells Fargo Equity Gateway Funds 9

Performance Highlights

WELLS FARGO ADVANTAGE DIVERSIFIED EQUITY FUND (CONTINUED)

AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF MARCH 31, 2010)

 Including Sales Charge Excluding Sales Charge Expense Ratio
 ---------------------------------- ---------------------------------- ----------------
 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross(4) Net(5)
 --------- ------ ------ ------- --------- ------ ------ ------- -------- ------
Class A (NVDAX) 3.05 40.01 0.06 (1.09) 9.34 48.55 1.25 (0.50) 1.43% 1.25%
Class B (NVDBX)** 3.94 42.49 0.10 (1.02) 8.94 47.49 0.49 (1.02) 2.18% 2.00%
Class C (WFDEX) 7.90 46.42 0.50 (1.25) 8.90 47.42 0.50 (1.25) 2.18% 2.00%
Administrator Class (NVDEX) 9.47 48.95 1.51 (0.27) 1.25% 1.00%
Diversified Equity
 Composite Index(6) 10.77 52.84 2.61 0.26
S&P 500 INDEX(7) 11.75 49.77 1.92 (0.65)

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

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

FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE

RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE - WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.

FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.

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

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


3. The Fund is a gateway fund in a Master/Gateway structure that invests all of its assets in two or more Master Portfolios of the Wells Fargo Master Trust in varying proportions. References to the investment activities of the Fund are intended to refer to the investment activities of the Master Portfolios in which it invests.

4. Reflects the gross expense ratio as stated in the February 1, 2010 prospectus.

5. The investment adviser has contractually committed through January 31, 2011 to waive fees and/or reimburse expenses to the extent necessary to maintain the net operating expense ratios, including the underlying Master Portfolio's fees and expenses. Without these reductions, the Fund's returns would have been lower.

6. Diversified Equity Composite Index is weighted 25% in the Russell 1000(R) Value Index (measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values), 25% in the S&P 500 Index, 25% in the Russell 1000(R) Growth Index (measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values), 15% in the MSCI EAFE Index (an unmanaged group of securities generally representative of the sock markets of Europe, Australasia and the Far East), 10% in the Russell 2000(R) Index (measures the performance of the 2,000 smallest companies in the Russell 3000 Index). You cannot invest directly in an index.

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


10 Wells Fargo Equity Gateway Funds

Performance Highlights

WELLS FARGO ADVANTAGE DIVERSIFIED SMALL CAP FUND

INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE DIVERSIFIED SMALL CAP FUND (the Fund) seeks long-term capital appreciation.

INVESTMENT ADVISER
Wells Fargo Funds Management, LLC

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

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

FUND INCEPTION
December 31, 1997

TEN LARGEST EQUITY HOLDINGS(1)
(AS OF MARCH 31, 2010)

Intermec Incorporated 0.75%
Interoil Corporation 0.63%
Randgold Resources Limited ADR 0.54%
SuccessFactors Incorporated 0.53%
OSI Systems Incorporated 0.52%
Macrovision Solutions Corporation 0.52%
Concur Technologies Incorporated 0.48%
Gentex Corporation 0.44%
Olin Corporation 0.43%
Dress Barn Incorporated 0.42%

SECTOR DISTRIBUTION(2)
(AS OF MARCH 31, 2010)

[PIE CHART]

Consumer Discretionary 17%
Consumer Staples 2%
Energy 5%
Financials 18%
Health Care 13%
Industrials 16%
Information Technology 21%
Materials 5%
Telecommunications Services 1%
Utilities 2%


1. The ten largest equity holdings are calculated based on the value of the portfolio securities of the Master Portfolio(s) allocable to the Fund divided by the total investments of the Fund. See Notes to Financial Statements for a discussion of the Master Portfolio(s). Holdings are subject to change and may have changed since the date specified.

2. Sector distribution is subject to change and represents the sector distribution of the Master Portfolio(s), which is calculated based on total investments of the Master Portfolio(s) excluding cash and cash equivalents. See Notes to Financial Statements for a discussion of the Master Portfolio(s).


Wells Fargo Equity Gateway Funds 11

Performance Highlights

WELLS FARGO ADVANTAGE DIVERSIFIED SMALL CAP FUND (CONTINUED)

AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF MARCH 31, 2010)

 Expense Ratio
 ----------------
 6 Months* 1 Year 5 Year 10 Year Gross(4) Net(5)
 --------- ------ ------ ------- -------- ------
Administrator Class (NVDSX) 12.32 62.84 2.12 5.15 1.32% 1.00%
Russell 2000(R) Index(6) 13.07 62.76 3.36 3.68

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

FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE

RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE - WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.

ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.

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

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


3. The Fund is a gateway fund in a Master/Gateway structure that invests all of its assets in two or more Master Portfolios of the Wells Fargo Master Trust in varying proportions. References to the investment activities of the Fund are intended to refer to the investment activities of the Master Portfolios in which it invests.

4. Reflects the gross expense ratio as stated in the February 1, 2010 prospectus.

5. The investment adviser has contractually committed through January 31, 2011 to waive fees and/or reimburse expenses to the extent necessary to maintain the net operating expense ratios, including the underlying Master Portfolio's fees and expenses. Without these reductions, the Fund's returns would have been lower.

6. Russell 2000(R) Index measures the performance of the 2,000 smallest companies in the Russell 3000(R) Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.


12 Wells Fargo Equity Gateway Funds

Performance Highlights

WELLS FARGO ADVANTAGE EMERGING GROWTH FUND

INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE EMERGING GROWTH FUND (the Fund) seeks long-term capital appreciation.

INVESTMENT ADVISER
Wells Fargo Funds Management, LLC

SUBADVISER
Wells Capital Management Incorporated

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

FUND INCEPTION
January 31, 2007

TEN LARGEST EQUITY HOLDINGS(1)
(AS OF MARCH 31, 2010)

Monolithic Power Systems Incorporated 3.06%
VistaPrint NV 2.53%
WMS Industries Incorporated 2.51%
AsiaInfo Holdings Incorporated 2.50%
Aegean Marine Petroleum Network Incorporated 2.29%
Arcsight Incorporated 2.28%
Shutterfly Incorporated 2.19%
Baldor Electric Company 2.16%
Alexion Pharmaceuticals Incorporated 2.10%
SuccessFactors Incorporated 2.05%

SECTOR DISTRIBUTION(2)
(AS OF MARCH 31, 2010)

[PIE CHART]

Consumer Discretionary 17%
Energy 4%
Financials 1%
Health Care 20%
Industrials 15%
Information Technology 43%


1. The ten largest equity holdings are calculated based on the value of the portfolio securities of the Master Portfolio(s) allocable to the Fund divided by the total investments of the Fund. See Notes to Financial Statements for a discussion of the Master Portfolio(s). Holdings are subject to change and may have changed since the date specified.

2. Sector distribution is subject to change and represents the sector distribution of the Master Portfolio(s), which is calculated based on total investments of the Master Portfolio(s) excluding cash and cash equivalents. See Notes to Financial Statements for a discussion of the Master Portfolio(s).


Wells Fargo Equity Gateway Funds 13

Performance Highlights

WELLS FARGO ADVANTAGE EMERGING GROWTH FUND (CONTINUED)

AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF MARCH 31, 2010)

 Including Sales Charge Excluding Sales Charge Expense Ratio
 ------------------------------- ------------------------------- ----------------
 6 Months* 1 Year Life of Fund 6 Months* 1 Year Life of Fund Gross(4) Net(5)
 --------- ------ ------------ --------- ------ ------------ -------- ------
Class A (WEMAX) 8.04 45.95 (4.61) 14.63 54.86 (2.81) 8.27% 1.45%
Class C (WEMCX) 13.01 52.52 (3.54) 14.01 53.52 (3.54) 7.98% 2.20%
Administrator Class (WFGDX) 14.68 55.18 (2.55) 6.93% 1.20%
Institutional Class (WEMIX) 14.89 55.59 (2.41) 6.79% 0.95%
Investor Class (WFGTX) 14.54 54.61 (2.82) 7.28% 1.49%
Russell 2000 Growth
 Index(6) 12.07 60.32 (2.11)

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

FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE

RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE AT - WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.

FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS C SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME PERIOD. ADMINISTRATOR CLASS, INSTITUTIONAL CLASS AND INVESTOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.

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

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


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

Performance shown prior to the inception of the Class A and Class C on March 31, 2008 reflects the performance of the Investor Class, which incepted on January 31, 2007, and includes expenses that are not applicable to and are higher than Class A and lower than Class C. Performance shown prior to the inception of the Institutional Class on March 31, 2008 reflects the performance of the Administrator Class, which incepted on January 31, 2007, and includes expenses that are not applicable to and are higher than those of the Institutional Class.

4. Reflects the gross expense ratio as stated in the February 1, 2010 prospectus.

5. The investment adviser has contractually committed through January 31, 2011 to waive fees and/or reimburse expenses to the extent necessary to maintain the net operating expense ratio, including the underlying Master Portfolio's fees and expenses. Without these reductions, the Fund's returns would have been lower.

6. The Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an Index.


14 Wells Fargo Equity Gateway Funds

Performance Highlights

WELLS FARGO ADVANTAGE EQUITY INCOME FUND

INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE EQUITY INCOME FUND (the Fund) seeks long-term capital appreciation and dividend income.

INVESTMENT ADVISER
Wells Fargo Funds Management, LLC

SUBADVISER
Wells Capital Management Incorporated

PORTFOLIO MANAGERS
Gary J. Dunn, CFA
Robert M. Thornburg

FUND INCEPTION
March 31, 1989

TEN LARGEST EQUITY HOLDINGS(1)
(AS OF MARCH 31, 2010)

JPMorgan Chase & Company 4.65%
Exxon Mobil Corporation 4.26%
Chevron Corporation 4.13%
ConocoPhillips 3.12%
Bank of America Corporation 3.09%
U.S. Bancorp 2.89%
Target Corporation 2.71%
Bank of New York Mellon Corporation 2.67%
AT&T Incorporated 2.65%
The Travelers Companies Incorporated 2.65%

SECTOR DISTRIBUTION(2)
(AS OF MARCH 31, 2010)

[PIE CHART]

Consumer Discretionary 10%
Consumer Staples 7%
Energy 17%
Financials 24%
Health Care 9%
Industrials 11%
Information Technology 9%
Materials 3%
Telecommunication Services 5%
Utilities 5%


1. The ten largest equity holdings are calculated based on the value of the portfolio securities of the Master Portfolio(s) allocable to the Fund divided by the total investments of the Fund. See Notes to Financial Statements for a discussion of the Master Portfolio(s). Holdings are subject to change and may have changed since the date specified.

2. Sector distribution is subject to change and represents the sector distribution of the Master Portfolio(s), which is calculated based on total investments of the Master Portfolio(s) excluding cash and cash equivalents. See Notes to Financial Statements for a discussion of the Master Portfolio(s).


Wells Fargo Equity Gateway Funds 15

Performance Highlights

WELLS FARGO ADVANTAGE EQUITY INCOME FUND (CONTINUED)

AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF MARCH 31, 2010)

 Including Sales Charge Excluding Sales Charge Expense Ratio
 ---------------------------------- ---------------------------------- ----------------
 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross(4) Net(5)
 --------- ------ ------ ------- --------- ------ ------ ------- -------- ------
Class A (NVAEX) 3.27 34.41 (1.17) 0.54 9.57 42.61 0.01 1.13 1.42% 1.10%
Class B (NVBEX)** 4.11 36.55 (1.18) 0.60 9.11 41.55 (0.76) 0.60 2.17% 1.85%
Class C (WFEEX) 8.19 40.65 (0.74) 0.38 9.19 41.65 (0.74) 0.38 2.17% 1.85%
Administrator Class (NVIEX) 9.71 43.04 0.26 1.38 1.24% 0.85%
Russell 1000(R) Value
 Index(6) 11.28 53.56 1.05 3.10

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

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

FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE

RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE AT WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.

FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.

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

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


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

4. Reflects the gross expense ratio as stated in the February 1, 2010 prospectus.

5. The investment adviser has contractually committed through January 31, 2011 to waive fees and/or reimburse expenses to the extent necessary to maintain the net operating expense ratio, including the underlying Master Portfolio's fees and expenses. Without these reductions, the Fund's returns would have been lower.

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


16 Wells Fargo Equity Gateway Funds

Performance Highlights

WELLS FARGO ADVANTAGE EQUITY VALUE FUND

INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE EQUITY VALUE FUND (the Fund) seeks long-term capital appreciation.

INVESTMENT ADVISER
Wells Fargo Funds Management, LLC

SUBADVISER
Systematic Financial Management, L.P.

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

FUND INCEPTION
August 29, 2003

TEN LARGEST EQUITY HOLDINGS(1)
(AS OF MARCH 31, 2010)

General Electric Company 4.61%
Bank of America Corporation 3.59%
JPMorgan Chase & Company 2.76%
Exxon Mobil Corporation 2.65%
Chevron Corporation 2.64%
Ameriprise Financial Incorporated 2.20%
Hess Corporation 2.02%
Whiting Petroleum Corporation 1.98%
Citigroup Incorporated 1.81%
Amgen Incorporated 1.75%

SECTOR DISTRIBUTION(2)
(AS OF MARCH 31, 2010)

[PIE CHART]

Consumer Discretionary 12%
Consumer Staples 2%
Energy 16%
Financials 29%
Health Care 10%
Industrials 13%
Information Technology 6%
Materials 7%
Telecommunication Services 3%
Utilities 2%


1. The ten largest equity holdings are calculated based on the value of the portfolio securities of the Master Portfolio(s) allocable to the Fund divided by the total investments of the Fund. See Notes to Financial Statements for a discussion of the Master Portfolio(s). Holdings are subject to change and may have changed since the date specified.

2. Sector distribution is subject to change and represents the sector distribution of the Master Portfolio(s), which is calculated based on total investments of the Master Portfolio(s) excluding cash and cash equivalents. See Notes to Financial Statements for a discussion of the Master Portfolio(s).


Wells Fargo Equity Gateway Funds 17

Performance Highlights

WELLS FARGO ADVANTAGE EQUITY VALUE FUND (CONTINUED)

AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF MARCH 31, 2010)

 Including Sales Charge Excluding Sales Charge Expense Ratio
 --------------------------------------- --------------------------------------- ----------------
 6 Months* 1 Year 5 Year Life of Fund 6 Months* 1 Year 5 Year Life of Fund Gross(4) Net(5)
 --------- ------ ------ ------------ --------- ------ ------ ------------ -------- ------
Class A (WLVAX) 6.07 42.00 0.37 4.15 12.54 50.66 1.57 5.09 1.42% 1.25%
Class B (WLVBX)** 7.18 44.63 0.43 4.32 12.18 49.63 0.82 4.32 2.16% 2.00%
Class C (WLVCX) 10.96 48.51 0.79 4.30 11.96 49.51 0.79 4.30 2.17% 2.00%
Administrator Class (WLVIX) 12.72 51.31 1.86 5.39 1.24% 1.00%
Institutional Class (WLVSX) 12.99 51.67 2.02 5.52 0.97% 0.75%
Russell 1000 Value Index(6) 11.28 53.56 1.05 5.11

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

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

FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE

RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE AT - WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.

FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME PERIOD. ADMINISTRATOR CLASS AND INSTITUTIONAL CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.

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

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Active trading results in increased turnover and trading expenses, and may generate higher short-term capital gains. Consult the Fund's prospectus for additional information on these and other risks.


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

Performance shown prior to the inception of the Institutional Class on August 31, 2006 reflects the performance of the Administrator Class and includes expenses that are not applicable to and are higher than those of the Institutional Class.

4. Reflects the gross expense ratio is as stated in the February 1, 2010 prospectus.

5. The investment adviser has contractually committed through January 31, 2011 to waive fees and/or reimburse expenses to the extent necessary to maintain the net operating expense ratio, including the underlying Master Portfolio's fees and expenses. Without these reductions, the Fund's returns would have been lower.

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


18 Wells Fargo Equity Gateway Funds

Performance Highlights

WELLS FARGO ADVANTAGE GROWTH EQUITY FUND

INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE GROWTH EQUITY FUND (the Fund) seeks long-term capital appreciation.

INVESTMENT ADVISER
Wells Fargo Funds Management, LLC

SUBADVISERS OF
MASTER PORTFOLIOS
Artisan Partners Limited Partnership
Evergreen Investment Management
Company, LLC
LSV Asset Management
Peregrine Capital Management, Inc.
Smith Asset Management Group, L.P.
SSgA Funds Management, Inc.
Wells Capital Management Incorporated

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

FUND INCEPTION
April 30, 1989

TEN LARGEST EQUITY HOLDINGS(1)
(AS OF MARCH 31, 2010)

Goldman Sachs Group Incorporated 2.39%
Apple Incorporated 2.09%
Google Incorporated Class A 2.07%
Cisco Systems Incorporated 2.05%
Microsoft Corporation 1.93%
Charles Schwab Corporation 1.50%
Amazon.com Incorporated 1.34%
Qualcomm Incorporated 1.32%
Target Corporation 1.30%
Intel Corporation 1.12%

SECTOR DISTRIBUTION(2)
(AS OF MARCH 31, 2010)

[PIE CHART]

Cash Equivalents 1%
Consumer Discretionary 14%
Consumer Staples 5%
Energy 4%
Financials 20%
Health Care 10%
Industrials 12%
Information Technology 26%
Materials 5%
Telecommunication Services 1%
Utilities 2%


1. The ten largest equity holdings are calculated based on the value of the portfolio securities of the Master Portfolio(s) allocable to the Fund divided by the total investments of the Fund. See Notes to Financial Statements for a discussion of the Master Portfolio(s). Holdings are subject to change and may have changed since the date specified.

2. Sector distribution is subject to change and represents the sector distribution of the Master Portfolio(s), which is calculated based on total investments of the Master Portfolio(s) excluding cash and cash equivalents. See Notes to Financial Statements for a discussion of the Master Portfolio(s).


Wells Fargo Equity Gateway Funds 19

Performance Highlights

WELLS FARGO ADVANTAGE GROWTH EQUITY FUND (CONTINUED)

AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF MARCH 31, 2010)

 Including Sales Charge Excluding Sales Charge Expense Ratio
 ---------------------------------- ----------------------------------- ----------------
 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross(4) Net(5)
 --------- ------ ------ ------- --------- ------ ------ -------- -------- ------
Class A (NVEAX) 1.89 43.25 0.65 (0.88) 8.10 51.99 1.85 (0.29) 1.65% 1.50%
Class B (NVEBX)** 2.72 45.69 0.70 (0.82) 7.72 50.69 1.09 (0.82) 2.40% 2.25%
Class C (WFGGX) 6.65 49.78 1.09 (1.04) 7.65 50.78 1.09 (1.04) 2.40% 2.25%
Administrator Class (NVGEX) 8.23 52.38 2.10 (0.05) 1.47% 1.25%
Institutional Class (WGEIX) 8.36 52.70 2.31 0.06 1.20% 1.05%
Growth Equity Composite Index(6) 10.06 55.96 3.69 0.38
S&P 500 Index(7) 11.75 49.77 1.92 (0.65)

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

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

FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE

RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE AT - WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.

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 AND INSTITUTIONAL CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.

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

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


3. The Fund is a gateway fund in a Master/Gateway structure that invests all of its assets in two or more Master Portfolios of the Wells Fargo Master Trust in varying proportions. References to the investment activities of the Fund are intended to refer to the investment activities of the Master Portfolios in which it invests.

Performance shown prior to the inception of the Institutional Class on April 11, 2005 reflects the performance of the Administrator Class and includes expenses that are not applicable to and are higher than those of the Institutional Class.

4. Reflects the gross expense ratio as stated in the February 1, 2010 prospectus.

5. The investment adviser has contractually committed through January 31, 2011 to waive fees and/or reimburse expenses to the extent necessary to maintain the net operating expense ratio, including the underlying Master Portfolios' fees and expenses. Without these reductions, the Fund's returns would have been lower.

6. Growth Equity Composite Index is weighted 35% in the Russell 1000(R) Growth Index (measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values), 35% in the Russell 2000 Index (measures the performance of the 2,000 smallest companies in the Russell 3000 Index), 30% in the MSCI EAFE(R) Index (an unmanaged group of securities generally representative of the stock markets of Europe, Australasia and the Far East). You cannot invest directly in an index.

7. 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 weighting in the index proportionate to its market value. You cannot invest directly in an index.


20 Wells Fargo Equity Gateway Funds

Performance Highlights

WELLS FARGO ADVANTAGE INTERNATIONAL VALUE FUND

INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE INTERNATIONAL VALUE FUND (the Fund) seeks long-term capital appreciation.

INVESTMENT ADVISER
Wells Fargo Funds Management, LLC

SUBADVISER
LSV Asset Management

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

FUND INCEPTION
October 31, 2003

TEN LARGEST EQUITY HOLDINGS(1)
(AS OF MARCH 31, 2010)

Royal Dutch Shell plc 2.40%
BP plc 2.25%
Sanofi Aventis SA 1.96%
Banco Santander SA 1.89%
Astrazeneca plc 1.62%
BASF SE 1.43%
E.ON AG 1.40%
Allianz SE NPV 1.37%
Novartis Limited AG 1.37%
GlaxoSmithKline plc 1.35%

GEOGRAPHIC ALLOCATION(2)
(AS OF MARCH 31, 2010)

[PIE CHART]

Australia/New Zealand 6%
United Kingdom 20%
Cash Equivalents 5%
Continental Europe 46%
Japan 20%
Southeast Asia 3%


1. The ten largest equity holdings are calculated based on the value of the portfolio securities of the Master Portfolio(s) allocable to the Fund divided by the total investments of the Fund. See Notes to Financial Statements for a discussion of the Master Portfolio(s). Holdings are subject to change and may have changed since the date specified.

2. Geographic allocation is subject to change and represents the geographic allocation of the Master Portfolio, which is calculated based on the total net assets of the Master Portfolio. See Notes to Financial Statements for a discussion of the Master Portfolio.


Wells Fargo Equity Gateway Funds 21

Performance Highlights

WELLS FARGO ADVANTAGE INTERNATIONAL VALUE FUND (CONTINUED)

AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF MARCH 31, 2010)

 Including Sales Charge Excluding Sales Charge Expense Ratio
 --------------------------------------- --------------------------------------- -----------------
 6 Months* 1 Year 5 Year Life of Fund 6 Months* 1 Year 5 Year Life of Fund Gross(4) Net(5)
 --------- ------ ------ ------------ --------- ------ ------ ------------ -------- ------
Class A (WFFAX) (5.11) 49.34 0.12 5.27 0.68 58.45 1.32 6.24 1.74% 1.50%
Class B (WFVBX)** (4.59) 52.17 0.13 5.42 0.41 57.17 0.53 5.42 2.50% 2.25%
Class C (WFVCX) (0.64) 56.13 0.52 5.42 0.36 57.13 0.52 5.42 2.49% 2.25%
Administrator Class (WFVDX) 0.88 58.70 1.52 6.41 1.56% 1.25%
Institutional Class (WFVIX) 0.93 58.96 1.66 6.52 1.28% 1.05%
MSCI EAFE Value Index(6) 0.04 58.52 3.20 7.86

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

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

FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE

RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE AT THE FUND'S WEB SITE AT - WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.

FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME PERIOD. ADMINISTRATOR CLASS AND INSTITUTIONAL CLASS SHARES ARE SOLD WITHOUT FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.

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

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


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

Performance shown prior to the inception of the Class B and Class C on April 11, 2005, reflects the performance of the Class A, adjusted to reflect Class B and Class C sales charges and expenses, as applicable. Performance shown prior to the inception of the Administrator Class on April 11, 2005 reflects the performance of the Class A and includes expenses that are not applicable to and are higher than those of the Administrator Class but does not include Class A sales charges. If it did include Class A sales charges, returns would be lower. Performance shown prior to the inception of the Institutional Class on August 31, 2006 reflects the performance of the Administrator Class, and includes expenses that are not applicable to and are higher than those of the Institutional Class. Performance shown prior to April 11, 2005 for the Institutional Class reflects the performance of the Class A and includes expenses that are not applicable to and are higher than those of the Institutional Class but does not include Class A sales charges. If it did include Class A sales charges, returns would be lower.

4. Reflects the gross expense ratio as stated in the February 1, 2010 prospectus.

5. The investment adviser has contractually committed through January 31, 2011 to waive fees and/or reimburse expenses to the extent necessary to maintain the net operating expense ratio, including the underlying Master Portfolio's fees and expenses. Without these reductions, the Fund's returns would have been lower.

6. The Morgan Stanley Capital International Europe, Australasia and Far East ("MSCI EAFE") Value Index(SM) is an unmanaged market capitalization index designed to measure the performance of value securities within developed equity markets, excluding the US & Canada. You cannot invest directly in an index.


22 Wells Fargo Equity Gateway Funds

Performance Highlights

WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION FUND

INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION FUND (the Fund) seeks long-term capital appreciation.

INVESTMENT ADVISER
Wells Fargo Funds Management, LLC

SUBADVISER
Cadence Capital Management, LLC

PORTFOLIO MANAGERS
William B. Bannick, CFA
Robert L. Fitzpatrick, CFA
Michael J. Skillman

FUND INCEPTION
August 31, 2001

TEN LARGEST EQUITY HOLDINGS(1)
(AS OF MARCH 31, 2010)

Microsoft Corporation 3.31%
Apple Incorporated 3.07%
Cisco Systems Incorporated 2.45%
Wal-Mart Stores Incorporated 2.13%
International Business Machines Corporation 1.91%
Google Incorporated Class A 1.90%
Oracle Corporation 1.74%
Hewlett-Packard Company 1.69%
Prudential Financial Incorporated 1.47%
eBay Incorporated 1.44%

[PIE CHART]

SECTOR DISTRIBUTION(2)
(AS OF MARCH 31, 2010)

Consumer Discretionary 17%
Consumer Staples 12%
Energy 3%
Financials 7%
Health Care 14%
Industrials 15%
Information Technology 27%
Materials 4%
Telecommunication Services 1%


1. The ten largest equity holdings are calculated based on the value of the portfolio securities of the Master Portfolio(s) allocable to the Fund divided by the total investments of the Fund. See Notes to Financial Statements for a discussion of the Master Portfolio(s). Holdings are subject to change and may have changed since the date specified.

2. Sector distribution is subject to change and represents the sector distribution of the Master Portfolio(s), which is calculated based on total investments of the Master Portfolio(s) excluding cash and cash equivalents. See Notes to Financial Statements for a discussion of the Master Portfolio(s).


Wells Fargo Equity Gateway Funds 23

Performance Highlights

WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION FUND (CONTINUED)

AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF MARCH 31, 2010)

 Including Sales Charge Excluding Sales Charge Expense Ratio
 --------------------------------------- --------------------------------------- ----------------
 6 Months* 1 Year 5 Year Life of Fund 6 Months* 1 Year 5 Year Life of Fund Gross(4) Net(5)
 --------- ------ ------ ------------ --------- ------ ------ ------------ -------- ------
Class A (WFAPX) 4.57 29.88 (1.45) 0.14 10.95 37.81 (0.27) 0.83 1.60% 1.23%
Class B (WFABX)** 5.75 32.04 (1.42) 0.22 10.75 37.04 (1.00) 0.22 2.35% 1.98%
Class C (WFACX) 9.75 36.04 (1.00) 0.08 10.75 37.04 (1.00) 0.08 2.36% 1.98%
Administrator Class (WFAKX) 11.54 38.81 0.02 1.10 1.42% 1.00%
Institutional Class (WFASX) 11.16 38.52 0.12 1.16 1.16% 0.70%
Russell 1000 Growth Index(6) 12.96 49.75 3.42 1.84

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

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

FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE

RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE AT - WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.

FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME PERIOD. ADMINISTRATOR CLASS AND INSTITUTIONAL CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.

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

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Active trading results in increased turnover and trading expenses, and may generate higher short-term capital gains. Consult the Fund's prospectus for additional information on these and other risks.


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

Performance shown prior to the inception of the Institutional Class on August 31, 2006 reflects the performance of the Administrator Class and includes expenses that are not applicable to and are higher than those of the Institutional Class.

4. Reflects the gross expense ratio as stated in the February 1, 2010 prospectus.

5. The investment adviser has contractually committed through January 31, 2011 to waive fees and/or reimburse expenses to the extent necessary to maintain the net operating expense ratio, including the underlying Master Portfolio's fees and expenses. Without these reductions, the Fund's returns would have been lower.

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


24 Wells Fargo Equity Gateway Funds

Performance Highlights

WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH FUND

INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH FUND (the Fund) seeks long-term capital appreciation.

INVESTMENT ADVISER
Wells Fargo Funds Management, LLC

SUBADVISER
Peregrine Capital Management, Inc.

PORTFOLIO MANAGERS
John S. Dale, CFA
Gary E. Nussbaum, CFA

FUND INCEPTION
December 31, 1982

TEN LARGEST EQUITY HOLDINGS(1)
(AS OF MARCH 31, 2010)

Goldman Sachs Group Incorporated 8.06%
Apple Incorporated 6.74%
Google Incorporated Class A 6.67%
Cisco Systems Incorporated 6.54%
Microsoft Corporation 6.19%
Charles Schwab Corporation 5.04%
Amazon.com Incorporated 4.51%
Qualcomm Incorporated 4.45%
Target Corporation 4.38%
Intel Corporation 3.78%

SECTOR DISTRIBUTION(2)
(AS OF MARCH 31, 2010)

[PIE CHART]

Consumer Discretionary 13%
Consumer Staples 3%
Financials 21%
Health Care 7%
Industrials 7%
Information Technology 49%


1. The ten largest equity holdings are calculated based on the value of the portfolio securities of the Master Portfolio(s) allocable to the Fund divided by the total investments of the Fund. See Notes to Financial Statements for a discussion of the Master Portfolio(s). Holdings are subject to change and may have changed since the date specified.

2. Sector distribution is subject to change and represents the sector distribution of the Master Portfolio(s), which is calculated based on total investments of the Master Portfolio(s) excluding cash and cash equivalents. See Notes to Financial Statements for a discussion of the Master Portfolio(s).


Wells Fargo Equity Gateway Funds 25

Performance Highlights

WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH FUND (CONTINUED)

AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF MARCH 31, 2010)

 Including Sales Charge Excluding Sales Charge Expense Ratio
 ---------------------------------- ---------------------------------- -----------------
 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross(4) Net(5)
 --------- ------ ------ ------- --------- ------ ------ ------- -------- -------
Class A (NVLAX) 3.38 38.74 1.24 (4.66) 9.68 47.21 2.45 (4.09) 1.31% 1.20%
Class B (NVLOX)** 4.26 41.08 1.31 (4.55) 9.26 46.08 1.69 (4.55) 2.07% 1.95%
Class C (WFLCX) 8.27 45.07 1.70 (4.74) 9.27 46.07 1.70 (4.74) 2.07% 1.95%
Administrator Class (NVLCX) 9.75 47.46 2.69 (3.87) 1.14% 0.95%
Institutional Class (WLCSX) 9.92 47.82 2.91 (3.75) 0.86% 0.75%
Investor Class (WFLZX) 9.63 47.05 2.32 (4.25) 1.42% 1.27%
Russell 1000 Growth Index(6) 12.96 49.75 3.42 (4.21)

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

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

FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE

RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE AT - WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.

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

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


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

Performance shown prior to the inception of the Institutional Class on June 30, 2004, reflects the performance of the Administrator Class and includes expenses that are not applicable to and are higher than those of the Institutional Class. Effective June 20, 2008, Class Z was renamed Investor Class and modified to assume the features and attributes of the Investor Class. Performance shown prior to the inception of the Investor Class on April 11, 2005 reflects the performance of the Administrator Class, adjusted to reflect Class Z expenses.

4. Reflects the gross expense ratio as stated in the February 1, 2010 prospectus.

5. The investment adviser has contractually committed through January 31, 2011 to waive fees and/or reimburse expenses to the extent necessary to maintain the net operating expense ratio, including the underlying Master Portfolio's fees and expenses. Without these reductions, the Fund's returns would have been lower.

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


26 Wells Fargo Equity Gateway Funds

Performance Highlights

WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH FUND

INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH FUND (the Fund) seeks long-term capital appreciation.

INVESTMENT ADVISER
Wells Fargo Funds Management, LLC

SUBADVISER
Peregrine Capital Management, Inc.

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

FUND INCEPTION
December 31, 1982

TEN LARGEST EQUITY HOLDINGS(1)
(AS OF MARCH 31, 2010)

Macrovision Solutions Corporation 1.80%
Wet Seal Incorporated Class A 1.53%
OSI Systems Incorporated 1.49%
Infinera Corporation 1.46%
Parametric Technology Corporation 1.42%
Dress Barn Incorporated 1.41%
Hanesbrands Incorporated 1.35%
Success Factors Incorporated 1.34%
Finish Line Class A 1.27%
Phase Forward Incorporated 1.27%

SECTOR DISTRIBUTION(2)
(AS OF MARCH 31, 2010)

[PIE CHART]

Consumer Discretionary 19%
Consumer Staples 2%
Energy 4%
Financials 9%
Health Care 20%
Industrials 12%
Information Technology 28%
Materials 6%


1. The ten largest equity holdings are calculated based on the value of the portfolio securities of the Master Portfolio(s) allocable to the Fund divided by the total investments of the Fund. See Notes to Financial Statements for a discussion of the Master Portfolio(s). Holdings are subject to change and may have changed since the date specified.

2. Sector distribution is subject to change and represents the sector distribution of the Master Portfolio(s), which is calculated based on total investments of the Master Portfolio(s) excluding cash and cash equivalents. See Notes to Financial Statements for a discussion of the Master Portfolio(s).


Wells Fargo Equity Gateway Funds 27 Performance Highlights

WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH FUND (CONTINUED)

AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF MARCH 31, 2010)

 Including Sales Charge Excluding Sales Charge Expense Ratio
 ---------------------------------- ---------------------------------- ----------------
 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross(4) Net(5)
 --------- ------ ------ ------- --------- ------ ------ ------- -------- ------
Class A (WFSAX) 5.02 52.32 1.05 (0.05) 11.43 61.61 2.25 0.54 1.57% 1.45%
Class B (WFSBX)** 6.04 55.53 1.11 0.02 11.04 60.53 1.49 0.02 2.32% 2.20%
Class C (WSMCX) 10.09 59.62 1.52 (0.12) 11.09 60.62 1.52 (0.12) 2.32% 2.20%
Administrator Class (NVSCX) 11.64 62.18 2.53 0.80 1.38% 1.20%
Institutional Class (WSCGX) 11.71 62.42 2.61 0.84 1.11% 0.95%
Russell 2000 Growth Index(6) 12.07 60.32 3.82 (1.53)

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

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

FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE

RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE AT - WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.

FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME PERIOD. ADMINISTRATOR CLASS AND INSTITUTIONAL CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.

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

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


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

Performance shown prior to the inception of Class A, Class B, and Class C on January 30, 2004 reflects the performance of the Administrator Class, adjusted to reflect Class A, Class B, and Class C sales charges and expenses, as applicable. Performance shown prior to the inception of the Institutional Class on March 31, 2008, reflects the performance of the Administrator Class and includes expenses that are not applicable to and are higher than those of the Institutional Class.

4. Reflects the gross expense ratio as stated in the February 1, 2010 prospectus.

5. The investment adviser has contractually committed through January 31, 2011 to waive fees and/or reimburse expenses to the extent necessary to maintain the net operating expense ratio, including the underlying Master Portfolio's fees and expenses. Without these reductions, the Fund's returns would have been lower.

6. The Russell 2000 Growth Index measures the performance shown of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.


28 Wells Fargo Equity Gateway Funds

Performance Highlights

WELLS FARGO ADVANTAGE SMALL COMPANY VALUE FUND

INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE SMALL COMPANY VALUE FUND (the Fund) seeks long-term capital appreciation.

INVESTMENT ADVISER
Wells Fargo Funds Management, LLC

SUBADVISER
Peregrine Capital Management, Inc.

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

FUND INCEPTION
June 1, 1997

TEN LARGEST EQUITY HOLDINGS(1)
(AS OF MARCH 31, 2010)

Atlas Air Worldwide Holdings Incorporated 2.41%
Rockwood Holdings Incorporated 1.64%
Chart Industries Incorporated 1.63%
Iridium Communications Incorporated 1.47%
Temple-Inland Incorporated 1.45%
Hanesbrands Incorporated 1.43%
Lasalle Hotel Properties 1.42%
Gaylord Entertainment Company 1.39%
Energen Corporation 1.35%
DuPont Fabros Technology Incorporated 1.32%

SECTOR DISTRIBUTION(2)
(AS OF MARCH 31, 2010)

[PIE CHART]

Consumer Discretionary 16%
Consumer Staples 2%
Energy 5%
Financials 28%
Health Care 5%
Industrials 19%
Information Technology 12%
Materials 6%
Telecommunication Services 3%
Utilities 4%


1. The ten largest equity holdings are calculated based on the value of the portfolio securities of the Master Portfolio(s) allocable to the Fund divided by the total investments of the Fund. See Notes to Financial Statements for a discussion of the Master Portfolio(s). Holdings are subject to change and may have changed since the date specified.

2. Sector distribution is subject to change and represents the sector distribution of the Master Portfolio(s), which is calculated based on total investments of the Master Portfolio(s) excluding cash and cash equivalents. See Notes to Financial Statements for a discussion of the Master Portfolio(s).


Wells Fargo Equity Gateway Funds 29

Performance Highlights

WELLS FARGO ADVANTAGE SMALL COMPANY VALUE FUND (CONTINUED)

AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF MARCH 31, 2010)

 Including Sales Charge Excluding Sales Charge Expense Ratio
 ---------------------------------- ---------------------------------- ----------------
 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross(4) Net(5)
 --------- ------ ------ ------- --------- ------ ------ ------- -------- ------
Class A (SCVAX) 8.70 83.65 (0.41) 8.43 15.33 94.85 0.78 9.07 1.57% 1.45%
Class B (SCVBX)** 10.20 88.97 (0.34) 8.49 15.20 93.97 0.06 8.49 2.32% 2.20%
Class C (SCVFX) 14.20 92.97 0.08 8.28 15.20 93.97 0.08 8.28 2.32% 2.20%
Administrator Class (SCVIX) 15.90 95.92 1.08 9.34 1.39% 1.20%
Russell 2000(R) Value Index(6) 14.01 65.07 2.75 8.90

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

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

FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE

RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE AT - WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.

FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.

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

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller company stocks tend to be more volatile and less liquid than those of larger companies. The use of derivatives may reduce returns and/or increase volatility. Consult the Fund's Prospectus for additional information on these and other risks.


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

Performance shown prior to inception of the Class A, Class B, Class C and Administrator Class on January 31, 2002, January 31, 2002, August 30, 2002 and January 31, 2002, respectively, reflects the performance of the Small Company Value Portfolio, a Master Portfolio in which the Fund invests substantially all of its assets, adjusted to reflect Class A, Class B, Class C and Administrator Class sales charges and expenses, as applicable.

4. Reflects the gross expense ratio as stated in the February 1, 2010 prospectus.

5. The investment adviser has contractually committed through January 31, 2011 to waive fees and/or reimburse expenses to the extent necessary to maintain the net operating expense ratio, including the underlying Master Portfolio's fees and expenses. Without these reductions, the Fund's returns would have been lower.

6. The Russell 2000 Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. You cannot invest directly in an index.


30 Wells Fargo Equity Gateway Funds

Fund Expenses

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from October 1, 2009 to March 31, 2010.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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

 Beginning Ending Expenses
 Account Value Account Value Paid During the Net Annual
C&B LARGE CAP VALUE FUND 10-01-2009 03-31-2010 Period(1) Expense Ratio
------------------------------------------- ------------- ------------- --------------- -------------
CLASS A
 Actual $ 1,000.00 $ 1,094.30 $ 6.00 1.15%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.20 $ 5.79 1.15%
CLASS B
 Actual $ 1,000.00 $ 1,090.70 $ 9.90 1.90%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.46 $ 9.55 1.90%
CLASS C
 Actual $ 1,000.00 $ 1,090.10 $ 9.90 1.90%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.46 $ 9.55 1.90%
ADMINISTRATOR CLASS
 Actual $ 1,000.00 $ 1,094.80 $ 4.96 0.95%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.19 $ 4.78 0.95%
INSTITUTIONAL CLASS
 Actual $ 1,000.00 $ 1,096.60 $ 3.66 0.70%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,021.44 $ 3.53 0.70%
INVESTOR CLASS
 Actual $ 1,000.00 $ 1,094.50 $ 6.27 1.20%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.95 $ 6.04 1.20%


Wells Fargo Equity Gateway Funds 31

Fund Expenses

 Beginning Ending Expenses
 Account Value Account Value Paid During the Net Annual
DIVERSIFIED EQUITY FUND 10-01-2009 03-31-2010 Period(1) Expense Ratio
------------------------------------------- ------------- ------------- --------------- -------------
CLASS A
 Actual $ 1,000.00 $ 1,093.40 $ 6.47 1.24%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.75 $ 6.24 1.24%
CLASS B
 Actual $ 1,000.00 $ 1,089.40 $ 10.37 1.99%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.01 $ 10.00 1.99%
CLASS C
 Actual $ 1,000.00 $ 1,089.00 $ 10.36 1.99%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.01 $ 10.00 1.99%
ADMINISTRATOR CLASS
 Actual $ 1,000.00 $ 1,094.70 $ 5.17 0.99%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.00 $ 4.99 0.99%
DIVERSIFIED SMALL CAP FUND
ADMINISTRATOR CLASS
 Actual $ 1,000.00 $ 1,123.20 $ 5.29 1.00%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.95 $ 5.04 1.00%
EMERGING GROWTH FUND
CLASS A
 Actual $ 1,000.00 $ 1,146.30 $ 7.76 1.45%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,017.70 $ 7.29 1.45%
CLASS C
 Actual $ 1,000.00 $ 1,140.10 $ 11.74 2.20%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,013.96 $ 11.05 2.20%
ADMINISTRATOR CLASS
 Actual $ 1,000.00 $ 1,146.80 $ 6.42 1.20%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.95 $ 6.04 1.20%
INSTITUTIONAL CLASS
 Actual $ 1,000.00 $ 1,148.90 $ 5.14 0.96%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.14 $ 4.84 0.96%
INVESTOR CLASS
 Actual $ 1,000.00 $ 1,145.40 $ 7.97 1.49%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,017.50 $ 7.49 1.49%
EQUITY INCOME FUND
CLASS A
 Actual $ 1,000.00 $ 1,095.70 $ 5.75 1.10%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.45 $ 5.54 1.10%
CLASS B
 Actual $ 1,000.00 $ 1,091.10 $ 9.64 1.85%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.71 $ 9.30 1.85%
CLASS C
 Actual $ 1,000.00 $ 1,091.90 $ 9.65 1.85%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.71 $ 9.30 1.85%
ADMINISTRATOR CLASS
 Actual $ 1,000.00 $ 1,097.10 $ 4.44 0.85%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.69 $ 4.28 0.85%


32 Wells Fargo Equity Gateway Funds

Fund Expenses

 Beginning Ending Expenses
 Account Value Account Value Paid During the Net Annual
EQUITY VALUE FUND 10-01-2009 03-31-2010 Period(1) Expense Ratio
------------------------------------------- ------------- ------------- --------------- -------------
CLASS A
 Actual $ 1,000.00 $ 1,125.40 $ 6.62 1.25%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.70 $ 6.29 1.25%
CLASS B
 Actual $ 1,000.00 $ 1,121.80 $ 10.58 2.00%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,014.96 $ 10.05 2.00%
CLASS C
 Actual $ 1,000.00 $ 1,119.60 $ 10.57 2.00%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,014.96 $ 10.05 2.00%
ADMINISTRATOR CLASS
 Actual $ 1,000.00 $ 1,127.20 $ 5.30 1.00%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.95 $ 5.04 1.00%
INSTITUTIONAL CLASS
 Actual $ 1,000.00 $ 1,129.90 $ 3.98 0.75%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,021.19 $ 3.78 0.75%
GROWTH EQUITY FUND
CLASS A
 Actual $ 1,000.00 $ 1,081.00 $ 7.68 1.48%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,017.55 $ 7.44 1.48%
CLASS B
 Actual $ 1,000.00 $ 1,077.20 $ 11.55 2.23%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,013.81 $ 11.20 2.23%
CLASS C
 Actual $ 1,000.00 $ 1,076.50 $ 11.54 2.23%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,013.81 $ 11.20 2.23%
ADMINISTRATOR CLASS
 Actual $ 1,000.00 $ 1,082.30 $ 6.39 1.23%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.80 $ 6.19 1.23%
INSTITUTIONAL CLASS
 Actual $ 1,000.00 $ 1,083.60 $ 5.35 1.03%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.80 $ 5.19 1.03%
INTERNATIONAL VALUE FUND
CLASS A
 Actual $ 1,000.00 $ 1,006.80 $ 7.15 1.43%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,017.80 $ 7.19 1.43%
CLASS B
 Actual $ 1,000.00 $ 1,004.10 $ 10.89 2.18%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,014.06 $ 10.95 2.18%
CLASS C
 Actual $ 1,000.00 $ 1,003.60 $ 10.89 2.18%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,014.06 $ 10.95 2.18%
ADMINISTRATOR CLASS
 Actual $ 1,000.00 $ 1,008.80 $ 5.91 1.18%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.05 $ 5.94 1.18%
INSTITUTIONAL CLASS
 Actual $ 1,000.00 $ 1,009.30 $ 4.91 0.98%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.04 $ 4.94 0.98%


Wells Fargo Equity Gateway Funds 33

Fund Expenses

 Beginning Ending Expenses
 Account Value Account Value Paid During the Net Annual
LARGE CAP APPRECIATION FUND 10-01-2009 03-31-2010 Period(1) Expense Ratio
------------------------------------------- ------------- ------------- --------------- --------------
CLASS A
 Actual $ 1,000.00 $ 1,109.50 $ 6.47 1.23%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.80 $ 6.19 1.23%
CLASS B
 Actual $ 1,000.00 $ 1,107.50 $ 10.40 1.98%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.06 $ 9.95 1.98%
CLASS C
 Actual $ 1,000.00 $ 1,107.50 $ 10.40 1.98%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.06 $ 9.95 1.98%
ADMINISTRATOR CLASS
 Actual $ 1,000.00 $ 1,115.40 $ 5.27 1.00%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.95 $ 5.04 1.00%
INSTITUTIONAL CLASS
 Actual $ 1,000.00 $ 1,111.60 $ 3.63 0.69%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,021.49 $ 3.48 0.69%
LARGE COMPANY GROWTH FUND
CLASS A
 Actual $ 1,000.00 $ 1,096.80 $ 6.27 1.20%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.95 $ 6.04 1.20%
CLASS B
 Actual $ 1,000.00 $ 1,092.60 $ 10.12 1.94%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.26 $ 9.75 1.94%
CLASS C
 Actual $ 1,000.00 $ 1,092.70 $ 10.12 1.94%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.26 $ 9.75 1.94%
ADMINISTRATOR CLASS
 Actual $ 1,000.00 $ 1,097.50 $ 4.86 0.93%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.29 $ 4.68 0.93%
INSTITUTIONAL CLASS
 Actual $ 1,000.00 $ 1,099.20 $ 3.72 0.71%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,021.39 $ 3.58 0.71%
INVESTOR CLASS
 Actual $ 1,000.00 $ 1,096.30 $ 6.64 1.27%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.60 $ 6.39 1.27%
SMALL COMPANY GROWTH FUND
CLASS A
 Actual $ 1,000.00 $ 1,114.30 $ 7.64 1.45%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,017.70 $ 7.29 1.45%
CLASS B
 Actual $ 1,000.00 $ 1,110.40 $ 11.52 2.19%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,014.01 $ 11.00 2.19%
CLASS C
 Actual $ 1,000.00 $ 1,110.90 $ 11.53 2.19%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,014.01 $ 11.00 2.19%


34 Wells Fargo Equity Gateway Funds

Fund Expenses

 Beginning Ending Expenses
 Account Value Account Value Paid During the Net Annual
SMALL COMPANY GROWTH FUND (CONTINUED) 10-01-2009 03-31-2010 Period(1) Expense Ratio
------------------------------------------- ------------- ------------- --------------- --------------
ADMINISTRATOR CLASS
 Actual $ 1,000.00 $ 1,116.40 $ 6.33 1.20%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.95 $ 6.04 1.20%
INSTITUTIONAL CLASS
 Actual $ 1,000.00 $ 1,117.10 $ 5.01 0.95%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.19 $ 4.78 0.95%
SMALL COMPANY VALUE FUND
CLASS A
 Actual $ 1,000.00 $ 1,153.30 $ 7.78 1.45%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,017.70 $ 7.29 1.45%
CLASS B
 Actual $ 1,000.00 $ 1,152.00 $ 11.80 2.20%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,013.96 $ 11.05 2.20%
CLASS C
 Actual $ 1,000.00 $ 1,152.00 $ 11.80 2.20%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,013.96 $ 11.05 2.20%
ADMINISTRATOR CLASS
 Actual $ 1,000.00 $ 1,159.00 $ 6.46 1.20%
 Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.95 $ 6.04 1.20%


1. Expenses are equal to the Fund's 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.)

Wells Fargo Equity Gateway Funds 35

Portfolio of Investments--March 31, 2010 (Unaudited)

C&B LARGE CAP VALUE FUND

 FACE/SHARE
 AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 99.99%
 NA WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE PORTFOLIO $ 490,781,976
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $466,803,635) 490,781,976
 -------------
TOTAL INVESTMENTS IN SECURITIES
(COST $466,803,635)* 99.99% 490,781,976
OTHER ASSETS AND LIABILITIES, NET 0.01 45,538
 ------ -------------
TOTAL NET ASSETS 100.00% $ 490,827,514
 ------ -------------

* Cost for federal income tax purposes is $ 477,386,890 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation $ 13,395,086
Gross unrealized depreciation 0
 ------------
Net unrealized appreciation $ 13,395,086

DIVERSIFIED EQUITY FUND

 FACE/SHARE
 AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.34%
 NA WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE PORTFOLIO $ 35,900,479
 NA WELLS FARGO ADVANTAGE DISCIPLINED GROWTH PORTFOLIO 21,428,336
 NA WELLS FARGO ADVANTAGE EMERGING GROWTH PORTFOLIO 5,017,355
 NA WELLS FARGO ADVANTAGE EQUITY INCOME PORTFOLIO 35,886,478
 NA WELLS FARGO ADVANTAGE EQUITY VALUE PORTFOLIO 35,852,477
 NA WELLS FARGO ADVANTAGE INDEX PORTFOLIO 107,618,883
 NA WELLS FARGO ADVANTAGE INTERNATIONAL CORE PORTFOLIO 16,137,534
 NA WELLS FARGO ADVANTAGE INTERNATIONAL GROWTH PORTFOLIO 16,014,580
 NA WELLS FARGO ADVANTAGE INTERNATIONAL INDEX PORTFOLIO 16,083,304
 NA WELLS FARGO ADVANTAGE INTERNATIONAL VALUE PORTFOLIO 16,047,984
 NA WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION PORTFOLIO 10,732,872
 NA WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH PORTFOLIO 74,918,586
 NA WELLS FARGO ADVANTAGE SMALL CAP INDEX PORTFOLIO 14,201,448
 NA WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO 9,232,703
 NA WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO 1,425,419
 NA WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE PORTFOLIO 12,724,800
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $ 371,061,658) 429,223,238
 -------------
TOTAL INVESTMENTS IN SECURITIES
(COST $371,061,658)* 100.34% 429,223,238
OTHER ASSETS AND LIABILITIES, NET (0.34) (1,444,871)
 ------ -------------
TOTAL NET ASSETS 100.00% $ 427,778,367
 ------ -------------

* Cost for federal income tax purposes is $ 383,503,550 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation $ 56,648,676
Gross unrealized depreciation (10,928,988)
 ------------
Net unrealized appreciation $ 45,719,688

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


36 Wells Fargo Equity Gateway Funds

Portfolio of Investments--March 31, 2010 (Unaudited)

DIVERSIFIED SMALL CAP FUND

 FACE/SHARE
 AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.48%

 NA WELLS FARGO ADVANTAGE EMERGING GROWTH PORTFOLIO $ 14,812,892
 NA WELLS FARGO ADVANTAGE SMALL CAP INDEX PORTFOLIO 42,194,123
 NA WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO 27,514,649
 NA WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO 4,219,988
 NA WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE PORTFOLIO 38,158,562
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $94,205,796) 126,900,214
 --------------
TOTAL INVESTMENTS IN SECURITIES
(COST $94,205,796)* 100.48% 126,900,214
OTHER ASSETS AND LIABILITIES, NET (0.48) (608,611)
 ------ --------------
TOTAL NET ASSETS 100.00% $ 126,291,603
 ------ --------------

* Cost for federal income tax purposes is $ 107,608,811 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation $ 32,694,418
Gross unrealized depreciation (13,403,015)
 ------------
Net unrealized appreciation $ 19,291,403

EMERGING GROWTH FUND

 FACE/SHARE
 AMOUNT SECURITY NAME VALUE
------------- ------------------------------------------------------
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 98.23%
 NA WELLS FARGO ADVANTAGE EMERGING GROWTH PORTFOLIO $ 3,532,284
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $ 3,121,980) 3,532,284
 --------------
TOTAL INVESTMENTS IN SECURITIES
(COST $3,121,980)* 98.23% 3,532,284
OTHER ASSETS AND LIABILITIES, NET 1.77 63,612
 ------ --------------
TOTAL NET ASSETS 100.00% $ 3,595,896
 ------ --------------

* Cost for federal income tax purposes is $3,215,848 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation $ 316,436
Gross unrealized depreciation 0
 ------------
Net unrealized appreciation $ 316,436

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


Wells Fargo Equity Gateway Funds 37

Portfolio of Investments--March 31, 2010 (Unaudited)

EQUITY INCOME FUND

FACE/SHARE
 AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.31%
 NA WELLS FARGO ADVANTAGE EQUITY INCOME PORTFOLIO $ 128,388,123

TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $388,176,817) 128,388,123
 --------------
TOTAL INVESTMENTS IN SECURITIES
(COST $388,176,817)* 100.31% 128,388,123
OTHER ASSETS AND LIABILITIES, NET (0.31) (391,893)
 -------------- --------------
TOTAL NET ASSETS 100.00% $ 127,996,230
 -------------- --------------

* Cost for federal income tax purposes is $388,620,321 and net unrealized appreciation (depreciation) consists of:

 Gross unrealized appreciation $ 0
 Gross unrealized depreciation (260,232,198)
 --------------
 Net unrealized depreciation $ (260,232,198)

EQUITY VALUE FUND

FACE/SHARE
 AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.15%
 NA WELLS FARGO ADVANTAGE EQUITY VALUE PORTFOLIO $ 245,774,660

TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $208,875,296) 245,774,660
 --------------

TOTAL INVESTMENTS IN SECURITIES
(COST $208,875,296)* 100.15% 245,774,660
OTHER ASSETS AND LIABILITIES, NET (0.15) (357,144)
 -------------- --------------
TOTAL NET ASSETS 100.00% $ 245,417,516
 -------------- --------------

* Cost for federal income tax purposes is $210,282,839 and net unrealized appreciation (depreciation) consists of:

 Gross unrealized appreciation $ 35,491,821
 Gross unrealized depreciation 0
 --------------
 Net unrealized appreciation $ 35,491,821

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


38 Wells Fargo Equity Gateway Funds

Portfolio of Investments--March 31, 2010 (Unaudited)

GROWTH EQUITY FUND

FACE/SHARE
 AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.23%
 NA WELLS FARGO ADVANTAGE DISCIPLINED GROWTH PORTFOLIO $ 6,866,314
 NA WELLS FARGO ADVANTAGE EMERGING GROWTH PORTFOLIO 5,608,296
 NA WELLS FARGO ADVANTAGE INTERNATIONAL CORE PORTFOLIO 10,398,032
 NA WELLS FARGO ADVANTAGE INTERNATIONAL GROWTH PORTFOLIO 10,388,421
 NA WELLS FARGO ADVANTAGE INTERNATIONAL INDEX PORTFOLIO 10,371,298
 NA WELLS FARGO ADVANTAGE INTERNATIONAL VALUE PORTFOLIO 10,383,376
 NA WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH PORTFOLIO 41,149,842
 NA WELLS FARGO ADVANTAGE SMALL CAP INDEX PORTFOLIO 15,953,359
 NA WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO 10,398,083
 NA WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO 1,576,381
 NA WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE PORTFOLIO 14,431,045

TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $114,372,742) 137,524,447
 --------------
TOTAL INVESTMENTS IN SECURITIES
(COST $114,372,742)* 100.23% 137,524,447
OTHER ASSETS AND LIABILITIES, NET (0.23) (320,499)
 -------------- --------------
TOTAL NET ASSETS 100.00% $ 137,203,948
 -------------- --------------

* Cost for federal income tax purposes is $121,957,597 and net unrealized appreciation (depreciation) consists of:

 Gross unrealized appreciation $ 15,566,850
 Gross unrealized depreciation 0
 --------------
 Net unrealized appreciation $ 15,566,850

INTERNATIONAL VALUE FUND

FACE/SHARE
 AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 99.80%
 NA WELLS FARGO ADVANTAGE INTERNATIONAL VALUE PORTFOLIO $ 254,110,914

TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $286,939,390) 254,110,914
 --------------
TOTAL INVESTMENTS IN SECURITIES
(COST $286,939,390)* 99.80% 254,110,914
OTHER ASSETS AND LIABILITIES, NET 0.20 509,626
 -------------- --------------
TOTAL NET ASSETS 100.00% $ 254,620,540
 -------------- --------------

* Cost for federal income tax purposes is $287,536,384 and net unrealized appreciation (depreciation) consists of:

 Gross unrealized appreciation $ 0
 Gross unrealized depreciation (33,425,470)
 --------------
 Net unrealized depreciation $ (33,425,470)

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


Wells Fargo Equity Gateway Funds 39

Portfolio of Investments--March 31, 2010 (Unaudited)

LARGE CAP APPRECIATION FUND

FACE/SHARE
 AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.09%
 NA WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION PORTFOLIO $ 38,285,194

TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $31,170,029) 38,285,194
 --------------
TOTAL INVESTMENTS IN SECURITIES
(COST $31,170,029)* 100.09% 38,285,194
OTHER ASSETS AND LIABILITIES, NET (0.09) (36,075)
 -------------- --------------
TOTAL NET ASSETS 100.00% $ 38,249,119
 -------------- --------------

* Cost for federal income tax purposes is $31,933,259 and net unrealized appreciation (depreciation) consists of:

 Gross unrealized appreciation $ 6,351,935
 Gross unrealized depreciation 0
 --------------
 Net unrealized appreciation $ 6,351,935

LARGE COMPANY GROWTH FUND

FACE/SHARE
 AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 103.25%
 NA WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH PORTFOLIO $ 398,505,024

TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $348,958,452) 398,505,024
 --------------

TOTAL INVESTMENTS IN SECURITIES
(COST $348,958,452)* 103.25% 398,505,024
OTHER ASSETS AND LIABILITIES, NET (3.25) (12,527,610)
 -------------- --------------
TOTAL NET ASSETS 100.00% $ 385,977,414
 -------------- --------------

* Cost for federal income tax purposes is $376,793,778 and net unrealized appreciation (depreciation) consists of:

 Gross unrealized appreciation $ 21,711,246
 Gross unrealized depreciation 0
 --------------
 Net unrealized appreciation $ 21,711,246

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


40 Wells Fargo Equity Gateway Funds

Portfolio of Investments--March 31, 2010 (Unaudited)

SMALL COMPANY GROWTH FUND

FACE/SHARE
 AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 103.62%
 NA WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO $ 286,278,540

TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $287,497,527) 286,278,540
 --------------

TOTAL INVESTMENTS IN SECURITIES
(COST $287,497,527)* 103.62% 286,278,540
OTHER ASSETS AND LIABILITIES, NET (3.62) (10,012,305)
 -------------- --------------
TOTAL NET ASSETS 100.00% $ 276,266,235
 -------------- --------------

* Cost for federal income tax purposes is $298,593,493 and net unrealized appreciation (depreciation) consists of:

 Gross unrealized appreciation $ 0
 Gross unrealized depreciation (12,314,953)
 --------------
 Net unrealized depreciation $ (12,314,953)

SMALL COMPANY VALUE FUND

FACE/SHARE
 AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 99.85%
 NA WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO $ 92,493,930

TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $63,577,000) 92,493,930
 --------------
TOTAL INVESTMENTS IN SECURITIES
(COST $63,577,000)* 99.85% 92,493,930
OTHER ASSETS AND LIABILITIES, NET 0.15 138,269
 -------------- --------------
TOTAL NET ASSETS 100.00% $ 92,632,199
 -------------- --------------

* Cost for federal income tax purposes is $79,780,660 and net unrealized appreciation (depreciation) consists of:

 Gross unrealized appreciation $ 12,713,270
 Gross unrealized depreciation 0
 --------------
 Net unrealized appreciation $ 12,713,270

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


THIS PAGE IS INTENTIONALLY LEFT BLANK.


42 Wells Fargo Equity Gateway Funds

Statements of Assets and Liabilities--March 31, 2010 (Unaudited)

 C&B Large Diversified
 Cap Value Equity
 Fund Fund
---------------------------------------------------------------------------------------------------------------------------------
ASSETS
 Investments in affiliated Master Portfolios, at value (see cost below) ................ $ 490,781,976 $ 429,223,238
 Cash .................................................................................. 25,000 25,000
 Receivable for Fund shares issued ..................................................... 909,916 7,427
 Receivable from investment advisor and/or affiliates .................................. 0 0
 Prepaid expenses and other assets ..................................................... 38,516 25,616
 ----------------------------------
Total assets ............................................................................. 491,755,408 429,281,281
 ----------------------------------
LIABILITIES
 Payable for Fund shares redeemed ...................................................... 769,739 1,138,250
 Payable to investment advisor and/or affiliates ....................................... 137,243 284,214
 Shareholder reporting expenses payable ................................................ 20,912 80,450
 Accrued expenses and other liabilities ................................................ 0 0
 ----------------------------------
Total liabilities ........................................................................ 927,894 1,502,914
 ----------------------------------
TOTAL NET ASSETS ......................................................................... $ 490,827,514 $ 427,778,367
 ==================================
NET ASSETS CONSIST OF
 Paid-in capital ....................................................................... $ 577,232,930 $ 438,666,242
 Undistributed/overdistributed net investment income (loss) ............................ 1,184,820 (316,770)
 Accumulated net realized loss on investments .......................................... (111,568,577) (68,732,685)
 Net unrealized appreciation (depreciation) of investments ............................. 23,978,341 58,161,580
 ----------------------------------
TOTAL NET ASSETS ......................................................................... $ 490,827,514 $ 427,778,367
 ==================================

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)
 Net assets - Class A .................................................................. $ 35,172,439 $ 85,119,888
 Shares outstanding - Class A .......................................................... 4,604,271 3,374,978
 Net asset value per share - Class A ................................................... $ 7.64 $ 25.22
 Maximum offering price per share - Class A(2) ......................................... $ 8.11 $ 26.76
 Net assets - Class B .................................................................. $ 8,215,327 $ 9,264,597
 Shares outstanding - Class B .......................................................... 1,076,740 390,207
 Net asset value and offering price per share - Class B ................................ $ 7.63 $ 23.74
 Net assets - Class C .................................................................. $ 7,074,717 $ 2,995,333
 Shares outstanding - Class C .......................................................... 928,477 123,699
 Net asset value and offering price per share - Class C ................................ $ 7.62 $ 24.21
 Net assets - Administrator Class ...................................................... $ 206,270,572 $ 330,398,549
 Shares outstanding - Administrator Class .............................................. 27,017,309 13,070,402
 Net asset value and offering price per share - Administrator Class .................... $ 7.63 $ 25.28
 Net assets - Institutional Class ...................................................... $ 32,453,573 NA
 Shares outstanding - Institutional Class .............................................. 4,237,868 NA
 Net asset value and offering price per share - Institutional Class .................... $ 7.66 NA
 Net assets - Investor Class ........................................................... $ 201,640,886 NA
 Shares outstanding - Investor Class ................................................... 26,470,500 NA
 Net asset value and offering price per share - Investor Class ......................... $ 7.62 NA
 ----------------------------------
Investments, at cost ..................................................................... $ 466,803,635 $ 371,061,658
 ----------------------------------


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.


Wells Fargo Equity Gateway Funds 43

Statements of Assets and Liabilities--March 31, 2010 (Unaudited)

 Diversified Emerging Equity Equity Growth International
 Small Cap Growth Income Value Equity Value
 Fund Fund Fund Fund Fund Fund
---------------------------------------------------------------------------------------------------------
$ 126,900,214 $ 3,532,284 $ 128,388,123 $ 245,774,660 $ 137,524,447 $ 254,110,914
 25,000 0 0 0 25,000 25,157
 9,134 2,833 7,834 181,905 8,248 1,037,116
 10,131 7,481 0 0 0 0
 0 53,298 3,761 29,761 25,462 16,616
---------------------------------------------------------------------------------------------------------
 126,944,479 3,595,896 128,399,718 245,986,326 137,583,157 255,189,803
---------------------------------------------------------------------------------------------------------

 529,584 0 310,827 516,240 291,002 495,107
 0 0 22,274 38,007 45,265 22,530
 49,362 0 70,387 14,563 42,942 51,626
 73,930 0 0 0 0 0
---------------------------------------------------------------------------------------------------------
 652,876 0 403,488 568,810 379,209 569,263
---------------------------------------------------------------------------------------------------------
$ 126,291,603 $ 3,595,896 $ 127,996,230 $ 245,417,516 $ 137,203,948 $ 254,620,540
=========================================================================================================

$ 242,412,987 $ 5,177,710 $ 392,130,394 $ 297,826,049 $ 128,357,950 $ 339,319,259
 308,582 (29,853) (47,135) 346,331 (1,017,936) 1,161,012
 (149,124,384) (1,962,265) (4,298,335) (89,654,228) (13,287,771) (53,031,255)
 32,694,418 410,304 (259,788,694) 36,899,364 23,151,705 (32,828,476)
---------------------------------------------------------------------------------------------------------
$ 126,291,603 $ 3,595,896 $ 127,996,230 $ 245,417,516 $ 137,203,948 $ 254,620,540
=========================================================================================================

 NA $ 93,265 $ 87,413,030 $ 4,916,494 $ 17,070,409 $ 8,345,406
 NA 10,265 6,543,872 409,901 1,536,323 662,192
 NA $ 9.09 $ 13.36 $ 11.99 $ 11.11 $ 12.60
 NA $ 9.64 $ 14.18 $ 12.72 $ 11.79 $ 13.37
 NA NA $ 3,010,778 $ 636,588 $ 1,375,757 $ 419,426
 NA NA 224,990 53,165 169,384 33,592
 NA NA $ 13.38 $ 11.97 $ 8.12 $ 12.49
 NA $ 11,042 $ 2,027,327 $ 777,296 $ 434,901 $ 705,011
 NA 1,233 139,090 65,408 47,362 56,860
 NA $ 8.96 $ 14.58 $ 11.88 $ 9.18 $ 12.40
$ 126,291,603 $ 18,522 $ 35,545,095 $ 164,811,980 $ 112,256,384 $ 243,330,075
 11,746,126 2,027 2,665,459 13,506,081 9,748,861 19,424,770
$ 10.75 $ 9.14 $ 13.34 $ 12.20 $ 11.51 $ 12.53
 NA $ 9,732 NA $ 74,275,158 $ 6,066,497 $ 1,820,622
 NA 1,060 NA 6,090,806 526,845 144,794
 NA $ 9.18 NA $ 12.19 $ 11.51 $ 12.57
 NA $ 3,463,335 NA NA NA NA
 NA 382,296 NA NA NA NA
 NA $ 9.06 NA NA NA NA
---------------------------------------------------------------------------------------------------------
$ 94,205,796 $ 3,121,980 $ 388,176,817 $ 208,875,296 $ 114,372,742 $ 286,939,390
---------------------------------------------------------------------------------------------------------


44 Wells Fargo Equity Gateway Funds

Statements of Assets and Liabilities--March 31, 2010 (Unaudited)

 Large Cap Large
 Appreciation Company
 Fund Growth Fund
---------------------------------------------------------------------------------------------------------------------------------
ASSETS
 Investments in affiliated Master Portfolios, at value (see cost below) .................. $ 38,285,194 $ 398,505,024
 Cash .................................................................................... 28,000 30,000
 Receivable for Fund shares issued ....................................................... 4,312 31,698
 Prepaid expenses and other assets ....................................................... 27,444 24,060
 ---------------------------------
Total assets ............................................................................... 38,344,950 398,590,782
 ---------------------------------
LIABILITIES
 Payable for Fund shares redeemed ........................................................ 83,507 12,240,143
 Payable to investment advisor and/or affiliates ......................................... 2,781 161,322
 Shareholder reporting expenses payable .................................................. 9,543 211,903
 ---------------------------------
Total liabilities .......................................................................... 95,831 12,613,368
 ---------------------------------
TOTAL NET ASSETS ........................................................................... $ 38,249,119 $ 385,977,414
 =================================
NET ASSETS CONSIST OF
 Paid-in capital ......................................................................... $ 62,478,291 $ 552,207,218
 Undistributed net investment income (loss) .............................................. 100,832 575,145
 Accumulated net realized loss on investments ............................................ (31,445,169) (216,351,521)
 Net unrealized appreciation (depreciation) of investments ............................... 7,115,165 49,546,572
 ---------------------------------
TOTAL NET ASSETS ........................................................................... $ 38,249,119 $ 385,977,414
 =================================
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)
 Net assets - Class A .................................................................... $ 5,578,475 $ 230,310,562
 Shares outstanding - Class A ............................................................ 641,880 4,571,939
 Net asset value per share - Class A ..................................................... $ 8.69 $ 50.37
 Maximum offering price per share - Class A(2) ........................................... $ 9.22 $ 53.44
 Net assets - Class B .................................................................... $ 749,328 $ 9,464,875
 Shares outstanding - Class B ............................................................ 92,075 213,260
 Net asset value and offering price per share - Class B .................................. $ 8.14 $ 44.38
 Net assets - Class C .................................................................... $ 360,165 $ 5,657,002
 Shares outstanding - Class C ............................................................ 44,240 127,655
 Net asset value and offering price per share - Class C .................................. $ 8.14 $ 44.31
 Net assets - Administrator Class ........................................................ $ 31,551,947 $ 66,196,072
 Shares outstanding - Administrator Class ................................................ 3,576,622 1,368,668
 Net asset value and offering price per share - Administrator Class ...................... $ 8.82 $ 48.37
 Net assets - Institutional Class ........................................................ $ 9,204 $ 944,587
 Shares outstanding - Institutional Class ................................................ 1,049 19,754
 Net asset value and offering price per share - Institutional Class ...................... $ 8.77 $ 47.82
 Net assets - Investor Class ............................................................. NA $ 73,404,316
 Shares outstanding - Investor Class ..................................................... NA 1,547,687
 Net asset value and offering price per share - Investor Class ........................... NA $ 47.43
 ---------------------------------
Investments, at cost ....................................................................... $ 31,170,029 $ 348,958,452
 ---------------------------------

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


Wells Fargo Equity Gateway Funds 45

Statements of Assets and Liabilities--March 31, 2010 (Unaudited)

 Small Small
 Company Company
 Growth Fund Value Fund
---------------------------------
$ 286,278,540 $ 92,493,930
 25,000 25,000
 97,757 276,033
 27,059 27,609
---------------------------------
 286,428,356 92,822,572
---------------------------------

 10,075,045 114,597
 69,218 17,611
 17,858 58,165
---------------------------------
 10,162,121 190,373
---------------------------------
$ 276,266,235 $ 92,632,199
=================================

$ 390,082,984 $ 216,961,679
 (2,355,598) 556,403
 (110,242,164) (153,802,813)
 (1,218,987) 28,916,930
---------------------------------
$ 276,266,235 $ 92,632,199
=================================

$ 3,199,245 $ 25,618,344
 154,702 2,254,622
 $ 20.68 $11.36
 $ 21.94 $12.05
$ 301,635 $ 2,786,411
 15,448 262,588
 $ 19.53 $10.61
$ 880,272 $ 1,583,650
 44,584 149,221
 $ 19.74 $10.61
$ 271,657,016 $ 62,643,794
 12,869,297 5,438,898
 $ 21.11 $11.52
$ 228,067 NA
 10,762 NA
 $ 21.19 NA
 NA NA
 NA NA
 NA NA
---------------------------------
$ 287,497,527 $ 63,577,000
---------------------------------


46 Wells Fargo Equity Gateway Funds

Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)

 C&B Large Diversified
 Cap Value Equity
 Fund Fund
-----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
 Dividends allocated from affiliated Master Portfolios(1) ..................................... $ 4,895,466 $ 3,736,287
 Interest allocated from affiliated Master Portfolios ......................................... 7,627 3,015
 Security lending income from affiliated Master Portfolios .................................... 8,899 41,218
 Expenses allocated from affiliated Master Portfolios ......................................... (1,739,567) (1,424,194)
 Waivers allocated from affiliated Master Portfolios .......................................... 56,606 154,203
 ------------------------------
Total investment income (loss) .................................................................. 3,229,031 2,510,529
 ------------------------------
EXPENSES
 Advisory fees ................................................................................ 0 544,670
 Administration fees
 Fund level ................................................................................. 122,334 108,934
 Class A .................................................................................... 47,659 120,522
 Class B .................................................................................... 11,697 13,916
 Class C .................................................................................... 9,593 4,143
 Administrator Class ........................................................................ 104,966 167,109
 Institutional Class ........................................................................ 11,539 NA
 Investor Class ............................................................................. 382,484 NA
 Shareholder servicing fees
 Class A .................................................................................... 42,553 108,165
 Class B .................................................................................... 10,444 12,486
 Class C .................................................................................... 8,565 3,719
 Administrator Class ........................................................................ 253,978 414,037
 Investor Class ............................................................................. 251,634 NA
 Accounting fees .............................................................................. 6,587 12,144
 Distribution fees
 Class B .................................................................................... 31,331 37,361
 Class C .................................................................................... 25,694 11,126
 Professional fees ............................................................................ 12,458 13,189
 Registration fees ............................................................................ 34,904 14,959
 Shareholder reports .......................................................................... 59,836 69,808
 Trustees' fees ............................................................................... 5,274 5,274
 Other fees and expenses ...................................................................... 7,793 19,067
 ------------------------------
Total expenses .................................................................................. 1,441,323 1,680,629
 ------------------------------
LESS
 Waived fees and/or reimbursed expenses ....................................................... (478,091) (617,254)
 Net expenses ................................................................................. 963,232 1,063,375
 ------------------------------
Net investment income (loss) .................................................................... 2,265,799 1,447,154
 ------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

Net realized gain (loss) from securities transactions allocated from Master Portfolios .......... (19,134,868) 20,165,150
Net change in unrealized appreciation (depreciation) of securities transactions allocated from
 Master Portfolios ............................................................................ 61,565,090 18,578,517
 ------------------------------
Net realized and unrealized gain on investments ................................................. 42,430,222 38,743,667
 ------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ............................................ $ 44,696,021 $ 40,190,821
 ==============================

1. Net of foreign withholding taxes of .......................................................... $ 5,858 $ 56,989

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


Wells Fargo Equity Gateway Funds 47

Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)

 Diversified Emerging Equity Equity Growth International
 Small Cap Growth Income Value Equity Value
 Fund Fund Fund Fund Fund Fund
-------------------------------------------------------------------------------------------------
$ 711,684 $ 3,824 $ 1,579,029 $ 1,800,385 $ 922,063 $ 2,531,029
 3,931 53 (8,301) 1,111 2,665 3,993
 47,840 1,049 1,072 11,486 27,253 32,726
 (554,038) (16,221) (467,504) (811,460) (633,606) (1,468,579)
 17,816 1,038 2,207 27,057 91,601 212,674
-------------------------------------------------------------------------------------------------
 227,233 (10,257) 1,106,503 1,028,579 409,976 1,311,843
-------------------------------------------------------------------------------------------------

 200,863 0 0 0 174,497 0
 40,173 803 31,558 56,322 34,899 61,376
 NA 88 120,061 6,385 23,304 11,908
 NA NA 4,890 909 2,047 729
 NA 12 2,706 893 657 1,078
 80,345 9 17,524 77,216 58,232 117,055
 NA 4 NA 25,957 1,823 638
 NA 5,915 NA NA NA NA
 NA 78 107,197 5,472 20,808 9,761
 NA NA 4,366 813 1,829 651
 NA 11 2,416 799 586 963
 199,610 22 43,148 180,250 145,358 292,198
 NA 3,891 NA NA NA NA
 5,818 8,786 10,599 12,358 5,309 11,576
 NA NA 13,098 2,437 5,485 1,953
 NA 34 7,249 2,394 1,760 2,888
 13,191 12,433 12,174 12,350 13,160 12,315
 7,521 27,424 12,465 14,959 20,943 22,439
 32,589 499 29,917 19,945 22,439 29,917
 5,274 5,274 5,274 5,274 5,274 5,274
 7,831 2,263 3,909 4,558 3,760 4,872
-------------------------------------------------------------------------------------------------
 593,215 67,546 428,551 429,291 542,170 587,591
-------------------------------------------------------------------------------------------------

 (328,173) (58,835) (222,986) (156,227) (198,250) (380,927)
 265,042 8,711 205,565 273,064 343,920 206,664
-------------------------------------------------------------------------------------------------
 (37,809) (18,968) 900,938 755,515 66,056 1,105,179
-------------------------------------------------------------------------------------------------

 (15,063,262) 559,671 (2,203,242) 11,138,712 2,550,137 (12,336,528)

 30,157,473 (98,087) 12,882,427 15,877,182 8,558,295 13,573,353
-------------------------------------------------------------------------------------------------
 15,094,211 461,584 10,679,185 27,015,894 11,108,432 1,236,825
-------------------------------------------------------------------------------------------------
$ 15,056,402 $ 442,616 $ 11,580,123 $ 27,771,409 $ 11,174,488 $ 2,342,004
=================================================================================================

$ 145 $ 0 $ 0 $ 7,746 $ 36,212 $ 297,271


48 Wells Fargo Equity Gateway Funds

Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)

 Large Cap Large
 Appreciation Company
 Fund Growth Fund
-----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
 Dividends allocated from affiliated Master Portfolios(1) ..................................... $ 322,274 $ 2,705,994
 Interest allocated from affiliated Master Portfolios ......................................... 1,333 4,205
 Security lending income from affiliated Master Portfolios .................................... 673 37,684
 Expenses allocated from affiliated Master Portfolios ......................................... (183,475) (1,457,110)
 Waivers allocated from affiliated Master Portfolios .......................................... 19,188 171,745
 ------------------------------
Total investment income (loss) .................................................................. 159,993 1,462,518
 ------------------------------
EXPENSES
 Administration fees
 Fund level ................................................................................. 11,798 102,797
 Class A .................................................................................... 6,565 314,819
 Class B .................................................................................... 934 14,805
 Class C .................................................................................... 412 7,627
 Administrator Class ........................................................................ 18,463 47,716
 Institutional Class ........................................................................ 1,402 1,632
 Investor Class ............................................................................. NA 134,485
 Shareholder servicing fees
 Class A .................................................................................... 7,011 281,088
 Class B .................................................................................... 999 13,003
 Class C .................................................................................... 441 6,810
 Administrator Class ........................................................................ 36,144 113,109
 Investor Class ............................................................................. NA 88,228
 Accounting fees .............................................................................. 5,230 10,438
 Distribution fees
 Class B .................................................................................... 2,996 39,656
 Class C .................................................................................... 1,324 20,430
 Professional fees ............................................................................ 12,350 12,397
 Registration fees ............................................................................ 17,452 27,424
 Shareholder reports .......................................................................... 9,413 114,685
 Trustees' fees ............................................................................... 5,274 5,274
 Other fees and expenses ...................................................................... 2,845 15,045
 ------------------------------
Total expenses .................................................................................. 141,053 1,371,468
 ------------------------------
LESS
 Waived fees and/or reimbursed expenses ....................................................... (64,477) (247,063)
 Net expenses ................................................................................. 76,576 1,124,405
 ------------------------------
Net investment income (loss) .................................................................... 83,417 338,113
 ------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

Net realized gain from securities transactions allocated from Master Portfolios ................. 4,359,932 12,226,089
Net change in unrealized appreciation (depreciation) of securities transactions allocated from
 Master Portfolios ............................................................................ 372,814 26,385,542
 ------------------------------
Net realized and unrealized gain (loss) on investment ........................................... 4,732,746 38,611,631
 ------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ............................................ $ 4,816,163 $ 38,949,744
 ==============================

1. Net of foreign withholding taxes of .......................................................... $ 1,350 $ 0

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


Wells Fargo Equity Gateway Funds 49

Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)

 Small Small
 Company Company
 Growth Fund Value Fund
--------------------------------
$ 342,387 $ 503,694
 2,450 1,421
 18,616 5,174
 (1,161,862) (445,709)
 15,408 930
--------------------------------
 (783,001) 65,510
--------------------------------

 65,988 24,778
 3,936 31,307
 404 3,721
 952 2,036
 129,515 36,042
 0 NA
 NA NA

 3,514 28,137
 361 3,341
 850 1,830
 325,085 89,934
 NA NA
 11,391 4,595

 1,083 9,994
 2,551 5,471
 11,882 12,350
 22,439 15,956
 25,704 41,885
 5,274 5,274
 5,213 4,559
--------------------------------
 616,142 321,210
--------------------------------

 (173,820) (122,909)
 442,322 198,301
--------------------------------
 (1,225,323) (132,791)
--------------------------------

 28,005,681 12,597,256

 3,372,997 (3,075,636)
--------------------------------
 31,378,678 9,521,620
--------------------------------
$ 30,153,355 $ 9,388,829
================================

$ 0 $ 0


50 Wells Fargo Equity Gateway Funds

Statements of Changes in Net Assets

 C&B LARGE CAP VALUE FUND
 --------------------------------------
 For the
 Six Months Ended For the
 March 31, 2010 Year Ended
 (Unaudited) September 30, 2009
-------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
 Beginning net assets ............................................................. $ 498,134,787 $ 505,336,290
OPERATIONS
 Net investment income (loss) ..................................................... 2,265,799 6,912,292
 Net realized gain (loss) on investments .......................................... (19,134,868) (53,403,856)
 Net change in unrealized appreciation (depreciation) of investments .............. 61,565,090 24,634,242
 --------------------------------------
Net increase (decrease) in net assets resulting from operations ....................... 44,696,021 (21,857,322)
 --------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
 Net investment income
 Class A ..................................................................... (382,177) (622,542)
 Class B ..................................................................... (29,793) (96,851)
 Class C ..................................................................... (29,114) (66,446)
 Administrator Class ......................................................... (2,682,790) (4,072,816)
 Institutional Class ......................................................... (427,090) (623,027)
 Investor Class .............................................................. (2,494,070) (2,774,348)
 Net realized gains
 Class A ..................................................................... 0 (343)
 Class B ..................................................................... 0 (111)
 Class C ..................................................................... 0 (79)
 Administrator Class ......................................................... 0 (2,377)
 Institutional Class ......................................................... 0 (250)
 Investor Class .............................................................. 0 (1,425)
 --------------------------------------
Total distributions to shareholders ................................................... (6,045,034) (8,260,615)
 --------------------------------------
CAPITAL SHARES TRANSACTIONS
 Proceeds from shares sold - Class A .............................................. 2,509,553 7,974,758
 Reinvestment of distributions - Class A .......................................... 356,182 543,758
 Cost of shares redeemed - Class A ................................................ (4,192,087) (10,994,479)
 --------------------------------------
 Net increase (decrease) in net assets resulting from capital share
 transactions - Class A .......................................................... (1,326,352) (2,475,963)
 --------------------------------------
 Proceeds from shares sold - Class B .............................................. 22,371 116,199
 Reinvestment of distributions - Class B .......................................... 28,504 93,335
 Cost of shares redeemed - Class B ................................................ (1,291,990) (3,213,938)
 --------------------------------------
 Net decrease in net assets resulting from capital share transactions - Class B ... (1,241,115) (3,004,404)
 --------------------------------------
 Proceeds from shares sold - Class C .............................................. 227,520 477,977
 Reinvestment of distributions - Class C .......................................... 26,635 62,037
 Cost of shares redeemed - Class C ................................................ (597,751) (2,029,988)
 --------------------------------------
 Net increase (decrease) in net assets resulting from capital share
 transactions - Class C .......................................................... (343,596) (1,489,974)
 --------------------------------------
 Proceeds from shares sold - Administrator Class .................................. 11,578,334 105,648,299
 Reinvestment of distributions - Administrator Class .............................. 1,707,819 3,106,959
 Cost of shares redeemed - Administrator Class .................................... (45,808,542) (130,035,108)
 --------------------------------------
 Net increase (decrease) in net assets resulting from capital share
 transactions - Administrator Class .............................................. (32,522,389) (21,279,850)
 --------------------------------------
 Proceeds from shares sold - Institutional Class .................................. 6,023,274 3,411,024
 Reinvestment of distributions - Institutional Class .............................. 361,970 519,556
 Cost of shares redeemed - Institutional Class .................................... (2,873,886) (2,672,723)
 --------------------------------------
 Net increase in net assets resulting from capital share transactions -
 Institutional Class .............................................................. 3,511,358 1,257,857
 --------------------------------------
 Proceeds from shares sold - Investor Class ....................................... 50,225,978 92,577,525
 Reinvestment of distributions - Investor Class ................................... 2,463,677 2,620,557
 Cost of shares redeemed - Investor Class ......................................... (66,725,821) (45,289,314)
 --------------------------------------
 Net increase (decrease) in net assets resulting from capital share
 transactions - Investor Class ................................................... (14,036,166) 49,908,768
 --------------------------------------
Net increase (decrease) in net assets resulting from capital share
 transactions - Total ................................................................. (45,958,260) 22,916,434
 --------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ................................................. (7,307,273) (7,201,503)
 --------------------------------------
ENDING NET ASSETS ..................................................................... $ 490,827,514 $ 498,134,787
 --------------------------------------

Ending balance of undistributed/overdistributed net investment income (loss) .......... $ 1,184,820 $ 4,964,055
 --------------------------------------

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


Wells Fargo Equity Gateway Funds 51

Statements of Changes in Net Assets

 DIVERSIFIED EQUITY FUND DIVERSIFIED SMALL CAP FUND EMERGING GROWTH FUND
-------------------------------------- -------------------------------------- --------------------------------------
 For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
 March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
--------------------------------------------------------------------------------------------------------------------------

$ 695,598,899 $ 791,806,565 $ 515,568,509 $ 569,169,008 $ 2,939,102 $ 3,756,713

 1,447,154 8,057,233 (37,809) 1,493,431 (18,968) (29,566)
 20,165,150 (77,096,817) (15,063,262) (95,260,900) 559,671 (894,584)
 18,578,517 17,291,905 30,157,473 48,911,717 (98,087) 596,927
--------------------------------------------------------------------------------------------------------------------------
 40,190,821 (51,747,679) 15,056,402 (44,855,752) 442,616 (327,223)
--------------------------------------------------------------------------------------------------------------------------


 (1,288,490) (927,684) NA NA 0 0
 (77,748) 0 NA NA NA NA
 (26,810) (3,365) NA NA 0 0
 (5,224,703) (8,519,140) (1,273,368) (85,184) 0 0
 NA NA NA NA 0 0
 NA NA NA NA 0 0

 0 (6,460,494) NA NA 0 0
 0 (1,278,484) NA NA NA NA
 0 (249,329) NA NA 0 0
 0 (46,610,423) 0 0 0 0
 NA NA NA NA 0 0
 NA NA NA NA 0 0
--------------------------------------------------------------------------------------------------------------------------
 (6,617,751) (64,048,919) (1,273,368) (85,184) 0 0
--------------------------------------------------------------------------------------------------------------------------

 4,294,306 12,306,038 NA NA 42,597 27,465
 1,222,735 7,102,006 NA NA 0 0
 (12,240,315) (12,115,699) NA NA (2,000) 0
--------------------------------------------------------------------------------------------------------------------------

 (6,723,274) 7,292,345 NA NA 40,597 27,465
--------------------------------------------------------------------------------------------------------------------------
 0 197,630 NA NA NA NA
 76,714 1,260,409 NA NA NA NA
 (2,400,024) (5,922,036) NA NA NA NA
--------------------------------------------------------------------------------------------------------------------------
 (2,323,310) (4,463,997) NA NA NA NA
--------------------------------------------------------------------------------------------------------------------------
 74,302 217,738 NA NA 1,480 0
 26,311 248,290 NA NA 0 0
 (286,870) (482,512) NA NA 0 0
--------------------------------------------------------------------------------------------------------------------------

 (186,257) (16,484) NA NA 1,480 0
--------------------------------------------------------------------------------------------------------------------------
 12,326,724 108,379,856 7,034,300 156,720,813 1,691 79,299
 5,180,520 54,881,463 1,224,412 84,153 0 0
 (309,668,005) (146,484,251) (411,318,652) (165,464,529) (1,931) (118,372)
--------------------------------------------------------------------------------------------------------------------------

 (292,160,761) 16,777,068 (403,059,940) (8,659,563) (240) (39,073)
--------------------------------------------------------------------------------------------------------------------------
 NA NA NA NA 0 0
 NA NA NA NA 0 0
 NA NA NA NA 0 0
--------------------------------------------------------------------------------------------------------------------------

 NA NA NA NA 0 0
--------------------------------------------------------------------------------------------------------------------------
 NA NA NA NA 456,224 1,067,260
 NA NA NA NA 0 0
 NA NA NA NA (283,883) (1,546,040)
--------------------------------------------------------------------------------------------------------------------------

 NA NA NA NA 172,341 (478,780)
--------------------------------------------------------------------------------------------------------------------------

 (301,393,602) 19,588,932 (403,059,940) (8,659,563) 214,178 (490,388)
--------------------------------------------------------------------------------------------------------------------------
 (267,820,532) (96,207,666) (389,276,906) (53,600,499) 656,794 (817,611)
--------------------------------------------------------------------------------------------------------------------------
$ 427,778,367 $ 695,598,899 $ 126,291,603 $ 515,568,509 $ 3,595,896 $ 2,939,102
--------------------------------------------------------------------------------------------------------------------------

$ (316,770) $ 4,853,827 $ 308,582 $ 1,619,759 $ (29,853) $ (10,885)
--------------------------------------------------------------------------------------------------------------------------


52 Wells Fargo Equity Gateway Funds

Statements of Changes in Net Assets

 C&B LARGE CAP VALUE FUND
 -------------------------------------
 For the
 Six Months Ended For the
 March 31, 2010 Year Ended
 (Unaudited) September 30, 2009
----------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED
 Shares sold - Class A ................................................................ 346,578 1,369,183
 Shares issued in reinvestment of distributions - Class A ............................. 49,264 98,506
 Shares redeemed - Class A ............................................................ (576,884) (1,906,421)
 -------------------------------------
 Net increase (decrease) in shares outstanding - Class A .............................. (181,042) (438,732)
 -------------------------------------
 Shares sold - Class B ................................................................ 3,120 20,768
 Shares issued in reinvestment of distributions - Class B ............................. 3,943 16,909
 Shares redeemed - Class B ............................................................ (179,417) (557,098)
 -------------------------------------
 Net decrease in shares outstanding - Class B ......................................... (172,354) (519,421)
 -------------------------------------
 Shares sold - Class C ................................................................ 31,464 87,922
 Shares issued in reinvestment of distributions - Class C ............................. 3,689 11,239
 Shares redeemed - Class C ............................................................ (82,780) (362,394)
 -------------------------------------
 Net increase (decrease) in shares outstanding - Class C .............................. (47,627) (263,233)
 -------------------------------------
 Shares sold - Administrator Class .................................................... 1,612,381 19,104,506
 Shares issued in reinvestment of distributions - Administrator Class ................. 236,540 563,872
 Shares redeemed - Administrator Class ................................................ (6,325,901) (22,046,208)
 -------------------------------------
 Net increase (decrease) in shares outstanding - Administrator Class .................. (4,476,980) (2,377,830)
 -------------------------------------
 Shares sold - Institutional Class .................................................... 830,886 550,515
 Shares issued in reinvestment of distributions - Institutional Class ................. 49,996 94,122
 Shares redeemed - institutional class ................................................ (393,160) (443,184)
 -------------------------------------
 Net increase in shares outstanding - Institutional Class ............................. 487,722 201,453
 -------------------------------------
 Shares sold - Investor Class ......................................................... 6,966,119 15,826,255
 Shares issued in reinvestment of distributions - Investor Class ...................... 341,703 475,597
 Shares redeemed - Investor Class ..................................................... (9,185,552) (7,992,843)
 -------------------------------------
 Net increase (decrease) in shares outstanding - Investor Class ....................... (1,877,730) 8,309,009
 -------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS ... (6,268,011) 4,911,246
 -------------------------------------

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


Wells Fargo Equity Gateway Funds 53

Statements of Changes in Net Assets

 DIVERSIFIED EQUITY FUND DIVERSIFIED SMALL CAP FUND EMERGING GROWTH FUND
-------------------------------------- -------------------------------------- --------------------------------------
 For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
 March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
--------------------------------------------------------------------------------------------------------------------------

 179,613 677,286 NA NA 4,998 3,812
 50,948 380,617 NA NA 0 0
 (508,657) (669,697) NA NA (243) 0
--------------------------------------------------------------------------------------------------------------------------
 (278,096) 388,206 NA NA 4,755 3,812
--------------------------------------------------------------------------------------------------------------------------
 0 10,474 NA NA NA NA
 3,388 72,396 NA NA NA NA
 (106,723) (322,037) NA NA NA NA
--------------------------------------------------------------------------------------------------------------------------
 (103,335) (239,167) NA NA NA NA
--------------------------------------------------------------------------------------------------------------------------
 3,233 11,478 NA NA 173 0
 1,140 13,950 NA NA 0 0
 (12,560) (25,108) NA NA 0 0
--------------------------------------------------------------------------------------------------------------------------
 (8,187) 320 NA NA 173 0
--------------------------------------------------------------------------------------------------------------------------
 514,197 5,549,914 739,695 20,476,258 190 10,997
 215,496 2,931,912 123,928 11,655 0 0
 (13,067,726) (7,498,738) (42,408,429) (21,904,730) (217) (15,865)
--------------------------------------------------------------------------------------------------------------------------
 (12,338,033) 983,088 (41,544,806) (1,416,817) (27) (4,868)
--------------------------------------------------------------------------------------------------------------------------
 NA NA NA NA 0 0
 NA NA NA NA 0 0
 NA NA NA NA 0 0
--------------------------------------------------------------------------------------------------------------------------
 NA NA NA NA 0 0
--------------------------------------------------------------------------------------------------------------------------
 NA NA NA NA 54,300 158,740
 NA NA NA NA 0 0
 NA NA NA NA (33,785) (228,772)
--------------------------------------------------------------------------------------------------------------------------
 NA NA NA NA 20,515 (70,032)
--------------------------------------------------------------------------------------------------------------------------
 (12,727,651) 1,132,447 (41,544,806) (1,416,817) 25,416 (71,088)
--------------------------------------------------------------------------------------------------------------------------


54 Wells Fargo Equity Gateway Funds

Statements of Changes in Net Assets

 EQUITY INCOME FUND
 --------------------------------------
 For the
 Six Months Ended For the
 March 31, 2010 Year Ended
 (Unaudited) September 30, 2009
-------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
 Beginning net assets ............................................................ $ 126,196,928 $ 186,316,841
OPERATIONS
 Net investment income ........................................................... 900,938 2,869,386
 Net realized gain (loss) on investments ......................................... (2,203,242) (170,433)
 Net change in unrealized appreciation (depreciation) of investments ............. 12,882,427 (27,616,193)
 --------------------------------------
Net increase (decrease) in net assets resulting from operations ...................... 11,580,123 (24,917,240)
 --------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
 Net investment income
 Class A .................................................................... (610,834) (1,805,689)
 Class B .................................................................... (10,082) (70,317)
 Class C .................................................................... (5,469) (22,298)
 Administrator Class ........................................................ (290,433) (954,149)
 Institutional Class ........................................................ NA NA
 Net realized gains
 Class A .................................................................... (144,110) (11,011,081)
 Class B .................................................................... (6,063) (765,764)
 Class C .................................................................... (2,964) (215,982)
 Administrator Class ........................................................ (59,142) (6,155,284)
 Institutional Class ........................................................ NA NA
 --------------------------------------
Total distributions to shareholders .................................................. (1,129,097) (21,000,564)
 --------------------------------------
CAPITAL SHARES TRANSACTIONS
 Proceeds from shares sold - Class A ............................................. 1,440,541 1,805,090
 Reinvestment of distributions - Class A ......................................... 722,710 12,300,273
 Cost of shares redeemed - Class A ............................................... (6,502,959) (15,351,656)
 --------------------------------------
 Net increase (decrease) in net assets resulting from capital share
 transactions - Class A ......................................................... (4,339,708) (1,246,293)
 --------------------------------------
 Proceeds from shares sold - Class B ............................................. 44,150 129,317
 Reinvestment of distributions - Class B ......................................... 15,664 803,042
 Cost of shares redeemed - Class B ............................................... (1,467,549) (3,221,154)
 --------------------------------------
 Net decrease in net assets resulting from capital share
 transactions - Class B ......................................................... (1,407,735) (2,288,795)
 --------------------------------------
 Proceeds from shares sold - Class C ............................................. 103,541 117,677
 Reinvestment of distributions - Class C ......................................... 7,495 215,226
 Cost of shares redeemed - Class C ............................................... (101,765) (387,681)
 --------------------------------------
 Net increase (decrease) in net assets resulting from capital share
 transactions - Class C ......................................................... 9,271 (54,778)
 --------------------------------------
 Proceeds from shares sold - Administrator Class ................................. 2,756,305 7,477,684
 Reinvestment of distributions - Administrator Class ............................. 278,141 6,123,633
 Cost of shares redeemed - Administrator Class ................................... (5,947,998) (24,213,560)
 --------------------------------------
 Net increase (decrease) in net assets resulting from capital share
 transactions - Administrator Class ............................................. (2,913,552) (10,612,243)
 --------------------------------------
 Proceeds from shares sold - Institutional Class ................................. NA NA
 Proceeds from redemption fees - Institutional Class ............................. NA NA
 Reinvestment of distributions - Institutional Class ............................. NA NA
 Cost of shares redeemed - Institutional Class ................................... NA NA
 --------------------------------------
 Net increase (decrease) in net assets resulting from capital share
 transactions - Institutional Class ............................................. NA NA
 --------------------------------------
 Net increase (decrease) in net assets resulting from capital share
 transactions - Total ........................................................... (8,651,724) (14,202,109)
 --------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ................................................ 1,799,302 (60,119,913)
 --------------------------------------
ENDING NET ASSETS .................................................................... $ 127,996,230 $ 126,196,928
 --------------------------------------

Ending balance of undistributed/overdistributed net investment income ................ $ (47,135) $ (31,255)
 --------------------------------------

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


Wells Fargo Equity Gateway Funds 55

Statements of Changes in Net Assets

 EQUITY VALUE FUND GROWTH EQUITY FUND INTERNATIONAL VALUE FUND
-------------------------------------- -------------------------------------- --------------------------------------
 For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
 March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
--------------------------------------------------------------------------------------------------------------------------

$ 222,174,459 $ 255,569,690 $ 143,087,432 $ 191,634,651 $ 243,443,893 $ 226,041,283

 755,515 3,315,237 66,056 877,082 1,105,179 4,926,538
 11,138,712 (71,161,222) 2,550,137 (11,519,531) (12,336,528) (31,791,355)
 15,877,182 48,048,577 8,558,295 (4,253,262) 13,573,353 45,504,224
--------------------------------------------------------------------------------------------------------------------------
 27,771,409 (19,797,408) 11,174,488 (14,895,711) 2,342,004 18,639,407
--------------------------------------------------------------------------------------------------------------------------


 (40,322) (45,075) (65,633) (84,959) (103,184) (851,406)
 0 0 0 0 (5,466) (15,145)
 (1,106) (2,022) 0 0 (9,627) (17,189)
 (1,636,928) (2,486,187) (716,957) (876,375) (4,727,636) (7,598,321)
 (837,569) (1,140,933) (32,096) (88,152) (35,242) (37,593)

 0 (167) (3,668) (5,903,627) 0 0
 0 (47) (446) (886,079) 0 0
 0 (36) (130) (233,051) 0 0
 0 (6,892) (25,493) (38,630,331) 0 0
 0 (2,699) (842) (2,637,219) 0 0
--------------------------------------------------------------------------------------------------------------------------
 (2,515,925) (3,684,058) (845,265) (49,339,793) (4,881,155) (8,519,654)
--------------------------------------------------------------------------------------------------------------------------
 364,261 2,134,355 417,253 1,526,395 1,073,530 33,483,824
 38,813 43,749 67,979 5,861,596 94,002 836,873
 (396,538) (2,317,324) (1,283,646) (3,738,792) (1,540,818) (47,095,786)
--------------------------------------------------------------------------------------------------------------------------

 6,536 (139,220) (798,414) 3,649,199 (373,286) (12,775,089)
--------------------------------------------------------------------------------------------------------------------------
 9,355 1,833 3,978 39,421 7,035 1,265
 0 44 434 849,843 5,244 14,524
 (168,240) (546,224) (325,647) (970,057) (170,210) (312,830)
--------------------------------------------------------------------------------------------------------------------------

 (158,885) (544,347) (321,235) (80,793) (157,931) (297,041)
--------------------------------------------------------------------------------------------------------------------------
 177,642 84,570 10,119 23,709 72,554 295,535
 1,060 1,999 126 217,681 8,602 15,465
 (119,740) (307,425) (93,707) (138,772) (159,256) (332,080)
--------------------------------------------------------------------------------------------------------------------------

 58,962 (220,856) (83,462) 102,618 (78,100) (21,080)
--------------------------------------------------------------------------------------------------------------------------
 18,149,521 47,076,677 5,487,303 21,878,434 33,010,475 64,819,878
 1,617,490 2,373,690 741,784 39,439,989 4,552,598 7,413,703
 (28,565,625) (59,547,301) (22,910,580) (38,642,843) (23,309,742) (52,773,604)
--------------------------------------------------------------------------------------------------------------------------

 (8,798,614) (10,096,934) (16,681,493) 22,675,580 14,253,331 19,459,977
--------------------------------------------------------------------------------------------------------------------------
 6,338,704 17,580,407 1,989,805 3,394,642 93,808 1,261,320
 0 0 0 0 0 242
 835,165 1,138,147 32,938 2,725,371 35,242 37,593
 (294,295) (17,630,962) (350,846) (16,778,332) (57,266) (383,065)
--------------------------------------------------------------------------------------------------------------------------

 6,879,574 1,087,592 1,671,897 (10,658,319) 71,784 916,090
--------------------------------------------------------------------------------------------------------------------------

 (2,012,427) (9,913,765) (16,212,707) 15,688,285 13,715,798 7,282,857
--------------------------------------------------------------------------------------------------------------------------
 23,243,057 (33,395,231) (5,883,484) (48,547,219) 11,176,647 17,402,610
--------------------------------------------------------------------------------------------------------------------------
$ 245,417,516 $ 222,174,459 $ 137,203,948 $ 143,087,432 $ 254,620,540 $ 243,443,893
--------------------------------------------------------------------------------------------------------------------------

$ 346,331 $ 2,106,741 $ (1,017,936) $ (269,306) $ 1,161,012 $ 4,936,988
--------------------------------------------------------------------------------------------------------------------------


56 Wells Fargo Equity Gateway Funds

Statements of Changes in Net Assets

 EQUITY INCOME FUND
 -------------------------------------
 For the
 Six Months Ended For the
 March 31, 2010 Year Ended
 (Unaudited) September 30, 2009
----------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED
 Shares sold - Class A ................................................................ 113,480 194,758
 Shares issued in reinvestment of distributions - Class A ............................. 55,827 1,135,206
 Shares redeemed - Class A ............................................................ (507,481) (1,381,665)
 -------------------------------------
 Net increase (decrease) in shares outstanding - Class A .............................. (338,174) (51,701)
 -------------------------------------
 Shares sold - Class B ................................................................ 3,460 11,080
 Shares issued in reinvestment of distributions - Class B ............................. 1,213 74,060
 Shares redeemed - Class B ............................................................ (115,714) (285,902)
 -------------------------------------
 Net increase (decrease) in shares outstanding - Class B .............................. (111,041) (200,762)
 -------------------------------------
 Shares sold - Class C ................................................................ 7,408 9,510
 Shares issued in reinvestment of distributions - Class C ............................. 532 18,264
 Shares redeemed - Class C ............................................................ (7,372) (31,090)
 -------------------------------------
 Net increase (decrease) in shares outstanding - Class C .............................. 568 (3,316)
 -------------------------------------
 Shares sold - Administrator Class .................................................... 216,063 709,915
 Shares issued in reinvestment of distributions - Administrator Class ................. 21,517 565,615
 Shares redeemed - Administrator Class ................................................ (465,779) (2,255,918)
 -------------------------------------
 Net increase (decrease) in shares outstanding - Administrator Class .................. (228,199) (980,388)
 -------------------------------------
 Shares sold - Institutional Class .................................................... NA NA
 Shares issued in reinvestment of distributions - Institutional Class ................. NA NA
 Shares redeemed - Institutional Class ................................................ NA NA
 -------------------------------------
 Net increase (decrease) in shares outstanding - Institutional Class .................. NA NA
 -------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS ... (676,846) (1,236,167)
 -------------------------------------

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


Wells Fargo Equity Gateway Funds 57

Statements of Changes in Net Assets

 EQUITY VALUE FUND GROWTH EQUITY FUND INTERNATIONAL VALUE FUND
-------------------------------------- -------------------------------------- --------------------------------------
 For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
 March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
--------------------------------------------------------------------------------------------------------------------------

 31,992 248,013 39,376 153,875 84,728 3,351,004
 3,469 5,069 6,428 754,416 7,630 90,180
 (35,380) (256,169) (121,405) (414,227) (122,520) (4,084,312)
--------------------------------------------------------------------------------------------------------------------------
 81 (3,087) (75,601) 494,064 (30,162) (643,128)
--------------------------------------------------------------------------------------------------------------------------
 826 135 520 4,902 561 114
 0 5 57 149,620 429 1,565
 (15,488) (61,482) (42,168) (132,323) (13,630) (32,043)
--------------------------------------------------------------------------------------------------------------------------
 (14,662) (61,342) (41,591) 22,199 (12,640) (30,364)
--------------------------------------------------------------------------------------------------------------------------
 15,282 9,591 1,165 3,022 5,894 32,808
 95 233 15 33,907 708 1,676
 (10,835) (34,838) (10,723) (22,735) (12,965) (35,492)
--------------------------------------------------------------------------------------------------------------------------
 4,542 (25,014) (9,543) 14,194 (6,363) (1,008)
--------------------------------------------------------------------------------------------------------------------------
 1,575,970 5,198,071 504,289 2,400,724 2,642,477 6,646,662
 142,259 270,942 67,754 4,887,912 371,944 798,927
 (2,508,017) (6,444,269) (2,073,140) (3,843,668) (1,851,115) (5,470,697)
--------------------------------------------------------------------------------------------------------------------------
 (789,788) (975,256) (1,501,097) 3,444,968 1,163,306 1,974,892
--------------------------------------------------------------------------------------------------------------------------
 560,491 1,948,189 184,930 323,947 7,523 111,504
 73,518 130,062 3,008 336,588 2,870 4,047
 (25,520) (1,983,963) (31,685) (1,533,541) (4,529) (38,422)
--------------------------------------------------------------------------------------------------------------------------
 608,489 94,288 156,253 (873,006) 5,864 77,129
--------------------------------------------------------------------------------------------------------------------------
 (191,338) (970,411) (1,471,579) 3,102,419 1,120,005 1,377,521
--------------------------------------------------------------------------------------------------------------------------


58 Wells Fargo Equity Gateway Funds

Statements of Changes in Net Assets

 LARGE CAP APPRECIATION FUND
 --------------------------------------
 For the
 Six Months Ended For the
 March 31, 2010 Year Ended
 (Unaudited) September 30, 2009
----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
 Beginning net assets ................................................................ $ 53,451,459 $ 96,762,305
OPERATIONS
 Net investment income (loss) ........................................................ 83,417 358,443
 Net realized gain (loss) on investments ............................................. 4,359,932 (30,847,579)
 Net change in unrealized appreciation (depreciation) of investments ................. 372,814 18,278,009
 --------------------------------------
Net increase (decrease) in net assets resulting from operations .......................... 4,816,163 (12,211,127)
 --------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
 Net investment income
 Class A ........................................................................ (12,823) 0
 Class B ........................................................................ 0 0
 Class C ........................................................................ 0 0
 Administrator Class ............................................................ (149,893) (104,014)
 Institutional Class ............................................................ (36,019) (29,985)
 Investor Class ................................................................. NA NA
 --------------------------------------
Total distributions to shareholders ...................................................... (198,735) (133,999)
 --------------------------------------
CAPITAL SHARES TRANSACTIONS
 Proceeds from shares sold - Class A ................................................. 200,361 1,317,356
 Reinvestment of distributions - Class A ............................................. 12,304 0
 Cost of shares redeemed - Class A ................................................... (887,061) (15,217,910)
 --------------------------------------
 Net increase (decrease) in net assets resulting from capital share
 transactions - Class A ............................................................. (674,396) (13,900,554)
 --------------------------------------
 Proceeds from shares sold - Class B ................................................. 0 20,472
 Reinvestment of distributions - Class B ............................................. 0 0
 Cost of shares redeemed - Class B ................................................... (163,734) (674,288)
 --------------------------------------
 Net decrease in net assets resulting from capital share transactions - Class B ...... (163,734) (653,816)
 --------------------------------------
 Proceeds from shares sold - Class C ................................................. 2,917 18,611
 Reinvestment of distributions - Class C ............................................. 0 0
 Cost of shares redeemed - Class C ................................................... (40,571) (84,281)
 --------------------------------------
 Net increase (decrease) in net assets resulting from capital share
 transactions - Class C ............................................................. (37,654) (65,670)
 --------------------------------------
 Proceeds from shares sold - Administrator Class ..................................... 991,559 10,896,203
 Reinvestment of distributions - Administrator Class ................................. 145,756 102,761
 Cost of shares redeemed - Administrator Class ....................................... (15,494,366) (26,354,714)
 --------------------------------------
 Net increase (decrease) in net assets resulting from capital share
 transactions - Administrator Class ................................................. (14,357,051) (15,355,750)
 --------------------------------------
 Proceeds from shares sold - Institutional Class ..................................... 256,841 2,904,887
 Reinvestment of distributions - Institutional Class ................................. 36,019 29,985
 Cost of shares redeemed - Institutional Class ....................................... (4,879,793) (3,924,802)
 --------------------------------------
 Net increase (decrease) in net assets resulting from capital share
 transactions - Institutional Class ................................................. (4,586,933) (989,930)
 --------------------------------------
 Proceeds from shares sold - Investor Class .......................................... NA NA
 Reinvestment of distributions - Investor Class ...................................... NA NA
 Cost of shares redeemed - Investor Class ............................................ NA NA
 --------------------------------------
 Net decrease in net assets resulting from capital share transactions -
 Investor Class ..................................................................... NA NA
 --------------------------------------
Net increase (decrease) in net assets resulting from capital share transactions -
 Total ................................................................................... (19,819,768) (30,965,720)
 --------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS .................................................... (15,202,340) (43,310,846)
 --------------------------------------
ENDING NET ASSETS ........................................................................ $ 38,249,119 $ 53,451,459
 --------------------------------------

Ending balance of undistributed net investment income (loss) ............................. $ 100,832 $ 216,150
 --------------------------------------

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


Wells Fargo Equity Gateway Funds 59

Statements of Changes in Net Assets

 LARGE COMPANY GROWTH FUND SMALL COMPANY GROWTH FUND SMALL COMPANY VALUE FUND
-------------------------------------- -------------------------------------- --------------------------------------
 For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
 March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
--------------------------------------------------------------------------------------------------------------------------

$ 651,345,825 $ 955,083,201 $ 232,714,494 $ 300,313,080 $ 148,502,573 $ 294,052,923

 338,113 3,273,313 (1,225,323) (1,642,258) (132,791) 1,400,110
 12,226,089 (66,214,156) 28,005,681 (57,860,249) 12,597,256 (130,766,587)
 26,385,542 5,479,436 3,372,997 43,564,137 (3,075,636) 88,865,204
--------------------------------------------------------------------------------------------------------------------------
 38,949,744 (57,461,407) 30,153,355 (15,938,370) 9,388,829 (40,501,273)
--------------------------------------------------------------------------------------------------------------------------


 (2,161,995) (418,303) 0 0 0 (109,667)
 0 0 0 0 0 0
 (21,607) 0 0 0 0 0
 (298,355) (3,248,031) 0 0 0 (1,703,676)
 (11,251) (443,620) 0 0 NA NA
 (723,027) (181,488) NA NA NA NA
--------------------------------------------------------------------------------------------------------------------------
 (3,216,235) (4,291,442) 0 0 0 (1,813,343)
--------------------------------------------------------------------------------------------------------------------------

 4,575,267 16,022,082 838,737 3,471,875 6,075,820 17,209,930
 2,080,832 402,250 0 0 0 105,779
 (14,770,799) (45,730,444) (373,323) (3,709,629) (4,050,552) (26,315,226)
--------------------------------------------------------------------------------------------------------------------------

 (8,114,700) (29,306,112) 465,414 (237,754) 2,025,268 (8,999,517)
--------------------------------------------------------------------------------------------------------------------------
 23,493 57,700 6,746 17,343 16,162 11,559
 0 0 0 0 0 0
 (3,247,197) (9,119,255) (46,993) (42,501) (403,062) (1,483,583)
--------------------------------------------------------------------------------------------------------------------------
 (3,223,704) (9,061,555) (40,247) (25,158) (386,900) (1,472,024)
--------------------------------------------------------------------------------------------------------------------------
 281,404 264,553 262,917 487,731 67,026 143,460
 19,432 0 0 0 0 0
 (338,415) (1,192,933) (77,532) (167,885) (134,786) (244,079)
--------------------------------------------------------------------------------------------------------------------------

 (37,579) (928,380) 185,385 319,846 (67,760) (100,619)
--------------------------------------------------------------------------------------------------------------------------
 2,839,872 19,374,502 35,176,838 91,527,691 6,975,874 105,120,711
 205,738 2,763,241 0 0 0 1,698,548
 (250,448,651) (218,669,211) (22,590,205) (96,511,000) (73,805,685) (199,482,833)
--------------------------------------------------------------------------------------------------------------------------

 (247,403,041) (196,531,468) 12,586,633 (4,983,309) (66,829,811) (92,663,574)
--------------------------------------------------------------------------------------------------------------------------
 965,809 9,689,891 201,201 17,495,706 NA NA
 1,910 400,415 0 0 NA NA
 (42,356,343) (14,364,799) 0 (64,229,547) NA NA
--------------------------------------------------------------------------------------------------------------------------

 (41,388,624) (4,274,493) 201,201 (46,733,841) NA NA
--------------------------------------------------------------------------------------------------------------------------
 2,298,923 4,195,759 NA NA NA NA
 705,542 176,688 NA NA NA NA
 (3,938,737) (6,254,966) NA NA NA NA
--------------------------------------------------------------------------------------------------------------------------

 (934,272) (1,882,519) NA NA NA NA
--------------------------------------------------------------------------------------------------------------------------

 (301,101,920) (241,984,527) 13,398,386 (51,660,216) (65,259,203) (103,235,734)
--------------------------------------------------------------------------------------------------------------------------
 (265,368,411) (303,737,376) 43,551,741 (67,598,586) (55,870,374) (145,550,350)
--------------------------------------------------------------------------------------------------------------------------
$ 385,977,414 $ 651,345,825 $ 276,266,235 $ 232,714,494 $ 92,632,199 $ 148,502,573
--------------------------------------------------------------------------------------------------------------------------

$ 575,145 $ 3,453,267 $ (2,355,598) $ (1,130,275) $ 556,403 $ 689,194
--------------------------------------------------------------------------------------------------------------------------


60 Wells Fargo Equity Gateway Funds

Statements of Changes in Net Assets

 LARGE CAP APPRECIATION FUND
 -------------------------------------
 For the
 Six Months Ended For the
 March 31, 2010 Year Ended
 (Unaudited) September 30, 2009
----------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED
 Shares sold - Class A ................................................................ 24,436 184,273
 Shares issued in reinvestment of distributions - Class A ............................. 1,490 0
 Shares redeemed - Class A ............................................................ (108,266) (1,929,140)
 -------------------------------------
 Net increase (decrease) in shares outstanding - Class A .............................. (82,340) (1,744,867)
 -------------------------------------
 Shares sold - Class B ................................................................ 0 2,928
 Shares issued in reinvestment of distributions - Class B ............................. 0 0
 Shares redeemed - Class B ............................................................ (21,535) (104,952)
 -------------------------------------
 Net decrease in shares outstanding - Class B ......................................... (21,535) (102,024)
 -------------------------------------
 Shares sold - Class C ................................................................ 378 2,851
 Shares issued in reinvestment of distributions - Class C ............................. 0 0
 Shares redeemed - Class C ............................................................ (5,299) (13,691)
 -------------------------------------
 Net increase (decrease) in shares outstanding - Class C .............................. (4,921) (10,840)
 -------------------------------------
 Shares sold - Administrator Class .................................................... 120,397 1,584,403
 Shares issued in reinvestment of distributions - Administrator Class ................. 17,393 15,499
 Shares redeemed - Administrator Class ................................................ (1,866,519) (3,702,094)
 -------------------------------------
 Net increase (decrease) in shares outstanding - Administrator Class .................. (1,728,729) (2,102,192)
 -------------------------------------
 Shares sold - Institutional Class .................................................... 32,587 426,996
 Shares issued in reinvestment of distributions - Institutional Class ................. 4,329 4,523
 Shares redeemed - Institutional Class ................................................ (592,257) (601,094)
 -------------------------------------
 Net increase (decrease) in shares outstanding - Institutional Class .................. (555,341) (169,575)
 -------------------------------------
 Shares sold - Investor Class ......................................................... NA NA
 Shares issued in reinvestment of distributions - Investor Class ...................... NA NA
 Shares redeemed - Investor Class ..................................................... NA NA
 -------------------------------------
 Net decrease in shares outstanding - Investor Class .................................. NA NA
 -------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS ... (2,392,866) (4,129,498)
 -------------------------------------

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


Wells Fargo Equity Gateway Funds 61

Statements of Changes in Net Assets

 LARGE COMPANY GROWTH FUND SMALL COMPANY GROWTH FUND SMALL COMPANY VALUE FUND
-------------------------------------- -------------------------------------- --------------------------------------
 For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
 March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
--------------------------------------------------------------------------------------------------------------------------

 95,301 426,839 44,826 236,699 600,962 2,360,852
 42,824 12,189 0 0 0 15,718
 (305,160) (1,191,577) (19,893) (221,675) (399,662) (3,636,336)
--------------------------------------------------------------------------------------------------------------------------
 (167,035) (752,549) 24,933 15,024 201,300 (1,259,766)
--------------------------------------------------------------------------------------------------------------------------
 558 1,717 368 1,341 1,521 1,385
 0 0 0 0 0 0
 (76,755) (284,053) (2,670) (3,170) (42,451) (212,060)
--------------------------------------------------------------------------------------------------------------------------
 (76,197) (282,336) (2,302) (1,829) (40,930) (210,675)
--------------------------------------------------------------------------------------------------------------------------
 6,668 7,808 14,756 33,938 6,721 18,364
 454 0 0 0 0 0
 (7,925) (37,915) (4,252) (12,861) (13,687) (36,791)
--------------------------------------------------------------------------------------------------------------------------
 (803) (30,107) 10,504 21,077 (6,966) (18,427)
--------------------------------------------------------------------------------------------------------------------------
 62,899 555,684 1,858,414 5,500,889 668,133 14,724,967
 4,413 87,940 0 0 0 250,523
 (5,597,117) (6,751,653) (1,127,230) (6,361,559) (7,705,555) (26,105,135)
--------------------------------------------------------------------------------------------------------------------------
 (5,529,805) (6,108,029) 731,184 (860,670) (7,037,422) (11,129,645)
--------------------------------------------------------------------------------------------------------------------------
 20,667 266,458 10,266 1,292,448 NA NA
 41 12,744 0 0 NA NA
 (925,893) (415,274) 0 (4,224,496) NA NA
--------------------------------------------------------------------------------------------------------------------------
 (905,185) (136,072) 10,266 (2,932,048) NA NA
--------------------------------------------------------------------------------------------------------------------------
 50,617 118,458 NA NA NA NA
 15,418 5,678 NA NA NA NA
 (86,641) (182,230) NA NA NA NA
--------------------------------------------------------------------------------------------------------------------------
 (20,606) (58,094) NA NA NA NA
--------------------------------------------------------------------------------------------------------------------------
 (6,699,631) (7,367,187) 774,585 (3,758,446) (6,884,018) (12,618,513)
--------------------------------------------------------------------------------------------------------------------------


62 Wells Fargo Equity Gateway Funds

Financial Highlights

 Beginning Net Realized Distributions
 Net Asset Net and Unrealized from Net Distributions
 Value Per Investment Gain (Loss) Investment from Net
 Share Income (Loss) on Investments Income Realized Gains
------------------------------------------------------------------------------------------------------------------------------------
C&B LARGE CAP VALUE FUND
Class A
October 1, 2009 to March 31, 2010 (Unaudited) ........ $ 7.06 0.03(7) 0.63 (0.08) 0.00
October 1, 2008 to September 30, 2009 ................ $ 7.69 0.10(7) (0.60) (0.13) 0.00(1)
October 1, 2007 to September 30, 2008 ................ $10.19 0.11(7) (2.12) (0.09) (0.40)
October 1, 2006 to September 30, 2007 ................ $ 9.67 0.09(7) 0.98 (0.11) (0.44)
October 1, 2005 to September 30, 2006 ................ $ 8.62 0.11 1.16 (0.04) (0.18)
November 1, 2004(8) to September 30, 2005 ............ $ 8.27 0.05(7) 0.40 (0.03) (0.07)
July 26, 2004(9) to October 31, 2004 ................. $ 8.01 0.00(1) 0.26 0.00 0.00

Class B
October 1, 2009 to March 31, 2010 (Unaudited) ........ $ 7.02 0.00(1,7) 0.64 (0.03) 0.00
October 1, 2008 to September 30, 2009 ................ $ 7.61 0.05(7) (0.58) (0.06) 0.00(1)
October 1, 2007 to September 30, 2008 ................ $10.08 0.04(7) (2.11) 0.00 (0.40)
October 1, 2006 to September 30, 2007 ................ $ 9.58 0.02(7) 0.96 (0.04) (0.44)
October 1, 2005 to September 30, 2006 ................ $ 8.56 0.05 1.15 0.00 (0.18)
November 1, 2004(8) to September 30, 2005 ............ $ 8.26 (0.01)(7) 0.40 (0.02) (0.07)
July 26, 2004(9) to October 31, 2004 ................. $ 8.01 (0.01) 0.26 0.00 0.00

Class C
October 1, 2009 to March 31, 2010 (Unaudited) ........ $ 7.02 0.00(1,7) 0.63 (0.03) 0.00
October 1, 2008 to September 30, 2009 ................ $ 7.60 0.05(7) (0.57) (0.06) 0.001
October 1, 2007 to September 30, 2008 ................ $10.08 0.04(7) (2.11) (0.01) (0.40)
October 1, 2006 to September 30, 2007 ................ $ 9.58 0.02(7) 0.96 (0.04) (0.44)
October 1, 2005 to September 30, 2006 ................ $ 8.56 0.05 1.15 0.00 (0.18)
November 1, 2004(8) to September 30, 2005 ............ $ 8.26 (0.01)(7) 0.40 (0.02) (0.07)
July 26, 2004(9) to October 31, 2004 ................. $ 8.01 (0.01) 0.26 0.00 0.00

Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) ........ $ 7.06 0.04(7) 0.62 (0.09) 0.00
October 1, 2008 to September 30, 2009 ................ $ 7.70 0.11(7) (0.60) (0.15) 0.00(1)
October 1, 2007 to September 30, 2008 ................ $10.22 0.13(7) (2.13) (0.12) (0.40)
October 1, 2006 to September 30, 2007 ................ $ 9.69 0.12(7) 0.98 (0.13) (0.44)
October 1, 2005 to September 30, 2006 ................ $ 8.64 0.13 1.16 (0.06) (0.18)
November 1, 2004(8) to September 30, 2005 ............ $ 8.27 0.07(7) 0.41 (0.04) (0.07)
July 26, 2004(9) to October 31, 2004 ................. $ 8.01 0.01 0.25 0.00 0.00

Institutional Class
October 1, 2009 to March 31, 2010 (Unaudited) ........ $ 7.09 0.05(7) 0.63 (0.11) 0.00
October 1, 2008 to September 30, 2009 ................ $ 7.75 0.12(7) (0.61) (0.17) 0.00(1)
October 1, 2007 to September 30, 2008 ................ $10.27 0.15(7) (2.13) (0.14) (0.40)
October 1, 2006 to September 30, 2007 ................ $ 9.74 0.15(7) 0.97 (0.15) (0.44)
October 1, 2005 to September 30, 2006 ................ $ 8.67 0.16 1.17 (0.08) (0.18)
November 1, 2004(8) to September 30, 2005 ............ $ 8.28 0.09(7) 0.41 (0.04) (0.07)
July 26, 2004(9) to October 31, 2004 ................. $ 8.01 0.02 0.25 0.00 0.00


1. Amount calculated is less than $0.005.

2. Total return calculations would have been lower had certain expenses not been waived or reimbursed during the periods shown. Returns for periods of less than one year are not annualized.

3. Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and 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. Includes net expenses allocated from Master Portfolio(s) in which the Fund invests.

5. Effective July 9, 2007, the investment adviser voluntarily waived expenses to further lower the net operating expense ratios by an additional 0.02% with respect to Class A, Class B and Class C shares of the Fund.

6. On June 20, 2008, Class D and Class Z were renamed to Investor Class.

7. Calculated based upon average shares outstanding.

8. The Fund changed its fiscal year end from October 31 to September 30.

9. Commencement of class operations.

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


Wells Fargo Equity Gateway Funds 63

Financial Highlights

 Ending Ratio to Average Net Assets (Annualized)
Net Asset ------------------------------------------ Portfolio Net Assets at
Value Per Net Investment Gross Net Total Turnover End of Period
 Share Income (Loss) Expenses(4) Expenses(4) Return(2) Rate(3) (000's omitted)
------------------------------------------------------------------------------------------------


 $ 7.64 0.85% 1.32% 1.15% 9.43% 6% $ 35,172
 $ 7.06 1.66% 1.30% 1.15% (6.05)% 28% $ 33,784
 $ 7.69 1.20% 1.32% 1.19% (20.51)% 21% $ 40,157
 $10.19 0.94% 1.30% 1.20% 11.20% 24% $ 72,865
 $ 9.67 1.25% 1.30% 1.20% 15.02% 29% $ 57,288
 $ 8.62 0.63% 1.35% 1.20% 5.45% 25% $ 51,719
 $ 8.27 0.18% 1.60% 1.20% 3.25% 30% $ 11,408


 $ 7.63 0.09% 2.07% 1.90% 9.07% 6% $ 8,215
 $ 7.02 0.91% 2.04% 1.90% (6.73)% 28% $ 8,773
 $ 7.61 0.43% 2.07% 1.94% (21.19)% 21% $ 13,461
 $10.08 0.18% 2.05% 1.95% 10.33% 24% $ 25,029
 $ 9.58 0.48% 2.05% 1.95% 14.20% 29% $ 26,082
 $ 8.56 (0.11)% 2.10% 1.95% 4.70% 25% $ 24,296
 $ 8.26 (0.60)% 2.35% 1.95% 3.12% 30% $ 5,790


 $ 7.62 0.10% 2.07% 1.90% 9.01% 6% $ 7,075
 $ 7.02 0.90% 2.04% 1.90% (6.62)% 28% $ 6,852
 $ 7.60 0.44% 2.06% 1.94% (21.21)% 21% $ 9,424
 $10.08 0.19% 2.05% 1.95% 10.34% 24% $ 16,926
 $ 9.58 0.49% 2.05% 1.95% 14.20% 29% $ 15,120
 $ 8.56 (0.12)% 2.10% 1.95% 4.71% 25% $ 13,075
 $ 8.26 (0.58)% 2.35% 1.95% 3.12% 30% $ 2,732


 $ 7.63 1.10% 1.13% 0.95% 9.48% 6% $206,271
 $ 7.06 1.89% 1.11% 0.95% (5.83)% 28% $222,489
 $ 7.70 1.43% 1.13% 0.95% (20.42)% 21% $260,883
 $10.22 1.23% 1.12% 0.95% 11.52% 24% $590,511
 $ 9.69 1.48% 1.12% 0.95% 15.24% 29% $241,435
 $ 8.64 0.83% 1.13% 0.95% 5.74% 25% $201,181
 $ 8.27 0.47% 1.39% 0.95% 3.37% 30% $ 9,627


 $ 7.66 1.34% 0.87% 0.70% 9.66% 6% $ 32,454
 $ 7.09 2.11% 0.85% 0.70% (5.62)% 28% $ 26,582
 $ 7.75 1.68% 0.87% 0.70% (20.10)% 21% $ 27,494
 $10.27 1.45% 0.85% 0.70% 11.69% 24% $ 57,189
 $ 9.74 1.74% 0.85% 0.70% 15.63% 29% $ 70,113
 $ 8.67 1.14% 0.90% 0.70% 6.05% 25% $ 63,303
 $ 8.28 0.91% 1.22% 0.70% 3.37% 30% $ 15,030


64 Wells Fargo Equity Gateway Funds

Financial Highlights

 Beginning Net Realized Distributions
 Net Asset Net and Unrealized from Net Distributions
 Value Per Investment Gain (Loss) Investment from Net
 Share Income (Loss) on Investments Income Realized Gains
------------------------------------------------------------------------------------------------------------------------------------
C&B LARGE CAP VALUE FUND (continued)

Investor Class
October 1, 2009 to March 31, 2010 (Unaudited) ........ $ 7.04 0.03(7) 0.63 (0.08) 0.00
October 1, 2008 to September 30, 2009 ................ $ 7.68 0.09(7) (0.59) (0.14) 0.00(1)
October 1, 2007 to September 30, 2008(6) ............. $10.19 0.11(7) (2.13) (0.09) (0.40)
October 1, 2006 to September 30, 2007(6) ............. $ 9.67 0.10(7) 0.97 (0.11) (0.44)
October 1, 2005 to September 30, 2006(6) ............. $ 8.62 0.11 1.16 (0.04) (0.18)
November 1, 2004(8) to September 30, 2005(6) ......... $ 8.27 0.05(7) 0.40 (0.03) (0.07)
November 1, 2003 to October 31, 2004(6) .............. $ 7.42 0.03 0.85 (0.03) 0.00

Diversified Equity Fund

Class A
October 1, 2009 to March 31, 2010 (Unaudited) ........ $23.41 0.08(7) 2.09 (0.36) 0.00
October 1, 2008 to September 30, 2009 ................ $27.70 0.23(7) (2.30) (0.26) (1.96)
October 1, 2007 to September 30, 2008 ................ $42.92 0.27(7) (9.47) (0.25) (5.77)
October 1, 2006 to September 30, 2007 ................ $40.36 0.23(7) 6.33 (0.21) (3.79)
October 1, 2005 to September 30, 2006 ................ $41.90 0.22(7) 3.31 (0.12) (4.96)
October 1, 2004 to September 30, 2005 ................ $39.91 0.28(7) 5.22 (0.32) (3.19)

Class B
October 1, 2009 to March 31, 2010 (Unaudited) ........ $21.96 (0.01)(7) 1.96 (0.17) 0.00
October 1, 2008 to September 30, 2009 ................ $26.00 0.08(7) (2.16) 0.00 (1.96)
October 1, 2007 to September 30, 2008 ................ $40.68 0.01(7) (8.92) 0.00 (5.77)
October 1, 2006 to September 30, 2007 ................ $38.53 (0.08)(7) 6.02 0.00 (3.79)
October 1, 2005 to September 30, 2006 ................ $40.38 (0.07)(7) 3.18 0.00 (4.96)
October 1, 2004 to September 30, 2005 ................ $38.55 (0.01)(7) 5.03 0.00 (3.19)

Class C
October 1, 2009 to March 31, 2010 (Unaudited) ........ $22.43 (0.01)(7) 2.00 (0.21) 0.00
October 1, 2008 to September 30, 2009 ................ $26.53 0.08(7) (2.20) (0.02) (1.96)
October 1, 2007 to September 30, 2008 ................ $41.38 0.02(7) (9.10) 0.00 (5.77)
October 1, 2006 to September 30, 2007 ................ $39.13 (0.07)(7) 6.11 0.00 (3.79)
October 1, 2005 to September 30, 2006 ................ $40.94 (0.07)(7) 3.22 0.00 (4.96)
October 1, 2004 to September 30, 2005 ................ $39.04 (0.02)(7) 5.11 0.00 (3.19)

Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) ........ $23.47 0.08(7) 2.12 (0.39) 0.00
October 1, 2008 to September 30, 2009 ................ $27.79 0.28(7) (2.32) (0.32) (1.96)
October 1, 2007 to September 30, 2008 ................ $43.03 0.36(7) (9.49) (0.34) (5.77)
October 1, 2006 to September 30, 2007 ................ $40.46 0.33(7) 6.33 (0.30) (3.79)
October 1, 2005 to September 30, 2006 ................ $41.98 0.32(7) 3.33 (0.21) (4.96)
October 1, 2004 to September 30, 2005 ................ $39.96 0.39(7) 5.22 (0.40) (3.19)

Diversified Small Cap Fund

Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) ........ $ 9.67 (0.00)(1,7) 1.18 (0.10) 0.00
October 1, 2008 to September 30, 2009 ................ $10.40 0.03(7) (0.76) 0.00(1) 0.00
October 1, 2007 to September 30, 2008 ................ $14.89 0.01 (2.85) 0.00 (1.62)
October 1, 2006 to September 30, 2007 ................ $14.66 (0.03) 1.96 0.00 (1.70)
October 1, 2005 to September 30, 2006 ................ $14.97 (0.02) 1.01 0.00 (1.30)
October 1, 2004 to September 30, 2005 ................ $13.41 (0.02) 2.63 0.00 (1.05)

Emerging Growth Fund

Class A
October 1, 2009 to March 31, 2010 (Unaudited) ........ $ 7.93 (0.05)(7) 1.21 0.00 0.00
October 1, 2008 to September 30, 2009 ................ $ 8.51 (0.07)(7) (0.51) 0.00 0.00
March 31, 2008(9) to September 30, 2008 .............. $ 9.43 (0.05) (0.87) 0.00 0.00

Class C
October 1, 2009 to March 31, 2010 (Unaudited) ........ $ 7.85 (0.08)(7) 1.19 0.00 0.00
October 1, 2008 to September 30, 2009 ................ $ 8.48 (0.12)(7) (0.51) 0.00 0.00
March 31, 2008(9) to September 30, 2008 .............. $ 9.43 (0.09) (0.86) 0.00 0.00

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


Wells Fargo Equity Gateway Funds 65

Financial Highlights

 Ending Ratio to Average Net Assets (Annualized)
Return Net Asset ------------------------------------------ Portfolio Net Assets at
 of Value Per Net Investment Gross Net Total Turnover End of Period
Capital Share Income (Loss) Expenses(4) Expenses(4) Return(2) Rate(3) (000's omitted)
----------------------------------------------------------------------------------------------------------



 0.00 $ 7.62 0.76% 1.42% 1.20% 9.45% 6% $ 201,641
 0.00 $ 7.04 1.62% 1.40% 1.20% (6.06)% 28% $ 199,654
 0.00 $ 7.68 1.20% 1.35% 1.20% (20.59)% 21% $ 153,917
 0.00 $10.19 0.95% 1.30% 1.20% 11.20% 24% $ 222,142
 0.00 $ 9.67 1.22% 1.30% 1.20% 15.01% 29% $ 163,397
 0.00 $ 8.62 0.67% 1.35% 1.20% 5.44% 25% $ 163,464
 0.00 $ 8.27 0.40% 1.30% 1.16% 11.88% 30% $ 50,790



 0.00 $25.22 0.69% 1.48% 1.24% 9.34% 20% $ 85,120
 0.00 $23.41 1.16% 1.43% 1.25% (5.33)% 48% $ 85,504
 0.00 $27.70 0.81% 1.42% 1.25% (24.44)% 37% $ 90,444
 0.00 $42.92 0.57% 1.43% 1.25% 17.16% 36% $ 131,810
 0.00 $40.36 0.57% 1.42% 1.25% 9.02% 35% $ 119,122
 0.00 $41.90 0.69% 1.41% 1.25% 14.27% 42% $ 118,140


 0.00 $23.74 (0.06)% 2.23% 1.99% 8.94% 20% $ 9,265
 0.00 $21.96 0.43% 2.18% 1.99% (6.03)% 48% $ 10,839
 0.00 $26.00 0.03% 2.17% 2.00% (25.01)% 37% $ 19,054
 0.00 $40.68 (0.19)% 2.18% 2.00% 16.24% 36% $ 41,273
 0.00 $38.53 (0.19)% 2.17% 2.00% 8.21% 35% $ 51,171
 0.00 $40.38 (0.03)% 2.16% 2.00% 13.44% 42% $ 65,245


 0.00 $24.21 (0.06)% 2.23% 1.99% 8.90% 20% $ 2,995
 0.00 $22.43 0.41% 2.17% 2.00% (6.02)% 48% $ 2,958
 0.00 $26.53 0.05% 2.15% 2.00% (25.00)% 37% $ 3,491
 0.00 $41.38 (0.18)% 2.18% 2.00% 16.25% 36% $ 6,504
 0.00 $39.13 (0.19)% 2.17% 2.00% 8.20% 35% $ 6,451
 0.00 $40.94 (0.04)% 2.16% 2.00% 13.45% 42% $ 7,170


 0.00 $25.28 0.68% 1.29% 0.99% 9.47% 20% $ 330,399
 0.00 $23.47 1.41% 1.25% 1.00% (5.09)% 48% $ 596,298
 0.00 $27.79 1.05% 1.24% 1.00% (24.24)% 37% $ 678,818
 0.00 $43.03 0.81% 1.25% 1.00% 17.41% 36% $1,084,181
 0.00 $40.46 0.82% 1.24% 1.00% 9.30% 35% $1,145,044
 0.00 $41.98 0.96% 1.15% 1.00% 14.57% 42% $1,180,748



 0.00 $10.75 (0.05)% 1.41% 1.00% 12.32% 31% $ 126,292
 0.00 $ 9.67 0.36% 1.32% 1.00% (7.00)% 61% $ 515,569
(0.03) $10.40 0.06% 1.30% 1.14% (20.61)% 56% $ 569,169
 0.00 $14.89 (0.21)% 1.36% 1.20% 13.75% 67% $ 757,352
 0.00 $14.66 (0.14)% 1.31% 1.20% 6.93% 63% $ 679,774
 0.00 $14.97 (0.17)% 1.26% 1.19% 20.09% 75% $ 564,318



 0.00 $ 9.09 (1.11)% 4.91% 1.45% 14.63% 52% $ 93
 0.00 $ 7.93 (1.09)% 8.23% 1.45% (6.82)% 147% $ 44
 0.00 $ 8.51 (1.05)% 4.16% 1.45% (9.76)% 191% $ 14


 0.00 $ 8.96 (1.88)% 5.84% 2.20% 14.01% 52% $ 11
 0.00 $ 7.85 (1.84)% 7.93% 2.20% (7.43)% 147% $ 8
 0.00 $ 8.48 (1.82)% 4.85% 2.20% (10.07)% 191% $ 9


66 Wells Fargo Equity Gateway Funds

Financial Highlights

 Beginning Net Realized Distributions
 Net Asset Net and Unrealized from Net Distributions
 Value Per Investment Gain (Loss) Investment from Net
 Share Income (Loss) on Investments Income Realized Gains
------------------------------------------------------------------------------------------------------------------------------------
EMERGING GROWTH FUND (continued)

Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) ........ $ 8.08 (0.03)(7) 1.09 0.00 0.00
October 1, 2008 to September 30, 2009 ................ $ 8.53 (0.05)(7) (0.40) 0.00 0.00
October 1, 2007 to September 30, 2008 ................ $12.40 (0.07) (3.70) 0.00 (0.06)
January 31, 2007(9) to September 30, 2007 ............ $10.00 (0.06) 2.46 0.00 0.00

Institutional Class
October 1, 2009 to March 31, 2010 (Unaudited) ........ $ 8.00 (0.03)(7) 1.21 0.00 0.00
October 1, 2008 to September 30, 2009 ................ $ 8.53 (0.04)(7) (0.49) 0.00 0.00
March 31, 2008(9) to September 30, 2008 .............. $ 9.43 (0.03) (0.87) 0.00 0.00

Investor Class
October 1, 2009 to March 31, 2010 (Unaudited) ........ $ 7.91 (0.05)(7) 1.20 0.00 0.00
October 1, 2008 to September 30, 2009 ................ $ 8.49 (0.07)(7) (0.51) 0.00 0.00
October 1, 2007 to September 30, 2008 ................ $12.38 (0.13) (3.66) 0.00 (0.06)
January 31, 2007(9) to September 30, 2007 ............ $10.00 (0.05) 2.43 0.00 0.00

EQUITY INCOME FUND

Class A
October 1, 2009 to March 31, 2010 (Unaudited) ........ $12.30 0.09(7) 1.08 (0.09) (0.02)
October 1, 2008 to September 30, 2009 ................ $16.21 0.25(7) (2.20) (0.25) (1.71)
October 1, 2007 to September 30, 2008 ................ $31.80 0.34(7) (5.78) (0.31) (9.84)
October 1, 2006 to September 30, 2007 ................ $32.01 0.43(7) 4.15 (0.51) (4.28)
October 1, 2005 to September 30, 2006 ................ $36.21 0.44 2.85 (0.46) (7.03)
October 1, 2004 to September 30, 2005 ................ $34.49 0.52 3.74 (0.52) (2.02)

Class B
October 1, 2009 to March 31, 2010 (Unaudited) ........ $12.32 0.06(7) 1.06 (0.04) (0.02)
October 1, 2008 to September 30, 2009 ................ $16.23 0.18(7) (2.22) (0.16) (1.71)
October 1, 2007 to September 30, 2008 ................ $31.77 0.19(7) (5.78) (0.11) (9.84)
October 1, 2006 to September 30, 2007 ................ $32.03 0.20(7) 4.14 (0.32) (4.28)
October 1, 2005 to September 30, 2006 ................ $36.23 0.22 2.82 (0.21) (7.03)
October 1, 2004 to September 30, 2005 ................ $34.49 0.25 3.74 (0.23) (2.02)

Class C
October 1, 2009 to March 31, 2010 (Unaudited) ........ $13.41 0.05(7) 1.18 (0.04) (0.02)
October 1, 2008 to September 30, 2009 ................ $17.45 0.19(7) (2.36) (0.16) (1.71)
October 1, 2007 to September 30, 2008 ................ $33.37 0.20(7) (6.18) (0.10) (9.84)
October 1, 2006 to September 30, 2007 ................ $33.43 0.21(7) 4.33 (0.32) (4.28)
October 1, 2005 to September 30, 2006 ................ $37.49 0.23 2.94 (0.20) (7.03)
October 1, 2004 to September 30, 2005 ................ $35.61 0.27 3.86 (0.23) (2.02)

Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) ........ $12.28 0.10(7) 1.09 (0.11) (0.02)
October 1, 2008 to September 30, 2009 ................ $16.19 0.29(7) (2.21) (0.28) (1.71)
October 1, 2007 to September 30, 2008 ................ $31.77 0.41(7) (5.78) (0.37) (9.84)
October 1, 2006 to September 30, 2007 ................ $31.96 0.51(7) 4.14 (0.56) (4.28)
October 1, 2005 to September 30, 2006 ................ $36.17 0.53 2.82 (0.53) (7.03)
October 1, 2004 to September 30, 2005 ................ $34.45 0.62 3.73 (0.61) (2.02)

EQUITY VALUE FUND

Class A
October 1, 2009 to March 31, 2010 (Unaudited) ........ $10.76 0.02(7) 1.31 (0.10) 0.00
October 1, 2008 to September 30, 2009 ................ $11.79 0.12(7) (1.03) (0.12) 0.00(1)
October 1, 2007 to September 30, 2008 ................ $17.53 0.17(7) (4.62) (0.12) (1.17)
October 1, 2006 to September 30, 2007 ................ $15.12 0.12(7) 2.77 (0.10) (0.38)
October 1, 2005 to September 30, 2006 ................ $13.82 0.09 1.32 (0.08) (0.03)
October 1, 2004 to September 30, 2005 ................ $11.48 0.10(7) 2.31 (0.07) 0.00

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


Wells Fargo Equity Gateway Funds 67

Financial Highlights

 Ending Ratio to Average Net Assets (Annualized)
Return Net Asset ------------------------------------------ Portfolio Net Assets at
 of Value Per Net Investment Gross Net Total Turnover End of Period
Capital Share Income (Loss) Expenses(4) Expenses(4) Return(2) Rate(3) (000's omitted)
----------------------------------------------------------------------------------------------------------


 0.00 $ 9.14 (0.60)% 4.82% 1.20% 14.68% 52% $ 19
 0.00 $ 8.08 (0.79)% 6.89% 1.20% (5.28)% 147% $ 17
(0.04) $ 8.53 (0.76)% 3.87% 1.20% (30.63)% 191% $ 59
 0.00 $12.40 (0.80)% 10.20% 1.20% 24.00% 125% $ 18

 0.00 $ 9.18 (0.66)% 4.64% 0.96% 14.89% 52% $ 10
 0.00 $ 8.00 (0.58)% 6.74% 0.95% (6.33)% 147% $ 8
 0.00 $ 8.53 (0.56)% 3.64% 0.95% (9.54)% 191% $ 9

 0.00 $ 9.06 (1.19)% 5.16% 1.49% 14.54% 52% $ 3,463
 0.00 $ 7.91 (1.11)% 7.23% 1.49% (6.83)% 147% $ 2,862
(0.04) $ 8.49 (1.05)% 3.92% 1.49% (30.84)% 191% $ 3,665
 0.00 $12.38 (1.12)% 5.86% 1.49% 23.80% 125% $ 3,242


 0.00 $13.36 1.43% 1.44% 1.10% 9.57% 2% $ 87,413
 0.00 $12.30 2.28% 1.36% 1.10% (10.07)% 11% $ 84,664
 0.00 $16.21 1.65% 1.23% 1.10% (23.58)% 8% $112,416
 0.00 $31.80 1.38% 1.22% 1.10% 15.36% 16% $172,385
 0.00 $32.01 1.43% 1.31% 1.10% 10.73% 7% $172,361
 0.00 $36.21 1.49% 1.22% 1.10% 12.74% 20% $185,533

 0.00 $13.38 0.96% 2.18% 1.85% 9.11% 2% $ 3,011
 0.00 $12.32 1.60% 2.10% 1.85% (10.78)% 11% $ 4,140
 0.00 $16.23 0.89% 1.98% 1.85% (24.15)% 8% $ 8,713
 0.00 $31.77 0.64% 1.97% 1.85% 14.49% 16% $ 23,822
 0.00 $32.03 0.69% 2.06% 1.85% 9.88% 7% $ 39,233
 0.00 $36.23 0.76% 1.97% 1.85% 11.91% 20% $ 59,606

 0.00 $14.58 0.72% 2.19% 1.85% 9.19% 2% $ 2,027
 0.00 $13.41 1.54% 2.09% 1.84% (10.78)% 11% $ 1,858
 0.00 $17.45 0.89% 1.95% 1.85% (24.14)% 8% $ 2,475
 0.00 $33.37 0.64% 1.97% 1.85% 14.48% 16% $ 4,579
 0.00 $33.43 0.69% 2.06% 1.85% 9.90% 7% $ 4,903
 0.00 $37.49 0.77% 1.97% 1.85% 11.90% 20% $ 6,937

 0.00 $13.34 1.52% 1.26% 0.85% 9.71% 2% $ 35,545
 0.00 $12.28 2.58% 1.17% 0.85% (9.86)% 11% $ 35,535
 0.00 $16.19 1.89% 1.05% 0.85% (23.36)% 8% $ 62,713
 0.00 $31.77 1.64% 1.04% 0.85% 15.65% 16% $209,112
 0.00 $31.96 1.70% 1.13% 0.85% 10.98% 7% $530,585
 0.00 $36.17 1.75% 0.96% 0.85% 13.04% 20% $756,225


 0.00 $11.99 0.36% 1.33% 1.25% 12.54% 66% $ 4,916
 0.00 $10.76 1.28% 1.37% 1.25% (7.48)% 142% $ 4,408
 0.00 $11.79 1.14% 1.36% 1.25% (27.24)% 152% $ 4,868
 0.00 $17.53 0.73% 1.35% 1.25% 19.50% 108% $ 5,714
 0.00 $15.12 0.71% 1.52% 1.25% 10.23% 107% $ 4,537
 0.00 $13.82 0.80% 2.48% 1.25% 21.06% 145% $ 3,796


68 Wells Fargo Equity Gateway Funds

Financial Highlights

 Beginning Net Realized Distributions
 Net Asset Net and Unrealized from Net Distributions
 Value Per Investment Gain (Loss) Investment from Net
 Share Income (Loss) on Investments Income Realized Gains
------------------------------------------------------------------------------------------------------------------------------------
EQUITY VALUE FUND (continued)

Class B
October 1, 2009 to March 31, 2010 (Unaudited) ........ $10.67 (0.02)(7) 1.32 0.00 0.00
October 1, 2008 to September 30, 2009 ................ $11.63 0.06(7) (1.02) 0.00 0.00(1)
October 1, 2007 to September 30, 2008 ................ $17.31 0.06(7) (4.57) 0.00 (1.17)
October 1, 2006 to September 30, 2007 ................ $14.95 0.00(7) 2.74 0.00 (0.38)
October 1, 2005 to September 30, 2006 ................ $13.69 0.00 1.29 0.00 (0.03)
October 1, 2004 to September 30, 2005 ................ $11.40 0.01(7) 2.28 0.00 0.00

Class C
October 1, 2009 to March 31, 2010 (Unaudited) ........ $10.63 (0.02)(7) 1.29 (0.02) 0.00
October 1, 2008 to September 30, 2009 ................ $11.61 0.06(7) (1.02) (0.02) 0.00(1)
October 1, 2007 to September 30, 2008 ................ $17.29 0.05(7) (4.56) 0.00 (1.17)
October 1, 2006 to September 30, 2007 ................ $14.95 0.00(7) 2.74 (0.02) (0.38)
October 1, 2005 to September 30, 2006 ................ $13.69 (0.01) 1.30 0.00 (0.03)
October 1, 2004 to September 30, 2005 ................ $11.40 0.01(7) 2.29 (0.01) 0.00

Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) ........ $10.94 0.03(7) 1.35 (0.12) 0.00
October 1, 2008 to September 30, 2009 ................ $12.01 0.15(7) (1.06) (0.16) 0.00(1)
October 1, 2007 to September 30, 2008 ................ $17.82 0.20(7) (4.70) (0.14) (1.17)
October 1, 2006 to September 30, 2007 ................ $15.36 0.16(7) 2.82 (0.14) (0.38)
October 1, 2005 to September 30, 2006 ................ $13.96 0.14 1.33 (0.04) (0.03)
October 1, 2004 to September 30, 2005 ................ $11.51 0.08(7) 2.38 (0.01) 0.00

Institutional Class
October 1, 2009 to March 31, 2010 (Unaudited) ........ $10.95 0.05(7) 1.34 (0.15) 0.00
October 1, 2008 to September 30, 2009 ................ $12.03 0.17(7) (1.06) (0.19) 0.00(1)
October 1, 2007 to September 30, 2008 ................ $17.84 0.24(7) (4.70) (0.18) (1.17)
October 1, 2006 to September 30, 2007 ................ $15.36 0.19(7) 2.82 (0.15) (0.38)
August 31, 2006(9) to September 30, 2006 ............. $15.17 0.01 0.18 0.00 0.00

GROWTH EQUITY FUND

Class A
October 1, 2009 to March 31, 2010 (Unaudited) ........ $10.32 (0.00)(1,7) 0.83 (0.04) 0.00(1)
October 1, 2008 to September 30, 2009 ................ $18.14 0.04(7) (2.38) (0.05) (5.43)
October 1, 2007 to September 30, 2008 ................ $29.88 0.06(7) (6.35) (0.05) (5.40)
October 1, 2006 to September 30, 2007 ................ $28.42 0.01(7) 4.78 0.00 (3.33)
October 1, 2005 to September 30, 2006 ................ $30.80 0.01(7) 2.24 0.00 (4.63)
October 1, 2004 to September 30, 2005 ................ $27.70 0.04(7) 4.63 0.00 (1.57)

Class B
October 1, 2009 to March 31, 2010 (Unaudited) ........ $ 7.54 (0.02)(7) 0.60 0.00 0.00(1)
October 1, 2008 to September 30, 2009 ................ $15.29 (0.02)(7) (2.30) 0.00 (5.43)
October 1, 2007 to September 30, 2008 ................ $26.18 (0.10)(7) (5.39) 0.00 (5.40)
October 1, 2006 to September 30, 2007 ................ $25.45 (0.18)(7) 4.24 0.00 (3.33)
October 1, 2005 to September 30, 2006 ................ $28.23 (0.19)(7) 2.04 0.00 (4.63)
October 1, 2004 to September 30, 2005 ................ $25.69 (0.16)(7) 4.27 0.00 (1.57)

Class C
October 1, 2009 to March 31, 2010 (Unaudited) ........ $ 8.53 (0.03)(7) 0.68 0.00 0.00(1)
October 1, 2008 to September 30, 2009 ................ $16.31 (0.02)(7) (2.33) 0.00 (5.43)
October 1, 2007 to September 30, 2008 ................ $27.55 (0.10)(7) (5.74) 0.00 (5.40)
October 1, 2006 to September 30, 2007 ................ $26.63 (0.19)(7) 4.44 0.00 (3.33)
October 1, 2005 to September 30, 2006 ................ $29.32 (0.19)(7) 2.13 0.00 (4.63)
October 1, 2004 to September 30, 2005 ................ $26.61 (0.17)(7) 4.45 0.00 (1.57)

Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) ........ $10.70 (0.00)(1,7) 0.88 (0.07) 0.00(1)
October 1, 2008 to September 30, 2009 ................ $18.54 0.07(7) (2.41) (0.07) (5.43)
October 1, 2007 to September 30, 2008 ................ $30.40 0.11(7) (6.46) (0.11) (5.40)
October 1, 2006 to September 30, 2007 ................ $28.84 0.07(7) 4.86 (0.04) (3.33)
October 1, 2005 to September 30, 2006 ................ $31.17 0.07(7) 2.29 (0.06) (4.63)
October 1, 2004 to September 30, 2005 ................ $27.97 0.12(7) 4.68 (0.03) (1.57)

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


Wells Fargo Equity Gateway Funds 69

Financial Highlights

 Ending Ratio to Average Net Assets (Annualized)
Net Asset ------------------------------------------ Portfolio Net Assets at
Value Per Net Investment Gross Net Total Turnover End of Period
 Share Income (Loss) Expenses(4) Expenses(4) Return(2) Rate(3) (000's omitted)
------------------------------------------------------------------------------------------------


 $11.97 (0.39)% 2.09% 2.00% 12.18% 66% $ 637
 $10.67 0.66% 2.13% 2.00% (8.25)% 142% $ 724
 $11.63 0.39% 2.11% 2.00% (27.77)% 152% $ 1,502
 $17.31 (0.01)% 2.10% 2.00% 18.61% 108% $ 3,077
 $14.95 (0.04)% 2.27% 2.00% 9.43% 107% $ 2,682
 $13.69 0.07% 3.25% 2.00% 20.09% 145% $ 2,245


 $11.88 (0.40)% 2.09% 2.00% 11.96% 66% $ 777
 $10.63 0.63% 2.13% 2.00% (8.18)% 142% $ 647
 $11.61 0.38% 2.10% 2.00% (27.80)% 152% $ 997
 $17.29 (0.01)% 2.10% 2.00% 18.60% 108% $ 974
 $14.95 (0.03)% 2.27% 2.00% 9.43% 107% $ 417
 $13.69 0.06% 3.26% 2.00% 20.20% 145% $ 430


 $12.20 0.61% 1.14% 1.00% 12.72% 66% $164,812
 $10.94 1.58% 1.19% 1.00% (7.24)% 142% $156,382
 $12.01 1.37% 1.16% 1.00% (27.05)% 152% $183,379
 $17.82 0.98% 1.17% 1.00% 19.80% 108% $ 85,370
 $15.36 0.96% 1.34% 1.00% 10.60% 107% $ 71,801
 $13.96 0.67% 2.04% 1.00% 21.40% 145% $ 63,194


 $12.19 0.86% 0.89% 0.75% 12.99% 66% $ 74,275
 $10.95 1.82% 0.93% 0.75% (7.13)% 142% $ 60,014
 $12.03 1.63% 0.91% 0.75% (26.84)% 152% $ 64,824
 $17.84 1.13% 0.90% 0.75% 20.01% 108% $ 62,639
 $15.36 0.82% 0.97% 0.65% 1.25% 107% $ 10



 $11.11 (0.05)% 1.71% 1.48% 8.10% 23% $ 17,070
 $10.32 0.49% 1.66% 1.50% (2.74)% 58% $ 16,635
 $18.14 0.27% 1.62% 1.50% (24.89)% 38% $ 20,281
 $29.88 0.05% 1.60% 1.50% 17.92% 42% $ 34,409
 $28.42 0.02% 1.57% 1.49% 7.80% 39% $ 26,448
 $30.80 0.15% 1.60% 1.50% 17.27% 50% $ 22,769


 $ 8.12 (0.65)% 2.46% 2.23% 7.72% 23% $ 1,376
 $ 7.54 (0.27)% 2.40% 2.25% (3.51)% 58% $ 1,591
 $15.29 (0.52)% 2.37% 2.25% (25.41)% 38% $ 2,886
 $26.18 (0.73)% 2.35% 2.25% 17.06% 42% $ 7,276
 $25.45 (0.75)% 2.32% 2.24% 7.01% 39% $ 7,941
 $28.23 (0.60)% 2.35% 2.25% 16.40% 50% $ 8,811


 $ 9.18 (0.77)% 2.46% 2.23% 7.65% 23% $ 435
 $ 8.53 (0.28)% 2.40% 2.25% (3.43)% 58% $ 485
 $16.31 (0.48)% 2.35% 2.25% (25.42)% 38% $ 697
 $27.55 (0.70)% 2.35% 2.25% 17.01% 42% $ 1,198
 $26.63 (0.71)% 2.33% 2.24% 7.03% 39% $ 989
 $29.32 (0.62)% 2.35% 2.25% 16.47% 50% $ 844


 $11.51 (0.01)% 1.53% 1.23% 8.23% 23% $112,256
 $10.70 0.73% 1.48% 1.25% (2.54)% 58% $120,405
 $18.54 0.48% 1.44% 1.25% (24.68)% 38% $144,688
 $30.40 0.26% 1.42% 1.25% 18.19% 42% $341,631
 $28.84 0.26% 1.40% 1.25% 8.09% 39% $383,616
 $31.17 0.42% 1.34% 1.25% 17.60% 50% $396,865


70 Wells Fargo Equity Gateway Funds

Financial Highlights

 Beginning Net Realized Distributions
 Net Asset Net and Unrealized from Net Distributions
 Value Per Investment Gain (Loss) Investment from Net
 Share Income (Loss) on Investments Income Realized Gains
------------------------------------------------------------------------------------------------------------------------------------
GROWTH EQUITY FUND (continued)

Institutional Class
October 1, 2009 to March 31, 2010 (Unaudited) ....... $ 10.71 0.20(7) 0.69 (0.09) 0.00(1)
October 1, 2008 to September 30, 2009 ............... $ 18.56 0.10(7) (2.41) (0.11) (5.43)
October 1, 2007 to September 30, 2008 ............... $ 30.43 0.11(7) (6.42) (0.16) (5.40)
October 1, 2006 to September 30, 2007 ............... $ 28.86 0.14(7) 4.86 (0.10) (3.33)
October 1, 2005 to September 30, 2006 ............... $ 31.19 0.13(7) 2.29 (0.12) (4.63)
April 11, 2005(9) to September 30, 2005 ............. $ 28.50 0.03(7) 2.66 0.00 0.00

INTERNATIONAL VALUE FUND

Class A
October 1, 2009 to March 31, 2010 (Unaudited) ....... $ 12.67 0.04(7) 0.04 (0.15) 0.00
October 1, 2008 to September 30, 2009 ............... $ 12.66 0.23(7) 0.22 (0.44) 0.00
October 1, 2007 to September 30, 2008 ............... $ 20.21 0.51(7) (7.24) (0.36) (0.46)
October 1, 2006 to September 30, 2007 ............... $ 16.75 0.48(7) 3.07 (0.08) (0.01)
October 1, 2005 to September 30, 2006 ............... $ 14.13 0.35(7) 2.32 0.00 (0.05)
October 1, 2004 to September 30, 2005 ............... $ 11.94 0.11 2.68 (0.23) (0.37)

Class B
October 1, 2009 to March 31, 2010 (Unaudited) ....... $ 12.57 (0.01)(7) 0.06 (0.13) 0.00
October 1, 2008 to September 30, 2009 ............... $ 12.42 0.14(7) 0.25 (0.24) 0.00
October 1, 2007 to September 30, 2008 ............... $ 19.82 0.38(7) (7.11) (0.21) (0.46)
October 1, 2006 to September 30, 2007 ............... $ 16.55 0.27(7) 3.09 (0.08) (0.01)
October 1, 2005 to September 30, 2006 ............... $ 14.09 0.24(7) 2.27 0.00 (0.05)
April 11, 2005(9) to September 30, 2005 ............. $ 13.27 0.05 0.77 0.00 0.00

Class C
October 1, 2009 to March 31, 2010 (Unaudited) ....... $ 12.51 (0.01)(7) 0.05 (0.15) 0.00
October 1, 2008 to September 30, 2009 ............... $ 12.44 0.15(7) 0.23 (0.31) 0.00
October 1, 2007 to September 30, 2008 ............... $ 19.90 0.38(7) (7.13) (0.25) (0.46)
October 1, 2006 to September 30, 2007 ............... $ 16.54 0.30(7) 3.07 0.00 (0.01)
October 1, 2005 to September 30, 2006 ............... $ 14.09 0.21(7) 2.29 0.00 (0.05)
April 11, 2005(9) to September 30, 2005 ............. $ 13.27 0.05 0.77 0.00 0.00

Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) ....... $ 12.68 0.06(7) 0.05 (0.26) 0.00
October 1, 2008 to September 30, 2009 ............... $ 12.69 0.25(7) 0.20 (0.46) 0.00
October 1, 2007 to September 30, 2008 ............... $ 20.23 0.58(7) (7.27) (0.39) (0.46)
October 1, 2006 to September 30, 2007 ............... $ 16.65 0.44(7) 3.15 0.00 (0.01)
October 1, 2005 to September 30, 2006 ............... $ 14.15 0.32(7) 2.34 (0.11) (0.05)
April 11, 2005(9) to September 30, 2005 ............. $ 13.27 0.18 0.70 0.00 0.00

Institutional Class
October 1, 2009 to March 31, 2010 (Unaudited) ....... $ 12.71 0.08(7) 0.03 (0.25) 0.00
October 1, 2008 to September 30, 2009 ............... $ 12.72 0.28(7) 0.20 (0.49) 0.00
October 1, 2007 to September 30, 2008 ............... $ 20.28 0.62(7) (7.31) (0.41) (0.46)
October 1, 2006 to September 30, 2007 ............... $ 16.67 0.46(7) 3.16 0.00 (0.01)
August 31, 2006(9) to September 30, 2006 ............ $ 16.52 0.01(7) 0.14 0.00 0.00

LARGE CAP APPRECIATION FUND

Class A
October 1, 2009 to March 31, 2010 (Unaudited) ....... $ 7.85 0.01(7) 0.85 (0.02) 0.00
October 1, 2008 to September 30, 2009 ............... $ 8.82 0.03(7) (1.00) 0.00 0.00
October 1, 2007 to September 30, 2008 ............... $ 12.75 (0.01)(7) (3.08) 0.00 (0.84)
October 1, 2006 to September 30, 2007 ............... $ 11.31 0.00(7) 2.28 (0.01) (0.83)
October 1, 2005 to September 30, 2006 ............... $ 11.54 0.01(7) 0.38 0.00 (0.62)
October 1, 2004 to September 30, 2005 ............... $ 9.80 0.03(7) 1.87 (0.04) (0.12)

Class B
October 1, 2009 to March 31, 2010 (Unaudited) ....... $ 7.35 (0.02)(7) 0.81 0.00 0.00
October 1, 2008 to September 30, 2009 ............... $ 8.34 (0.02)(7) (0.97) 0.00 0.00
October 1, 2007 to September 30, 2008 ............... $ 12.18 (0.09)(7) (2.91) 0.00 (0.84)
October 1, 2006 to September 30, 2007 ............... $ 10.91 (0.08)(7) 2.18 0.00 (0.83)
October 1, 2005 to September 30, 2006 ............... $ 11.22 (0.07)(7) 0.38 0.00 (0.62)
October 1, 2004 to September 30, 2005 ............... $ 9.57 (0.05)(7) 1.82 0.00 (0.12)

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


Wells Fargo Equity Gateway Funds 71

Financial Highlights

 Ending Ratio to Average Net Assets (Annualized)
 Net Asset ----------------------------------------------- Portfolio Net Assets at
 Value Per Net Investment Gross Net Total Turnover End of Period
 Share Income (Loss) Expenses(4) Expenses(4) Return(2) Rate(3) (000's omitted)
-----------------------------------------------------------------------------------------------------------------------



 $ 11.51 3.72% 1.26% 1.03% 8.36% 23% $ 6,066
 $ 10.71 0.96% 1.19% 1.04% (2.28)% 58% $ 3,971
 $ 18.56 0.40% 1.17% 1.05% (24.53)% 38% $ 23,084
 $ 30.43 0.49% 1.15% 1.05% 18.44% 42% $ 158,895
 $ 28.86 0.46% 1.12% 1.04% 8.30% 39% $ 140,423
 $ 31.19 0.19% 1.12% 1.05% 9.44% 50% $ 131,489




 $ 12.60 0.62% 1.65% 1.43% 0.68% 14% $ 8,345
 $ 12.67 2.28% 1.68% 1.50% 4.82% 41% $ 8,769
 $ 12.66 3.04% 1.74% 1.50% (34.48)% 23% $ 16,903
 $ 20.21 2.45% 1.64% 1.50% 21.20% 19% $ 25,445
 $ 16.75 2.26% 6.14% 1.41% 18.93% 31% $ 1,900
 $ 14.13 2.21% 33.96% 1.50% 24.00% 14% $ 493


 $ 12.49 (0.20)% 2.42% 2.18% 0.41% 14% $ 419
 $ 12.57 1.39% 2.44% 2.25% 3.82% 41% $ 581
 $ 12.42 2.24% 2.49% 2.25% (34.97)% 23% $ 951
 $ 19.82 1.43% 2.40% 2.25% 20.32% 19% $ 2,512
 $ 16.55 1.52% 6.84% 2.19% 17.85% 31% $ 1,110
 $ 14.09 1.66% 20.77% 2.23% 6.18% 14% $ 184


 $ 12.40 (0.12)% 2.42% 2.18% 0.36% 14% $ 705
 $ 12.51 1.56% 2.43% 2.25% 3.90% 41% $ 791
 $ 12.44 2.29% 2.46% 2.25% (34.99)% 23% $ 799
 $ 19.90 1.54% 2.40% 2.25% 20.36% 19% $ 1,305
 $ 16.54 1.38% 6.29% 2.14% 17.78% 31% $ 312
 $ 14.09 1.84% 20.85% 2.23% 6.18% 14% $ 59


 $ 12.53 0.91% 1.49% 1.18% 0.88% 14% $ 243,330
 $ 12.68 2.50% 1.50% 1.25% 4.89% 41% $ 231,537
 $ 12.69 3.50% 1.56% 1.25% (34.30)% 23% $ 206,603
 $ 20.23 2.29% 1.47% 1.25% 21.55% 19% $ 263,305
 $ 16.65 1.94% 1.61% 1.24% 18.98% 31% $ 138,269
 $ 14.15 3.07% 20.19% 1.25% 6.63% 14% $ 207


 $ 12.57 1.29% 1.22% 0.98% 0.93% 14% $ 1,821
 $ 12.71 2.79% 1.23% 1.05% 5.15% 41% $ 1,766
 $ 12.72 3.83% 1.29% 1.05% (34.22)% 23% $ 786
 $ 20.28 2.40% 1.20% 1.05% 21.70% 19% $ 12
 $ 16.67 1.08% 1.24% 0.94% 0.91% 31% $ 10




 $ 8.69 0.21% 1.50% 1.23% 10.95% 48% $ 5,578
 $ 7.85 0.46% 1.53% 1.11% (11.00)% 144% $ 5,686
 $ 8.82 (0.13)% 1.40% 1.23%(5) (26.01)% 151% $ 21,785
 $ 12.75 0.01% 1.37% 1.23%(5) 21.27% 145% $ 34,270
 $ 11.31 0.12% 1.42% 1.25% 3.43% 155% $ 36,400
 $ 11.54 0.27% 1.42% 1.25% 19.52% 133% $ 32,048


 $ 8.14 (0.54)% 2.25% 1.98% 10.75% 48% $ 749
 $ 7.35 (0.29)% 2.28% 1.91% (11.87)% 144% $ 835
 $ 8.34 (0.87)% 2.15% 1.98%(5) (26.51)% 151% $ 1,797
 $ 12.18 (0.73)% 2.12% 1.98%(5) 20.36% 145% $ 3,692
 $ 10.91 (0.63)% 2.17% 2.00% 2.79% 155% $ 3,802
 $ 11.22 (0.51)% 2.17% 2.00% 18.60% 133% $ 2,732


72 Wells Fargo Equity Gateway Funds

Financial Highlights

 Beginning Net Realized Distributions
 Net Asset Net and Unrealized from Net Distributions
 Value Per Investment Gain (Loss) Investment from Net
 Share Income (Loss) on Investments Income Realized Gains
-----------------------------------------------------------------------------------------------------------------------------------
LARGE CAP APPRECIATION FUND (continued)

Class C
October 1, 2009 to March 31, 2010 (Unaudited) .... $ 7.35 (0.02)(7) 0.81 0.00 0.00
October 1, 2008 to September 30, 2009 ............ $ 8.34 (0.02)(7) (0.97) 0.00 0.00
October 1, 2007 to September 30, 2008 ............ $ 12.18 (0.09)(7) (2.91) 0.00 (0.84)
October 1, 2006 to September 30, 2007 ............ $ 10.91 (0.08)(7) 2.18 0.00 (0.83)
October 1, 2005 to September 30, 2006 ............ $ 11.23 (0.07)(7) 0.37 0.00 (0.62)
October 1, 2004 to September 30, 2005 ............ $ 9.58 (0.05)(7) 1.82 0.00 (0.12)

Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) .... $ 7.94 0.02(7) 0.89 (0.03) 0.00
October 1, 2008 to September 30, 2009 ............ $ 8.93 0.04(7) (1.02) (0.01) 0.00
October 1, 2007 to September 30, 2008 ............ $ 12.89 0.01(7) (3.12) (0.01) (0.84)
October 1, 2006 to September 30, 2007 ............ $ 11.42 0.03(7) 2.31 (0.04) (0.83)
October 1, 2005 to September 30, 2006 ............ $ 11.64 0.05(7) 0.37 (0.02) (0.62)
October 1, 2004 to September 30, 2005 ............ $ 9.87 0.06(7) 1.87 (0.04) (0.12)

Institutional Class
October 1, 2009 to March 31, 2010 (Unaudited) .... $ 7.95 0.03(7) 0.85 (0.06) 0.00
October 1, 2008 to September 30, 2009 ............ $ 8.96 0.06(7) (1.03) (0.04) 0.00
October 1, 2007 to September 30, 2008 ............ $ 12.91 0.04(7) (3.11) (0.04) (0.84)
October 1, 2006 to September 30, 2007 ............ $ 11.43 0.06(7) 2.30 (0.05) (0.83)
August 31, 2006(9) to September 30, 2006 ......... $ 11.18 0.01(7) 0.24 0.00 0.00

LARGE COMPANY GROWTH FUND

Class A
October 1, 2009 to March 31, 2010 (Unaudited) .... $ 46.37 0.04(7) 4.42 (0.46) 0.00
October 1, 2008 to September 30, 2009 ............ $ 45.16 0.15(7) 1.14 (0.08) 0.00
October 1, 2007 to September 30, 2008 ............ $ 58.65 (0.02)(7) (13.47) 0.00 0.00
October 1, 2006 to September 30, 2007 ............ $ 50.04 (0.03)(7) 8.64 0.00 0.00
October 1, 2005 to September 30, 2006 ............ $ 49.67 (0.22)(7) 0.66 (0.07) 0.00
October 1, 2004 to September 30, 2005 ............ $ 44.97 0.06(7) 4.64 0.00 0.00

Class B
October 1, 2009 to March 31, 2010 (Unaudited) .... $ 40.62 (0.12)(7) 3.88 0.00 0.00
October 1, 2008 to September 30, 2009 ............ $ 39.76 (0.11)(7) 0.97 0.00 0.00
October 1, 2007 to September 30, 2008 ............ $ 51.98 (0.38)(7) (11.84) 0.00 0.00
October 1, 2006 to September 30, 2007 ............ $ 44.69 (0.40)(7) 7.69 0.00 0.00
October 1, 2005 to September 30, 2006 ............ $ 44.64 (0.54)(7) 0.59 0.00 0.00
October 1, 2004 to September 30, 2005 ............ $ 40.72 (0.23)(7) 4.15 0.00 0.00

Class C
October 1, 2009 to March 31, 2010 (Unaudited) .... $ 40.72 (0.12)(7) 3.88 (0.17) 0.00
October 1, 2008 to September 30, 2009 ............ $ 39.85 (0.11)(7) 0.98 0.00 0.00
October 1, 2007 to September 30, 2008 ............ $ 52.09 (0.37)(7) (11.87) 0.00 0.00
October 1, 2006 to September 30, 2007 ............ $ 44.77 (0.39)(7) 7.71 0.00 0.00
October 1, 2005 to September 30, 2006 ............ $ 44.72 (0.54)(7) 0.59 0.00 0.00
October 1, 2004 to September 30, 2005 ............ $ 40.80 (0.20)(7) 4.12 0.00 0.00

Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) .... $ 44.23 0.09(7) 4.22 (0.17) 0.00
October 1, 2008 to September 30, 2009 ............ $ 43.25 0.23(7) 1.03 (0.28) 0.00
October 1, 2007 to September 30, 2008 ............ $ 56.01 0.10(7) (12.86) 0.00 0.00
October 1, 2006 to September 30, 2007 ............ $ 47.67 0.09(7) 8.25 0.00 0.00
October 1, 2005 to September 30, 2006 ............ $ 47.24 (0.09)(7) 0.63 (0.11) 0.00
October 1, 2004 to September 30, 2005 ............ $ 42.73 0.21(7) 4.37 (0.07) 0.00

Institutional Class
October 1, 2009 to March 31, 2010 (Unaudited) .... $ 44.30 0.07(7) 4.29 (0.84) 0.00
October 1, 2008 to September 30, 2009 ............ $ 43.49 0.31(7) 0.99 (0.49) 0.00
October 1, 2007 to September 30, 2008 ............ $ 56.23 0.20(7) (12.94) 0.00 0.00
October 1, 2006 to September 30, 2007 ............ $ 47.76 0.25(7) 8.22 0.00 0.00
October 1, 2005 to September 30, 2006 ............ $ 47.27 0.00 0.64 (0.15) 0.00
October 1, 2004 to September 30, 2005 ............ $ 42.75 0.24(7) 4.44 (0.16) 0.00

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


Wells Fargo Equity Gateway Funds 73

Financial Highlights

 Ending Ratio to Average Net Assets (Annualized)
Net Asset ---------------------------------------------------- Portfolio Net Assets at
Value Per Net Investment Gross Net Total Turnover End of Period
 Share Income (Loss) Expenses(4) Expenses(4) Return(2) Rate(3) (000's omitted)
------------------------------------------------------------------------------------------------------------------------



$ 8.14 (0.54)% 2.25% 1.98% 10.75% 48% $ 360
$ 7.35 (0.34)% 2.29% 1.94% (11.87)% 144% $ 361
$ 8.34 (0.87)% 2.13% 1.98%(5) (26.51)% 151% $ 500
$ 12.18 (0.74)% 2.12% 1.98%(5) 20.36% 145% $ 791
$ 10.91 (0.63)% 2.17% 2.00% 2.69% 155% $ 879
$ 11.23 (0.44)% 2.17% 2.00% 18.58% 133% $ 771


$ 8.82 0.37% 1.27% 1.00% 11.54% 48% $ 31,552
$ 7.94 0.62% 1.33% 0.97% (10.89)% 144% $ 42,148
$ 8.93 0.09% 1.18% 1.00% (25.87)% 151% $ 66,176
$ 12.89 0.25% 1.19% 1.00% 21.64% 145% $ 52,580
$ 11.42 0.45% 1.24% 1.00% 3.70% 155% $ 50,711
$ 11.64 0.56% 1.16% 1.00% 19.70% 133% $ 18,060


$ 8.77 0.70% 1.03% 0.69% 11.16% 48% $ 9
$ 7.95 0.91% 1.09% 0.70% (10.70)% 144% $ 4,421
$ 8.96 0.40% 0.95% 0.70% (25.60)% 151% $ 6,504
$ 12.91 0.52% 0.90% 0.70% 21.90% 145% $ 9,266
$ 11.43 0.62% 0.91% 0.62% 2.24% 155% $ 10




$ 50.37 0.16% 1.30% 1.20% 9.68% 4% $ 230,311
$ 46.37 0.41% 1.23% 1.18% 2.94% 13% $ 219,750
$ 45.16 (0.03)% 1.27% 1.20% (23.00)% 7% $ 247,981
$ 58.65 (0.05)% 1.31% 1.20% 17.21% 10% $ 456,116
$ 50.04 (0.44)% 1.22% 1.20% 0.87% 6% $ 484,767
$ 49.67 0.12% 1.27% 1.20% 10.45% 18% $ 524,323


$ 44.38 (0.59)% 2.05% 1.94% 9.26% 4% $ 9,465
$ 40.62 (0.33)% 1.99% 1.93% 2.16% 13% $ 11,758
$ 39.76 (0.81)% 2.05% 1.95% (23.51)% 7% $ 22,732
$ 51.98 (0.83)% 2.06% 1.95% 16.31% 10% $ 61,402
$ 44.69 (1.20)% 1.97% 1.95% 0.11% 6% $ 104,320
$ 44.64 (0.53)% 2.02% 1.95% 9.63% 18% $ 187,895


$ 44.31 (0.59)% 2.05% 1.94% 9.27% 4% $ 5,657
$ 40.72 (0.34)% 1.99% 1.93% 2.18% 13% $ 5,230
$ 39.85 (0.80)% 2.05% 1.95% (23.50)% 7% $ 6,319
$ 52.09 (0.81)% 2.06% 1.95% 16.35% 10% $ 12,012
$ 44.77 (1.20)% 1.97% 1.95% 0.11% 6% $ 14,451
$ 44.72 (0.46)% 2.02% 1.95% 9.61% 18% $ 21,211


$ 48.37 0.36% 1.08% 0.93% 9.75% 4% $ 66,196
$ 44.23 0.66% 1.06% 0.94% 3.19% 13% $ 305,097
$ 43.25 0.20% 1.12% 0.95% (22.78)% 7% $ 562,568
$ 56.01 0.18% 1.13% 0.95% 17.50% 10% $ 1,148,716
$ 47.67 (0.20)% 1.04% 0.95% 1.12% 6% $ 1,481,399
$ 47.24 0.46% 1.01% 0.95% 10.73% 18% $ 1,850,677


$ 47.82 0.28% 0.86% 0.71% 9.92% 4% $ 945
$ 44.30 0.85% 0.78% 0.72% 3.44% 13% $ 40,977
$ 43.49 0.40% 0.85% 0.75% (22.66)% 7% $ 46,143
$ 56.23 0.48% 0.86% 0.75% 17.73% 10% $ 194,138
$ 47.76 0.01% 0.77% 0.75% 1.34% 6% $ 109,216
$ 47.27 0.53% 0.82% 0.75% 10.96% 18% $ 104,469


74 Wells Fargo Equity Gateway Funds

Financial Highlights

 Beginning Net Realized Distributions
 Net Asset Net and Unrealized from Net Distributions
 Value Per Investment Gain (Loss) Investment from Net
 Share Income (Loss) on Investments Income Realized Gains
-----------------------------------------------------------------------------------------------------------------------------------
LARGE COMPANY GROWTH FUND (continued)

Investor Class
October 1, 2009 to March 31, 2010 (Unaudited) ..... $ 43.70 0.02(7) 4.17 (0.46) 0.00
October 1, 2008 to September 30, 2009 ............. $ 42.63 0.12(7) 1.06 (0.11) 0.00
October 1, 2007 to September 30, 2008(6) .......... $ 55.40 (0.07)(7) (12.70) 0.00 0.00
October 1, 2006 to September 30, 2007(6) .......... $ 47.35 (0.11)(7) 8.16 0.00 0.00
October 1, 2005 to September 30, 2006(6) .......... $ 47.14 (0.29)(7) 0.63 (0.13) 0.00
April 11, 2005(9) to September 30, 2005(6) ........ $ 42.80 (0.17)(7) 4.51 0.00 0.00

Small Company Growth Fund

Class A
October 1, 2009 to March 31, 2010 (Unaudited) ..... $ 18.56 (0.11)(7) 2.23 0.00 0.00
October 1, 2008 to September 30, 2009 ............. $ 18.38 (0.17)(7) 0.35 0.00 0.00
October 1, 2007 to September 30, 2008 ............. $ 30.20 (0.24)(7) (7.24) 0.00 (4.17)
October 1, 2006 to September 30, 2007 ............. $ 30.50 (0.29)(7) 5.04 0.00 (5.05)
October 1, 2005 to September 30, 2006 ............. $ 30.87 (0.28)(7) 2.22 0.00 (2.31)
October 1, 2004 to September 30, 2005 ............. $ 26.78 (0.29)(7) 4.55 0.00 (0.17)

Class B
October 1, 2009 to March 31, 2010 (Unaudited) ..... $ 17.58 (0.17)(7) 2.12 0.00 0.00
October 1, 2008 to September 30, 2009 ............. $ 17.55 (0.25)(7) 0.28 0.00 0.00
October 1, 2007 to September 30, 2008 ............. $ 29.24 (0.40)(7) (6.95) 0.00 (4.17)
October 1, 2006 to September 30, 2007 ............. $ 29.87 (0.50)(7) 4.92 0.00 (5.05)
October 1, 2005 to September 30, 2006 ............. $ 30.51 (0.48)(7) 2.15 0.00 (2.31)
October 1, 2004 to September 30, 2005 ............. $ 26.66 (0.50)(7) 4.52 0.00 (0.17)

Class C
October 1, 2009 to March 31, 2010 (Unaudited) ..... $ 17.77 (0.17)(7) 2.14 0.00 0.00
October 1, 2008 to September 30, 2009 ............. $ 17.73 (0.26)(7) 0.30 0.00 0.00
October 1, 2007 to September 30, 2008 ............. $ 29.49 (0.39)(7) (7.03) 0.00 (4.17)
October 1, 2006 to September 30, 2007 ............. $ 30.08 (0.50)(7) 4.96 0.00 (5.05)
October 1, 2005 to September 30, 2006 ............. $ 30.69 (0.48)(7) 2.18 0.00 (2.31)
October 1, 2004 to September 30, 2005 ............. $ 26.82 (0.50)(7) 4.54 0.00 (0.17)

Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) ..... $ 18.90 (0.09)(7) 2.30 0.00 0.00
October 1, 2008 to September 30, 2009 ............. $ 18.68 (0.12)(7) 0.34 0.00 0.00
October 1, 2007 to September 30, 2008 ............. $ 30.54 (0.19)(7) (7.33) 0.00 (4.17)
October 1, 2006 to September 30, 2007 ............. $ 30.73 (0.22)(7) 5.08 0.00 (5.05)
October 1, 2005 to September 30, 2006 ............. $ 31.01 (0.18)(7) 2.21 0.00 (2.31)
October 1, 2004 to September 30, 2005 ............. $ 26.83 (0.21)(7) 4.56 0.00 (0.17)

Institutional Class
October 1, 2009 to March 31, 2010 (Unaudited) ..... $ 18.94 (0.07)(7) 2.32 0.00 0.00
October 1, 2008 to September 30, 2009 ............. $ 18.70 (0.08)(7) 0.32 0.00 0.00
March 31, 2008(9) to September 30, 2008 ........... $ 20.18 (0.05)(7) (1.43) 0.00 0.00

SMALL COMPANY VALUE FUND

Class A
October 1, 2009 to March 31, 2010 (Unaudited) ..... $ 9.84 (0.02)(7) 1.54 0.00 0.00
October 1, 2008 to September 30, 2009 ............. $ 10.55 0.04(7) (0.71) (0.04) 0.00
October 1, 2007 to September 30, 2008 ............. $ 15.35 0.05(7) (3.36) 0.00 (1.49)
October 1, 2006 to September 30, 2007 ............. $ 15.55 0.00(7) 0.96 0.00 (1.16)
October 1, 2005 to September 30, 2006 ............. $ 15.95 0.01(7) 0.92 (0.01) (1.32)
October 1, 2004 to September 30, 2005 ............. $ 13.66 0.00 3.17 0.00 (0.88)

Class B
October 1, 2009 to March 31, 2010 (Unaudited) ..... $ 9.20 (0.05)(7) 1.46 0.00 0.00
October 1, 2008 to September 30, 2009 ............. $ 9.89 (0.01)(7) (0.68) 0.00 0.00
October 1, 2007 to September 30, 2008 ............. $ 14.59 (0.04)(7) (3.17) 0.00 (1.49)
October 1, 2006 to September 30, 2007 ............. $ 14.94 (0.12)(7) 0.93 0.00 (1.16)
October 1, 2005 to September 30, 2006 ............. $ 15.48 (0.11)(7) 0.89 0.00 (1.32)
October 1, 2004 to September 30, 2005 ............. $ 13.38 (0.07) 3.05 0.00 (0.88)

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


Wells Fargo Equity Gateway Funds 75

Financial Highlights

 Ending Ratio to Average Net Assets (Annualized)
 Return Net Asset ----------------------------------------------- Portfolio Net Assets at
 of Value Per Net Investment Gross Net Total Turnover End of Period
Capital Share Income (Loss) Expenses(4) Expenses(4) Return(2) Rate(3) (000's omitted)
----------------------------------------------------------------------------------------------------------------------------------



 0.00 $ 47.43 0.09% 1.40% 1.27% 9.63% 4% $ 73,404
 0.00 $ 43.70 0.33% 1.34% 1.25% 2.89% 13% $ 68,534
 0.00 $ 42.63 (0.14)% 1.44% 1.30% (23.05)% 7% $ 69,340
 0.00 $ 55.40 (0.22)% 1.48% 1.37% 17.00% 10% $ 98,973
 0.00 $ 47.35 (0.61)% 1.39% 1.37% 0.71% 6% $ 104,803
 0.00 $ 47.14 (0.77)% 1.43% 1.37% 10.14% 18% $ 124,645




 0.00 $ 20.68 (1.17)% 1.51% 1.45% 11.43% 61% $ 3,199
 0.00 $ 18.56 (1.13)% 1.54% 1.44% 0.92% 169% $ 2,408
 (0.17) $ 18.38 (1.09)% 1.53% 1.45% (27.91)% 150% $ 2,109
 0.00 $ 30.20 (1.00)% 1.52% 1.45% 17.07% 138% $ 3,270
 0.00 $ 30.50 (0.89)% 1.52% 1.45% 6.52% 125% $ 3,208
 0.00 $ 30.87 (1.00)% 1.54% 1.45% 15.95% 142% $ 2,317


 0.00 $ 19.53 (1.92)% 2.26% 2.19% 11.04% 61% $ 302
 0.00 $ 17.58 (1.85)% 2.29% 2.19% 0.17% 169% $ 312
 (0.17) $ 17.55 (1.85)% 2.28% 2.20% (28.45)% 150% $ 344
 0.00 $ 29.24 (1.76)% 2.27% 2.20% 16.22% 138% $ 750
 0.00 $ 29.87 (1.58)% 2.27% 2.20% 5.66% 125% $ 899
 0.00 $ 30.51 (1.75)% 2.29% 2.20% 15.12% 142% $ 554


 0.00 $ 19.74 (1.91)% 2.26% 2.19% 11.09% 61% $ 880
 0.00 $ 17.77 (1.87)% 2.29% 2.19% 0.23% 169% $ 605
 (0.17) $ 17.73 (1.85)% 2.23% 2.20% (28.44)% 150% $ 231
 0.00 $ 29.49 (1.74)% 2.27% 2.20% 16.24% 138% $ 324
 0.00 $ 30.08 (1.58)% 2.27% 2.20% 5.73% 125% $ 213
 0.00 $ 30.69 (1.73)% 2.29% 2.20% 15.10% 142% $ 77


 0.00 $ 21.11 (0.92)% 1.33% 1.20% 11.64% 61% $ 271,657
 0.00 $ 18.90 (0.85)% 1.35% 1.19% 1.18% 169% $ 229,380
 (0.17) $ 18.68 (0.84)% 1.34% 1.20% (27.70)% 150% $ 242,802
 0.00 $ 30.54 (0.75)% 1.34% 1.20% 17.34% 138% $ 487,994
 0.00 $ 30.73 (0.58)% 1.33% 1.20% 6.80% 125% $ 518,506
 0.00 $ 31.01 (0.74)% 1.31% 1.20% 16.26% 142% $ 523,190


 0.00 $ 21.19 (0.67)% 1.08% 0.95% 11.71% 61% $ 228
 0.00 $ 18.94 (0.57)% 1.09% 0.95% 1.39% 169% $ 9
 0.00 $ 18.70 (0.59)% 1.08% 0.95% (7.33)% 150% $ 54,827




 0.00 $ 11.36 (0.30)% 1.66% 1.45% 15.33% 35% $ 25,618
 0.00 $ 9.84 0.55% 1.55% 1.45% (6.14)% 99% $ 20,202
 0.00 $ 10.55 0.42% 1.52% 1.45% (22.58)% 82% $ 34,964
 0.00 $ 15.35 (0.02)% 1.55% 1.45% 5.95% 69% $ 66,379
 0.00 $ 15.55 0.04% 1.44% 1.41% 6.06% 114% $ 81,432
 0.00 $ 15.95 0.10% 1.44% 1.35% 23.97% 70% $ 72,680


 0.00 $ 10.61 (1.07)% 2.41% 2.20% 15.20% 35% $ 2,786
 0.00 $ 9.20 (0.20)% 2.30% 2.20% (6.88)% 99% $ 2,792
 0.00 $ 9.89 (0.33)% 2.31% 2.20% (23.16)% 82% $ 5,086
 0.00 $ 14.59 (0.77)% 2.30% 2.20% 5.15% 69% $ 10,413
 0.00 $ 14.94 (0.71)% 2.18% 2.15% 5.24% 114% $ 13,463
 0.00 $ 15.48 (0.70)% 2.21% 2.12% 23.01% 70% $ 15,802


76 Wells Fargo Equity Gateway Funds

Financial Highlights

 Beginning Net Realized Distributions
 Net Asset Net and Unrealized from Net Distributions
 Value Per Investment Gain (Loss) Investment from Net
 Share Income (Loss) on Investments Income Realized Gains
----------------------------------------------------------------------------------------------------------------------------------
SMALL COMPANY VALUE FUND (continued)

Class C
October 1, 2009 to March 31, 2010 (Unaudited) ... $ 9.20 (0.05)(7) 1.46 0.00 0.00
October 1, 2008 to September 30, 2009 ........... $ 9.89 (0.02)(7) (0.67) 0.00 0.00
October 1, 2007 to September 30, 2008 ........... $ 14.59 (0.04)(7) (3.17) 0.00 (1.49)
October 1, 2006 to September 30, 2007 ........... $ 14.94 (0.12)(7) 0.93 0.00 (1.16)
October 1, 2005 to September 30, 2006 ........... $ 15.48 (0.11)(7) 0.89 0.00 (1.32)
October 1, 2004 to September 30, 2005 ........... $ 13.37 (0.04) 3.03 0.00 (0.88)

Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) ... $ 9.94 (0.01)(7) 1.59 0.00 0.00
October 1, 2008 to September 30, 2009 ........... $ 10.69 0.06(7) (0.74) (0.07) 0.00
October 1, 2007 to September 30, 2008 ........... $ 15.54 0.08(7) (3.39) (0.05) (1.49)
October 1, 2006 to September 30, 2007 ........... $ 15.69 0.04(7) 0.98 (0.01) (1.16)
October 1, 2005 to September 30, 2006 ........... $ 16.08 0.04(7) 0.92 (0.03) (1.32)
October 1, 2004 to September 30, 2005 ........... $ 13.74 0.02 3.20 0.00 (0.88)

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


Wells Fargo Equity Gateway Funds 77

Financial Highlights

 Ending Ratio to Average Net Assets (Annualized)
Net Asset ----------------------------------------------- Portfolio Net Assets at
Value Per Net Investment Gross Net Total Turnover End of Period
 Share Income (Loss) Expenses(4) Expenses(4) Return(2) Rate(3) (000's omitted)
---------------------------------------------------------------------------------------------------------------------



$ 10.61 (1.06)% 2.41% 2.20% 15.20% 35% $ 1,584
$ 9.20 (0.26)% 2.30% 2.20% (6.88)% 99% $ 1,437
$ 9.89 (0.33)% 2.30% 2.20% (23.15)% 82% $ 1,728
$ 14.59 (0.77)% 2.30% 2.20% 5.15% 69% $ 3,754
$ 14.94 (0.71)% 2.18% 2.15% 5.24% 114% $ 4,711
$ 15.48 (0.67)% 2.20% 2.11% 23.11% 70% $ 4,847


$ 11.52 (0.21)% 1.46% 1.20% 15.90% 35% $ 62,644
$ 9.94 0.85% 1.37% 1.20% (6.06)% 99% $ 124,072
$ 10.69 0.71% 1.38% 1.20% (22.33)% 82% $ 252,275
$ 15.54 0.26% 1.37% 1.20% 6.28% 69% $ 327,372
$ 15.69 0.26% 1.27% 1.19% 6.26% 114% $ 272,787
$ 16.08 0.33% 1.22% 1.12% 24.21% 70% $ 140,337


78 Wells Fargo Equity Gateway Funds

Notes to Financial Statements (Unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the "Trust") is an open-end investment management company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). These financial statements report on the following funds: Wells Fargo Advantage C&B Large Cap Value Fund ("C&B Large Cap Value Fund"), Wells Fargo Advantage Diversified Equity Fund ("Diversified Equity Fund"), Wells Fargo Advantage Diversified Small Cap Fund ("Diversified Small Cap Fund"), Wells Fargo Advantage Emerging Growth Fund ("Emerging Growth Fund"), Wells Fargo Advantage Equity Income Fund ("Equity Income Fund"), Wells Fargo Advantage Equity Value Fund ("Equity Value Fund"), Wells Fargo Advantage Growth Equity Fund ("Growth Equity Fund"), Wells Fargo Advantage International Value Fund ("International Value Fund"), Wells Fargo Advantage Large Cap Appreciation Fund ("Large Cap Appreciation Fund"), Wells Fargo Advantage Large Company Growth Fund ("Large Company Growth Fund"), Wells Fargo Advantage Small Company Growth Fund ("Small Company Growth Fund") and Wells Fargo Advantage Small Company Value Fund ("Small Company Value Fund")(each, a "Fund", collectively, the "Funds"). Each Fund is a diversified series of the Trust, a Delaware statutory trust organized on November 8, 1999.

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 investment management company. Each Master Portfolio directly acquires portfolio securities, and a Fund investing in a Master Portfolio acquires an indirect interest in those securities. Each Fund accounts for its investment in the Master Portfolios as partnership investments and records daily its share of the Master Portfolio's income, expense and realized and unrealized gains and losses. The financial statements of Master Portfolios for the six months ended March 31, 2010 are included elsewhere in this report and should be read in conjunction with each Fund's financial statements. As of March 31, 2010, the Funds own the following percentages of the Master Portfolio(s):

 % invested in Master Portfolio(s)
C&B LARGE CAP VALUE FUND 83% C&B Large Cap Value Portfolio

DIVERSIFIED EQUITY FUND 6% C&B Large Cap Value Portfolio
 31% Disciplined Growth Portfolio
 13% Emerging Growth Portfolio
 15% Equity Income Portfolio
 7% Equity Value Portfolio
 5% Index Portfolio
 28% International Core Portfolio
 10% International Growth Portfolio
 28% International Index Portfolio
 5% International Value Portfolio
 16% Large Cap Appreciation Portfolio
 11% Large Company Growth Portfolio
 14% Small Cap Index Portfolio
 3% Small Company Growth Portfolio
 1% Small Company Value Portfolio
 14% Strategic Small Cap Value Portfolio

DIVERSIFIED SMALL CAP FUND 39% Emerging Growth Portfolio
 43% Small Cap Index Portfolio
 8% Small Company Growth Portfolio
 3% Small Company Value Portfolio
 43% Strategic Small Cap Value Portfolio

EMERGING GROWTH FUND 9% Emerging Growth Portfolio

EQUITY INCOME FUND 55% Equity Income Portfolio

EQUITY VALUE FUND 47% Equity Value Portfolio


Wells Fargo Equity Gateway Funds 79

Notes to Financial Statements (Unaudited)

 % invested in Master Portfolio(s)
GROWTH EQUITY FUND 10% Disciplined Growth Portfolio
 15% Emerging Growth Portfolio
 18% International Core Portfolio
 7% International Growth Portfolio
 18% International Index Portfolio
 3% International Value Portfolio
 6% Large Company Growth Portfolio
 16% Small Cap Index Portfolio
 3% Small Company Growth Portfolio
 1% Small Company Value Portfolio
 16% Strategic Small Cap Value Portfolio

INTERNATIONAL VALUE FUND 82% International Value Portfolio

LARGE CAP APPRECIATION FUND 55% Large Cap Appreciation Portfolio

LARGE COMPANY GROWTH FUND 61% Large Company Growth Portfolio

SMALL COMPANY GROWTH FUND 82% Small Company Growth Portfolio

SMALL COMPANY VALUE FUND 56% Small Company Value Portfolio

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 ("GAAP") which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management has considered the circumstances under which the Funds should recognize or make disclosures regarding events or transactions occurring subsequent to the balance sheet date through the date the financial statements are issued. Adjustments or additional disclosures, if any, have been included in these financial statements.

SECURITIES VALUATION

Investments in 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.

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

SECURITY TRANSACTIONS AND INCOME RECOGNITION

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

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

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


80 Wells Fargo Equity Gateway Funds

Notes to Financial Statements (Unaudited)

DISTRIBUTIONS TO SHAREHOLDERS

Net investment income, if any, is declared and distributed to shareholders annually, with the exception of the Equity Income Fund, for which net investment income, if any, is declared and distributed quarterly. Distributions to shareholders from net realized capital gains, if any, are declared and distributed at least annually.

FEDERAL AND OTHER TAXES

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

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

At September 30, 2009, estimated net capital loss carryforwards, which are available to offset future net realized capital gains, were as follows:

 Expiration
 --------------------------------------------------------------------------
 2010 2011 2012 2013 2017
 --------------------------------------------------------------------------
C&B LARGE CAP VALUE FUND $ 0 $ 0 $ 0 $ 0 $ 34,537,147

DIVERSIFIED EQUITY FUND 0 0 0 0 14,512,759

DIVERSIFIED SMALL CAP FUND 0 0 0 0 43,561,868

EMERGING GROWTH FUND 0 0 0 0 1,791,248

EQUITY INCOME FUND 0 0 0 0 1,563,842

EQUITY VALUE FUND 0 0 0 0 47,811,417

INTERNATIONAL VALUE FUND 0 0 0 0 8,318,503

LARGE CAP APPRECIATION FUND 0 0 0 0 13,782,120

LARGE COMPANY GROWTH FUND 26,227,519 45,522,537 46,100,191 10,507,524 14,566,675

SMALL COMPANY GROWTH FUND 0 0 0 0 89,085,896

SMALL COMPANY VALUE FUND 0 0 0 0 51,843,877

At September 30, 2009, current year deferred post-October capital losses, which will be treated as realized for tax purposes on the first day of the succeeding year were:

 Deferred Post-October
 Capital Loss
 ----------------------
C&B LARGE CAP VALUE FUND $ 41,754,353

DIVERSIFIED EQUITY FUND 66,842,530

DIVERSIFIED SMALL CAP FUND 75,562,220

EMERGING GROWTH FUND 768,625

EQUITY INCOME FUND 69,162

EQUITY VALUE FUND 53,879,683

GROWTH EQUITY FUND 10,475,517

INTERNATIONAL VALUE FUND 21,588,220

LARGE CAP APPRECIATION FUND 20,988,855

LARGE COMPANY GROWTH FUND 47,560,671

SMALL COMPANY GROWTH FUND 54,259,669

SMALL COMPANY VALUE FUND 75,607,387


Wells Fargo Equity Gateway Funds 81

Notes to Financial Statements (Unaudited)

CLASS ALLOCATIONS

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

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund's investments. These inputs are summarized into three broad levels as follows:

- Level 1 -- quoted prices in active markets for identical investments

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

- Level 3 -- significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

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

The following is a summary of the inputs used as of March 31, 2010 in valuing the Fund's investments in securities:

 Significant Other Significant
 Quoted Prices Observable Inputs Unobservable Inputs
INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) Total
-----------------------------------------------------------------------------------------------------------------------------------
C&B LARGE CAP VALUE FUND

 Investments in Affiliated Master Portfolio $ 0 $ 490,781,976 $ 0 $ 490,781,976

DIVERSIFIED EQUITY FUND

 Investments in Affiliated Master Portfolios $ 0 $ 429,223,238 $ 0 $ 429,223,238

DIVERSIFIED SMALL CAP FUND

 Investments in Affiliated Master Portfolios $ 0 $ 126,900,214 $ 0 $ 126,900,214

EMERGING GROWTH FUND

 Investments in Affiliated Master Portfolio $ 0 $ 3,532,284 $ 0 $ 3,532,284

EQUITY INCOME FUND

 Investments in Affiliated Master Portfolio $ 0 $ 128,388,123 $ 0 $ 128,388,123

EQUITY VALUE FUND

 Investments in Affiliated Master Portfolio $ 0 $ 245,774,660 $ 0 $ 245,774,660

GROWTH EQUITY FUND

 Investments in Affiliated Master Portfolios $ 0 $ 137,524,447 $ 0 $ 137,524,447

INTERNATIONAL VALUE FUND

 Investments in Affiliated Master Portfolio $ 0 $ 254,110,914 $ 0 $ 254,110,914

LARGE CAP APPRECIATION FUND

 Investments in Affiliated Master Portfolio $ 0 $ 38,285,194 $ 0 $ 38,285,194


82 Wells Fargo Equity Gateway Funds

Notes to Financial Statements (Unaudited)

 Significant Other Significant
 Quoted Prices Observable Inputs Unobservable Inputs
INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) Total
-----------------------------------------------------------------------------------------------------------------------------------
LARGE COMPANY GROWTH FUND

 Investments in Affiliated Master Portfolio $ 0 $ 398,505,024 $ 0 $ 398,505,024

SMALL COMPANY GROWTH FUND

 Investments in Affiliated Master Portfolio $ 0 $ 286,278,540 $ 0 $ 286,278,540

SMALL COMPANY VALUE FUND

 Investments in Affiliated Master Portfolio $ 0 $ 92,493,930 $ 0 $ 92,493,930

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"). 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.

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

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

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

ADMINISTRATION AND TRANSFER AGENT FEES

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

 Administration Fees
 Average Daily (% of Average
 Net Assets Daily Net Assets)
 ------------------------------------------------
Fund level First $5 billion 0.05
 Next $5 billion 0.04
 Over $10 billion 0.03

Class A, Class B, and Class C All asset levels 0.28

Administrator Class All asset levels 0.10

Institutional Class All asset levels 0.08

Investor Class All asset levels 0.38

Funds Management has contractually waived and/or reimbursed advisory and administration fees during the six months ended March 31, 2010 to the extent necessary to maintain certain net operating expense ratios for the Funds. Expenses were waived and/or reimbursed by Funds Management proportionately from all classes, first from advisory fees, and then from any class specific expenses, if applicable.


Wells Fargo Equity Gateway Funds 83

Notes to Financial Statements (Unaudited)

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 each class.

For the six months ended March 31, 2010, Wells Fargo Funds Distributor, LLC received the following amounts in front-end sales charges and contingent deferred sales charges.

 Front-end sales Contingent deferred sales
 charges charges
 ---------------- ----------------------------
 Class A Class B Class C
 ----------------------------------------------------------
C&B LARGE CAP VALUE FUND $ 19,819 $ 6,988 $ 0

DIVERSIFIED EQUITY FUND 28,847 5,639 78

EMERGING GROWTH FUND 2,407 0 0

EQUITY INCOME FUND 10,069 2,871 15

EQUITY VALUE FUND 4,735 998 0

GROWTH EQUITY FUND 4,492 438 0

INTERNATIONAL VALUE FUND 4,586 1,195 18

LARGE CAP APPRECIATION FUND 444 50 0

LARGE COMPANY GROWTH FUND 25,484 5,735 17

SMALL COMPANY GROWTH FUND 7,852 68 178

SMALL COMPANY VALUE FUND 2,322 966 27

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 & Company.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, exclusive of short-term securities (securities with maturities of one year or less at purchase date) for the six months ended March 31, 2010, were as follows:

 Purchases at Cost* Sales Proceeds*
 -------------------------------------------------
C&B LARGE CAP VALUE FUND $ 26,940,968 $ 106,506,826

DIVERSIFIED EQUITY FUND 84,089,932 226,038,983

DIVERSIFIED SMALL CAP FUND 41,115,831 190,800,880

EMERGING GROWTH FUND 2,126,267 7,082,660

EQUITY INCOME FUND 2,594,763 31,399,929

EQUITY VALUE FUND 147,598,187 168,030,415

GROWTH EQUITY FUND 28,715,032 112,591,563

INTERNATIONAL VALUE FUND 31,704,558 41,063,785

LARGE CAP APPRECIATION FUND 20,169,589 38,396,938

LARGE COMPANY GROWTH FUND 15,288,001 261,200,830

SMALL COMPANY GROWTH FUND 163,821,409 241,871,383

SMALL COMPANY VALUE FUND 33,328,382 80,359,458

* 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.


84 Wells Fargo Equity Gateway Funds

Notes to Financial Statements (Unaudited)

6. BANK BORROWINGS

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

During the six months ended March 31, 2010, the Funds had the following borrowing activities:

 Average Weighted
 Borrowings Average
 Outstanding Interest Rate (annualized) Interest Paid
 ------------------------------------------------------------------------------
LARGE COMPANY GROWTH FUND $ 109,110 1.46% $ 1,593

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. REORGANIZATIONS

At a meeting of the Board of Trustees held on January 11, 2010, the Trustees approved a Plan of Reorganization (the "Plan") for each of the specified funds ("Target Funds") listed in the table below. Under each Plan, certain existing Wells Fargo Advantage Funds ("Acquiring Funds") will acquire the assets and assume the liabilities of the Target Fund in exchange for shares of the Acquiring Fund.

 TARGET FUND Acquiring Fund
------------------------------------------------------------------------------------------------------------------------
Equity Income Fund Wells Fargo Advantage Disciplined Value Fund*

Growth Equity Fund Wells Fargo Advantage Diversified Equity Fund

Large Cap Appreciation Fund Wells Fargo Advantage Capital Growth Fund

Large Company Growth Fund Wells Fargo Advantage Premier Large Company Growth Fund*

* This fund will be newly created in order to receive that assets of the Target Fund upon completion of the reorganization.

A Special Meeting of Shareholders of each Target Fund will be held in June 2010 to consider and vote on the Plan. In April 2010 materials for this meeting were mailed to shareholders of record as of March 10, 2010. If approved by the shareholders at this meeting, the reorganizations will take place in July 2010.

9. REDEMPTION IN KIND

On or about June 18, 2010, Equity Income Fund, Large Cap Appreciation Fund and Large Company Growth Fund will redeem in-kind its investment in its Master Portfolio and receive its proportionate interest in the securities held in the Master Portfolio. Upon such redemption and subsequent direct investment in a portfolio of securities, each Fund will incur an investment advisory fee for the direct management of those assets and custodian fees for the securities held.


Wells Fargo Advantage Master Portfolios 85

Portfolio of Investments--March 31, 2010 (Unaudited)

C&B LARGE CAP VALUE PORTFOLIO

SHARES SECURITY NAME VALUE
COMMON STOCKS: 96.17%

APPAREL & ACCESSORY STORES: 1.68%
 124,635 VF CORPORATION $ 9,989,495
 ---------------

BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 1.65%
 13,500 NVR INCORPORATED+ 9,807,750
 ---------------

BUSINESS SERVICES: 7.78%
 307,700 AVERY DENNISON CORPORATION 11,203,357
 185,510 FISERV INCORPORATED+~~ 9,416,488
 109,700 MANPOWER INCORPORATED 6,266,064
 497,400 OMNICOM GROUP INCORPORATED 19,304,094

 46,190,003
 ---------------

CHEMICALS & ALLIED PRODUCTS: 2.52%
 313,500 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 14,944,545
 ---------------

CONGLOMERATES: 1.97%
 644,300 GENERAL ELECTRIC COMPANY 11,726,260
 ---------------

COSMETICS, PERSONAL CARE: 1.48%
 258,900 AVON PRODUCTS INCORPORATED 8,768,943
 ---------------

DEPOSITORY INSTITUTIONS: 7.55%
 713,700 BANK OF AMERICA CORPORATION 12,739,545
 266,400 JPMORGAN CHASE & COMPANY 11,921,400
 446,700 STATE STREET CORPORATION 20,164,038

 44,824,983
 ---------------

EATING & DRINKING PLACES: 4.48%
 291,500 DARDEN RESTAURANTS INCORPORATED 12,983,410
 204,200 MCDONALD'S CORPORATION 13,624,224

 26,607,634
 ---------------

ELECTRIC, GAS & SANITARY SERVICES: 1.96%
 400,500 REPUBLIC SERVICES INCORPORATED 11,622,510
 ---------------

ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 5.34%
 1,625,900 FLEXTRONICS INTERNATIONAL LIMITED+ 12,747,056
 464,300 MOLEX INCORPORATED CLASS A 8,194,895
 393,100 TYCO ELECTRONICS LIMITED 10,802,388

 31,744,339
 ---------------

FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 2.00%
 251,200 ILLINOIS TOOL WORKS INCORPORATED 11,896,832
 ---------------

FOOD & KINDRED PRODUCTS: 2.20%
 194,100 DIAGEO PLC ADR 13,092,045
 ---------------

GENERAL MERCHANDISE STORES: 2.32%
 251,500 KOHL'S CORPORATION+ 13,777,169
 ---------------

HEALTH SERVICES: 1.35%
 223,100 CARDINAL HEALTH INCORPORATED 8,038,293
 ---------------

HOLDING & OTHER INVESTMENT OFFICES: 1.91%
 140,000 BERKSHIRE HATHAWAY INCORPORATED CLASS B+ 11,377,800
 ---------------


86 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

C&B LARGE CAP VALUE PORTFOLIO

SHARES SECURITY NAME VALUE
HOUSEHOLD PRODUCTS, WARE: 4.42%
 223,500 COLGATE-PALMOLIVE COMPANY $ 19,055,610
 155,100 HENKEL AG & COMPANY KGAA ADR~~ 7,181,130

 26,236,740
 ---------------

INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 9.31%
 261,600 DIEBOLD INCORPORATED 8,308,416
 328,500 DOVER CORPORATION 15,357,375
 176,700 EATON CORPORATION 13,388,559
 179,600 LAM RESEARCH CORPORATION+ 6,702,672
 471,800 PITNEY BOWES INCORPORATED 11,535,510

 55,292,532
 ---------------

INSURANCE CARRIERS: 6.05%
 253,900 ALLSTATE CORPORATION 8,203,509
 150,000 AXIS CAPITAL HOLDINGS LIMITED 4,689,000
 172,600 CHUBB CORPORATION 8,949,310
 450,300 WILLIS GROUP HOLDINGS 14,089,887

 35,931,706
 ---------------

MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 3.92%
 66,500 BECTON DICKINSON & COMPANY 5,235,545
 309,600 QUEST DIAGNOSTICS INCORPORATED 18,046,584

 23,282,129
 ---------------

MEDICAL PRODUCTS: 1.27%
 129,800 BAXTER INTERNATIONAL INCORPORATED 7,554,360
 ---------------

MISCELLANEOUS MANUFACTURING INDUSTRIES: 1.27%
 197,000 TYCO INTERNATIONAL LIMITED 7,535,250
 ---------------

MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 2.01%
 185,700 UNITED PARCEL SERVICE INCORPORATED CLASS B 11,960,937
 ---------------

NON-DEPOSITORY CREDIT INSTITUTIONS: 3.39%
 487,900 AMERICAN EXPRESS COMPANY 20,130,754
 ---------------

PERSONAL SERVICES: 0.99%
 208,400 CINTAS CORPORATION 5,853,956
 ---------------

PETROLEUM REFINING & RELATED INDUSTRIES: 5.21%
 140,400 CHEVRON CORPORATION 10,646,532
 302,700 EXXON MOBIL CORPORATION 20,274,846

 30,921,378
 ---------------

PHARMACEUTICALS: 2.91%
 265,000 JOHNSON & JOHNSON 17,278,000
 ---------------

SOFTWARE: 1.97%
 399,750 MICROSOFT CORPORATION 11,700,683
 ---------------

TELECOMMUNICATIONS: 2.56%
 652,900 VODAFONE GROUP PLC ADR 15,206,041
 ---------------

TRAVEL & RECREATION: 2.64%
 403,000 CARNIVAL CORPORATION 15,668,640
 ---------------


Wells Fargo Advantage Master Portfolios 87

Portfolio of Investments--March 31, 2010 (Unaudited)

C&B LARGE CAP VALUE PORTFOLIO

SHARES SECURITY NAME VALUE
WHOLESALE TRADE-DURABLE GOODS: 2.06%
 194,800 KIMBERLY-CLARK CORPORATION $ 12,249,024
 ---------------

TOTAL COMMON STOCKS (COST $ 559,014,031) 571,210,731
 ---------------

 DIVIDEND YIELD
PREFERRED STOCKS: 1.96%
 217,500 HENKEL AG & COMPANY KGAA ADR (HOUSEHOLD PRODUCTS, WARES) 1.50% 11,636,250

TOTAL PREFERRED STOCKS (COST $ 9,772,032) 11,636,250
 ---------------

 PRINCIPAL INTEREST RATE MATURITY DATE

COLLATERAL FOR SECURITIES LENDING: 1.26%

COLLATERAL INVESTED IN OTHER ASSETS: 1.26%
$ 267,136 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
 COLLATERALIZED BY MORTGAGE-BACKED SECURITIES
 (MATURITY VALUE $ 267,136) 0.01 04/01/2010 267,136
 79,993 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 79,993
 109,990 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 109,990
 2,203,842 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $ 2,203,843) 0.02 04/01/2010 2,203,842
 52,945 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 52,945
 159,986 COOK COUNTY IL+/-ss 0.25 11/01/2030 159,986
 200,342 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $ 200,342) 0.03 04/01/2010 200,342
 307,572 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $ 307,572) 0.01 04/01/2010 307,572
 1,933,197 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 794,544
 32,997 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 32,997
 99,991 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 99,991
 39,996 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 39,996
 1,335,660 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $ 1,335,660) 0.01 04/01/2010 1,335,660
 59,995 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 59,995
 39,996 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 39,996
 116,890 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 116,890
 179,984 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 179,984
 59,995 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 59,996
 2,466,178 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 1,331,736

TOTAL COLLATERAL FOR SECURITIES LENDING (COST $ 7,091,887) 7,473,591
 ---------------

 SHARES YIELD
SHORT-TERM INVESTMENTS: 2.81%

MUTUAL FUNDS: 2.81%
 16,713,155 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 16,713,155
 ---------------

TOTAL SHORT-TERM INVESTMENTS (COST $ 16,713,155) 16,713,155
 ---------------

TOTAL INVESTMENTS IN SECURITIES
(COST $592,591,105)* 102.20% 607,033,727

OTHER ASSETS AND LIABILITIES, NET (2.20) (13,082,537)
 ------ ---------------

TOTAL NET ASSETS 100.00% $ 593,951,190
 ------ ---------------


88 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

C&B LARGE CAP VALUE PORTFOLIO

------------------
+ Non-income earning securities.

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

+/- Variable rate investments.

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

(a) Security fair valued in accordance with the procedures approved by the
 Board of Trustees.

(i) Illiquid security.

++ Securities that may be resold to "qualified institutional buyers"
 under rule 144A or securities offered pursuant to section 4(2) of the
 Securities Act of 1933, as amended.

~ The Fund invests cash balances that it retains for liquidity purposes
 in an affiliated money market fund.

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

(l) Investment in an affiliate.

* Cost for federal income tax purposes is $606,283,098 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation $ 64,898,079
Gross unrealized depreciation (64,147,450)
 --------------
Net unrealized appreciation $ 750,629

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


Wells Fargo Advantage Master Portfolios 89

Portfolio of Investments--March 31, 2010 (Unaudited)

DISCIPLINED GROWTH PORTFOLIO

SHARES SECURITY NAME VALUE
COMMON STOCKS: 98.35%

APPAREL & ACCESSORY STORES: 4.18%
 57,600 GAP INCORPORATED $1,331,135
 62,300 LIMITED BRANDS INCORPORATED 1,533,826

 2,864,961
 ----------

AUTO & TRUCKS: 2.53%
 138,100 FORD MOTOR COMPANY+ 1,735,917
 ----------

BIOPHARMACEUTICALS: 1.46%
 22,085 GILEAD SCIENCES INCORPORATED+ 1,004,426
 ----------

BIOTECHNOLOGY: 1.64%
 18,875 AMGEN INCORPORATED+ 1,127,970
 ----------

BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 1.98%
 41,995 HOME DEPOT INCORPORATED 1,358,538
 ----------

BUSINESS SERVICES: 2.12%
 61,905 CA INCORPORATED 1,452,910
 ----------

CHEMICALS: 2.09%
 30,890 SCOTTS MIRACLE-GRO COMPANY 1,431,752
 ----------

COMMERCIAL SERVICES: 1.40%
 54,100 SAIC INCORPORATED+ 957,570
 ----------

COMPUTER TECHNOLOGIES: 6.15%
 5,410 APPLE INCORPORATED+ 1,270,971
 28,770 HEWLETT-PACKARD COMPANY 1,529,126
 11,070 INTERNATIONAL BUSINESS MACHINES CORPORATION 1,419,728

 4,219,825
 ----------

DATA SERVICES: 1.75%
 36,800 NETAPP INCORPORATED+ 1,198,208
 ----------

E-COMMERCE/SERVICES: 2.16%
 5,800 PRICELINE.COM INCORPORATED+ 1,479,000
 ----------

EATING & DRINKING PLACES: 2.04%
 20,985 MCDONALD'S CORPORATION 1,400,119
 ----------

EDUCATIONAL SERVICES: 1.63%
 9,960 ITT EDUCATIONAL SERVICES INCORPORATED+ 1,120,301
 ----------

ELECTRIC, GAS & SANITARY SERVICES: 3.30%
 109,475 EL PASO CORPORATION 1,186,709
 25,415 PG&E CORPORATION 1,078,104

 2,264,813
 ----------

ELECTRONIC: 2.01%
 71,100 GENTEX CORPORATION 1,380,762
 ----------

ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 5.27%
 27,000 HARRIS CORPORATION 1,282,230
 73,000 JABIL CIRCUIT INCORPORATED 1,181,870
 27,400 TECH DATA CORPORATION+ 1,148,060

 3,612,160
 ----------


90 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

DISCIPLINED GROWTH PORTFOLIO

SHARES SECURITY NAME VALUE
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 1.72%
 24,900 ILLINOIS TOOL WORKS INCORPORATED $1,179,264
 ----------

FOOD & KINDRED PRODUCTS: 3.96%
 23,235 THE COCA-COLA COMPANY 1,277,925
 74,900 TYSON FOODS INCORPORATED CLASS A 1,434,335

 2,712,260
 ----------

GENERAL MERCHANDISE STORES: 1.98%
 24,435 WAL-MART STORES INCORPORATED 1,358,586
 ----------

HEALTH SERVICES: 4.60%
 16,610 EXPRESS SCRIPTS INCORPORATED+ 1,690,234
 34,100 VALEANT PHARMACEUTICALS INTERNATIONAL+ 1,463,231

 3,153,465
 ----------

HOUSEHOLD PRODUCTS, WARE: 3.95%
 20,985 CHURCH & DWIGHT COMPANY INCORPORATED 1,404,946
 15,310 COLGATE-PALMOLIVE COMPANY 1,305,331

 2,710,277
 ----------

INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 5.98%
 16,555 3M COMPANY 1,383,501
 18,800 EATON CORPORATION 1,424,476
 33,200 WESTERN DIGITAL CORPORATION+ 1,294,468

 4,102,445
 ----------

INFORMATION & BUSINESS SERVICES: 1.83%
 2,210 GOOGLE INCORPORATED CLASS A+ 1,253,092
 ----------

MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
 PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 1.91%
 23,300 ROCKWELL AUTOMATION INCORPORATED 1,313,188
 ----------

METAL MINING: 2.16%
 17,720 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 1,480,329
 ----------

MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 2.26%
 16,600 FEDEX CORPORATION 1,550,440
 ----------

NETWORKING: 2.19%
 57,655 CISCO SYSTEMS INCORPORATED+ 1,500,760
 ----------

NON-DEPOSITORY CREDIT INSTITUTIONS: 6.04%
 33,700 AMERICAN EXPRESS COMPANY 1,390,462
 32,700 CAPITAL ONE FINANCIAL CORPORATION 1,354,107
 5,505 MASTERCARD INCORPORATED~~ 1,398,270

 4,142,839
 ----------

OIL & GAS EXTRACTION: 2.52%
 33,215 NEWFIELD EXPLORATION COMPANY+ 1,728,841
 ----------

PAPER & ALLIED PRODUCTS: 1.38%
 37,545 PACTIV CORPORATION+ 945,383
 ----------

PHARMACEUTICALS: 4.03%
 24,405 ABBOTT LABORATORIES 1,285,655
 55,300 BRISTOL-MYERS SQUIBB COMPANY 1,476,510

 2,762,165
 ----------


Wells Fargo Advantage Master Portfolios 91

Portfolio of Investments--March 31, 2010 (Unaudited)

DISCIPLINED GROWTH PORTFOLIO

SHARES SECURITY NAME VALUE
SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 2.34%
 46,400 SANDISK CORPORATION+ $ 1,606,832
 -----------

SOFTWARE: 5.93%
 37,545 BMC SOFTWARE INCORPORATED+ 1,426,710
 41,500 MICROSOFT CORPORATION 1,214,705
 48,605 RED HAT INCORPORATED+ 1,422,668

 4,064,083
 -----------

TOBACCO PRODUCTS: 1.86%
 24,445 PHILIP MORRIS INTERNATIONAL 1,275,051
 -----------

TOTAL COMMON STOCKS (COST $55,544,666) 67,448,532
 -----------

PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL FOR SECURITIES LENDING: 1.55%
COLLATERAL INVESTED IN OTHER ASSETS: 1.55%
$ 29,300 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
 COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $29,300) 0.01% 04/01/2010 29,300
 8,774 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 8,774
 12,064 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 12,064
 241,725 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED
 SECURITIES (MATURITY VALUE $241,725) 0.02 04/01/2010 241,725
 5,807 COLORADO HOUSING & Finance Authority+/-ss 0.25 10/01/2038 5,807
 17,548 COOK COUNTY IL+/-ss 0.25 11/01/2030 17,548
 21,974 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $21,974) 0.03 04/01/2010 21,974
 33,736 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $33,736) 0.01 04/01/2010 33,736
 431,169 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 177,210
 3,619 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 3,619
 10,967 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 10,967
 4,387 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 4,387
 146,500 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
 MORTGAGE-BACKED SECURITIES (MATURITY VALUE $146,500) 0.01 04/01/2010 146,500
 6,580 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 6,580
 4,387 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 4,387
 12,821 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 12,821
 19,741 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 19,741
 6,580 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 6,580
 550,042 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 297,024

TOTAL COLLATERAL FOR SECURITIES LENDING (COST $975,611) 1,060,744
 ---------

SHARES YIELD
SHORT-TERM INVESTMENTS: 1.47%
MUTUAL FUNDS: 1.47%
 1,008,460 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 1,008,460
 -----------

TOTAL SHORT-TERM INVESTMENTS (COST $1,008,460) 1,008,460
 -----------

TOTAL INVESTMENTS IN SECURITIES (COST $57,528,737)* 101.37% 69,517,736

OTHER ASSETS AND LIABILITIES, NET (1.37) (940,751)
 ------ -----------

TOTAL NET ASSETS 100.00% $68,576,985
 ------ -----------


92 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--March 31, 2010 (Unaudited)

DISCIPLINED GROWTH PORTFOLIO


+ Non-income earning securities.

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

+/- Variable rate investments.

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

(a) Security fair valued in accordance with the procedures approved by the
 Board of Trustees.

(i) Illiquid security.

++ Securities that may be resold to "qualified institutional buyers" under
 rule 144A or securities offered pursuant to section 4(2) of the
 Securities Act of 1933, as amended.

~ The Fund invests cash balances that it retains for liquidity purposes
 in an affiliated money market fund.

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

(l) Investment in an affiliate.

* Cost for federal income tax purposes is $58,728,476 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation $ 12,303,557
Gross unrealized depreciation (1,514,297)
 ------------
Net unrealized appreciation $ 10,789,260

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


Wells Fargo Advantage Master Portfolios 93

Portfolio of Investments--March 31, 2010 (Unaudited)

EMERGING GROWTH PORTFOLIO

SHARES SECURITY NAME VALUE
COMMON STOCKS: 98.29%

ANTHRACITE MINING: 0.32%
 5,870 LOGMEIN INCORPORATED+ $ 121,450
 ----------

APPAREL & OTHER FINISHED PRODUCTS MADE
 FROM FABRICS & SIMILAR MATERIALS: 0.75%
 6,000 WARNACO GROUP INCORPORATED+ 286,260
 ----------

BIOPHARMACEUTICALS: 4.61%
 10,800 ACORDA THERAPEUTICS INCORPORATED+ 369,360
 8,600 AFFYMAX INCORPORATED+ 201,498
 14,800 ALEXION PHARMACEUTICALS INCORPORATED+ 804,676
 10,600 HUMAN GENOME SCIENCES INCORPORATED+ 320,120
 1,300 UNITED THERAPEUTICS CORPORATION+ 71,929

 1,767,583
 ----------

BUSINESS SERVICES: 11.71%
 53,030 ARIBA INCORPORATED+ 681,436
 19,650 BLUE COAT SYSTEMS INCORPORATED+ 609,936
 15,410 CONCUR TECHNOLOGIES INCORPORATED+ 631,964
 2,000 COSTAR GROUP INCORPORATED+ 83,040
 18,830 GLOBAL CASH ACCESS INCORPORATED+ 153,841
 39,620 GSE SYSTEMS INCORPORATED+ 214,344
 5,030 MEDASSETS INCORPORATED+ 105,630
 5,310 MERCADOLIBRE INCORPORATED+ 255,995
 47,500 PERFICIENT INCORPORATED+ 535,325
 42,140 SKILLSOFT PLC ADR+ 434,885
 41,410 SUCCESSFACTORS INCORPORATED+ 788,446

 4,494,842
 ----------

CASINO & GAMING: 3.18%
 6,380 BALLY TECHNOLOGIES INCORPORATED+ 258,645
 22,960 WMS INDUSTRIES INCORPORATED+ 962,942

 1,221,587
 ----------

COMMERCIAL SERVICES: 0.28%
 3,600 WRIGHT EXPRESS CORPORATION+ 108,432
 ----------

COMMUNICATIONS: 8.01%
 40,500 ARUBA NETWORKS INCORPORATED+ 553,230
 36,260 ASIAINFO HOLDINGS INCORPORATED+ 960,165
 10,320 DG FASTCHANNEL INCORPORATED+ 329,724
 52,400 LOOPNET INCORPORATED+ 588,976
 27,900 SOURCEFIRE INCORPORATED+ 640,305

 3,072,400
 ----------

COMPUTER DATA SECURITY: 0.37%
 8,000 FORTINET INCORPORATED+ 140,640
 ----------

COMPUTER TECHNOLOGIES: 1.53%
 76,700 LIVEPERSON INCORPORATED+ 588,289
 ----------

CONSTRUCTION SPECIAL TRADE CONTRACTORS: 0.15%
 2,100 INSITUFORM TECHNOLOGIES INCORPORATED CLASS A+ 55,881
 ----------

E-COMMERCE/SERVICES: 1.77%
 20,420 GSI COMMERCE IN