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

FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-09689

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

525 Market Street, 12th Floor, San Francisco, CA 94105
(Address of principal executive offices) (Zip code)

C. David Messman
Wells Fargo Funds Management, LLC
525 Market Street, 12th Floor, San Francisco, CA 94105
(Name and address of agent for service)

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

Date of fiscal year end: February 28, 2010

Date of reporting period: November 30, 2009


ITEM 1. SCHEDULE OF INVESTMENTS

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
COMMON STOCKS: 95.61%

ADMINISTRATION OF ENVIRONMENTAL QUALITY & HOUSING PROGRAMS: 0.00%
 2,200 TOMRA SYSTEMS ASA $ 11,009
 --------------

AEROSPACE, DEFENSE: 0.06%
 107,561 BE AEROSPACE INCORPORATED+ 2,072,700
 4,398,720 ROLLS-ROYCE GROUP PLC 7,236

 2,079,936
 --------------

AGRICULTURAL PRODUCTION CROPS: 0.03%
 55,900 CHIQUITA BRANDS INTERNATIONAL INCORPORATED+ 949,741
 212,000 SINOCHEM HONG KONG HOLDING LIMITED 108,324

 1,058,065
 --------------

AGRICULTURAL SERVICES: 0.19%
 85,000 ASIA FOOD & PROPERTIES LIMITED 33,165
 31,900 ASIATIC DEVELOPMENT BHD 57,923
 45,000 ASTRA AGRO LESTARI TBK PT 106,134
 5,345 AUSTRALIAN AGRICULTURAL COMPANY LIMITED 6,854
 66,581 AWB LIMITED 72,263
 183,776 CHAODA MODERN AGRICULTURE LIMITED 161,485
 298,500 CHAROEN POKPHAND FOODS PCL 96,073
 48,000 CHINA GREEN HOLDINGS LIMITED 46,327
 34,447 COMPASS MINERALS INTERNATIONAL INCORPORATED 2,242,155
 2,586 CRESUD SACIFYA 36,232
 499,046 GOLDEN AGRI-RESOURCES LIMITED 165,868
 15,867 GRAIN CORPORATION LIMITED 88,358
 2,600 HOKUTO CORPORATION 56,728
 333,700 IOI CORPORATION BHD 532,149
 45,400 KUALA LUMPUR KEPONG BHD 208,766
 93,600 OLAM INTERNATIONAL LIMITED 177,867
 2,900 SAKATA SEED CORPORATION 46,030
 89,996 VCA ANTECH INCORPORATED+ 2,040,209

 6,174,586
 --------------

AGRICULTURE: 0.00%
 39,000 INDOFOOD AGRI RESOURCES LIMITED+ 53,822
 --------------

AMUSEMENT & RECREATION SERVICES: 0.37%
 85 ACCORDIA GOLF COMPANY LIMITED 85,944
 1,425 ANTENA 3 DE TELEVISION SA+ 12,432
 35,867 APN NEWS & MEDIA LIMITED 77,199
 42,559 ARISTOCRAT LEISURE LIMITED 157,089
 4,400 ARUZE CORPORATION 60,879
 1,500 AVEX GROUP HOLDINGS INCORPORATED 12,963
 58,285 BALLY TECHNOLOGIES INCORPORATED+ 2,420,576
 55,800 BEC WORLD PCL 36,422
 52,600 BERJAYA LAND BHD 65,120
 78,950 BERJAYA SPORTS TOTO BHD 96,345
 1,453 BWIN INTERACTIVE ENTERTAINMENT AG+ 80,725
 6,400 CARNIVAL PLC 214,574
 1,521 CLUB MEDITERRANEE+ 30,074
 4,900 DAIICHIKOSHO COMPANY LIMITED 57,934
 7 FIELDS CORPORATION 9,783
 6,238 FLIGHT CENTRE LIMITED 100,041
 61 FUJI TELEVISION NETWORK INCORPORATED 91,175
 5,315 GESTEVISION TELECINCO SA 59,217
 1,414 GREAT CANADIAN GAMING CORPORATION+ 9,646
 1,200 H.I.S COMPANY LIMITED 23,517

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

1

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
AMUSEMENT & RECREATION SERVICES (continued)
 1,900 HEIWA CORPORATION $ 19,739
 129,439 INTERNATIONAL GAME TECHNOLOGY<< 2,445,103
 4,444 INTRALOT SA-INTEGRATED LOTTERY SYSTEMS & SERVICES 24,556
 12,760 KANGWON LAND INCORPORATED 178,868
 74 KUONI REISEN HOLDING 24,091
 34,879 LADBROKERS PLC 77,462
 47,500 LI NING COMPANY LIMITED 155,983
 2,636 LOTTOMATICA SPA 52,801
 2,718 M6 METROPOLE TELEVISION 70,034
 600 MARS ENGINEERING CORPORATION 15,375
 18,100 NAMCO BANDAI HOLDINGS INCORPORATED 180,497
 500 NIPPON TELEVISION NETWORK CORPORATION 72,536
 8,277 OPAP SA 198,481
 4,900 ORIENTAL LAND COMPANY LIMITED 348,623
 2,235 PADDY POWER PLC 81,550
 5,155 PARTYGAMING PLC 21,566
 14,400 PMP LIMITED 8,705
 17,170 PREMIERE AG+ 61,360
 302,815 RESORTS WORLD BHD 250,821
 2,880 RESORTTRUST INCORPORATED 34,018
 1,200 ROUND ONE CORPORATION 7,080
 4,900 SANKYO COMPANY LIMITED 275,497
 17,008 SEVEN NETWORK LIMITED 100,943
 12,000 SHOCHIKU COMPANY LIMITED 112,309
 17,723 SKY NETWORK TELEVISION LIMITED+ 59,032
 5,000 SQUARE ENIX COMPANY LIMITED 108,804
 48,119 TABCORP HOLDINGS LIMITED 316,438
 103,418 TATTERSALL'S LIMITED 228,277
 42,587 TEN NETWORK HOLDINGS LIMITED 57,728
 50,731 TICKETMASTER+ 534,197
 5,000 TOEI COMPANY LIMITED 25,972
 11,000 TOHO COMPANY LIMITED TOKYO 176,122
 11,000 TOKYO DOME CORPORATION 32,323
 12,000 TOKYOTOKEIBA COMPANY LIMITED 17,770
 6,630 TUI AG 52,464
 9 TV ASAHI CORPORATION 13,640
 977 VOCENTO SA+ 5,267
 27,221 WILLIAM HILL PLC 80,114
 46,262 WMS INDUSTRIES INCORPORATED+ 1,798,667

 12,026,468
 --------------

APPAREL & ACCESSORY STORES: 0.97%
 71,724 AEROPOSTALE INCORPORATED+ 2,259,306
 700 ALPEN COMPANY LIMITED 11,775
 76,830 AMERICAN EAGLE OUTFITTERS INCORPORATED 1,181,645
 73,429 ANN TAYLOR STORES CORPORATION+ 1,026,537
 3,300 AOKI HOLDINGS INCORPORATED 33,367
 7,000 AOYAMA TRADING COMPANY LIMITED 92,075
 3,958 BEIERSDORF AG 257,397
 334,000 BELLE INTERNATIONAL HOLDINGS LIMITED 415,019
 7,742 BULGARI SPA 71,552
 60,177 CARTER'S INCORPORATED+ 1,308,850
 34,916 CATO CORPORATION 667,943
 461 CHARLES VOEGELE HOLDING AG 18,358
 221,724 CHICO'S FAS INCORPORATED+ 3,119,657
 219,000 CHINA DONGXIANG GROUP COMPANY 159,940
 2,000 CHIYODA COMPANY LIMITED 24,132
 25,500 CITIZEN HOLDINGS COMPANY LIMITED 140,716
 81,096 COLLECTIVE BRANDS INCORPORATED+ 1,568,397
 63,852 DEBENHAMS PLC+ 85,925
 36,000 DICKSON CONCEPTS INTERNATIONAL LIMITED 16,955
 6,100 FAST RETAILING COMPANY LIMITED 1,106,525

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

2

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
APPAREL & ACCESSORY STORES (continued)
 42,900 GAP INCORPORATED $ 918,918
 950 GEOX SPA 6,704
 48,000 GIORDANO INTERNATIONAL LIMITED 14,493
 19,701 HENNES & MAURITZ AB CLASS B 1,165,124
 8,387 INDUSTRIA DE DISENO TEXTIL SA 534,343
 55,871 J.CREW GROUP INCORPORATED+ 2,390,720
 33,491 KOHL'S CORPORATION+ 1,779,712
 119,900 LIMITED BRANDS 1,989,141
 109,200 MMC CORPORATION BHD+ 77,253
 7,801 NEXT PLC 253,588
 750 NG2 SA 12,267
 8,400 NISHIMATSUYA CHAIN COMPANY LIMITED 76,964
 73,417 NORDSTROM INCORPORATED<< 2,455,799
 1,450 POINT INCORPORATED 80,518
 229 PUMA AG RUDOLF DASSLER SPORT 78,674
 2,386 REITMAN'S CANADA LIMITED CLASS A 38,433
 1,000 RIGHT ON COMPANY LIMITED 7,855
 52,355 ROSS STORES INCORPORATED 2,302,573
 12,000 SEIKO HOLDINGS CORPORATION CLASS C 22,490
 2,000 SHIMANURA COMPANY LIMITED 187,182
 1,261 SIGNET JEWELERS LIMITED 32,030
 2,102 SWATCH GROUP AG 100,449
 1,222 SWATCH GROUP AG CLASS B 307,675
 31,658 TRUWORTHS INTERNATIONAL LIMITED 177,892
 39,864 UNDER ARMOUR INCORPORATED+ 1,020,518
 4,200 UNI-CHARM CORPORATION 428,552
 1,900 UNITED ARROWS LIMITED 16,749
 54,401 URBAN OUTFITTERS INCORPORATED+ 1,721,248
 9,666 WEIR GROUP PLC 108,766

 31,872,701
 --------------

APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 0.56%
 7,652 ADIDAS-SALOMON AG 438,109
 61,000 ANTA SPORTS PRODUCTS LIMITED 90,358
 15,000 ASICS CORPORATION 133,272
 1,225 BENETTON GROUP SPA 11,202
 16,993 BILLABONG INTERNATIONAL LIMITED 163,421
 17,172 BURBERRY GROUP PLC 161,023
 150,000 C C LAND HOLDINGS LIMITED 69,677
 2,206 CHRISTIAN DIOR SA 223,588
 1,200 DAIDOH LIMITED 8,232
 24,375 GUESS? INCORPORATED 903,094
 19,000 GUNZE LIMITED 69,459
 118,413 HANESBRANDS INCORPORATED+ 2,843,096
 2,468 HERMES INTERNATIONAL 350,942
 108,300 JONES APPAREL GROUP INCORPORATED 1,835,685
 1,000 KATAKURA INDUSTRIES COMPANY LIMITED 9,429
 126 LPP SA+ 69,603
 17,000 MIZUNO CORPORATION 81,224
 700 NAGAILEBEN COMPANY LIMITED 15,581
 14,000 ONWARD KASHIYAMA COMPANY LIMITED 88,431
 54,627 PHILLIPS-VAN HEUSEN CORPORATION 2,185,080
 23,467 POLO RALPH LAUREN CORPORATION 1,803,439
 33,000 PORTS DESIGN LIMITED 89,632
 279,020 POU CHEN CORPORATION 202,898
 88,000 PRIME SUCCESS INTERNATIONAL GROUP LIMITED 67,561
 5,000 SANYO SHOKAI LIMITED 16,138
 2,366 SYNTHES INCORPORATED+ 311,164
 30,839 THE GYMBOREE CORPORATION+ 1,231,093
 13,000 THE JAPAN WOOL TEXTILE COMPANY LIMITED 76,249
 207 TOD'S SPA 15,644
 11,000 TOKYO STYLE COMPANY LIMITED 87,552

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

3

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE

APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS (continued)
 36,029 VF CORPORATION $ 2,620,029
 11,000 WACOAL CORPORATION 126,620
 48,562 WARNACO GROUP INCORPORATED+ 1,976,959
 34,000 YGM TRADING LIMITED 22,374
 49,500 YUE YUEN INDUSTRIAL HOLDINGS LIMITED 139,557

 18,537,415
 --------------

APPAREL & TEXTILES: 0.00%
 38,000 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED 44,864
 --------------

AUTO & TRUCKS: 0.01%
 10,072 MAHINDRA & MAHINDRA LIMITED 221,584
 --------------

AUTO PARTS & EQUIPMENT: 0.00%
 48,000 KENDA RUBBER INDUSTRIAL COMPANY LIMITED 58,324
 44,000 MINTH GROUP LIMITED 62,451

 120,775
 --------------

AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.59%
 244,514 TOYOTA MOTOR CORPORATION 9,730,775
 39,046 ADVANCE AUTO PARTS INCORPORATED 1,534,508
 33,042 AUTONATION INCORPORATED+ 583,191
 13,300 AUTOZONE INCORPORATED+ 1,966,671
 3,100 CANADIAN TIRE CORPORATION LIMITED 162,167
 28,339 COPART INCORPORATED+ 918,750
 83 D'IETEREN SA 35,519
 9,616 FREEWORLD COATINGS LIMITED 11,687
 49,000 HOTAI MOTOR COMPANY LIMITED 121,362
 4,666 MOL HUNGARIAN OIL & GAS PLC 408,234
 56,480 O'REILLY AUTOMOTIVE INCORPORATED+ 2,190,294
 6,461 PEUGEOT SA 228,519
 216,000 PT ASTRA INTERNATIONAL INCORPORATED 739,038
 7,889 RENAULT SA 381,433
 2,490 USS COMPANY LIMITED 154,689
 2,854 VOLKSWAGEN AG 351,405

 19,518,242
 --------------

AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.03%
 3,188 GHABBOUR AUTO+ 13,184
 24,261 RYDER SYSTEM INCORPORATED 983,541

 996,725
 --------------

BANKING: 0.44%
 12,440 BANCA POPOLARE DI SONDRIO SCARL 116,372
 12,782 BANCO CONTINENTAL PERU 50,578
 39 BANCO SANTANDER SA+ 639
 218,500 BANK OF AYUDHYA PCL 130,791
 22,200 BANK OF MONTREAL 1,130,614
 40,400 BANK OF NOVA SCOTIA 1,856,547
 15,700 CANADIAN IMPERIAL BANK OF COMMERCE 1,022,419
 3,039 CANADIAN WESTERN BANK 65,969
 2,519 CORPORATION BANK 24,158
 3,299 CREDICORP LIMITED 234,229
 25,390 DEUTSCHE BANK AG 1,832,067
 1,479 HOME CAPITAL GROUP INCORPORATED 56,965
 8,167 JULIUS BAER GROUP LIMITED 269,537
 83,500 KASIKORNBANK PCL 218,514

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

4

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
BANKING (continued)
 961 LAURENTIAN BANK OF CANADA $ 38,908
 6,400 NATIONAL BANK OF CANADA 383,127
 48,000 PUBLIC BANK BHD 153,091
 57,700 ROYAL BANK OF CANADA 3,105,872
 4,996 SBERBANK OF RUSSIAN FEDERATION 1,255,745
 49,750 SENSHU IKEDA HOLDINGS INCORPORATED 177,843
 34,631 TORONTO-DOMINION BANK 2,180,762

 14,304,747
 --------------

BEVERAGES: 0.01%
 7,250 BROWN-FORMAN CORPORATION 387,875
 --------------

BIOPHARMACEUTICALS: 0.05%
 40,414 ACORDA THERAPEUTICS INCORPORATED+ 973,169
 57,097 THERAVANCE INCORPORATED+ 751,397

 1,724,566
 --------------

BIOTECHNOLOGY: 0.00%
 7,023 CELLESTIS LIMITED 21,806
 --------------

BUILDING & CONSTRUCTION: 0.00%
 229,000 LAND AND HOUSES PCL 44,085
 - --------------

BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.53%
 13,370 AMEC PLC 174,530
 29,832 AVENG LIMITED 149,059
 32,204 BALFOUR BEATTY PLC 135,361
 38,322 BARRATT DEVELOPMENTS PLC 74,517
 5,665 BELLWAY PLC 67,287
 2,884 BERKELEY GROUP HOLDINGS PLC+ 41,229
 2,315 BILFINGER BERGER AG 170,989
 2,759 BOVIS HOMES GROUP PLC 17,692
 489 BUDIMEX SA 14,089
 18,787 CARILLION PLC 86,971
 184,900 CH KARNCHANG PCL 32,258
 32,000 CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED 118,709
 423,779 CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED 406,278
 35,000 CONTINENTAL ENGINEERING CORPORATION 13,433
 10,694 DAEWOO ENGINEERING & CONSTRUCTION COMPANY LIMITED 106,682
 47,000 DAIWA HOUSE INDUSTRY COMPANY LIMITED 472,501
 59,800 DIALOG GROUP BHD 24,502
 121,073 DR HORTON INCORPORATED 1,244,630
 2,644 EIFFAGE SA 143,499
 14,223 ENKA INSAAT VE SANAYI AS 53,984
 1,670 FLEETWOOD CORPORATION LIMITED 11,365
 3,000 FUJITEC COMPANY LIMITED 16,763
 14,498 GLOBE TRADE CENTRE SA+ 124,581
 4,334 GS ENGINEERING & CONSTRUCTION CORPORATION 406,266
 2,009 HANJIN HEAVY INDUSTRIES & CONSTRUCTION COMPANY LIMITED 18,573
 120,000 HASEKO CORPORATION 88,848
 24,736 HASTIE GROUP LIMITED+ 39,647
 1,802 HOCHTIEF AG 141,513
 13,369 HYUNDAI ENGINEERING & CONSTRUCTION COMPANY LIMITED 762,268
 13,306 IMPREGILO SPA 43,705
 82,400 ITALIAN-THAI DEVELOPMENT PCL 6,791
 2,686 JM AB 44,693
 81,000 KAJIMA CORPORATION 156,490
 81,160 KB HOME 1,099,718
 589 KIER GROUP PLC 8,750
 5,624 KONINKLIJKE BAM GROEP NV 61,216

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

5

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS (continued)
 1,172 KUMHO INDUSTRIAL COMPANY LIMITED $ 11,289
 11,146 LEIGHTON HOLDINGS LIMITED 364,448
 12,000 MAEDA CORPORATION 31,097
 6,000 MAEDA ROAD CONSTRUCTION COMPANY LIMITED 47,547
 25,900 MALAYSIAN RESOURCES CORPORATION BHD 9,925
 14,960 MDC HOLDINGS INCORPORATED 444,162
 136,000 METRO HOLDINGS LIMITED 70,260
 2,400 NCC AB 38,901
 2,000 NIPPO CORPORATION 14,715
 12,000 NISHIMATSU CONSTRUCTION COMPANY LIMITED 14,993
 2,390 NVR INCORPORATED+ 1,608,829
 58,000 OBAYASHI CORPORATION 193,244
 26,000 OKUMURA CORPORATION 89,634
 7,800 PEAB AB+ 50,347
 8,500 PENTA-OCEAN CONSTRUCTION COMPANY LIMITED 8,457
 14,070 PERSIMMON PLC 95,734
 625 POLNORD SA+ 7,817
 137,986 PULTE HOMES INCORPORATED 1,261,192
 103,674 PYI CORPORATION LIMITED 5,351
 3,458 REDROW PLC 7,680
 45,921 RYLAND GROUP INCORPORATED 840,814
 39,000 SEKISUI CHEMICAL COMPANY LIMITED 231,907
 47,000 SEKISUI HOUSE LIMITED 414,322
 58,000 SHIMIZU CORPORATION 200,625
 291,300 SINO THAI ENGINEERING & CONSTRUCTION PCL+ 52,135
 1,052 STRABAG SE+ 32,951
 85,000 TAISEI CORPORATION 148,485
 900 TAKAMATSU CORPORATION 13,119
 144,697 TAYLOR WOODROW PLC 84,504
 9,000 TOA CORPORATION 9,787
 23,000 TODA CORPORATION 68,915
 2,000 TOENEC CORPORATION 11,708
 3,880 TOKYU CONSTRUCTION COMPANY LIMITED 10,414
 13,040 UNITED CONSTRUCTION GROUP LIMITED 156,099
 5,000 UNITED ENGINEERS 5,997
 51,000 UNITED FIBER SYSTEM LIMITED+ 1,658
 40,191 URBI DESARROLLOS URBANOS SA DE CV+ 82,022
 56,416 WALTER INDUSTRIES INCORPORATED 3,870,138
 5,040 YIT OYJ 103,906
 72,636 YTL CORPORATION BHD 150,946

 17,445,461
 --------------

BUILDING MATERIALS: 0.01%
 69,000 BBMG CORPORATION+ 72,294
 11,300 SIAM CEMENT PCL 77,497
 5,200 SIAM CITY CEMENT PCL 35,975

 185,766
 --------------

BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 0.47%
 16,957 COMPAGNIE DE SAINT-GOBAIN 922,354
 133,648 CSR LIMITED 210,542
 24,100 DAIKIN INDUSTRIES LIMITED 855,935
 57,482 FASTENAL COMPANY<< 2,131,433
 48,717 FLETCHER BUILDING LIMITED 273,585
 2,100 FLSMIDTH & COMPANY A/S+ 136,648
 1,621 GEBERIT AG 279,513
 8,472 GRAFTON GROUP PLC 39,308
 145,130 HOME DEPOT INCORPORATED 3,970,757
 1,463 IMERYS SA 85,235
 22,300 JS GROUP CORPORATION 364,271

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

6

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS (continued)
 2,000 KEIYO COMPANY LIMITED $ 10,019
 93,866 KINGFISHER PLC 366,282
 2,600 KOMERI COMPANY LIMITED 72,339
 28,000 MATSUSHITA ELECTRIC WORKS LIMITED 320,361
 54,000 NIPPON SHEET GLASS COMPANY LIMITED 136,812
 700 ONOKEN COMPANY LIMITED 5,005
 5,331 REECE AUSTRALIA LIMITED 114,840
 3,000 RINNAI CORPORATION 148,542
 6,259 RONA INCORPORATED+ 87,059
 41,534 SANDVIK AB 489,420
 3,274 SCHINDLER HOLDING AG 246,907
 10,451 SCHNEIDER ELECTRIC SA 1,143,842
 40,800 SHERWIN-WILLIAMS COMPANY 2,482,272
 228,440 SIME DARBY BHD 604,011

 15,497,292
 --------------

BUSINESS SERVICES: 6.65%
 488,408 3COM CORPORATION+ 3,599,567
 49,371 AARON RENTS INCORPORATED 1,237,731
 46,143 ABM INDUSTRIES INCORPORATED 850,415
 237,000 ABOITIZ EQUITY VENTURES INCORPORATED 44,172
 67,530 ACTIVISION BLIZZARD INCORPORATED+ 769,167
 98,204 ACXIOM CORPORATION<< 1,133,274
 4,801 ADECCO SA+ 239,464
 23,600 ADMINISTAFF INCORPORATED 526,044
 60,644 ADOBE SYSTEMS INCORPORATED+ 2,127,392
 14,743 ADVENT SOFTWARE INCORPORATED+ 559,055
 38,611 AEGIS GROUP PLC 68,664
 37,567 AFFILIATED COMPUTER SERVICES INCORPORATED CLASS A+ 2,073,698
 71,344 AKAMAI TECHNOLOGIES INCORPORATED+ 1,712,256
 309 AKER ASA CLASS A 8,385
 24,112 ALLIANCE DATA SYSTEMS CORPORATION+ 1,470,591
 1,932 ALTRAN TECHNOLOGIES SA+ 9,086
 36,206 ANSYS INCORPORATED+ 1,409,862
 8,420 ASIAN PAINTS LIMITED 304,054
 1,867 ATOS ORIGIN SA 81,635
 6,503 AUSDRILL LIMITED 10,244
 8,640 AUTONOMY CORPORATION PLC+ 202,545
 128,100 AVIS BUDGET GROUP INCORPORATED+ 1,248,975
 55,812 AVOCENT CORPORATION+ 1,394,184
 31,081 BLACKBOARD INCORPORATED+ 1,297,010
 76,300 BMC SOFTWARE INCORPORATED+ 2,955,099
 2,908 BOLSAS Y MARCADOS ESPANOLES 102,613
 115,991 BRAMBLES LIMITED 701,159
 48,669 BRINK'S HOME SECURITY HOLDINGS+ 1,592,450
 5,880 BTG PLC+ 15,816
 14,698 BUNZL PLC 150,881
 48,900 CA INCORPORATED 1,080,690
 31,900 CACI INTERNATIONAL INCORPORATED CLASS A+ 1,480,798
 334,300 CADENCE DESIGN SYSTEMS INCORPORATED+ 2,005,800
 5,772 CAP GEMINI SA 266,942
 24,641 CAPITA GROUP PLC 288,623
 26,341 CERNER CORPORATION+ 1,983,214
 10,900 CGI GROUP INCORPORATED+ 134,778
 73,236 CHECK POINT SOFTWARE TECHNOLOGIES+<< 2,313,525
 75,000 CITRIX SYSTEMS INCORPORATED+ 2,863,500
 45,582 COGNEX CORPORATION 750,280
 121,251 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A+ 5,326,556
 37,051 COMPUTERSHARE LIMITED 362,765
 102,183 COMPUWARE CORPORATION+ 709,150
 44,720 CONCUR TECHNOLOGIES INCORPORATED+ 1,657,323
 147,277 CONVERGYS CORPORATION+ 1,646,557

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

7

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
BUSINESS SERVICES (continued)
 3,400 CSK HOLDINGS CORPORATION $ 13,688
 48 CYBERAGENT INCORPORATED+ 72,633
 73,891 CYBERSOURCE CORPORATION+ 1,268,708
 54,000 DAI NIPPON PRINTING COMPANY LIMITED 666,566
 4,200 DAISEKI COMPANY LIMITED 94,165
 8,093 DAVIS SERVICE GROUP PLC 53,521
 2,629 DCC PLC 70,899
 64,478 DELUXE CORPORATION 831,766
 36 DENA COMPANY LIMITED 196,992
 16,900 DENTSU INCORPORATED 363,260
 7,974 DEUTSCHE BOERSE AG 664,402
 40,729 DIGITAL RIVER INCORPORATED+ 1,027,593
 34,572 DIMENSION DATA HOLDINGS PLC 42,087
 16,345 DST SYSTEMS INCORPORATED+ 694,336
 800 DTS CORPORATION 7,034
 120 EACCESS LIMITED 84,822
 132,375 EARTHLINK INCORPORATED 1,089,446
 127,508 EBAY INCORPORATED+ 3,120,121
 5,295 EDUCOMP SOLUTIONS LIMITED 86,372
 132,932 ELECTRONIC ARTS INCORPORATED+ 2,245,221
 62,153 ELECTRONICS FOR IMAGING INCORPORATED+ 746,458
 40,491 EXPERIAN GROUP LIMITED 381,685
 83,812 F5 NETWORKS INCORPORATED+ 3,941,678
 18,000 FACTSET RESEARCH SYSTEMS INCORPORATED 1,302,300
 60,501 FAIR ISAAC CORPORATION 1,104,143
 31,590 FIDELITY NATIONAL INFORMATION SERVICES INCORPORATED 713,934
 638 FIRSTSERVICE CORPORATION+ 11,740
 64,314 FISERV INCORPORATED+ 2,973,879
 7,014 FOCUS MEDIA HOLDING LIMITED+ 88,096
 2,600 FUJI SOFT INCORPORATED 45,058
 21,000 GALLANT VENTURE LIMITED+ 4,249
 1,693 GARDA WORLD SECURITY CORPORATION+ 14,598
 26,485 GARTNER INCORPORATED+ 501,096
 2,862 GEMALTO NV+ 127,032
 353 GFK SE 12,244
 215,268 GLG PARTNERS INCORPORATED<< 635,041
 33,319 GLOBAL PAYMENTS INCORPORATED 1,707,932
 28,138 GOOGLE INCORPORATED CLASS A+ 16,404,454
 3,194 GROUPE BRUXELLES LAMBERT SA 291,019
 40,000 GUNMA BANK LIMITED 233,688
 2,380 HAKUHODO DY HOLDINGS INCORPORATED 116,192
 14,292 HAVAS SA 53,393
 89,104 HENRY JACK & ASSOCIATES INCORPORATED 2,036,026
 4,600 HITACHI CAPITAL CORPORATION 60,613
 27,503 HMS HOLDINGS CORPORATION+ 1,215,908
 2,618 HOMESERVE PLC+ 67,187
 30,159 HOUSING DEVELOPMENT FINANCE CORPORATION 1,793,882
 173,000 HUTCHISON WHAMPOA LIMITED 1,169,696
 35,000 HYFLUX LIMITED 77,384
 2,030 I-FLEX SOLUTIONS LIMITED 93,448
 21,079 ICAP PLC 149,909
 57,140 ICICI BANK LIMITED 1,066,085
 714 ILIAD SA 85,951
 79,100 IMS HEALTH INCORPORATED 1,689,576
 4,514 INDRA SISTEMAS SA 107,228
 24,915 INDUSTREA LIMITED 11,068
 31,351 INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED 82,194
 93,373 INFORMATICA CORPORATION+ 2,096,224
 37,902 INFOSYS TECHNOLOGIES LIMITED 1,938,775
 24,277 INFOSYS TECHNOLOGIES LIMITED ADR 1,237,399
 212,083 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+ 1,342,485
 5,289 INTERSERVE PLC 18,028
 7,125 INTERTEK GROUP PLC 136,436

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

8

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
BUSINESS SERVICES (continued)
 3,400 INTRUM JUSTITIA AB $ 42,795
 122,242 INTUIT INCORPORATED+ 3,570,689
 10,406 INVOCARE LIMITED+ 55,756
 407 IPSOS 12,403
 10,643 IRESS MARKET TECHNOLOGY LIMITED 75,936
 13,014 IRISH LIFE & PERMANENT PLC 63,509
 76,290 IRON MOUNTAIN INCORPORATED+ 1,830,960
 3,000 ITOCHU TECHNO-SCIENCE CORPORATION 82,601
 1,281 JC DECAUX SA 29,141
 61,084 JUNIPER NETWORKS INCORPORATED+ 1,596,125
 2,224 JYSKE BANK+ 71,798
 12 KABU.COM SECURITIES COMPANY LIMITED 11,647
 16 KAKAKU.COM INCORPORATED 58,677
 127 KENEDIX INCORPORATED 37,260
 99,138 KEPPEL CORPORATION LIMITED 580,215
 10,000 KYOWA EXEO CORPORATION 86,187
 61,111 LAMAR ADVERTISING COMPANY+ 1,691,552
 39,167 LENDER PROCESSING SERVICES INCORPORATED 1,636,397
 4,970 LG DACOM CORPORATION 78,004
 72,745 LOGICACMG PLC+ 140,496
 1,752 MACDONALD DETTWILER & ASSOCIATES LIMITED+ 67,248
 67,625 MAN GROUP PLC 354,220
 143,000 MARUBENI CORPORATION 754,373
 11,226 MASTERCARD INCORPORATED CLASS A 2,703,894
 64,175 MCAFEE INCORPORATED+ 2,448,276
 15,109 MICHAEL PAGE INTERNATIONAL PLC 83,317
 923,371 MICROSOFT CORPORATION 27,156,341
 128,000 MITSUBISHI CORPORATION 2,887,552
 9,000 MITSUI-SOKO COMPANY LIMITED 31,756
 4 MIXI INCORPORATED+ 32,392
 108 MONEX BEANS HOLDINGS INCORPORATED 39,669
 51,457 MONSTER WORLDWIDE INCORPORATED+ 751,787
 1,850 MOSHI MOSHI HOTLINE INCORPORATED 34,629
 117,119 MPS GROUP INCORPORATED+ 1,598,674
 64,385 NCR CORPORATION+ 605,863
 1,463 NCSOFT CORPORATION 189,984
 800 NEC FIELDING LIMITED 10,745
 60 NET ONE SYSTEMS COMPANY LIMITED 71,634
 8,300 NETEASE.COM INCORPORATED ADR+ 317,392
 48,719 NETFLIX INCORPORATED+ 2,856,395
 4,000 NICHII GAKKAN COMPANY 36,742
 9,400 NIHON UNISYS LIMITED+ 73,186
 500 NIPPON KANZAI COMPANY LIMITED 8,966
 4,000 NIPPON SYSTEM DEVELOPMENT COMPANY LIMITED 42,989
 151,338 NOVELL INCORPORATED+ 591,732
 600 NS SOLUTIONS CORPORATION 10,370
 300 OBIC BUSINESS CONSULTANTS LIMITED 13,292
 720 OBIC COMPANY LIMITED 119,778
 2,700 OPEN TEXT CORPORATION+ 101,998
 446,615 ORACLE CORPORATION 9,861,259
 2,600 ORACLE CORPORATION JAPAN 118,209
 2,000 OTSUKA CORPORATION 95,558
 8,600 PARK24 COMPANY LIMITED 93,621
 3,458 PATNI COMPUTER SYSTEMS LIMITED 32,562
 3,974 PERPETUAL TRUSTEES AUSTRALIA LIMITED+ 119,713
 24,488 PSION PLC 35,854
 4,680 PUBLICIS GROUPE 180,179
 41,433 PUBLISHING & BROADCASTING LIMITED 119,538
 7,470 QUALITY SYSTEMS INCORPORATED 444,390
 568 RAKUTEN INCORPORATED 458,658
 4,382 RANDSTAD HOLDINGS NV 191,209
 77,655 RED HAT INCORPORATED+ 2,073,389
 83,762 RENT-A-CENTER INCORPORATED+<< 1,481,750

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

9

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
BUSINESS SERVICES (continued)
 72,115 RENTOKIL INITIAL PLC $ 119,467
 4,529 RITCHIE BROS AUCTIONEERS INCORPORATED 107,024
 62,540 ROBERT HALF INTERNATIONAL INCORPORATED 1,396,518
 914 ROYALBLUE GROUP PLC 16,510
 3,331 RPS GROUP PLC 11,042
 1,900 S1 CORPORATION+ 11,324
 2,323 S1 CORPORATION INCORPORATED (KOREA) 93,895
 42,601 SALESFORCE.COM INCORPORATED+ 2,670,231
 19,117 SAMPO OYJ 453,541
 900 SANSHIN ELECTRONICS COMPANY LIMITED 6,539
 36,273 SAP AG 1,733,101
 16,451 SATYAM COMPUTER SERVICES LIMITED 71,233
 14,400 SECURITAS AB 136,016
 5,403 SECURITAS SYSTEMS AB CLASS B+ 12,865
 26,769 SEEK LIMITED 154,217
 12,451 SES FDR 264,826
 197,500 SHENZHEN INTERNATIONAL HOLDINGS 14,781
 1,020 SHREE CEMENT LIMITED 39,420
 16,000 SIA ENGINEERING COMPANY 33,642
 53,666 SINGAPORE AIRPORT TERMINAL SERVICES LIMITED 98,879
 85,000 SINGAPORE EXCHANGE LIMITED 482,731
 4 SO-NET ENTERTAINMENT CORPORATION 8,700
 959 SOFTWARE AG 102,902
 6,900 SOHGO SECURITY SERVICES COMPANY LIMITED 79,265
 85,436 SOTHEBY'S HOLDINGS INCORPORATED<< 1,620,721
 900 SUMISHO COMPUTER SYSTEMS 13,088
 17,000 SUMITOMO WAREHOUSE COMPANY LIMITED 76,307
 325,341 SUN MICROSYSTEMS INCORPORATED+ 2,768,652
 4,153 SUPER-SOL LIMITED 21,219
 49,000 SWIRE PACIFIC LIMITED 562,390
 1,444 SXC HEALTH SOLUTIONS CORPORATION+ 72,679
 34,351 SYBASE INCORPORATED+ 1,382,284
 24,000 TAIWAN SECOM 34,756
 100,283 TAKE-TWO INTERACTIVE SOFTWARE INCORPORATED 1,128,184
 45,864 TATA CONSULTANCY SERVICES LIMITED 678,766
 1,144 TECH MAHINDRA LIMITED 22,839
 69,752 TELEKOMUNIKACJA POLSKA SA 405,965
 2,343 TELEPERFORMANCE+ 77,751
 32,522 TELETECH HOLDINGS INCORPORATED+ 627,349
 525,865 TELMEX INTERNACIONAL SAB DE CV 403,409
 5,073 TEMENOS GROUP AG+ 123,738
 48,669 THE BRINK'S COMPANY 1,094,079
 221,322 TIBCO SOFTWARE INCORPORATED+ 1,903,369
 2,740 TIETOENATOR OYJ 58,505
 2,200 TKC AS 43,954
 600 TOKYU LIVABLE INCORPORATED 5,386
 39,981 TOMKINS PLC 113,063
 4,700 TOMTOM NV+ 44,503
 6,500 TOPPAN FORMS COMPANY LIMITED 70,910
 85,863 TOTAL SYSTEM SERVICES INCORPORATED 1,483,713
 1,300 TRANSCOSMOS INCORPORATED 10,543
 8,400 TREND MICRO INCORPORATED 300,278
 54,533 TRUEBLUE INCORPORATED+ 663,121
 5,740 TULLETT PREBON PLC 30,142
 5,507 UNITED INTERNET AG 74,339
 105,469 UNITED ONLINE INCORPORATED 717,189
 2,832 USG PEOPLE NV 50,221
 80,300 VERISIGN INCORPORATED+ 1,801,932
 1,430 VIOHALCO SA+ 8,396
 53,488 VISA INCORPORATED 4,332,528
 22,916 VMWARE INCORPORATED+ 962,014
 4,230 WEBMD HEALTH CORPORATION+ 153,549
 43,855 WEBSENSE INCORPORATED+ 689,839

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

10

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
BUSINESS SERVICES (continued)
 94,500 WHARF HOLDINGS LIMITED $ 509,687
 17,158 WIPRO LIMITED<< 343,160
 13 WORKS APPLICATIONS COMPANY LIMITED 6,422
 5,238 WS ATKINS PLC 51,530
 152,050 YAHOO! INCORPORATED+ 2,276,189
 5,000 ZENRIN COMPANY LIMITED 61,025

 218,396,615
 --------------

CASINO & GAMING: 0.10%
 103,133 MGM MIRAGE+<< 1,090,116
 31,450 WYNN RESORTS LIMITED<< 2,029,783

 3,119,899
 --------------

CHEMICALS: 0.00%
 6,000 KANTO DENKA KOGYO COMPANY LIMITED 40,467
 7,000 NIPPON SYNTHETIC CHEMICAL INDUSTRY CO LIMITED/THE 48,913
 4,000 SHIKOKU CHEMICALS CORPORATION 25,405

 114,785
 --------------

CHEMICALS & ALLIED PRODUCTS: 7.26%
 179,594 ABBOTT LABORATORIES 9,786,077
 4,698 ACTELION LIMITED+ 276,422
 9,800 ADEKA CORPORATION 89,905
 2,700 ADERANS COMPANY LIMITED 28,955
 6,300 AGRIUM INCORPORATED+ 350,637
 8,600 AICA KOGYO COMPANY LIMITED 88,646
 10,628 AIR LIQUIDE SA 1,235,187
 14,000 AIR WATER INCORPORATED 174,757
 9,161 AKZO NOBEL NV 580,904
 36,333 ALEXION PHARMACEUTICALS INCORPORATED+ 1,647,702
 101,313 ALKERMES INCORPORATED+ 909,791
 118,200 AMGEN INCORPORATED+ 6,660,570
 285 AMOREPACIFIC CORPORATION 210,539
 3,400 ARISAWA MANUFACTURING COMPANY LIMITED 16,087
 105,000 ASAHI KASEI CORPORATION 510,180
 37,000 ASTELLAS PHARMA INCORPORATED 1,365,456
 59,390 ASTRAZENECA PLC 2,654,576
 734 ATRIUM INNOVATIONS INCORPORATED+ 10,529
 49,100 AVERY DENNISON CORPORATION 1,844,196
 20,600 BATU KAWAN BHD+ 60,844
 33,760 BAYER AG 2,584,804
 33,407 BIOGEN IDEC INCORPORATED+ 1,568,125
 105,879 BIOMARIN PHARMACEUTICAL INCORPORATED+ 1,748,062
 6,800 BIOVAIL CORPORATION 97,612
 168,025 BRISTOL-MYERS SQUIBB COMPANY 4,252,713
 63,940 CABOT CORPORATION 1,466,144
 57,928 CALGON CARBON CORPORATION+ 810,413
 3,906 CARDIOME PHARMA CORPORATION+ 15,914
 62,520 CELANESE CORPORATION CLASS A 1,860,595
 22,784 CF INDUSTRIES HOLDINGS INCORPORATED 1,944,842
 20,091 CHATTEM INCORPORATED+ 1,322,791
 1,689 CHEMRING GROUP PLC 75,216
 171,000 CHINA AGRI-INDUSTRIES HOLDINGS LIMITED 216,231
 189,100 CHINA PETROCHEMICAL DEVELOPMENT CORPORATION+ 69,930
 16,000 CHINA PHARMACEUTICAL GROUP LIMITED 9,043
 9,000 CHINA STEEL CHEMICAL CORPORATION 23,577
 17,400 CHUGAI PHARMACEUTICAL COMPANY LIMITED 330,125
 5,000 CHUGOKU MARINE PAINTS LIMITED 37,367
 28,930 CHURCH & DWIGHT COMPANY INCORPORATED 1,708,027

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

11

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
CHEMICALS & ALLIED PRODUCTS (continued)
 645 CIECH SA $ 8,849
 17,409 CLARIANT AG 182,331
 57,400 CLOROX COMPANY 3,459,498
 58,307 COLGATE-PALMOLIVE COMPANY 4,908,866
 6,649 CRODA INTERNATIONAL 81,435
 49,098 CSL LIMITED 1,418,318
 61,069 CUBIST PHARMACEUTICALS INCORPORATED+ 1,018,631
 61,498 CYTEC INDUSTRIES INCORPORATED 2,089,702
 27,000 DAICEL CHEMICAL INDUSTRIES LIMITED+ 160,551
 53,700 DAIICHI SANKYO COMPANY LIMITED 1,051,760
 4,000 DAINICHISEIKA COLOR & CHEMICALS MANUFACTURING COMPANY LIMITED 14,114
 65,000 DAINIPPON INK & CHEMICALS INCORPORATED 103,771
 12,300 DAINIPPON SUMITOMO PHARMA COMPANY LIMITED 126,074
 4,000 DAISO COMPANY LIMITED 9,533
 1,626 DC CHEMICAL COMPANY LIMITED 277,572
 48,054 DENDREON CORPORATION+<< 1,313,796
 39,000 DENKI KAGAKU KOGYO KABUSHIKI KAISHA 163,778
 97,544 DOW CHEMICAL COMPANY 2,709,772
 11,705 DR. REDDYS LABORATORIES LIMITED 284,088
 1,200 EARTH CHEMICAL COMPANY LIMITED 39,981
 29,767 EASTMAN CHEMICAL COMPANY 1,789,592
 98,138 ECOLAB INCORPORATED 4,407,378
 71,691 EI DU PONT DE NEMOURS & COMPANY 2,479,075
 22,400 EISAI COMPANY LIMITED 821,472
 18,768 ELAN CORPORATION PLC+ 123,715
 9,136 ELEMENTIS PLC 6,989
 83,800 ELI LILLY & COMPANY 3,077,974
 45,483 ESTEE LAUDER COMPANIES INCORPORATED CLASS A 2,129,969
 84,869 ETERNAL CHEMICAL COMPANY LIMITED 80,837
 4,500 FANCL CORPORATION 90,583
 20,000 FIBRECHEM TECHNOLOGIES LIMITED 0
 4,197 FILTRONA PLC 11,841
 30,023 FMC CORPORATION 1,680,988
 25,517 FOREST LABORATORIES INCORPORATED+ 782,351
 473,170 FORMOSA CHEMICALS & FIBRE CORPORATION 976,366
 555,810 FORMOSA PLASTICS CORPORATION 1,103,709
 4,573 FRESENIUS KABI PHARMACEUTICALS HOLDING INCORPORATED 1,738
 1,818 FRUTAROM INDUSTRIES LIMITED 14,948
 1,000 FUJIMI INCORPORATED 15,953
 4,000 FUSO PHARMACEUTICAL INDUSTRIES LIMITED 12,355
 31,353 GENZYME CORPORATION+ 1,589,597
 106,302 GILEAD SCIENCES INCORPORATED+ 4,895,207
 296 GIVAUDAN SA 234,277
 213,909 GLAXOSMITHKLINE PLC 4,423,403
 128,000 GLOBAL BIO-CHEM TECHNOLOGY 29,068
 6,518 GRIFOLS SA 109,028
 2,372 H LUNDBECK AS 44,629
 10,113 HANWHA CHEMICAL CORPORATION 106,540
 60,469 HB FULLER COMPANY 1,231,149
 4,874 HENKEL KGAA 210,335
 6,650 HIKMA PHARMACEUTICALS PLC 53,190
 6,600 HISAMITSU PHARMACEUTICAL COMPANY INCORPORATED 232,878
 8,100 HITACHI CHEMICAL COMPANY LIMITED 158,645
 1,667 HONAM PETROCHEMICAL CORPORATION 134,616
 207,911 HUNTSMAN CORPORATION 1,979,313
 63,416 IDEXX LABORATORIES INCORPORATED+ 3,173,971
 74,353 IMMUCOR INCORPORATED+ 1,371,813
 1,885 INTERCELL AG+ 66,798
 39,087 INTERMUNE INCORPORATED+ 419,794
 34,315 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 1,397,307
 32,527 INVERNESS MEDICAL INNOVATIONS INCORPORATED+ 1,367,760
 1,094 IPSEN 59,753
 363,121 IRPC PCL 40,632

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

12

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
CHEMICALS & ALLIED PRODUCTS (continued)
 10,000 ISHIHARA SANGYO KAISHA LIMITED $ 7,173
 37,248 ISRAEL CHEMICALS LIMITED 481,192
 8,735 JOHNSON MATTHEY PLC 212,963
 16,400 JSR CORPORATION 314,757
 4,870 K+S AG 293,380
 10,000 KAKEN PHARMACEUTICAL COMPANY LIMITED 87,807
 368,000 KALBE FARMA TBK PT 48,652
 25,000 KANEKA CORPORATION 165,722
 21,000 KANSAI PAINT COMPANY LIMITED 181,478
 43,600 KAO CORPORATION 1,069,320
 469 KCC CORPORATION 145,201
 5,300 KEMIRA OYJ 82,925
 107,266 KING PHARMACEUTICALS INCORPORATED+ 1,268,957
 46,500 KINGBOARD CHEMICALS HOLDINGS LIMITED 186,899
 5,000 KISSEI PHARMACEUTICAL COMPANY LIMITED 111,175
 2,700 KOBAYASHI PHARMACEUTICAL COMPANY LIMITED 120,569
 7,173 KONINKLIJKE DSM NV 352,846
 6,000 KYORIN COMPANY LIMITED 93,707
 23,000 KYOWA HAKKO KOGYO COMPANY LIMITED 247,721
 9,647 L'OREAL SA 1,046,720
 8,346 LA SEDA DE BARCELONA SA+ 4,261
 3,878 LANXESS 146,915
 57,100 LEE CHANG YUNG CHEMICAL INDUSTRY CORPORATION 67,429
 1,076 LG HOUSEHOLD & HEALTH CARE LIMITED CLASS H 264,188
 73,211 LIFE TECHNOLOGIES CORPORATION+ 3,644,444
 8,953 LINC ENERGY LIMITED+ 12,792
 6,500 LINTEC CORPORATION+ 123,699
 21,000 LION CORPORATION 108,839
 1,929 LONZA GROUP AG 149,315
 17,856 MAKHTESHIM-AGAN INDUSTRIES LIMITED 86,978
 1,800 MANDOM CORPORATION 48,311
 34,541 MARTEK BIOSCIENCES CORPORATION 601,013
 74,655 MEDICIS PHARMACEUTICAL CORPORATION CLASS A 1,761,111
 2,555 MERCK KGAA 240,968
 4,300 METHANEX CORPORATION 76,515
 400 MILBON COMPANY LIMITED 9,648
 19,995 MINERALS TECHNOLOGIES INCORPORATED 1,056,536
 4,700 MIRACA HOLDINGS INCORPORATED 150,069
 110,000 MITSUBISHI CHEMICAL HOLDINGS CORPORATION 399,584
 36,000 MITSUBISHI GAS CHEMICAL COMPANY INCORPORATED 163,674
 60,000 MITSUI CHEMICALS INCORPORATED 150,625
 63,208 MONSANTO COMPANY 5,104,046
 300 MURAMOTO ELECTRON THAILAND PCL 1,489
 56,832 NALCO HOLDING COMPANY 1,390,111
 724,570 NAN YA PLASTICS CORPORATION 1,227,169
 59,480 NBTY INCORPORATED+ 2,387,527
 11,604 NEWMARKET CORPORATION 1,215,171
 2,600 NICHI-IKO PHARMACEUTICAL COMPANY LIMITED 72,490
 6,000 NIHON PARKERIZING COMPANY LIMITED 69,690
 4,000 NIPPON CHEMICAL INDUSTRIAL COMPANY LIMITED 8,098
 14,000 NIPPON KAYAKU COMPANY LIMITED 115,155
 24,000 NIPPON PAINT COMPANY LIMITED 145,766
 6,000 NIPPON SHINYAKU COMPANY LIMITED 70,939
 12,000 NIPPON SHOKUBAI COMPANY LIMITED 108,561
 15,000 NIPPON SODA COMPANY LIMITED 51,018
 14,000 NISSAN CHEMICAL INDUSTRIES LIMITED 185,123
 13,300 NITTO DENKO CORPORATION 426,203
 17,000 NOF CORPORATION 68,441
 99,773 NOVARTIS AG 5,537,702
 18,590 NOVO NORDISK AS CLASS B 1,247,173
 10,887 NUFARM LIMITED 115,668
 13,423 NUPLEX INDUSTRIES LIMITED 23,941
 87,472 OLIN CORPORATION 1,466,905

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

13

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
CHEMICALS & ALLIED PRODUCTS (continued)
 289 OMEGA PHARMA SA $ 15,058
 8,700 ONO PHARMACEUTICAL COMPANY LIMITED 401,585
 65,491 ONYX PHARMACEUTICALS INCORPORATED+ 1,873,698
 27,137 ORICA LIMITED 620,873
 33,660 ORIENTAL UNION CHEMICAL CORPORATION 25,628
 1,903 ORIFLAME COSMETICS SA 112,189
 2,073 ORION OYJ+ 42,644
 23,663 OSI PHARMACEUTICALS INCORPORATED+ 788,215
 173 PAZ OIL COMPANY LIMITED 27,066
 90,273 PERRIGO COMPANY 3,623,558
 10,514 PETKIM PETROKIMYA HOLDING SA+ 44,723
 687,650 PFIZER INCORPORATED 12,494,603
 32,438 PHARMERICA CORPORATION+ 488,192
 14,028 PPG INDUSTRIES INCORPORATED 833,684
 35,802 PRAXAIR INCORPORATED 2,936,838
 342,082 PROCTER & GAMBLE COMPANY<< 21,328,813
 20,400 PTT CHEMICAL PCL ADR 42,954
 9,520 PZ CUSSONS PLC 40,720
 2,396 Q-CELLS AG+ 37,596
 18,964 RANBAXY LABORATORIES LIMITED 185,848
 25,001 RECKITT BENCKISER GROUP 1,275,003
 6,569 RECORDATI SPA 53,806
 4,789 RHODIA SA 83,241
 28,641 ROCHE HOLDING AG 4,684,869
 1,055 ROCHE HOLDINGS AG - BEARER SHARES 176,245
 9,000 ROHTO PHARMACEUTICAL COMPANY LIMITED 115,988
 162,549 RPM INTERNATIONAL INCORPORATED 3,185,960
 3,000 SAKAI CHEMICAL INDUSTRY COMPANY LIMITED 12,460
 34,640 SANOFI-AVENTIS SA 2,617,331
 17,805 SANOFI-AVENTIS SA ADR 675,878
 6,400 SANTEN PHARMACEUTICAL COMPANY LIMITED 216,566
 3,000 SANYO CHEMICAL INDUSTRIES LIMITED 16,381
 1,500 SAWAI PHARMACEUTICAL COMPANY LIMITED 85,898
 47,405 SCOTTS MIRACLE-GRO COMPANY 1,892,882
 5,500 SEIKAGAKU CORPORATION 61,719
 61,799 SENSIENT TECHNOLOGIES CORPORATION 1,565,987
 2,158 SGL CARBON AG+ 70,964
 32,700 SHIN-ETSU CHEMICAL COMPANY LIMITED 1,774,213
 25,200 SHIONOGI & COMPANY LIMITED 542,832
 22,157 SHIRE LIMITED 431,938
 29,800 SHISEIDO COMPANY LIMITED 588,485
 333 SHISEIDO COMPANY LIMITED 6,560
 126,000 SHOWA DENKO KK 223,022
 9,866 SIDI KERIR PETROCHEMCIALS COMPANY 18,320
 92,241 SIGMA PHARMACEUTICALS LIMITED 81,104
 43,244 SIGMA-ALDRICH CORPORATION 2,306,635
 34,912 SMITH & NEPHEW PLC 331,967
 9,592 SOCIEDAD QUIMICA Y MINERA DE CHILE SA CLASS B 359,543
 126,572 SOLUTIA INCORPORATED+ 1,363,180
 2,345 SOLVAY SA 247,466
 2,000 SSP COMPANY LIMITED 11,522
 700 ST CORPORATION 8,349
 2,792 STADA ARZNEIMITTEL AG 94,747
 600 STELLA CHEMIFA CORPORATION 30,750
 23,625 STERLITE INDUSTRIES INDIA LIMITED ADR 46,981
 3,100 SUMIDA ELECTRIC 82,126
 17,000 SUMITOMO BAKELITE COMPANY LIMITED 77,094
 131,000 SUMITOMO CHEMICAL COMPANY LIMITED 515,271
 5,273 SYMRISE AG 114,886
 3,894 SYNGENTA AG 1,032,378
 18,000 TAISHO PHARMACEUTICAL COMPANY LIMITED 329,431
 78,000 TAIWAN FERTILIZER COMPANY LIMITED 250,878
 27,000 TAIYO NIPPON SANSO CORPORATION 304,547

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

14

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
CHEMICALS & ALLIED PRODUCTS (continued)
 13,000 TAKASAGO INTERNATIONAL CORPORATION $ 64,519
 60,700 TAKEDA PHARMACEUTICAL COMPANY LIMITED 2,527,996
 18,000 TANABE SEIYAKU COMPANY LIMITED 237,390
 41,393 TERRA INDUSTRIES INCORPORATED 1,596,942
 824 TESSENDERLO CHEMIE NV 27,171
 33,253 TEVA PHARMACEUTICAL INDUSTRIES LIMITED 1,791,393
 17,393 THE MOSAIC COMPANY 947,049
 72,700 TITAN CHEMICALS CORPORATION 25,073
 25,000 TOAGOSEI COMPANY LIMITED 93,707
 21,000 TOKAI CARBON COMPANY LIMITED 94,748
 27,000 TOKUYAMA CORPORATION 155,241
 4,200 TOKYO OHKA KOKYO 73,126
 48,000 TOSOH CORPORATION 114,391
 22,000 TOYO INK MANUFACTURING COMPANY LIMITED 80,171
 3,609 TRANSPORTADORA DE GAS DEL SUR SA 10,069
 5,700 TSUMURA & COMPANY 189,582
 56,638 TURK SISE VE CAM FABRIKALARI AS 56,338
 80,000 UBE INDUSTRIES LIMITED JAPAN 197,131
 4,207 UCB SA 187,300
 5,097 UMICORE 173,464
 161,000 UNILEVER INDONESIA TBK PT 188,160
 49,555 UNITED THERAPEUTICS CORPORATION+<< 2,259,212
 141,772 USEC INCORPORATED+ 518,886
 74,620 VERTEX PHARMACEUTICALS INCORPORATED+ 2,896,748
 3,441 VICTREX PLC 44,833
 694 WACKER CHEMIE AG 114,253
 64,088 WR GRACE & COMPANY+ 1,465,052
 7,200 YARA INTERNATIONAL ASA 308,664
 886 YUHAN CORPORATION 134,485
 22,000 ZEON CORPORATION 89,588
 3,000 ZERIA PHARMACEUTICAL COMPANY LIMITED 29,431

 238,449,912
 --------------

COAL MINING: 0.61%
 64,682 ALPHA NATURAL RESOURCES INCORPORATED+ 2,393,234
 54,707 ANGLO AMERICAN PLC 2,342,660
 67,118 ARCH COAL INCORPORATED 1,400,081
 11,300 BANPU PCL+ 184,226
 91,165 BHP BILLITON PLC 2,785,795
 2,020,358 BUMI RESOURCES TBK PT 502,151
 29,920 CENTENNIAL COAL COMPANY LIMITED 90,158
 387,962 CHINA COAL ENERGY COMPANY 657,779
 365,500 CHINA SHENHUA ENERGY COMPANY LIMITED 1,787,401
 74,995 CONSOL ENERGY INCORPORATED 3,443,770
 10,995 CUDECO LIMITED+ 53,071
 8,400 FELIX RESOURCES LIMITED 129,329
 278,000 FUSHAN INTERNATIONAL ENERGY GROUP LIMITED+ 257,911
 88,000 HIDILI INDUSTRY INTERNATIONAL DEVELOPMENT LIMITED+ 98,559
 6,897 KUMBA IRON ORE LIMITED 234,712
 12,547 MACARTHUR COAL LIMITED 106,874
 35,314 MASSEY ENERGY COMPANY 1,329,925
 51,259 MINERAL DEPOSIT LIMITED+ 49,296
 4,901 NEYVELI LIGNITE CORPORATION LIMITED 15,820
 31,120 PEABODY ENERGY CORPORATION 1,383,595
 94,500 PT TAMBANG BATUBARA BUKIT ASAM TBK 164,413
 19,475 SINO GOLD MINING LIMITED+ 140,914
 4,256 SOUTH AUSTRALIA COAL CORPORATION+ 390
 3,599 UK COAL PLC+ 4,011
 21,641 WHITEHAVEN COAL LIMITED+ 83,050

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

15

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
COAL MINING (continued)
 204,000 YANZHOU COAL MINING COMPANY LIMITED $ 406,418

 20,045,543
 --------------

COMMERCIAL SERVICES: 0.03%
 50,851 CIELO SA 476,502
 6,000 KYODO PRINTING COMPANY LIMITED 16,451
 8,971 MORNINGSTAR INCORPORATED+ 415,896

 908,849
 --------------

COMMUNICATIONS: 3.95%
 44,000 ADVANCED INFO SERVICE PCL 107,204
 106,800 ADVANCED INFO SERVICE PCL THB 260,214
 5,097 AGORA SA+ 41,406
 800 AIPHONE COMPANY LIMITED 13,753
 91,678 ALCATEL SA 308,219
 2,211 ALVARION LIMITED+ 8,317
 1,633,548 AMERICA MOVIL SAB DE CV 3,951,465
 11,397 AMERICA MOVIL SAB DE CV 27,674
 45,840 AMERICAN TOWER CORPORATION CLASS A+ 1,875,773
 32,679 ANIXTER INTERNATIONAL INCORPORATED+ 1,412,386
 1,753 ARNOLDO MONDADORI EDITORE SPA+ 7,390
 3,400 ASATSU-DK INCORPORATED+ 66,356
 87,800 ASTRO ALL ASIA NETWORKS PLC 86,700
 507,122 AT&T INCORPORATED 13,661,867
 57,954 AUSTAR UNITED COMMUNICATIONS LIMITED+ 71,924
 31,500 BCE INCORPORATED 833,314
 5,508 BELGACOM SA 208,542
 2,969 BELL ALIANT REGIONAL COMMUNICATIONS INCOME FUND 75,758
 73,300 BEZEQ ISRAELI TELECOMMUNICATION CORPORATION LIMITED 166,684
 158,837 BHARTI AIRTEL LIMITED 1,022,888
 83,279 BRIGHTPOINT INCORPORATED+ 597,943
 42,203 BRITISH SKY BROADCASTING PLC 367,622
 316,658 BT GROUP PLC 730,349
 102,831 CABLE & WIRELESS PLC 240,048
 102,030 CABLEVISION SYSTEMS CORPORATION 2,552,791
 375,500 CARSO GLOBAL TELECOM SAB DE CV+ 1,578,225
 129,471 CENTURYTEL INCORPORATED<< 4,607,873
 48,240 CHAMPION TECHNOLOGY HOLDINGS LIMITED+ 1,649
 448,500 CHINA MOBILE LIMITED 4,201,405
 1,510,000 CHINA TELECOM CORPORATION LIMITED 668,292
 1,351,688 CHINA UNICOM LIMITED 1,817,355
 546,830 CHUNGHWA TELECOM COMPANY LIMITED 978,818
 270,008 CINCINNATI BELL INCORPORATED+ 804,624
 1 CITADEL BROADCASTING CORPORATION+ 0
 350 CITIC 1616 HOLDINGS LIMITED+ 126
 394 COGECO CABLE INCORPORATED 12,599
 4,296 COLT TELECOM GROUP SA+ 8,658
 239,209 COMCAST CORPORATION CLASS A 3,509,196
 92,200 COMCAST CORPORATION CLASS A SPECIAL (NON VOTING) 1,273,282
 3,691 CORUS ENTERTAINMENT INCORPORATED CLASS B 62,671
 102,037 CROWN CASTLE INTERNATIONAL CORPORATION+ 3,743,738
 6,541 CYFROWY POLSAT SA 32,590
 41,749 D-LINK CORPORATION 42,036
 14,021 DAILY MAIL & GENERAL TRUST CLASS A NV 95,332
 1,000 DAIMEI TELECOM ENGINEERING CORPORATION 7,601
 2,000 DENKI KOGYO COMPANY LIMITED 8,561
 121,454 DEUTSCHE TELEKOM AG+ 1,790,867
 28,500 DIGI.COM BHD 182,299
 11,582 DISH TV INDIA LIMITED+ 9,848
 2,934 EGYPTIAN COMPANY FOR MOBILE SERVICES 102,425

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

16

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
COMMUNICATIONS (continued)
 6,200 ELISA OYJ $ 133,779
 9,059 EMPRESA NACIONAL DE TELECOMUNICACIONES SA 124,537
 15,755 EQUINIX INCORPORATED+ 1,515,473
 3,738 EUTELSAT COMMUNICATIONS 122,331
 223,722 FAR EASTONE TELECOMMUNICATIONS COMPANY LIMITED 257,240
 325 FASTWEB+ 9,389
 12,600 FORMOSA SUMCO TECHNOLOGY CORPORATION 31,677
 71,529 FRANCE TELECOM SA 1,860,782
 11,264 FRANCE TELECOM SA ADR 296,581
 3,280 FREENET AG 47,281
 4,050 GLOBE TELECOM INCORPORATED 81,489
 260,502 GRUPO TELEVISA SA 1,073,938
 15,586 GTL INFRASTRUCTURE LIMITED+ 11,912
 8,730 HELLENIC TELECOMMUNICATIONS ORGANIZATION SA 134,887
 2,700 HIKARI TSUSHIN INCORPORATED 46,416
 2,000 HITACHI KOKUSAI ELECTRIC INCORPORATED 14,114
 1,224 HOT TELECOMMUNICATION SYSTEM LIMITED+ 12,151
 10,014 HURRIYET GAZETECILIK VE MATBAACILIK AS+ 10,420
 13,820 HUSQVARNA AB B SHARES 96,342
 58,000 HUTCHISON TELECOMMUNICATIONS HONG KONG HOLDINGS LIMITED 9,654
 58,000 HUTCHISON TELECOMMUNICATIONS INTERNATIONAL LIMITED 11,824
 39,115 IAC INTERACTIVECORP+ 760,787
 136,587 IDEA CELLULAR LIMITED+ 149,610
 5,123 INDEPENDENT NEWS & MEDIA PLC 1,223
 18,130 INMARSAT PLC 189,542
 6 INTERNET INITIATIVE JAPAN INCORPORATED 12,099
 151,716 ITV PLC 129,911
 47,598 J2 GLOBAL COMMUNICATIONS INCORPORATED+ 946,248
 4,000 JAPAN RADIO COMPANY LIMITED 6,617
 235 JUPITER TELECOMMUNICATIONS COMPANY LIMITED 220,482
 253 KDDI CORPORATION 1,366,856
 3,000 KEPPEL TELECOMMUNICATIONS & TRANSPORTATION LIMITED 2,926
 19,114 KINGSTON COMMUNICATIONS (HULL) PLC 13,207
 13,911 KT CORPORATION 460,603
 4,663 LAGARDERE SCA 198,604
 65,898 LEAP WIRELESS INTERNATIONAL INCORPORATED+<< 950,908
 706,200 LEVEL 3 COMMUNICATIONS INCORPORATED+<< 882,750
 51,635 LIBERTY GLOBAL INCORPORATED+ 1,001,203
 51,237 LIBERTY GLOBAL INCORPORATED SERIES A+<< 988,362
 246,040 LIBERTY MEDIA HOLDING CORPORATION INTERACTIVE SERIES A+ 2,617,866
 105,082 LIVE NATION INCORPORATED+ 752,387
 48,339 MAGYAR TELEKOM PLC 193,080
 8,074 MAHANAGAR TELEPHONE NIGAM LIMITED 12,801
 3,045 MANITOBA TELECOM SERVICES INCORPORATED 92,556
 20,000 MATSUNICHI COMMUNICATION HOLDINGS LIMITED 9,523
 28,698 MEDIASET SPA 217,828
 103,285 METROPCS COMMUNICATIONS INCORPORATED+ 650,696
 5,343 MICRO FOCUS INTERNATIONAL PLC 36,038
 21,400 MOBILONE LIMITED 26,750
 1,295 MOBISTAR SA 90,906
 2,310 MODERN TIMES GROUP MTG B SHARES+ 102,717
 9,756 MPHASIS LIMITED 141,993
 112,911 MTN GROUP LIMITED 1,811,455
 4,226 MULTIMEDIA POLSKA SA+ 11,001
 35,800 NIPPON TELEGRAPH & TELEPHONE CORPORATION 1,553,100
 153,163 NOKIA OYJ+ 2,016,943
 1,048 NTT DOCOMO INCORPORATED 1,588,246
 30,114 NTT DOCOMO INCORPORATED ADR 453,216
 64,000 OKI ELECTRIC INDUSTRY COMPANY LIMITED 53,309
 6 OKINAWA CELLULAR TELEPHONE COMPANY 10,863
 46,342 ORASCOM TELECOM HOLDING SAE 218,045
 5,768 PARTNER COMMUNICATIONS COMPANY LIMITED 107,741
 32,002 PEARSON PLC 436,439

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

17

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
COMMUNICATIONS (continued)
 7,820 PHILIPPINE LONG DISTANCE TELEPHONE COMPANY $ 426,485
 26,732 PORTUGAL TELECOM SGPS SA 323,163
 4,919 PRYSMIAN SPA 82,725
 138,500 PT INDONESIAN SATELLITE CORPORATION TBK 71,044
 7,553 PT MULTIMEDIA SERVICOS DE TELECOMUNICACOES E MULTIMEDIA SGPS SA+ 48,257
 607,000 QWEST COMMUNICATIONS INTERNATIONAL INCORPORATED<< 2,215,550
 49,400 REED ELSEVIER PLC 369,444
 32,828 RELIANCE COMMUNICATIONS LIMITED++ 121,283
 43,795 RELIANCE COMMUNICATIONS LIMITED 161,801
 18,200 ROGERS COMMUNICATIONS INCORPORATED 547,518
 67,323 ROYAL KPN NV 1,194,871
 543 RTL GROUP 33,299
 379,400 SAMART CORPORATION PCL+ 66,191
 42,459 SAVVIS INCORPORATED+ 531,587
 48,164 SBA COMMUNICATIONS CORPORATION+ 1,543,175
 3,560 SCHIBSTED ASA 73,078
 259 SEAT PAGINE GIALLE SPA 63
 15,300 SHAW COMMUNICATIONS INCORPORATED CLASS B 295,736
 188,600 SHIN SATELLITE PCL+ 37,158
 571,100 SINGAPORE TELECOMMUNICATIONS LIMITED+ 1,209,048
 3,704 SK TELECOM COMPANY LIMITED 539,928
 92 SKY PERFECT JSAT HOLDINGS INCORPORATED 41,455
 5,679 SOCIETE TELEVISION FRANCAISE 1 101,134
 234,981 SPRINT NEXTEL CORPORATION 871,780
 55,000 STARHUB LIMITED 77,095
 3,029 SUN TV NETWORK LIMITED 21,668
 881 SWISSCOM AG 342,506
 72,297 SYNIVERSE HOLDINGS INCORPORATED+ 1,146,630
 310,447 TAIWAN MOBILE COMPANY LIMITED+ 583,674
 3,567 TATA COMMUNICATIONS LIMITED 29,236
 26,818 TATA TELESERVICES MAHARASHTRA LIMITED+ 14,817
 947 TDC AS 46,814
 8,554 TELE NORTE LESTE PARTICIPACOES SA 214,398
 12,145 TELE2 AB 186,054
 2,951 TELECOM ARGENTINA SA ADR+ 47,747
 145,156 TELECOM CORPORATION OF NEW ZEALAND LIMITED 255,779
 36,313 TELECOM EGYPT 106,811
 238,666 TELECOM ITALIA RNC SPA 270,031
 418,063 TELECOM ITALIA SPA 669,174
 158,200 TELECOM MALAYSIA BHD 142,228
 3,600 TELECOMUNICACOES DE SAO PAULO SA 78,132
 3,200 TELEFONAKTIEBOLAGET LM ERICSSON 30,547
 121,778 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B 1,170,346
 39,044 TELEFONICA DEL PERU SAA 42,012
 10,454 TELEFONICA O2 CZECH REPUBLIC AS 252,187
 167,253 TELEFONICA SA 4,801,776
 563,136 TELEFONOS DE MEXICO SA DE CV 506,033
 12,524 TELEKOM AUSTRIA AG 217,767
 1,070,000 TELEKOMUNIKASI INDONESIA TBK PT 1,018,509
 2,640 TELENET GROUP HOLDING NV 71,948
 30,600 TELENOR ASA 416,515
 28,000 TELEVISION BROADCASTS LIMITED 127,896
 87,151 TELIASONERA AB 618,797
 22,371 TELKOM SOUTH AFRICA LIMITED 112,746
 298,954 TELSTRA CORPORATION LIMITED 933,699
 3,543 TELUS CORPORATION 114,810
 5,700 TELUS CORPORATION (NON-VOTING) 172,825
 61,000 TENCENT HOLDINGS LIMITED 1,127,902
 29,669 TIME WARNER CABLE INCORPORATED 1,242,835
 588 TISCALI SPA+ 136
 277,550 TM INTERNATIONAL SDN BHD+ 251,983
 2,200 TOKYO BROADCASTING SYSTEM INCORPORATED 34,206
 81,100 TOTAL ACCESS COMMUNICATION PCL 75,014

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

18

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
COMMUNICATIONS (continued)
 2,973 TRINITY MIRROR PLC $ 7,072
 262,500 TRUE CORPORATION PCL+ 22,424
 270,800 TT&T PCL+ 5,050
 75,367 TURKCELL ILETISIM HIZMETLERI AS 458,683
 300 TV TOKYO CORPORATION 6,733
 158,501 TW TELECOM INCORPORATED+ 2,306,190
 11,367 UNITED BUSINESS MEDIA LIMITED 81,440
 244,324 VERIZON COMMUNICATIONS INCORPORATED 7,686,433
 49,891 VIVENDI SA 1,437,597
 60,497 VODACOM GROUP PTY LIMITED 465,676
 1,839,167 VODAFONE GROUP PLC 4,148,115
 31,716 VODAFONE GROUP PLC ADR 719,636
 16,000 VTECH HOLDINGS LIMITED 155,457
 191,656 WINDSTREAM CORPORATION 1,901,228
 1,140 YAHOO! JAPAN CORPORATION 340,655
 23,066 YELL GROUP PLC 14,708
 23,446 ZINWELL CORPORATION 45,247
 18,635 ZYXEL COMMUNICATIONS CORPORATION 13,493

 129,921,204
 --------------

COMPUTER SOFTWARE & SERVICES: 0.04%
 42,707 UNISYS CORPORATION+ 1,370,468
 5,090 WIPRO LIMITED 68,835

 1,439,303
 --------------

CONSTRUCTION SPECIAL TRADE CONTRACTORS: 0.17%
 2,812 BOSKALIS WESTMINSTER 111,745
 23,787 CHEMED CORPORATION 1,074,697
 49,754 DYCOM INDUSTRIES INCORPORATED+ 387,584
 69,489 EMCOR GROUP INCORPORATED+ 1,653,838
 155 FLUGHAFEN WIEN AG 7,829
 177,764 HKC HOLDINGS LIMITED 14,221
 22,390 IRB INFRASTRUCTURE DEVELOPERS LIMITED 119,543
 10,239 IVRCL INFRASTRUCTURES & PROJECTS LIMITED 81,743
 8,948 ORASCOM CONSTRUCTION INDUSTRIES 365,321
 81,201 QUANTA SERVICES INCORPORATED+ 1,522,519
 3,882 SODEXHO ALLIANCE SA 218,005
 5,218 WELLSTREAM HOLDINGS PLC 45,582

 5,602,627
 --------------

CONSUMER SERVICES: 0.03%
 10,379 LVMH MOET HENNESSY LOUIS VUITTON SA 1,080,948
 --------------

COSMETICS , PERSONAL CARE: 0.00%
 82,000 BAWANG INTERNATIONAL GROUP HOLDING LIMITED+ 41,053
 --------------

DEPOSITORY INSTITUTIONS: 8.17%
 30,000 77 BANK LIMITED 183,943
 433 AAREAL BANK AG 8,556
 63,044 ABSA GROUP LIMITED 1,085,498
 7,030 ACOM COMPANY LIMITED 93,771
 72,100 AFFIN HOLDINGS BHD 52,494
 60,068 AFRICAN BANK INVESTMENTS LIMITED 234,269
 3,420 AGRICULTURAL BANK OF GREECE 8,319
 2,600 AIFUL CORPORATION 3,008
 81,934 AKBANK TAS 439,669
 22,824 ALLAHABAD BANK 65,457
 36,469 ALLIED IRISH BANKS PLC 84,878
 14,460 ALPHA BANK AE 198,669

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

19

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
DEPOSITORY INSTITUTIONS (continued)
 1 AMCORE FINANCIAL INCORPORATED $ 0
 130,300 AMMB HOLDINGS BHD 186,280
 30,160 ANDHRA BANK 74,338
 16,925 ANGLO IRISH BANK CORPORATION PLC 0
 37,000 AOZORA BANK LIMITED 46,229
 151,165 ASSOCIATED BANC-CORP 1,714,211
 110,893 ASTORIA FINANCIAL CORPORATION 1,151,069
 48,136 ASYA KATILIM BANKASI AS+ 95,132
 205,551 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED 4,170,052
 27,252 AXIS BANK LIMITED+ 585,524
 33,259 BANCA CARIGE SPA 92,789
 116,685 BANCA MONTE DEI PASCHI DI SIENA SPA 224,442
 9,849 BANCA PICCOLO CREDITO VALTELLINESE SCARL 82,965
 16,468 BANCA POPOLARE DI MILANO SCARL 127,841
 143,402 BANCO BILBAO VIZCAYA ARGENTARIA SA 2,701,258
 9,820 BANCO BILBAO VIZCAYA ARGENTARIA SA ADR 186,678
 8,813 BANCO BPI SA 29,245
 45,450 BANCO BRADESCO SA 753,660
 128,660 BANCO COMERCIAL PORTUGUES SA 170,393
 1,049,717 BANCO DE CHILE 88,969
 2,804 BANCO DE CREDITO DEL PERU 7,787
 4,546 BANCO DE CREDITO E INVERSIONES 143,004
 112,266 BANCO DE ORO 95,110
 37,413 BANCO DE SABADE 238,193
 10,900 BANCO DE VALENCIA SA 89,196
 93,668 BANCO DO BRASIL SA 1,648,728
 3,199 BANCO ESPANOL DE CREDITO SA 41,070
 22,698 BANCO ESPIRITO SANTO SA 158,825
 1,156 BANCO GUIPUZCOANO SA 9,746
 50,925 BANCO ITAU HOLDING FINANCEIRA SA 867,944
 2,243 BANCO MACRO SA 61,211
 5,847 BANCO PASTOR SA 43,022
 25,330 BANCO POPOLARE SPA 207,667
 31,160 BANCO POPULAR ESPANOL SA 263,886
 266,731 BANCO SANTANDER CENTRAL HISPANO SA+ 4,569,822
 67,208 BANCO SANTANDER CENTRAL HISPANO SA ADR 1,162,698
 4,439,540 BANCO SANTANDER CHILE SA 256,084
 98,932 BANCORPSOUTH INCORPORATED 2,295,222
 31,000 BANGKOK BANK PCL (NON VOTING) 104,903
 1,400,500 BANK CENTRAL ASIA TBK PT 710,989
 71,656 BANK HAPOALIM LIMITED+ 278,467
 95,637 BANK LEUMI LE-ISRAEL 398,751
 659,000 BANK MANDIRI PERSERO TBK PT 310,159
 37,612 BANK MILLENNIUM SA 61,109
 210,000 BANK NIAGA 16,214
 738,366 BANK OF AMERICA CORPORATION 11,703,101
 84,100 BANK OF AYUDHYA PCL 50,341
 17,473 BANK OF BARODA 196,423
 5,850,000 BANK OF CHINA LIMITED 3,298,624
 650,000 BANK OF COMMUNICATIONS LIMITED 774,963
 133,460 BANK OF EAST ASIA LIMITED 577,750
 900 BANK OF GREECE 62,479
 51,126 BANK OF HAWAII CORPORATION 2,336,458
 18,815 BANK OF INDIA 155,689
 40,778 BANK OF IRELAND 98,581
 29,000 BANK OF KYOTO LIMITED 265,375
 102,001 BANK OF NEW YORK MELLON CORPORATION 2,717,307
 16,867 BANK OF QUEENSLAND LIMITED 172,096
 153,700 BANK OF THE PHILIPPINE ISLANDS 154,628
 3,200 BANK OF THE RYUKYUS LIMITED 40,574
 109,000 BANK OF YOKOHAMA LIMITED 529,616
 11,118 BANK PEKAO SA 706,491
 309 BANK PRZEMYSLOWO HANDLOWY PBK 8,155

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

20

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
DEPOSITORY INSTITUTIONS (continued)
 513,000 BANK RAKYAT INDONESIA $ 401,502
 696 BANK SARASIN & CIE AG 26,192
 3,417 BANK ZACHODNI WBK SA 201,094
 11,042 BANKINTER SA 118,299
 244 BANQUE CANTONALE VAUDOISE WAADTLAENDER KANTONALBANK 97,168
 10 BANQUE NATIONALE DE BELGIQUE+ 49,629
 449,894 BARCLAYS PLC 2,163,742
 57,498 BB&T CORPORATION 1,431,700
 6,717 BBVA BANCO FRANCES SA 41,108
 24,359 BENDIGO BANK LIMITED 198,116
 15,636 BNP PARIBAS ADR 657,494
 33,573 BNP PARIBAS SA 2,772,637
 387,500 BOC HONG KONG HOLDINGS LIMITED 888,994
 9,862 BOK FINANCIAL CORPORATION 458,386
 7,122 BRADFORD & BINGLEY PLC 2,343
 1,078 BRE BANK SA 89,519
 19,201 BUSAN BANK 210,537
 13,142 CANARA BANK 111,855
 857,000 CATHAY FINANCIAL HOLDING COMPANY LIMITED 1,491,407
 71,852 CATHAY GENERAL BANCORP 561,164
 422,000 CHANG HWA COMMERCIAL BANK+ 192,778
 71,000 CHIBA BANK LIMITED+ 467,365
 9,110 CHINA BANKING CORPORATION 69,464
 485,000 CHINA CITIC BANK 400,514
 5,486,000 CHINA CONSTRUCTION BANK 4,884,278
 1,104,161 CHINA DEVELOPMENT FINANCIAL HOLDING CORPORATION 307,102
 74,000 CHINA EVERBRIGHT LIMITED 175,880
 880,116 CHINA TRUST FINANCIAL HOLDING COMPANY LIMITED 508,722
 5,000 CHUKYO BANK LIMITED THE 14,577
 1,298,100 CITIGROUP INCORPORATED 5,335,191
 18,339 CITY NATIONAL CORPORATION 723,657
 65,898 COMERICA INCORPORATED 1,876,116
 27,525 COMMERCIAL INTERNATIONAL BANK 255,299
 28,459 COMMERZBANK AG 265,797
 117,826 COMMONWEALTH BANK OF AUSTRALIA 5,698,010
 16,826 COSMOS BANK TAIWAN+ 1,841
 3,498 CREDICORP LIMITED 249,932
 137 CREDIT AGRICOLE D'ILE DE F+ 11,726
 42,751 CREDIT AGRICOLE SA 884,577
 44,693 CREDIT SUISSE GROUP 2,313,740
 1,169 CREDITO EMILIANO SPA 9,373
 12,674 DAEGU BANK 179,843
 8,000 DAH SING BANKING GROUP LIMITED 12,532
 12,031 DAH SING FINANCIAL HOLDINGS LIMITED 70,711
 18,240 DANSKE BANK 392,869
 138,500 DBS GROUP HOLDINGS LIMITED 1,433,035
 3,415 DEUTSCHE POSTBANK AG 120,093
 29,597 DEXIA 223,363
 28,800 DNB NOR ASA 323,761
 156,395 E.SUN FINANCIAL HOLDING COMPANY LIMITED 61,724
 108,771 EAST WEST BANCORP INCORPORATED 1,586,969
 12,019 EFG EUROBANK ERGASIAS SA 159,355
 1,432 EFG INTERNATIONAL 23,024
 28,449 EGYPTIAN FINANCIAL GROUP-HERMES HOLDING 143,102
 640 EMPORIKI BANK OF GREECE SA+ 4,219
 63,977 ENTIE COMMERCIAL BANK+ 18,947
 16,500 EON CAPITAL BHD 28,307
 8,039 ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG 326,882
 50,887 EURONET WORLDWIDE INCORPORATED+ 1,080,840
 204,857 FAR EASTERN INTERNATIONAL BANK+ 70,346
 16,000 FERROCHINA LIMITED 0
 348,629 FIFTH THIRD BANCORP 3,514,180
 22,001 FIRST FINANCIAL BANKSHARE 1,139,212

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

21

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
DEPOSITORY INSTITUTIONS (continued)
 274,873 FIRST HORIZON NATIONAL CORPORATION $ 3,724,529
 61,063 FIRST MIDWEST BANCORP INCORPORATED 636,887
 231,272 FIRST NIAGARA FINANCIAL GROUP INCORPORATED 3,050,478
 108,927 FIRSTMERIT CORPORATION 2,282,021
 248,749 FIRSTRAND LIMITED 583,494
 143,229 FNB CORPORATION PA<< 932,421
 86,562 FORTIS 364,586
 606,000 FUBON FINANCIAL HOLDING COMPANY LIMITED 687,374
 842,960 FUHWA FINANCIAL HOLDINGS COMPANY LIMITED 568,452
 69,000 FUKUOKA FINANCIAL GROUP INCORPORATED 250,648
 222,560 FULTON FINANCIAL CORPORATION 1,918,467
 38,197 GETIN HOLDING SA+ 110,328
 8,178 GREEK POSTAL SAVINGS BANK 49,733
 79,679 GRUPO SECURITY SA 24,021
 9,000 GUOCO GROUP LIMITED 104,574
 32,452 HANCOCK HOLDING COMPANY 1,343,513
 57,000 HANG SENG BANK LIMITED 834,033
 4,397 HDFC BANK LIMITED ADR 591,616
 5,000 HIGASHI-NIPPON BANK LIMITED 9,718
 110,000 HOKUHOKU FINANCIAL GROUP INCORPORATED 257,057
 66,300 HONG LEONG BANK BHD 155,759
 68,900 HONG LOENG FINANCIAL GROUP BHD 140,339
 703,576 HSBC HOLDINGS PLC 8,183,189
 495,715 HUA NAN FINANCIAL HOLDINGS COMPANY LIMITED 294,234
 210,076 HUDSON CITY BANCORP INCORPORATED 2,791,910
 291,196 HUNTINGTON BANCSHARES INCORPORATED 1,112,369
 21,282 IBERIABANK CORPORATION 1,207,328
 17,440 ICICI BANK LIMITED ADR 648,768
 9,142 INDIAN BANK 32,409
 27,110 INDIAN OVERSEAS BANK 67,782
 106,000 INDIKA ENERGY TBK PT 24,944
 7,420,103 INDUSTRIAL & COMMERCIAL BANK OF CHINA CLASS H 6,271,143
 21,470 INDUSTRIAL BANK OF KOREA 248,342
 346 ING BANK SLASKI SA 91,007
 61,603 INTERNATIONAL BANCSHARES CORPORATION 1,033,082
 381,851 INTESA SANPAOLO 1,654,169
 37,019 INTESA SANPAOLO RNC+ 121,038
 22,489 IOOF HOLDINGS LIMITED 119,469
 32,895 ISRAEL DISCOUNT BANK LIMITED 70,536
 5,000 JACCS COMPANY LIMITED 11,742
 62,000 JOYO BANK LIMITED 286,187
 335,677 JPMORGAN CHASE & COMPANY 14,262,916
 9,300 JULIUS BAER HOLDING AG 110,735
 6,000 KANSAI URBAN BANKING CORPORATION+ 8,191
 39,000 KASIKORNBANK PCL THB 102,060
 590 KBC ANCORA 14,786
 5,788 KBC GROEP NV 257,601
 383,050 KEYCORP 2,244,673
 6,000 KIATNAKIN FINANCE 4,512
 71,000 KIYO HOLDINGS 91,173
 32,960 KOREA EXCHANGE BANK 402,504
 4,364 KOREA INVESTMENT HOLDINGS COMPANY LIMITED 114,842
 19,017 KOTAK MAHINDRA BANK LIMITED 321,795
 1,838 KREDYT BANK SA+ 7,499
 31,800 KRUNG THAI BANK PCL 8,704
 315,100 KRUNG THAI BANK PCL ADR 86,251
 178 LIECHTENSTEIN LANDESBANK 11,342
 6,000 LIU CHONG HING BANK LIMITED 11,535
 607,718 LLOYDS TSB GROUP PLC 551,365
 3,708 LLOYDS TSB GROUP PLC ADR<< 20,023
 31,121 M&T BANK CORPORATION<< 2,040,915
 281,556 MALAYAN BANKING BHD 560,208
 134,800 MALAYSIAN PLANTATIONS BHD+ 105,297

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

22

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
DEPOSITORY INSTITUTIONS (continued)
 160,300 MARSHALL & ILSLEY CORPORATION $ 921,725
 60,050 MB FINANCIAL INCORPORATED 1,119,933
 865,000 MEGA FINANCIAL HOLDING COMPANY LIMITED 487,888
 90,100 METROPOLITAN BANK & TRUST COMPANY 86,827
 949,070 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED 5,292,130
 131,000 MITSUI TRUST HOLDINGS INCORPORATED 460,713
 15,000 MIYAZAKI BANK LIMITED 53,621
 1,155,000 MIZUHO FINANCIAL GROUP INCORPORATED 2,164,623
 122,000 MIZUHO TRUST & BANKING COMPANY LIMITED 111,499
 169,146 NATIONAL AUSTRALIA BANK LIMITED 4,433,835
 19,823 NATIONAL BANK OF GREECE SA 583,399
 24,348 NATIONAL BANK OF GREECE SA ADR 147,062
 154,416 NATIONAL PENN BANCSHARES INCORPORATED 852,376
 33,169 NATIXIS 176,808
 16,017 NEDBANK GROUP LIMITED 244,419
 150,144 NEW YORK COMMUNITY BANCORP INCORPORATED<< 1,755,183
 126,624 NEWALLIANCE BANCSHARES INCORPORATED 1,491,631
 1,100 NIS GROUP COMPANY LIMITED 369
 64,000 NISHI-NIPPON CITY BANK LIMITED 175,474
 100,574 NORDEA BANK AB+ 1,043,025
 27,900 NORTHERN TRUST CORPORATION 1,381,050
 10,068 OKO BANK 106,281
 105,433 OLD NATIONAL BANCORP 1,227,240
 14,000 ORIENT CORPORATION 12,471
 12,374 ORIENTAL BANK OF COMMERCE 73,036
 22,874 OTP BANK NYRT 682,111
 178,927 OVERSEA-CHINESE BANKING CORPORATION LIMITED 1,083,387
 32,248 PACWEST BANCORP 593,363
 13,313 PIRAEUS BANK SA 193,910
 65,828 PKO BANK POLSKI SA 893,647
 39,387 PNC FINANCIAL SERVICES GROUP 2,245,453
 326,598 POPULAR INCORPORATED 774,037
 47,999 PRIVATEBANCORP INCORPORATED 474,710
 71,500 PROVIDENT FINANCIAL SERVICES INCORPORATED 756,470
 268,394 PT BANK DANAMON INDONESIA TBK 125,610
 264,000 PT BANK PAN INDONESIA TBK+ 20,662
 148,937 PUBLIC BANK BHD 477,652
 1,936 RAIFFEISEN INTERNATIONAL BANK HOLDINGS 114,827
 40,640 REDECARD SA 620,423
 518,012 REGIONS FINANCIAL CORPORATION 3,035,550
 42,700 RESONA HOLDINGS INCORPORATED 456,441
 73,600 RHB CAPITAL BHD 115,200
 67,531 RMB HOLDINGS LIMITED 255,350
 662,392 ROYAL BANK OF SCOTLAND GROUP PLC 361,563
 27,700 SAPPORO HOLDINGS 103,186
 1,800 SCOTIABANK PERU SA+ 85,923
 22,933 SEKERBANK TAS 34,216
 58 SEVEN BANK LIMITED 115,812
 21,000 SHIGA BANK 130,217
 1,000 SHIMIZU BANK LIMITED THE 43,151
 690,878 SHIN KONG FINANCIAL HOLDING COMPANY LIMITED 279,108
 88,000 SHINSEI BANK LIMITED 107,913
 56,000 SHIZUOKA BANK LIMITED+ 559,741
 107,800 SIAM CITY BANK PCL 93,225
 150,000 SIAM COMMERCIAL BANK PCL 382,388
 727,000 SINOPAC FINANCIAL HOLDINGS COMPANY LIMITED 258,683
 68,640 SKANDINAVISKA ENSKILDA BANKEN AB CLASS A 445,519
 4,259 SNS REAAL 30,217
 490,509 SOCIEDAD MATRIZ BANCO DE CHILE CLASS B 63,291
 26,717 SOCIETE GENERALE 1,881,083
 19,732 SOCIETE GENERALE ADR 279,208
 210 ST. GALLER KANTONALBANK 96,172
 118,980 STANDARD BANK GROUP LIMITED 1,539,269

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

23

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
DEPOSITORY INSTITUTIONS (continued)
 66,542 STANDARD CHARTERED PLC $ 1,624,519
 16,788 STATE BANK OF INDIA LIMITED 808,289
 5,484 STATE BANK OF INDIA LIMITED GDR++ 530,851
 41,800 STATE STREET CORPORATION 1,726,340
 103,942 STERLING BANCSHARES INCORPORATED (TEXAS) 521,789
 988 SUMITOMO MITSUI FINANCIAL GROUP INCORPORATED 3,241
 137,000 SUMITOMO TRUST & BANKING COMPANY LIMITED 733,815
 98,821 SUNCORP-METWAY LIMITED 794,679
 20,000 SURUGA BANK LIMITED 196,437
 108,495 SUSQUEHANNA BANCSHARES INCORPORATED 622,761
 35,019 SVB FINANCIAL GROUP+ 1,325,819
 18,900 SVENSKA HANDELSBANKEN 541,933
 34,100 SWEDBANK AB 325,761
 3,160 SYDBANK AG 75,555
 18,615 SYNDICATE BANK 36,358
 16,000 SYNEAR FOOD HOLDINGS LIMITED 3,410
 532,717 SYNOVUS FINANCIAL CORPORATION 1,038,798
 91,000 TA CHONG BANK LIMITED+ 18,495
 561,000 TAISHIN FINANCIAL HOLDINGS COMPANY LIMITED 209,205
 266,000 TAIWAN BUSINESS BANK+ 67,039
 52,649 TCF FINANCIAL CORPORATION<< 691,808
 15,516 THANACHART CAPITAL PCL 10,268
 1,100 THE AICHI BANK LIMITED+ 88,443
 19,000 THE AKITA BANK LIMITED 77,372
 14,000 THE AOMORI BANK LIMITED 33,526
 19,000 THE AWA BANK LIMITED 102,429
 1,800 THE BANK OF IWATE LIMITED 111,199
 19,000 THE BANK OF NAGOYA LIMITED 74,075
 2,000 THE BANK OF OKINAWA LIMITED 78,667
 25,000 THE BANK OF SAGA LIMITED 80,113
 4,700 THE CHIBA KOGYO BANK LIMITED+ 36,539
 18,000 THE CHUGOKU BANK LIMITED 247,177
 8,000 THE DAISAN BANK LIMITED 20,916
 29,000 THE DAISHI BANK LIMITED 107,358
 27,000 THE EHIME BANK LIMITED 77,152
 25,000 THE EIGHTEENTH BANK LIMITED 64,785
 32,000 THE FUKUI BANK LIMITED 106,617
 41,000 THE HACHIJUNI BANK LIMITED 261,823
 21,000 THE HIGO BANK LIMITED 130,946
 50,000 THE HIROSHIMA BANK LIMITED 208,815
 24,000 THE HOKKOKU BANK LIMITED 96,622
 21,000 THE HOKUETSU BANK LIMITED 33,283
 24,000 THE HYAKUGO BANK LIMITED 118,279
 29,000 THE HYAKUJUSHI BANK LIMITED 114,068
 25,000 THE IYO BANK LIMITED 229,350
 35,000 THE JUROKU BANK LIMITED 136,858
 3,000 THE KAGAWA BANK LIMITED 9,371
 15,000 THE KAGOSHIMA BANK LIMITED 116,439
 2,400 THE KANTO TSUKUBA BANK LIMITED 8,218
 22,000 THE KEIYO BANK LIMITED 113,512
 5,000 THE MICHINOKU BANK LIMITED 9,833
 4,000 THE MIE BANK LIMITED 10,828
 7,000 THE MINATO BANK LIMITED 8,260
 3,200 THE MUSASHINO BANK LIMITED 84,961
 22,000 THE NANTO BANK LIMITED 125,220
 33,000 THE OGAKI KYORITSU BANK LIMITED 108,804
 23,000 THE OITA BANK LIMITED 94,725
 16,000 THE SAN-IN GODO BANK LIMITED 143,637
 28,000 THE SHIKOKU BANK LIMITED 94,910
 9,000 THE TOCHIGI BANK LIMITED 42,793
 21,000 THE TOHO BANK LIMITED 71,182
 3,000 THE TOKUSHIMA BANK LIMITED 9,648
 2,682,765 TMB BANK PCL+ 88,766

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

24

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
DEPOSITORY INSTITUTIONS (continued)
 5,300 TOKYO TOMIN BANK LIMITED $ 72,657
 95,493 TRUSTCO BANK CORPORATION NEW YORK SHARES<< 588,237
 63,033 TRUSTMARK CORPORATION 1,207,712
 13,375 TURK EKONOMI BANKASI AS+ 17,768
 121,044 TURKIYE IS BANKASI 411,903
 65,353 TURKIYE VAKIFLAR BANKASI TAO 133,435
 145,390 UBS AG 2,255,141
 35,430 UMB FINANCIAL CORPORATION 1,392,399
 103,655 UMPQUA HOLDINGS CORPORATION 1,218,983
 650,279 UNICREDITO ITALIANO SPA 2,221,370
 42,689 UNION BANK HONG KONG 98,707
 27,062 UNION BANK OF INDIA 161,069
 25,292 UNIONE DI BANCHE SCPA 347,302
 53,816 UNITED BANKSHARES INCORPORATED 920,254
 8,324 UNITED MIZRAHI BANK LIMITED 73,379
 99,000 UNITED OVERSEAS BANK LIMITED 1,347,659
 163,163 US BANCORP 3,937,123
 637 VALIANT HOLDING AG 128,928
 60,899 VALLEY NATIONAL BANCORP<< 805,085
 62 VERWALTUNGS-UND PRIVAT-BANK AG 5,966
 361 VONTOBEL HOLDINGS AG 11,177
 138,342 WASHINGTON FEDERAL INCORPORATED 2,635,415
 147,914 WATERLAND FINANCIAL HOLDINGS 46,426
 85,059 WEBSTER FINANCIAL CORPORATION<< 1,082,801
 378,620 WELLS FARGO & COMPANY(L)++ 10,616,505
 30,856 WESTAMERICA BANCORPORATION 1,641,539
 81,167 WESTERN UNION COMPANY 1,497,531
 238,857 WESTPAC BANKING CORPORATION 5,281,088
 115,346 WHITNEY HOLDING CORPORATION 928,535
 87,100 WILMINGTON TRUST CORPORATION<< 1,068,717
 15,500 WING HANG BANK LIMITED 160,399
 29,943 WINTRUST FINANCIAL CORPORATION 777,620
 1,200 YACHIYO BANK LIMITED 27,904
 16,000 YAMAGATA BANK LIMITED 79,223
 83,222 YAPI VE KREDI BANKASI AS+ 159,026
 8,719 YES BANK LIMITED+ 47,339
 55,400 ZIONS BANCORPORATION<< 728,510

 268,619,653
 --------------

DIVERSIFIED FINANCIAL SERVICES: 0.01%
 1,964 CANACCORD FINANCIAL INCORPORATED 20,749
 2,023 DUNDEEWEALTH INCORPORATED 26,184
 3,500 GMP CAPITAL INCORPORATED 40,459
 5,380 LIC HOUSING FINANCE LIMITED 99,498
 16,492 PARAGON GROUP OF COS PLC 35,542

 222,432
 --------------

E-COMMERCE/SERVICES: 0.15%
 36,027 AMAZON.COM INCORPORATED+ 4,896,430
 18 GOURMET NAVIGATOR INCORPORATED 39,044
 1,000 GREE INCORPORATED+ 53,216
 7,620 SMS MANAGEMENT & TECHNOLOGY LIMITED 39,781

 5,028,471
 --------------

EATING & DRINKING PLACES: 0.62%
 5,082 AUTOGRILL SPA 62,917
 38,953 BOB EVANS FARMS INCORPORATED 983,953
 128,371 BRINKER INTERNATIONAL INCORPORATED 1,771,520
 37,586 BURGER KING HOLDINGS INCORPORATED 638,962

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

25

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
EATING & DRINKING PLACES (continued)
 16,105 C&C GROUP PLC $ 67,711
 24,640 CEC ENTERTAINMENT INCORPORATED+ 718,502
 71,826 CHEESECAKE FACTORY INCORPORATED+<< 1,352,484
 21,500 CHINA HUIYUAN JUICE GROUP 13,261
 6,215 CHIPOTLE MEXICAN GRILL INCORPORATED+<< 518,642
 6,887 CHIPOTLE MEXICAN GRILL INCORPORATED CLASS B+ 572,379
 38,292 CROWN LIMITED 274,611
 11,982 ENTERPRISE INNS PLC 19,455
 155,839 FOSTER'S GROUP LIMITED 802,159
 418 HITE BREWERY COMPANY LIMITED 57,575
 5,200 ITO EN LIMITED 83,919
 57,512 JACK IN THE BOX INCORPORATED+ 1,073,749
 3,500 KISOJI COMPANY LIMITED 80,941
 91,014 MCDONALD'S CORPORATION 5,756,636
 19,207 MITCHELLS & BUTLERS PLC 79,784
 1,720 OBRASCON HUARTE LAIN SA 47,056
 23,322 PAPA JOHN'S INTERNATIONAL INCORPORATED+ 515,883
 23,609 PF CHANG'S CHINA BISTRO INCORPORATED+ 770,126
 32,370 PUNCH TAVERNS PLC 42,043
 5,909 RESTAURANT GROUP PLC 17,857
 39,151 SABMILLER PLC+ 1,140,009
 31,000 SAPPORO HOLDINGS LIMITED 149,907
 159,196 WENDY'S ARBY'S GROUP INCORPORATED 652,704
 6,898 WHITBREAD PLC 145,594
 53,572 YUM! BRANDS INCORPORATED 1,889,484

 20,299,823
 --------------

EDUCATIONAL SERVICES: 0.26%
 14,550 APOLLO GROUP INCORPORATED CLASS A+ 830,369
 7,100 BENESSE CORPORATION 317,052
 63,997 CAREER EDUCATION CORPORATION+ 1,665,842
 84,357 CORINTHIAN COLLEGES INCORPORATED+ 1,250,171
 25,712 DEVRY INCORPORATED 1,396,676
 15,655 ITT EDUCATIONAL SERVICES INCORPORATED+ 1,424,292
 14,306 LAN AIRLINES SA 217,516
 18,757 NAVITAS LIMITED+ 64,595
 165,531 RAFFLES EDUCATION CORPORATION LIMITED 50,831
 5,818 STRAYER EDUCATION INCORPORATED<< 1,149,055

 8,366,399
 --------------

ELECT COMPONENTS-SEMICONDUCTORS: 0.04%
 42,876 AMERICAN SUPERCONDUCTOR CORPORATION+<< 1,423,483
 --------------

ELECTRIC GENERATION: 0.03%
 63,211 MIRANT CORPORATION+ 900,125
 --------------

ELECTRIC, GAS & SANITARY SERVICES: 4.81%
 1,765 ACEA SPA 20,314
 32,122 ADANI POWER LIMITED+ 65,190
 58,540 AEM SPA 114,007
 76,383 AES CORPORATION+ 973,119
 35,347 AGL ENERGY LIMITED 448,061
 96,550 AGL RESOURCES INCORPORATED 3,335,803
 69,980 ALLEGHENY ENERGY INCORPORATED 1,538,160
 35,479 ALLETE INCORPORATED 1,186,418
 48,123 ALLIANT ENERGY CORPORATION 1,322,420
 552,035 ALMENDRAL SA 52,724
 1,019 ALSTOM PROJECTS INDIA LIMITED+ 11,602
 93,106 AMEREN CORPORATION 2,419,825
 40,898 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 1,316,507

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

26

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
ELECTRIC, GAS & SANITARY SERVICES (continued)
 38,600 AMERICAN WATER WORKS COMPANY INCORPORATED $ 858,464
 59,380 AQUA AMERICA INCORPORATED<< 969,082
 1,929 ATCO LIMITED 81,609
 133 ATEL HOLDING AG 56,937
 116,252 ATMOS ENERGY CORPORATION 3,184,142
 69,053 AVISTA CORPORATION 1,436,993
 6,312 AYGAZ AS 21,066
 6 BABCOCK & BROWN INFRASTRUCTURE 22
 15,992 BABCOCK & BROWN POWER 1,084
 678 BKW FMB ENERGIE AG 54,067
 48,434 BLACK HILLS CORPORATION<< 1,141,589
 4,300 BRADESPAR SA 96,974
 2,800 BROOKFIELD RENEWABLE POWER FUND 50,673
 20,687 CALIFORNIA WATER SERVICE GROUP 756,730
 3,817 CANADIAN UTILITIES LIMITED 148,825
 258 CANADIAN UTILITIES LIMITED 9,859
 140,610 CENTERPOINT ENERGY INCORPORATED 1,865,895
 24,700 CENTRAIS ELECTRICAS BRASILEIRAS SA 408,032
 209,940 CENTRICA PLC 879,318
 17,484 CEZ AS 874,818
 45,000 CHINA POWER INTERNATIONAL DEVELOPMENT LIMITED 12,135
 164,600 CHINA RESOURCES POWER HOLDINGS COMPANY 335,569
 100,000 CHINA WATER AFFAIRS GROUP LIMITED 31,613
 60,600 CHUBU ELECTRIC POWER COMPANY INCORPORATED 1,549,352
 28,481 CIA GENERAL DE ELECTRICIDAD SA 183,176
 24,383 CLEAN HARBORS INCORPORATED+ 1,304,978
 76,628 CLECO CORPORATION 1,955,547
 157,000 CLP HOLDINGS LIMITED 1,064,554
 98,941 CMS ENERGY CORPORATION 1,408,920
 956,543 COLBUN SA 230,701
 23,515 CONSOLIDATED EDISON INCORPORATED 1,009,029
 78,500 CONSTELLATION ENERGY GROUP INCORPORATED 2,497,870
 27,236 CONTACT ENERGY LIMITED 114,324
 8,154 CPFL ENERGIA SA 149,099
 49,786 DOMINION RESOURCES INCORPORATED 1,811,215
 50,586 DPL INCORPORATED 1,358,740
 16,810 DRAX GROUP PLC 113,493
 71,374 DTE ENERGY COMPANY 2,862,811
 108,580 DUKE ENERGY CORPORATION 1,811,114
 6,000 DUSKIN COMPANY LIMITED 112,101
 629,563 DYNEGY INCORPORATED CLASS A+ 1,139,509
 81,761 E.ON AG 3,233,713
 25,268 EDISON INTERNATIONAL 860,375
 19,099 EDISON SPA 29,280
 307,572 EL PASO CORPORATION 2,940,388
 10,100 ELECTRIC POWER DEVELOPMENT COMPANY 313,726
 10,924 ELECTRICITE DE FRANCE 630,201
 16,400 ELECTRICITY GENERATING PCL 38,725
 5,213 EMERA INCORPORATED 117,260
 6,772 EMPRESA ELECTRICA PEHUENCHE SA 40,560
 353,195 EMPRESA NACIONAL DE ELECTRICIDAD SA (CHILE) 562,926
 7,102 ENAGAS 153,722
 13,400 ENBRIDGE INCORPORATED 571,474
 570 ENBW ENERGIE BADEN-WUERTTEMBERG AG 35,074
 3,909 ENDESA SA 122,380
 259,797 ENEL SPA+ 1,554,542
 31,563 ENERGEN CORPORATION 1,372,991
 92,521 ENERGIAS DE PORTUGAL SA 424,277
 5,595 ENERGY DEVELOPMENTS LIMITED 13,785
 1,384,283 ENERSIS SA (CHILE)+ 525,836
 16,839 ENTERGY CORPORATION 1,324,387
 25,871 ENVESTRA LIMITED 11,611
 529 EVN AG+ 10,072

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

27

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
ELECTRIC, GAS & SANITARY SERVICES (continued)
 80,100 FIRST PHILIPPINE HOLDINGS CORPORATION $ 86,521
 25,584 FIRSTENERGY CORPORATION 1,102,159
 6,662 FORTIS INCORPORATED/CANADA 164,814
 17,265 FORTUM OYJ+ 437,861
 31,713 FPL GROUP INCORPORATED 1,648,125
 136,461 FRONTIER COMMUNICATIONS CORPORATION 1,078,042
 10,727 GAS NATURAL SDG SA 222,520
 54,459 GAZ DE FRANCE 2,274,106
 31,600 GLOW ENERGY PCL 28,516
 58,973 GREAT PLAINS ENERGY INCORPORATED 1,049,719
 4,139 GRUPO ELEKTRA SA DE CV+ 182,444
 116,124 HAWAIIAN ELECTRIC INDUSTRIES INCORPORATED<< 2,306,223
 15,096 HERA SPA 36,359
 15,900 HOKKAIDO ELECTRIC POWER COMPANY INCORPORATED 317,117
 16,200 HOKURIKU ELECTRIC POWER COMPANY 368,829
 324,188 HONG KONG & CHINA GAS COMPANY LIMITED 769,680
 103,605 HONG KONG ELECTRIC HOLDINGS LIMITED 562,805
 252,000 HUANENG POWER INTERNATIONAL INCORPORATED 157,377
 159,475 IBERDROLA SA 1,513,386
 59,810 IDACORP INCORPORATED 1,768,582
 33,318 INTEGRYS ENERGY GROUP INCORPORATED 1,284,076
 59,776 INTERNATIONAL POWER PLC 272,296
 52,933 ITC HOLDINGS CORPORATION 2,353,931
 814 JUST ENERGY INCOME FUND 9,946
 71,700 KANSAI ELECTRIC POWER COMPANY INCORPORATED 1,783,376
 619 KEYERA FACILITIES INCOME FUND 13,402
 26,605 KOREA ELECTRIC POWER CORPORATION 729,876
 3,903 KOREA GAS CORPORATION 165,478
 8,900 KURITA WATER INDUSTRIES LIMITED 281,085
 37,300 KYUSHU ELECTRIC POWER COMPANY INCORPORATED 819,444
 52,410 MANILA ELECTRIC COMPANY 231,996
 74,276 MDU RESOURCES GROUP INCORPORATED 1,678,638
 29,408 NATIONAL FUEL GAS COMPANY 1,377,177
 98,047 NATIONAL GRID PLC 1,065,367
 44,790 NEW JERSEY RESOURCES 1,577,952
 119,483 NISOURCE INCORPORATED 1,702,633
 816 NORDEX AG+ 12,976
 76,351 NORTHEAST UTILITIES<< 1,840,823
 18,233 NORTHUMBRIAN WATER GROUP PLC 80,627
 28,265 NORTHWEST NATURAL GAS COMPANY 1,212,003
 44,837 NORTHWESTERN CORPORATION 1,156,346
 115,650 NRG ENERGY INCORPORATED+ 2,768,661
 46,543 NSTAR 1,541,970
 101,888 NV ENERGY INCORPORTED 1,185,976
 41,894 OGE ENERGY CORPORATION 1,449,532
 42,951 ONEOK INCORPORATED 1,718,899
 163,000 OSAKA GAS COMPANY LIMITED 593,996
 37,299 PALADIN ENERGY LIMITED+ 140,748
 16,628 PENNON GROUP PLC 136,062
 95,988 PEPCO HOLDINGS INCORPORATED 1,564,604
 1,134,000 PERUSAHAAN GAS NEGARA PT 437,768
 25,900 PETRONAS GAS BHD 75,505
 31,265 PG&E CORPORATION 1,323,760
 43,900 PINNACLE WEST CAPITAL CORPORATION 1,540,451
 98,628 PNM RESOURCES INCORPORATED 1,098,716
 938,750 PNOC ENERGY DEVELOPMENT CORPORATION 80,524
 95,314 PORTLAND GENERAL ELECTRIC COMPANY 1,869,108
 67,365 POWER GRID CORPORATION OF INDIA LIMITED 144,535
 31,066 PPL CORPORATION 948,134
 23,929 PROGRESS ENERGY INCORPORATED 935,385
 5,300 PUBLIC POWER CORPORATION SA 106,958
 42,902 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 1,345,407
 4,100 RATCHABURI ELECTRICITY GENERATING HOLDING PCL 4,070

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

28

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
ELECTRIC, GAS & SANITARY SERVICES (continued)
 16,600 RATCHABURI ELECTRICITY GENERATING HOLDING PCL ADR $ 16,478
 4,285 RED ELECTRICA DE ESPANA 234,203
 12,279 RELIANCE ENERGY LIMITED 276,505
 15,087 RENEWABLE ENERGY CORPORATION AS+ 95,754
 7 ROMANDE ENERGIE HOLDING SA 13,102
 153,334 RRI ENERGY INCORPORATED+ 754,403
 16,856 RWE AG 1,547,209
 32,000 SAIBU GAS COMPANY LIMITED+ 94,031
 56,500 SARAWAK ENTERPRISE CORPORATION 43,801
 48,041 SCANA CORPORATION 1,691,043
 37,639 SCOTTISH & SOUTHERN ENERGY PLC 691,645
 456 SECHILIENNE SA 19,836
 19,209 SEMPRA ENERGY 1,020,766
 9,317 SEVERN TRENT PLC 160,938
 6,285 SHANKS GROUP PLC 8,727
 18,000 SHIKOKU ELECTRIC POWER COMPANY INCORPORATED 538,292
 5,500 SHIZUOKA GAS COMPANY LIMITED 38,368
 62,582 SNAM RETE GAS SPA 314,095
 31,684 SOUTH JERSEY INDUSTRIES INCORPORATED 1,142,525
 67,338 SOUTHERN COMPANY 2,160,876
 45,734 SOUTHERN UNION COMPANY 947,608
 56,719 SOUTHWEST GAS CORPORATION 1,486,605
 121,770 SP AUSNET 95,915
 54,888 SPECTRA ENERGY CORPORATION 1,065,376
 35,059 STERICYCLE INCORPORATED+ 1,918,779
 10,067 SUEZ ENVIRONNEMENT SA+ 223,951
 115,630 SYNNEX TECHNOLOGY INTERNATIONAL CORPORATION 232,489
 86,720 TECO ENERGY INCORPORATED 1,279,120
 50,572 TERNA SPA+ 210,154
 23,200 THE CHUGOKU ELECTRIC POWER COMPANY INCORPORATED 469,690
 1,600 THE OKINAWA ELECTRIC POWER COMPANY INCORPORATED 97,918
 42,000 TOHO GAS COMPANY LIMITED 235,655
 41,500 TOHOKU ELECTRIC POWER COMPANY INCORPORATED 877,146
 111,000 TOKYO ELECTRIC POWER COMPANY INCORPORATED 2,992,018
 199,000 TOKYO GAS COMPANY LIMITED 819,574
 14,429 TRACTEBEL ENERGIA SA 172,606
 9,000 TRANSALTA CORPORATION 188,289
 4,988 TRANSPACIFIC INDUSTRIES GROUP LIMITED 6,167
 3,817 TRUSTPOWER LIMITED 19,959
 45,026 UNISOURCE ENERGY CORPORATION 1,342,675
 26,984 UNITED UTILITIES GROUP PLC 211,614
 8,821 VECTOR LIMITED 12,637
 102,732 VECTREN CORPORATION 2,413,175
 16,443 VEOLIA ENVIRONNEMENT 556,636
 2,689 VERBUND - OESTERREICHISCHE ELEKTRIZITAETSWIRTSCHAFTS AG 121,130
 85,421 WASTE CONNECTIONS INCORPORATED+ 2,771,911
 41,753 WASTE MANAGEMENT INCORPORATED 1,371,169
 63,590 WGL HOLDINGS INCORPORATED 2,001,813
 5,190 WOONGJIN COWAY COMPANY LIMITED 170,501
 199,738 XCEL ENERGY INCORPORATED 4,058,676
 56,000 XINAO GAS HOLDINGS LIMITED 141,191
 213,403 YTL POWER INTERNATIONAL BHD 140,906

 157,894,536
 --------------

ELECTRICAL EQUIPMENT: 0.01%
 520 LG INNOTEK COMPANY LIMITED 39,443
 3,127 LS INDUSTRIAL SYSTEMS COMPANY LIMITED 250,095

 289,538
 --------------

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

29

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 6.36%
 60,000 AAC ACOUSTIC TECHNOLOGIES HOLDINGS INCORPORATED $ 83,767
 111,000 ABOITIZ POWER CORPORATION 18,808
 278,172 ACER INCORPORATED 692,427
 45,817 ACUITY BRANDS INCORPORATED 1,478,973
 121,700 ADC TELECOMMUNICATIONS INCORPORATED+ 746,021
 253,280 ADVANCED MICRO DEVICES INCORPORATED+<< 1,775,493
 459,284 ADVANCED SEMICONDUCTOR ENGINEERING INCORPORATED 364,670
 12,700 ADVANTEST CORPORATION 282,385
 3,314 AIXTRON AG+ 119,278
 42,534 ALCO HOLDINGS LIMITED 15,257
 1,200 ALPINE ELECTRONICS INCORPORATED 12,050
 16,500 ALPS ELECTRIC COMPANY LIMITED+ 94,488
 121,216 ALTERA CORPORATION 2,549,172
 43,799 AMETEK INCORPORATED 1,601,291
 146,471 AMKOR TECHNOLOGY INCORPORATED+<< 812,914
 70,694 AMPHENOL CORPORATION CLASS A 2,912,593
 119,800 ANALOG DEVICES INCORPORATED 3,592,802
 9,000 ANRITSU CORPORATION 31,444
 23,206 ARCELIK AS 76,690
 56,162 ARM HOLDINGS PLC 142,931
 131,748 ARRIS GROUP INCORPORATED+ 1,316,163
 14,239 ASIA OPTICAL COMPANY INCORPORATED 23,496
 395,800 ASIAN INSULATORS PCL 43,336
 1,848 ASM INTERNATIONAL NV+ 41,859
 14,000 ASM PACIFIC TECHNOLOGY 114,438
 443,202 ASUSTEK COMPUTER INCORPORATED 880,096
 65,652 ATHEROS COMMUNICATIONS INCORPORATED+ 1,869,112
 33,476 ATMI INCORPORATED+ 520,552
 823,319 AU OPTRONICS CORPORATION+ 846,883
 1,400 AXELL CORPORATION 49,722
 82 BANG & OLUFSEN AS 1,224
 99 BARCO NV 4,174
 82,605 BENCHMARK ELECTRONICS INCORPORATED+ 1,489,368
 1,435 BF UTILITIES LIMITED+ 38,711
 17,184 BHARAT HEAVY ELECTRICAL LIMITED 828,907
 50,500 BROADCOM CORPORATION CLASS A+ 1,474,600
 20,300 BROTHER INDUSTRIES LIMITED 222,163
 64,000 BYD ELECTRONIC INTERNATIONAL COMPANY LIMITED 52,851
 243,600 CALCOMP ELECTRONICS PCL THB 21,396
 2,400 CANON ELECTRONICS INCORPORATED 50,976
 94,500 CANON INCORPORATED 3,640,502
 7 CANON INCORPORATED ADR 268
 5,100 CAPCOM COMPANY LIMITED 82,129
 7,738 CELESTICA INCORPORATED+ 63,374
 27,519 CERADYNE INCORPORATED+ 465,346
 36,990 CHARTERED SEMICONDUCTOR MANUFACTURING LIMITED+ 70,826
 8 CHARTERED SEMICONDUCTOR MANUFACTURING LIMITED+ 153
 27,173 CHENG UEI PRECISION INDUSTRY COMPANY LIMITED 55,563
 702,844 CHI MEI OPTOELECTRONICS CORPORATION 452,123
 1,900 CHIYODA INTEGRE COMPANY LIMITED 19,497
 4,245 CHLORIDE GROUP 11,774
 772,000 CHUNGHWA PICTURE TUBES LIMITED 102,681
 5,437 CIA ENERGETICA DE MINAS GERAIS 75,880
 96,880 CIENA CORPORATION+<< 1,177,092
 673,149 CISCO SYSTEMS INCORPORATED+ 15,751,687
 8,000 CLARION COMPANY LIMITED 7,126
 40,025 COMPAL COMMUNICATIONS INCORPORATED 57,589
 30,141 COMTECH TELECOMMUNICATIONS CORPORATION+ 866,252
 2,000 CORONA CORPORATION 26,608
 38,222 CREE INCORPORATED+<< 1,828,158
 9,097 CSR PLC+ 60,745
 31,483 CYMER INCORPORATED+ 1,052,792
 23,000 DAINIPPON SCREEN MANUFACTURING COMPANY LIMITED 81,953

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

30

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE

ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued)
 6,000 DAISHINKU CORPORATION $ 15,132
 10,395 DARFON ELECTRONICS CORPORATION 16,152
 22,600 DELTA ELECTRONICS (THAILAND) PCL 12,032
 18,733 DIONEX CORPORATION+ 1,313,371
 21,291 DOLBY LABORATORIES INCORPORATED CLASS A+ 952,134
 525 EDF ENERGIES NOUVELLES SA 27,331
 9,700 EDION CORPORATION 79,000
 9,632 EDP RENOVAVEIS SA+ 94,631
 1,900 EIZO NANAO CORPORATION 44,950
 11,343 ELECTROCOMPONENTS PLC 30,827
 9,621 ELECTROLUX AB CLASS B 235,434
 43,672 ELITEGROUP COMPUTER SYSTEMS 17,372
 28,672 ENERGIZER HOLDINGS INCORPORATED+ 1,615,380
 62,210 EPISTAR CORPORATION 201,059
 41,210 EVERLIGHT ELECTRONICS COMPANY LIMITED 127,553
 1,640 EVERTZ TECHNOLOGIES LIMITED 19,346
 552 EVS BROADCAST EQUIPMENT SA 37,962
 155,903 FAIRCHILD SEMICONDUCTOR INTERNATIONAL INCORPORATED+ 1,262,814
 15,800 FANUC LIMITED 1,305,090
 22,410 FARADAY TECHNOLOGY CORPORATION 38,860
 5,409 FIRST SOLAR INCORPORATED+<< 644,266
 8,505 FISHER & PAYKEL APPLIANCES HOLDINGS LIMITED 3,533
 2,400 FOSTER ELECTRIC COMPANY LIMITED 63,443
 173,000 FOXCONN INTERNATIONAL HOLDINGS LIMITED+ 149,337
 28,000 FUJIKURA LIMITED 131,189
 2,100 FUNAI ELECTRIC COMPANY LIMITED 116,370
 56,000 FURUKAWA ELECTRIC COMPANY LIMITED 207,311
 3,800 FUTABA CORPORATION CHIBA 62,381
 7,822 GAMESA CORPORATION TECNOLOGICA SA 149,163
 901,507 GENERAL ELECTRIC COMPANY 14,442,142
 59,188 GENTEX CORPORATION 983,705
 4,386 GLOBAL UNICHIP CORPORATION 21,263
 5,463 GN STORE NORD 30,092
 151,638 GRAFTECH INTERNATIONAL LIMITED+ 2,230,595
 56,928 GREATEK ELECTRONIC INCORPORATED 54,843
 32,000 GS YUASA CORPORATION 225,081
 6,100 HAMAMATSU PHOTONICS 140,150
 194,800 HANA MICROELECTRONICS PCL 113,675
 386,962 HANNSTAR DISPLAY CORPORATION 80,209
 7,336 HARRIS STRATEX NETWORKS INCORPORATED CLASS A+ 46,070
 1,100 HI-LEX CORPORATION 9,621
 2,700 HIROSE ELECTRIC COMPANY LIMITED 285,493
 28,000 HITACHI CABLE LIMITED 69,320
 276,000 HITACHI LIMITED 747,154
 765,335 HON HAI PRECISION INDUSTRY COMPANY LIMITED 3,234,580
 4,000 HORIBA LIMITED 89,403
 6,500 HOSIDEN CORPORATION 69,331
 35,700 HOYA CORPORATION 910,672
 300 HUBER & SUHNER AG 10,304
 1 HUSQVARNA AB SER A NPV+ 5
 45,777 HYNIX SEMICONDUCTOR INCORPORATED+ 726,338
 11,600 IBIDEN COMPANY LIMITED 391,856
 1,100 IDEC CORPORATION 6,834
 510 INDESIT COMPANY SPA+ 5,743
 42,986 INFINEON TECHNOLOGIES AG+ 205,901
 333,873 INNOLUX DISPLAY CORPORATION 473,123
 151,400 INOTERA MEMORIES INCORPORATED 90,570
 475,234 INTEL CORPORATION 9,124,493
 46,634 INTERDIGITAL INCORPORATED+<< 1,109,423
 53,318 INTERSIL CORPORATION CLASS A 688,869
 10,914 INVENTEC APPLIANCES CORPORATION 10,684
 86,200 JABIL CIRCUIT INCORPORATED 1,147,322
 3,000 JEOL LIMITED 11,488

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

31

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued)
 7,000 JUKI CORPORATION $ 6,398
 51 KABA HOLDING 12,069
 3,400 KEYENCE CORPORATION 683,225
 27,582 KINSUS INTERCONNECT TECHNOLOGY CORPORATION 72,429
 3,700 KOA CORPORATION 26,282
 39,355 KONINKLIJKE PHILIPS ELECTRONICS NV 1,076,389
 3,147 KONTRON AG 38,039
 40,370 KSK ENERGY VENTURES LIMITED+ 184,167
 2,324 KUDELSKI SA 51,110
 15,400 KYOCERA CORPORATION 1,225,729
 9,861 L-3 COMMUNICATIONS HOLDINGS INCORPORATED 772,807
 7,493 LAIRD GROUP PLC 13,744
 4,615 LEGRAND SA 126,778
 8,411 LG ELECTRONICS INCORPORATED 745,040
 43,463 LINCOLN ELECTRIC HOLDINGS INCORPORATED 2,233,129
 85,182 LINEAR TECHNOLOGY CORPORATION 2,297,359
 6,724 LOGITECH INTERNATIONAL SA+ 110,990
 3,353 LS CABLE LIMITED 283,165
 281,406 LSI LOGIC CORPORATION+ 1,488,638
 2,800 MABUCHI MOTOR COMPANY LIMITED 137,344
 338,191 MACRONIX INTERNATIONAL 165,528
 8,700 MALAYSIAN PACIFIC INDUSTRIES 13,823
 170,110 MATSUSHITA ELECTRIC INDUSTRIAL COMPANY LIMITED 2,186,398
 112,100 MEDIATEK INCORPORATED 1,766,203
 900 MEGACHIPS CORPORATION 12,911
 187 MELEXIS NV 1,839
 92,779 MEMC ELECTRONIC MATERIALS INCORPORATED+ 1,117,059
 112,219 MICRO-STAR INTERNATIONAL COMPANY LIMITED 68,701
 79,300 MICROCHIP TECHNOLOGY INCORPORATED 2,081,625
 1,369 MICRONAS SEMICONDUCTOR HOLDING+ 4,498
 600 MICRONICS JAPAN COMPANY LIMITED 8,781
 86,515 MICROSEMI CORPORATION+ 1,317,623
 600 MIMASU SEMICONDUCTOR INDUSTRY COMPANY LIMITED 7,392
 31,000 MINEBEA COMPANY LIMITED 154,928
 7,000 MITSUMI ELECTRIC COMPANY LIMITED 109,000
 28,238 MOLEX INCORPORATED 524,944
 30,808 MOLEX INCORPORATED CLASS A 505,251
 40,952 MOOG INCORPORATED CLASS A+ 1,081,542
 27,675 MOSEL VITELIC INCORPORATED 14,277
 181,200 MOTOROLA INCORPORATED 1,451,412
 17,800 MURATA MANUFACTURING COMPANY LIMITED 846,344
 25,435 NAN YA PRINTED CIRCUIT BOARD CORPORATION 90,503
 63,284 NANYA TECHNOLOGY CORPORATION 44,249
 161,000 NEC CORPORATION 406,039
 1,400 NEC ELECTRONICS CORPORATION+ 8,795
 1,104 NEXANS SA 82,629
 24,000 NGK INSULATORS LIMITED 526,701
 4,405 NICE SYSTEMS LIMITED+ 135,736
 9,200 NICHICON CORPORATION 81,740
 1,000 NIDEC COPAL CORPORATION 14,438
 7,000 NIDEC COPAL ELECTRONICS CORPORATION 44,135
 3,000 NIDEC SANKYO CORPORATION 22,767
 3,200 NIHON DEMPA KOGYO COMPANY LIMITED 51,162
 9,400 NINTENDO COMPANY LIMITED 2,306,502
 17,000 NIPPON CHEMI-CON CORPORATION 49,167
 4,700 NIPPON SIGNAL COMPANY LIMITED 39,964
 8,000 NISSIN ELECTRIC COMPANY LIMITED 40,074
 1,300 NITTO KOGYO CORPORATION 13,280
 1,131 NKT HOLDING AS 64,125
 1,317 NORDDEUTSCHE AFFINERIE AG 57,349
 6,700 NORITZ CORPORATION+ 81,541
 90,107 NTPC LIMITED 406,416
 102 NTT DATA CORPORATION 288,984

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

32

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued)
 224,956 NVIDIA CORPORATION+ $ 2,937,925
 111 OC OERLIKON CORPORATION AG+ 6,050
 3,572 OCE NV 46,073
 63,138 OMNIVISION TECHNOLOGIES INCORPORATED+ 881,406
 17,604 OMRON CORPORATION 294,486
 4,500 ONEX CORPORATION 99,261
 14,000 OPENWAVE SYSTEMS INCORPORATED+ 33,040
 2,730 OPTEX COMPANY LIMITED 26,087
 56,886 PAN-INTERNATIONAL INDUSTRIAL 91,748
 11 PHOENIX MECANO AG+ 4,161
 17,200 PIONEER CORPORATION 46,363
 41,733 PLEXUS CORPORATION+ 1,133,468
 282,566 PMC-SIERRA INCORPORATED+ 2,240,748
 64,287 POWERTECH TECHNOLOGY INCORPORATED 180,999
 18,366 PREMIER FARNELL PLC 46,318
 8,268 PV CRYSTALOX SOLAR PLC 8,603
 51,200 QLOGIC CORPORATION+ 918,528
 191,497 QUALCOMM INCORPORATED 8,617,365
 327,767 QUANTA COMPUTER INCORPORATED 662,073
 112,562 RAMBUS INCORPORATED+<< 2,005,855
 49,489 REALTEK SEMICONDUCTOR CORPORATION 137,799
 38,386 REGAL-BELOIT CORPORATION 1,821,800
 29,316 RELIANCE POWER LIMITED+ 89,999
 19,656 RESEARCH IN MOTION LIMITED+ 1,135,519
 10,996 REUNERT LIMITED 81,375
 625,000 REXCAPITAL FINANCIAL HOLDINGS LIMITED 55,645
 2,527 REXEL SA 33,888
 306,414 RF MICRO DEVICES INCORPORATED+<< 1,323,708
 14,445 RICHTEK TECHNOLOGY CORPORATION 135,115
 65,305 ROCKWELL COLLINS INCORPORATED 3,491,205
 7,900 ROHM COMPANY LIMITED 519,112
 800 ROLAND CORPORATION 7,450
 4,110 ROTORK PLC 74,713
 4,200 RYOSAN COMPANY LIMITED 102,279
 1,319 SAMSUNG DIGITAL IMAGING COMPANY LIMITED+ 47,768
 5,940 SAMSUNG ELECTRO-MECHANICS COMPANY LIMITED 475,077
 13,203 SAMSUNG ELECTRONICS COMPANY LIMITED 8,175,232
 3,780 SAMSUNG SDI COMPANY LIMITED 411,223
 4,126 SAMSUNG TECHWIN COMPANY LIMITED+ 334,608
 7,000 SANKEN ELECTRIC COMPANY LIMITED 19,354
 6,000 SANYO DENKI COMPANY LIMITED 21,032
 1,103 SEB SA 63,350
 18,100 SECOM COMPANY LIMITED 845,951
 1,637,000 SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION+ 101,388
 86,000 SHARP CORPORATION 982,971
 2,728 SHAWCOR LIMITED CLASS A 71,883
 9,000 SHINDENGEN ELECTRIC MANUFACTURING COMPANY LIMITED 22,906
 2,200 SHINKAWA LIMITED 30,618
 6,300 SHINKO ELECTRIC INDUSTRIES+ 88,699
 10,000 SHOWA ELECTRIC WIRE 8,098
 25,872 SILICON INTEGRATED SYSTEMS CORPORATION+ 19,135
 47,589 SILICON LABORATORIES INCORPORATED+ 2,009,683
 326,471 SILICONWARE PRECISION INDUSTRIES COMPANY 430,168
 15,361 SMITHS GROUP PLC 241,079
 11,000 SMK CORPORATION 59,556
 3,034 SOITEC+ 41,917
 74,211 SOLERA HOLDINGS INCORPORATED 2,594,417
 81,894 SONY CORPORATION 2,202,725
 5,597 SPECTRIS PLC 61,139
 14,000 STANLEY ELECTRIC COMPANY LIMITED 277,279
 2,000 STAR MICRONICS COMPANY LIMITED 14,391
 40,276 STERLITE INDUSTRIES INDIA LIMITED 742,398
 26,095 STMICROELECTRONICS NV 210,413

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

33

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued)
 1,500 SUMIDA ELECTRIC CORPORATION $ 9,822
 61,800 SUMITOMO ELECTRIC INDUSTRIES LIMITED+ 730,676
 38,140 SUNPLUS TECHNOLOGY COMPANY LIMITED 35,557
 22,711 SUNPOWER CORPORATION+<< 469,436
 17,451 SUNPOWER CORPORATION CLASS B+ 311,849
 36,428 SYNAPTICS INCORPORATED+ 981,370
 1,369 TAIHAN ELECTRIC WIRE COMPANY LIMITED 19,073
 2,365,299 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED 4,491,120
 11,000 TAIYO YUDEN COMPANY LIMITED 112,876
 16,000 TAMURA CORPORATION 42,203
 4,600 TANBERG ASA 130,738
 12,055 TATA POWER COMPANY LIMITED 351,063
 441,000 TATUNG COMPANY LIMITED+ 103,470
 61,800 TCL MULTIMEDIA TECHNOLOGY HOLDINGS LIMITED+ 58,530
 130,000 TECO ELECTRIC & MACHINERY COMPANY LIMITED 51,913
 2,000 TEIKOKY TSUSHIN KOGYO COMPANY 4,373
 42,510 TELEFLEX INCORPORATED 2,214,346
 158,764 TELLABS INCORPORATED+ 890,666
 179,950 TENAGA NASIONAL BHD 446,626
 52,880 TESSERA TECHNOLOGIES INCORPORATED+ 1,251,670
 21,809 THOMAS & BETTS CORPORATION+ 796,029
 8,586 THOMSON 14,117
 1,000 TOA CORPORATION 5,761
 14,000 TOKO INCORPORATED 14,901
 14,700 TOKYO ELECTRON LIMITED 802,684
 29,000 TOKYO ROPE MANUFACTURING 70,118
 21,042 TORRENT POWER LIMITED 145,347
 344,000 TOSHIBA CORPORATION 1,822,675
 19,000 TOSHIBA TEC CORPORATION 66,601
 1,300 TOYO TANSO COMPANY LIMITED 60,007
 36,130 TRANSCEND INFORMATION INCORPORATED 113,402
 48,407 TRIPOD TECHNOLOGY CORPORATION 128,468
 4,000 TRULY INTERNATIONAL 3,654
 38,716 TYCO ELECTRONICS LIMITED 898,598
 3,231 ULTRA ELECTRONICS HOLDINGS+ 65,963
 3,800 ULVAC INCORPORATED 83,526
 1,373,301 UNITED MICROELECTRONICS CORPORATION 674,296
 43,511 UNIVERSAL SCIENTIFIC 27,246
 77,226 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ 2,249,593
 20,000 VENTURE CORPORATION LIMITED 118,353
 8,591 VESTAS WIND SYSTEMS AS+ 603,224
 44,971 VIA TECHNOLOGIES INCORPORATED+ 22,291
 218,190 VISHAY INTERTECHNOLOGY INCORPORATED+ 1,581,878
 35 WACOM COMPANY LIMITED 74,422
 336,000 WALSIN LIHWA CORPORATION 114,335
 28,000 WASION GROUP HOLDINGS LIMITED 23,917
 16,000 WBL CORPORATION LIMITED 55,491
 137,382 WESTAR ENERGY INCORPORATED 2,828,695
 32,000 WHIRLPOOL CORPORATION<< 2,373,120
 222,000 WINDBOND ELECTRONICS CORPORATION+ 45,050
 77,000 WINTEK CORPORATION 49,532
 40,000 YA HSIN INDUSTRIAL COMPANY LIMITED+ 0
 232,000 YAGEO CORPORATION 66,329
 5,000 YAMAICHI ELECTRONICS COMPANY LIMITED 8,619
 20,000 YASKAWA ELECTRIC CORPORATION 149,699
 18,900 YOKOGAWA ELECTRIC CORPORATION 134,469
 3,200 YOKOWO COMPANY LIMITED 18,325
 11,883 YOUNG FAST OPTOELECTRONICS COMPANY LIMITED 141,064

 208,938,378
 --------------

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

34

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
ENERGY: 0.00%
 12 JAPAN WIND DEVELOPMENT COMPANY LIMITED $ 34,845
 --------------

ENGINEERING CONSTRUCTION: 0.01%
 7,775 AKER KVAERNER ASA 96,583
 47,000 CTCI CORPORATION 43,817
 7,000 NIPPON KOEI COMPANY LIMITED 24,294
 10,000 PEACE MARK HOLDINGS LIMITED 0

 164,694
 --------------

ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 1.15%
 94,691 ABB LIMITED 1,734,595
 66,637 ACCENTURE LIMITED CLASS A 2,734,782
 32 ACCESS COMPANY LIMITED+ 67,191
 8,290 ACERGY SA 122,043
 39,544 AECOM TECHNOLOGY CORPORATION+ 1,004,418
 53,200 AIRPORTS OF THAILAND PCL 59,609
 58,211 AMYLIN PHARMACEUTICALS INCORPORATED+ 830,089
 9,159 AUSENCO LIMITED 35,652
 3,453 CARDNO LIMITED 14,010
 53,529 CELGENE CORPORATION+ 2,968,183
 30,838 CEPHALON INCORPORATED+ 1,694,548
 16,000 CHIYODA CORPORATION 122,906
 3,900 CHUDENKO CORPORATION 55,224
 12,300 COMSYS HOLDINGS CORPORATION 119,813
 24,642 CORE LABORATORIES NV<< 2,618,213
 26,393 DOWNER EDI LIMITED 206,199
 20,860 FLUOR CORPORATION 886,133
 7,058 GEA GROUP AG+ 148,795
 53,527 GEN-PROBE INCORPORATED+ 2,231,541
 9,321 GROUPE AEROPLAN INCORPORATED 83,370
 22,478 HCL TECHNOLOGIES LIMITED 162,901
 35,485 HEWITT ASSOCIATES INCORPORATED+ 1,425,787
 2,000 HIBIYA ENGINEERING LIMITED 18,626
 19,205 IHS INCORPORATED+ 965,627
 3,539 IMTECH NV 90,976
 123,413 INCYTE CORPORATION+ 1,028,030
 9,000 INTEGRATED DISTRIBUTION SERVICES GROUP LIMITED 14,121
 98,735 ISIS PHARMACEUTICALS INCORPORATED+<< 1,057,452
 51,181 JACOBS ENGINEERING GROUP INCORPORATED+ 1,790,823
 89,309 JAIPRAKASH ASSOCIATES LIMITED+ 434,497
 7,800 JAPAN AIRPORT TERMINAL COMPANY LIMITED 99,981
 20,000 JGC CORPORATION 374,132
 15,000 KANDENKO COMPANY LIMITED 101,863
 12,000 KINDEN CORPORATION 107,728
 2,000 KYUDENKO CORPORATION 11,893
 17,774 LARSEN & TOUBRO LIMITED 616,960
 6,921 LINDE AG 850,916
 50,200 MALAYSIA AIRPORTS HOLDINGS BHD 55,342
 8,385 MONADELPHOUS GROUP LIMITED 99,147
 77,910 MOODY'S CORPORATION<< 1,809,849
 39,649 MYRIAD GENETICS INCORPORATED+ 916,685
 10,448 NAGARJUNA CONSTRUCTION COMPANY 35,422
 2,000 NAVIGANT CONSULTING INCORPORATED+ 26,500
 1,000 NEC NETWORKS & SYSTEM INTEGRATION CORPORATION 12,344
 1,000 OYO CORPORATION 8,653
 152 POL-AQUA SA+ 993
 244,400 POWER LINE ENGINEERING PCL 10,072
 835 POYRY OYJ 13,416
 22,537 PUNJ LLOYD LIMITED 96,321
 31,275 QINETIQ PLC 80,829
 17,721 QUEST DIAGNOSTICS INCORPORATED 1,026,755

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

35

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES (continued)
 66,835 REGENERON PHARMACEUTICAL INCORPORATED+ $ 1,226,422
 3,020 SAMSUNG ENGINEERING COMPANY LIMITED 281,794
 2,000 SANKI ENGINEERING COMPANY LIMITED 14,553
 70,000 SEMBCORP INDUSTRIES LIMITED 187,139
 4,000 SHINKO PLANTECH COMPANY LIMITED 40,583
 117,000 SINGAPORE TECHNOLOGIES ENGINEERING LIMITED 256,149
 5,744 SINTEX INDUSTRIES LIMITED 30,656
 6,000 SNC-LAVALIN GROUP INCORPORATED 279,136
 391,200 SOLARTRON PCL 12,944
 1,835 STANTEC INCORPORATED+ 46,510
 2,800 TAIKISHA+ 40,814
 10,000 TAKASAGO THERMAL ENGINEERING COMPANY 85,609
 64,533 TETRA TECH INCORPORATED+ 1,699,799
 172,779 THE LINK REIT 435,177
 20,000 TOYO ENGINEERING CORPORATION 61,546
 28,485 TRANSFIELD SERVICES LIMITED 102,531
 10,268 VOLTAS LIMITED 38,388
 45,071 WATSON WYATT & COMPANY HOLDINGS 1,863,235
 16,400 WCT ENGINEERING BHD 11,795

 37,796,735
 --------------

ENTERTAINMENT PRODUCTION: 0.05%
 57,857 DISCOVERY COMMUNICATIONS INCORPORATED CLASS A+ 1,622,310
 --------------

ENVIRONMENTAL CONTROL: 0.00%
 28,200 CHINA METAL RECYCLING HOLDINGS LIMITED+ 29,837
 --------------

EXECUTIVE, LEGISLATIVE & GEN GOVERNMENT, EXCEPT FINANCE: 0.00%
 27,000 NIPPON SUISAN KAISHA LIMITED 76,839
 --------------

FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.63%
 25,072 ALFA SA DE CV 158,987
 13,364 ALLIANT TECHSYSTEMS INCORPORATED+ 1,145,562
 96,470 AMCOR LIMITED 522,189
 67,383 APTARGROUP INCORPORATED 2,433,874
 13,000 ASSA ABLOY AB CLASS B 238,871
 144,896 BLUESCOPE STEEL LIMITED 359,645
 424 CCL INDUSTRIES INCORPORATED 11,128
 142,498 COMMERCIAL METALS COMPANY 2,265,718
 64,370 CRANE COMPANY 1,799,142
 66,010 CROWN HOLDINGS INCORPORATED+ 1,661,472
 46,763 ECM LIBRA BERHAD MYR1+ 0
 65,400 FORTUNE BRANDS INCORPORATED 2,512,014
 1,500 FP CORPORATION 77,221
 1,100 FUJI SEAL INTERNATIONAL INCORPORATED 24,777
 156 HOGANAS AB 3,239
 4,400 HUHTAMAKI OYJ 59,131
 75,245 JINDAL STEEL & POWER LIMITED 1,113,348
 1,237 MERCATOR MINERALS LIMITED+ 2,907
 144,398 MUELLER WATER PRODUCTS INCORPORATED 727,766
 26,936 NAMPAK LIMITED 58,237
 39,000 NSK LIMITED 240,930
 47,571 QUANEX BUILDING PRODUCTS CORPORATION 771,126
 4,052 RAUTARUUKKI OYJ 84,328
 34,417 SHAW GROUP INCORPORATED+ 981,917
 13,900 SKF AB CLASS B 230,286
 61,078 SNAP-ON INCORPORATED 2,207,970
 6,851 SSAB SVENSKT STAL AB CLASS A 110,260
 4,150 SSAB SVENSKT STAL AB CLASS B 60,599
 54,500 TYCOONS WORLDWIDE GROUPS THAILAND PCL 8,098
 8,760 VALMONT INDUSTRIES INCORPORATED 671,366

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

36

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT (continued)
 4,703 VOESTALPINE AG $ 166,941

 20,709,049
 --------------

FINANCE & FINANCIAL SERVICES: 0.09%
 226,590 JANUS CAPITAL GROUP INCORPORATED 2,966,063
 4,039 NORTHERN ROCK PLC+ 5,980

 2,972,043
 --------------

FINANCIAL SERVICES: 0.21%
 18,700 BANGKOK BANK PCL 63,280
 61,239 BROADRIDGE FINANCIAL SOLUTIONS INCORPORATED 1,346,033
 252,500 BUMIPUTRA COMMERCE HOLDINGS BHD 940,781
 84,771 ING GROEP NV 789,695
 40,891 KB FINANCIAL GROUP INCORPORATED 2,039,602
 47,209 SHINHAN FINANCIAL GROUP COMPANY LIMITED 1,849,317

 7,028,708
 --------------

FISHING, HUNTING & TRAPPING: 0.00%
 43,000 MARUHA NICHIRO HOLDINGS INCORPORATED 62,679
 --------------

FOOD: 0.01%
 4,600 MEGMILK SNOW BRAND COMPANY LIMITED+ 82,219
 54,000 WEI CHUAN FOOD CORPORATION+ 76,019

 158,238
 --------------

FOOD & KINDRED PRODUCTS: 2.58%
 56,000 AJINOMOTO COMPANY INCORPORATED 525,405
 31,963 ALICORP SA 26,294
 6,960 ANHEUSER-BUSCH INBEV NV+ 52
 900 ARIAKE JAPAN COMPANY LIMITED 14,785
 1,015 ARYZTA AG 38,330
 37,000 ASAHI BREWERIES LIMITED 657,473
 5,000 ASIA PACIFIC BREWERIES LIMITED 43,497
 14,245 ASSOCIATED BRITISH FOODS PLC 188,764
 450 AXFOOD AB+ 13,749
 66 BARRY CALLEBAUT AG 43,137
 32,227 BIDVEST GROUP LIMITED 521,687
 3,648 BIM BIRLESIK MAGAZALAR AS 143,237
 8,634 BIOCON LIMITED 48,288
 58,753 BUNGE LIMITED 3,636,811
 55,804 CADBURY PLC 739,933
 4,100 CARLSBERG AS 293,882
 9,100 CARLSBERG BREWERY MALAYSIA BERHAD 11,829
 53,080 CENTRAL EUROPEAN DISTRIBUTION CORPORATION+ 1,479,870
 83,000 CHINA YURUN FOOD GROUP LIMITED 203,483
 11,518 CIA CERVECERIAS UNIDAS SA 84,032
 4,811 CIA DE BEBIDAS DAS AMERICAS 391,868
 1,236 CJ CHEILJEDANG CORPORATION 233,318
 1,178 CJ CORPORATION 52,984
 40,611 COCA-COLA AMATIL LIMITED 394,274
 1,000 COCA-COLA CENTRAL JAPAN COMPANY LIMITED 13,466
 181,733 COCA-COLA COMPANY 10,395,128
 27,500 COCA-COLA ENTERPRISES INCORPORATED 540,375
 6,785 COCA-COLA HELLENIC BOTTLING COMPANY SA 150,171
 6,400 COCA-COLA WEST JAPAN COMPANY LIMITED 118,464
 20,000 COFCO INTERNATIONAL LIMITED 16,516
 73,150 COMPASS GROUP PLC 518,421
 37,814 CONAGRA FOODS INCORPORATED 839,093

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

37

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
FOOD & KINDRED PRODUCTS (continued)
 86,048 CONSTELLATION BRANDS INCORPORATED CLASS A+ $ 1,472,281
 3,088 CSM 81,080
 6,886 DAIRY CREST GROUP PLC 42,435
 7,078 DAVID CAMPARI-MILANO SPA 74,555
 252,819 DEL MONTE FOODS COMPANY 2,652,071
 101,968 DIAGEO PLC 1,719,412
 400 DYDO DRINCO INCORPORATED 13,142
 250 EAST ASIATIC COMPANY LIMITED A/S 9,433
 3,868 EBRO PULEVA SA 78,126
 11,000 EZAKI GLICO COMPANY LIMITED 127,638
 5,500 FRASER & NEAVE HOLDINGS 18,060
 16,692 FU JI FOOD & CATERING SERVICES HOLDINGS LIMITED 17,390
 6,700 FUJI OIL COMPANY LIMITED 113,010
 1,000 FUJICCO COMPANY LIMITED 12,078
 1,600 GENMAB A/S+ 24,454
 14,398 GLENMARK PHARMACEUTICALS LIMITED 71,502
 86,359 GOODMAN FIELDER LIMITED 121,017
 10,307 GREENE KING PLC 68,045
 1,680 GREGGS PLC 11,962
 24,977 GROUPE DANONE 1,493,044
 62,600 GRUPO BIMBO SAB DE CV 405,191
 29,700 GRUPO MODELO SA DE CV 155,720
 8,900 GUINNESS ANCHOR BHD 19,361
 29,698 HANSEN NATURAL CORPORATION+ 1,038,539
 4,007 HEINEKEN HOLDING NV 165,129
 9,690 HEINEKEN NV 455,707
 139,925 HINDUSTAN UNILEVER LIMITED 857,930
 329 HITE HOLDINGS COMPANY LIMITED 7,562
 7,300 HOUSE FOODS CORPORATION 115,699
 28,187 INBEV NA 1,406,857
 458,924 INDOFOOD SUKSES MAKMUR TBK PT 149,253
 19,000 ITOHAM FOODS INCORPORATED 71,437
 5,000 J-OIL MILLS INCORPORATED 16,196
 10,195 JERONIMO MARTINS 99,963
 521,200 JG SUMMIT HOLDINGS 68,441
 6,700 KAGOME COMPANY LIMITED 130,683
 5,271 KERRY GROUP PLC 156,252
 21,200 KHON KAEN SUGAR INDUSTRY PCL 8,290
 16,000 KIKKOMAN CORPORATION 186,025
 78,000 KIRIN BREWERY COMPANY LIMITED 1,274,132
 1,159 KONINKLIJKE WESSANEN NV 7,048
 3,100 KOSE CORPORATION 67,422
 114,720 KRAFT FOODS INCORPORATED CLASS A 3,049,258
 16,900 KULIM (MALAYSIA) BERHAD 36,615
 21,664 LANCASTER COLONY CORPORATION 1,033,806
 7 LINDT & SPRUENGLI AG 194,470
 41 LINDT & SPRUENGLI AG (PARTICIPATION CERTIFICATE) 94,209
 93 LOTTE CHILSUNG BEVERAGE COMPANY LIMITED 65,983
 117 LOTTE CONFECTIONERY COMPANY LIMITED 125,472
 116,200 MARINE HARVEST+ 87,017
 7,875 MARSTON'S PLC+ 10,785
 5,000 MARUDAI FOOD COMPANY LIMITED 16,890
 600 MEITO SANGYO COMPANY LIMITED 8,538
 60,682 METCASH LIMITED 260,108
 1,300 MIKUNI COCA-COLA BOTTLING COMPANY LIMITED 10,768
 4,000 MITSUI SUGAR COMPANY LIMITED 13,882
 36,000 MORINAGA & COMPANY LIMITED 81,629
 21,000 MORINAGA MILK INDUSTRY COMPANY LIMITED 96,205
 3,834 NESTLE INDIA LIMITED 209,141
 4,000 NESTLE MALAYSIA BHD 38,367
 149,251 NESTLE SA 7,055,043
 15 NESTLE SA ADR 711
 29,000 NICHIREI CORPORATION 108,364

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

38

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
FOOD & KINDRED PRODUCTS (continued)
 15,667 NICHOLAS PIRAMAL INDIA LIMITED $ 133,682
 6,000 NIPPON BEET SUGAR MANUFACTURING COMPANY LIMITED 15,271
 17,000 NIPPON FLOUR MILLS COMPANY LIMITED 92,041
 17,000 NIPPON MEAT PACKERS INCORPORATED 210,435
 17,500 NISSHIN SEIFUN GROUP INCORPORATED 236,870
 8,200 NISSIN FOOD PRODUCTS COMPANY LIMITED 300,717
 24,790 NORTHERN FOODS PLC 26,284
 1,459 NUTRECO HOLDING NV 75,231
 2,824 OPG GROEP NV 46,008
 260 ORION CORPORATION 61,490
 3,453 OSEM INVESTMENT LIMITED 46,345
 66,751 PARMALAT SPA 194,246
 21,000 PEOPLES FOOD HOLDINGS LIMITED 9,028
 62,536 PEPSI BOTTLING GROUP INCORPORATED 2,373,241
 26,830 PEPSIAMERICAS INCORPORATED 794,168
 182,723 PEPSICO INCORPORATED 11,369,025
 8,119 PERNOD-RICARD 692,349
 54,000 PPB GROUP BHD+ 251,496
 10,100 QP CORPORATION 116,494
 23,420 RALCORP HOLDINGS INCORPORATED+ 1,356,486
 470 REMY COINTREAU SA 23,642
 11,389 RIDLEY CORPORATION LIMITED 11,005
 600 RIKEN VITAMIN COMPANY LIMITED 14,785
 38,100 SAN MIGUEL CORPORATION 55,679
 6,827 SAPUTO INCORPORATED 189,596
 288,400 SARA LEE CORPORATION 3,501,176
 54,500 SINAR MAS AGRO RESOURCES & TECHNOLOGY TBK PT 15,996
 67,476 SMITHFIELD FOODS INCORPORATED+ 1,044,528
 3,072 SUEDZUCKER AG 67,116
 11,130 SUN PHARMACEUTICAL INDUSTRIES LIMITED 347,383
 20,000 TAKARA HOLDINGS INCORPORATED+ 113,142
 18,253 TATE & LYLE PLC 124,556
 321,027 TESCO PLC 2,233,953
 611,000 THAI BEVERAGE PUBLIC COMPANY LIMITED 105,954
 29,400 THAI UNION FROZEN PRODUCTS PCL 23,656
 12,000 THE NISSHIN OILLIO GROUP LIMITED 62,749
 14,575 TIGER BRANDS LIMITED+ 318,013
 176,000 TINGYI (CAYMAN ISLANDS) HOLDING CORPORATION 436,023
 1,910 TONGAAT-HULETT 23,856
 33,331 TREEHOUSE FOODS INCORPORATED+ 1,162,252
 134,107 TYSON FOODS INCORPORATED CLASS A 1,611,966
 1,300 UNICHARM PETCARE CORPORATION 47,374
 63,304 UNILEVER NV 1,939,581
 53,393 UNILEVER PLC 1,567,008
 22,122 UNION DE CERVECERIAS PERUANAS BACKUS & JOHNSTON SAA 29,179
 5,468 UNITED BREWERIES LIMITED+ 17,486
 298,300 UNIVERSAL ROBINA CORPORATION 93,189
 19,102 VINA CONCHA Y TORO SA 38,012
 68,000 VITASOY INTERNATIONAL HOLDINGS LIMITED 45,450
 62,930 WILMAR INTERNATIONAL LIMITED 286,459
 12,900 YAKULT HONSHA COMPANY LIMITED 402,192
 15,000 YAMAZAKI BAKING COMPANY LIMITED 185,157

 84,598,469
 --------------

FOOD CHAINS: 0.01%
 7,205 TIM HORTONS INC COMMON STOCK 212,313
 --------------

FOOD STORES: 0.45%
 13,200 AJISEN CHINA HOLDINGS LIMITED 11,752
 5,981 ALIMENTATION COUCHE TARD INCORPORATED 123,882
 87,000 BISI INTERNATIONAL PT+ 13,986

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

39

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
FOOD STORES (continued)
 277,000 C.P. SEVEN ELEVEN PCL $ 173,307
 18,000 CAFE DE CORAL HOLDINGS LIMITED 41,574
 24,553 CARREFOUR SA 1,191,376
 1,731 CASINO GUICHARD PERRACHON SA 148,621
 159,991 CENCOSUD SA 487,224
 2,900 CIRCLE K SUNKUS COMPANY LIMITED 38,213
 572 COLRUYT SA 145,367
 1,299 EMPIRE COMPANY LIMITED 54,771
 2,300 GEORGE WESTON LIMITED 134,570
 109 GUYENNE ET GASCOGNE SA 9,984
 52,741 J SAINSBURY PLC 279,294
 30,600 JOLLIBEE FOODS CORPORATION 35,321
 2,100 KAPPA CREATE COMPANY LIMITED 46,451
 2,100 KENTUCKY FRIED CHICKEN (JAPAN) LIMITED 37,899
 600 KESKO OYJ A SHARES 21,442
 5,400 KFC HOLDINGS MALAYSIA BHD 11,859
 42,818 KONINKLIJKE AHOLD NV 577,293
 5,200 LAWSON INCORPORATED 257,473
 4,700 LOBLAW COS LIMITED 147,315
 392 LUMINAR GROUP HOLDINGS PLC+ 435
 5,300 MCDONALD'S HOLDINGS COMPANY (JAPAN) LIMITED 113,431
 4,376 METRO AG 274,987
 500 MINISTOP COMPANY LIMITED 6,461
 4,500 MOS FOOD SERVICES INCORPORATED 75,538
 2,300 NISSIN HEALTHCARE FOOD SERVICE COMPANY LIMITED 29,801
 31,848 PANERA BREAD COMPANY+ 2,005,150
 2,000 PLENUS COMPANY LIMITED 26,955
 61,032 PRESIDENT CHAIN STORE CORPORATION+ 143,196
 290 RALLYE SA+ 10,281
 12,307 RIPLEY CORPORATION SA 9,595
 1,300 ROYAL HOLDINGS COMPANY LIMITED 14,678
 57,000 RUENTEX DEVELOPMENT COMPANY LIMITED 67,311
 35,216 SAFEWAY INCORPORATED 792,360
 2,000 SAIZERIYA COMPANY LIMITED 33,850
 68,880 SEVEN & I HOLDINGS COMPANY LIMITED 1,540,317
 30,790 SHOPRITE HOLDINGS LIMITED 257,630
 470 SLIGRO FOOD GROUP NV+ 15,053
 300 ST. MARC HOLDINGS COMPANY LIMITED 9,405
 84,570 STARBUCKS CORPORATION+ 1,852,083
 3,877 TATA TEA LIMITED 75,165
 8,000 TOYO SUISAN KAISHA LIMITED+ 217,955
 3,900 WATAMI FOOD SERVICE COMPANY+ 77,513
 2,154 WETHERSPOON (J.D.) PLC 16,456
 91,313 WILLIAM MORRISON SUPERMARKETS PLC 413,553
 101,485 WOOLWORTHS LIMITED 2,607,251
 37 YOSHINOYA D&C COMPANY LIMITED 43,446
 7,800 ZENSHO COMPANY LIMITED 56,037

 14,774,867
 --------------

FOOD-PROCESSING: 0.00%
 1,451 MAPLE LEAF FOODS INCORPORATED 15,701
 --------------

FOOTWEAR: 0.04%
 13,946 DECKERS OUTDOOR CORPORATION+ 1,291,818
 --------------

FOREST PRODUCTS & PAPER: 0.01%
 2,512 CASCADES INCORPORATED 20,707
 4,310 FIBRIA CELULOSE SA+ 73,679
 35,100 KIMBERLY-CLARK DE MEXICO SAB DE CV 147,335

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

40

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
FOREST PRODUCTS & PAPER (continued)
 26,000 SHIHLIN PAPER CORPORATION+ $ 55,508

 297,229
 --------------

FORESTRY: 0.01%
 5,000 DAIKEN CORPORATION 11,164
 59,217 GUNNS LIMITED 49,084
 15,100 SUMITOMO FORESTING 113,023

 173,271
 --------------

FURNITURE & FIXTURES: 0.28%
 5,625 CERSANIT-KRASNYSTAW SA+ 31,784
 1,167 DOREL INDUSTRIES INCORPORATED CLASS B 36,047
 800 EKORNES ASA 16,633
 34,236 ETHAN ALLEN INTERIORS INCORPORATED 397,480
 6,000 FRANCE BED HOLDINGS COMPANY LIMITED 9,162
 59,884 HERMAN MILLER INCORPORATED 909,638
 46,421 HNI CORPORATION 1,173,059
 6,141 HOUSEWARES INTERNATIONAL LIMITED 12,149
 1,000 ITOKI CORPORATION+ 1,897
 27,174 KINETIC CONCEPTS INCORPORATED+ 916,036
 82,500 KINGBOARD LAMINATES HOLDINGS LIMITED+ 49,287
 10,900 KOKUYO COMPANY LIMITED 95,079
 68,098 LEGGETT & PLATT INCORPORATED 1,325,187
 156,678 MASCO CORPORATION 2,127,687
 121,619 NEWELL RUBBERMAID INCORPORATED 1,764,692
 5,775 NOBIA AB 38,353
 4,000 NORITAKE COMPANY LIMITED 10,366
 8,000 OKAMURA CORPORATION 36,187
 3,300 SANGETSU COMPANY LIMITED 75,017
 90,080 STEINHOFF INTERNATIONAL HOLDINGS LIMITED 219,331

 9,245,071
 --------------

GENERAL MERCHANDISE STORES: 0.99%
 46,291 99 CENTS ONLY STORES+ 556,418
 60,800 AEON COMPANY LIMITED 489,551
 2,300 ASKUL CORPORATION 42,759
 3,000 BELLUNA COMPANY LIMITED 11,731
 33,600 BIG C SUPERCENTER PCL 42,448
 87,803 BIG LOTS INCORPORATED+ 2,024,737
 22,330 BJ'S WHOLESALE CLUB INCORPORATED+ 775,074
 54,274 CASEY'S GENERAL STORES INCORPORATED 1,660,242
 2,100 CAWACHI LIMITED 40,766
 39,948 DAVID JONES LIMITED 210,749
 3,967 DELHAIZE GROUP 300,275
 4,200 DON QUIJOTE COMPANY LIMITED 106,166
 172,361 DSG INTERNATIONAL PLC 103,950
 5,200 FAMILYMART COMPANY LIMITED 171,148
 99,268 FAR EASTERN DEPARTMENT STORES COMPANY LIMITED 105,040
 67,580 FOOT LOCKER INCORPORATED 641,334
 47,043 FRED'S INCORPORATED 459,610
 51,000 GOLDEN EAGLE RETAIL GROUP LIMITED 112,133
 9,000 HANKYU DEPARTMENT STORES 53,725
 70,278 HARVEY NORMAN HOLDINGS LIMITED 276,781
 221 HELLENIC DUTY FREE SHOPS SA 1,892
 34,752 HOME RETAIL GROUP 168,196
 1,916 HYUNDAI DEPARTMENT STORE COMPANY LIMITED 187,843
 102,000 INTIME DEPARTMENT STORE GROUP COMPANY LIMITED 85,416
 5,000 IZUMIYA COMPANY LIMITED 21,344
 90,400 JCPENNEY COMPANY INCORPORATED 2,598,096

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

41

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
GENERAL MERCHANDISE STORES (continued)
 4,000 LIFE CORPORATION $ 74,965
 60,500 LIFESTYLE INTERNATIONAL HOLDINGS LIMITED 104,606
 1,155 LOTTE SHOPPING COMPANY LIMITED 357,585
 183,970 MACY'S INCORPORATED 3,000,551
 62,352 MARKS & SPENCER GROUP PLC 395,838
 21,900 MARUI COMPANY LIMITED 123,131
 4,900 MATSUYA COMPANY LIMITED 39,454
 14,000 NEW WORLD DEPARTMENT STORE CHINA LIMITED+ 13,657
 2,200 NISSEN COMPANY LIMITED 6,821
 18,104 ORGANIZACION SORIANA SAB DE CV CLASS B+ 45,305
 88,865 PACIFIC BRANDS LIMITED 106,216
 10,098 PANTALOON RETAIL INDIA LIMITED 75,711
 335 PANTALOON RETAIL INDUSTRIAL CLASS B 1,745
 3,200 PARCO COMPANY LIMITED 28,209
 21,770 PICK'N PAY STORES LIMITED 117,596
 2,964 PINAULT-PRINTEMPTS-REDOUTE SA 358,718
 188,400 ROBINSON DEPARTMENT STORE PCL 56,103
 134,803 SACI FALABELLA 666,494
 174,205 SAKS INCORPORATED+<< 1,064,393
 655 SEARS CANADA INCORPORATED+ 14,585
 1,800 SENSHUKAI COMPANY LIMITED 11,349
 1,438 SHINSEGAE COMPANY LIMITED 659,145
 12,000 SIAM MAKRO PLC 29,057
 1,091 SONAE CAPITAL+ 1,442
 38,828 SONAE SGPS SA 52,297
 5,300 SUGI PHARMACY COMPANY LIMITED 117,478
 2,400 SUNDRUG COMPANY LIMITED 61,916
 22,000 TAKASHIMAYA COMPANY LIMITED 141,254
 48,200 TJX COMPANIES INCORPORATED 1,849,916
 2,000 TSURUHA HOLDINGS INCORPORATED 78,667
 55 VALORA HOLDING AG 14,456
 295,313 WAL-MART DE MEXICO SAB DE CV 1,214,252
 186,743 WAL-MART STORES INCORPORATED 10,186,831
 10,254 WAREHOUSE GROUP LIMITED 30,555
 7,923 WH SMITH PUBLIC LIMITED CORPORATION 66,409
 56,000 WUMART STORES INCORPORATED 92,490
 1,000 YAOKO COMPANY LIMITED 32,739

 32,539,360
 --------------

HEALTH SERVICES: 1.07%
 2,020 ABENGOA SA+ 58,539
 2,189 ACIBADEM SAGLIK HIZMETLERI VE TICARET AS 12,319
 29,038 AMEDISYS INCORPORATED+<< 1,075,568
 40,020 ATHENAHEALTH INCORPORATED+ 1,676,838
 491,925 BANGKOK CHAIN HOSPITAL PCL 77,684
 27,400 BANGKOK DUSIT MEDICAL SERVICES PCL 19,698
 82,500 BANGKOK DUSIT MEDICAL SERVICES PCL THB 59,310
 184 BASILEA PHARMACEUTICA+ 14,087
 674 BIOMERIEUX 78,332
 57,733 BIOTON SA+ 4,794
 28,900 BUMRUNGRAD HOSPITAL PCL 24,341
 47,000 CHINA SHINEWAY PHARMACEUTICAL GROUP LIMITED 80,658
 702,000 CK LIFE SCIENCES INTERNATIONAL HOLDINGS INCORPORATED+ 40,761
 896 CML HEALTHCARE INCOME FUND 11,733
 40,686 COMMUNITY HEALTH SYSTEMS INCORPORATED+ 1,241,330
 26,471 COVANCE INCORPORATED+ 1,405,875
 1,348 CRUCELL NV+ 29,177
 43,122 DAVITA INCORPORATED+ 2,554,547
 7,716 DIVI'S LABORATORIES LIMITED 100,408
 23,224 EDWARDS LIFESCIENCES CORPORATION+ 1,910,871
 73,000 FRASER & NEAVE LIMITED 209,928
 7,430 FRESENIUS MEDICAL CARE AG & COMPANY 395,053

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

42

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
HEALTH SERVICES (continued)
 1,040 FRESENIUS SE $ 60,294
 4,993 GLAXOSMITHKLINE PHARMACEUTICALS LIMITED 178,627
 309,953 HEALTH MANAGEMENT ASSOCIATION INCORPORATED CLASS A+ 1,900,012
 26,561 HEALTHSCOPE LIMITED 118,474
 93,083 HEALTHSOUTH REHABILITATION CORPORATION+ 1,632,676
 65,437 HUMAN GENOME SCIENCES INCORPORATED+ 1,820,457
 77,813 IBA HEALTH GROUP LIMITED+ 54,164
 49,973 INTERVAL LEISURE GROUP INCORPORATED+ 571,691
 1,037 LABORATORIOS ALMIRALL SA 14,185
 44,871 LABORATORY CORPORATION OF AMERICA HOLDINGS+ 3,273,788
 67,546 LIFEPOINT HOSPITALS INCORPORATED+ 1,960,860
 2,000 MDS INCORPORATED+ 15,027
 40,300 MEDI-CLINIC CORPORATION+ 126,750
 48,863 MEDNAX INCORPORATED+ 2,746,589
 5,292 MYRIAD PHARMACEUTICALS INC+ 26,513
 109,957 NETWORK HEALTHCARE HOLDINGS LIMITED 179,673
 1,750 NOVOZYMES A/S CLASS B 177,255
 41,402 ODYSSEY HEALTHCARE INCORPORATED+ 601,571
 742 ORPEA 33,413
 60,066 PARKWAY HOLDINGS LIMITED 115,879
 31,777 PRIMARY HEALTH CARE LIMITED 170,262
 56,594 PSYCHIATRIC SOLUTIONS INCORPORATED+ 1,254,123
 8,913 QIAGEN NV+ 197,136
 9,786 RAMSAY HEALTH CARE LIMITED 97,338
 4,816 RHOEN KLINIKUM AG 118,451
 26,980 RYMAN HEALTHCARE LIMITED 38,458
 28,327 SONIC HEALTHCARE LIMITED 367,636
 2,071 SOUTHERN CROSS HEALTHCARE LIMITED 3,586
 2 TAKARA BIO INCORPORATED+ 4,072
 606,034 TENET HEALTHCARE CORPORATION+ 2,757,455
 500 TOWA PHARMACEUTICAL COMPANY LIMITED 24,931
 18,852 UNIVERSAL HEALTH SERVICES CLASS B 1,053,638
 74,754 VALEANT PHARMACEUTICALS INTERNATIONAL+<< 2,443,708
 7,262 ZELTIA SA+ 44,326

 35,264,869
 --------------

HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS: 0.32%
 10,252 ABB LIMITED INDIA 163,329
 12,919 ABERTIS INFRAESTRUCTURAS SA 294,381
 1,157 ACCIONA SA 148,539
 10,968 ATLANTIA SPA 283,267
 2,240 AUTOSTRADA TORINO-MILANO SPA 31,129
 48,400 BANGKOK EXPRESSWAY PCL 28,244
 10,966 BOUYGUES SA 545,601
 12,968 BRISA-AUTO ESTRADAS DE PORTUGAL SA 129,879
 198,000 CHINA RAILWAY CONSTRUCTION CORPORATION 261,103
 8,614 CINTRA CONCESIONES DE INFRAESTRUCTURAS DE TRANSPORTE SA 93,257
 2,863 DAELIM INDUSTRIAL COMPANY LIMITED 202,882
 11,150 DAEWOO SHIPBUILDING & MARINE ENGINEERING COMPANY LIMITED 137,601
 2,658 FOMENTO DE CONSTRUCCIONES Y CONTRATAS SA 113,308
 33,316 FOSTER WHEELER AG+ 994,149
 36,561 GRANITE CONSTRUCTION INCORPORATED 1,095,733
 2,716 GRUPO FERROVIAL SA 118,227
 182,000 GUANGZHOU INVESTMENT COMPANY LIMITED 51,429
 3,221 HANJIN HEAVY INDUSTRIES & CONSTRUCTION COMPANY LIMITED 60,110
 6,620 HELLENIC TECHNODOMIKI TEV SA 53,180
 7,800 HITACHI CONSTRUCTION MACHINERY COMPANY LIMITED+ 182,277
 77,500 HITACHI ZOSEN CORPORATION+ 108,486
 67,500 HOPEWELL HIGHWAY INFRASTRUCTURE LIMITED 39,890
 4,276 HYUNDAI HEAVY INDUSTRIES COMPANY LIMITED 553,438
 1,347 HYUNDAI MIPO DOCKYARD COMPANY LIMITED 93,715
 19,858 LANCO INFRATECH LIMITED+ 234,462

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

43

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS (continued)
 93,654 MCDERMOTT INTERNATIONAL INCORPORATED+ $ 1,961,115
 1,000 NAMURA SHIPBUILDING COMPANY LIMITED 4,627
 136,500 PLUS EXPRESSWAYS BHD 133,181
 5,288 SACYR VALLEHERMOSO SA 72,971
 19,800 SAMSUNG HEAVY INDUSTRIES COMPANY LIMITED 389,938
 4,000 SASEBO HEAVY INDUSTRIES COMPANY LIMITED 9,162
 15,789 SKANSKA AB 266,338
 1,409 SOCIETA INIZIATIVE AUTOSTRADALI E SERVIZI SPA 13,011
 299 SOCIETE DES AUTOROUTES PARIS-RHIN-RHONE 24,922
 14,631 TECHNICAL OLYMPIC SA+ 8,129
 335,000 TRUBA ALAM MANUNGGAL ENGINEERING PT+ 4,464
 175,204 UNITECH LIMITED 298,692
 20,795 VINCI SA 1,149,852
 8,361 VT GROUP PLC 74,138

 10,428,156
 --------------

HOLDING & OTHER INVESTMENT OFFICES: 3.68%
 38,182 3I GROUP PLC 169,407
 904 ACKERMANS & VAN HAAREN NV 69,078
 12,716 ADANI ENTERPRISES LIMITED 222,759
 10,280 ADCOCK INGRAM HOLDINGS LIMITED 70,995
 17,304 AFFILIATED MANAGERS GROUP INCORPORATED+<< 1,128,394
 49,268 ALAPIS HOLDING INDUSTRIAL AND COMMERCIAL SA OF PHARMACEUTICAL &
 ORGANIC PRODUCTS 34,030
 8,860 ALCON INCORPORATED 1,310,217
 46,475 ALEXANDRIA REAL ESTATE EQUITIES INCORPORATED 2,619,796
 99,266 ALIBABA.COM LIMITED 226,709
 6,000 ALLIED GROUP LIMITED 15,019
 8,109 AMALGAMATED HOLDINGS 42,334
 63,784 AMB PROPERTY CORPORATION 1,502,113
 80,730 AMP NZ OFFICE TRUST 43,948
 20,526 ANADOLU EFES BIRACILIK VE MALT SANAYII AS 214,918
 238,606 ANNALY CAPITAL MANAGEMENT INCORPORATED 4,392,736
 15,941 ANTARCHILE SA 273,293
 5,473 ARC ENERGY TRUST 105,011
 7,395 ARDENT LEISURE GROUP 9,956
 14,340 ASHMORE GROUP PLC 61,808
 636,000 ASIA PLUS SECURITIES PCL 31,757
 32,992 ASPEN INSURANCE HOLDINGS LIMITED 854,823
 6,355 ASSECO POLAND SA+ 131,936
 3,449 AVEVA GROUP PLC 55,037
 20,393 AYALA CORPORATION CLASS A 129,575
 66,482 BABCOCK & BROWN WIND PARTNERS 81,289
 13,404 BARLOWORLD LIMITED 84,225
 193,100 BERJAYA CORPORATION BHD 71,150
 6,400 BINTULU PORT HOLDINGS BERHAD 12,225
 122,228 BIOMED REALTY TRUST INCORPORATED 1,673,301
 955 BOARDWALK REAL ESTATE INVESTMENT TRUST 33,480
 2,770 BODYCOTE PLC 7,159
 98 BOLLORE INVESTISSEMENT+ 16,577
 218,000 BOSIDENG INTERNATIONAL HOLDINGS LIMITED 45,006
 16,089 BOSTON PROPERTIES INCORPORATED 1,077,641
 23,219 BOUSTEAD HOLDINGS BHD 23,270
 67,012 BRE PROPERTIES INCORPORATED 2,099,486
 10,517 BRITISH AMERICAN TOBACCO PLC 320,112
 20,250 BROOKFIELD ASSET MANAGEMENT INCORPORATED 424,993
 17,000 BUKIT SEMBAWANG ESTATES LIMITED 58,223
 27,972 CAMDEN PROPERTY TRUST<< 1,083,915
 740 CANADIAN APARTMENT PROPERTIES 9,045
 1,306 CANADIAN REAL ESTATE INVESTMENT TRUST 32,446
 174,895 CBL & ASSOCIATES PROPERTIES INCORPORATED 1,619,528
 106,194 CHINA MERCHANTS HOLDINGS INTERNATIONAL COMPANY LIMITED 330,227
 114,000 CHINA TRAVEL INTERNATIONAL INVESTMENT HONG KONG LIMITED 30,596

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

44

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
HOLDING & OTHER INVESTMENT OFFICES (continued)
 8,516 CI FINANCIAL CORPORATION $ 155,731
 41,400 CITIC RESOURCES HOLDINGS LIMITED+ 12,180
 2,926 CLAL INDUSTRIES AND INVESTMENTS 16,847
 832 CLAL INSURANCE ENTERPRISE HOLDINGS LIMITED 16,651
 77,191 COLONIAL PROPERTIES TRUST 834,435
 238,605 CONNECTEAST GROUP 91,786
 61,692 CORPORATE OFFICE PROPERTIES TRUST 2,109,249
 549 CORPORATION FINANCIERA ALBA 29,471
 88,000 COSCO CORPORATION SINGAPORE LIMITED 68,035
 621 COUSINS PROPERTIES INCORPORATED 4,471
 13,300 DCM JAPAN HOLDINGS COMPANY LIMITED 82,933
 255,120 DCT INDUSTRIAL TRUST INCORPORATED 1,211,820
 327 DEERFIELD CAPITAL CORPORATION 1,710
 312 DELEK GROUP LIMITED 54,884
 1,848 DELEK REAL ESTATE LIMITED+ 1,737
 161,502 DEVELOPERS DIVERSIFIED REALTY CORPORATION 1,634,400
 135,575 DIAMONDROCK HOSPITALITY 1,090,023
 28,941 DIGITAL REALITY TRUST INCORPORATED 1,408,269
 88,596 DOGAN SIRKETLER GRUBU HOLDINGS 53,919
 10,287 DOGAN YAYIN HOLDING+ 7,338
 5,200 DOUTOR NICHIRES HOLDINGS COMPANY LIMITED 74,715
 97,641 DUKE REALTY CORPORATION 1,094,556
 11,000 E-REVOLUTION COMPANY LIMITED+ 1,527
 32,414 EASTGROUP PROPERTIES INCORPORATED 1,229,139
 30,069 EMECO HOLDINGS LIMITED 22,308
 55,794 EMPRESAS COPEC SA 796,176
 44,339 ENTERTAINMENT PROPERTIES TRUST 1,400,669
 8,852 EQSTRA HOLDINGS LIMITED+ 8,308
 29,297 EQUITY LIFESTYLE PROPERTIES INCORPORATED 1,406,549
 23,200 EQUITY RESIDENTIAL 747,272
 29,194 ESSEX PROPERTY TRUST INCORPORATED 2,328,222
 1,206 EURAZEO 84,985
 1,228 EXOR SPA+ 23,436
 66,400 EXTERRAN HOLDINGS INCORPORATED+ 1,391,080
 2,000 FABEGE AB 11,160
 970 FIBI HOLDINGS LIMITED+ 19,950
 158 FIMALAC 8,887
 3,146 FINANCIAL TECHNOLOGIES (INDIA) LIMITED 87,765
 439 FINANCIERE DE TUBIZE+ 16,157
 108,900 FIRST GEN CORPORATION+ 38,057
 218,800 FIRST PACIFIC COMPANY LIMITED 126,762
 89,468 FRANKLIN STREET PROPERTIES CORPORATION 1,010,094
 956 GAGFAH SA 8,642
 199,300 GAMUDA BHD 164,492
 10,922 GEMINA SPA+ 8,774
 232,400 GENTING BHD 476,103
 386 GIMV NV+ 20,431
 26,341 GOODMAN PROPERTY TRUST 19,623
 62,977 GRUPO CARSO SAB DE CV 189,935
 4,125 GRUPO FINANCIERO GALICIA SA ADR+ 22,069
 5,730 GS HOLDINGS CORPORATION 156,210
 254,000 GUANGDONG INVESTMENT LIMITED 141,256
 127,035 GVK POWER & INFRASTRUCTURE LIMITED+ 139,011
 3,671 H&R REAL ESTATE INVESTMENT TRUST 46,157
 52,036 HACI OMER SABANCI HOLDING AS 182,182
 14,000 HAW PAR CORPORATION LIMITED 56,546
 127,468 HCP INCORPORATED 3,989,748
 39,881 HENDERSON GROUP PLC 81,157
 89,897 HIGHWOODS PROPERTIES INCORPORATED 2,751,747
 33,600 HKR INTERNATIONAL LIMITED 14,350
 34,941 HOME PROPERTIES INCORPORATED 1,569,899
 154,225 HOSPITALITY PROPERTIES TRUST 2,993,507
 260,100 HOST HOTELS & RESORTS INCORPORATED 2,736,252

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

45

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
HOLDING & OTHER INVESTMENT OFFICES (continued)
 285,991 HRPT PROPERTIES TRUST $ 1,755,985
 5,000 HUFVUDSTADEN AB 38,729
 5,358 HUNTING PLC 42,600
 881 ICADE 88,764
 16,704 IG GROUP HOLDINGS PLC 86,973
 20,611 IMPERIAL HOLDING LIMITED+ 225,176
 134,610 IMPULSORA DEL DESARROLLO Y EL EMPLEO EN AMERICA LATINA SA DE CV+ 138,969
 9,600 INDUSTRIVARDEN AB CLASS A 119,113
 2,400 INDUSTRIVARDEN AB CLASS C 27,541
 42,746 INFRATIL LIMITED+ 49,909
 4,745 INVERCAP SA 36,716
 16,939 INVESTEC PLC 119,797
 18,121 INVESTOR AB 330,628
 7,600 INVESTOR AB A SHARES 134,415
 37,264 ITAUSA INVESTIMENTOS ITAU SA 251,540
 191,513 ITC LIMITED 1,058,540
 1,000 IWAI SECURITIES COMPANY LIMITED 6,710
 39,800 J FRONT RETAILING COMPANY LIMITED 167,138
 2,800 JAFCO COMPANY LIMITED+ 67,214
 3,000 JAPAN ASIA INVESTMENT COMPANY LIMITED 1,458
 23,814 JARDINE MATHESON HOLDINGS LIMITED 703,466
 15,075 JM FINANCIAL LIMITED 12,947
 76,000 JU TENG INTERNATIONAL HOLDINGS LIMITED 60,309
 848,000 KGI SECURITIES COMPANY LIMITED 30,354
 54,740 KILROY REALTY CORPORATION 1,649,316
 164,077 KIMCO REALTY CORPORATION 2,021,429
 1,586 KKR FINANCIAL CORPORATION 8,786
 84,307 KOC HOLDING AS+ 206,340
 80,422 LASALLE HOTEL PROPERTIES 1,498,262
 14,114 LG CORPORATION 771,973
 48,706 LIBERTY PROPERTY TRUST 1,443,646
 26,000 LION DIVERSIFIED HOLDINGS BHD 3,066
 39,516 MACERICH COMPANY<< 1,175,996
 34,172 MACK-CALI REALTY CORPORATION 1,048,739
 365,900 MACQUAIRE OFFICE TRUST 98,863
 135,187 MACQUARIE INFRASTRUCTURE GROUP 160,963
 71,000 MAPLETREE LOGISTICS TRUST 37,449
 3,300 MATSUMOTOKIYOSHI HOLDINGS COMPANY LIMITED 84,752
 21,144 MEDIOBANCA SPA 252,403
 84,000 MELCO INTERNATIONAL DEVELOPMENT LIMITED 41,295
 345,967 MFA MORTGAGE INVESTMENTS INCORPORATED 2,618,970
 29,978 MID-AMERICA APARTMENT COMMUNITIES INCORPORATED 1,394,277
 10,202 MIGDAL INSURANCE & FINANCIAL HOLDING LIMITED 16,691
 16,517 MITIE GROUP 60,594
 222,700 MULPHA INTERNATIONAL BHD+ 30,525
 85,370 MULTI-PURPOSE HOLDINGS BHD 46,554
 30,547 MURRAY & ROBERTS HOLDINGS LIMITED 197,349
 101,397 NATIONAL RETAIL PROPERTIES INCORPORATED 2,031,996
 1,128 NATIONALE A PORTEFEUILLE 59,417
 11 NIPPON ACCOMMODATIONS FUND INCORPORATED 56,502
 30,500 NOMURA HOLDINGS INCORPORATED ADR 218,990
 742 NPIL RESEARCH & DEVELOPMEN+ 1,270
 45,246 NWS HOLDINGS LIMITED 88,390
 14 PACIFIC GOLF GROUP INTERNATIONAL 9,702
 36,488 PAMPA CALICHERA (SOCD INVER) 62,335
 2,020 PARGESA HOLDING SA 167,521
 71,000 PLUM CREEK TIMBER COMPANY<< 2,448,790
 100,000 POLYTEC ASSET HOLDINGS LIMITED 21,935
 55,664 POST PROPERTIES INCORPORATED 1,025,888
 1,451 PREMIER INVESTMENTS LIMITED 11,562
 192,965 PROLOGIS 2,523,982
 14,774 PUBLIC STORAGE INCORPORATED CLASS D 1,175,715
 4,600 RATOS AB B SHARES 114,480

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

46

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
HOLDING & OTHER INVESTMENT OFFICES (continued)
 131,672 REALTY INCORPORATEDOME CORPORATION<< $ 3,329,985
 87,045 REDWOOD TRUST INCORPORATED 1,250,837
 25,561 REED ELSEVIER NV 297,492
 35,076 REGENCY CENTERS CORPORATION 1,173,994
 43,836 REMGRO LIMITED 512,180
 1,117 RHJ INTERNATIONAL+ 8,252
 1,325 SBI HOLDINGS INCORPORATED 223,490
 5,739 SCHRODERS PLC 108,480
 54,000 SHANGHAI INDUSTRIAL HOLDINGS LIMITED 270,347
 50,000 SHINKO SECURITIES COMPANY LIMITED 163,119
 13,693 SIEMENS INDIA LIMITED 155,137
 32,429 SIMON PROPERTY GROUP INCORPORATED 2,356,291
 318,599 SINO-OCEAN LAND HOLDINGS LIMITED 317,775
 46,040 SKY CITY ENTERTAINMENT GROUP LIMITED 112,786
 97,027 SL GREEN REALTY CORPORATION<< 4,309,939
 20,425 SM INVESTMENTS CORPORATION 136,268
 862 SOFINA SA 80,288
 59,900 SOFTBANK CORPORATION 1,434,440
 68 SONY FINANCIAL HOLDINGS INCORPORATED 204,614
 19,500 STELLA INTERNATIONAL 36,534
 1,028 STX CORPORATION 13,217
 82,800 SUMITOMO MITSUI FINANCIAL GROUP INCORPORATED 2,729,980
 10,882 SUN HUNG KAI PROPERTIES LIMITED 160,074
 4,109 SUN INTERNATIONAL LIMITED 51,233
 122,939 SUNSTONE HOTEL INVESTORS INCORPORATED 995,806
 126,000 SUNTEC REIT 117,442
 82,500 SWIRE PACIFIC LIMITED B SHARES 173,089
 42,336 TANGER FACTORY OUTLET CENTERS INCORPORATED 1,661,688
 56,377 TAUBMAN CENTERS INCORPORATED 1,937,114
 26,000 TCC INTERNATIONAL HOLDINGS LIMITED+ 10,903
 24,016 TEKFEN HOLDING AS 63,807
 200 THE ISRAEL CORPORATION LIMITED 147,452
 7,000 TOKUSHU TOKAI HOLDINGS COMPANY LIMITED 17,978
 19,500 TOP GLOVE CORPORATION BHD 52,594
 65,361 UDR INCORPORATED 978,454
 216,000 UNITED ENERGY GROUP LIMITED+ 11,845
 25,000 VALUE PARTNERS GROUP LIMITED 12,161
 68,233 VENTAS INCORPORATED 2,929,243
 0 VIRTUS INVESTMENT PARTNERS INCORPORATED+ 6
 518,000 WANT WANT CHINA HOLDINGS LIMITED 362,263
 11,190 WASHINGTON H SOUL PATTINSON & COMPANY LIMITED 139,385
 52,427 WEINGARTEN REALTY INVESTORS 1,017,608
 1,564 WENDEL INVESTISSEMENT 91,401
 66,000 WHEELOCK & COMPANY 213,328
 22,700 WOORI FINANCE HOLDINGS COMPANY LIMITED 284,043
 21,000 YAMAGUCHI FINANCIAL GROUP 219,863
 10,000 ZELAN BHD 2,196

 120,749,422
 --------------

HOLDING COMPANY - DIVERSIFIED: 0.00%
 4,265 HOLDING DI PARTECIPAZIONI INDUSTRIALI SPA 8,447
 23,401 QUINENCO SA 47,879
 4,064 YAZICILAR HOLDING AS 24,335

 80,661
 --------------

HOME FURNISHINGS: 0.00%
 7,200 HOSHIZAKI ELECTRIC COMPANY LIMITED 96,789
 --------------

HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 0.34%
 6,650 AMER SPORTS OYJ 57,915

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

47

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES (continued)
 108,800 BED BATH & BEYOND INCORPORATED+ $ 4,064,768
 39,300 BEST BUY COMPANY INCORPORATED 1,683,219
 8,000 BEST DENKI COMPANY LIMITED 28,783
 22,153 CARPHONE WAREHOUSE PLC 69,535
 1,820 FOURLIS HOLDINGS SA+ 24,322
 10,092 GALIFORM PLC 13,307
 9,019 GAME GROUP PLC 22,523
 172,900 IT CITY PCL 31,465
 8,533 JB HI-FI LIMITED 181,317
 8,526 JD GROUP LIMITED 50,661
 2,000 JOSHIN DENKI COMPANY LIMITED 15,664
 3,600 K'S HOLDINGS CORPORATION+ 119,944
 21,336 KESA ELECTRICALS PLC 53,211
 1,400 NAFCO COMPANY LIMITED 25,104
 3,550 NITORI COMPANY LIMITED 297,339
 53,808 RADIOSHACK CORPORATION 1,014,819
 4,800 SHIMACHU COMPANY LIMITED 103,563
 1,292 SOCIETE BIC SA 90,297
 24,000 TOTO LIMITED 129,385
 120,753 WILLIAMS-SONOMA INCORPORATED 2,453,701
 1,800 XEBIO COMPANY LIMITED 36,941
 7,490 YAMADA DENKI COMPANY LIMITED 449,712
 14,900 YAMAHA CORPORATION 151,344

 11,168,839
 --------------

HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.26%
 5,446 ACCOR SA 291,444
 6,000 ASSOCIATED INTERNATIONAL HOTELS+ 14,322
 13,000 BANYAN TREE HOLDINGS LIMITED 6,622
 71,568 BOYD GAMING CORPORATION 584,711
 16,982 EGYPTIAN FOR TOURISM RESORTS 5,643
 33,373 EIH LIMITED 99,513
 4,620 FORMOSA INTERNATIONAL HOTELS CORPORATION 57,572
 2,000 FUJITA KANKO INCORPORATED 8,561
 37,444 GAYLORD ENTERTAINMENT COMPANY+ 659,014
 63,274 HONGKONG & SHANGHAI HOTELS LIMITED 94,543
 6,000 HOTEL PROPERTIES LIMITED 8,801
 1,450 IMPERIAL HOTEL LIMITED 26,705
 66,498 INDIAN HOTELS COMPANY LIMITED 122,731
 10,193 INTERCONTINENTAL HOTELS GROUP PLC 141,107
 5,765 MILLENNIUM & COPTHORNE HOTELS PLC 33,014
 23,100 MINOR INTERNATIONAL PCL 7,504
 72,600 MINOR INTERNATIONAL PCL ADR 23,585
 1,660 NH HOTELES SA 8,824
 5,985 ORASCOM HOTELS & DEVELOPMENT+ 27,483
 2,450 ORBIS SA 36,444
 96,564 ORIENT EXPRESS HOTELS LIMITED CLASS A<< 807,275
 126,000 SHANGRI-LA ASIA LIMITED 228,262
 14,783 SINO HOTELS HOLDINGS LIMITED 4,483
 110,000 SJM HOLDINGS LIMITED 56,632
 75,101 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED 2,404,734
 24,735 TUI TRAVEL PLC 100,060
 3,600 UNITED PLANTATIONS BHD 14,644
 30,845 VAIL RESORTS INCORPORATED+ 1,196,478
 77,909 WYNDHAM WORLDWIDE CORPORATION 1,446,770

 8,517,481
 --------------

INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 4.85%
 54,700 3M COMPANY 4,235,968
 83,500 A-MAX HOLDINGS LIMITED 2,090

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

48

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued)
 46,093 ADVANTECH COMPANY LIMITED $ 87,949
 2,700 AIDA ENGINEERING LIMITED 7,184
 8,008 ALSTOM RGPT 560,699
 30,000 AMADA COMPANY LIMITED 173,531
 1,797 ANDRITZ AG 108,147
 103,788 APPLE INCORPORATED+ 20,748,259
 5,000 ASAHI DIAMOND INDUSTRIAL COMPANY LIMITED 34,070
 17,062 ASML HOLDING NV 524,174
 18,227 ASTEC INDUSTRIES INCORPORATED+ 454,946
 25,526 ATLAS COPCO AB CLASS A 361,752
 15,438 ATLAS COPCO AB CLASS B 194,316
 5,945,000 BAKRIE & BROTHERS PT+ 55,960
 4,008 BANK HANDLOWY W WARSZAWIE SA 99,198
 168,032 BENQ CORPORATION+ 99,997
 26,100 BLACK & DECKER CORPORATION 1,584,009
 22,125 BLACK BOX CORPORATION 623,704
 826 BNK PETROLEUM INCORPORATED+ 829
 150 BOBST GROUP AG 5,204
 61,657 BRIGGS & STRATTON CORPORATION 1,162,851
 173,757 BROCADE COMMUNICATIONS SYSTEMS INCORPORATED+ 1,231,937
 256 BUCHER INDUSTRIES AG 26,455
 30,926 BUCYRUS INTERNATIONAL INCORPORATED CLASS A 1,601,658
 90,838 CAMERON INTERNATIONAL CORPORATION+ 3,433,676
 3,700 CANON FINETECH INCORPORATED+ 43,361
 22,000 CASIO COMPUTER COMPANY LIMITED 159,833
 58,614 CATCHER TECHNOLOGY COMPANY LIMITED 165,392
 6,000 CHEN HSONG HOLDINGS 1,649
 54,303 CHICONY ELECTRONICS COMPANY LIMITED 126,564
 150,000 CHINA INFRASTRUCTURE MACHINERY HOLDINGS LIMITED 93,483
 3,000 CHUGAI RO COMPANY LIMITED 7,635
 5,000 CKD CORPORATION 31,351
 46,587 CLEVO COMPANY 66,161
 406,201 COMPAL ELECTRONIC INCORPORATED 539,010
 7,446 CRANE GROUP LIMITED 60,969
 23,331 CROMPTON GREAVES LIMITED 197,798
 74,570 CUMMINS INCORPORATED 3,348,193
 11,942 CYBERTAN TECHNOLOGY INCORPORATED 17,721
 14,500 DAIFUKU COMPANY LIMITED 85,551
 8,000 DAIHEN CORPORATION 24,988
 2,333 DASSAULT SYSTEMES SA 134,240
 216,531 DELTA ELECTRONICS INCORPORATED 608,298
 338 DEMAG CRANES AG 11,988
 28,226 DIEBOLD INCORPORATED 709,602
 2,400 DISCO CORPORATION 138,269
 1,353 DISCOUNT INVESTMENT CORPORATION 30,796
 28,009 DONALDSON COMPANY INCORPORATED 1,190,383
 5,710 DOOSAN HEAVY INDUSTRIES & CONSTRUCTION COMPANY LIMITED 282,848
 9,560 DOOSAN INFRACORE COMPANY LIMITED 132,778
 34,023 DRESSER RAND GROUP INCORPORATED+ 955,366
 32,080 DRIL-QUIP INCORPORATED+ 1,732,641
 34,000 EBARA CORPORATION 129,801
 234,920 EMC CORPORATION+ 3,953,704
 102,573 EMULEX CORPORATION+ 999,061
 23,354 FLOWSERVE CORPORATION 2,322,789
 51,046 FMC TECHNOLOGIES INCORPORATED+ 2,780,476
 90,000 FONG'S INDUSTRIES COMPANY LIMITED 45,290
 88,312 FOXCONN TECHNOLOGY COMPANY LIMITED 308,746
 61,000 FUJI ELECTRIC HOLDINGS COMPANY LIMITED 91,740
 52,000 FUJI HEAVY INDUSTRIES LIMITED 206,340
 3,700 FUJI MACHINE MANUFACTURING COMPANY LIMITED 40,536
 168,000 FUJITSU LIMITED 998,982
 61,000 FURUKAWA COMPANY LIMITED 68,452
 67,415 GAMESTOP CORPORATION CLASS A+ 1,645,600

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

49

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued)
 689 GILDEMEISTER AG $ 10,915
 25,800 GRACO INCORPORATED 726,786
 276,715 HEWLETT-PACKARD COMPANY 13,575,638
 8,400 HEXAGON AB 116,273
 77,139 HIGH TECH COMPUTER CORPORATION 874,967
 1,000 HISAKA WORKS LIMITED 9,579
 5,000 HITACHI KOKI COMPANY LIMITED 53,216
 4,000 HOSOKAWA MICRON CORPORATION 13,420
 6,803 HYUNDAI DEVELOPMENT COMPANY 228,171
 86,468 IDEX CORPORATION 2,562,047
 154,246 INTERNATIONAL BUSINESS MACHINES CORPORATION 19,488,982
 275,024 INVENTEC COMPANY LIMITED 158,114
 22,000 ISEKI & COMPANY LIMITED 66,173
 8,106 IT HOLDINGS CORPORATION+ 95,464
 29,000 JAPAN STEEL WORKS 352,938
 145,500 JOHNSON ELECTRIC HOLDINGS LIMITED 61,954
 42,181 JOY GLOBAL INCORPORATED 2,258,371
 35,101 KAYDON CORPORATION 1,248,192
 2,500 KCI KONECRANES OYJ 72,187
 9,000 KITZ CORPORATION 42,897
 79,430 KOMATSU LIMITED 1,560,298
 4,000 KOMORI CORPORATION 42,573
 7,700 KONAMI CORPORATION 128,452
 98,865 KUBOTA CORPORATION 870,387
 52,215 LAM RESEARCH CORPORATION+ 1,774,788
 20,594 LARSEN & TOUBRO LIMITED 720,790
 55,992 LENNOX INTERNATIONAL INCORPORATED 2,078,423
 438,000 LENOVO GROUP LIMITED 252,625
 33,800 LEXMARK INTERNATIONAL INCORPORATED+ 850,746
 23,120 LG PHILLIPS LCD COMPANY LIMITED 637,251
 235,375 LITE-ON TECHNOLOGY CORPORATION 315,258
 2,251 MAHARASHTRA SEAMLESS LIMITED 16,909
 11,000 MAKINO MILLING MACHINE COMPANY LIMITED 38,559
 11,200 MAKITA CORPORATION 378,344
 1 MAKITA CORPORATION 34
 3,910 MAN AG 319,973
 164,705 MANITOWOC COMPANY INCORPORATED<< 1,617,403
 1,000 MARUYAMA MANUFACTURING COMPANY INCORPORATED 1,562
 2,000 MAX COMPANY LIMITED 19,597
 72,300 MEDIA PRIMA BHD+ 36,443
 20,000 MEIDENSHA CORPORATION 88,154
 3,000 MEITEC CORPORATION 43,834
 2,000 MELCO HOLDINGS INCORPORATED 35,447
 4,985 METSO OYJ 160,334
 85,738 MICROS SYSTEMS INCORPORATED+ 2,405,808
 6,500 MISUMI GROUP INCORPORATED 118,510
 26,285 MISYS PLC 88,126
 90,131 MITAC INTERNATIONAL CORPORATION 42,854
 178,000 MITSUBISHI ELECTRIC CORPORATION 1,256,131
 278,000 MITSUBISHI HEAVY INDUSTRIES LIMITED 906,941
 6,300 MITSUI HIGH-TEC INCORPORATED 59,181
 3,000 MIURA COMPANY LIMITED 79,824
 500 MODEC INCORPORATED 9,567
 8,500 MORI SEIKI COMPANY LIMITED 78,176
 10,000 NABTESCO CORPORATION 110,481
 35,000 NACHI-FUJIKOSHI CORPORATION 69,644
 48,585 NATIONAL OILWELL VARCO INCORPORATED 2,090,127
 149 NEC CORPORATION ADR 377
 1,377 NEOPOST SA 120,336
 900 NETUREN COMPANY LIMITED 5,497
 10,000 NIDEC CORPORATION 878,066
 6,000 NIPPON THOMPSON COMPANY LIMITED 28,667
 700 NITTO KOHKI COMPANY LIMITED 15,597

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

50

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued)
 12,400 NOMURA RESEARCH INSTITUTE LIMITED $ 261,370
 32,738 NORDSON CORPORATION 1,755,084
 42,000 NTN CORPORATION 158,399
 90,615 NUANCE COMMUNICATIONS INCORPORATED+ 1,376,442
 2,380 OILES CORPORATION 32,214
 1,500 OKAYA & COMPANY LIMITED 15,010
 15,000 OKUMA CORPORATION 65,248
 1,000 ORGANO CORPORATION 6,583
 3,095 ORMAT INDUSTRIES 27,841
 9,500 OSG CORPORATION 86,713
 2,063 OUTOTEC OYJ 67,437
 154,567 PALM INCORPORATED+<< 1,686,326
 66,900 PARKER HANNIFIN CORPORATION 3,609,924
 956 PASON SYSTEMS INCORPORATED 9,955
 42,873 PENTAIR INCORPORATED 1,290,477
 90,500 PITNEY BOWES INCORPORATED 2,085,120
 3,061 PRAKTIKER BAU- UND HEIMWERKERMAERKTE AG 37,276
 1,108 RAMIRENT OYJ+ 11,330
 1,852 RHEINMETALL BERLIN 110,679
 58,565 RICOH COMPANY LIMITED 779,828
 44 RIETER HOLDING AG 10,294
 3,700 RISO KAGAKU CORPORATION 29,021
 272,159 RITEK CORPORATION+ 66,139
 8,000 RYOBI LIMITED 16,196
 51,761 SAGE GROUP PLC 181,629
 147,000 SANYO ELECTRIC COMPANY LIMITED+ 263,593
 1,100 SATO CORPORATION 11,746
 1,005 SCHINDLER HOLDING SA 74,841
 28,756 SCIENTIFIC GAMES CORPORATION CLASS A+ 406,897
 211,307 SEAGATE TECHNOLOGY HOLDINGS 3,197,075
 13,200 SEIKO EPSON CORPORATION 204,475
 21,000 SHIHLIN ELECTRIC 25,712
 2,500 SHIMA SEIKI MANUFACTURING LIMITED 47,692
 13,600 SIMPLETECH INCORPORATED+ 168,504
 1,900 SINTOKOGIO LIMITED 13,100
 976 SKF AB 16,184
 4,900 SMC CORPORATION 550,995
 90,376 SMITH INTERNATIONAL INCORPORATED 2,456,420
 257,600 SONUS NETWORKS INCORPORATED+ 561,568
 3,670 SPIRAX-SARCO ENGINEERING PLC 64,722
 20,200 SPX CORPORATION 1,076,458
 34,130 STANLEY WORKS<< 1,657,694
 48,000 SUMITOMO HEAVY INDUSTRIES LIMITED 214,901
 89,769 SUZLON ENERGY LIMITED 152,076
 9,000 TADANO LIMITED 40,190
 10,600 TDK CORPORATION 553,054
 89,000 TECHTRONIC INDUSTRIES COMPANY 71,314
 2,505 THERMAX INDIA LIMITED 32,126
 10,200 THK COMPANY LIMITED 167,679
 33,263 TIMKEN COMPANY 820,598
 1,200 TORI HOLDINGS COMPANY LIMITED 375
 38,167 TORO COMPANY 1,520,573
 10,000 TOSHIBA MACHINE COMPANY LIMITED 35,169
 6,000 TOYO KANETSU K K 12,425
 122,000 TPV TECHNOLOGY LIMITED 69,736
 11,000 TSUBAKIMOTO CHAIN COMPANY 42,249
 2,000 UCHIDA YOKO COMPANY LIMITED 5,137
 500 UNION TOOL COMPANY 13,217
 163,083 UNITED TRACTORS TBK PT 257,863
 51,376 VARIAN MEDICAL SYSTEMS INCORPORATED+ 2,401,314
 29,567 WATSCO INCORPORATED 1,483,081
 1,542 WINCOR NIXDORF AG 106,508
 192,565 WISTRON CORPORATION 353,666

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

51

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued)
 60,864 WOODWARD GOVERNOR COMPANY $ 1,415,697
 2,900 YAMAZEN CORPORATION 8,991
 114,845 YIEH PHUI ENTERPRISE 43,184
 5,698 ZARDOYA-OTIS SA 119,446
 24,539 ZEBRA TECHNOLOGIES CORPORATION+ 652,983

 159,443,089
 --------------

INSURANCE AGENTS, BROKERS & SERVICE: 0.54%
 18,483 ALLIANZ AG 2,270,764
 43,758 ARTHUR J. GALLAGHER & COMPANY 980,179
 1,978 BALOISE HOLDING AG 164,924
 26,836 BEAZLEY PLC+ 43,045
 1,000 D CARNEGIE & COMPANY AB 2,553
 2,305 GRUPO CATALANA OCCIDENTE SA 50,878
 438 HAREL INSURANCE INVESTMENTS & FINANCES LIMITED 21,335
 74,190 HUMANA INCORPORATED+ 3,079,627
 4,079 JARDINE LLOYD THOMPSON GROUP PLC 28,277
 232,178 LEGAL & GENERAL GROUP PLC 295,443
 44,809 MARSH & MCLENNAN COMPANIES INCORPORATED 1,010,443
 12,600 MATSUI SECURITIES COMPANY LIMITED 85,273
 64,600 MILLEA HOLDINGS INCORPORATED+ 1,857,138
 82,300 QBE INSURANCE GROUP LIMITED 1,676,420
 87,512 STANDARD LIFE PLC 299,593
 25,000 TOKYO TATEMONO COMPANY LIMITED 82,716
 236,757 TURKIYE GARANTI BANKASI AS 805,665
 36,511 UNIPOL SPA 49,779
 144,353 UNUM GROUP 2,748,481
 1,746 WIENER STAEDTISCHE ALLGEMEINE VERSICHERUNG AG 92,101
 72,524 WILLIS GROUP HOLDINGS LIMITED 1,969,027

 17,613,661
 --------------

INSURANCE CARRIERS: 3.55%
 28,084 ACE LIMITED 1,367,972
 7,805 ADMIRAL GROUP PLC 136,232
 61,295 AEGON NV 440,584
 37,500 AETNA INCORPORATED 1,091,625
 39,300 AFLAC INCORPORATED 1,808,979
 41,000 AIOI INSURANCE COMPANY LIMITED 202,059
 15,670 AKSIGORTA AS 46,146
 5 ALLIANZ AG ADR 62
 15,452 ALLIED WORLD ASSURANCE HOLDINGS 738,451
 45,227 ALLSTATE CORPORATION 1,284,899
 127 AMB GENERALI HOLDING AG 13,618
 284,800 AMBAC FINANCIAL GROUP INCORPORATED<< 219,296
 33,284 AMERICAN FINANCIAL GROUP INCORPORATED 807,470
 56,320 AMERIGROUP CORPORATION+ 1,335,347
 22,949 AMLIN PLC 139,688
 165,562 AMP LIMITED 937,125
 24,422 ARCH CAPITAL GROUP LIMITED+ 1,705,632
 38,270 ARGO GROUP INTERNATIONAL HOLDINGS LIMITED+ 1,116,336
 54,467 ASSICURAZIONI GENERALI SPA 1,407,520
 51,436 ASSURANT INCORPORATED 1,572,399
 54,915 ASSURED GUARANTY LIMITED 1,245,472
 112,675 AVIVA PLC 686,579
 84,092 AXA ASIA PACIFIC HOLDINGS LIMITED 446,715
 73,736 AXA SA 1,757,101
 62,336 AXIS CAPITAL HOLDINGS LIMITED 1,744,785
 13,287 BRIT INSURANCE HOLDINGS PLC 40,351
 50,418 BROWN & BROWN INCORPORATED 899,961
 16,460 CATLIN GROUP LIMITED 83,158

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

52

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
INSURANCE CARRIERS (continued)
 66,000 CHINA INSURANCE INTERNATIONAL HOLDINGS COMPANY LIMITED $ 255,482
 137,176 CHINA LIFE INSURANCE COMPANY+ 95,276
 755,000 CHINA LIFE INSURANCE COMPANY LIMITED CLASS H 3,779,847
 29,736 CHUBB CORPORATION 1,490,963
 119,080 CIGNA CORPORATION 3,820,086
 66,234 CINCINNATI FINANCIAL CORPORATION 1,690,292
 1,379 CNP ASSURANCES 147,616
 60,516 DELPHI FINANCIAL GROUP CLASS A 1,322,880
 18,723 DISCOVERY HOLDINGS LIMITED 80,530
 5,030 DONGBU INSURANCE COMPANY LIMITED 144,913
 21,958 ENDURANCE SPECIALTY HOLDINGS LIMITED 821,010
 13,890 ERIE INDEMNITY COMPANY 513,513
 728 EULER HERMES SA 53,514
 24,997 EVEREST REINSURANCE GROUP LIMITED 2,127,495
 424 FBD HOLDINGS PLC 4,266
 100,606 FIDELITY NATIONAL TITLE GROUP INCORPORATED 1,397,417
 35,695 FIRST AMERICAN CORPORATION 1,132,245
 1,751 FONDIARIA SAI SPA 29,000
 1,309 FONDIARIA-SAI SPA 14,624
 6,000 FUJI FIRE & MARINE INSURANCE COMPANY LIMITED 6,386
 209,544 GENWORTH FINANCIAL INCORPORATED 2,256,789
 6,000 GREAT EASTERN HOLDINGS LIMITED 59,306
 10,900 GREAT-WEST LIFECO INCORPORATED 250,140
 2,795 HANNOVER RUECKVERSICHERUNG AG 133,208
 168,982 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 4,133,300
 48,945 HCC INSURANCE HOLDINGS INCORPORATED 1,278,933
 45,200 HEALTH NET INCORPORATED+ 959,144
 249 HELVETIA HOLDING AG+ 75,856
 49,092 HORACE MANN EDUCATORS CORPORATION 590,086
 8,230 HYUNDAI MARINE & FIRE INSURANCE COMPANY LIMITED 140,139
 3,839 INDUSTRIAL ALLIANCE INSURANCE & FINANCIAL SERVICES INCORPORATED 107,924
 145,567 INSURANCE AUSTRALIA GROUP LIMITED+ 522,633
 3,775 INTACT FINANCIAL CORPORATION 133,237
 10,576 KOREA REINSURANCE COMPANY 84,495
 79,821 LEUCADIA NATIONAL CORPORATION 1,717,748
 24,831 LIBERTY HOLDINGS LIMITED 223,999
 111,560 LINCOLN NATIONAL CORPORATION 2,555,840
 65,600 MANULIFE FINANCIAL CORPORATION 1,146,166
 27,238 MAPFRE SA 120,244
 4,073 MARKEL CORPORATION+ 1,380,747
 59,821 MAX CAPITAL GROUP LIMITED 1,303,500
 204,005 MBIA INCORPORATED<< 705,857
 9,857 MEDIOLANUM SPA 64,087
 11,535 MERCURY GENERAL CORPORATION 426,103
 1,194 MERITZ FIRE MARINE INSURANCE 7,332
 48,826 METLIFE INCORPORATED 1,669,361
 157,639 MGIC INVESTMENT CORPORATION<< 630,556
 8,878 MILANO ASSICURAZIONI SPA 25,408
 35,100 MITSUI SUMITOMO INSURANCE GROUP HOLDINGS INCORPORATED 921,761
 101,789 MONTPELIER RE HOLDINGS LIMITED 1,703,948
 8,022 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG 1,257,906
 226 MUTUAL & FEDERAL INSURANCE COMPANY LIMITED 739
 56,000 NIPPONKOA INSURANCE COMPANY LIMITED+ 332,994
 25,000 NISSAY DOWA GENERAL INSURANCE COMPANY LIMITED 124,075
 218,061 OLD MUTUAL PLC 407,161
 98,785 OLD REPUBLIC INTERNATIONAL CORPORATION 1,051,072
 24,670 PARTNERRE LIMITED 1,900,577
 244,000 PICC PROPERTY & CASUALTY COMPANY LIMITED 196,773
 142,000 PING AN INSURANCE GROUP COMPANY OF CHINA LIMITED 1,324,714
 12,500 POWER CORPORATION OF CANADA/CANADA 311,612
 9,100 POWER FINANCIAL CORPORATION 237,200
 131,609 PRINCIPAL FINANCIAL GROUP INCORPORATED 3,341,553
 35,451 PROASSURANCE CORPORATION+ 1,887,766

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

53

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
INSURANCE CARRIERS (continued)
 53,700 PROGRESSIVE CORPORATION $ 900,549
 108,570 PROTECTIVE LIFE CORPORATION<< 1,795,748
 38,962 PRUDENTIAL FINANCIAL INCORPORATED 1,942,256
 102,151 PRUDENTIAL PLC 1,051,144
 20,701 RLI CORPORATION 1,043,951
 133,246 ROYAL & SUN ALLIANCE INSURANCE GROUP PLC 256,029
 4,359 SAMSUNG FIRE & MARINE INSURANCE COMPANY LIMITED 757,239
 182,800 SANLAM LIMITED 546,795
 6,775 SCOR REGROUPE 165,159
 66,317 SELECTIVE INSURANCE GROUP INCORPORATED 1,034,545
 2,035 SOCIETA CATTOLICA DI ASSICURAZIONI SCRL 72,678
 78,000 SOMPO JAPAN INSURANCE INCORPORATED 489,079
 7,786 ST. JAMES'S PLACE PLC 30,818
 62,179 STANCORP FINANCIAL GROUP INCORPORATED 2,307,463
 16,400 STOREBRAND ASA 113,248
 22,100 SUN LIFE FINANCIAL INCORPORATED 610,608
 1,075 SWISS LIFE HOLDING 132,067
 13,945 SWISS REINSURANCE 663,201
 21,800 T&D HOLDINGS INCORPORATED 504,396
 12,057 TAIWAN LIFE INSURANCE COMPANY LIMITED 11,428
 48,427 THE TRAVELERS COMPANIES INCORPORATED 2,537,091
 650 TOPDANMARK AS+ 93,248
 36,091 TORCHMARK CORPORATION 1,569,237
 29,693 TOWER AUSTRALIA GROUP LIMITED 76,692
 43,286 TOWER GROUP INCORPORATED 1,068,298
 24,930 TRANSATLANTIC HOLDING INCORPORATED 1,347,217
 1,268 TRYGVESTA A/S 87,754
 99,200 UNITEDHEALTH GROUP INCORPORATED 2,844,064
 57,923 UNITRIN INCORPORATED 1,292,262
 33,788 VALIDUS HOLDINGS LIMITED 895,377
 61,470 W.R. BERKLEY CORPORATION 1,518,924
 44,349 WELLCARE HEALTH PLANS INCORPORATED+ 1,463,074
 40,200 WELLPOINT INCORPORATED+ 2,172,006
 149,144 XL CAPITAL LIMITED CLASS A 2,730,827
 2,204 YAPI KREDI SIGORTA AS 12,692
 46,528 ZENITH NATIONAL INSURANCE CORPORATION 1,330,236
 12,540 ZURICH FINANCIAL SERVICES AG 272,118
 4,702 ZURICH FINANCIAL SERVICES AG 1,013,005

 116,657,429
 --------------

INSURANCE COMPANIES: 0.05%
 800 FAIRFAX FINANCIAL HOLDINGS LIMITED 285,086
 2,500 INES CORPORATION 20,968
 31,742 REINSURANCE GROUP OF AMERICA INCORPORATED 1,476,003
 1 SANTAM LIMITED 6

 1,782,063
 --------------

INTERNET SOFTWARE: 0.02%
 12 M3 INCORPORATED 39,787
 4,539 NHN CORPORATION+ 722,149

 761,936
 --------------

INVESTMENT COMPANIES: 0.01%
 260 BB BIOTECH AG+ 18,702
 28,268 MARFIN INVESTMENT GROUP SA 89,136
 83,628 RESOLUTION LIMITED+ 116,252

 224,090
 --------------

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

54

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
LEATHER & LEATHER PRODUCTS: 0.17%
 131,886 COACH INCORPORATED $ 4,583,039
 56,367 TIMBERLAND COMPANY+ 941,329

 5,524,368
 --------------

LEGAL SERVICES: 0.09%
 54,588 FTI CONSULTING INCORPORATED+ 2,525,241
 8,044 PRE-PAID LEGAL SERVICES INCORPORATED+ 306,316

 2,831,557
 --------------

LEISURE: 0.00%
 151,000 GENTING HONG KONG LIMITED+ 33,512
 --------------

LEISURE, SPORTING & RECREATION: 0.00%
 1,319 BENETEAU SA+ 19,411
 --------------

LOCAL & SUB-TRANSIT & INTERURBAN HIGHWAY PASS TRANSPORTATION: 0.01%
 78,049 MACMAHON HOLDINGS LIMITED 41,461
 24,000 TRANSPORT INTERNATIONAL HOLDINGS LIMITED 67,664
 72,293 TRANSURBAN GROUP 361,525

 470,650
 --------------

LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE: 0.05%
 10,694 BABCOCK INTERNATIONAL GROUP 109,515
 162,500 BARITO PACIFIC TBK PT+ 21,999
 1,859 CANFOR CORPORATION+ 12,788
 154,195 LOUISIANA-PACIFIC CORPORATION 962,177
 694 PFLEIDERER AG 7,253
 7,576 SINO-FOREST CORPORATION+ 132,584
 1,176 TECNICAS REUNIDAS SA 64,223
 149,257 TERRANOVA SA 22,193
 8,910 TRAVIS PERKINS PLC 111,106
 1,275 WEST FRASER TIMBER COMPANY LIMITED 38,054

 1,481,892
 --------------

MACHINE-DIVERSIFIED: 0.00%
 4,800 ATS AUTOMATION TOOLING SYSTEMS INCORPORATED+ 30,699
 --------------

MANUFACTURING (SPECIALIZED): 0.00%
 40,000 ABILITY ENTERPRISE COMPANY LIMITED 74,956
 --------------

MANUFACTURING INDUSTRIES: 0.01%
 7,973 JAIN IRRIGATION SYSTEMS LIMITED+ 153,915
 3,100 SHIN-ETSU POLYMER COMPANY LIMITED 18,828

 172,743
 --------------

MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 2.51%
 2,200 A&D COMPANY LIMITED 7,941
 2,819 AGFA-GEVAERT NV 18,201
 40,300 AGILENT TECHNOLOGIES INCORPORATED+ 1,165,476
 35,604 ALLERGAN INCORPORATED 2,069,661
 1,713 ALTANA AG 38,016
 37,534 ARCELORMITTAL 1,462,522
 31,093 ASPEN PHARMACARE HOLDINGS LIMITED 285,527
 27,958 BECKMAN COULTER INCORPORATED 1,816,152
 26,182 BECTON DICKINSON & COMPANY 1,958,414
 20,148 BIO-RAD LABORATORIES INCORPORATED+ 1,948,110

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

55

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (continued)
 26,000 BIOSENSORS INTERNATIONAL GROUP LIMITED+ $ 13,526
 126,900 BOSTON SCIENTIFIC CORPORATION+ 1,062,153
 61,773 CEPHEID INCORPORATED+ 764,750
 4,433 COCHLEAR LIMITED+ 256,929
 1,105 COLOPLAST AS CLASS B 103,005
 5,271 COMPAGNIE GENERALE DE GEOPHYSIQUE - VERITAS+ 107,521
 57,522 COOPER COMPANIES INCORPORATED 1,926,412
 2,700 COSEL COMPANY LIMITED 30,049
 40,494 CR BARD INCORPORATED 3,329,012
 28,497 DANAHER CORPORATION 2,021,007
 61,457 DENTSPLY INTERNATIONAL INCORPORATED 2,047,747
 319,802 EASTMAN KODAK COMPANY<< 1,295,198
 816 ELBIT IMAGING LIMITED 18,792
 4,123 ELEKTA AB CLASS B 94,033
 27,528 ESCO TECHNOLOGIES INCORPORATED 919,435
 3,600 ESPEC CORPORATION 17,700
 8,394 ESSILOR INTERNATIONAL SA CIE GENERALE D'OPTIQUE 486,956
 31,675 ESTERLINE TECHNOLOGIES CORPORATION+ 1,279,353
 47,604 FISHER & PAYKEL HEALTHCARE CORPORATION 108,434
 62,068 FLIR SYSTEMS INCORPORATED+ 1,781,352
 52,642 FORMFACTOR INCORPORATED+ 892,282
 50,178 FOSSIL INCORPORATED+ 1,547,991
 43,100 FUJIFILM HOLDINGS CORPORATION 1,174,231
 1,200 FUKUDA DENSHI COMPANY LIMITED 31,930
 7,644 GETINGE AB 155,368
 40,000 GOLDEN MEDITECH COMPANY LIMITED 9,290
 27,302 HAEMONETICS CORPORATION+ 1,457,381
 15,114 HALMA PLC 55,546
 900 HIOKI EE CORPORATION 18,096
 1,100 HOGY MEDICAL COMPANY LIMITED 59,556
 111,294 HOLOGIC INCORPORATED+ 1,610,424
 15,716 INTUITIVE SURGICAL INCORPORATED+ 4,408,967
 42,856 ITRON INCORPORATED+ 2,605,216
 42,500 KONICA MINOLTA HOLDINGS INCORPORATED 391,370
 4,244 LARGAN PRECISION COMPANY LIMITED 50,911
 5,914 LUXOTTICA GROUP SPA 147,233
 55,249 MASIMO CORPORATION+ 1,456,364
 129,523 MEDTRONIC INCORPORATED 5,496,956
 13,846 METTLER-TOLEDO INTERNATIONAL INCORPORATED+ 1,377,400
 22,946 MILLIPORE CORPORATION+ 1,562,623
 11,000 MOCHIDA PHARMACEUTICAL COMPANY LIMITED 105,750
 65,667 NATIONAL INSTRUMENTS CORPORATION 1,873,480
 4,400 NIHON KOHDEN CORPORATION 77,728
 29,900 NIKON CORPORATION 539,611
 4,600 NIPRO CORPORATION 98,237
 14,700 OLYMPUS CORPORATION 446,408
 5,932 OLYMPUS CORPORATION ADR 180,036
 21,244 ORBOTECH LIMITED+ 207,766
 4,268 ORION OYJ 87,670
 5,000 OSAKI ELECTRIC COMPANY LIMITED 41,590
 69,000 OSIM INTERNATIONAL LIMITED 21,189
 800 PARAMOUNT BED COMPANY LIMITED 17,742
 3,500 PARIS MIKI INCORPORATED 28,262
 22,924 PHARMAXIS LIMITED+ 51,021
 1,821 PHONAK HOLDING AG 216,283
 31,268 RESMED INCORPORATED+ 1,571,842
 37,398 ROPER INDUSTRIES INCORPORATED<< 1,946,192
 21,000 SHIMADZU CORPORATION 131,675
 14,168 SILEX SYSTEMS LIMITED+ 85,126
 9,655 SSL INTERNATIONAL PLC 117,935
 39,706 ST. JUDE MEDICAL INCORPORATED+ 1,457,607
 57,851 STERIS CORPORATION 1,869,166
 396 STRAUMANN HOLDING AG 97,063

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

56

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (continued)
 35,208 STRYKER CORPORATION $ 1,774,483
 600 TAMRON COMPANY LIMITED 5,706
 201 TECAN GROUP AG 13,788
 40,172 TECHNE CORPORATION 2,726,875
 38,142 TELEDYNE TECHNOLOGIES INCORPORATED+<< 1,278,520
 219,108 TERADYNE INCORPORATED+ 1,941,297
 15,200 TERUMO CORPORATION 859,880
 5,000 TGS NOPEC GEOPHYSICAL COMPANY ASA+ 81,582
 47,400 THERMO FISHER SCIENTIFIC INCORPORATED+ 2,238,702
 59,627 THORATEC CORPORATION+ 1,776,288
 2,574 TITAN INDUSTRIES LIMITED 74,066
 3,200 TOA MEDICAL ELECTRONICS COMPANY 172,883
 1,900 TOKYO SEIMITSU COMPANY LIMITED 20,816
 6,200 TOPCON CORPORATION 34,142
 49,641 TRIMBLE NAVIGATION LIMITED+ 1,108,484
 10,600 USHIO INCORPORATED 178,792
 30,795 VARIAN INCORPORATED+ 1,576,396
 39,865 WATERS CORPORATION+ 2,343,265
 696 WILLIAM DEMANT HOLDING+ 50,134
 6,000 YAMATAKE CORPORATION 126,122

 82,594,119
 --------------

MEDIA - COMMUNICATION: 0.11%
 65,900 BEC WORLD PCL 43,015
 109,520 DIRECTV+ 3,464,118
 1,122 THOMSON REUTERS CORPORATION<< 35,579

 3,542,712
 --------------

MEDICAL EQUIPMENT & SUPPLIES: 0.07%
 38,948 INVACARE CORPORATION 969,805
 38,716 NUVASIVE INCORPORATED+ 1,256,334

 2,226,139
 --------------

MEDICAL MANAGEMENT SERVICES: 0.04%
 64,575 COVENTRY HEALTH CARE INCORPORATED+ 1,456,166
 --------------

MEDICAL PRODUCTS: 0.16%
 70,600 BAXTER INTERNATIONAL INCORPORATED 3,851,230
 50,914 ILLUMINA INCORPORATED+ 1,472,433

 5,323,663
 --------------

MEMBERSHIP ORGANIZATIONS: 0.30%
 9,700 AEON COMPANY M BHD 14,010
 700 AEON DELIGHT COMPANY LIMITED 9,248
 3,647 ARYZTA AG 137,972
 1,700 ASAHI HOLDINGS INCORPORATED 28,517
 3,000 ASAHI ORGANIC CHEMICALS INDUSTRY COMPANY LIMITED 6,872
 7 ATHRIS HOLDING AG+ 7,324
 8,000 ATSUGI COMPANY LIMITED 9,810
 313 BAYWA AG+ 11,369
 128 BERNER KANTONALBANK AG 29,080
 300 C UYEMURA & COMPANY LIMITED 10,308
 153,925 CALPINE CORPORATION+ 1,711,646
 11,882 CESC LIMITED 98,704
 7,702 CHARTER INTERNATIONAL PLC 91,798
 140,000 CHINA SHANSHUI CEMENT GROUP LIMITED 91,948
 6,000 CHINESE MARITIME TRANSPORT LIMITED 16,408
 8,904 CITYCON OYJ 37,837

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

57

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
MEMBERSHIP ORGANIZATIONS (continued)
 21,347 COMPAGNIE FINANCIERE RICHEMONT SA $ 690,279
 3,000 DESCENTE LIMITED 15,791
 703 DEUTSCHE EUROSHOP AG 25,545
 3,847 DOMINION RESOURCES BLACK WARRIOR 14,023
 2,979 EGYPTIAN FINANCIAL & INDUSTRIAL COMPANY 10,546
 13,204 ESSAR SHIPPING PORTS & LOGISTICS LIMITED+ 17,472
 26,300 ESSO THAILAND PCL+ 4,588
 331 FIELMANN AG 25,785
 7,329 FRESNILLO PLC 101,640
 4,224 GRASIM INDUSTRIES LIMITED 216,204
 10,493 HOUSING & CONSTRUCTION HOLDINGS LIMITED 17,794
 33,431 IBERDROLA RENOVABLES 160,133
 600 ICOM INCORPORATED 12,702
 2,000 INAGEYA COMPANY LIMITED 21,842
 29,000 INDO TAMBANGRAYA MEGAH PT 88,028
 23,599 INFORMA PLC 107,733
 959 INGENICO 25,135
 1,100 INUI STEAMSHIP COMPANY LIMITED 8,144
 58,088 ISPAT INDUSTRIES LIMITED+ 24,851
 3,484 JUMBO SA 44,990
 35,000 JVC KENWOOD HOLDINGS INCORPORATED+ 14,172
 20,400 LG TELECOM LIMITED 143,860
 1,440 LOOMIS AB 15,698
 4,000 LPI CAPITAL BHD 15,304
 14,107 MAHINDRA & MAHINDRA LIMITED 312,180
 6,100 MEIJI HOLDINGS COMPANY LIMITED+ 242,758
 1,664 MENORAH MIVTACHIM HOLDINGS LIMITED+ 19,382
 2,000 NAKAMURAYA COMPANY LIMITED 10,851
 5,833 NATIONAL SOCIETE GENERALE BANK SAE 30,237
 16,285 NEW ZEALAND OIL & GAS LIMITED 19,131
 2,277 NFI EMPIK MEDIA & FASION SA+ 12,332
 500 NICHIDEN CORPORATION 12,003
 2,000 NIHON NOHYAKU COMPANY LIMITED 10,967
 3,300 NIPPON GAS COMPANY LIMITED 58,563
 2,400 PIGEON CORPORATION 104,396
 8 PILOT CORPORATION 9,459
 9,806 PROGRAMMED MAINTENANCE SERVICES LIMITED 35,207
 29,594 REGUS PLC 42,040
 16,498 REINET INVESTMENTS SCA+ 25,064
 153,296 RELIANCE INDUSTRIES LIMITED 3,504,897
 1,457 RICHEMONT SA+ 22,013
 5,996 ROLTA INDIA LIMITED 21,875
 43,913 RURAL ELECTRIFICATION CORPORATION LIMITED 231,248
 6,333 SAI GLOBAL LIMITED 20,591
 1,600 SANKEI BUILDING COMPANY LIMITED THE 11,902
 225 SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG 9,933
 2,000 SEKISUI JUSHI CORPORATION 16,890
 4,000 SENKO COMPANY LIMITED 14,577
 500 SHINWA COMPANY LIMITED NAGOYA 7,057
 1,100 SHO-BOND HOLDINGS COMPANY LIMITED 20,399
 12,000 SHOWA SANGYO COMPANY LIMITED 41,092
 2,000 SINANEN COMPANY LIMITED 8,815
 1,492 SONGA OFFSHORE SE+ 7,492
 2,000 TAIHEI DENGYO KAISHA LIMITED 19,829
 8,000 TECMO KOEI HOLDINGS COMPANY LIMITED 65,618
 1,300 TEMP HOLDINGS COMPANY LIMITED+ 12,468
 6,200 TISCO FINANCIAL GROUP PCL 4,345
 1,000 TOKYO ENERGY & SYSTEMS INCORPORATED 6,860
 1,300 TORISHIMA PUMP MANUFACTURING COMPANY LIMITED 25,988
 2,000 TOSHIBA PLANT SYSTEMS & SERVICES CORPORATION+ 25,775
 1,000 TSUKISHIMA KIKAI COMPANY LIMITED 5,981
 54,818 TURK TELEKOMUNIKASYON AS 157,843
 43,250 UEM LAND HOLDINGS BHD+ 18,996

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

58

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
MEMBERSHIP ORGANIZATIONS (continued)
 1,200 UNIPRES CORPORATION $ 16,950
 2,096 VISCOFAN SA 53,472
 514,000 WELLING HOLDING LIMITED+ 28,850
 3,790 WIRECARD AG 48,145
 49,650 WPP PLC 463,941
 1,000 YOMEISHU SEIZO COMPANY LIMITED 9,660
 600 YUSHIRO CHEMICAL INDUSTRY COMPANY LIMITED 7,864

 9,991,046
 --------------

METAL FABRICATE, HARDWARE: 0.02%
 128,000 CHINA ZHONGWANG HOLDINGS LIMITED+ 119,906
 3,001 MARTINREA INTERNATIONAL INCORPORATED+ 23,032
 13,000 SHIN ZU SHING COMPANY LIMITED 60,397
 10,555 SILGAN HOLDINGS INCORPORATED 565,431
 1,100 TOCALO COMPANY LIMITED 16,149

 784,915
 --------------

METAL MINING: 1.35%
 5,420 ADITYA BIRLA MINERALS LIMITED 6,851
 9,417 AFRICAN RAINBOW MINERALS LIMITED 202,074
 6,122 AGNICO EAGLE MINES LIMITED 381,682
 4,367 ALAMOS GOLD INCORPORATED+ 48,867
 1,424 ALEXANDRIA MINERAL OILS COMPANY 9,716
 195,740 ALUMINA LIMITED 276,089
 28,345 ANDEAN RESOURCES LIMITED+ 65,941
 392,674 ANEKA TAMBANG TBK PT 91,368
 6,456 ANGLO PLATINUM LIMITED 664,345
 38,036 ANGLOGOLD ASHANTI LIMITED 1,664,287
 32,941 AQUARIUS PLATINUM LIMITED 187,056
 12,662 AQUILA RESOURCES LIMITED+ 126,757
 2,214 ASSORE LIMITED 209,291
 6,389 AURIZON MINES LIMITED+ 31,237
 19,101 AVOCA RESOURCES LIMITED+ 35,689
 3,268 BANRO CORPORATION+ 7,741
 39,900 BARRICK GOLD CORPORATION 1,695,958
 9,025 BHARAT FORGE LIMITED 51,251
 12,500 BOLIDEN AB 157,246
 15,600 CAMECO CORPORATION 448,164
 66,898 CENTAMIN EGYPT LIMITED+ 140,313
 2,753 CENTERRA GOLD INC COM+ 33,910
 156,000 CHINA MINING RESOURCES GROUP LIMITED+ 5,334
 43,000 CHINA MOLYBDENUM COMPANY LIMITED 35,620
 278,043 CHINA RARE EARTH HOLDINGS LIMITED 59,555
 16,483 CIA DE MINAS BUENAVENTURA SA 669,389
 41,512 CIA MINERA MILPO SA 107,347
 140,446 CIA VALE DO RIO DOCE 3,921,768
 38,864 COAL OF AFRICA LIMITED+ 60,868
 95,658 COEUR D'ALENE MINES CORPORATION+<< 2,181,959
 629 COMPASS RESOURCES NL+ 0
 8,467 EASTERN PLATINUM LIMITED+ 7,461
 28,674 EQUINOX MINERALS LIMITED+ 105,959
 304 ERAMET 98,438
 11,000 EURASIAN NATURAL RESOURCES CORPORATION 155,898
 8,718 EXXARO RESOURCES LIMITED 107,135
 5,242 FNX MINING COMPANY INCORPORATED+ 57,119
 75,806 FORTESCUE METALS GROUP LIMITED+ 292,303
 103,500 FOSUN INTERNATIONAL 74,920
 4,488 FRANCO-NEVADA CORPORATION 120,854
 6,162 GABRIEL RESOURCES LIMITED+ 23,880
 6,192 GAMMON LAKE RESOURCES INCORPORATED+ 71,401

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

59

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
METAL MINING (continued)
 14,745 GINDALBIE METALS LIMITED+ $ 12,492
 69,545 GOLD FIELDS LIMITED 1,015,239
 29,636 GOLDCORP INCORPORATED 1,237,501
 5,832 GOLDEN STAR RESOURCES LIMITED+ 22,159
 401,646 GRUPO MEXICO SAB DE CV 943,605
 1,859 GUYANA GOLDFIELDS INCORPORATED+ 12,594
 35,754 HARMONY GOLD MINING COMPANY LIMITED 395,925
 300,026 HECLA MINING COMPANY+<< 1,983,172
 52,103 HINDALCO INDUSTRIES LIMITED 154,690
 6,164 HUDBAY MINERALS INCORPORATED+ 85,329
 14,425 IAMGOLD CORPORATION 271,853
 34,785 ILUKA RESOURCES LIMITED 114,376
 63,475 IMPALA PLATINUM HOLDINGS LIMITED 1,472,226
 9,187 INDEPENDENCE GROUP NL 40,473
 13,243 INDOPHIL RESOURCES NL+ 14,373
 2,006 INMET MINING CORPORATION 120,409
 247,428 INTERNATIONAL NICKEL INDONESIA TBK 90,283
 10,919 IVANHOE MINES LIMITED+ 129,116
 115,718 JSC MMC NORILSK NICKEL ADR 1,591,123
 12,681 KAGARA ZINC LIMITED+ 12,079
 3,557 KATANGA MINING LIMITED+ 2,359
 8,413 KAZAKHMYS PLC 170,650
 12,129 KGHM POLSKA MIEDZ SA 472,075
 8,964 KINGSGATE CONSOLIDATED LIMITED 79,967
 27,269 KINROSS GOLD CORPORATION 543,106
 1,467 KOREA ZINC COMPANY LIMITED 269,354
 260 LABRADOR IRON ORE ROYALTY INCOME FUND 9,485
 30,270 LAFARGE MALAYAN CEMENT BHD 54,874
 5,678 LONMIN PLC 165,801
 21,355 LUNDIN MINING CORPORATION+ 93,077
 2,676 MEDINET NASR HOUSING 12,347
 62,536 MINARA RESOURCES LIMITED 46,394
 16,028 MINCOR RESOURCES NL 29,140
 4,880 MINEFINDERS CORPORATION+ 52,619
 3,262 MIRABELA NICKEL LIMITED+ 7,648
 46,000 MITSUI MINING & SMELTING COMPANY LIMITED 113,350
 39,797 MOUNT GIBSON IRON LIMITED+ 56,498
 36,942 MURCHISON METALS LIMITED+ 57,520
 39,353 NEWCREST MINING LIMITED 1,326,037
 55,464 NEWMONT MINING CORPORATION<< 2,975,089
 2,560 NEWMONT MINING CORPORATION OF CANADA LIMITED 137,314
 1,000 NICOX SA+ 8,593
 10,000 NIPPON DENKO COMPANY LIMITED 59,232
 79,000 NIPPON LIGHT METAL COMPANY LIMITED+ 67,631
 3,000 NITTETSU MINING COMPANY LIMITED 13,188
 16,768 NORTHAM PLATINUM LIMITED 90,124
 2,200 NORTHERN DYNASTY MINERALS+ 16,051
 306,000 OCEAN GRAND HOLDINGS LIMITED+ 39,878
 28,126 OM HOLDINGS LIMITED 47,915
 11,213 OSISKO MINING CORPORATION+ 81,595
 228,201 OZ MINERALS LIMITED 254,991
 14,000 PACIFIC METALS COMPANY LIMITED 90,861
 4,143 PAN AMERICAN SILVER CORPORATION+ 103,477
 11,002 PIONEERS HOLDING 14,142
 13,700 PUNCAK NIAGA HOLDING BHD 13,044
 12,593 QUEST CAPITAL CORPORATION 13,722
 9,634 RESOLUTE MINING LIMITED+ 10,191
 35,767 RIO TINTO LIMITED 2,347,530
 56,603 RIO TINTO PLC 2,875,446
 18,371 RIVERSDALE MINING LIMITED+ 104,321
 16,542 ROYAL GOLD INCORPORATED 890,290
 21,272 SALLY MALAY MINING LIMITED 46,759
 40,261 SESA GOA LIMITED 318,738

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

60

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
METAL MINING (continued)
 13,540 SHERRITT INTERNATIONAL CORPORATION $ 86,084
 3,223 SILVER STANDARD RESOURCES INCORPORATED+ 69,261
 12,370 SILVER WHEATON CORPORATION+ 198,783
 8,391 SILVERCORP METALS INCORPORATED 62,253
 3,244 SOCIEDAD MINERA CERRO VERDE SA 78,894
 3,920 SOCIEDAD MINERA EL BROCAL SA 59,188
 24,344 SOUTHERN COPPER CORPORATION<< 848,145
 53,000 STRAITS ASIA RESOURCES LIMITED 84,632
 11,000 SUMITOMO LIGHT METAL INDUSTRIES LIMITED 8,908
 46,000 SUMITOMO METAL MINING COMPANY LIMITED 754,604
 2,700 SUMITOMO TITANIUM CORPORATION 64,970
 42,782 SUNDANCE RESOURCES LIMITED AUSTRALIA+ 5,878
 6,222 SYLVANIA RESOURCES LIMITED+ 4,388
 18,908 TECK COMINCO INCORPORATED LIMITED 653,739
 6,878 THOMPSON CREEK METALS COMPANY INCORPORATED+ 81,853
 80,000 TIMAH TBK PT 15,992
 1,200 TOHO TITANIUM COMPANY LIMITED 14,493
 47,000 TON YI INDUSTRIAL CORPORATION 17,308
 22,182 UNITED PHOSPHORUS LIMITED 71,222
 18,762 URANIUM ONE INCORPORATED+ 53,687
 99,456 VOLCAN CIA MINERA SAA 121,860
 13,015 WESTERN AREAS NL+ 62,106
 77,463 XSTRATA PLC 1,362,273
 28,985 YAMANA GOLD INCORPORATED 384,215
 418,000 ZIJIN MINING GROUP COMPANY LIMITED CLASS H 437,953

 44,197,170
 --------------

MINING: 0.04%
 8,600 CONS THOMPSON IRON MINES LTD COM+ 45,551
 3,036 CORRIENTE RESOURCES COMM+ 17,835
 1,265 DENISON MINES CORPORATION+ 1,750
 15,764 ELDORADO GOLD CORP COM+ 209,858
 6,327 EUROPEAN GOLDFIELDS LIMITED COMMON STOCK+ 43,763
 3,028 FIRST QUANTUM MINERALS LIMITED 236,209
 4,776 FRONTEER DEVELOPMENT GROUP INCORPOTATED+ 19,776
 47,917 HINDALCO INDUSTRIES LIMITED++ 142,313
 14,400 NEW GOLD INCORPORATED+ 50,483
 15,900 NORTHGATE MINERALS CORPORATION+ 50,620
 4,131 NOVAGOLD RESOURCES INCORPORATED+ 23,133
 6,433 PETROPAVLOVSK PLC 130,593
 15,500 REAL GOLD MINING LIMITED+ 28,360
 9,803 RED BACK MINING INCORPORATED+ 142,113
 2,100 SEABRIDGE GOLD INCORPORATED+ 53,405

 1,195,762
 --------------

MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.50%
 588 ABER DIAMOND CORPORATION 5,566
 275,382 BHP BILLITON LIMITED 10,416,786
 345,966 BOART LONGYEAR GROUP 99,814
 10,296 BRADKEN LIMITED 66,954
 23,000 DOWA MINING COMPANY LIMITED 122,929
 101,100 DYNASTY CERAMIC PCL 86,670
 15,474 HINDUSTAN ZINC LIMITED 400,165
 144,000 JIANGXI COPPER COMPANY LIMITED 367,523
 110,078 LIHIR GOLD LIMITED 362,955
 123,511 LYNAS CORPORATION LIMITED+ 68,440
 25,733 MINSUR SA 55,378
 102,000 MITSUBISHI MATERIALS CORPORATION 243,082
 277,000 MONGOLIA ENERGY COMPANY LIMITED+ 167,986
 11,900 POTASH CORPORATION OF SASKATCHEWAN 1,329,363

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

61

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS (continued)
 5,113 QUADRA MINING LIMITED+ $ 59,540
 3,272 RANDGOLD RESOURCES LIMITED 277,482
 125,356 ST BARBARA LIMITED+ 39,611
 3,800 STRAITS RESOURCES LIMITED 5,725
 46,645 VULCAN MATERIALS COMPANY 2,261,354

 16,437,323
 --------------

MINING - DIVERSIFIED: 0.00%
 10,481 EXTRACT RESOURCES LIMITED+ 75,164
 --------------

MISCELLANEOUS MANUFACTURING INDUSTRIES: 1.17%
 5,137 AALBERTS INDUSTRIES NV 66,652
 307 ADVANCED METALLURGICAL GROUP NV+ 3,679
 6,434 AFRICAN OXYGEN LIMITED 19,550
 1,791 AHLSTROM OYJ 25,414
 15,100 ALFA LAVAL AB 201,325
 413,000 ALLIANCE GLOBAL GROUP INCORPORATED+ 37,176
 5,200 AMANO CORPORATION 44,095
 5,981 AREVA T&D INDIA LIMITED 37,469
 1,485 BHARAT ELECTRONICS LIMITED+ 57,291
 81,493 CALLAWAY GOLF COMPANY 584,305
 5,017 CAMPBELL BROTHERS LIMITED 128,662
 4,923 CHEIL INDUSTRIES INCORPORATED 211,264
 25,200 CHINA AEROSPACE INTERNATIONAL HOLDINGS LIMITED+ 4,617
 60,126 CIPLA LIMITED INDIA 413,637
 147 CLEARWATER PAPER CORPORATION+ 7,222
 4,800 CMK CORPORATION 27,598
 6,846 COLGATE PALMOLIVE INDIA LIMITED+ 101,185
 12,635 COOKSON GROUP PLC 80,337
 10,280 CUMMINS INDIA LIMITED 86,379
 26,580 DABUR INDIA LIMITED 90,143
 7,000 DELONG HOLDINGS LIMITED 4,855
 2,874 DOOSAN CORPORATION 173,261
 5,736 ELSWEDY CABLES HOLDING COMPANY 63,584
 43,992 EXIDE INDUSTRIES LIMITED+ 102,473
 365,314 FUTURIS CORPORATION LIMITED 50,189
 47,000 GALAXY ENTERTAINMENT GROUP LIMITED+ 20,377
 25,200 GIANT MANUFACTURING COMPANY LIMITED 67,740
 13,163 GINTECH ENERGY CORPORATION+ 37,059
 5,300 GLORY LIMITED 113,186
 6,628 GODREJ INDUSTRIES LIMITED 28,940
 3,402 GRASIM INDUSTRIES LIMITED 174,130
 28,791 GWA INTERNATIONAL LIMITED 74,099
 54,787 HASBRO INCORPORATED 1,624,435
 80,000 HENGAN INTERNATIONAL GROUP COMPANY LIMITED 574,448
 78,505 HILLENBRAND INCORPORATED 1,436,642
 20,127 HILLS INDUSTRIES LIMITED 35,947
 237,835 IDT INTERNATIONAL LIMITED+ 6,199
 14,858 IMI PLC 120,210
 127,402 INCITEC PIVOT LIMITED 332,561
 14,879 INDIA CEMENTS LIMITED 35,714
 10,423 INDUSTRIAS PENOLES SAB DE CV 242,865
 31,741 INVENSYS PLC 146,208
 117,000 ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES COMPANY LIMITED 188,142
 261 ITALMOBILIARE SPA 8,293
 2,900 JAPAN CASH MACHINE COMPANY LIMITED 26,605
 236,104 JOHNSON & JOHNSON 14,836,775
 5,054 JUBILANT ORGANOSYS LIMITED 32,813
 133,000 KAWASAKI HEAVY INDUSTRIES LIMITED 323,114
 1,354 KOOR INDUSTRIES LIMITED 37,815
 626 KRONES AG 31,451

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

62

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
MISCELLANEOUS MANUFACTURING INDUSTRIES (continued)
 469 LEONI AG $ 10,662
 5,360 LUPIN LIMITED 158,478
 157,595 MATTEL INCORPORATED 3,066,799
 2,109 MELROSE PLC+ 6,266
 1,200 MITSUBISHI PENCIL COMPANY LIMITED 14,854
 5,500 MITSUI MINING COMPANY LIMITED 6,299
 11,505 MORGAN CRUCIBLE COMPANY 28,144
 7,106 MOSER BAER INDIA LIMITED+ 11,954
 400 NAKANISHI INCORPORATED 34,012
 27,321 NATIONAL ALUMINIUM COMPANY LIMITED 221,699
 16,647 NEW HOPE CORPORATION LIMITED 65,562
 9,000 NIKKISO COMPANY LIMITED 46,020
 97,000 NINE DRAGONS PAPER HOLDINGS LIMITED 176,977
 11,000 NIPPON CARBON COMPANY LIMITED 31,687
 4,000 NIPPON DENSETSU KOGYO COMPANY LIMITED 31,097
 4,916 NOBEL BIOCARE HOLDING AG 146,092
 147,600 NOBLE GROUP LIMITED 330,607
 31,589 ORKLA ASA 290,548
 5,400 PTT CHEMICAL PCL 11,370
 46,602 RELIANCE INDUSTRIES LIMITED<<++ 2,129,711
 386 RHI AG+ 9,505
 638 RICHTER GEDEON PLC 148,014
 100 ROCKWOOL INTERNATIONAL AS 10,694
 4,800 SANRIO COMPANY LIMITED 39,037
 1,200 SECO TOOLS 14,846
 16,100 SEGA SAMMY HOLDINGS INCORPORATED 203,764
 6,800 SHIMANO INCORPORATED 283,989
 3,781 SHREE PRECOATED SHS+ 1,219
 1,621 SHREE PRECOATED STEELS LIMITED 7,651
 33,369 SIEMENS AG 3,269,869
 180,000 SINGAMAS CONTAINER HOLDING 29,497
 3,922 SOLARWORLD AG 88,748
 750 SULZER AG 59,734
 8,100 TOMY COMPANY LIMITED 69,624
 12,469 TRELLEBORG AB CLASS B 84,956
 40,056 TYCO INTERNATIONAL LIMITED 1,436,809
 7,265 UNITED SPIRITS LIMITED 197,536
 16,162 VIDEOCON INDUSTRIES LIMITED 80,871
 3,839 WARTSILA OYJ CLASS B 143,247
 82,153 WESFARMERS LIMITED 2,240,772
 120,000 YANGZIJIANG SHIPBUILDING HOLDINGS LIMITED 106,647
 351 ZAKLADY AZOTOWE PULAWY SA 9,124

 38,533,121
 --------------

MISCELLANEOUS REPAIR SERVICES: 0.01%
 112,944 MACQUARIE AIRPORTS GROUP 275,165
 --------------

MISCELLANEOUS RETAIL: 1.02%
 3,800 ARCS COMPANY LIMITED+ 54,116
 307 AXEL SPRINGER AG 33,467
 49,044 BARNES & NOBLE INCORPORATED 1,144,687
 48,000 BEIJING ENTERPRISES HOLDINGS LIMITED 326,088
 10,808 BRITVIC PLC 69,805
 114,000 CHINA RESOURCES ENTERPRISE LIMITED 356,707
 113,000 CITIC PACIFIC LIMITED 298,901
 10,660 COMERCIAL SIGLO XXL SA 56,112
 50,127 COSTCO WHOLESALE CORPORATION 3,003,109
 15,200 CULTURE CONVENIENCE CLUB COMPANY LIMITED 93,725
 167,076 CVS CORPORATION 5,181,027
 93,355 DICK'S SPORTING GOODS INCORPORATED+ 1,938,050
 69,226 DILLARD'S INCORPORATED 1,176,150

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

63

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
MISCELLANEOUS RETAIL (continued)
 37,175 DOLLAR TREE INCORPORATED+ $ 1,820,460
 562 DOUGLAS HOLDING AG 28,489
 29,710 EXPRESS SCRIPTS INCORPORATED+ 2,549,118
 8,907 FAES FARMA SA 50,488
 8,378 FOSCHINI LIMITED 64,263
 1,100 FUJI COMPANY LIMITED 23,161
 22 GEO COMPANY LIMITED 24,586
 4,400 HEIWADO COMPANY LIMITED 53,957
 6,422 HMV GROUP PLC 11,685
 23,070 INDIABULLS FINANCIAL SERVICES LIMITED 63,211
 4,706 INMOBILIARIA COLONIAL SA+ 1,046
 30,900 ISETAN MITSUKOSHI HOLDINGS LIMITED 265,245
 7,200 IZUMI COMPANY LIMITED 91,624
 2,679 JEAN COUTU GROUP PJC INCORPORATED/THE 23,455
 10,000 KASUMI COMPANY LIMITED 50,555
 3,800 MARUBUN CORPORATION 23,255
 21,545 MARVEL ENTERTAINMENT INCORPORATED+ 1,121,417
 19,269 MASSMART HOLDINGS LIMITED 219,154
 46,994 MSC INDUSTRIAL DIRECT COMPANY 2,157,025
 3,324 N BROWN GROUP PLC 13,944
 5,988 NATURA COSMETICOS SA 114,439
 346,000 OFFICE DEPOT INCORPORATED+ 2,124,440
 103,000 PARKSON RETAIL GROUP LIMITED 171,444
 17,198 PRICELINE.COM INCORPORATED+ 3,682,436
 760,889 RITE AID CORPORATION+<< 973,938
 2,500 RYOHIN KEIKAKU COMPANY LIMITED 102,383
 14,000 SA SA INTERNATIONAL HOLDINGS LIMITED 8,815
 4,000 SATORI ELECTRIC COMPANY LIMITED 23,508
 940 SHANDA INTERACTIVE ENTERTAINMENT LIMITED+ 46,479
 8,500 SHOPPERS DRUG MART CORPORATION 348,086
 9,660 SK NETWORKS COMPANY LIMITED 85,568
 82,800 STAPLES INCORPORATED 1,930,896
 1,375 STOCKMANN OYJ ABP 38,051
 101,400 SUMITOMO CORPORATION 997,108
 2,400 THE DAIEI INCORPORATED+ 8,413
 2,000 THE MARUETSU INCORPORATED 9,463
 3,327 UBISOFT ENTERTAINMENT+ 50,681
 15,800 UNY COMPANY LIMITED 114,241
 70,975 WOOLWORTHS HOLDINGS LIMITED 159,586

 33,378,057
 --------------

MISCELLANEOUS SERVICES: 0.05%
 21,797 DUN & BRADSTREET CORPORATION 1,713,026
 47,471 INVERSIONES AGUAS METROPOLITANAS SA 56,292

 1,769,318
 --------------

MOTION PICTURES: 0.45%
 2,449 ASTRAL MEDIA INCORPORATED 73,326
 35,467 AVID TECHNOLOGY INCORPORATED+ 422,057
 55,356 DISCOVERY COMMUNICATIONS INCORPORATED+ 1,768,624
 74,875 DREAMWORKS ANIMATION SKG INCORPORATED CLASS A+ 2,506,066
 3,000 ESUN HOLDINGS LIMITED+ 406
 484,500 GLOBAL MEDIACOM TBK PT 11,273
 154,851 NEWS CORPORATION CLASS A 1,774,592
 37,600 NEWS CORPORATION CLASS B 514,744
 101,812 TIME WARNER INCORPORATED 3,127,666
 9,561 TVN SA PLN 43,012
 148,233 WALT DISNEY COMPANY 4,479,601

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

64

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
MOTION PICTURES (continued)
 34,653 ZEE ENTERTAINMENT ENTERPRISES LIMITED $ 189,413

 14,910,780
 --------------

MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.39%
 28,767 ARKANSAS BEST CORPORATION 708,244
 225,690 ASCIANO GROUP 342,104
 5,767 CONTAINER CORPORATION OF INDIA 146,261
 8,280 DSV A/S 147,519
 28,000 EVERGREEN INTERNATIONAL STORAGE & TRANSPORT CORPORATION 23,363
 8,512 FORD OTOMOTIV SANAYI AS 47,626
 19,000 FUKUYAMA TRANSPORTING COMPANY LIMITED 96,055
 11,000 GOODPACK LIMITED 8,822
 4,600 HITACHI TRANSPORT SYSTEM LIMITED 64,285
 39,200 J.B. HUNT TRANSPORT SERVICES INCORPORATED 1,248,912
 55,390 LANDSTAR SYSTEM INCORPORATED 2,067,155
 3,167 MAINFREIGHT LIMITED 12,477
 12,000 MITSUBISHI LOGISTICS CORPORATION 126,608
 29,280 MUNDRA PORT & SPECIAL ECONOMIC ZONE LIMITED 341,710
 7,000 NIPPON KONPO UNYU SOKO COMPANY LIMITED 74,584
 32,487 OLD DOMINION FREIGHT LINE+<< 860,256
 28,000 SANKYU INCORPORATED 134,752
 13,000 SEINO HOLDINGS COMPANY LIMITED 94,748
 2,000 SHIBUSAWA WAREHOUSE COMPANY LIMITED THE 5,784
 81,600 UNITED PARCEL SERVICE INCORPORATED CLASS B 4,689,552
 63,836 WERNER ENTERPRISES INCORPORATED 1,191,180
 35,500 YAMATO HOLDINGS COMPANY LIMITED 492,006

 12,924,003
 --------------

MULTI MEDIA: 0.00%
 4,752 THOMSON REUTERS CORPORATION+ 138,405
 --------------

MUSEUM, ART GALLERIES & BOTANICAL & ZOOLOGY GARDENS: 0.00%
 13,400 ELECTRICITY GENERATING PCL 31,641
 --------------

NON-DEPOSITORY CREDIT INSTITUTIONS: 0.52%
 8,400 AEON CREDIT SERVICE COMPANY LIMITED 85,322
 75,497 AMERICREDIT CORPORATION+<< 1,392,920
 1 APOLLO INVESTMENT CORPORATION 10
 1,251 BANCA POPOLARE DELL'ETRURIA E DEL LAZIO 7,861
 51,812 CAPITAL ONE FINANCIAL CORPORATION 1,987,508
 327,545 CAPITAL SOURCE INCORPORATED 1,202,090
 9,852 CATTLES PLC 1,135
 36,400 CEDYNA FINANCIAL CORPORATION 68,218
 3,800 CENTURY LEASING SYSTEM INCORPORATED 39,081
 31,663 CHALLENGER FINANCIAL SERVICES GROUP LIMITED 118,611
 13,726 CREDIT SAISON COMPANY LIMITED 151,805
 238,373 DISCOVER FINANCIAL SERVICES 3,685,247
 18,712 FINANSBANK AS TURKEY+ 70,409
 508,064 FIRST FINANCIAL HOLDING COMPANY LIMITED 300,774
 229,900 FOMENTO ECONOMICO MEXICANO SAB DE CV 1,044,851
 1,800 FUYO GENERAL LEASE COMPANY LIMITED 40,294
 19,803 HDFC BANK LIMITED 751,947
 2,000 HULAMIN LIMITED 3,754
 2,700 IBJ LEASING COMPANY LIMITED 49,352
 53,370 IFCI LIMITED 60,639
 103,528 INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED 369,242
 10,364 INTERNATIONAL PERSONAL FINANCE PLC 33,929
 440 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED 2,416
 5,280 MITSUBISHI UFJ SECURITIES COMPANY LIMITED 158,510
 8,380 ORIX CORPORATION 579,736

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

65

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
NON-DEPOSITORY CREDIT INSTITUTIONS (continued)
 263 ORIX CORPORATION ADR $ 9,084
 74,678 PEOPLE'S UNITED FINANCIAL INCORPORATED 1,216,505
 9,017 POWER FINANCE CORPORATION LIMITED 48,686
 12,150 PROMISE COMPANY LIMITED 81,244
 6,375 PROVIDENT FINANCIAL PLC 92,867
 15,371 PUNJAB NATIONAL BANK LIMITED 298,498
 600 RICOH LEASING COMPANY LIMITED 12,453
 4,897 SAMSUNG CARD COMPANY LIMITED 206,779
 13,510 SHRIRAM TRANSPORT FINANCE COMPANY LIMITED 123,526
 203,500 SLM CORPORATION+ 2,232,395
 9,810 TAKEFUJI CORPORATION 47,438
 356,069 TRANSCEND INFORMATION INCORPORATED 221,305
 32,635 TURKIYE HALK BANKASI AS 193,277

 16,989,718
 --------------

OFFICE EQUIPMENT: 0.02%
 75,400 XEROX CORPORATION 580,580
 --------------

OIL & GAS: 0.05%
 60,529 ATLAS ENERGY INCORPORATED 1,555,595
 1,770 PETROBRAS ENERGIA SA 29,664

 1,585,259
 --------------

OIL & GAS EXPLORATION: 0.08%
 2,365 BAYTEX ENERGY TRUST 60,884
 4,522 BIRCHCLIFF ENERGY LIMITED+ 32,006
 3,252 DAYLIGHT RES TRUST 27,732
 30,707 ENCANA CORP COM 1,645,911
 4,802 GRAN TIERRA ENERGY INCORPORATED+ 27,345
 3,100 NAL OIL & GAS TRUST 37,362
 1,892 NIKO RES LTD COM 158,366
 5,341 PA RESOURCES AB+ 19,996
 3,000 PETROBAKKEN ENERGY LIMITED 85,645
 37,200 PTT EXPLORATION & PRODUCTION PCL 146,025
 46,519 W&T OFFSHORE INCORPORATED 481,472

 2,722,744
 --------------

OIL & GAS EXTRACTION: 4.71%
 845 ABAN OFFSHORE LIMITED 22,938
 8,522 ADVANTAGE OIL & GAS LIMITED 48,771
 520 ALTAGAS INCORPORATEDOME TRUST 8,972
 57,300 ANADARKO PETROLEUM CORPORATION 3,411,069
 2,300 AOC HOLDINGS INCORPORATED 13,437
 28,393 APACHE CORPORATION 2,705,285
 40,567 ARENA RESOURCES INCORPORATED+ 1,658,785
 2,484 ARKEMA 93,694
 47,050 ARROW ENERGY NL+ 168,063
 59,183 ATWOOD OCEANICS INCORPORATED+ 2,230,015
 41,681 AUSTRALIAN WORLDWIDE EXPLORATION LIMITED 102,311
 10,655 BANKERS PETROLEUM LIMITED+ 52,903
 37,587 BASF AG 2,266,582
 101,299 BEACH PETROLEUM LIMITED 77,935
 50,250 BERRY PETROLEUM COMPANY CLASS A 1,373,333
 136,996 BG GROUP PLC+ 2,485,854
 7,899 BHARAT PETROLEUM CORPORATION LIMITED 100,209
 41,749 BILL BARRETT CORPORATION+ 1,191,934
 127,800 BJ SERVICES COMPANY 2,400,084
 3,117 BONAVISTA ENERGY TRUST 61,785
 1,897 BOURBON SA 72,261

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

66

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
OIL & GAS EXTRACTION (continued)
 767,555 BP PLC $ 7,255,499
 4,750 BURU ENERGY LIMITED+ 870
 5,445 CAIRN ENERGY PLC+ 275,893
 149,628 CAIRN INDIA LIMITED+ 895,388
 425 CALFRAC WELL SERVICES LIMITED 7,667
 10,780 CALTEX AUSTRALIA LIMITED 95,969
 22,127 CANADIAN NATURAL RESOURCES LIMITED 1,477,440
 9,388 CANADIAN OIL SANDS TRUST 260,185
 28,825 CARRIZO OIL & GAS INCORPORATED+ 606,766
 2,189 CASTROL INDIA LIMITED 25,330
 52,887 CHESAPEAKE ENERGY CORPORATION 1,265,057
 364 CIA ESPANOLA DE PETROLEOS SA 12,063
 36,054 CIMAREX ENERGY COMPANY 1,688,769
 1,619,000 CNOOC LIMITED 2,494,288
 220,000 CNPC (HONG KONG) LIMITED 247,250
 79,432 COMPLETE PRODUCTION SERVICES INCORPORATED+ 825,298
 1,801 COMPTON PETROLEUM CORPORATION+ 1,587
 18,784 COMSTOCK RESOURCES INCORPORATED+ 697,450
 29,549 CONCHO RESOURCES INCORPORATED+ 1,207,963
 3,414 CONNACHER OIL AND GAS LIMITED+ 3,364
 12,886 CONTINENTAL RESOURCES INCORPORATED+ 485,158
 1,363 CORRIDOR RESOURCES INCORPORATED+ 5,489
 54,000 COSMO OIL COMPANY LIMITED 116,196
 6,341 CRESCENT POINT ENERGY CORPORATION 237,502
 3,839 CREW ENERGY INC COM+ 43,177
 4,291 DANA PETROLEUM PLC+ 86,545
 103,294 DENBURY RESOURCES INCORPORATED+<< 1,370,711
 35,505 DEVON ENERGY CORPORATION 2,391,262
 7,637 DIAMOND OFFSHORE DRILLING INCORPORATED 760,187
 11,000 DNO ASA+ 9,610
 12,082 DRAGON OIL PLC+ 78,917
 56,987 ENCORE ACQUISITION COMPANY+ 2,565,555
 671,000 ENERGI MEGA PERSADA+ 14,548
 4,826 ENERGY RESOURCES OF AUSTRALIA LIMITED 105,995
 25,459 ENERGY WORLD CORPORATION LIMITED+ 9,794
 3,678 ENERPLUS RESOURCES 84,161
 80,843 ENI SPA 2,002,933
 9,439 ENI SPA 469,496
 5,878 ENSIGN ENERGY SERVICES INCORPORATED 80,423
 29,248 EOG RESOURCES INCORPORATED 2,529,660
 50,914 EQT CORPORATION 2,095,111
 90,955 ESSAR OIL LIMITED+ 257,036
 3,641 ESTABLISSEMENTS MAUREL ET PROM 63,419
 1,661 FAIRBORNE ENERGY LIMITED+ 7,129
 44,404 FOREST OIL CORPORATION+ 813,481
 1,236 FRED OLSEN ENERGY ASA+ 47,782
 3,018 FUGRO NV 171,071
 47,987 GAIL INDIA LIMITED 431,898
 1,079 GALLEON ENERGY INCORPORATED+ 4,754
 8,649 GALP ENERGIA SGPS SA 156,038
 28,353 GOODRICH PETROLEUM CORPORATION+ 627,452
 5,054 GRUPA LOTOS SA+ 58,282
 1 HALLIBURTON COMPANY 29
 4,532 HARVEST ENERGY TRUST 42,555
 119,897 HELIX ENERGY SOLUTIONS GROUP INCORPORATED+ 1,409,989
 39,957 HELMERICH & PAYNE INCORPORATED 1,500,385
 143,110 HERCULES OFFSHORE INCORPORATED+<< 731,292
 61,794 HORIZON OIL LIMITED+ 19,809
 9,800 HUSKY ENERGY INCORPORATED 257,211
 2,000 IDEMITSU KOSAN COMPANY LIMITED 122,628
 24,356 INDIAN OIL CORPORATION LIMITED 151,430
 76 INPEX HOLDINGS INCORPORATED 592,596
 8,964 IVANHOE ENERGY INCORPORATED+ 23,952

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

67

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
OIL & GAS EXTRACTION (continued)
 3,000 JAPAN PETROLEUM EXPLORATION COMPANY $ 136,395
 19,382 JOHN WOOD GROUP PLC 98,143
 14,087 KAROON GAS AUSTRALIA LIMITED+ 99,219
 60,610 LUKOIL ADR 3,521,441
 11,247 LUNDIN PETROLEUM AB+ 93,570
 303 MAJOR DRILLING GROUP INTERNATIONAL 6,632
 21,310 MANGALORE REFINERY & PETROCHEMICALS LIMITED 35,666
 129,206 MARINER ENERGY INCORPORATED+ 1,616,367
 174,000 MEDCO ENERGI INTERNASIONAL TBK PT+ 46,007
 57,410 NEWFIELD EXPLORATION COMPANY+ 2,427,295
 20,600 NEXEN INCORPORATED 484,648
 14,594 NEXUS ENERGY LIMITED+ 4,277
 22,102 NOBLE CORPORATION 913,034
 20,007 NOBLE ENERGY INCORPORATED 1,305,457
 27,736 NORSK HYDRO ASA 195,486
 3,905 NUVISTA ENERGY LIMITED+ 41,699
 69,162 OCCIDENTAL PETROLEUM CORPORATION 5,587,598
 21,158 OCEANEERING INTERNATIONAL INCORPORATED+ 1,155,862
 3,500 OGX PETROLEO E GAS PARTICIPACOES SA 2,960,675
 42,056 OIL & NATURAL GAS CORPORATION LIMITED 1,084,740
 2,818 OIL INDIA LIMITED+ 77,055
 37,539 OIL REFINERIES LIMITED 19,388
 94,380 OIL SEARCH LIMITED 492,723
 3,636 OILEXCO INCORPORATED+ 224
 5,851 OMV AG 247,578
 2,891 OPTI CANADA INCORPORATED+ 5,670
 71,733 ORIGIN ENERGY LIMITED+ 1,025,581
 7,813 PACIFIC RUBIALES ENERGY CORPORATION+ 113,782
 145,303 PARKER DRILLING COMPANY+ 726,515
 67,449 PATTERSON-UTI ENERGY INCORPORATED 1,038,040
 1,180 PBG SA+ 92,578
 6,204 PENGROWTH ENERGY TRUST 59,548
 8,155 PENN WEST ENERGY TRUST 142,948
 3,632 PETROBANK ENERGY & RESOURCES LIMITED+ 173,100
 2,276,000 PETROCHINA COMPANY LIMITED 2,819,285
 10,336 PETROFAC LIMITED 165,446
 124,254 PETROHAWK ENERGY CORPORATION+ 2,775,834
 241,862 PETROLEO BRASILEIRO SA+ 6,077,205
 8,368 PETROLEUM GEO-SERVICES ASA+ 86,993
 823 PEYTO ENERGY TRUST 9,186
 49,700 PIONEER NATURAL RESOURCES COMPANY 2,055,095
 32,298 POLSKI KONCERN NAFTOWY ORLEN SA+ 362,663
 7,040 PRECISION DRILLING TRUST 46,626
 5,137 PREMIER OIL PLC+ 91,016
 64,437 PRIDE INTERNATIONAL INCORPORATED+ 2,038,142
 7,472 PROGRESS ENERGY RESOURCES CORPORATION 91,261
 11,150 PROSAFE ASA 59,627
 12,855 PROVIDENT ENERGY TRUST 83,434
 102,181 PTT AROMATICS & REFINING PCL 67,311
 91 PTT AROMATICS & REFINING PCL (FOREIGN)+ 60
 79,200 PTT EXPLORATION & PRODUCTION PCL 310,892
 54,200 PTT PCL (FOREIGN) 365,192
 151,599 QUICKSILVER RESOURCES INCORPORATED+ 2,017,783
 64,661 RANGE RESOURCES CORPORATION 3,047,473
 100,801 RELIANCE NATURAL RESOURCES LIMITED+ 147,035
 32,353 REPSOL YPF SA 889,008
 8,115 ROC OIL COMPANY LIMITED+ 4,757
 111,192 ROYAL DUTCH SHELL PLC CLASS B 3,177,351
 9,974 SAIPEM SPA 320,796
 67,988 SANTOS LIMITED 916,618
 44,700 SAPURACREST PETROLEUM BHD 29,646
 12,269 SARAS SPA 37,490
 45,991 SASOL LIMITED 1,806,102

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

68

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
OIL & GAS EXTRACTION (continued)
 839 SAVANNA ENERGY SERVICES CORPORATION $ 5,032
 139,100 SCHLUMBERGER LIMITED 8,887,099
 20,166 SEACOR HOLDINGS INCORPORATED+ 1,544,716
 10,554 SEADRILL LIMITED 243,984
 16,000 SHOWA SHELL SEKIYU KK 135,308
 2,543 SOCO INTERNATIONAL+ 53,925
 39,577 SOUTHWESTERN ENERGY COMPANY+ 1,739,805
 78,899 ST. MARY LAND & EXPLORATION COMPANY 2,554,750
 846 STORM EXPLORATION INCORPORATED+ 9,795
 31,661 SUPERIOR ENERGY SERVICES INCORPORATED+ 669,314
 2,052 SUPERIOR PLUS CORPORATION 25,237
 102,230 SURGUTNEFTEGAZ 439,589
 295,275 SURGUTNEFTEGAZ ADR<< 2,630,900
 45,267 SWIFT ENERGY COMPANY+ 971,882
 41,900 TALISMAN ENERGY INCORPORATED 722,551
 501 TESCO CORPORATION+ 5,356
 22,482 TIDEWATER INCORPORATED 1,010,566
 90,534 TOTAL SA 5,602,146
 27,004 TRANSOCEAN LIMITED+ 2,305,872
 6,146 TRICAN WELL SERVICE LIMITED+ 74,365
 2,600 TRINIDAD DRILLING LIMITED 15,446
 32,709 TULLOW OIL PLC 664,010
 62,762 ULTRA PETROLEUM CORPORATION+ 2,949,186
 19,013 UTS ENERGY CORPORATION+ 37,291
 1,785 VERMILION ENERGY TRUST 51,805
 80,767 WEATHERFORD INTERNATIONAL LIMITED+ 1,348,809
 1,617 WESTERNZAGROS RESOURCES LIMITED+ 996
 20,851 WHITING PETROLEUM CORPORATION+ 1,297,975

 154,848,942
 --------------

OIL & GAS FIELD SERVICES: 0.00%
 4,400 MULLEN GROUP LIMITED 64,703
 --------------

PAPER & ALLIED PRODUCTS: 0.74%
 47,082 BEMIS COMPANY INCORPORATED 1,379,503
 4,000 CHUETSU PULP & PAPER COMPANY LIMITED 7,034
 12,686 COMPANIA MANUFACTURERA DE PAPELES Y CARTONES SA+ 471,693
 2,817 CORPORATE EXPRESS AUSTRALIA LIMITED+ 11,069
 10,000 DAIO PAPER CORPORATION 82,601
 15,849 DS SMITH PLC+ 29,098
 10,105 GREIF INCORPORATED CLASS A 564,465
 16,000 HOKUETSU PAPER MILLS LIMITED 80,518
 2,500 HOLMEN AB CLASS B 61,500
 186,000 INDAH KIAT PULP AND PAPER CORPORATION TBK PT+ 34,230
 174,300 INTERNATIONAL PAPER COMPANY 4,435,935
 35,116 KIMBERLY-CLARK CORPORATION 2,316,603
 42,000 LEE & MAN PAPER MANUFACTURING LIMITED 107,411
 155 MAYR-MELNHOF KARTON AG 15,431
 65,200 MEADWESTVACO CORPORATION 1,784,524
 15,000 MITSUBISHI PAPER MILLS LIMITED 18,047
 17,129 MONDI PLC 93,272
 1,542 MONDI SWIECIE SA+ 39,668
 8,900 NIPPON PAPER GROUP INCORPORATED 242,475
 500 NORSKE SKOGINDUSTRIER ASA 774
 95,395 OFFICEMAX INCORPORATED 1,009,279
 79,000 OJI PAPER COMPANY LIMITED 336,326
 44,885 PACKAGING CORPORATION OF AMERICA 894,109
 57,800 PACTIV CORPORATION+ 1,407,430
 16,239 PAPERLINX LIMITED 7,139
 50,117 POTLATCH CORPORATION 1,475,444
 23,000 RENGO COMPANY LIMITED 148,473

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

69

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
PAPER & ALLIED PRODUCTS (continued)
 40,732 ROCK-TENN COMPANY CLASS A $ 1,839,864
 52,808 SAPPI LIMITED 229,774
 6,101 SMURFIT KAPPA GROUP PLC 49,927
 43,346 SONOCO PRODUCTS COMPANY 1,221,490
 22,600 STORA ENSO OYJ 172,729
 1,000 SVENSKA CELLULOSA AB CLASS A+ 13,756
 23,800 SVENSKA CELLULOSA AB CLASS B 327,732
 134,800 TEMPLE-INLAND INCORPORATED 2,425,052
 19,531 UPM-KYMMENE OYJ 248,398
 62,181 WAUSAU PAPER CORPORATION 631,137
 169,580 YUEN FOONG YU PAPER MANUFACTURING COMPANY LIMITED 74,833

 24,288,743
 --------------

PERSONAL SERVICES: 0.30%
 57,800 CINTAS CORPORATION 1,623,602
 23,346 G&K SERVICES INCORPORATED CLASS A 515,947
 9 GCA SAVVIAN GROUP CORPORATION 11,401
 147,611 H & R BLOCK INCORPORATED 2,996,503
 69,148 REGIS CORPORATION 1,082,858
 106,311 SALLY BEAUTY HOLDINGS INCORPORATED+ 742,051
 318,343 SERVICE CORPORATION INTERNATIONAL US 2,457,608
 400 WEIGHT WATCHERS INTERNATIONAL INCORPORATED 11,072
 16,050 WORLEYPARSONS LIMITED 389,849

 9,830,891
 --------------

PETROLEUM REFINING & RELATED INDUSTRIES: 2.66%
 164,616 POLISH OIL & GAS 224,068
 84,121 ASHLAND INCORPORATED 3,022,468
 171,123 CHEVRON CORPORATION 13,354,439
 1,806,000 CHINA PETROLEUM & CHEMICAL CORPORATION 1,503,048
 689 COMPAGNIE GENERALE DE GEOPHYSIQUE-VERITAS ADR+ 14,159
 111,230 CONOCOPHILLIPS 5,758,377
 2,269 ERG SPA 32,588
 410,231 EXXON MOBIL CORPORATION 30,796,041
 213,590 FORMOSA PETROCHEMICAL CORPORATION 540,297
 110,081 FRONTIER OIL CORPORATION 1,269,234
 351,801 GAZPROM ADR 7,992,919
 2,590 HELLENIC PETROLEUM SA 30,373
 34,173 HESS CORPORATION 1,980,667
 19,511 HINDUSTAN PETROLEUM CORPORATION LIMITED 147,649
 44,233 HOLLY CORPORATION 1,125,730
 10,200 IMPERIAL OIL LIMITED 391,899
 564 INTEROIL CORPORATION+ 31,528
 60,561 MARATHON OIL CORPORATION 1,975,500
 681 MOTOR OIL (HELLAS) CORINTH REFINERIES SA 10,747
 6,080 NESTE OIL OYJ LIMITED 105,901
 74,000 NIPPON MINING HOLDINGS INCORPORATED 290,213
 116,000 NIPPON OIL CORPORATION 493,845
 10,179 PETROL OFISI+ 35,304
 113,000 PETRON CORPORATION 12,685
 45,300 PETRONAS DAGANGAN BHD 119,109
 4,002 PETROPLUS HOLDINGS AG 76,657
 1,096 PRZEDSIEBIORSTWO EKSPORTU I IMPORTU KOPEX SA+ 10,170
 33,200 PTT PCL 223,697
 144,598 ROYAL DUTCH SHELL PLC CLASS A 4,296,830
 5,636 S-OIL CORPORATION 265,127
 5,969 SBM OFFSHORE NV 112,663
 14,200 SHELL REFINING COMPANY FEDERATION OF MALAYA BHD 44,536
 4,087 SK CORPORATION 295,945
 6,192 SK ENERGY COMPANY LIMITED+ 580,433

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

70

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
PETROLEUM REFINING & RELATED INDUSTRIES (continued)
 43,375 STATOIL ASA $ 1,062,349
 63,519 SUNCOR ENERGY INCORPORATED 2,281,003
 51,293 SUNOCO INCORPORATED 1,292,584
 4,319 TECHNIP SA 294,687
 59,512 TESORO CORPORATION<< 760,563
 104,800 THAI OIL PCL 124,518
 22,000 TONENGENERAL SEKIYU KK 191,902
 12,784 TUPRAS TURKIYE PETROL RAFINERILERI AS 217,515
 47,651 VALERO ENERGY CORPORATION 757,174
 38,518 WOODSIDE PETROLEUM LIMITED 1,719,834
 31,113 WORLD FUEL SERVICES CORPORATION 1,654,589

 87,521,564
 --------------

PHARMACEUTICALS: 0.40%
 45,396 AUXILIUM PHARMACEUTICALS INCORPORATED+ 1,582,959
 39,955 CATALYST HEALTH SOLUTIONS INCORPORATED+ 1,358,870
 257,941 MERCK & COMPANY INCORPORATED 9,340,044
 60,321 SAVIENT PHARMACEUTICALS INCORPORATED+ 810,111
 37,894 TEMPO SCAN PACIFIC 2,765

 13,094,749
 --------------

PIPELINES: 0.05%
 39,100 APA GROUP 115,672
 174,000 CHINA GAS HOLDINGS LIMITED 75,437
 6,700 INTER PIPELINE FUND 66,911
 64,900 MANILA WATER COMPANY 21,993
 3,732 PEMBINA PIPELINE INCOME FUND 58,770
 3,106 SEVAN MARINE ASA+ 4,671
 27,900 TRANSCANADA CORPORATION 902,243
 2,109 VALLOUREC SA 352,778

 1,598,475
 --------------

PRIMARY METAL INDUSTRIES: 1.19%
 4,982 ACERINOX SA 103,159
 18,000 AICHI STEEL CORPORATION 79,547
 116,202 AK STEEL HOLDING CORPORATION 2,324,040
 40,202 ALLEGHENY TECHNOLOGIES INCORPORATED 1,368,074
 412,000 ALUMINUM CORPORATION OF CHINA LIMITED 456,121
 31,298 ASHOK LEYLAND LIMITED 35,123
 33,910 ATLAS IRON LIMITED+ 58,855
 585 BEKAERT SA+ 87,059
 58,978 BELDEN CDT INCORPORATED 1,304,593
 1,032 BOSCH LIMITED+ 99,730
 9,721 CAP SA 266,690
 55,042 CARPENTER TECHNOLOGY CORPORATION 1,275,874
 1,048,799 CHINA STEEL CORPORATION 989,187
 2,600 CHUBU STEEL PLATE COMPANY LIMITED 13,596
 66,203 CHUNG HUNG STEEL CORPORATION 27,774
 44,139 CIA SIDERURGICA NACIONAL SA 1,470,881
 100,303 COMMSCOPE INCORPORATED+ 2,520,614
 48,090 CURTISS-WRIGHT CORPORATION 1,368,641
 31,000 DAIDO STEEL COMPANY LIMITED 101,851
 3,623 DONGKUK STEEL MILL COMPANY LIMITED 76,959
 164 EL EZZ ALDEKHELA STEEL ALEXANDRIA 21,230
 15,612 EL EZZ STEEL COMPANY 42,073
 83,195 EREGLI DEMIR VE CELIK FABRIKALARI TAS 218,863
 61,690 FENG HSIN IRON & STEEL COMPANY 98,730
 55,650 GENERAL CABLE CORPORATION+ 1,633,884
 5,773 GERDAU AMERISTEEL CORPORATION 47,589

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

71

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
PRIMARY METAL INDUSTRIES (continued)
 30,862 GERDAU SA $ 360,394
 7,000 GODO STEEL LIMITED 15,386
 1,593 HIGHVELD STEEL AND VANADIUM CORPORATION LIMITED 13,624
 13,000 HITACHI METALS LIMITED 113,397
 21,374 HUBBELL INCORPORATED CLASS B 970,593
 6,069 HYUNDAI STEEL COMPANY 405,018
 43,400 JFE HOLDINGS INCORPORATED 1,425,914
 9,233 JSW STEEL LIMITED 197,135
 19,552 KAISER ALUMINUM CORPORATION 755,489
 357,100 KNM GROUP BHD 76,315
 239,000 KOBE STEEL LIMITED+ 406,444
 24,000 KURIMOTO LIMITED 21,657
 2,500 KYOEI STEEL LIMITED 47,432
 903 LINDAB INTERNATIONAL AB+ 9,650
 6,700 MARUICHI STEEL TUBE LIMITED 127,350
 32,361 MATTHEWS INTERNATIONAL CORPORATION 1,120,985
 0 MELEWAR INDUSTRIAL GROUP BHD MYR1 0
 65,000 MIDAS HOLDINGS LIMITED 40,390
 10,000 MITSUBISHI STEEL MANUFACTURING COMPANY LIMITED 16,312
 18,383 MITTAL STEEL SOUTH AFRICA LIMITED 254,954
 6,206 MMX MINERACAO E METALICOS SA+ 43,695
 1,152 MYTILINEOS HOLDINGS SA 8,701
 14,000 NAKAYAMA STEEL WORKS LIMITED 17,492
 5,418,300 NAKORNTHAI STRIP MILL PCL+ 37,486
 19,000 NIPPON METAL INDUSTRY COMPANY LIMITED 29,234
 517,000 NIPPON STEEL CORPORATION 1,919,910
 12,500 NIPPON YAKIN KOGYO COMPANY LIMITED 49,890
 33,000 NUCOR CORPORATION 1,399,530
 93,163 ONESTEEL LIMITED 255,984
 5,218 OUTOKUMPU OYJ 90,104
 182,747 PAN AUSTRALIAN RESOURCES LIMITED+ 87,873
 34,138 PARKSON HOLDINGS BHD 52,326
 39,075 POLIMEX MOSTOSTAL SA 52,200
 7,704 POSCO 3,696,966
 16,129 PRECISION CASTPARTS CORPORATION 1,672,255
 30,151 RTI INTERNATIONAL METALS INCORPORATED+ 597,291
 1,513 SALZGITTER AG 144,376
 9,000 SANYO SPECIAL STEEL COMPANY LIMITED 35,817
 23,439 SCHNITZER STEEL INDUSTRY 1,045,848
 126,000 SHOUGANG CONCORD INTERNATIONAL ENTERPRISES COMPANY LIMITED 24,550
 10,511 SIMS GROUP LIMITED 204,093
 115,400 STEEL AUTHORITY OF INDIA LIMITED 489,113
 311,000 SUMITOMO METAL INDUSTRIES LIMITED 787,934
 35,728 TATA STEEL LIMITED 444,881
 18,456 TENARIS SA 364,144
 13,230 THYSSENKRUPP AG 482,136
 684 TIMMINCO LIMITED+ 914
 37,508 TITANIUM METALS CORPORATION 366,453
 18,000 TOHO ZINC COMPANY LIMITED 84,336
 8,900 TOKYO STEEL MANUFACTURING COMPANY LIMITED 100,491
 4,200 TOPRE CORPORATION 35,032
 18,000 TOPY INDUSTRIES LIMITED 30,194
 87,962 TUNG HO STEEL ENTERPRISE CORPORATION 89,660
 14,294 USINAS SIDERURGICAS DE MINAS GERAIS SA 402,235
 4,132 VEDANTA RESOURCES PLC 156,616
 7,024 WELSPUN-GUJARAT STAHL LIMITED 41,896
 80,830 WORTHINGTON INDUSTRIES<< 946,519
 4,800 YAMATO KOGYO COMPANY LIMITED 150,486
 16,000 YODOGAWA STEEL WORKS LIMITED 63,119
 474 ZPH STALPRODUKT SA+ 109,528

 39,080,484
 --------------

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

72

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.85%
 12,526 AGGREKO PLC $ 151,767
 14,000 AMVIG HOLDINGS LIMITED 5,564
 254,726 CBS CORPORATION CLASS B<< 3,263,040
 19,942 COMPAGNIE INDUSTRIALI RIUNITE+ 48,599
 4,668 DE LA RUE PLC 73,107
 8,400 ENIRO AB 39,159
 168,317 FAIRFAX MEDIA LIMITED 252,054
 290,218 GANNETT COMPANY INCORPORATED 2,870,256
 48,560 HARTE HANKS INCORPORATED 466,662
 60,193 HAYS PLC 96,647
 783 HEIDELBERGER DRUCKMASCHINEN AG 6,455
 52,067 JOHN WILEY & SONS INCORPORATED 1,949,909
 2,905 JOHNSTON PRESS PLC 1,123
 3,300 KADOKAWA GROUP HOLDINGS INCORPORATED 89,334
 7,478 KONE OYJ 302,611
 26,600 MCGRAW-HILL COMPANIES INCORPORATED 796,936
 257,000 MEGAWORLD CORPORATION+ 7,729
 44,986 MEREDITH CORPORATION<< 1,185,381
 106,754 MSCI INCORPORATED+ 3,252,794
 29,079 NASPERS LIMITED+ 1,088,980
 121,368 NEW YORK TIMES COMPANY CLASS A<< 1,024,346
 3,000 NISSHA PRINTING COMPANY LIMITED 155,831
 5,117 PAGESJAUNES SA 60,530
 1,137 PROMOTORA DE INFORMACIONES SA 5,224
 2,241 QUEBECOR INCORPORATED 55,462
 34,017 ROVI CORPORATION+ 1,014,047
 89,400 RR DONNELLEY & SONS COMPANY 1,839,852
 4,610 SANOMAWSOY OYJ 96,702
 34,902 SCHOLASTIC CORPORATION 879,879
 19,214 SERCO GROUP PLC 163,576
 186 SGS SOCIETE GENERALE DE SURVEILLANCE HOLDING SA 238,507
 127,000 SINGAPORE PRESS HOLDINGS LIMITED+ 342,276
 33,600 STAR PUBLICATIONS LIMITED 31,198
 503 TELEGRAAF MEDIA GROEP NV 7,474
 9,700 THOMSON CORPORATION 306,974
 52,000 TOPPAN PRINTING COMPANY LIMITED 421,703
 1,036 TORSTAR CORPORATION 6,734
 1,052 TRANSCONTINENTAL INCORPORATED 12,300
 46,309 VIACOM INCORPORATED CLASS B+ 1,372,599
 41,801 VISTAPRINT NV+ 2,383,911
 2,437 WASHINGTON POST COMPANY CLASS B 1,007,968
 16,662 WEST AUSTRALIAN NEWSPAPERS HOLDING LIMITED 118,576
 11,590 WOLTERS KLUWER NV+ 252,343
 10,131 YELLOW PAGES INCOME FUND 50,204

 27,796,323
 --------------

RAILROAD TRANSPORTATION: 0.44%
 5,857 ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA 291,540
 19,000 CANADIAN NATIONAL RAILWAY COMPANY 995,547
 6,700 CANADIAN PACIFIC RAILWAY LIMITED 323,573
 160 CENTRAL JAPAN RAILWAY COMPANY 1,156,872
 397,000 CHINA RAILWAY GROUP LIMITED CLASS H+ 313,500
 32,500 EAST JAPAN RAILWAY COMPANY 2,293,498
 40,085 GENESEE & WYOMING INCORPORATED+ 1,247,445
 12,737 GROUPE EUROTUNNEL SA 130,779
 101,000 HANKYU HANSHIN HOLDINGS INCORPORATED+ 468,545
 39,389 KANSAS CITY SOUTHERN+ 1,127,707
 45,000 KEIHAN ELECTRIC RAILWAY COMPANY LIMITED 194,181
 41,000 KEIHIN ELECTRIC EXPRESS RAILWAY COMPANY LIMITED 332,971
 46,000 KEIO CORPORATION 291,092
 27,000 KEISEI ELECTRIC RAILWAY COMPANY LIMITED 152,429
 136,000 KINTETSU CORPORATION 523,924

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

73

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
RAILROAD TRANSPORTATION (continued)
 104,750 MTR CORPORATION LIMITED $ 356,148
 70,000 NAGOYA RAILROAD COMPANY LIMITED+ 225,127
 42,000 NANKAI ELECTRIC RAILWAY COMPANY LIMITED 182,207
 31,000 NISHI-NIPPON RAILROAD COMPANY LIMITED 126,238
 30,900 NORFOLK SOUTHERN CORPORATION 1,588,260
 49,000 ODAKYU ELECTRIC RAILWAY COMPANY LIMITED 402,476
 30,000 SAGAMI RAILWAY COMPANY LIMITED 134,313
 68,000 TOBU RAILWAY COMPANY LIMITED 377,603
 87,000 TOKYU CORPORATION 381,455
 199,250 WAN HAI LINES LIMITED 95,975
 155 WEST JAPAN RAILWAY COMPANY 575,602

 14,289,007
 --------------

REAL ESTATE: 1.39%
 136,684 ABACUS PROPERTY GROUP 55,709
 6,400 AEON MALL COMPANY LIMITED 117,353
 120,000 AGILE PROPERTY HOLDINGS LIMITED 165,367
 65,000 ALLGREEN PROPERTIES LIMITED+ 53,540
 10,552 ANANT RAJ INDUSTRIES LIMITED 29,479
 148,253 APARTMENT INVESTMENT & MANAGEMENT COMPANY CLASS A 2,002,898
 17,000 ASCENDAS INDIA TRUST 10,994
 104,000 ASCENDAS REIT 145,780
 10,857 ATRIUM EUROPEAN REAL ESTATE LIMITED 77,436
 1,011 ATRIUM LJUNGBERG AB+ 9,426
 113,916 AUSTRALAND PROPERTY GROUP 53,211
 611,000 AYALA LAND INCORPORATED 152,054
 17,805 BABCOCK & BROWN JAPAN PROPERTY TRUST 7,338
 355 BEFIMMO SCA SICAFI 32,039
 34,433 BRITISH LAND COMPANY PLC 252,302
 73,100 BROOKFIELD PROPERTIES CORPORATION<< 823,106
 40,600 BROOKFIELD PROPERTIES CORPORATION 458,933
 33,032 BUNNINGS WAREHOUSE PROPERTY TRUST 52,945
 3,951 CA IMMOBILIEN ANLAGEN AG+ 47,817
 129,000 CAPITACOMMERICAL TRUST 107,189
 198,500 CAPITALAND LIMITED 578,002
 160,636 CAPITAMALL TRUST+ 199,634
 7,600 CASTELLUM AB 72,767
 102,000 CATHAY REAL ESTATE DEVELOPMENT COMPANY LIMITED 42,475
 52,000 CDL HOSPITALITY TRUSTS 55,983
 53,000 CENTRAL PATTANA PCL 31,884
 24,714 CENTRO PROPERTIES GROUP 6,338
 35,798 CENTRO RETAIL GROUP 5,410
 108,168 CFS RETAIL PROPERTY TRUST 195,170
 168,589 CHAMPION REIT 69,175
 46,090 CHARTER HALL GROUP 26,173
 120,000 CHEUNG KONG HOLDINGS LIMITED 1,508,119
 793,677 CHIMERA INVESTMENT CORPORATION 3,198,518
 37,000 CHINA EVERBRIGHT INTERNATIONAL LIMITED 17,664
 392,480 CHINA OVERSEAS LAND & INVESTMENT LIMITED 843,700
 172,000 CHINA RESOURCES LAND LIMITED 399,037
 80 CHINA VANKE COMPANY LIMITED CLASS B 102
 43,696 CHINESE ESTATES HOLDINGS LIMITED 73,634
 38,000 CITY DEVELOPMENTS LIMITED 274,566
 517 COFINIMMO SA 73,749
 148,306 COMMONWEALTH PROPERTY OFFICE FUND 128,363
 3,761 CONWERT IMMOBILIEN INVEST SE+ 47,438
 3,025 CORIO NV 206,216
 415,184 COUNTRY GARDEN HOLDINGS COMPANY LIMITED 156,965
 19,063 CROMWELL GROUP+ 13,095
 24 DA OFFICE INVESTMENT CORPORATION 52,781
 5,400 DAIBIRU CORPORATION 41,793
 29,000 DAIKYO INCORPORATED 60,389

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

74

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
REAL ESTATE (continued)
 7,100 DAITO TRUST CONSTRUCTION COMPANY LIMITED $ 337,587
 374,570 DB RREEF TRUST 277,886
 4,612 DERWENT VALLEY HOLDINGS PLC 96,509
 97,256 DLF LIMITED 735,144
 154,085 DOUGLAS EMMETT INCORPORATED 2,114,046
 26,597 ECHO INVESTMENT+ 40,812
 1,592 EUROCOMMERCIAL PROPERTIES NV+ 64,543
 121,950 FAR EAST CONSORTIUM 38,080
 49,000 FARGLORY LAND DEVELOPMENT COMPANY LIMITED 107,809
 681 FIRST CAPITAL REALTY INCORPORATED 12,995
 88,124 FKP PROPERTY GROUP+ 59,727
 1,037 FONCIERE DES REGIONS 106,787
 151,130 FOREST CITY ENTERPRISES INCORPORATED 1,621,625
 350,000 FRANSHION PROPERTIES CHINA LIMITED 121,031
 14 FRONTIER REAL ESTATE INVESTMENT CORPORATION 101,550
 7 FUKUOKA REIT CORPORATION 36,603
 4,376 GAZIT GLOBE LIMITED 41,588
 973 GECINA SA+ 106,946
 355,320 GENTING INTERNATIONAL PLC+ 274,705
 14 GLOBAL ONE REAL ESTATE INVESTMENT CORPORATION 92,804
 1,440 GOLDCREST COMPANY LIMITED 39,482
 273,900 GOLDEN LAND PROPERTY PCL 26,199
 739,727 GPT GROUP 403,122
 29,514 GREAT EAGLE HOLDINGS LIMITED 77,117
 14,876 GREAT PORTLAND ESTATES PLC 68,523
 56,000 GREENTOWN CHINA HOLDINGS LIMITED 88,443
 78,800 GUANGZHOU R&F PROPERTIES 138,077
 14,666 GUOCOLAND LIMITED 19,710
 30,401 HAMMERSON PLC 200,403
 67,000 HANG LUNG GROUP LIMITED 328,082
 146,000 HANG LUNG PROPERTIES LIMITED 533,132
 3 HANKYU REIT INCORPORATED 11,835
 45,907 HATTERAS FINANCIAL CORPORATION 1,404,754
 6,500 HEIWA REAL ESTATE COMPANY LIMITED 20,153
 945 HELIOPOLIS HOUSING 5,411
 18,000 HENDERSON INVESTMENTS LIMITED 1,370
 81,762 HENDERSON LAND DEVELOPMENT COMPANY LIMITED 577,078
 97,000 HONGKONG LAND HOLDINGS LIMITED 480,150
 52,000 HOPEWELL HOLDINGS 164,051
 56,000 HOPSON DEVELOPMENT HOLDINGS LIMITED 93,068
 22,785 HOUSING DEVELOPMENT & INFRASTRUCTURE LIMITED 159,419
 48,964 HYSAN DEVELOPMENT COMPANY LIMITED 140,573
 88,400 IGB CORPORATION BHD 52,636
 96,920 IJM CORPORATION BHD 128,274
 15,082 IMMOEAST IMMOBILIEN ANLAGEN AG+ 98,965
 19,870 IMMOFINANZ IMMOBILIEN ANLAGEN AG+ 79,065
 33,902 INDIABULLS REAL ESTATE LIMITED 150,578
 248,764 ING INDUSTRIAL FUND 96,833
 217,512 ING OFFICE FUND 115,547
 24,783 ING PROPERTY TRUST 13,314
 855 IRSA INVERSIONES Y REPRESENTACIONES SA ADR<< 7,037
 2,767 IVG IMMOBILIEN AG 25,760
 13 JAPAN EXCELLENT INCORPORATED 58,954
 12 JAPAN LOGISTICS FUND INCORPORATED 91,347
 50 JAPAN PRIME REALTY INVESTMENT CORPORATION 113,489
 35 JAPAN REAL ESTATE INVESTMENT CORPORATION 255,090
 30 JAPAN RETAIL FUND INVESTMENT CORPORATION 130,148
 300 JOINT CORPORATION 0
 43,589 JONES LANG LASALLE INCORPORATED 2,217,372
 13,000 K-REIT ASIA 9,252
 20 KENEDIX REALTY INVESTMENT 53,216
 51,592 KEPPEL LAND LIMITED 116,678
 49,053 KERRY PROPERTIES LIMITED 249,061

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

75

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
REAL ESTATE (continued)
 79,979 KIWI INCOME PROPERTY TRUST $ 59,008
 29,000 KLCC PROPERTY HOLDINGS BHD 28,209
 3,479 KLEPIERRE 139,217
 12,000 KOWLOON DEVELOPMENT COMPANY LIMITED 12,697
 3,102 KUNGSLEDEN 20,957
 103,000 KWG PROPERTY HOLDING LIMITED 77,615
 151,700 LAND & HOUSES PCL 29,204
 30,269 LAND SECURITIES GROUP PLC 327,903
 32,072 LEND LEASE CORPORATION LIMITED 266,723
 12,200 LEOPALACE21 CORPORATION 46,858
 20,679 LIBERTY INTERNATIONAL PLC 158,360
 1,548,000 LIPPO KARAWACI TBK PT+ 86,773
 850 LUNDBERGFORETAGEN AB 42,064
 138,370 MACQUARIE COUNTRYWIDE TRUST 72,238
 23,226 MACQUARIE DDR TRUST 2,127
 410,264 MACQUARIE GOODMAN GROUP 225,457
 46,000 MACQUARIE MEAG PRIME REIT 16,951
 149 METROVACESA SA 4,289
 700 MI DEVELOPMENTS INCORPORATED 9,418
 5 MID REAL ESTATE INVESTMENT TRUST INCORPORATED 11,517
 56,000 MIDLAND HOLDINGS LIMITED+ 41,837
 9,000 MIRAMAR HOTEL & INVESTMENT 9,871
 222,194 MIRVAC GROUP 320,524
 17,147 MIRVAC REAL ESTATE INVESTMENT TRUST 9,329
 113,189 MITSUBISHI ESTATE COMPANY LIMITED 1,761,212
 72,000 MITSUI FUDOSAN COMPANY LIMITED 1,241,092
 5 MORI HILLS REIT INVESTMENT CORPORATION 13,877
 13 MORI TRUST SOGO REIT INCORPORATED 102,869
 35,000 NEO-CHINA GROUP HOLDINGS LIMITED 22,355
 4 NEW CITY RESIDENCE INVESTMENT CORPORATION 0
 168,000 NEW WORLD CHINA LAND LIMITED 65,249
 186,082 NEW WORLD DEVELOPMENT LIMITED 382,726
 429 NEXITY SA 14,777
 42 NIPPON BUILDING FUND INCORPORATED+ 341,092
 38 NIPPON COMMERCIAL INVESTMENT CORPORATION 55,655
 24 NIPPON RESIDENTIAL INVESTMENT CORPORATION 55,530
 7,900 NOMURA REAL ESTATE HOLDING INCORPORATED 122,649
 26 NOMURA REAL ESTATE OFFICE FUND 147,987
 106 NTT URBAN DEVELOPMENT CORPORATION 76,152
 23 ORIX JREIT INCORPORATED 101,643
 67,963 PHH CORPORATION+ 939,249
 14 PREMIER INVESTMENT COMPANY 50,046
 1,875 PSP SWISS PROPERTY AG 106,215
 1,431 QUINTAIN ESTATES & DEVELOPMENT PLC 1,583
 29,173 SEGRO PLC 156,216
 11,203 SHAFTESBURY PLC 67,935
 78,000 SHENZHEN INVESTMENT LIMITED 34,521
 102,000 SHIMAO PROPERTY HOLDING LIMITED 193,733
 1,300 SHOEI 10,798
 168,400 SHUI ON LAND LIMITED 99,301
 132,000 SHUN TAK HOLDINGS LIMITED 81,754
 241 SILIC STE IMMOBILIERE DE LOCATION POUR L'INDUSTRIE ET LE COMMERCE 30,054
 14,000 SINGAPORE LAND LIMITED 64,335
 147,193 SINO LAND COMPANY 279,570
 454,563 SM PRIME HOLDINGS INCORPORATED 94,350
 181,000 SOHO CHINA LIMITED 97,389
 58,850 SP SETIA BHD 60,888
 104,746 STEWART ENTERPRISES INCORPORATED 490,211
 179,962 STOCKLAND+ 665,902
 360 SUMITOMO REAL ESTATE SALES COMPANY LIMITED 14,702
 42,000 SUMITOMO REALTY & DEVELOPMENT COMPANY LIMITED 726,400
 105,000 SUN HUNG KAI PROPERTIES LIMITED 1,556,700
 5,777 SUNLAND GROUP LIMITED 3,968

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

76

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
REAL ESTATE (continued)
 600 SURUGA CORPORATION $ 0
 2,211 SWISS PRIME SITE AG 126,019
 105,976 TALAAT MOUSTAFA GROUP+ 115,515
 38,078 THE ST. JOE COMPANY+ 948,142
 81,399 TIAN AN CHINA INVESTMENT 50,415
 11,023 TISHMAN SPEYER OFFICE FUND 3,433
 4,500 TOC COMPANY LIMITED 17,232
 36,000 TOKYU LAND CORPORATION 128,274
 17 TOKYU REIT INCORPORATED 83,191
 21 TOP REIT INCORPORATED 93,047
 3,633 UNIBAIL 818,270
 40,000 UNITED INDUSTRIAL CORPORATION LIMITED SGD 52,601
 46,000 UNITED OVERSEAS LAND LIMITED+ 120,318
 19 UNITED URBAN INVESTMENT CORPORATION 98,693
 52,951 VALAD PROPERTY GROUP 5,820
 405 VASTNED RETAIL NV 26,086
 1,008 WERELDHAVE NV 98,927
 174,081 WESTFIELD GROUP 1,946,772
 10,000 WHEELOCK PROPERTIES (SINGAPORE) LIMITED 12,572
 20,000 WHEELOCK PROPERTIES LIMITED 13,419
 51,000 WING TAI HOLDINGS LIMITED 60,065
 61,000 YANLORD LAND GROUP LIMITED 96,965

 45,731,208
 --------------

REAL ESTATE DEVELOPING & MANAGEMENT: 0.01%
 7,618 GRAINGER PLC 31,719
 60,000 HIGHWEALTH CONSTRUCTION CORPORATION 81,668
 20,000 HUANG HSIANG CONSTRUCTION COMPANY 36,918
 31,185 PALM HILLS DEVELOPMENTS SAE+ 42,077
 19,575 PEET LIMITED 39,802
 34,080 TA GLOBAL BHD+ 4,571

 236,755
 --------------

REAL ESTATE INVESTMENT TRUSTS (REITS): 0.39%
 163,125 BRANDYWINE REALTY TRUST 1,601,888
 1,567 CALLOWAY REAL ESTATE INVESTMENT TRUST 27,453
 25,164 FEDERAL REALTY INVESTMENT TRUST 1,618,548
 430,098 GPT GROUP+ 0
 74,621 HEALTHCARE REALTY TRUST INCORPORATED 1,648,378
 122,498 LEXINGTON CORPORATE PROPERTIES TRUST 595,340
 105,634 OMEGA HEALTHCARE INVESTORS INCORPORATED 1,910,919
 33,000 PARKWAY LIFE REAL ESTATE INVESTMENT TRUST 28,851
 5,439 RIOCAN REAL ESTATE INVESTMENT TRUST 94,309
 160,333 SENIOR HOUSING PROPERTIES TRUST 3,330,116
 73,899 WASHINGTON REAL ESTATE INVESTMENT TRUST 1,928,764

 12,784,566
 --------------

RENTAL AUTO/EQUIPMENT: 0.02%
 75,568 UNITED RENTALS INCORPORATED+ 696,737
 --------------

RETAIL: 0.09%
 2,534 CARPETRIGHT PLC 37,226
 24,000 CHOW SANG SANG HOLDINGS INTERNATIONAL LIMITED 25,393
 106,414 SIGNET JEWELERS LIMITED 2,750,802

 2,813,421
 --------------

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

77

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
RETAIL DEPARTMENT STORES: 0.04%
 59,211 MEN'S WEARHOUSE INCORPORATED $ 1,207,904
 --------------

RETAIL FOOD: 0.00%
 1,600 OHSHO FOOD SERVICE CORPORATION 44,054
 --------------

RETAIL-AUTOMOBILE: 0.00%
 560 GULLIVER INTERNATIONAL COMPANY LIMITED 38,547
 --------------

RETAIL-GROCERY: 0.00%
 9,166 EUROCASH SA 49,144
 --------------

RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.32%
 29,507 A SCHULMAN INCORPORATED 481,554
 8,000 ACHILLES CORPORATION 11,476
 445 AFRICA ISRAEL INVESTMENTS LIMITED 4,853
 12,859 ANSELL LIMITED 125,313
 3,000 BANDO CHEMICAL INDUSTRIES LIMITED 8,052
 45,400 BRIDGESTONE CORPORATION 722,177
 7,323 BRIDGESTONE CORPORATION 231,773
 146,028 CHENG SHIN RUBBER INDUSTRY COMPANY LIMITED 329,911
 5,828 COMPAGNIE GENERALE DES ESTABLISSEMENTS MICHELIN CLASS B 441,928
 74,725 COOPER TIRE & RUBBER COMPANY 1,339,072
 10,640 HANKOOK TIRE COMPANY LIMITED+ 211,373
 320 HEXPOL AB+ 2,777
 110,937 JARDEN CORPORATION 3,045,221
 14,000 KUREHA CORPORATION 68,996
 3,000 MITSUBOSHI BELTING COMPANY LIMITED 11,696
 66,771 NAN KANG RUBBER TIRE COMPANY LIMITED 69,512
 4,700 NIFCO INCORPORATED 84,496
 4,000 NIPPON VALQUA INDUSTRIES LIMITED 6,941
 900 NITTA CORPORATION 12,411
 4,000 OKAMOTO INDUSTRIES INCORPORATED 16,196
 121,614 PIRELLI & COMPANY SPA 76,879
 69,000 SEALED AIR CORPORATION 1,538,010
 15,100 SUMITOMO RUBBER INDUSTRIES 118,613
 1,000 TENMA CORPORATION 11,129
 6,500 TOKAI RUBBER INDUSTRIES INCORPORATED 68,279
 19,000 TOYO TIRE & RUBBER COMPANY LIMITED 29,894
 63,000 TSRC CORPORATION 74,396
 2,800 UPONOR OYJ 55,581
 34,834 WEST PHARMACEUTICAL SERVICES INCORPORATED 1,342,851
 27,000 YOKOHAMA RUBBER COMPANY LIMITED 101,203

 10,642,563
 --------------

SCHOOLS: 0.00%
 9,288 ABC LEARNING CENTRES LIMITED 0
 --------------

SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.78%
 36,607 ABERDEEN ASSET MANAGEMENT PLC 84,311
 3,567 AGF MANAGEMENT LIMITED 56,543
 111,828 AMERIPRISE FINANCIAL INCORPORATED 4,262,883
 13,642 ASX LIMITED 413,075
 6,103 AZIMUT HOLDING SPA 79,727
 2,507 BLACKROCK INCORPORATED NEW YORK SHARES 569,290
 194,077 BMF BOVESPA SA 1,304,534
 8,704 BREWIN DOLPHIN LIMITED 22,925
 39,400 BURSA MALAYSIA BHD 93,492
 11,765 CABCHARGE AUSTRALIA LIMITED 64,007
 170,990 CAPITAL SECURITIES CORPORATION 83,957
 105,690 CHARLES SCHWAB CORPORATION 1,937,298
 369,490 CHINA MERCHANTS BANK COMPANY LIMITED 1,001,192

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

78

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES (continued)
 6,402 CLOSE BROTHERS GROUP PLC $ 72,302
 7,752 CME GROUP INCORPORATED 2,544,439
 30,397 CRITERIA CAIXACORP SA 155,185
 19,780 DAEWOO SECURITIES COMPANY LIMITED+ 318,099
 136,000 DAIWA SECURITIES GROUP INCORPORATED 731,606
 1,056 DUNDEE CORPORATION CLASS A+ 12,157
 1,416,850 E*TRADE FINANCIAL CORPORATION+ 2,323,634
 5,124 F&C ASSET MANAGEMENT PLC 6,251
 44,842 FEDERATED INVESTORS INCORPORATED CLASS B 1,156,027
 18,040 FRANKLIN RESOURCES INCORPORATED 1,948,861
 36,843 GOLDMAN SACHS GROUP INCORPORATED 6,250,783
 5,314 GREENHILL & COMPANY INCORPORATED 433,888
 83,585 GRUPO FINANCIERO BANORTE SA DE CV 288,867
 128,932 GRUPO FINANCIERO INBURSA SA DE CV 366,917
 23,044 HANA FINANCIAL GROUP INCORPORATED 666,865
 2,480 HELLENIC EXCHANGES SA HOLDING 30,908
 82,500 HONG KONG EXCHANGES & CLEARING LIMITED 1,471,152
 18,000 HONG LEONG SINGAPORE FINANCE LIMITED 34,855
 15,167 HYUNDAI SECURITIES COMPANY 179,348
 1,500 ICHIYOSHI SECURITIES COMPANY LIMITED 10,290
 4,500 IGM FINANCIAL INCORPORATED 173,451
 8,280 INDIA INFOLINE LIMITED 23,488
 29,840 INTERCONTINENTAL EXCHANGE INCORPORATED+ 3,186,614
 15,631 INTERMEDIATE CAPITAL GROUP PLC 69,815
 182,371 INVESCO LIMITED 4,057,755
 22,800 INVESTEC LIMITED 172,486
 46,370 INVESTMENT TECHNOLOGY GROUP INCORPORATED+ 846,253
 9,000 JAPAN SECURITIES FINANCE COMPANY LIMITED 62,575
 17,647 JARDINE STRATEGIC HOLDINGS LIMITED 307,058
 37,000 KIM ENG HOLDINGS LIMITED 53,468
 86,600 KIM ENG SECURITIES THAILAND PCL+ 31,259
 9,528 KINNEVIK INVESTMENT AB 144,528
 99,178 KNIGHT CAPITAL GROUP INCORPORATED+ 1,451,966
 70,200 LEGG MASON INCORPORATED 1,985,958
 5,823 LONDON STOCK EXCHANGE GROUP PLC 72,085
 27,218 MACQUARIE GROUP LIMITED 1,196,591
 2,000 MARUSAN SECURITIES COMPANY LIMITED 11,846
 131,000 MASTERLINK SECURITIES CORPORATION 51,294
 122,386 MF GLOBAL LIMITED+ 769,808
 3,004 MIRAE ASSET SECURITIES COMPANY LIMITED 150,613
 3,000 MITO SECURITIES COMPANY LIMITED 6,004
 35,000 MIZUHO INVESTORS SECURITIES COMPANY LIMITED 33,607
 1,057 MLP AG 11,808
 105,752 MORGAN STANLEY 3,339,648
 66,205 NASDAQ STOCK MARKET INCORPORATED+ 1,236,709
 241,900 NOMURA HOLDINGS INCORPORATED 1,740,650
 137 NYSE EURONEXT 3,431
 21,774 NYSE EURONEXT (PARIS) INCORPORATED 550,447
 19,000 OKASAN HOLDINGS INCORPORATED 95,396
 48,235 OPTIONSXPRESS HOLDINGS INCORPORATED 737,996
 12 PACIFIC MANAGEMENT CORPORATION 0
 643 PARTNERS GROUP 78,739
 33,100 PHATRA SECURITIES PCL 17,225
 21,002 PIPER JAFFRAY COMPANIES INCORPORATED+ 910,437
 13,912 PLATINUM ASSET MANAGEMENT LIMITED+ 61,289
 225,828 POLARIS SECURITIES COMPANY LIMITED 120,357
 82,250 PRESIDENT SECURITIES CORPORATION 49,203
 710 RATHBONE BROTHERS 9,928
 43,148 RAYMOND JAMES FINANCIAL INCORPORATED 1,048,065
 11,605 RELIANCE CAPITAL LIMITED 207,712
 4 RISA PARTNERS INCORPORATED 2,786
 6,157 SAMSUNG SECURITIES COMPANY LIMITED 320,876
 2,428 SCHRODERS PLC+ 38,685

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

79

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES (continued)
 30,277 STIFEL FINANCIAL CORPORATION+ $ 1,626,480
 29,436 T. ROWE PRICE GROUP INCORPORATED 1,440,303
 56,800 TA ENTERPRISES BHD 11,636
 26,554 TD AMERITRADE HOLDING CORPORATION+ 521,521
 3,367 TMX GROUP INCORPORATED 95,357
 23,000 TOKAI TOKYO SECURITIES COMPANY LIMITED 81,421
 7,124 TONG YANG INVESTMENT BANK 70,767
 11,000 UOB-KAY HIAN HOLDINGS LIMITED 11,366
 189 VAN LANSCHOT NV 10,571
 13,810 WOORI INVESTMENT & SECURITIES COMPANY LIMITED+ 176,960
 18,000 YAMANASHI CHOU BANK LIMITED 79,547

 58,541,506
 --------------

SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 0.05%
 81,681 APPLIED MICRO CIRCUITS CORPORATION+ 606,890
 25,143 CABOT MICROELECTRONICS CORPORATION+ 769,124
 44,000 ELAN MICROELECTRONICS CORPORATION 71,102
 13,200 ELPIDA MEMORY INCORPORATED+ 162,633
 8,800 SUMCO CORPORATION 150,366

 1,760,115
 --------------

SHIP BUILDING: 0.00%
 9,718 AUSTAL LIMITED 20,650
 39,000 CSBC CORPORATION TAIWAN 36,662

 57,312
 --------------

SOCIAL SERVICES: 0.01%
 2,077 BUREAU VERITAS SA 103,760
 48,902 G4S PLC 196,295
 2,690 SAVILLS PLC 12,714

 312,769
 --------------

SOFTWARE: 0.03%
 23,304 MANTECH INTERNATIONAL CORPORATION CLASS A+ 1,008,597
 5,981 SALMAT LIMITED 20,543

 1,029,140
 --------------

STONE, CLAY, GLASS & CONCRETE PRODUCTS: 0.47%
 37,679 ADELAIDE BRIGHTON LIMITED 85,930
 93,738 AMBUJA CEMENTS LIMITED 186,106
 38,000 ANHUI CONCH CEMENT COMPANY LIMITED 225,057
 97,000 ASAHI GLASS COMPANY LIMITED 847,235
 216,826 ASIA CEMENT CORPORATION 230,443
 8,382 ASSOCIATED CEMENT COMPANIES LIMITED+ 143,736
 47,257 BORAL LIMITED 242,383
 6,701 BRICKWORKS LIMITED 77,332
 3,000 BUNKA SHUTTER COMPANY LIMITED 9,579
 3,462 BUZZI UNICEM SPA 53,543
 11,173 CEMENTOS BIO-BIO SA 24,702
 2,855 CEMENTOS LIMA SA 28,243
 901,711 CEMEX SAB DE CV+ 1,024,351
 21,000 CENTRAL GLASS COMPANY LIMITED 78,714
 29,980 CHINA INTERNATIONAL MARINE CONTAINERS COMPANY LIMITED CLASS B 34,467
 1,900 CHOFU SEISAKUSHO COMPANY LIMITED 40,774
 116 CIMENTS FRANCAIS SA 12,287
 13,097 CIMPOR CIMENTOS DE PORTUGAL SA 99,706

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

80

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
STONE, CLAY, GLASS & CONCRETE PRODUCTS (continued)
 5,200 CLEANUP CORPORATION $ 39,704
 181,776 CORNING INCORPORATED 3,032,024
 29,002 CRH PLC 730,735
 46,241 EAGLE MATERIALS INCORPORATED 1,246,657
 27 FORBO HOLDING AG 7,742
 1,265 GERRESHEIMER AG+ 43,783
 129,550 GOLDSUN DEVELOPMENT & CONSTRUCTION COMPANY LIMITED 57,369
 1,593 HEIDELBERGCEMENT AG 105,692
 10,142 HOLCIM LIMITED 730,018
 189,500 INDOCEMENT TUNGGAL PRAKARSA TBK PT 222,470
 3,427 ITALCEMENTI SPA 45,824
 2,435 ITALCEMENTI SPA RNC 17,166
 34,507 JAMES HARDIE INDUSTRIES NV 255,368
 143,000 K WAH INTERNATIONAL HOLDINGS LIMITED 51,111
 7,595 LAFARGE SA 624,156
 7,300 MADRAS CEMENTS LIMITED 17,993
 9,000 NICHIAS CORPORATION 31,964
 9,000 NIHON YAMAMURA GLASS COMPANY LIMITED 30,194
 30,000 NIPPON ELECTRIC GLASS COMPANY LIMITED 356,779
 38,322 OWENS CORNING INCORPORATED+ 905,549
 12,000 PANAHOME CORPORATION 79,685
 55,957 PRETORIA PORTLAND CEMENT COMPANY LIMITED 234,407
 34,676 REXAM PLC 158,243
 100 ROCKWOOL INTERNATIONAL AS 10,230
 887 SA DES CIMENTS VICAT 74,572
 12,000 SANKYO-TATEYAMA HOLDINGS INCORPORATED 13,327
 23,000 SANWA SHUTTER CORPORATION 60,134
 163,000 SEMEN GRESIK PERSERO TBK PT 125,849
 20,000 SIAM CEMENT PCL 137,163
 4,800 SIAM CITY CEMENT PCL 33,208
 15,730 SIG PLC 27,897
 99 SIKA AG 148,828
 4,510 SUEZ CEMENT COMPANY 37,137
 40,000 SUMITOMO OSAKA CEMENT COMPANY LIMITED 60,157
 90,000 TAIHEIYO CEMENT CORPORATION 99,954
 340,854 TAIWAN CEMENT CORPORATION 355,376
 152,505 TAIWAN GLASS INDUSTRIAL CORPORATION 121,325
 9,000 TAKARA STANDARD COMPANY LIMITED 49,769
 5,677 TATA CHEMICALS LIMITED 34,313
 2,650 TITAN CEMENT COMPANY SA 77,354
 15,100 TOYO SEIKAN KAISHA LIMITED 226,046
 4,690 ULTRA TECH CEMENT LIMITED 84,357
 84,614 USG CORPORATION+ 1,170,212
 331,800 VANACHAI GROUP PCL 22,955
 5,585 WIENERBERGER AG 95,686
 14,000 YTL CEMENT BHD 16,920

 15,551,990
 --------------

TELECOMMUNICATIONS: 0.01%
 3,084 FIRST QUANTUM MINERALS LIMITED 240,645
 --------------

TELECOMMUNICATIONS - INTERGRATED, SERVICES: 0.00%
 3,062 BRASIL TELECOM SA 48,851
 38,966 NETIA SA+ 61,902

 110,753
 --------------

TELECOMMUNICATIONS EQUIPMENT: 0.00%
 52,000 COMBA TELECOM SYSTEMS HOLDINGS LIMITED 58,508
 --------------

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

81

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
TEXTILE MILL PRODUCTS: 0.12%
 7,594 ADITYA BIRLA NUVO LIMITED $ 135,701
 5,917 CENTURY TEXTILE & INDUSTRIES LIMITED 59,329
 86,000 CHINA GRAND FORESTRY RESOURCES GROUP LIMITED+ 3,495
 37,000 CHINA HONGXING SPORTS LIMITED 4,678
 12,000 DAIWABO COMPANY LIMITED 27,071
 370,358 FAR EASTERN TEXTILE COMPANY LIMITED 432,750
 111,000 FORMOSA TAFFETA COMPANY LIMITED 81,580
 5,637 GILDAN ACTIVEWEAR INCORPORATED+ 108,691
 19,000 KURABO INDUSTRIES LIMITED 29,234
 28,000 KURARAY COMPANY LIMITED 336,557
 406 LAKSHMI MACHINE WORKS LIMITED 14,723
 46,000 MITSUBISHI RAYON COMPANY LIMITED 196,900
 24,087 MOHAWK INDUSTRIES INCORPORATED+ 989,494
 13,000 NISSHINBO INDUSTRIES INCORPORATED 106,328
 9,000 NITTO BOSEKI COMPANY LIMITED 14,785
 4,393 NYRSTAR 55,475
 68,618 RUENTEX INDUSTRIES LIMITED 115,149
 2,100 SEIREN COMPANY LIMITED 14,212
 25,443 SPOTLESS GROUP LIMITED 57,093
 62,000 TAINAN SPINNING COMPANY LIMITED 22,735
 79,000 TEIJIN LIMITED 246,761
 64,000 TEXWINCA HOLDINGS LIMITED 58,632
 116,000 TORAY INDUSTRIES INCORPORATED 615,965
 81,000 TOYOBO COMPANY LIMITED 122,756
 17,000 UNITIKA 12,390

 3,862,484
 --------------

TEXTILES - PRODUCTS: 0.03%
 76,068 ICONIX BRAND GROUP INCORPORATED+ 856,526
 --------------

THEATERS & ENTERTAINMENT: 0.04%
 97,713 REGAL ENTERTAINMENT GROUP CLASS A 1,338,668
 --------------

TOBACCO PRODUCTS: 0.59%
 175,858 ALTRIA GROUP INCORPORATED 3,307,889
 14,600 BRITISH AMERICAN TOBACCO MALAYSIA BHD 190,650
 82,723 BRITISH AMERICAN TOBACCO PLC 2,513,546
 2,662 EASTERN TOBACCO 57,784
 91,000 HUABAO INTERNATIONAL HOLDINGS LIMITED 96,283
 43,390 IMPERIAL TOBACCO GROUP PLC 1,262,014
 400 JAPAN TOBACCO INCORPORATED 1,183,711
 165,160 PHILIP MORRIS INTERNATIONAL 7,942,544
 68,500 PT GUDANG GARAM TBK 124,974
 14,569 REYNOLDS AMERICAN INCORPORATED 727,867
 7,900 SOUZA CRUZ SA 272,259
 10,000 SWEDISH MATCH AB 215,160
 31,487 UNIVERSAL CORPORATION 1,351,107

 19,245,788
 --------------

TRANSPORTATION: 0.00%
 3,310 ANSALDO STS SPA 66,103
 --------------

TRANSPORTATION BY AIR: 0.37%
 30 ACE AVIATION HOLDINGS INCORPORATED+ 165
 1,420 AEROPORTS DE PARIS 113,753
 264,000 AIR CHINA 190,419
 8,678 AIR FRANCE-KLM 137,602
 180,000 AIRASIA BHD+ 67,384
 32,900 ALITALIA SPA+ 0
 92,000 ALL NIPPON AIRWAYS COMPANY LIMITED 241,601

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

82

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
TRANSPORTATION BY AIR (continued)
 9,400 ARRIVA PLC $ 70,902
 52,544 AUCKLAND INTERNATIONAL AIRPORT LIMITED 70,005
 147,331 BAE SYSTEMS PLC 795,230
 46,000 BEIJING CAPITAL INTERNATIONAL AIRPORT COMPANY LIMITED CLASS H 31,933
 12,300 BOMBARDIER INCORPORATED 52,211
 34,581 BRISTOW GROUP INCORPORATED+ 1,186,820
 27,402 BRITISH AIRWAYS PLC 88,039
 76,000 CATHAY PACIFIC AIRWAYS LIMITED 129,837
 198,605 CHINA AIRLINES 61,657
 146,672 CONTINENTAL AIRLINES INCORPORATED CLASS B+<< 2,091,543
 9,080 DEUTSCHE LUFTHANSA AG 144,930
 10,419 EASYJET PLC+ 62,905
 1,785 ELBIT SYSTEMS LIMITED 109,250
 14,353 EUROPEAN AERONAUTIC DEFENCE & SPACE COMPANY 256,789
 209,878 EVA AIRWAYS CORPORATION+ 78,266
 15,471 FINMECCANICA SPA 256,232
 99 FLUGHAFEN ZUERICH AG 27,499
 84,349 GMR INFRASTRUCTURE LIMITED+ 120,045
 27,436 IBERIA LINEAS AEREAS DE ESPANA SA 79,921
 85,000 JAPAN AIRLINES CORPORATION 90,467
 63 JAZZ AIR INCOME FUND 251
 321,309 JETBLUE AIRWAYS CORPORATION+ 1,770,413
 3,268 KLOECKNER & COMPANY 76,308
 11 KOBENHAVNS LUFTHAVNE 2,630
 4,940 KOREAN AIR LINES COMPANY LIMITED 210,082
 23,067 MALAYSIAN AIRLINE SYSTEM BHD 20,738
 31,410 MEGGITT PLC 123,650
 88,498 QANTAS AIRWAYS LIMITED 210,744
 5,200 RYANAIR HOLDINGS PLC ADR+ 136,292
 22,500 SAS AB+ 14,168
 40,200 SINGAPORE AIRLINES LIMITED 386,315
 71,668 SKYWEST INCORPORATED 1,054,236
 13,260 TAV HAVALIMANLARI HOLDING AS+ 34,189
 76,300 THAI AIRWAYS INTERNATIONAL PCL 40,393
 1,458 TRANSAT AT INCORPORATED 20,750
 20,000 TRANSMILE GROUP BHD+ 5,777
 52,361 TURK HAVA YOLLARI ANONIM ORTAKLIGI 166,530
 173,258 UAL CORPORATION+<< 1,344,482
 177,317 VIRGIN BLUE HOLDINGS LIMITED 85,262
 1,900 WESTJET AIRLINES LIMITED+ 21,243

 12,279,858
 --------------

TRANSPORTATION EQUIPMENT: 2.04%
 123,000 AAPICO HITECH PCL 28,304
 41,510 AAR CORPORATION+ 774,577
 16,000 AISIN SEIKI COMPANY LIMITED 386,858
 5,200 AKEBONO BRAKE INDUSTRY COMPANY LIMITED 30,560
 5,547 AMTEK AUTO LIMITED 22,431
 9,293 ASHTEAD GROUP PLC 10,381
 10,417 BAJAJ AUTO 351,701
 9,936 BAJAJ AUTO LIMITED+ 112,849
 17,911 BAJAJ FINSERV 119,792
 13,146 BAYERISCHE MOTOREN WERKE AG 620,310
 21,403 BBA AVIATION PLC+ 54,611
 56,584 BOMBARDIER INCORPORATED 240,190
 110,069 BRUNSWICK CORPORATION 1,105,093
 11,900 CAE INCORPORATED 95,840
 7,000 CALSONIC KANSEI CORPORATION 16,439
 72,000 CHINA HIGH SPEED TRANSMISSION EQUIPMENT GROUP COMPANY LIMITED 170,012
 67,150 CHINA MOTOR COMPANY LIMITED 48,100
 24 CHONGQING CHANGCHUN AUTOMOBILE B CNY1 24
 54,205 CLARCOR INCORPORATED<< 1,727,513

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

83

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
TRANSPORTATION EQUIPMENT (continued)
 42,752 COBHAM PLC $ 157,261
 139 CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES SA 72,560
 106,518 COSCO PACIFIC LIMITED 148,437
 16,000 DAIHATSU MOTOR COMPANY LIMITED 150,301
 36,340 DAIMLER AG 1,839,978
 43,300 DENSO CORPORATION 1,209,735
 490,000 DENWAY MOTORS LIMITED 300,953
 94,900 DRB-HICOM BHD 28,253
 3,600 EXEDY CORPORATION 67,635
 3,300 FCC COMPANY LIMITED 55,280
 28,742 FIAT SPA (COMMON) 424,239
 3,220 FIAT SPA (NON-CONVERTIBLE SAVINGS SHARES) 30,775
 365,679 FORD MOTOR COMPANY+<< 3,250,886
 1,900 FUTABA INDUSTRIAL COMPANY LIMITED 11,891
 27,147 GENERAL DYNAMICS CORPORATION 1,788,987
 69,479 GENUINE PARTS COMPANY 2,489,433
 115 GEORG FISCHER AG 29,882
 58,231 GKN PLC 101,927
 50,845 GOODRICH CORPORATION 3,017,142
 30,336 GROUP 1 AUTOMOTIVE INCORPORATED 765,681
 6,320 GUD HOLDINGS LIMITED 49,318
 101,500 HARLEY-DAVIDSON INCORPORATED<< 2,957,710
 9,987 HERO HONDA MOTORS LIMITED 370,452
 33,000 HINO MOTORS LIMITED 98,496
 150,000 HONDA MOTOR COMPANY LIMITED 4,685,331
 25 HONDA MOTOR COMPANY LIMITED ADR 775
 58,192 HONEYWELL INTERNATIONAL INCORPORATED 2,238,646
 6,000 HONG KONG AIRCRAFT ENGINEERING COMPANY LIMITED 79,664
 7,518 HYUNDAI MOBIS 963,400
 14,631 HYUNDAI MOTOR COMPANY LIMITED 1,245,673
 104,000 ISUZU MOTORS LIMITED 178,066
 75,284 ITT CORPORATION 3,893,688
 2,000 JAPAN AVIATION ELECTRONICS INDUSTRY LIMITED 14,068
 49,486 JOHNSON CONTROLS INCORPORATED 1,338,596
 18,000 JTEKT CORPORATION 176,377
 1,200 KANTO AUTO WORKS LIMITED 9,954
 20,000 KAYABA INDUSTRY COMPANY LIMITED 53,216
 3,500 KEIHIN CORPORATION 49,925
 21,990 KIA MOTORS CORPORATION 324,328
 78,064 KING YUAN ELECTRONICS COMPANY LIMITED 31,901
 9,000 KOITO MANUFACTURING COMPANY LIMITED 133,792
 924 LINAMAR CORPORATION 12,362
 4,400 MAGNA INTERNATIONAL INCORPORATED CLASS A 209,702
 11,342 MARUTI SUZUKI INDIA LIMITED 379,737
 133,000 MAZDA MOTOR CORPORATION 283,110
 310,000 MITSUBISHI MOTORS CORPORATION+ 419,597
 62,000 MITSUI ENGINEERING & SHIPBUILDING COMPANY LIMITED 152,776
 2,336 MTU AERO ENGINES HOLDINGS 119,785
 1,900 MUSASHI SEIMITSU INDUSTRY COMPANY LIMITED 39,477
 21,639 NAVISTAR INTERNATIONAL CORPORATION+ 714,303
 15,000 NGK SPARK PLUG COMPANY LIMITED 161,557
 16,000 NHK SPRING COMPANY LIMITED 142,897
 4,000 NIPPON SEIKI COMPANY LIMITED 34,012
 14,000 NIPPON SHARYO LIMITED 77,256
 206,700 NISSAN MOTOR COMPANY LIMITED 1,496,925
 6,000 NISSAN SHATAI COMPANY LIMITED 50,810
 3,200 NISSIN KOGYO COMPANY LIMITED 47,830
 10,000 NOK CORPORATION 116,150
 4,960 NOKIAN RENKAAT OYJ 125,419
 24,933 NORTHROP GRUMMAN CORPORATION 1,366,328
 53,791 NOVATEK MICROELECTRONICS CORPORATION LIMITED 148,773
 61,148 ORBITAL SCIENCES CORPORATION+ 766,184
 23,600 ORIENTAL HOLDINGS BHD 39,443

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

84

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
TRANSPORTATION EQUIPMENT (continued)
 4,000 PRESS KOGYO COMPANY LIMITED $ 6,386
 1,900 PROSAFE PRODUCTION PUBLIC LIMITED+ 3,884
 12,700 PROTON HOLDINGS BHD 15,161
 4,000 RIKEN CORPORATION 11,893
 73,312 ROLLS ROYCE GROUP PLC 572,273
 2,300 SAAB AB 35,795
 10,290 SAFRAN SA 172,201
 14,000 SANDEN CORPORATION 30,611
 36,757 SANYANG INDUSTRIAL COMPANY LIMITED 17,134
 13,820 SCANIA AB CLASS B 190,305
 61,200 SEMBCORP MARINE LIMITED 154,769
 11,000 SHINMAYWA INDUSTRIES LIMITED 34,105
 1,800 SHOWA CORPORATION 8,663
 86,000 SINOTRUK HONG KONG LIMITED 102,312
 96,200 SOMBOON ADVANCE TECHNOLOGY PCL+ 34,145
 112,156 SPIRIT AEROSYSTEMS HOLDINGS INCORPORATED+ 2,044,604
 3,438 STX SHIPBUILDING COMPANY LIMITED 34,002
 36,000 SUZUKI MOTOR CORPORATION 853,771
 700 TACHI-S COMPANY LIMITED 5,912
 3,800 TAKATA CORPORATION 73,547
 10,088 TATA MOTORS LIMITED ADR<< 144,460
 117,800 TEXTRON INCORPORATED 2,361,890
 13,600 THAI STANLEY ELECTRIC PCL 49,499
 3,692 THALES SA 181,058
 12,763 TOFAS TURK OTOMOBIL FABRIKASI AS 34,077
 5,300 TOKAI RIKA COMPANY LIMITED 109,201
 6,000 TOYODA GOSEI COMPANY LIMITED 164,854
 4,400 TOYOTA AUTO BODY COMPANY LIMITED 80,222
 7,100 TOYOTA BOSHOKU CORPORATION 139,634
 17,400 TOYOTA INDUSTRIES CORPORATION 477,071
 15,349 TRANSDIGN GROUP INCORPORATED 665,379
 100,902 TRINITY INDUSTRIES INCORPORATED 1,904,021
 5,000 TS TECH COMPANY LIMITED 91,682
 46,800 UMW HOLDINGS BHD 86,909
 40,824 UNIMICRON TECHNOLOGY CORPORATION 51,952
 74,970 UNITED TECHNOLOGIES CORPORATION 5,040,983
 2,677 VALEO SA 76,594
 18,900 VOLVO AB CLASS A 179,876
 42,180 VOLVO AB CLASS B 400,833
 279 VOSSLOH AG 28,068
 51,971 WABTEC CORPORATION 2,000,884
 106,000 XINYI GLASS HOLDING COMPANY LIMITED 84,526
 19,300 YAMAHA MOTOR COMPANY LIMITED 225,732
 1,551,500 YARNAPUND PCL 42,935
 106,929 YUE LOONG MOTOR 130,426
 2,058 ZODIAC SA 69,823

 66,878,692
 --------------

TRANSPORTATION SERVICES: 0.44%
 15,364 ANTOFAGASTA PLC 227,604
 2,050 CARGOTEC CORPORATION 53,776
 70,476 CH ROBINSON WORLDWIDE INCORPORATED 3,928,332
 13,655 CIA DE CONCESSOES RODOVIARIAS 294,413
 145,000 COMFORTDELGRO CORPORATION LIMITED 155,058
 1,187 DELEK AUTOMOTIVE SYSTEMS LIMITED 13,669
 34,382 DEUTSCHE POST AG 643,780
 2,000 EXPEDIA INCORPORATED+ 50,960
 88,056 EXPEDITORS INTERNATIONAL WASHINGTON INCORPORATED 2,811,628
 19,115 FIRSTGROUP PLC 123,049
 1,636 FRAPORT AG 81,017
 5,254 FREIGHTWAYS LIMITED 11,930
 51,378 GATX CORPORATION 1,483,283

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

85

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
TRANSPORTATION SERVICES (continued)
 798 GLOVIS COMPANY LIMITED $ 75,490
 1,463 GO-AHEAD GROUP PLC 29,242
 1,110 HAMBURGER HAFEN UND LOGISTIK AG 43,085
 79,122 HERTZ GLOBAL HOLDINGS INCORPORATED+ 775,396
 40,356 HUB GROUP INCORPORATED CLASS A+ 1,067,416
 21,000 KAMIGUMI COMPANY LIMITED 165,687
 1,700 KINTETSU WORLD EXPRESS INCORPORATED 45,135
 1,636 KONINKLIJKE VOPAK NV 128,280
 1,506 KOREA EXPRESS COMPANY LIMITED+ 67,607
 2,100 KUEHNE & NAGEL INTERNATIONAL AG 202,798
 3,000 MARUZEN SHOWA UNYU COMPANY LIMITED 10,412
 5,128 NATIONAL EXPRESS GROUP PLC 14,164
 76,000 NIPPON EXPRESS COMPANY LIMITED 337,621
 782 OESTERREICHISCHE POST AG 21,488
 558 PANALPINA WELTTRANSPORT HOLDINGS AG+ 35,832
 41,000 POS MALAYSIA & SERVICES HOLDINGS BHD 28,522
 1,684 SBS TRANSIT LIMITED 2,069
 138,000 SINGAPORE POST LIMITED 97,218
 101,500 SINOTRANS SHIPPING LIMITED 47,148
 65,000 SMRT CORPORATION LIMITED 82,659
 25,848 STAGECOACH GROUP PLC 61,403
 16,077 TATA MOTORS LIMITED 229,205
 13,632 THE GREAT EASTERN SHIPPING COMPANY LIMITED 79,626
 16,579 THOMAS COOK GROUP PLC 57,821
 14,597 TNT NV 423,458
 4,785 TOGNUM AG 76,591
 51,939 TOLL HOLDINGS LIMITED 386,752
 2,911 TRANSFORCE INCORPORATED 19,032
 3,159 VITERRA INCORPORATED ADR+ 31,533
 9,113 WOTIF.COM HOLDINGS LIMITED 52,584
 2,000 YOKOGAWA BRIDGE HOLDINGS CORPORATION 17,446

 14,591,219
 --------------

TRANSPORTATION-MARINE: 0.01%
 116,600 MISC BHD+ 303,830
 70,800 PRECIOUS SHIPPING PCL 37,056
 31,000 SHIH WEI NAVIGATION COMPANY LIMITED 42,388

 383,274
 --------------

WASTE MANAGEMENT: 0.00%
 4,197 BFI CANADA LIMITED 59,531
 --------------

WATER TRANSPORTATION: 0.34%
 23 A.P. MOLLER-MAERSK A/S 163,353
 52,404 ALEXANDER & BALDWIN INCORPORATED 1,600,942
 43 AP MOLLER-MAERSK AS 314,074
 138,666 BERLIAN LAJU TANKER 9,679
 45,650 CHINA SHIPPING CONTAINER LINES COMPANY LIMITED CLASS H 16,787
 96,000 CHINA SHIPPING DEVELOPMENT COMPANY LIMITED CLASS H 140,964
 43,856 CIA SUDAMERICANA DE VAPORES SA 31,467
 227 COMPAGNIE MARITIME BELGE SA+ 7,209
 268,500 COSCO HOLDINGS 354,071
 1,300 D S NORDEN 53,772
 12,000 DAIICHI CHUO KISEN KAISHA+ 27,210
 524 DS TORM AS 5,498
 303,000 EVERGREEN MARINE CORPORATION (TAIWAN) LIMITED 155,836
 30,000 EZRA HOLDINGS LIMITED 44,870
 2,361 FORTH PORTS PLC 41,560
 34,786 GENCO SHIPPING & TRADING LIMITED<< 816,775
 65,787 GENERAL MARITIME CORPORATION 465,114

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

86

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
WATER TRANSPORTATION (continued)
 9,050 HANJIN SHIPPING COMPANY LIMITED+ $ 128,361
 4,350 HYUNDAI MERCHANT MARINE COMPANY LIMITED 90,906
 4,200 IINO KAIUN KAISHA LIMITED 19,095
 134,600 INTERNATIONAL CONTAINER TERM SERVICES INCORPORATED 66,994
 61,000 JAYA HOLDINGS LIMITED 19,613
 51,000 KAWASAKI KISEN KAISHA LIMITED 148,091
 21,908 KIRBY CORPORATION+ 730,632
 300 KOREA LINE CORPORATION 10,449
 14,000 MALAYSIAN BULK CARRIERS BHD 12,834
 111,400 MISC BHD+ 290,609
 95,000 MITSUI OSK LINES LIMITED 530,831
 80,000 NEPTUNE ORIENT LINES LIMITED 87,283
 97,000 NIPPON YUSEN KABUSHIKI KAISHA 301,863
 4,000 NISSIN CORPORATION 10,180
 19,000 ORIENT OVERSEAS INTERNATIONAL LIMITED 85,928
 29,615 OVERSEAS SHIPHOLDING GROUP INCORPORATED 1,134,551
 155,000 PACIFIC BASIN SHIPPING LIMITED 117,399
 48,131 PETRONET LNG LIMITED 70,259
 2,269 PORT OF TAURANGA LIMITED 11,393
 73,800 REGIONAL CONTAINER LINES PCL+ 22,199
 58,902 ROYAL CARIBBEAN CRUISES LIMITED<< 1,447,222
 284 SCHMITT INDUSTRIES INCORPORATED 25,586
 10,900 SCOMI MARINE BHD 1,526
 2,000 SHINWA KAIUN KAISHA LIMITED 5,484
 35,800 SINCERE NAVIGATION CORPORATION 42,610
 9,000 STX PAN OCEAN COMPANY LIMITED 89,480
 20,000 TAIWAN NAVIGATION COMPANY LIMITED 27,378
 53,113 TEEKAY CORPORATION 1,274,712
 81,840 THORESEN THAI AGENCIES PCL+ 63,389
 58,000 U-MING TRANSPORT CORPORATION 114,994
 107,416 YANG MING MARINE TRANSPORT 37,887

 11,268,919
 --------------

WHOLESALE DISTRIBUTORS: 0.00%
 1,800 MATSUDA SANGYO COMPANY LIMITED 31,319
 4,383 SUPER CHEAP AUTO GROUP LIMITED+ 21,678

 52,997
 --------------

WHOLESALE TRADE NON-DURABLE GOODS: 0.87%
 28,838 AIRGAS INCORPORATED 1,333,758
 3,900 ALFRESA HOLDINGS CORPORATION 169,644
 38,723 BROWN-FORMAN CORPORATION CLASS B 1,981,456
 6,400 CANON MARKETING JAPAN INCORPORATED 93,882
 30,200 CARDINAL HEALTH INCORPORATED 973,346
 90,000 CHINA MENGNIU DAIRY COMPANY 276,966
 1,900 DANISCO AS 117,596
 79,100 DEAN FOODS COMPANY+ 1,257,690
 477 EMS-CHEMIE HOLDINGS AG+ 54,470
 45,547 ENDO PHARMACEUTICALS HOLDINGS INCORPORATED+ 1,003,400
 52,339 FRESH DEL MONTE PRODUCE INCORPORATED+ 1,137,326
 226 GALENICA AG 79,762
 16,039 GREEN MOUNTAIN COFFEE ROASTERS INCORPORATED+ 1,010,136
 37,214 HENRY SCHEIN INCORPORATED+ 1,848,047
 205,869 INCHCAPE PLC 94,118
 12,370 KT&G CORPORATION 717,009
 4,685 LG CHEM LIMITED 844,090
 515 LG HAUSYS LIMITED+ 52,483
 10,885 MEDA AB CLASS A 100,316
 55,162 MEDCO HEALTH SOLUTIONS INCORPORATED+ 3,484,032
 17,300 MEDICEO PALTAC HOLDINGS COMPANY LIMITED 238,966

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

87

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
WHOLESALE TRADE NON-DURABLE GOODS (continued)
 4,337 METRO INCORPORATED $ 149,251
 31,400 NIKE INCORPORATED CLASS B 2,037,546
 65,054 NU SKIN ENTERPRISES INCORPORATED 1,742,146
 630 SOS CUETARA SA 1,750
 92,476 SUPERVALU INCORPORATED 1,278,943
 6,800 SUZUKEN COMPANY LIMITED 248,589
 49,548 SYSCO CORPORATION 1,339,778
 611,100 THAI PETROCHEM 68,380
 6,200 TOHO PHARMACEUTICAL 85,856
 38,836 TRACTOR SUPPLY COMPANY+ 1,813,253
 408,476 UNI-PRESIDENT ENTERPRISES CORPORATION 478,559
 3,248 UNITED DRUG PLC 10,510
 41,822 UNITED NATURAL FOODS INCORPORATED+ 1,054,333
 25,046 UNITED STATIONERS INCORPORATED+ 1,275,843
 12,537 VITERRA INCORPORATED+ 126,510

 28,579,740
 --------------

WHOLESALE TRADE-DURABLE GOODS: 0.79%
 1,800 ABC-MART INCORPORATED+ 56,120
 3,407 ALESCO CORPORATION LIMITED 14,885
 52,190 ARROW ELECTRONICS INCORPORATED+ 1,371,553
 600 AS ONE CORPORATION 11,453
 2,500 AUTOBACS SEVEN COMPANY LIMITED 75,341
 874 BHARAT EARTH MOVERS LIMITED 18,844
 47,944 BORGWARNER INCORPORATED 1,448,388
 3,478 CELESIO AG 91,757
 215,000 CMC MAGNETICS CORPORATION+ 49,041
 8,224 COCA-COLA ICECEK URETIM AS 62,968
 10,191 DAEWOO INTERNATIONAL CORPORATION 282,645
 12,180 DIGITAL CHINA HOLDINGS LIMITED 14,333
 3,900 ENPLAS CORPORATION 72,279
 92,735 ESPRIT HOLDINGS LIMITED 623,414
 6,800 FINNING INTERNATIONAL INCORPORATED 97,161
 3,100 FUJI ELECTRONICS COMPANY LIMITED 26,180
 4,800 HAKUTO COMPANY LIMITED 39,926
 10,381 HALFORDS GROUP 70,275
 6,490 HANWHA CHEMICAL (KOREA) CORPORATION 237,208
 12,000 HANWHA CHEMICAL CORPORATION 39,149
 79,386 HILL-ROM HOLDINGS INCORPORATED 1,760,781
 5,900 HITACHI HIGH-TECHNOLOGIES CORPORATION 96,377
 2,543 HYOSUNG CORPORATION+ 183,705
 2,200 INABA DENKI SANGYO COMPANY LIMITED 53,447
 70,574 INGRAM MICRO INCORPORATED+ 1,199,052
 57,254 INSIGHT ENTERPRISES INCORPORATED+ 581,128
 131,000 ITOCHU CORPORATION 898,693
 6,000 ITOCHU ENEX COMPANY LIMITED 27,001
 24,000 IWATANI INTERNATIONAL CORPORATION 69,135
 11,000 JAPAN PULP & PAPER COMPANY LIMITED 39,195
 8,439 JARDINE CYCLE & CARRIAGE LIMITED 148,048
 9,000 JFE SHOJI HOLDINGS INCORPORATED 29,778
 3,800 KAGA ELECTRONICS COMPANY LIMITED 36,488
 34,000 KANEMATSU CORPORATION+ 25,960
 3,500 KATO SANGYO COMPANY LIMITED 69,320
 3,200 KESKO OYJ B SHARES 108,880
 6,643 KINGSPAN GROUP PLC 58,153
 3,100 KURODA ELECTRIC COMPANY LIMITED 42,785
 30 KYOCERA CORPORATION 2,372
 1,600 LG INTERNATIONAL CORPORATION 40,729
 200,000 LI & FUNG LIMITED 805,156
 21,211 LITE-ON IT CORPORATION 19,445
 58,037 LKQ CORPORATION+ 1,011,585
 1,300 MACNICA INCORPORATED 20,724

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

88

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
WHOLESALE TRADE-DURABLE GOODS (continued)
 18,391 MARTIN MARIETTA MATERIALS INCORPORATED<< $ 1,568,568
 33 MITSUBISHI CORPORATION 1,477
 143,500 MITSUI & COMPANY LIMITED 1,899,167
 263 MITSUI & COMPANY LIMITED ADR 69,353
 10,000 NAGASE & COMPANY LIMITED 121,124
 75,000 NISSHIN STEEL COMPANY LIMITED 111,927
 51,553 OMNICARE INCORPORATED 1,194,999
 44,631 OWENS & MINOR INCORPORATED 1,731,236
 23,214 PHOENIX PRECISION TECHNOLOGY CORPORATION 18,552
 96,960 PREMIER FOODS PLC 52,335
 64,343 PSS WORLD MEDICAL INCORPORATED+ 1,245,037
 27,949 RELIANCE STEEL & ALUMINUM COMPANY 1,142,555
 1,438 RUSSEL METALS INCORPORATED 22,168
 3,100 RYOSHOKU LIMITED 90,733
 800 RYOYO ELECTRO CORPORATION 6,340
 13,631 SAMSUNG CORPORATION 534,549
 98,300 SOJITZ CORPORATION 171,718
 1,291 STRAUSS GROUP LIMITED 18,113
 242,714 SYCAMORE NETWORKS INCORPORATED 686,881
 7,000 TAT HONG HOLDINGS LIMITED 4,805
 2,000 TOKAI CORPORATION 10,296
 2,600 TOMEN ELECTRONICS CORPORATION 25,868
 3,016 TOROMONT INDUSTRIES LIMITED 73,014
 3,700 TOYO CORPORATION 31,590
 18,300 TOYOTA TSUSHO CORPORATION 244,734
 900 TRUSCO NAKAYAMA CORPORATION 13,056
 432 UNI-SELECT INCORPORATED 11,662
 2,100 VALOR COMPANY LIMITED 16,642
 11,224 WOLSELEY PLC 214,189
 87,945 WPG HOLDINGS COMPANY LIMITED 124,625
 25,680 WW GRAINGER INCORPORATED 2,508,936
 2,000 YOKOHAMA REITO COMPANY 13,882
 10,000 YUASA TRADING COMPANY LIMITED 7,915

 26,018,903
 --------------

TOTAL COMMON STOCKS (COST $3,164,940,510) 3,142,130,905
 --------------

RIGHTS: 0.02%
 1,504 CIA GENERAL DE ELECTRICIDAD (ELECTRIC, GAS & SANITARY SERVICES) 55
 16,896 CIA SUDAMERICANA DE VAPORES SA (TRANSPORTATION SERVICES) 1,002
 6,400 DNB NOR ASA (BANKING) 18,750
 1,170 EMPRESAS CMPC S.A. (PAPER & ALLIED PRODUCTS) 11,052
 49,425 FORTIS (BANKING) 0
 15,743 GZI TRANSPORT LIMITED (BUSINESS SERVICE) 264
 84,771 ING GROEP NV (INSURANCE) 210,025
 22,246 IOI CORPORATION BHD (AGRICULTURE PRODUCTION CROPS) 16,472
 2,224 JYSKE BANK A/S (BANKING) 4,757
 4,870 K+S AG (CHEMICALS) 16,307
 5,300 KEMIRA OYJ (CHEMICALS) 7,600
 2,285 KIWI INCOME PROPERTY TRUST (REITS) 2
 814,342 LLOYDS BANKING GROUP PLC (BANKING) 237,792
 27,238 MAPFRE SA (INSURANCE) 409
 11,965 NATIONAL EXPRESS GROUP PLC (TRANSPORTATION SERVICES) 12,401
 1,000 NICOX SA (BIOPHARMACEUTICALS) 1,156
 1,720 OBRASCON HUARTE LAIN SA (ENGINEERING CONSTRUCTION) 3,357
 7,858 PERNOD-RICARD SA (BEVERAGES) 13,404
 9,849 PICCOLO CREDITO VALTELLINESE SCARL (BANKING) 2,819
 922 PROGRAMMED MAINTENANCE SERVICE LIMITED (BUILDING MAINTENANCE) 101
 4,293 QUINTAIN ESTATES & DEVELOPMENT PLC (REAL ESTATE) 1,236

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

89

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
RIGHTS (continued)
 208 STX CORPORATION (TRANSPORTATION EQUIPMENT) $ 259

TOTAL RIGHTS (COST $1,235,439) 559,220
 --------------

WARRANTS: 0.00%
 2,479 BEACH ENERGY LIMITED (OIL & GAS EXTRACTION) 43
 1,583 BURU ENERGY LIMITED (OIL & GAS EXTRACTION) 7
 15,346 GOLDEN AGRI-RESOURCES LIMITED (AGRICULTURE SERVICES) 1,164
 2,200 GOODPACK LIMITED (TRANPORTATION EQUIPMENT) 1,415
 3,300 IJM LAND BHD (REAL ESTATE) 1,148
 203,875 MATAHARI PUTRA PRIMA (GENERAL MERCHANDISE STORES) 1,423
 11,007 MEDIOBANCA SPA (BANKING) 1,592
 17,515 OSIM INTERNATIONAL LIMITED (MEASURING, ANALYZING, &
 CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS) 1,455
 321 RESOLUTE MINING LIMITED (METAL MINING) 165
 700 TAT HONG HOLDINGS LIMITED (WHOLESALE TRADE-DURABLE GOODS) 30
 16,423 UNIONE DI BANCHE ITALIANE SCPA (DEPOSITORY INSTITUTIONS) 1,184

TOTAL WARRANTS (COST $1,481) 9,626
 --------------

PREFERRED STOCKS: 0.99%
 78,069 ALL AMERICA LATINA LOGISTICA 108,954
 164,350 BANCO BRADESCO SA (DEPOSITORY INSTITUTIONS) 3,417,132
 255,332 BANCO ITAU HOLDING FINANCEIRA SA (DEPOSITORY INSTITUTIONS) 5,519,709
 2,478 BAYERISCHE MOTOREN WERKE AG 81,635
 588 BOSS (HUGO) AG PRF NPV 20,687
 23,600 BRADESPAR SA 520,262
 16,191 BRASIL TELECOM SA NEW PRF SHS NPV 156,701
 557 CASINO GUICHARD PERRACHON SA (FOOD STORES) 40,564
 19,900 CENTRAIS ELECTRICAS BRASILEIRAS SA PREFERRED B 286,456
 16,894 CIA DE BEBIDAS DAS AMERICAS (BREWERY) 1,611,931
 36,314 CIA ENERGETICA DE MINAS GERAIS (ELECTRONIC & OTHER ELECTRICAL
 EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 622,644
 218,630 COMPANHIA VALE DO RIO DOCE CLASS A (METAL MINING) 5,276,761
 8,213 EMBOTELLADORA ANDINA SA CLASS A (FOOD & KINDRED PRODUCTS) 21,459
 7,326 EMBOTELLADORA ANDINA SA CLASS B (FOOD & KINDRED PRODUCTS) 22,822
 1,069 FIAT SPA (PREFERRED) 9,366
 3,183 FRESENIUS AG 212,494
 264 FUCHS PETROLUB AG 24,462
 70,502 GERDAU SA (PRIMARY METAL INDUSTRIES) 1,088,353
 7,056 HENKEL KGAA PREFERRED 355,460
 1,022 HONG KONG ENERGY HOLDINGS LIMITED (ENERGY) 75
 337,096 INVESTIMENTOS ITAU SA 2,152,575
 518 ISTITUTO FINANZIARIO INDUSTRIALE SPA 5,569
 357 MACQUARIE AIRPORT CONVERTIBLE BOND 35,166
 5,767 MALAYSIAN AIRLINE (TRANSPORTATION BY AIR) 1,351
 28,556 METALURGICA GERDAU SA (PRIMARY METAL INDUSTRIES) 537,611
 333,304 PETROLEO BRASILEIRO SA (OIL & GAS EXTRACTION) 7,366,673
 3,463 PORSCHE AG 241,014
 786 PROSIEBENSAT.1 MEDIA AG 10,233
 1,544 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 130,224
 67 SHINKIN CENTRAL BANK 111,227
 34,080 TA GLOBAL BHD PREFERRED STOCK 3,817
 25,477 TELE NORTE LESTE PARTICIPACOES SA (COMMUNICATIONS) 535,518
 3,803 TELECOMUNICACOES DE SAO PAULO SA (COMMUNICATIONS) 93,477
 3,078 TELEMAR NORTE LESTE SA 112,565
 68,500 TIM PARTICIPACOES SA 181,444
 18,590 UNIPOL (INSURANCE COMPANIES) 16,399
 27,101 USINAS SIDERURGICAS DE MINAS GERAIS SA CLASS A (PRIMARY METAL
 INDUSTRIES) 790,414
 15,877 VIVO PARTICIPACOES SA 475,089

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

90

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

SHARES SECURITY NAME VALUE
PREFERRED STOCKS (continued)
 3,682 VOLKSWAGEN AG (TRANSPORTATION EQUIPMENT) $ 312,372

TOTAL PREFERRED STOCKS (COST $25,207,783) 32,510,665
 --------------

COLLATERAL FOR SECURITIES LENDING: 4.23%

COLLATERAL INVESTED IN MONEY MARKET FUNDS: 0.65%
 5,312,905 AIM STIT-LIQUID ASSETS PORTFOLIO 5,312,905
 5,312,905 BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO 5,312,905
 5,312,905 DREYFUS CASH MANAGEMENT FUND INSTITUTIONAL 5,312,905
 5,312,905 DWS MONEY MARKET SERIES INSTITUTIONAL 5,312,905

 21,251,620
 --------------

PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL INVESTED IN OTHER ASSETS: 3.58%
$ 1,180,646 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.26% 12/07/2009 1,180,646
 421,659 AMSTEL FUNDING CORPORATION++(P) 1.25 12/18/2009 421,410
 421,659 ANTALIS US FUNDING CORPORATION++(P) 0.18 12/03/2009 421,655
 1,264,977 ANTALIS US FUNDING CORPORATION++(P) 0.20 12/04/2009 1,264,956
 1,011,982 ARABELLA FINANCE LLC++(P) 0.35 12/01/2009 1,011,982
 1,465,265 ARABELLA FINANCE LLC++(P) 0.40 12/03/2009 1,465,233
 42,166 ARABELLA FINANCE LLC++(P) 0.40 12/04/2009 42,165
 843,318 ASPEN FUNDING CORPORATION++(P) 0.18 12/21/2009 843,234
 1,686,637 BANK OF AMERICA 0.18 12/23/2009 1,686,451
 12,063,668 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED
 BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $12,063,722) 0.16 12/01/2009 12,063,668
 1,264,977 BANK OF IRELAND 0.35 12/01/2009 1,264,977
 1,011,982 BANK OF IRELAND 0.50 12/02/2009 1,011,982
 2,108,296 BANK OF MONTREAL (CHICAGO) 0.18 12/16/2009 2,108,296
 421,659 BARTON CAPITAL CORPORATION++(P) 0.18 12/01/2009 421,659
 210,830 BELMONT FUNDING LLC++(P) 0.50 12/01/2009 210,830
 1,011,982 BNP PARIBAS (NEW YORK) 0.21 12/08/2009 1,011,988
 1,011,982 BNP PARIBAS (NEW YORK) 0.21 12/14/2009 1,011,993
 2,529,955 BRYANT BANK FUNDING++ 0.18 12/23/2009 2,529,676
 337,327 CALCASIEU PARISH LA+/-SS. 0.40 12/01/2027 337,327
 463,825 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-SS. 0.35 06/01/2028 463,825
 2,108,296 CHARTA LLC++(P) 0.17 12/09/2009 2,108,216
 223,269 COLORADO HOUSING & FINANCE AUTHORITY+/-(I) 0.30 10/01/2038 223,269
 674,655 COOK COUNTY IL+/-SS. 0.40 11/01/2030 674,655
 3,765,753 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102%
 COLLATERALIZED BY MORTGAGE BACKED SECURITIES
 (MATURITY VALUE $3,765,771) 0.17 12/01/2009 3,765,753
 1,517,973 DENVER CO CITY & COUNTY SCHOOL DISTRICT+/-SS. 0.40 12/15/2037 1,517,973
 1,011,982 DEXIA CREDIT LOCAL DE FRANCE SA 0.26 12/02/2009 1,011,982
 1,222,811 DEXIA CREDIT LOCAL DE FRANCE SA 0.26 12/07/2009 1,222,811
 1,011,982 DEXIA CREDIT LOCAL DE FRANCE SA 0.27 12/04/2009 1,011,982
 2,108,296 E.ON AG++ 0.17 12/21/2009 2,108,097
 1,711,936 ENI FINANCE USA INCORPORATED++ 0.18 12/09/2009 1,711,868
 402,178 FAIRWAY FINANCE CORPORATION++(P) 0.18 12/07/2009 402,166
 2,192,627 FORTIS FUNDING LLC++ 0.20 12/29/2009 2,192,286
 1,939,632 GDF SUEZ++ 0.17 12/15/2009 1,939,504
 1,686,637 GEMINI SECURITIZATION INCORPORATED++(P) 0.18 12/10/2009 1,686,561
 3,359,780 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED
 BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $3,359,796) 0.17 12/01/2009 3,359,780
 421,659 GRAMPIAN FUNDING++(P) 0.25 12/03/2009 421,653
 2,023,964 GRAMPIAN FUNDING++(P) 0.28 12/15/2009 2,023,743
 7,028,940 GRYPHON FUNDING LIMITED(A)(I) 0.00 08/05/2010 2,614,063
 139,148 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-SS. 0.30 11/01/2042 139,148
 1,264,977 HOUSTON TX UTILITY SYSTEM+/-SS. 0.27 05/15/2034 1,264,977

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

91

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 421,659 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-SS. 0.30% 07/01/2029 $ 421,659
 168,664 INDIANA MUNICIPAL POWER AGENCY+/-SS. 0.29 01/01/2018 168,664
 421,659 ING USA FUNDING LLC 0.18 12/09/2009 421,642
 1,686,637 ING USA FUNDING LLC 0.19 12/07/2009 1,686,583
 10,391,874 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED
 BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $10,391,923) 0.17 12/01/2009 10,391,874
 1,264,977 JUPITER SECURITIZATION CORPORATION++(P) 0.18 12/02/2009 1,264,971
 252,995 KANSAS CITY MO SPECIAL OBLIGATION+/-SS. 0.29 04/15/2025 252,995
 2,529,955 KBC BANK NV BRUSSELS 0.18 12/01/2009 2,529,955
 337,327 LLOYDS TSB BANK PLC 0.18 12/17/2009 337,300
 1,686,637 LLOYDS TSB BANK PLC (NEW YORK) 0.20 12/07/2009 1,686,637
 725,254 LMA AMERICAS LLC++(P) 0.18 12/11/2009 725,217
 379,493 LMA AMERICAS LLC++(P) 0.18 12/17/2009 379,463
 1,264,977 LMA AMERICAS LLC++(P) 0.19 12/21/2009 1,264,844
 379,493 LOUISIANA PUBLIC FACILITIES AUTHORITY 0.19 10/01/2033 379,493
 2,787,167 MASSACHUSETTS HEFA+/-SS. 0.25 10/01/2034 2,787,167
 303,595 MONTGOMERY COUNTY TN PUBLIC BUILDING+/-SS. 0.24 02/01/2036 303,595
 1,602,305 NATIXIS 0.27 12/07/2009 1,602,313
 168,664 NEW JERSEY STATE TURNPIKE AUTHORITY+/-SS. 0.31 01/01/2018 168,664
 1,977,581 NEW YORK STATE DORMITORY AUTHORITY 0.22 07/01/2034 1,977,581
 1,467,374 NEWPORT BEACH CALIFORNIA REVENUE 0.24 12/01/2040 1,467,374
 2,109,055 NEWPORT FUNDING CORPORATION++(P) 0.18 12/15/2009 2,108,907
 536,350 NORTH DAKOTA HOUSING FINANCE AGENCY+/-SS. 0.30 01/01/2034 536,350
 1,255,279 RBS SECURITIES INCORPORATED REPURCHASE AGREEMENT - 102%
 COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY
 VALUE $1,255,285) 0.18 12/01/2009 1,255,279
 295,161 REGENCY MARKETS #1 LLC++(P) 0.18 12/04/2009 295,157
 674,655 REGENCY MARKETS #1 LLC++(P) 0.20 12/09/2009 674,625
 1,855,300 ROYAL BANK OF SCOTLAND PLC 0.20 12/02/2009 1,855,290
 1,180,646 SAN ANTONIO TX EDUCATION FACILITIES CORPORATION+/-SS. 0.20 12/01/2028 1,180,646
 2,108,296 SOCIETE GENERALE NORTH AMERICA 0.19 12/10/2009 2,108,196
 105,415 STARBIRD FUNDING CORPORATION++(P) 0.15 12/01/2009 105,415
 1,686,637 STARBIRD FUNDING CORPORATION++(P) 0.20 12/03/2009 1,686,618
 581,890 TICONDEROGA MASTER FUNDING LIMITED++(P) 0.18 12/17/2009 581,843
 84,332 TULIP FUNDING CORPORATION++(P) 0.19 12/07/2009 84,329
 1,686,637 TULIP FUNDING CORPORATION++(P) 0.19 12/10/2009 1,686,556
 758,986 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-SS. 0.24 07/01/2032 758,986
 1,796,268 UBS AG (STAMFORD CT) 0.31 12/04/2009 1,796,287
 2,529,955 UNICREDITO ITALIANO (NEW YORK) 0.25 01/04/2010 2,529,967
 252,995 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-SS. 0.29 12/15/2040 252,995
 8,956,273 VFNC CORPORATION++ 0.47 09/30/2010 4,478,137
 105,415 VICTORY RECEIVABLES CORPORATION++(P) 0.15 12/01/2009 105,415
 1,264,977 VICTORY RECEIVABLES CORPORATION++(P) 0.19 12/08/2009 1,264,927
 3,962,706 WHITE PINE FINANCE LLC+++/- 0.22 02/22/2008 0

 117,738,356
 --------------

TOTAL COLLATERAL FOR SECURITIES LENDING** (COST $138,233,065) 138,989,976
 --------------
SHARES

SHORT-TERM INVESTMENTS: 2.78%
 91,285,951 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~++ 91,285,951
 --------------

TOTAL SHORT-TERM INVESTMENTS (COST $91,285,951) 91,285,951
 --------------

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

92

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED STOCK PORTFOLIO

TOTAL INVESTMENTS IN SECURITIES
(COST $3,420,904,229)* 103.63% $3,405,486,343

OTHER ASSETS AND LIABILITIES, NET (3.63) (119,221,615)
 ------------- --------------

TOTAL NET ASSETS 100.00% $3,286,264,728
 ------------- --------------

+ NON-INCOME EARNING SECURITIES.

<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN.

++ SECURITIES THAT MAY BE RESOLD TO "QUALIFIED INSTITUTIONAL BUYERS" UNDER RULE 144A OR SECURITIES OFFERED PURSUANT TO SECTION 4(2) OF THE SECURITIES ACT OF 1933, AS AMENDED.

(L) LONG-TERM SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $10,616,505.

(A) SECURITY FAIR VALUED IN ACCORDANCE WITH THE PROCEDURES APPROVED BY THE
BOARD OF TRUSTEES.

+/- VARIABLE RATE INVESTMENTS.

= THIS SECURITY IS CURRENTLY IN DEFAULT WITH REGARDS TO SCHEDULED INTEREST
AND/OR PRINCIPAL PAYMENTS.

(I) ILLIQUID SECURITY.

(P) ASSET-BACKED COMMERCIAL PAPER.

SS. THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE EFFECTIVE MATURITY.

** SECURITIES PURCHASED WITH CASH COLLATERAL FROM SECURITIES OUT-ON-LOAN. THE
FUND HAS ALSO RECEIVED NON-CASH COLLATERAL IN THE AMOUNT OF $0. THE TOTAL COLLATERAL RECEIVED REPRESENTS 0.00% OF THE VALUE OF THE PORTFOLIO SECURITIES LOANED.

~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE WELLS FARGO ADVANTAGE MONEY MARKET FUND DOES NOT PAY AN INVESTMENT ADVISORY FEE.

++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $91,285,951

* COST FOR FEDERAL INCOME TAX PURPOSES IS $3,421,764,157 AND NET UNREALIZED APPRECIATION (DEPRECIATION) CONSISTS OF:

GROSS UNREALIZED APPRECIATION $242,886,405
GROSS UNREALIZED DEPRECIATION (259,164,219)
 -------------
NET UNREALIZED DEPRECIATION $(16,277,814)

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

93

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
CORPORATE BONDS & NOTES: 22.52%

AEROSPACE, DEFENSE: 0.07%
$ 140,000 BOEING COMPANY 4.88% 02/15/2020 $ 145,640
 1,000,000 BOEING COMPANY 5.00 03/15/2014 647,499
 30,000 BOEING COMPANY 5.88 02/15/2040 31,875
 180,000 BOEING COMPANY 6.13 02/15/2033 195,124
 500,000 L-3 COMMUNICATIONS CORPORATION++ 5.20 10/15/2019 515,845

 1,535,983
 --------------

AGRICULTURE: 0.09%
 1,000,000 ALTRIA GROUP INCORPORATED 9.25 08/06/2019 1,220,920
 500,000 ARCHER-DANIELS-MIDLAND COMPANY 5.94 10/01/2032 528,040
 150,000 BUNGE LIMITED FINANCE CORPORATION 5.10 07/15/2015 151,247

 1,900,207
 --------------

APPAREL & ACCESSORY STORES: 0.01%
 65,000 KOHL'S CORPORATION 6.00 01/15/2033 66,222
 60,000 NORDSTROM INCORPORATED 6.75 06/01/2014 67,752

 133,974
 --------------

APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 0.01%
 100,000 VF CORPORATION 5.95 11/01/2017 111,079
 --------------

AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.02%
 150,000 AUTOZONE INCORPORATED 5.75 01/15/2015 164,224
 100,000 AUTOZONE INCORPORATED 6.50 01/15/2014 110,959
 250,000 JOHNSON CONTROLS INCORPORATED 5.50 01/15/2016 262,444

 537,627
 --------------

AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.00%
 100,000 RYDER SYSTEM INCORPORATED SERIES MTN 5.85 03/01/2014 105,908
 --------------

BEVERAGES: 0.21%
 200,000 ANHEUSER-BUSCH COMPANIES INCORPORATED 5.50 01/15/2018 209,308
 500,000 ANHEUSER-BUSCH INBEV WORLDWIDE INCORPORATED++ 3.00 10/15/2012 508,148
 625,000 ANHEUSER-BUSCH INBEV WORLDWIDE INCORPORATED++ 4.13 01/15/2015 639,567
 900,000 ANHEUSER-BUSCH INBEV WORLDWIDE INCORPORATED++ 5.38 01/15/2020 944,897
 400,000 ANHEUSER-BUSCH INBEV WORLDWIDE INCORPORATED++ 6.38 01/15/2040 427,035
 500,000 COCA-COLA ENTERPRISES INCORPORATED 4.50 08/15/2019 517,464
 100,000 DIAGEO FINANCE BV 3.25 01/15/2015 101,651
 1,000,000 PEPSICO INCORPORATED 3.75 03/01/2014 1,053,728

 4,401,798
 --------------

BIOTECHNOLOGY: 0.05%
 1,000,000 AMGEN INCORPORATED 5.70 02/01/2019 1,111,425
 --------------

BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.01%
 65,000 MDC HOLDINGS INCORPORATED 5.38 07/01/2015 66,569
 65,000 TOLL BROTHERS FINANCE CORPORATION 5.15 05/15/2015 61,979

 128,548
 --------------

BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 0.18%
 150,000 BROWN-FORMAN CORPORATION 5.20 04/01/2012 161,855
 180,000 CRH AMERICA INCORPORATED 5.30 10/15/2013 189,559
 100,000 CRH AMERICA INCORPORATED 5.63 09/30/2011 105,772

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

1

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS (continued)
$ 50,000 CRH AMERICA INCORPORATED 6.00% 09/30/2016 $ 52,601
 200,000 CRH AMERICA INCORPORATED 8.13 07/15/2018 234,278
 100,000 HOME DEPOT INCORPORATED 5.20 03/01/2011 104,318
 550,000 HOME DEPOT INCORPORATED 5.25 12/16/2013 594,315
 680,000 HOME DEPOT INCORPORATED 5.40 03/01/2016 724,936
 750,000 HOME DEPOT INCORPORATED 5.88 12/16/2036 737,513
 400,000 LOWE'S COMPANIES INCORPORATED 5.00 10/15/2015 448,057
 75,000 LOWE'S COMPANIES INCORPORATED 6.50 03/15/2029 84,387
 350,000 LOWE'S COMPANIES INCORPORATED 6.65 09/15/2037 410,850

 3,848,441
 --------------

BUSINESS SERVICES: 0.31%
 150,000 COMPUTER SCIENCES CORPORATION SERIES WI 6.50 03/15/2018 167,790
 180,000 ELECTRONIC DATA SYSTEMS CORPORATION SERIES B 6.00 08/01/2013 202,667
 100,000 FISERV INCORPORATED 6.13 11/20/2012 110,179
 100,000 FISERV INCORPORATED 6.80 11/20/2017 113,195
 1,725,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTNA 6.00 06/15/2012 1,876,653
 500,000 INTERNATIONAL LEASE FINANCE CORPORATION 6.38 03/25/2013 402,494
 300,000 INTERNATIONAL LEASE FINANCE CORPORATION SERIES MTN 5.30 05/01/2012 255,755
 130,000 INTERNATIONAL LEASE FINANCE CORPORATION SERIES MTN 5.65 06/01/2014 99,032
 690,000 MICROSOFT CORPORATION 2.95 06/01/2014 711,731
 175,000 MICROSOFT CORPORATION 4.20 06/01/2019 182,236
 110,000 MICROSOFT CORPORATION 5.20 06/01/2039 113,030
 200,000 OMNICOM GROUP INCORPORATED 6.25 07/15/2019 220,977
 500,000 ORACLE CORPORATION 3.75 07/08/2014 525,642
 300,000 ORACLE CORPORATION 5.00 07/08/2019 319,273
 750,000 ORACLE CORPORATION 5.75 04/15/2018 834,053
 200,000 ORACLE CORPORATION 6.13 07/08/2039 218,775
 250,000 ORACLE CORPORATION 6.50 04/15/2038 285,680

 6,639,162
 --------------

CHEMICALS: 0.14%
 500,000 DOW CHEMICAL COMPANY 4.85 08/15/2012 528,519
 100,000 DOW CHEMICAL COMPANY 6.00 10/01/2012 108,851
 100,000 DOW CHEMICAL COMPANY 7.38 11/01/2029 107,353
 685,000 DOW CHEMICAL COMPANY 7.60 05/15/2014 777,724
 1,155,000 DOW CHEMICAL COMPANY 8.55 05/15/2019 1,365,041
 135,000 DOW CHEMICAL COMPANY 9.40 05/15/2039 173,119

 3,060,607
 --------------

CHEMICALS & ALLIED PRODUCTS: 0.77%
 150,000 ABBOTT LABORATORIES 5.60 05/15/2011 160,547
 1,000,000 ABBOTT LABORATORIES 5.60 11/30/2017 1,119,403
 150,000 ABBOTT LABORATORIES 5.88 05/15/2016 170,841
 300,000 ABBOTT LABORATORIES 6.00 04/01/2039 332,491
 150,000 AIR PRODUCTS & CHEMICALS INCORPORATED 4.38 08/21/2019 155,095
 100,000 AMGEN INCORPORATED 6.38 06/01/2037 113,414
 250,000 AMGEN INCORPORATED 6.40 02/01/2039 287,703
 750,000 BRISTOL-MYERS SQUIBB COMPANY 5.88 11/15/2036 811,472
 100,000 CABOT CORPORATION 5.00 10/01/2016 101,642
 150,000 CLOROX COMPANY 5.00 03/01/2013 160,691
 300,000 CLOROX COMPANY 5.00 01/15/2015 326,804
 100,000 CLOROX COMPANY 5.45 10/15/2012 109,292
 90,000 CLOROX COMPANY 5.95 10/15/2017 98,922
 40,000 COLGATE-PALMOLIVE COMPANY 3.15 08/05/2015 41,739
 100,000 COLGATE-PALMOLIVE COMPANY SERIES MTN 5.20 11/07/2016 112,580
 565,000 E.I. DU PONT DE NEMOURS & COMPANY 4.88 04/30/2014 617,212
 200,000 E.I. DU PONT DE NEMOURS & COMPANY 5.00 07/15/2013 220,272
 50,000 E.I. DU PONT DE NEMOURS & COMPANY 5.25 12/15/2016 54,343

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

2

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
CHEMICALS & ALLIED PRODUCTS (continued)
$ 25,000 E.I. DU PONT DE NEMOURS & COMPANY 5.60% 12/15/2036 $ 25,997
 625,000 E.I. DU PONT DE NEMOURS & COMPANY 6.00 07/15/2018 708,014
 200,000 EASTMAN CHEMICAL COMPANY 7.60 02/01/2027 223,636
 200,000 EI DU PONT DE NEMOURS & COMPANY 3.25 01/15/2015 203,315
 750,000 EI DU PONT DE NEMOURS & COMPANY 4.50 08/15/2019 788,491
 200,000 EI DU PONT DE NEMOURS & COMPANY 4.63 01/15/2020 203,315
 800,000 ELI LILLY & COMPANY 4.20 03/06/2014 857,512
 100,000 ESTEE LAUDER COMPANY INCORPORATED 7.75 11/01/2013 117,042
 500,000 GLAXOSMITHKLINE CAPITAL INCORPORATED 4.85 05/15/2013 545,837
 45,000 HOSPIRA INCORPORATED SERIES GMTN 6.40 05/15/2015 50,955
 250,000 JOHNSON & JOHNSON 5.55 08/15/2017 282,960
 300,000 JOHNSON & JOHNSON 5.85 07/15/2038 338,570
 65,000 LUBRIZOL CORPORATION 5.50 10/01/2014 70,997
 250,000 MERCK & COMPANY INCORPORATED 1.88 06/30/2011 253,824
 250,000 MERCK & COMPANY INCORPORATED 5.00 06/30/2019 269,325
 150,000 MERCK & COMPANY INCORPORATED 5.85 06/30/2039 165,129
 250,000 MERCK & COMPANY INCORPORATED 6.30 01/01/2026 280,210
 100,000 MONSANTO COMPANY 5.50 08/15/2025 103,986
 1,060,000 POTASH CORPORATION OF SASKATCHEWAN INCORPORATED 3.75 09/30/2015 1,081,893
 55,000 POTASH CORPORATION OF SASKATCHEWAN INCORPORATED 4.88 03/30/2020 55,907
 50,000 PPG INDUSTRIES INCORPORATED 5.75 03/15/2013 54,147
 100,000 PPG INDUSTRIES INCORPORATED 6.65 03/15/2018 111,614
 75,000 PRAXAIR INCORPORATED 5.38 11/01/2016 83,336
 150,000 PRAXAIR INCORPORATED 6.38 04/01/2012 166,609
 750,000 PROCTER & GAMBLE COMPANY 3.50 02/15/2015 786,266
 125,000 PROCTER & GAMBLE COMPANY 4.60 01/15/2014 136,170
 500,000 PROCTER & GAMBLE COMPANY 4.85 12/15/2015 561,792
 100,000 PROCTER & GAMBLE COMPANY 5.80 08/15/2034 108,870
 120,000 SCHERING-PLOUGH CORPORATION 6.50 12/01/2033 139,425
 225,000 SCHERING-PLOUGH CORPORATION 6.55 09/15/2037 265,636
 200,000 TEVA PHARMACEUTICAL FINANCE LLC 6.15 02/01/2036 209,900
 100,000 VALSPAR CORPORATION 7.25 06/15/2019 110,117
 125,000 WATSON PHARMACEUTICALS INCORPORATED 5.00 08/15/2014 129,976
 130,000 WATSON PHARMACEUTICALS INCORPORATED 6.13 08/15/2019 138,042
 500,000 WYETH 5.45 04/01/2017 549,157
 180,000 WYETH 5.50 02/15/2016 200,009
 625,000 WYETH 6.00 02/15/2036 686,523
 300,000 WYETH 6.95 03/15/2011 322,980

 16,381,947
 --------------

COMMERCIAL SERVICES: 0.09%
 500,000 BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY 4.75 05/01/2019 530,765
 100,000 EQUIFAX INCORPORATED 4.45 12/01/2014 102,648
 500,000 PRINCETON UNIVERSITY 5.70 03/01/2039 533,395
 500,000 WESTERN UNION COMPANY 6.50 02/26/2014 570,296
 225,000 YALE UNIVERSITY 2.90 10/15/2014 230,693

 1,967,797
 --------------

COMMUNICATIONS: 2.07%
 65,000 AMERICA MOVIL SA DE CV 6.38 03/01/2035 69,465
 100,000 AMERICAN TOWER CORPORATION++ 4.63 04/01/2015 103,105
 1,200,000 AMERICAN TOWER CORPORATION 5.25 04/15/2013 1,310,918
 1,000,000 AT&T INCORPORATED 4.95 01/15/2013 1,081,558
 325,000 AT&T INCORPORATED 5.10 09/15/2014 353,886
 1,000,000 AT&T INCORPORATED 5.50 02/01/2018 1,059,131
 500,000 AT&T INCORPORATED 5.60 05/15/2018 532,830
 300,000 AT&T INCORPORATED 6.25 03/15/2011 319,162
 1,500,000 AT&T INCORPORATED 6.30 01/15/2038 1,558,560
 570,000 AT&T INCORPORATED 6.50 09/01/2037 605,812
 500,000 AT&T INCORPORATED 6.55 02/15/2039 539,800

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

3

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COMMUNICATIONS (continued)
$ 1,700,000 AT&T INCORPORATED 6.70% 11/15/2013 $ 1,949,276
 1,050,000 AT&T INCORPORATED 8.00 11/15/2031 1,289,533
 360,000 AT&T WIRELESS 7.88 03/01/2011 389,362
 1,000,000 AT&T WIRELESS 8.13 05/01/2012 1,147,203
 600,000 AT&T WIRELESS 8.75 03/01/2031 787,834
 250,000 BELLSOUTH CAPITAL FUNDING CORPORATION 7.88 02/15/2030 294,610
 325,000 BELLSOUTH CORPORATION 5.20 09/15/2014 355,018
 180,000 BELLSOUTH CORPORATION 6.00 11/15/2034 178,841
 180,000 BELLSOUTH CORPORATION 6.55 06/15/2034 189,053
 180,000 BRITISH TELEPHONE PLC 9.13 12/15/2010 193,210
 180,000 CBS CORPORATION 4.63 05/15/2018 164,895
 200,000 CBS CORPORATION 8.88 05/15/2019 232,369
 1,250,000 CELLCO PARTNERSHIP / VERIZON WIRELESS CAPITAL LLC 3.75 05/20/2011 1,294,871
 1,000,000 CELLCO PARTNERSHIP / VERIZON WIRELESS CAPITAL LLC 5.55 02/01/2014 1,102,058
 500,000 CELLCO PARTNERSHIP / VERIZON WIRELESS CAPITAL LLC 8.50 11/15/2018 638,720
 100,000 CENTURYTEL INCORPORATED 5.00 02/15/2015 102,029
 240,000 CENTURYTEL INCORPORATED 6.00 04/01/2017 249,319
 250,000 CISCO SYSTEMS INCORPORATED 4.45 01/15/2020 254,910
 350,000 CISCO SYSTEMS INCORPORATED 5.50 01/15/2040 348,894
 365,000 COMCAST CABLE COMMUNICATIONS HOLDINGS INCORPORATED 8.38 03/15/2013 427,306
 350,000 COMCAST CABLE HOLDINGS LLC 7.13 02/15/2028 371,940
 100,000 COMCAST CORPORATION 4.95 06/15/2016 104,413
 1,300,000 COMCAST CORPORATION 5.30 01/15/2014 1,401,553
 1,000,000 COMCAST CORPORATION 5.70 07/01/2019 1,068,334
 75,000 COMCAST CORPORATION 5.88 02/15/2018 80,401
 225,000 COMCAST CORPORATION 5.90 03/15/2016 245,513
 500,000 COMCAST CORPORATION 6.30 11/15/2017 552,511
 150,000 COMCAST CORPORATION 6.45 03/15/2037 156,509
 200,000 COMCAST CORPORATION 6.50 11/15/2035 209,544
 650,000 COMCAST CORPORATION 6.55 07/01/2039 690,729
 400,000 COMCAST CORPORATION 6.95 08/15/2037 443,984
 180,000 COX COMMUNICATIONS INCORPORATED 5.45 12/15/2014 195,962
 300,000 COX COMMUNICATIONS INCORPORATED 7.13 10/01/2012 338,915
 1,000,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 5.25 07/22/2013 1,080,292
 500,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 6.00 07/08/2019 547,658
 620,000 DIRECTV HOLDINGS LLC 7.63 05/15/2016 668,050
 350,000 EMBARQ CORPORATION 7.08 06/01/2016 388,942
 500,000 EMBARQ CORPORATION 8.00 06/01/2036 525,330
 300,000 QWEST CORPORATION 6.88 09/15/2033 255,000
 500,000 QWEST CORPORATION 7.50 06/15/2023 457,500
 35,000 QWEST CORPORATION++ 8.38 05/01/2016 36,575
 65,000 REED ELSEVIER CAPITAL INCORPORATED 4.63 06/15/2012 68,470
 1,000,000 ROGERS COMMUNICATIONS INCORPORATED 6.80 08/15/2018 1,147,608
 415,000 TELECOM ITALIA CAPITAL SA 5.25 11/15/2013 442,735
 350,000 TIME WARNER CABLE INCORPORATED 5.40 07/02/2012 377,182
 150,000 TIME WARNER CABLE INCORPORATED 5.85 05/01/2017 159,901
 250,000 TIME WARNER CABLE INCORPORATED 6.55 05/01/2037 259,425
 1,000,000 TIME WARNER CABLE INCORPORATED 6.75 07/01/2018 1,116,301
 500,000 TIME WARNER CABLE INCORPORATED 6.75 06/15/2039 531,379
 150,000 TIME WARNER CABLE INCORPORATED 7.50 04/01/2014 174,114
 150,000 TIME WARNER CABLE INCORPORATED 8.25 02/14/2014 177,537
 150,000 TIME WARNER CABLE INCORPORATED 8.25 04/01/2019 182,577
 100,000 TIME WARNER CABLE INCORPORATED 8.75 02/14/2019 124,341
 250,000 TIME WARNER COMPANIES INCORPORATED 7.57 02/01/2024 281,185
 150,000 TIME WARNER ENTERTAINMENT COMPANY LP 8.38 07/15/2033 179,979
 1,000,000 TIME WARNER INCORPORATED 5.88 11/15/2016 1,094,925
 50,000 TIME WARNER INCORPORATED 6.50 11/15/2036 53,109
 360,000 TIME WARNER INCORPORATED 6.88 05/01/2012 399,185
 325,000 TIME WARNER INCORPORATED 7.63 04/15/2031 376,842
 300,000 TIME WARNER INCORPORATED 7.70 05/01/2032 351,647
 300,000 VERIZON (NEW JERSEY) INCORPORATED SERIES A 5.88 01/17/2012 322,813
 250,000 VERIZON COMMUNICATIONS INCORPORATED 6.25 04/01/2037 262,127
 500,000 VERIZON COMMUNICATIONS INCORPORATED 6.35 04/01/2019 561,645

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

4

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COMMUNICATIONS (continued)
$ 500,000 VERIZON COMMUNICATIONS INCORPORATED 6.90% 04/15/2038 $ 565,401
 1,350,000 VERIZON COMMUNICATIONS INCORPORATED 7.35 04/01/2039 1,606,308
 800,000 VERIZON COMMUNICATIONS INCORPORATED 8.75 11/01/2018 1,015,464
 325,000 VERIZON GLOBAL FUNDING CORPORATION 4.90 09/15/2015 350,809
 100,000 VERIZON GLOBAL FUNDING CORPORATION 5.85 09/15/2035 100,388
 500,000 VERIZON GLOBAL FUNDING CORPORATION 7.25 12/01/2010 531,171
 1,000,000 VERIZON GLOBAL FUNDING CORPORATION 7.38 09/01/2012 1,143,579
 350,000 VERIZON GLOBAL FUNDING CORPORATION 7.75 12/01/2030 416,922
 200,000 VIACOM INCORPORATED 5.50 05/15/2033 164,680
 480,000 VIACOM INCORPORATED 6.25 04/30/2016 529,914
 50,000 VIACOM INCORPORATED 6.75 10/05/2037 53,273
 180,000 VIACOM INCORPORATED 6.88 04/30/2036 194,442

 44,260,571
 --------------

COMPUTER HARDWARE: 0.00%
 50,000 DELL INCORPORATED 5.88 06/15/2019 54,875
 --------------

COSMETICS , PERSONAL CARE: 0.05%
 500,000 PROCTER & GAMBLE COMPANY 4.70 02/15/2019 531,756
 500,000 PROCTER & GAMBLE COMPANY 5.55 03/05/2037 538,300

 1,070,056
 --------------

DEPOSITORY INSTITUTIONS: 4.95%
 150,000 ABBEY NATIONAL CAPITAL TRUST I 8.96 12/29/2049 147,812
 1,000,000 AMERICAN EXPRESS BANK FSB 3.15 12/09/2011 1,044,312
 500,000 AMERICAN EXPRESS CREDIT CORPORATION 5.13 08/25/2014 532,401
 1,000,000 AMERICAN EXPRESS CREDIT CORPORATION 7.30 08/20/2013 1,135,914
 1,000,000 BANK OF AMERICA CORPORATION 2.10 04/30/2012 1,022,150
 1,750,000 BANK OF AMERICA CORPORATION 4.75 08/01/2015 1,772,108
 700,000 BANK OF AMERICA CORPORATION 5.38 06/15/2014 735,972
 250,000 BANK OF AMERICA CORPORATION 5.49 03/15/2019 237,078
 100,000 BANK OF AMERICA CORPORATION 5.63 10/14/2016 102,579
 1,000,000 BANK OF AMERICA CORPORATION 5.65 05/01/2018 1,007,821
 500,000 BANK OF AMERICA CORPORATION 5.75 12/01/2017 509,930
 1,850,000 BANK OF AMERICA CORPORATION 6.50 08/01/2016 1,965,843
 1,000,000 BANK OF AMERICA CORPORATION 7.38 05/15/2014 1,122,527
 1,500,000 BANK OF AMERICA CORPORATION 7.63 06/01/2019 1,717,761
 800,000 BANK OF AMERICA CORPORATION SERIES BKNT 6.00 10/15/2036 795,703
 1,500,000 BANK OF AMERICA CORPORATION SERIES MTN 3.13 06/15/2012 1,574,031
 500,000 BANK OF AMERICA CORPORATION SERIES MTN 4.90 05/01/2013 522,635
 115,000 BANK OF NEW YORK MELLON CORPORATION 4.30 05/15/2014 122,855
 1,000,000 BANK OF NEW YORK MELLON CORPORATION 5.45 05/15/2019 1,084,990
 450,000 BANK OF NEW YORK MELLON CORPORATION SERIES MTN 4.95 01/14/2011 470,050
 150,000 BANK OF NEW YORK MELLON CORPORATION SERIES MTN 4.95 11/01/2012 163,852
 500,000 BANK OF TOKYO-MITSUBISHI UFJ LIMITED (NEW YORK) 7.40 06/15/2011 543,533
 240,000 BANK ONE CORPORATION 7.63 10/15/2026 277,365
 250,000 BANK ONE CORPORATION 8.00 04/29/2027 300,484
 400,000 BARCLAYS BANK PLC 5.00 09/22/2016 414,882
 100,000 BB&T CAPITAL TRUST IV 6.82 06/12/2077 87,000
 150,000 BB&T CORPORATION 3.38 09/25/2013 153,808
 1,000,000 BB&T CORPORATION 3.85 07/27/2012 1,042,913
 250,000 BB&T CORPORATION 5.20 12/23/2015 265,578
 500,000 BB&T CORPORATION 6.85 04/30/2019 569,002
 350,000 BLACKROCK INCORPORATED 6.25 09/15/2017 386,980
 500,000 BOEING CAPITAL CORPORATION 4.70 10/27/2019 506,026
 1,000,000 BP CAPITAL MARKETS PLC 5.25 11/07/2013 1,112,534
 500,000 CAPITAL ONE BANK USA NA 8.80 07/15/2019 592,147
 129,000 CAPITAL ONE CAPITAL VI 8.88 05/15/2040 128,090
 700,000 CAPITAL ONE FINANCIAL CORPORATION 7.38 05/23/2014 802,909
 1,000,000 CATERPILLAR FINANCIAL SERVICES CORPORATION 7.15 02/15/2019 1,202,288

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

5

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
DEPOSITORY INSTITUTIONS (continued)
$ 150,000 CITIBANK NA 1.25% 09/22/2011 $ 151,202
 2,500,000 CITIBANK NA 1.38 08/10/2011 2,525,288
 250,000 CITIGROUP FUNDING INCORPORATED 1.88 10/22/2012 253,482
 2,000,000 CITIGROUP INCORPORATED 2.13 04/30/2012 2,046,446
 900,000 CITIGROUP INCORPORATED 5.00 09/15/2014 874,680
 1,000,000 CITIGROUP INCORPORATED 5.10 09/29/2011 1,044,296
 1,000,000 CITIGROUP INCORPORATED 5.30 10/17/2012 1,048,767
 700,000 CITIGROUP INCORPORATED 5.50 04/11/2013 723,485
 1,000,000 CITIGROUP INCORPORATED 5.50 10/15/2014 1,018,718
 1,000,000 CITIGROUP INCORPORATED 5.50 02/15/2017 951,767
 750,000 CITIGROUP INCORPORATED 5.63 08/27/2012 778,789
 1,000,000 CITIGROUP INCORPORATED 6.13 11/21/2017 1,004,711
 1,000,000 CITIGROUP INCORPORATED 6.13 05/15/2018 998,567
 1,500,000 CITIGROUP INCORPORATED 6.38 08/12/2014 1,577,844
 625,000 CITIGROUP INCORPORATED 6.50 01/18/2011 652,849
 250,000 CITIGROUP INCORPORATED 6.50 08/19/2013 266,567
 1,300,000 CITIGROUP INCORPORATED 6.88 03/05/2038 1,259,733
 855,000 CITIGROUP INCORPORATED 8.13 07/15/2039 939,970
 400,000 CITIGROUP INCORPORATED 8.50 05/22/2019 451,751
 500,000 COMERCIA BANK SERIES BKNT 5.75 11/21/2016 485,473
 100,000 COMERICA CAPITAL TRUST II 6.58 02/20/2037 74,000
 1,000,000 COUNTRYWIDE HOME LOANS INCORPORATED 4.00 03/22/2011 1,021,543
 1,000,000 CREDIT SUISSE USA INCORPORATED 4.88 01/15/2015 1,067,485
 1,000,000 CREDIT SUISSE/NEW YORK NY 5.30 08/13/2019 1,047,883
 1,000,000 DEUTSCHE BANK AG/LONDON 3.88 08/18/2014 1,032,975
 100,000 DEUTSCHE BANK FINANCIAL LLC 5.38 03/02/2015 106,882
 500,000 FIFTH THIRD BANCORP 5.45 01/15/2017 450,913
 1,500,000 GENERAL ELECTRIC CAPITAL CORPORATION 1.80 03/11/2011 1,524,051
 1,000,000 GENERAL ELECTRIC CAPITAL CORPORATION 2.63 12/28/2012 1,036,575
 1,500,000 GENERAL ELECTRIC CAPITAL CORPORATION 4.88 03/04/2015 1,578,791
 3,000,000 GENERAL ELECTRIC CAPITAL CORPORATION 5.88 02/15/2012 3,241,329
 500,000 GMAC INCORPORATED 1.75 10/30/2012 505,213
 1,000,000 GMAC LLC 2.20 12/19/2012 1,023,067
 750,000 GOLDMAN SACHS GROUP INCORPORATED 3.63 08/01/2012 779,519
 1,500,000 GOLDMAN SACHS GROUP INCORPORATED 6.13 02/15/2033 1,542,198
 200,000 HSBC BANK USA NA NEW YORK 4.63 04/01/2014 211,368
 225,000 HSBC BANK USA NA NEW YORK SERIES BKNT 5.63 08/15/2035 221,314
 1,500,000 HSBC FINANCE CORPORATION 5.50 01/19/2016 1,595,139
 800,000 HSBC HOLDINGS PLC 5.25 12/12/2012 858,131
 500,000 JOHN DEERE CAPITAL CORPORATION 2.88 06/19/2012 521,322
 1,000,000 JPMORGAN CHASE & COMPANY 1.65 02/23/2011 1,014,400
 1,000,000 JPMORGAN CHASE & COMPANY 2.20 06/15/2012 1,026,828
 350,000 JPMORGAN CHASE & COMPANY 3.13 12/01/2011 365,498
 1,500,000 JPMORGAN CHASE & COMPANY 3.70 01/20/2015 1,526,148
 1,650,000 JPMORGAN CHASE & COMPANY 4.65 06/01/2014 1,762,598
 250,000 JPMORGAN CHASE & COMPANY 5.25 05/01/2015 264,286
 2,000,000 JPMORGAN CHASE & COMPANY 5.38 10/01/2012 2,192,810
 600,000 JPMORGAN CHASE & COMPANY 5.60 06/01/2011 640,744
 1,000,000 JPMORGAN CHASE & COMPANY 6.00 01/15/2018 1,084,018
 1,500,000 JPMORGAN CHASE & COMPANY 6.30 04/23/2019 1,671,500
 350,000 JPMORGAN CHASE & COMPANY 6.40 05/15/2038 387,458
 800,000 JPMORGAN CHASE & COMPANY 6.63 03/15/2012 880,761
 500,000 JPMORGAN CHASE CAPITAL XXV 6.80 10/01/2037 493,178
 350,000 KEYBANK NA 5.80 07/01/2014 349,021
 500,000 KEYCORP 6.50 05/14/2013 523,676
 500,000 LAZARD GROUP LLC 6.85 06/15/2017 512,805
 250,000 M&I MARSHALL & ILSLEY BANK SERIES BKNT 5.00 01/17/2017 186,413
 200,000 MELLON FUNDING CORPORATION 5.00 12/01/2014 216,201
 100,000 MELLON FUNDING CORPORATION 5.20 05/15/2014 109,831
 750,000 MORGAN STANLEY 2.00 09/22/2011 767,011
 1,500,000 MORGAN STANLEY 5.63 09/23/2019 1,519,248
 1,500,000 MORGAN STANLEY 6.00 04/28/2015 1,629,800
 360,000 NATIONAL CITY CORPORATION 4.90 01/15/2015 377,920

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

6

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
DEPOSITORY INSTITUTIONS (continued)
$ 500,000 NATIONAL CITY CORPORATION 6.88% 05/15/2019 $ 546,969
 40,000 NORTHERN TRUST CORPORATION 4.63 05/01/2014 43,582
 450,000 PNC FUNDING CORPORATION 5.13 12/14/2010 463,958
 500,000 PNC FUNDING CORPORATION 6.70 06/10/2019 566,378
 100,000 PRIVATE EXPORT FUNDING CORPORATION 4.30 12/15/2021 100,613
 250,000 REGIONS BANK 6.45 06/26/2037 188,183
 500,000 REGIONS BANK/BIRMINGHAM AL 7.50 05/15/2018 478,449
 200,000 REGIONS FINANCIAL CORPORATION 7.75 11/10/2014 200,969
 375,000 ROYAL BANK OF SCOTLAND GROUP PLC 6.40 10/21/2019 380,144
 225,000 SUNTRUST BANK 5.00 09/01/2015 223,587
 165,000 SUNTRUST CAPITAL VIII 6.10 12/01/2066 116,395
 200,000 UBS AG STAMFORD CT 5.88 07/15/2016 206,588
 1,000,000 UBS AG/STAMFORD CT 5.75 04/25/2018 1,033,534
 0 UBS PREFERRED FUNDING TRUST I 8.62 10/29/2049 0
 200,000 UNION BANK OF CALIFORNIA SERIES BKNT 5.95 05/11/2016 203,501
 250,000 US BANCORP 4.20 05/15/2014 265,171
 275,000 US BANK NA SERIES BKNT 4.95 10/30/2014 299,115
 1,000,000 US BANK NA/CINCINNATI OH 6.38 08/01/2011 1,084,888
 50,000 USB CAPITAL IX 6.19 10/29/2049 39,000
 250,000 WACHOVIA BANK NA(L) 5.85 02/01/2037 242,913
 600,000 WACHOVIA BANK NA(L) 6.60 01/15/2038 639,835
 2,150,000 WACHOVIA CAPITAL TRUST(L) 5.80 03/29/2049 1,472,750
 1,800,000 WACHOVIA CORPORATION(L) 5.25 08/01/2014 1,893,643
 700,000 WACHOVIA CORPORATION(L) 5.50 08/01/2035 642,991
 500,000 WACHOVIA CORPORATION(L) 5.63 10/15/2016 524,419
 1,000,000 WACHOVIA CORPORATION(L) 5.75 02/01/2018 1,051,826
 700,000 WACHOVIA CORPORATION SERIES MTN(L) 5.50 05/01/2013 758,212
 750,000 WELLS FARGO & COMPANY(L) 3.00 12/09/2011 781,298
 1,500,000 WELLS FARGO & COMPANY(L) 3.75 10/01/2014 1,512,341
 1,000,000 WELLS FARGO & COMPANY(L) 5.25 10/23/2012 1,079,258
 1,500,000 WELLS FARGO & COMPANY(L) 5.30 08/26/2011 1,594,107
 1,000,000 WELLS FARGO & COMPANY(L) 5.63 12/11/2017 1,043,458
 500,000 WELLS FARGO BANK NA(L) 4.75 02/09/2015 516,370
 150,000 WELLS FARGO BANK NA(L) 5.95 08/26/2036 147,915
 200,000 WESTERN CORPORATIONORATE FEDERAL CREDIT UNION 1.75 11/02/2012 202,063
 75,000 WESTERN UNION COMPANY 5.40 11/17/2011 80,193
 75,000 WESTERN UNION COMPANY 5.93 10/01/2016 82,732
 75,000 WESTERN UNION COMPANY 6.20 11/17/2036 77,705
 250,000 WESTPAC BANKING CORPORATION 2.25 11/19/2012 251,910
 280,000 WESTPAC BANKING CORPORATION 4.20 02/27/2015 289,747
 250,000 WESTPAC BANKING CORPORATION 4.88 11/19/2019 253,821

 105,750,630
 --------------

EATING & DRINKING PLACES: 0.16%
 750,000 BOTTLING GROUP LLC 6.95 03/15/2014 882,729
 250,000 DARDEN RESTAURANTS INCORPORATED 5.63 10/15/2012 270,088
 105,000 DARDEN RESTAURANTS INCORPORATED 6.20 10/15/2017 113,373
 20,000 DARDEN RESTAURANTS INCORPORATED 6.80 10/15/2037 21,032
 100,000 MCDONALD'S CORPORATION 5.80 10/15/2017 113,688
 150,000 MCDONALD'S CORPORATION 6.30 10/15/2037 171,702
 100,000 MCDONALD'S CORPORATION SERIES MTN 4.30 03/01/2013 107,777
 400,000 MCDONALD'S CORPORATION SERIES MTN 5.35 03/01/2018 442,910
 600,000 MCDONALD'S CORPORATION SERIES MTN 6.30 03/01/2038 687,310
 350,000 YUM! BRANDS INCORPORATED 6.25 03/15/2018 385,577
 50,000 YUM! BRANDS INCORPORATED 6.88 11/15/2037 55,022
 120,000 YUM! BRANDS INCORPORATED 8.88 04/15/2011 131,069

 3,382,277
 --------------

EDUCATIONAL SERVICES: 0.03%
 75,000 DARTMOUTH COLLEGE 4.75 06/01/2019 79,651

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

7

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
EDUCATIONAL SERVICES (continued)
$ 250,000 JOHNS HOPKINS UNIVERSITY 5.25% 07/01/2019 $ 272,370
 250,000 VANDERBILT UNIVERSITY 5.25 04/01/2019 271,883

 623,904
 --------------

ELECTRIC UTILITIES: 0.32%
 500,000 ALABAMA POWER COMPANY 6.00 03/01/2039 551,686
 100,000 ALLIANT ENERGY CORPORATION 4.00 10/15/2014 102,189
 100,000 AMEREN ENERGY GENERATING COMPANY 6.30 04/01/2020 100,358
 55,000 AVISTA CORPORATION 5.13 04/01/2022 56,899
 800,000 CAROLINA POWER & LIGHT COMPANY 5.30 01/15/2019 869,141
 500,000 CONSTELLATION ENERGY GROUP INCORPORATED 7.60 04/01/2032 557,915
 120,000 ENTERGY GULF STATES LOUISIANA LLC 5.59 10/01/2024 123,533
 500,000 EXELON GENERATION COMPANY LLC 5.20 10/01/2019 517,432
 500,000 EXELON GENERATION COMPANY LLC 6.25 10/01/2039 522,209
 200,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 3.15 07/15/2012 205,817
 500,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 6.50 09/15/2037 562,980
 40,000 NORTHERN STATES POWER COMPANY 5.35 11/01/2039 40,598
 100,000 NSTAR 4.50 11/15/2019 102,001
 65,000 OHIO POWER COMPANY 5.38 10/01/2021 67,146
 1,000,000 PACIFIC GAS & ELECTRIC COMPANY 8.25 10/15/2018 1,263,978
 40,000 PUBLIC SERVICE COMPANY OF OKLAHOMA 5.15 12/01/2019 41,162
 1,000,000 PUBLIC SERVICE ELECTRIC & GAS COMPANY 5.30 05/01/2018 1,077,158
 150,000 PUGET SOUND ENERGY INCORPORATED 5.76 10/01/2039 149,076

 6,911,278
 --------------

ELECTRIC, GAS & SANITARY SERVICES: 1.98%
 105,000 ALABAMA POWER COMPANY 6.13 05/15/2038 117,650
 1,000,000 ALLIED WASTE NORTH AMERICA INCORPORATED 6.88 06/01/2017 1,058,750
 100,000 AMEREN ENERGY GENERATING COMPANY SERIES H 7.00 04/15/2018 105,813
 75,000 AMEREN UNION ELECTRIC 5.40 02/01/2016 78,794
 100,000 AMEREN UNION ELECTRIC 6.00 04/01/2018 108,859
 750,000 AMERICAN WATER CAPITAL CORPORATION 6.09 10/15/2017 803,745
 100,000 APPALACHIAN POWER COMPANY 7.00 04/01/2038 115,042
 315,000 APPALACHIAN POWER COMPANY SERIES L 5.80 10/01/2035 308,775
 500,000 ARIZONA PUBLIC SERVICE COMPANY 6.38 10/15/2011 535,890
 65,000 ATLANTIC CITY ELECTRIC COMPANY 7.75 11/15/2018 79,341
 100,000 ATMOS ENERGY CORPORATION 4.95 10/15/2014 107,564
 50,000 ATMOS ENERGY CORPORATION 6.35 06/15/2017 54,847
 180,000 CAROLINA POWER & LIGHT COMPANY 5.25 12/15/2015 202,134
 450,000 CENTERPOINT ENERGY HOUSTON SERIES J2 5.70 03/15/2013 488,345
 150,000 CENTERPOINT ENERGY RESOURCES CORPORATION 6.13 11/01/2017 161,404
 50,000 CENTERPOINT ENERGY RESOURCES CORPORATION 6.63 11/01/2037 53,848
 100,000 CENTERPOINT ENERGY RESOURCES CORPORATION SERIES MTN 6.00 05/15/2018 106,813
 500,000 COMMONWEALTH EDISON COMPANY 5.80 03/15/2018 546,265
 250,000 COMMONWEALTH EDISON COMPANY 5.90 03/15/2036 263,072
 65,000 COMMONWEALTH EDISON COMPANY SERIES 100 5.88 02/01/2033 68,165
 50,000 COMMONWEALTH EDISON COMPANY SERIES 105 5.40 12/15/2011 53,716
 100,000 CONNECTICUT LIGHT & POWER COMPANY 5.65 05/01/2018 109,433
 180,000 CONSOLIDATED EDISON COMPANY OF NEW YORK INCORPORATED 4.88 02/01/2013 193,746
 100,000 CONSOLIDATED EDISON COMPANY OF NEW YORK INCORPORATED 5.85 04/01/2018 110,371
 500,000 CONSOLIDATED EDISON COMPANY OF NEW YORK INCORPORATED 6.65 04/01/2019 585,231
 100,000 CONSOLIDATED EDISON COMPANY OF NEW YORK INCORPORATED 6.75 04/01/2038 119,464
 200,000 CONSOLIDATED EDISON COMPANY OF NEW YORK INCORPORATED 7.13 12/01/2018 240,106
 100,000 CONSOLIDATED EDISON COMPANY OF NEW YORK SERIES 06-C 5.50 09/15/2016 107,898
 50,000 CONSOLIDATED EDISON COMPANY OF NEW YORK SERIES D 5.30 12/01/2016 53,145
 50,000 CONSOLIDATED EDISON COMPANY OF NEW YORK SERIES E 5.70 12/01/2036 52,118
 100,000 CONSOLIDATED NATURAL GAS COMPANY SERIES A 5.00 12/01/2014 107,264
 200,000 CONSTELLATION ENERGY GROUP INCORPORATED 7.00 04/01/2012 219,015
 150,000 CONSUMERS ENERGY COMPANY 5.65 09/15/2018 162,379
 150,000 CONSUMERS ENERGY COMPANY SERIES B 5.38 04/15/2013 163,047

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

8

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
ELECTRIC, GAS & SANITARY SERVICES (continued)
$ 100,000 DOMINION RESOURCES INCORPORATED 4.75% 12/15/2010 $ 103,669
 580,000 DOMINION RESOURCES INCORPORATED 5.20 08/15/2019 610,144
 180,000 DOMINION RESOURCES INCORPORATED 5.70 09/17/2012 197,442
 750,000 DOMINION RESOURCES INCORPORATED 6.40 06/15/2018 847,147
 50,000 DOMINION RESOURCES INCORPORATED SERIES A 5.60 11/15/2016 53,865
 125,000 DOMINION RESOURCES INCORPORATED SERIES B 5.95 06/15/2035 130,034
 350,000 DTE ENERGY COMPANY 6.35 06/01/2016 370,936
 150,000 DTE ENERGY COMPANY 7.05 06/01/2011 159,911
 50,000 DTE ENERGY COMPANY 7.63 05/15/2014 56,546
 125,000 DUKE CAPITAL LLC 5.67 08/15/2014 134,484
 100,000 DUKE CAPITAL LLC 8.00 10/01/2019 118,606
 150,000 DUKE ENERGY CAROLINAS LLC 5.75 11/15/2013 167,292
 100,000 DUKE ENERGY CAROLINAS LLC 7.00 11/15/2018 121,114
 950,000 DUKE ENERGY CORPORATION 6.30 02/01/2014 1,059,678
 75,000 DUKE ENERGY CORPORATION 6.45 10/15/2032 85,265
 750,000 DUKE ENERGY INDIANA INCORPORATED 6.35 08/15/2038 859,306
 65,000 DUKE ENERGY INDIANA INCORPORATED 6.45 04/01/2039 75,517
 250,000 DUKE ENERGY OHIO INCORPORATED 5.45 04/01/2019 273,877
 100,000 EMERSON ELECTRIC COMPANY 4.75 10/15/2015 111,155
 250,000 ENERGY TRANSFER PARTNERS LP 6.00 07/01/2013 270,598
 55,000 ENERGY TRANSFER PARTNERS LP 6.13 02/15/2017 58,707
 30,000 ENERGY TRANSFER PARTNERS LP 6.63 10/15/2036 30,663
 100,000 ENERGY TRANSFER PARTNERS LP 6.70 07/01/2018 110,269
 100,000 ENERGY TRANSFER PARTNERS LP 7.50 07/01/2038 112,197
 100,000 ENTERGY ARKANSAS INCORPORATED 5.40 08/01/2013 108,720
 100,000 ENTERGY GULF STATES LOUISIANA LLC 6.00 05/01/2018 107,794
 375,000 EXELON CORPORATION 4.90 06/15/2015 396,249
 65,000 EXELON CORPORATION 5.63 06/15/2035 62,242
 7,000 FIRSTENERGY CORPORATION SERIES B 6.45 11/15/2011 7,576
 430,000 FIRSTENERGY CORPORATION SERIES C 7.38 11/15/2031 480,691
 1,200,000 FIRSTENERGY SOLUTIONS CORPORATION++ 4.80 02/15/2015 1,247,116
 240,000 FIRSTENERGY SOLUTIONS CORPORATION++ 6.05 08/15/2021 251,234
 164,000 FIRSTENERGY SOLUTIONS CORPORATION++ 6.80 08/15/2039 170,416
 100,000 FLORIDA POWER & LIGHT COMPANY 4.80 03/01/2013 107,425
 150,000 FLORIDA POWER & LIGHT COMPANY 5.63 04/01/2034 157,877
 100,000 FLORIDA POWER & LIGHT COMPANY 5.85 05/01/2037 108,816
 50,000 FLORIDA POWER & LIGHT COMPANY 5.95 02/01/2038 54,956
 500,000 FLORIDA POWER CORPORATION 6.40 06/15/2038 569,940
 800,000 FPL GROUP CAPITAL INCORPORATED 5.63 09/01/2011 859,946
 750,000 FPL GROUP CAPITAL INCORPORATED 6.00 03/01/2019 835,997
 1,500,000 GENERAL ELECTRIC CAPITAL CORPORATION 2.20 06/08/2012 1,536,957
 200,000 GEORGIA POWER COMPANY 5.40 06/01/2018 216,983
 125,000 GEORGIA POWER COMPANY 6.00 11/01/2013 141,671
 100,000 GEORGIA POWER COMPANY SERIES B 5.70 06/01/2017 111,250
 250,000 GREAT PLAIN ENERGY INCORPORATED 6.38 03/01/2018 276,509
 100,000 ILLINOIS POWER COMPANY 6.13 11/15/2017 108,662
 50,000 ILLINOIS POWER COMPANY 6.25 04/01/2018 54,384
 500,000 INDIANA MICHIGAN POWER COMPANY 7.00 03/15/2019 575,462
 30,000 INTERSTATE POWER & LIGHT COMPANY 6.25 07/15/2039 33,268
 100,000 JERSEY CENTRAL POWER & LIGHT COMPANY 5.63 05/01/2016 106,481
 125,000 KEYSPAN CORPORATION 5.80 04/01/2035 123,404
 100,000 MAGELLAN MIDSTREAM PARTNERS LP 6.40 07/15/2018 109,991
 250,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 5.30 03/15/2018 267,233
 75,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 5.80 10/15/2036 79,223
 180,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 5.88 10/01/2012 198,539
 100,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 5.95 05/15/2037 104,874
 250,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 6.13 04/01/2036 267,938
 300,000 NEVADA POWER COMPANY 7.13 03/15/2019 344,427
 1,000,000 NEVADA POWER COMPANY SERIES A 8.25 06/01/2011 1,087,426
 180,000 NISOURCE FINANCE CORPORATION 5.25 09/15/2017 176,389
 65,000 NISOURCE FINANCE CORPORATION 5.45 09/15/2020 63,233
 90,000 NISOURCE FINANCE CORPORATION 6.80 01/15/2019 97,014
 500,000 NORTHERN STATES POWER COMPANY MINNESOTA 5.25 03/01/2018 543,458

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

9

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
ELECTRIC, GAS & SANITARY SERVICES (continued)
$ 100,000 NORTHERN STATES POWER COMPANY MINNESOTA 6.20% 07/01/2037 $ 113,756
 170,000 NORTHWEST PIPELINE CORPORATION 6.05 06/15/2018 185,341
 500,000 ONCOR ELECTRIC DELIVERY COMPANY 6.80 09/01/2018 569,494
 65,000 ONEOK INCORPORATED 5.20 06/15/2015 68,817
 200,000 ONEOK PARTNERS LP 6.15 10/01/2016 211,952
 125,000 PACIFIC GAS & ELECTRIC COMPANY 4.80 03/01/2014 135,059
 250,000 PACIFIC GAS & ELECTRIC COMPANY 5.80 03/01/2037 261,955
 200,000 PACIFIC GAS & ELECTRIC COMPANY 6.05 03/01/2034 215,737
 200,000 PACIFIC GAS & ELECTRIC COMPANY 6.25 12/01/2013 226,665
 100,000 PACIFIC GAS & ELECTRIC COMPANY 6.35 02/15/2038 112,722
 100,000 PACIFICORP 5.65 07/15/2018 110,380
 720,000 PACIFICORP 6.25 10/15/2037 809,853
 250,000 PORTLAND GENERAL ELECTRIC COMPANY 6.10 04/15/2019 286,436
 200,000 POTOMAC ELECTRIC POWER 6.50 11/15/2037 229,951
 500,000 PPL ENERGY SUPPLY LLC 6.20 05/15/2016 536,960
 50,000 PROGRESS ENERGY INCORPORATED 6.30 04/01/2038 56,884
 180,000 PROGRESS ENERGY INCORPORATED 7.10 03/01/2011 191,757
 120,000 PROGRESS ENERGY INCORPORATED 7.75 03/01/2031 146,670
 150,000 PSEG POWER LLC 7.75 04/15/2011 161,954
 75,000 PSEG POWER LLC 8.63 04/15/2031 100,190
 50,000 PUBLIC SERVICE COMPANY OF COLORADO 5.13 06/01/2019 53,993
 150,000 PUBLIC SERVICE COMPANY OF COLORADO 7.88 10/01/2012 174,768
 100,000 PUBLIC SERVICE ELECTRIC & GAS COMPANY SERIES MTN 5.80 05/01/2037 107,180
 100,000 PUGET SOUND ENERGY INCORPORATED 6.27 03/15/2037 106,444
 530,000 SAN DIEGO GAS & ELECTRIC COMPANY 6.00 06/01/2039 591,009
 1,090,000 SEMPRA ENERGY 6.50 06/01/2016 1,215,418
 525,000 SOUTH CAROLINA ELECTRIC & GAS COMPANY 6.50 11/01/2018 616,055
 750,000 SOUTHERN CALIFORNIA EDISON COMPANY 5.75 03/15/2014 840,102
 350,000 SOUTHERN CALIFORNIA EDISON COMPANY 6.05 03/15/2039 390,476
 100,000 SOUTHERN CALIFORNIA EDISON COMPANY SERIES 05-A 5.00 01/15/2016 107,048
 180,000 SOUTHERN CALIFORNIA EDISON COMPANY SERIES 05-E 5.35 07/15/2035 182,508
 75,000 SOUTHERN CALIFORNIA GAS COMPANY 5.75 11/15/2035 80,837
 125,000 SOUTHERN COMPANY 4.15 05/15/2014 131,713
 100,000 SOUTHERN COMPANY SERIES A 5.30 01/15/2012 107,771
 250,000 SOUTHERN POWER COMPANY SERIES D 4.88 07/15/2015 267,171
 100,000 SOUTHWESTERN ELECTRIC POWER COMPANY SERIES E 5.55 01/15/2017 104,771
 100,000 SOUTHWESTERN PUBLIC SERVICE 6.00 10/01/2036 106,961
 100,000 SPECTRA ENERGY CAPITAL LLC 5.90 09/15/2013 107,577
 100,000 SPECTRA ENERGY CAPITAL LLC 7.50 09/15/2038 115,278
 100,000 TAMPA ELECTRIC COMAPNY 6.10 05/15/2018 109,661
 75,000 TAMPA ELECTRIC COMPANY 6.15 05/15/2037 79,652
 200,000 TENNESSEE VALLEY AUTHORITY 4.50 04/01/2018 210,913
 150,000 TENNESSEE VALLEY AUTHORITY 5.50 07/18/2017 169,373
 50,000 TOLEDA EDISON COMPANY 6.15 05/15/2037 51,001
 105,000 TRANSCONTINENTAL GAS PIPE LINE CORPORATION 6.05 06/15/2018 116,026
 75,000 TXU ELECTRIC DELIVERY COMPANY 6.38 05/01/2012 81,844
 75,000 TXU ELECTRIC DELIVERY COMPANY 7.00 05/01/2032 85,689
 75,000 TXU ELECTRIC DELIVERY COMPANY 7.25 01/15/2033 88,209
 80,000 UNION ELECTRIC COMPANY 8.45 03/15/2039 108,265
 100,000 VIRGINIA ELECTRIC & POWER COMPANY SERIES A 4.75 03/01/2013 106,786
 605,000 VIRGINIA ELECTRIC & POWER COMPANY SERIES A 6.00 05/15/2037 654,804
 200,000 VIRGINIA ELECTRIC AND POWER COMPANY 5.00 06/30/2019 210,550
 65,000 WASTE MANAGEMENT INCORPORATED 5.00 03/15/2014 68,950
 2,998,293 WASTE MANAGEMENT INCORPORATED 5.00 10/01/2039 3,145,865
 326,000 WASTE MANAGEMENT INCORPORATED 6.10 03/15/2018 354,658
 150,000 WASTE MANAGEMENT INCORPORATED 7.75 05/15/2032 182,564
 100,000 WISCONSIN ELECTRIC POWER COMPANY 5.63 05/15/2033 105,021
 50,000 WISCONSIN ELECTRIC POWER COMPANY 5.70 12/01/2036 52,854
 125,000 WISCONSIN ENERGY CORPORATION 6.25 05/15/2067 110,313
 50,000 WISCONSIN POWER & LIGHT COMPANY 5.00 07/15/2019 52,526
 100,000 WISCONSIN POWER & LIGHT COMPANY 6.38 08/15/2037 112,359

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

10

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
ELECTRIC, GAS & SANITARY SERVICES (continued)
$ 100,000 XCEL ENERGY INCORPORATED 7.00% 12/01/2010 $ 105,238

 42,414,976
 --------------

ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 0.14%
 150,000 AMPHENOL CORPORATION 4.75 11/15/2014 153,646
 250,000 ANALOG DEVICES INCORPORATED 5.00 07/01/2014 267,804
 100,000 ARROW ELECTRONICS INCORPORATED 6.00 04/01/2020 100,755
 100,000 EMERSON ELECTRIC COMPANY 4.13 04/15/2015 106,549
 50,000 EMERSON ELECTRIC COMPANY 5.25 10/15/2018 54,820
 100,000 EMERSON ELECTRIC COMPANY 6.13 04/15/2039 114,172
 750,000 GENERAL ELECTRIC COMPANY 5.25 12/06/2017 780,100
 1,000,000 KONINKLIJKE PHILIPS ELECTRONICS NV 5.75 03/11/2018 1,096,247
 120,000 MOTOROLA INCORPORATED 7.50 05/15/2025 116,322
 100,000 NISOURCE FINANCE CORPORATION 6.40 03/15/2018 104,550
 115,000 WHIRLPOOL CORPORATION 8.00 05/01/2012 125,875
 35,000 WHIRLPOOL CORPORATION 8.60 05/01/2014 40,475

 3,061,315
 --------------

ELECTRONIC COMPUTERS: 0.20%
 500,000 COMPUTER SCIENCES CORPORATION 5.50 03/15/2013 541,015
 500,000 HEWLETT-PACKARD COMPANY 4.25 02/24/2012 530,419
 1,500,000 HEWLETT-PACKARD COMPANY 4.75 06/02/2014 1,635,378
 250,000 INTERNATIONAL BUSINESS MACHINES CORPORATION 2.10 05/06/2013 254,214
 1,000,000 INTERNATIONAL BUSINESS MACHINES CORPORATION<< 7.63 10/15/2018 1,264,021

 4,225,047
 --------------

ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 0.00%
 50,000 ROCKWELL COLLINS INCORPORATED 5.25 07/15/2019 54,322
 --------------

ENVIRONMENTAL CONTROL: 0.03%
 50,000 REPUBLIC SERVICES INCORPORATED++ 5.25 11/15/2021 50,975
 500,000 WASTE MANAGEMENT INCORPORATED 6.13 11/30/2039 520,025

 571,000
 --------------

FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.06%
 200,000 FORTUNE BRANDS INCORPORATED 5.38 01/15/2016 205,411
 842,683 SNAP ON INCORPORATED 5.00 10/01/2024 896,149
 150,000 SNAP ON INCORPORATED 6.13 09/01/2021 157,349

 1,258,909
 --------------

FOOD: 0.18%
 1,000,000 GENERAL MILLS INCORPORATED 5.65 02/15/2019 1,093,664
 800,000 KRAFT FOODS INCORPORATED 6.25 06/01/2012 874,526
 600,000 KRAFT FOODS INCORPORATED 6.88 02/01/2038 648,487
 150,000 KROGER COMPANY 3.90 10/01/2015 155,050
 1,000,000 SAFEWAY INCORPORATED 5.00 08/15/2019 1,030,939

 3,802,666
 --------------

FOOD & KINDRED PRODUCTS: 0.45%
 180,000 ANHEUSER-BUSCH COMPANIES INCORPORATED 4.38 01/15/2013 187,031
 50,000 ANHEUSER-BUSCH COMPANIES INCORPORATED 5.60 03/01/2017 52,842
 250,000 ANHEUSER-BUSCH COMPANIES INCORPORATED 5.75 04/01/2036 247,302
 350,000 ARCHER-DANIELS-MIDLAND COMPANY 5.38 09/15/2035 347,795
 100,000 ARCHER-DANIELS-MIDLAND COMPANY 5.45 03/15/2018 109,394
 100,000 BOTTLING GROUP LLC 4.63 11/15/2012 108,677

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

11

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
FOOD & KINDRED PRODUCTS (continued)
$ 35,000 CAMPBELL SOUP COMPANY 4.50% 02/15/2019 $ 36,471
 150,000 COCA-COLA COMPANY 4.88 03/15/2019 162,141
 750,000 COCA-COLA COMPANY 5.35 11/15/2017 835,031
 100,000 COCA-COLA ENTERPRISES INCORPORATED 5.00 08/15/2013 109,578
 180,000 COCA-COLA ENTERPRISES INCORPORATED 6.75 09/15/2028 212,219
 200,000 COCA-COLA ENTERPRISES INCORPORATED 8.00 09/15/2022 262,861
 120,000 COCA-COLA ENTERPRISES INCORPORATED 8.50 02/01/2022 162,534
 150,000 CONAGRA FOODS INCORPORATED 6.75 09/15/2011 163,576
 120,000 CONAGRA FOODS INCORPORATED 8.25 09/15/2030 149,322
 150,000 DR PEPPER SNAPPLE GROUP INCORPORATED 6.82 05/01/2018 173,682
 100,000 DR PEPPER SNAPPLE GROUP INCORPORATED 7.45 05/01/2038 123,161
 200,000 GENERAL MILLS INCORPORATED 5.25 08/15/2013 219,725
 100,000 GENERAL MILLS INCORPORATED 5.70 02/15/2017 110,819
 225,000 GENERAL MILLS INCORPORATED 6.00 02/15/2012 245,784
 150,000 GRAND METROPOLITAN INVESTMENT CORPORATION 7.45 04/15/2035 187,331
 100,000 HJ HEINZ COMPANY 5.35 07/15/2013 109,483
 975,000 HJ HEINZ COMPANY 6.63 07/15/2011 1,056,743
 350,000 KELLOGG COMPANY SERIES B 6.60 04/01/2011 375,185
 500,000 KELLOGG COMPANY SERIES B 7.45 04/01/2031 636,308
 350,000 KRAFT FOODS INCORPORATED 5.25 10/01/2013 375,506
 275,000 KRAFT FOODS INCORPORATED 5.63 11/01/2011 294,088
 750,000 KRAFT FOODS INCORPORATED 6.13 08/23/2018 807,341
 250,000 KRAFT FOODS INCORPORATED 6.50 08/11/2017 275,344
 75,000 KRAFT FOODS INCORPORATED 6.50 11/01/2031 78,131
 100,000 KRAFT FOODS INCORPORATED 6.88 01/26/2039 108,042
 60,000 KRAFT FOODS INCORPORATED 7.00 08/11/2037 65,714
 100,000 PEPSI BOTTLING GROUP INCORPORATED SERIES B 7.00 03/01/2029 121,715
 750,000 PEPSICO INCORPORATED 5.00 06/01/2018 811,127
 100,000 RALCORP HOLDINGS INCORPORATED++ 6.63 08/15/2039 103,234
 250,000 SARA LEE CORPORATION 6.25 09/15/2011 269,242

 9,694,479
 --------------

FOOD STORES: 0.10%
 250,000 DELHAIZE AMERICA INCORPORATED 9.00 04/15/2031 325,447
 100,000 KROGER COMPANY 4.95 01/15/2015 107,718
 800,000 KROGER COMPANY 6.15 01/15/2020 891,816
 350,000 KROGER COMPANY 6.75 04/15/2012 387,526
 250,000 KROGER COMPANY 7.50 01/15/2014 291,248
 75,000 KROGER COMPANY 7.50 04/01/2031 90,794
 75,000 SAFEWAY INCORPORATED 7.25 02/01/2031 90,012

 2,184,561
 --------------

FURNITURE & FIXTURES: 0.02%
 50,000 CINTAS CORPORATION #2 6.15 08/15/2036 49,864
 200,000 NEWELL RUBBERMAID INCORPORATED 5.50 04/15/2013 210,212
 165,000 NEWELL RUBBERMAID INCORPORATED 6.25 04/15/2018 168,239

 428,315
 --------------

GENERAL MERCHANDISE STORES: 0.25%
 100,000 COSTCO WHOLESALE CORPORATION 5.30 03/15/2012 109,261
 200,000 COSTCO WHOLESALE CORPORATION 5.50 03/15/2017 221,811
 350,000 TARGET CORPORATION 5.38 05/01/2017 384,136
 100,000 TARGET CORPORATION 6.50 10/15/2037 113,424
 150,000 TARGET CORPORATION 7.00 07/15/2031 177,255
 500,000 TARGET CORPORATION 7.00 01/15/2038 602,561
 85,000 TJX COMPANIES INCORPORATED 6.95 04/15/2019 102,330
 500,000 WAL-MART STORES INCORPORATED 4.13 02/15/2011 518,573
 1,180,000 WAL-MART STORES INCORPORATED 4.55 05/01/2013 1,281,769
 325,000 WAL-MART STORES INCORPORATED 5.25 09/01/2035 327,264

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

12

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
GENERAL MERCHANDISE STORES (continued)
$ 500,000 WAL-MART STORES INCORPORATED 5.80% 02/15/2018 $ 569,300
 100,000 WAL-MART STORES INCORPORATED 5.88 04/05/2027 108,480
 650,000 WAL-MART STORES INCORPORATED 6.50 08/15/2037 762,547

 5,278,711
 --------------

HEALTH CARE: 0.10%
 500,000 CAREFUSION CORPORATION++ 6.38 08/01/2019 554,144
 1,000,000 JOHNSON & JOHNSON 5.15 08/15/2012 1,104,176
 500,000 ST JUDE MEDICAL INCORPORATED 3.75 07/15/2014 517,574

 2,175,894
 --------------

HEALTH SERVICES: 0.17%
 350,000 AETNA INCORPORATED 5.75 06/15/2011 369,647
 350,000 AMGEN INCORPORATED 5.85 06/01/2017 390,115
 350,000 ANTHEM INCORPORATED 6.80 08/01/2012 387,701
 750,000 MEDCO HEALTH SOLUTIONS INCORPORATED 7.25 08/15/2013 851,648
 225,000 MERCK & COMPANY INCORPORATED 4.75 03/01/2015 245,284
 90,000 QUEST DIAGNOSTICS INCORPORATED 4.75 01/30/2020 90,706
 40,000 QUEST DIAGNOSTICS INCORPORATED 5.75 01/30/2040 40,276
 100,000 QUEST DIAGNOSTICS INCORPORATED 6.95 07/01/2037 115,724
 100,000 SCHERING-PLOUGH CORPORATION 5.55 12/01/2013 111,565
 500,000 UNITEDHEALTH GROUP INCORPORATED 6.88 02/15/2038 534,870
 500,000 WELLPOINT INCORPORATED 7.00 02/15/2019 574,966

 3,712,502
 --------------

HOLDING & OTHER INVESTMENT OFFICES: 0.21%
 185,000 AVALONBAY COMMUNITIES INCORPORATED SERIES MTN 6.13 11/01/2012 199,369
 500,000 BERKSHIRE HATHAWAY FINANCE CORPORATION 4.85 01/15/2015 548,874
 100,000 BOSTON PROPERTIES LP 6.25 01/15/2013 107,723
 1,350,000 CREDIT SUISSE USA INCORPORATED 6.50 01/15/2012 1,484,653
 50,000 EQUIFAX INCORPORATED 7.00 07/01/2037 51,861
 180,000 ERP OPERATING LP 5.25 09/15/2014 185,840
 1,000,000 ERP OPERATING LP 5.50 10/01/2012 1,059,746
 75,000 FUND AMERICAN COMPANIES INCORPORATED 5.88 05/15/2013 74,695
 360,000 GOLDMAN SACHS GROUP INCORPORATED 5.15 01/15/2014 382,876
 100,000 MACK-CALI REALTY LP 7.75 02/15/2011 104,290
 100,000 NATIONAL RETAIL PROPERTIES INCORPORATED 6.88 10/15/2017 99,805
 100,000 SIMON PROPERTY GROUP INCORPORATED 5.30 05/30/2013 104,998
 100,000 SIMON PROPERTY GROUP INCORPORATED 6.13 05/30/2018 105,373

 4,510,103
 --------------

HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.01%
 75,000 MARRIOTT INTERNATIONAL 5.81 11/10/2015 75,213
 100,000 MARRIOTT INTERNATIONAL SERIES J 5.63 02/15/2013 104,467

 179,680
 --------------

HOUSEHOLD PRODUCTS , WARE: 0.01%
 300,000 FORTUNE BRANDS INCORPORATED 3.00 06/01/2012 300,562
 --------------

HOUSING DEVELOPMENT: 0.00%
 100,000 TOLL BROTHERS FINANCE CORPORATION 6.75 11/01/2019 98,066
 --------------

INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 0.25%
 550,000 CATERPILLAR INCORPORATED 6.05 08/15/2036 619,606
 75,000 COMPUTER SCIENCES CORPORATION 7.38 06/15/2011 80,950
 200,000 DELL INCORPORATED 5.63 04/15/2014 223,675

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

13

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued)
$ 100,000 DELL INCORPORATED 6.50% 04/15/2038 $ 107,052
 200,000 DELL INCORPORATED 7.10 04/15/2028 220,717
 100,000 DOVER CORPORATION 5.45 03/15/2018 109,174
 60,000 DOVER CORPORATION 6.60 03/15/2038 71,860
 500,000 HEWLETT-PACKARD COMPANY 5.50 03/01/2018 552,199
 180,000 HEWLETT-PACKARD COMPANY 6.50 07/01/2012 201,946
 200,000 IBM CORPORATION 4.75 11/29/2012 218,628
 500,000 IBM CORPORATION 5.70 09/14/2017 564,769
 250,000 IBM CORPORATION 5.88 11/29/2032 270,018
 500,000 IBM CORPORATION 8.00 10/15/2038 698,397
 45,000 ITT CORPORATION 4.90 05/01/2014 48,199
 60,000 ITT CORPORATION 6.13 05/01/2019 67,166
 100,000 LOCKHEED MARTIN CORPORATION 4.12 03/14/2013 106,391
 100,000 ORACLE CORPORATION 5.00 01/15/2011 104,456
 350,000 ORACLE CORPORATION 5.25 01/15/2016 386,138
 135,000 PARKER HANNIFIN CORPORATION SERIES MTN 5.50 05/15/2018 147,382
 60,000 PARKER HANNIFIN CORPORATION SERIES MTN 6.25 05/15/2038 66,898
 250,000 PITNEY BOWES INCORPORATED SERIES MTN 4.75 01/15/2016 268,670
 100,000 PITNEY BOWES INCORPORATED SERIES MTN 5.75 09/15/2017 109,123

 5,243,414
 --------------

INSURANCE AGENTS, BROKERS & SERVICE: 0.07%
 150,000 AFLAC INCORPORATED 8.50 05/15/2019 177,655
 500,000 ALLSTATE LIFE GLOBAL FUNDING TRUSTS SERIES MTN 5.38 04/30/2013 538,952
 75,000 AON CORPORATION 8.21 01/01/2027 74,625
 100,000 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 4.63 07/15/2013 100,974
 75,000 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 5.95 10/15/2036 62,458
 300,000 MARSH & MCLENNAN COMPANIES INCORPORATED 9.25 04/15/2019 377,683
 75,000 WILLIS NORTH AMERICA INCORPORATED 5.63 07/15/2015 74,914

 1,407,261
 --------------

INSURANCE CARRIERS: 0.91%
 75,000 ACE INA HOLDINGS INCORPORATED 5.88 06/15/2014 83,361
 500,000 ACE INA HOLDINGS INCORPORATED 5.90 06/15/2019 558,607
 75,000 AEGON FUNDING CORPORATION 5.75 12/15/2020 71,901
 650,000 AETNA INCORPORATED 6.63 06/15/2036 668,012
 830,000 ALLSTATE CORPORATION 5.55 05/09/2035 821,804
 150,000 ALLSTATE CORPORATION 6.20 05/16/2014 168,457
 150,000 ALLSTATE CORPORATION 7.45 05/16/2019 179,374
 500,000 AMERICAN INTERNATIONAL GROUP INCORPORATED 4.25 05/15/2013 437,656
 250,000 AMERICAN INTERNATIONAL GROUP INCORPORATED 5.05 10/01/2015 195,199
 250,000 AMERICAN INTERNATIONAL GROUP INCORPORATED 6.25 05/01/2036 167,831
 750,000 AMERICAN INTERNATIONAL GROUP INCORPORATED 8.25 08/15/2018 647,867
 600,000 AMERICAN INTERNATIONAL GROUP INCORPORATED SERIES MTN 5.85 01/16/2018 455,516
 75,000 ASSURANT INCORPORATED 6.75 02/15/2034 68,409
 250,000 BERKSHIRE HATHAWAY FINANCE CORPORATION 4.00 04/15/2012 264,644
 1,275,000 BERKSHIRE HATHAWAY FINANCE CORPORATION 5.00 08/15/2013 1,401,715
 150,000 CHUBB CORPORATION 5.75 05/15/2018 166,156
 80,000 CHUBB CORPORATION 6.00 05/11/2037 87,311
 350,000 CHUBB CORPORATION 6.38 03/29/2067 308,000
 100,000 CHUBB CORPORATION SERIES 1 6.50 05/15/2038 116,542
 50,000 CIGNA CORPORATION 6.15 11/15/2036 44,060
 500,000 CIGNA CORPORATION 8.50 05/01/2019 572,603
 75,000 CINCINNATI FINANCIAL CORPORATION 6.92 05/15/2028 73,888
 65,000 CNA FINANCIAL CORPORATION 5.85 12/15/2014 65,213
 50,000 CNA FINANCIAL CORPORATION 6.00 08/15/2011 51,026
 50,000 CNA FINANCIAL CORPORATION 6.50 08/15/2016 49,669
 45,000 CNA FINANCIAL CORPORATION 7.35 11/15/2019 45,735
 180,000 GE GLOBAL INSURANCE HOLDINGS 7.00 02/15/2026 179,556
 100,000 GENWORTH FINANCIAL INCORPORATED 4.95 10/01/2015 86,857

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

14

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
INSURANCE CARRIERS (continued)
$ 350,000 GENWORTH GLOBAL FUNDING TRUSTS SERIES MTN 5.75% 05/15/2013 $ 352,551
 250,000 JEFFERSON-PILOT CORPORATION 4.75 01/30/2014 248,976
 120,000 LINCOLN NATIONAL CORPORATION 8.75 07/01/2019 139,990
 100,000 LOEWS CORPORATION 5.25 03/15/2016 103,506
 100,000 MARKEL CORPORATION 7.13 09/30/2019 104,750
 250,000 METLIFE INCORPORATED 5.00 11/24/2013 265,275
 100,000 METLIFE INCORPORATED 6.13 12/01/2011 108,476
 280,000 METLIFE INCORPORATED 6.38 06/15/2034 312,925
 600,000 METLIFE INCORPORATED 6.40 12/15/2066 499,500
 500,000 METLIFE INCORPORATED 6.75 06/01/2016 574,365
 500,000 METLIFE INCORPORATED SERIES A 6.82 08/15/2018 569,689
 75,000 NATIONWIDE FINANCIAL SERVICES 5.90 07/01/2012 79,327
 500,000 PRINCIPAL LIFE INCOME FUNDING TRUSTS 5.30 04/24/2013 533,606
 75,000 PROGRESSIVE CORPORATION 6.25 12/01/2032 79,353
 400,000 PROGRESSIVE CORPORATION 6.70 06/15/2037 340,000
 1,000,000 PRUDENTIAL FINANCIAL INCORPORATED 3.63 09/17/2012 1,025,988
 1,000,000 PRUDENTIAL FINANCIAL INCORPORATED 4.75 09/17/2015 1,018,034
 30,000 PRUDENTIAL FINANCIAL INCORPORATED 6.20 01/15/2015 32,323
 55,000 PRUDENTIAL FINANCIAL INCORPORATED 7.38 06/15/2019 62,473
 105,000 PRUDENTIAL FINANCIAL INCORPORATED SERIES MTN 5.10 12/14/2011 110,615
 65,000 PRUDENTIAL FINANCIAL INCORPORATED SERIES MTN 6.63 12/01/2037 67,325
 500,000 PRUDENTIAL FINANCIAL INCORPORATED SERIES MTNB 5.75 07/15/2033 450,989
 180,000 PRUDENTIAL FINANCIAL INCORPORATED SERIES MTNC 5.40 06/13/2035 157,096
 100,000 REINSURANCE GROUP OF AMERICA INCORPORATED 6.45 11/15/2019 103,192
 180,000 ST. PAUL TRAVELERS COMPANIES INCORPORATED 5.50 12/01/2015 201,267
 250,000 THE TRAVELERS COMPANIES INCORPORATED 6.25 03/15/2067 226,533
 100,000 THE TRAVELERS COMPANIES INCORPORATED SERIES MTN 5.38 06/15/2012 107,230
 150,000 THE TRAVELERS COMPANIES INCORPORATED SERIES MTN 5.75 12/15/2017 164,636
 365,000 THE TRAVELERS COMPANIES INCORPORATED SERIES MTN 6.25 06/15/2037 407,535
 75,000 TRANSATLANTIC HOLDINGS INCORPORATED 5.75 12/14/2015 75,105
 100,000 TRANSATLANTIC HOLDINGS INCORPORATED 8.00 11/30/2039 97,997
 125,000 UNITEDHEALTH GROUP INCORPORATED 4.88 03/15/2015 131,029
 250,000 UNITEDHEALTH GROUP INCORPORATED 5.25 03/15/2011 260,496
 250,000 UNITEDHEALTH GROUP INCORPORATED 5.80 03/15/2036 233,411
 100,000 UNITEDHEALTH GROUP INCORPORATED 6.00 11/15/2017 106,281
 500,000 UNITEDHEALTH GROUP INCORPORATED 6.00 02/15/2018 532,563
 150,000 UNITEDHEALTH GROUP INCORPORATED 6.63 11/15/2037 155,759
 100,000 UNITRIN INCORPORATED 6.00 05/15/2017 83,355
 100,000 WELLPOINT INCORPORATED 5.00 01/15/2011 103,806
 100,000 WELLPOINT INCORPORATED 5.25 01/15/2016 104,198
 75,000 WELLPOINT INCORPORATED 5.85 01/15/2036 73,520
 500,000 WELLPOINT INCORPORATED 5.88 06/15/2017 534,990
 100,000 WR BERKLEY CORPORATION 6.25 02/15/2037 84,976
 400,000 XL CAPITAL LTD 6.50 12/31/2049 290,000

 19,351,980
 --------------

INVESTMENT COMPANIES: 0.09%
 1,000,000 GENERAL ELECTRIC CAPITAL CORPORATION 6.88 01/10/2039 1,048,635
 750,000 UNILEVER CAPITAL CORPORATION 3.65 02/15/2014 788,574

 1,837,209
 --------------

MACHINE-DIVERSIFIED: 0.07%
 200,000 DEERE & COMPANY 4.38 10/16/2019 206,058
 150,000 DEERE & COMPANY 5.38 10/16/2029 156,137
 1,000,000 DEERE & COMPANY 6.95 04/25/2014 1,188,520

 1,550,715
 --------------

MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 0.10%
 60,000 AGILENT TECHNOLOGIES INCORPORATED 6.50 11/01/2017 64,107

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

15

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (continued)
$ 500,000 BAXTER INTERNATIONAL INCORPORATED 5.38% 06/01/2018 $ 550,992
 50,000 BAXTER INTERNATIONAL INCORPORATED 5.90 09/01/2016 57,097
 350,000 FISHER SCIENTIFIC INTERNATIONAL INCORPORATED 6.13 07/01/2015 363,125
 725,000 NOVARTIS CAPITAL CORPORATION 4.13 02/10/2014 777,018
 225,000 RAYTHEON COMPANY 4.85 01/15/2011 232,083
 100,000 ROPER INDUSTRIES INCORPORATED 6.63 08/15/2013 110,368

 2,154,790
 --------------

MEDIA: 0.29%
 300,000 CBS CORPORATION 7.88 07/30/2030 311,709
 800,000 HISTORIC TW INCORPORATED 6.63 05/15/2029 835,305
 800,000 NEWS AMERICA INCORPORATED 6.90 03/01/2019 916,932
 500,000 NEWS AMERICA INCORPORATED++ 6.90 08/15/2039 544,814
 500,000 REED ELSEVIER CAPITAL INCORPORATED 8.63 01/15/2019 630,315
 125,000 THOMSON REUTERS CORPORATION 4.70 10/15/2019 128,463
 600,000 TIME WARNER CABLE INCORPORATED 6.20 07/01/2013 665,605
 800,000 TIME WARNER CABLE INCORPORATED 7.30 07/01/2038 901,877
 700,000 WALT DISNEY COMPANY 4.50 12/15/2013 762,940
 500,000 WALT DISNEY COMPANY 5.50 03/15/2019 549,510

 6,247,470
 --------------

METAL MINING: 0.06%
 1,000,000 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED 8.38 04/01/2017 1,078,750
 150,000 SOUTHERN COPPER CORPORATION 7.50 07/27/2035 150,489

 1,229,239
 --------------

MINING: 0.03%
 200,000 BARRICK AUSTRALIAN FINANCE PTY LTD++ 5.95 10/15/2039 199,934
 225,000 NEWMONT MINING CORPORATION 5.13 10/01/2019 229,799
 125,000 NEWMONT MINING CORPORATION 6.25 10/01/2039 123,757
 130,000 VALE OVERSEAS LTD 6.88 11/10/2039 134,373

 687,863
 --------------

MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.01%
 100,000 VULCAN MATERIALS COMPANY 5.60 11/30/2012 107,355
 50,000 VULCAN MATERIALS COMPANY 7.15 11/30/2037 52,631

 159,986
 --------------

MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.24%
 500,000 3M COMPANY 4.50 11/01/2011 534,272
 75,000 3M COMPANY SERIES MTN 5.70 03/15/2037 83,209
 800,000 DANAHER CORPORATION 5.40 03/01/2019 882,538
 500,000 EATON CORPORATION 5.60 05/15/2018 539,022
 1,360,000 GENERAL ELECTRIC COMPANY 5.00 02/01/2013 1,457,173
 500,000 HONEYWELL INTERNATIONAL INCORPORATED 3.88 02/15/2014 527,031
 500,000 INGERSOLL-RAND GLOBAL HOLDING COMPANY LTD 9.50 04/15/2014 605,568
 125,000 REPUBLIC SERVICES INCORPORATED++ 5.50 09/15/2019 130,952
 200,000 TYCO INTERNATIONAL FINANCE SA 4.13 10/15/2014 208,215
 200,000 TYCO INTERNATIONAL GROUP SA 6.38 10/15/2011 216,651

 5,184,631
 --------------

MISCELLANEOUS RETAIL: 0.14%
 400,000 CVS CAREMARK CORPORATION 5.75 06/01/2017 429,910
 250,000 CVS CAREMARK CORPORATION 6.13 08/15/2016 277,234
 500,000 CVS CAREMARK CORPORATION 6.13 09/15/2039 496,214

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

16

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
MISCELLANEOUS RETAIL (continued)
$ 65,000 CVS CAREMARK CORPORATION 6.25% 06/01/2027 $ 66,532
 500,000 CVS CAREMARK CORPORATION 6.60 03/15/2019 560,763
 500,000 STAPLES INCORPORATED 9.75 01/15/2014 604,708
 250,000 WALGREEN COMPANY 4.88 08/01/2013 272,873
 250,000 WALGREEN COMPANY 5.25 01/15/2019 274,467

 2,982,701
 --------------

MOTION PICTURES: 0.07%
 180,000 NEWS AMERICA INCORPORATED 5.30 12/15/2014 198,391
 450,000 NEWS AMERICA INCORPORATED 6.40 12/15/2035 461,541
 150,000 VIACOM INCORPORATED 4.38 09/15/2014 156,359
 150,000 VIACOM INCORPORATED 5.63 09/15/2019 160,151
 180,000 WALT DISNEY COMPANY 6.38 03/01/2012 199,142
 75,000 WALT DISNEY COMPANY 7.00 03/01/2032 91,730
 250,000 WALT DISNEY COMPANY SERIES MTN 5.63 09/15/2016 280,036

 1,547,350
 --------------

MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.05%
 100,000 UNITED PARCEL SERVICE INCORPORATED 4.50 01/15/2013 108,279
 100,000 UNITED PARCEL SERVICE INCORPORATED 5.50 01/15/2018 109,941
 795,000 UNITED PARCEL SERVICE INCORPORATED 6.20 01/15/2038 911,727

 1,129,947
 --------------

MUNICIPAL: 0.00%
 50,000 COUNTY OF CLARK NV 6.88 07/01/2042 51,232
 --------------

NATIONAL SECURITY & INTERNATIONAL AFFAIRS: 0.01%
 75,000 GOODRICH CORPORATION 7.63 12/15/2012 85,531
 90,000 NORTHROP GRUMMAN CORPORATION 3.70 08/01/2014 92,838
 85,000 NORTHROP GRUMMAN CORPORATION 5.05 08/01/2019 90,313

 268,682
 --------------

NETWORKING PRODUCTS: 0.13%
 600,000 CISCO SYSTEMS INCORPORATED 4.95 02/15/2019 634,950
 680,000 CISCO SYSTEMS INCORPORATED 5.25 02/22/2011 717,837
 775,000 CISCO SYSTEMS INCORPORATED<< 5.50 02/22/2016 872,119
 500,000 CISCO SYSTEMS INCORPORATED 5.90 02/15/2039 523,619

 2,748,525
 --------------

NON-DEPOSITORY CREDIT INSTITUTIONS: 1.26%
 200,000 AMERICAN EXPRESS 6.80 09/01/2066 168,000
 250,000 AMERICAN EXPRESS BANK FSB SERIES BKN1 5.55 10/17/2012 271,043
 500,000 AMERICAN EXPRESS CENTURION BANK SERIES BKN1 6.00 09/13/2017 525,639
 800,000 AMERICAN EXPRESS COMPANY 7.00 03/19/2018 891,095
 150,000 AMERICAN EXPRESS COMPANY 7.25 05/20/2014 171,390
 650,000 AMERICAN EXPRESS COMPANY 8.13 05/20/2019 781,061
 100,000 AMERICAN EXPRESS CREDIT CORPORATION 5.30 12/02/2015 105,986
 1,000,000 AMERICAN EXPRESS CREDIT CORPORATION SERIES MTN 5.88 05/02/2013 1,084,174
 65,000 AMERIPRISE FINANCIAL INCORPORATED 7.30 06/28/2019 74,063
 300,000 BOEING CAPITAL CORPORATION 6.10 03/01/2011 319,040
 100,000 BRANCH BANKING & TRUST SERIES BKNT 5.63 09/15/2016 105,191
 200,000 CAPITAL ONE CAPITAL III 7.69 08/15/2036 170,000
 50,000 CAPITAL ONE CAPITAL IV 6.75 02/17/2037 39,250
 115,000 CAPITAL ONE FINANCIAL COMPANY SERIES MTN 5.70 09/15/2011 121,532
 300,000 CAPITAL ONE FINANCIAL CORPORATION 4.80 02/21/2012 311,911
 750,000 CATERPILLAR FINANCIAL SERVICES CORPORATION 6.13 02/17/2014 845,642

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

17

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
NON-DEPOSITORY CREDIT INSTITUTIONS (continued)
$ 500,000 CATERPILLAR FINANCIAL SERVICES CORPORATION SERIES MTN 4.90% 08/15/2013 $ 540,567
 275,000 CATERPILLAR FINANCIAL SERVICES CORPORATION SERIES MTN 5.50 03/15/2016 299,159
 65,000 CATERPILLAR FINANCIAL SERVICES CORPORATION SERIES MTNF 4.75 02/17/2015 68,949
 275,000 CITIGROUP INCORPORATED 6.00 10/31/2033 230,277
 500,000 CME GROUP INCORPORATED 5.75 02/15/2014 556,428
 500,000 COUNTRYWIDE FINANCIAL CORPORATION SERIES MTN 5.80 06/07/2012 534,593
 625,000 CREDIT SUISSE NEW YORK 6.00 02/15/2018 668,531
 500,000 GENERAL ELECTRIC CAPITAL CORPORATION 3.00 12/09/2011 520,763
 1,250,000 GENERAL ELECTRIC CAPITAL CORPORATION 4.80 05/01/2013 1,326,296
 525,000 GENERAL ELECTRIC CAPITAL CORPORATION 5.00 11/15/2011 558,379
 1,000,000 GENERAL ELECTRIC CAPITAL CORPORATION 5.63 05/01/2018 1,031,077
 500,000 GENERAL ELECTRIC CAPITAL CORPORATION 5.88 01/14/2038 464,085
 125,000 GENERAL ELECTRIC CAPITAL CORPORATION 5.90 05/13/2014 137,096
 650,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES GMTN 6.15 08/07/2037 623,296
 500,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTN 5.00 01/08/2016 520,667
 1,500,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTN 5.63 09/15/2017 1,564,568
 1,200,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTNA 4.38 03/03/2012 1,258,542
 1,600,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTNA 6.75 03/15/2032 1,640,816
 200,000 HSBC FINANCE CAPITAL TRUST IX 5.91 11/30/2035 157,000
 325,000 HSBC FINANCE CORPORATION 5.00 06/30/2015 337,727
 450,000 HSBC FINANCE CORPORATION 5.25 01/14/2011 464,952
 500,000 HSBC FINANCE CORPORATION 6.38 10/15/2011 535,096
 800,000 HSBC FINANCE CORPORATION 6.38 11/27/2012 874,542
 1,000,000 IBM INTERNATIONAL GROUP CAPITAL LLC 5.05 10/22/2012 1,101,643
 250,000 JOHN DEERE CAPITAL CORPORATION 7.00 03/15/2012 281,166
 250,000 JOHN DEERE CAPITAL CORPORATION SERIES MTN 5.25 10/01/2012 273,920
 100,000 JOHN DEERE CAPITAL CORPORATION SERIES MTN 5.50 04/13/2017 109,287
 500,000 JOHN DEERE CAPITAL CORPORATION SERIES MTN 5.75 09/10/2018 559,963
 1,250,000 JPMORGAN CHASE BANK NATIONAL SERIES BKNT 6.00 10/01/2017 1,339,299
 180,000 JPMORGAN CHASE CAPITAL XV 5.88 03/15/2035 156,510
 150,000 JPMORGAN CHASE CAPITAL XXII SERIES V 6.45 01/15/2087 135,018
 150,000 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION 5.50 07/01/2013 165,274
 400,000 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION 10.38 11/01/2018 540,926
 180,000 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION
 SERIES MTNC 7.25 03/01/2012 201,041
 150,000 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION
 SERIES MTNC 8.00 03/01/2032 181,294
 65,000 SLM CORPORATION SERIES MTN 5.63 08/01/2033 45,031
 750,000 SLM CORPORATION SERIES MTN 8.45 06/15/2018 677,473
 300,000 SLM CORPORATION SERIES MTNA 5.00 10/01/2013 260,715
 100,000 UNILEVER CAPITAL CORPORATION 5.90 11/15/2032 110,745

 27,037,728
 --------------

OFFICE EQUIPMENT: 0.10%
 500,000 PITNEY BOWES INCORPORATED 5.25 01/15/2037 514,207
 570,000 XEROX CORPORATION 5.50 05/15/2012 604,060
 150,000 XEROX CORPORATION 6.35 05/15/2018 161,341
 250,000 XEROX CORPORATION 6.75 02/01/2017 272,884
 570,000 XEROX CORPORATION 8.25 05/15/2014 663,146

 2,215,638
 --------------

OIL & GAS EXTRACTION: 0.91%
 600,000 ANADARKO PETROLEUM CORPORATION 5.95 09/15/2016 654,676
 600,000 ANADARKO PETROLEUM CORPORATION 6.45 09/15/2036 629,919
 500,000 ANADARKO PETROLEUM CORPORATION 7.63 03/15/2014 578,971
 100,000 APACHE CORPORATION 5.25 04/15/2013 109,266
 30,000 APACHE CORPORATION 5.63 01/15/2017 33,211
 500,000 APACHE CORPORATION 6.00 01/15/2037 560,125
 100,000 APACHE CORPORATION 6.25 04/15/2012 110,528
 100,000 BAKER HUGHES INCORPORATION 6.50 11/15/2013 115,168
 75,000 BAKER HUGHES INCORPORATION 7.50 11/15/2018 92,735
 150,000 BJ SERVICES COMPANY 6.00 06/01/2018 158,155

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

18

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
OIL & GAS EXTRACTION (continued)
$ 65,000 CANADIAN NATURAL RESOURCES LIMITED 5.85% 02/01/2035 $ 65,853
 500,000 CENOVUS ENERGY INCORPORATED++ 4.50 09/15/2014 523,934
 500,000 CENOVUS ENERGY INCORPORATED++ 6.75 11/15/2039 549,604
 500,000 CHEVRON CORPORATION 4.95 03/03/2019 542,434
 150,000 CONOCOPHILLIPS 4.40 05/15/2013 161,412
 100,000 CONOCOPHILLIPS 5.90 05/15/2038 105,418
 1,050,000 CONOCOPHILLIPS 6.50 02/01/2039 1,193,210
 300,000 CONOCOPHILLIPS COMPANY 6.95 04/15/2029 348,259
 750,000 CONOCOPHLLIPS COMPANY 5.75 02/01/2019 831,582
 300,000 DEVON ENERGY CORPORATION 6.30 01/15/2019 341,203
 1,180,000 DEVON FINANCING CORPORATION ULC 6.88 09/30/2011 1,289,630
 120,000 DEVON FINANCING CORPORATION ULC 7.88 09/30/2031 151,464
 65,000 DIAMOND OFFSHORE DRILLING INCORPORATED 5.88 05/01/2019 71,010
 500,000 EL PASO ENERGY CORPORATION++ 5.90 04/01/2017 525,690
 150,000 EL PASO NATURAL GAS COMPANY 5.95 04/15/2017 157,728
 75,000 EOG RESOURCES INCORPORATED 5.63 06/01/2019 83,291
 150,000 EOG RESOURCES INCORPORATED 6.88 10/01/2018 177,495
 75,000 EQT CORPORATION 8.13 06/01/2019 87,588
 150,000 HALLIBURTON COMPANY 6.15 09/15/2019 170,675
 650,000 HALLIBURTON COMPANY 7.45 09/15/2039 820,954
 120,000 HESS CORPORATION 7.30 08/15/2031 138,455
 180,000 HESS CORPORATION 7.88 10/01/2029 215,273
 500,000 HESS CORPORATION 8.13 02/15/2019 615,293
 700,000 MARATHON OIL CORPORATION 7.50 02/15/2019 824,888
 500,000 NABORS INDUSTRIES INCORPORATED 9.25 01/15/2019 622,771
 120,000 NEXEN INCORPORATED 7.88 03/15/2032 137,709
 350,000 NOBLE ENERGY INCORPORATED 8.25 03/01/2019 424,648
 150,000 OCCIDENTAL PETROLEUM CORPORATION 4.13 06/01/2016 155,263
 180,000 OCCIDENTAL PETROLEUM CORPORATION 6.75 01/15/2012 199,313
 150,000 PANHANDLE EAST PIPE LINE 6.20 11/01/2017 160,613
 250,000 PC FINANCIAL PARTNERSHIP 5.00 11/15/2014 266,599
 50,000 PRAXAIR INCORPORATED 5.20 03/15/2017 54,410
 500,000 SHELL INTERNATIONAL FINANCE BV 4.30 09/22/2019 512,408
 65,000 TALISMAN ENERGY INCORPORATED 5.13 05/15/2015 68,855
 500,000 VALERO ENERGY CORPORATION 6.13 06/15/2017 528,169
 500,000 VALERO ENERGY CORPORATION 6.63 06/15/2037 483,133
 100,000 VALERO ENERGY CORPORATION 7.50 04/15/2032 103,072
 100,000 VALERO ENERGY CORPORATION 9.38 03/15/2019 120,743
 125,000 XTO ENERGY INCORPORATED 4.90 02/01/2014 132,661
 1,000,000 XTO ENERGY INCORPORATED 5.75 12/15/2013 1,103,325
 125,000 XTO ENERGY INCORPORATED 6.10 04/01/2036 129,159
 500,000 XTO ENERGY INCORPORATED 6.50 12/15/2018 564,439
 500,000 XTO ENERGY INCORPORATED 6.75 08/01/2037 555,355

 19,357,742
 --------------

PAPER & ALLIED PRODUCTS: 0.09%
 15,000 BEMIS COMPANY INCORPORATED 5.65 08/01/2014 16,335
 10,000 BEMIS COMPANY INCORPORATED 6.80 08/01/2019 11,373
 200,000 INTERNATIONAL PAPER COMAPNY 7.50 08/15/2021 224,038
 180,000 INTERNATIONAL PAPER COMPANY 5.30 04/01/2015 185,968
 500,000 INTERNATIONAL PAPER COMPANY 7.95 06/15/2018 578,836
 300,000 KIMBERLY-CLARK CORPORATION 5.00 08/15/2013 331,995
 200,000 KIMBERLY-CLARK CORPORATION 6.63 08/01/2037 243,229
 100,000 KIMBERLY-CLARK CORPORATION 7.50 11/01/2018 126,358
 200,000 PACTIV CORPORATION 6.40 01/15/2018 214,464

 1,932,596
 --------------

PETROLEUM REFINING & RELATED INDUSTRIES: 0.11%
 500,000 CHEVRON CORPORATION 3.95 03/03/2014 532,999
 500,000 CONOCOPHILLIPS 4.60 01/15/2015 542,661

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

19

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
PETROLEUM REFINING & RELATED INDUSTRIES (continued)
$ 65,000 ENTERPRISE PRODUCTS OPERATING LP SERIES B 5.60% 10/15/2014 $ 70,723
 150,000 MARATHON OIL CORPORATION 6.00 07/01/2012 163,419
 625,000 MARATHON OIL CORPORATION 6.00 10/01/2017 679,661
 50,000 MARATHON OIL CORPORATION 6.60 10/01/2037 53,674
 100,000 SEMPRA ENERGY 6.00 02/01/2013 108,802
 100,000 SUNOCO INCORPORATED 5.75 01/15/2017 103,541

 2,255,480
 --------------

PHARMACEUTICALS: 0.45%
 1,000,000 ABBOTT LABORATORIES 5.15 11/30/2012 1,112,600
 400,000 ELI LILLY & COMPANY 5.50 03/15/2027 413,938
 1,000,000 EXPRESS SCRIPTS INCORPORATED 6.25 06/15/2014 1,109,475
 250,000 GLAXOSMITHKLINE CAPITAL INCORPORATED 4.38 04/15/2014 269,163
 500,000 GLAXOSMITHKLINE CAPITAL INCORPORATED 5.65 05/15/2018 557,132
 900,000 GLAXOSMITHKLINE CAPITAL INCORPORATED 6.38 05/15/2038 1,031,104
 100,000 MEAD JOHNSON NUTRITION COMPANY++ 3.50 11/01/2014 101,671
 150,000 MEAD JOHNSON NUTRITION COMPANY++ 4.90 11/01/2019 153,186
 100,000 MEAD JOHNSON NUTRITION COMPANY++ 5.90 11/01/2039 102,415
 150,000 MERCK & COMPANY INCORPORATED 5.75 11/15/2036 162,341
 65,000 MERCK & COMPANY INCORPORATED 5.95 12/01/2028 71,752
 1,000,000 MERCK & COMPANY INCORPORATED 6.00 09/15/2017 1,136,074
 250,000 PFIZER INCORPORATED 4.45 03/15/2012 266,392
 300,000 PFIZER INCORPORATED 4.50 02/15/2014 323,399
 250,000 PFIZER INCORPORATED 5.35 03/15/2015 279,714
 1,300,000 PFIZER INCORPORATED 6.20 03/15/2019 1,498,077
 750,000 PFIZER INCORPORATED 7.20 03/15/2039 953,996

 9,542,429
 --------------

PIPELINES: 0.56%
 150,000 BOARDWALK PIPELINES LP 5.75 09/15/2019 152,785
 100,000 BOARDWALK PIPELINES LP 5.88 11/15/2016 105,895
 150,000 BUCKEYE PARTNERS LP 5.50 08/15/2019 155,698
 100,000 BUCKEYE PARTNERS LP 6.05 01/15/2018 106,929
 75,000 CENTERPOINT ENERGY RESOURCES CORPORATION SERIES B 7.88 04/01/2013 85,710
 65,000 ENBRIDGE ENERGY PARTNERS LP 5.88 12/15/2016 68,687
 1,000,000 ENERGY TRANSFER PARTNERS LP 9.00 04/15/2019 1,218,907
 500,000 ENTERPRISE PRODUCTS OPERATING LLC 4.60 08/01/2012 529,522
 500,000 ENTERPRISE PRODUCTS OPERATING LLC 5.25 01/31/2020 511,867
 500,000 ENTERPRISE PRODUCTS OPERATING LLC 6.13 10/15/2039 494,883
 250,000 ENTERPRISE PRODUCTS OPERATING LLC 6.65 04/15/2018 277,002
 100,000 ENTERPRISE PRODUCTS OPERATING LLC 7.55 04/15/2038 116,119
 75,000 ENTERPRISE PRODUCTS OPERATING LP SERIES B 6.88 03/01/2033 81,767
 100,000 EQUITABLE RESOURCES INCORPORATED 6.50 04/01/2018 105,229
 100,000 KANEB PIPE LINE OPERATING PARTNERSHIP LP 5.88 06/01/2013 105,449
 100,000 KINDER MORGAN ENERGY PARTNERS LP 5.00 12/15/2013 106,331
 500,000 KINDER MORGAN ENERGY PARTNERS LP 5.13 11/15/2014 532,880
 1,000,000 KINDER MORGAN ENERGY PARTNERS LP 5.80 03/01/2021 1,055,774
 100,000 KINDER MORGAN ENERGY PARTNERS LP 5.80 03/15/2035 93,946
 500,000 KINDER MORGAN ENERGY PARTNERS LP 6.50 09/01/2039 512,641
 500,000 KINDER MORGAN ENERGY PARTNERS LP SERIES MTN 6.95 01/15/2038 540,433
 125,000 MAGELLAN MIDSTREAM PARTNERS LP 6.55 07/15/2019 140,044
 350,000 ONEOK PARTNERS LP 8.63 03/01/2019 428,357
 50,000 PLAINS ALL AMERICAN PIPELINE LP 6.13 01/15/2017 53,956
 150,000 PLAINS ALL AMERICAN PIPELINE LP 6.50 05/01/2018 164,210
 200,000 PLAINS ALL AMERICAN PIPELINE LP 6.65 01/15/2037 209,294
 150,000 PLAINS ALL AMERICAN PIPELINE LP 8.75 05/01/2019 184,436
 500,000 PLAINS ALL AMERICAN PIPELINE LP / PAA FINANCE CORPORATION 4.25 09/01/2012 521,727
 45,000 PPL ELECTRIC UTILITIES CORPORATION 6.25 05/15/2039 50,248
 75,000 TEXAS EASTERN TRANSMISSION LP 7.00 07/15/2032 86,984
 1,000,000 TRANSCANADA PIPELINES LTD 7.13 01/15/2019 1,195,210

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

20

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
PIPELINES (continued)
$ 500,000 TRANSCANADA PIPELINES LTD 7.63% 01/15/2039 $ 635,940
 500,000 WILLIAMS COS INC/THE 8.75 01/15/2020 584,387
 600,000 WILLIAMS COS INC/THE 8.75 03/15/2032 702,346

 11,915,593
 --------------

PRIMARY METAL INDUSTRIES: 0.12%
 25,000 ALCOA INCORPORATED 5.55 02/01/2017 25,116
 300,000 ALCOA INCORPORATED 5.90 02/01/2027 267,299
 25,000 ALCOA INCORPORATED 5.95 02/01/2037 21,424
 1,200,000 ALCOA INCORPORATED 6.00 07/15/2013 1,276,446
 250,000 ALCOA INCORPORATED 6.50 06/01/2011 262,019
 50,000 ALCOA INCORPORATED 6.75 07/15/2018 51,474
 75,000 ALCOA INCORPORATED 6.75 01/15/2028 72,934
 150,000 ALLEGHENY TECHNOLOGIES INCORPORATED 9.38 06/01/2019 172,608
 50,000 COMMERCIAL METALS COMPANY 6.50 07/15/2017 51,734
 20,000 CORNING INCORPORATED 6.63 05/15/2019 22,504
 100,000 NUCOR CORPORATION 5.00 06/01/2013 108,132
 150,000 NUCOR CORPORATION 5.85 06/01/2018 167,870
 50,000 NUCOR CORPORATION 6.40 12/01/2037 56,781

 2,556,341
 --------------

PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.04%
 600,000 NEWS AMERICA INCORPORATED 6.65 11/15/2037 633,107
 65,000 RR DONNELLEY & SONS COMPANY 5.50 05/15/2015 64,408
 50,000 RR DONNELLEY & SONS COMPANY 6.13 01/15/2017 49,590
 100,000 RR DONNELLEY & SONS COMPANY 8.60 08/15/2016 108,823

 855,928
 --------------

RAILROAD TRANSPORTATION: 0.19%
 500,000 BURLINGTON NORTHERN SANTA FE CORPORATION 4.88 01/15/2015 536,839
 360,000 BURLINGTON NORTHERN SANTA FE CORPORATION 5.65 05/01/2017 394,332
 550,000 BURLINGTON NORTHERN SANTA FE CORPORATION 6.15 05/01/2037 608,626
 100,000 CSX CORPORATION 5.60 05/01/2017 107,503
 100,000 CSX CORPORATION 6.00 10/01/2036 102,008
 70,000 CSX CORPORATION 6.15 05/01/2037 73,240
 250,000 CSX CORPORATION 6.25 04/01/2015 283,528
 300,000 CSX CORPORATION 6.30 03/15/2012 328,736
 200,000 CSX CORPORATION 7.45 04/01/2038 243,035
 275,000 NORFOLK SOUTHERN CORPORATION 5.59 05/17/2025 291,410
 100,000 NORFOLK SOUTHERN CORPORATION 5.75 04/01/2018 110,004
 65,000 NORFOLK SOUTHERN CORPORATION 5.90 06/15/2019 72,797
 360,000 UNION PACIFIC CORPORATION 4.88 01/15/2015 384,360
 200,000 UNION PACIFIC CORPORATION 5.75 11/15/2017 218,207
 40,000 UNION PACIFIC CORPORATION 6.15 05/01/2037 43,477
 300,000 UNION PACIFIC CORPORATION 7.88 01/15/2019 375,012

 4,173,114
 --------------

REAL ESTATE: 0.01%
 200,000 DUKE REALTY LP 6.25 05/15/2013 206,506
 --------------

REAL ESTATE INVESTMENT TRUSTS (REITS): 0.23%
 150,000 AVALONBAY COMMUNITIES INCORPORATED 5.70 03/15/2017 156,111
 100,000 AVALONBAY COMMUNITIES INCORPORATED 6.10 03/15/2020 105,064
 100,000 HEALTH CARE PROPERTY INVESTORS INCORPORATED 5.63 05/01/2017 96,302
 200,000 HEALTH CARE PROPERTY INVESTORS INCORPORATED 6.00 01/30/2017 197,010
 75,000 HEALTHCARE REALTY TRUST INCORPORATED 8.13 05/01/2011 79,250
 75,000 HOSPITALITY PROPERTIES TRUST 5.63 03/15/2017 66,871
 250,000 HOSPITALITY PROPERTIES TRUST 7.88 08/15/2014 260,389

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

21

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
REAL ESTATE INVESTMENT TRUSTS (REITS) (continued)
$ 250,000 INTERNATIONAL LEASE FINANCE CORPORATION SERIES MTN 5.55% 09/05/2012 $ 201,354
 125,000 INTERNATIONAL LEASE FINANCE CORPORATION SERIES MTN 5.75 06/15/2011 116,161
 100,000 KIMCO REALTY CORPORATION 6.88 10/01/2019 105,349
 75,000 LIBERTY PROPERTY LP 5.50 12/15/2016 71,392
 150,000 LIBERTY PROPERTY LP 6.63 10/01/2017 149,952
 150,000 MACK-CALI REALTY CORPORATION 7.75 08/15/2019 159,977
 150,000 PROLOGIS 7.38 10/30/2019 152,080
 100,000 PROLOGIS 7.63 08/15/2014 107,219
 300,000 PROLOGIS TRUST 5.63 11/15/2016 284,831
 100,000 PROLOGIS TRUST 6.63 05/15/2018 97,419
 100,000 REALTY INCOME CORPORATION 5.95 09/15/2016 101,694
 100,000 REGENCY CENTERS LP 5.88 06/15/2017 95,820
 50,000 SIMON PROPERTY GROUP LP 5.00 03/01/2012 52,324
 50,000 SIMON PROPERTY GROUP LP 5.25 12/01/2016 50,578
 300,000 SIMON PROPERTY GROUP LP 5.75 05/01/2012 320,087
 125,000 SIMON PROPERTY GROUP LP 5.75 12/01/2015 132,252
 805,000 SIMON PROPERTY GROUP LP 6.75 05/15/2014 882,038
 600,000 SIMON PROPERTY GROUP LP 10.35 04/01/2019 774,279

 4,815,803
 --------------

RETAIL: 0.15%
 500,000 STARBUCKS CORPORATION 6.25 08/15/2017 541,312
 1,000,000 TARGET CORPORATION 5.88 03/01/2012 1,097,224
 500,000 TARGET CORPORATION 6.00 01/15/2018 568,795
 800,000 WAL-MART STORES INCORPORATED 6.20 04/15/2038 903,702

 3,111,033
 --------------

RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.01%
 100,000 COOPER US INCORPORATED 6.10 07/01/2017 113,548
 --------------

SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.45%
 180,000 BEAR STEARNS COMPANIES INCORPORATED 5.30 10/30/2015 196,984
 600,000 BEAR STEARNS COMPANIES INCORPORATED 5.50 08/15/2011 629,452
 25,000 BEAR STEARNS COMPANIES INCORPORATED 5.55 01/22/2017 25,872
 120,000 BEAR STEARNS COMPANIES INCORPORATED 6.40 10/02/2017 132,313
 500,000 BEAR STEARNS COMPANIES INCORPORATED SERIES MTN 6.95 08/10/2012 561,871
 425,000 CHARLES SCHWAB CORPORATION 4.95 06/01/2014 460,252
 500,000 CREDIT SUISSE USA INCORPORATED 5.50 08/15/2013 550,990
 250,000 CREDIT SUISSE USA INCORPORATED 7.13 07/15/2032 300,355
 50,000 EATON VANCE CORPORATION 6.50 10/02/2017 53,851
 200,000 GOLDMAN SACHS CAPITAL II 5.79 12/29/2049 147,000
 500,000 GOLDMAN SACHS GROUP INCORPORATED 1.70 03/15/2011 507,535
 1,100,000 GOLDMAN SACHS GROUP INCORPORATED 3.25 06/15/2012 1,157,431
 700,000 GOLDMAN SACHS GROUP INCORPORATED 4.75 07/15/2013 743,750
 275,000 GOLDMAN SACHS GROUP INCORPORATED 5.35 01/15/2016 292,942
 1,000,000 GOLDMAN SACHS GROUP INCORPORATED 5.45 11/01/2012 1,087,822
 500,000 GOLDMAN SACHS GROUP INCORPORATED 5.75 10/01/2016 537,179
 1,070,000 GOLDMAN SACHS GROUP INCORPORATED 5.95 01/15/2027 1,033,196
 1,545,000 GOLDMAN SACHS GROUP INCORPORATED 6.00 05/01/2014 1,704,935
 250,000 GOLDMAN SACHS GROUP INCORPORATED 6.15 04/01/2018 269,838
 1,250,000 GOLDMAN SACHS GROUP INCORPORATED 6.25 09/01/2017 1,362,463
 450,000 GOLDMAN SACHS GROUP INCORPORATED 6.35 02/15/2034 419,260
 1,025,000 GOLDMAN SACHS GROUP INCORPORATED 6.60 01/15/2012 1,121,375
 925,000 GOLDMAN SACHS GROUP INCORPORATED 6.75 10/01/2037 952,044
 1,000,000 GOLDMAN SACHS GROUP INCORPORATED 6.88 01/15/2011 1,060,693
 300,000 GOLDMAN SACHS GROUP INCORPORATED 7.50 02/15/2019 354,278
 150,000 JEFFERIES GROUP INCORPORATED 6.45 06/08/2027 127,668
 400,000 JEFFERIES GROUP INCORPORATED 8.50 07/15/2019 440,062
 450,000 MERRILL LYNCH & COMPANY INCORPORATED 5.45 07/15/2014 473,197
 500,000 MERRILL LYNCH & COMPANY INCORPORATED 5.70 05/02/2017 496,253

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

22

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES (continued)
$ 1,000,000 MERRILL LYNCH & COMPANY INCORPORATED 6.05% 08/15/2012 $ 1,076,249
 250,000 MERRILL LYNCH & COMPANY INCORPORATED 6.05 05/16/2016 252,884
 300,000 MERRILL LYNCH & COMPANY INCORPORATED 6.11 01/29/2037 277,553
 100,000 MERRILL LYNCH & COMPANY INCORPORATED 6.22 09/15/2026 96,559
 500,000 MERRILL LYNCH & COMPANY INCORPORATED 6.40 08/28/2017 524,600
 500,000 MERRILL LYNCH & COMPANY INCORPORATED 7.75 05/14/2038 552,015
 500,000 MERRILL LYNCH & COMPANY INCORPORATED SERIES MTN 5.77 07/25/2011 530,699
 690,000 MERRILL LYNCH & COMPANY INCORPORATED SERIES MTN 6.88 04/25/2018 740,114
 1,000,000 MORGAN STANLEY 2.25 03/13/2012 1,026,589
 300,000 MORGAN STANLEY 3.25 12/01/2011 314,024
 525,000 MORGAN STANLEY 5.38 10/15/2015 554,611
 1,300,000 MORGAN STANLEY 6.00 05/13/2014 1,416,614
 1,500,000 MORGAN STANLEY 6.60 04/01/2012 1,638,582
 120,000 MORGAN STANLEY 7.25 04/01/2032 137,658
 400,000 MORGAN STANLEY 7.30 05/13/2019 450,888
 500,000 MORGAN STANLEY SERIES EMTN 5.45 01/09/2017 513,723
 1,500,000 MORGAN STANLEY SERIES MTN 5.25 11/02/2012 1,609,223
 850,000 MORGAN STANLEY SERIES MTN 5.55 04/27/2017 864,726
 1,000,000 MORGAN STANLEY SERIES MTN 6.63 04/01/2018 1,084,914
 100,000 RAYMOND JAMES FINANCIAL INCORPORATED 8.60 08/15/2019 111,000

 30,974,086
 --------------

SOFTWARE: 0.05%
 500,000 CA INCORPORATED 5.38 12/01/2019 518,840
 500,000 ORACLE CORPORATION 4.95 04/15/2013 547,110

 1,065,950
 --------------

TOBACCO PRODUCTS: 0.23%
 1,050,000 ALTRIA GROUP INCORPORATED 9.70 11/10/2018 1,299,173
 500,000 ALTRIA GROUP INCORPORATED 10.20 02/06/2039 657,405
 155,000 LORILLARD TOBACCO COMPANY 8.13 06/23/2019 171,547
 125,000 PHILIP MORRIS INTERNATIONAL INCORPORATED 4.88 05/16/2013 134,600
 450,000 PHILIP MORRIS INTERNATIONAL INCORPORATED 5.65 05/16/2018 489,339
 400,000 PHILIP MORRIS INTERNATIONAL INCORPORATED 6.38 05/16/2038 451,284
 750,000 PHILIP MORRIS INTERNATIONAL INCORPORATED 6.88 03/17/2014 865,772
 200,000 REYNOLDS AMERICAN INCORPORATED 7.25 06/15/2037 201,662
 500,000 REYNOLDS AMERICAN INCORPORATED 7.63 06/01/2016 543,426
 100,000 UST INCORPORATED 5.75 03/01/2018 100,970

 4,915,178
 --------------

TRANSPORTATION: 0.12%
 125,000 BURLINGTON NORTHERN SANTA FE CORPORATION 4.70 10/01/2019 128,058
 435,000 CANADIAN NATIONAL RAILWAY COMPANY 5.55 03/01/2019 482,355
 500,000 CSX CORPORATION 7.38 02/01/2019 593,262
 500,000 NORFOLK SOUTHERN CORPORATION 7.25 02/15/2031 612,110
 600,000 UNION PACIFIC CORPORATION 6.63 02/01/2029 674,186

 2,489,971
 --------------

TRANSPORTATION BY AIR: 0.07%
 150,000 CONTINENTAL AIRLINES INCORPORATED 9.00 07/08/2016 159,375
 75,000 CONTINENTAL AIRLINES INCORPORATED SERIES A 5.98 04/19/2022 71,250
 100,666 DELTA AIR LINES INCORPORATED 6.82 02/10/2024 95,632
 20,000 FEDEX CORPORATION 7.38 01/15/2014 22,814
 100,000 FEDEX CORPORATION 8.00 01/15/2019 123,396
 500,000 LOCKHEED MARTIN CORPORATION 4.25 11/15/2019 502,375
 120,000 LOCKHEED MARTIN CORPORATION 8.50 12/01/2029 161,015
 196,301 NORTHWEST AIRLINES INCORPORATED 7.03 11/01/2019 174,217
 100,000 RAYTHEON COMPANY 4.40 02/15/2020 101,975

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

23

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
TRANSPORTATION BY AIR (continued)
$ 120,000 RAYTHEON COMPANY 7.20% 08/15/2027 $ 147,789

 1,559,838
 --------------

TRANSPORTATION EQUIPMENT: 0.35%
 100,000 DAIMLER FINANCE NA LLC 5.88 03/15/2011 104,921
 330,000 DAIMLER FINANCE NA LLC 6.50 11/15/2013 364,328
 200,000 DAIMLER FINANCE NA LLC 7.30 01/15/2012 219,981
 225,000 DAIMLER FINANCE NA LLC 8.50 01/18/2031 278,381
 1,200,000 DAIMLER FINANCE NORTH AMERICA LLC 5.75 09/08/2011 1,271,304
 35,000 GENERAL DYNAMICS CORPORATION 1.80 07/15/2011 35,554
 500,000 GENERAL DYNAMICS CORPORATION 5.25 02/01/2014 555,885
 100,000 HONEYWELL INTERNATIONAL INCORPORATED 4.25 03/01/2013 106,934
 500,000 HONEYWELL INTERNATIONAL INCORPORATED 5.00 02/15/2019 536,151
 100,000 HONEYWELL INTERNATIONAL INCORPORATED 5.30 03/01/2018 108,754
 250,000 HONEYWELL INTERNATIONAL INCORPORATED 5.70 03/15/2037 270,009
 150,000 JOHNSON CONTROLS INCORPORATED 5.25 01/15/2011 156,089
 350,000 LOCKHEED MARTIN CORPORATION SERIES B 6.15 09/01/2036 385,299
 520,000 NORTHROP GRUMMAN CORPORATION 7.75 02/15/2031 665,322
 600,000 UNITED TECHNOLOGIES CORPORATION 4.88 05/01/2015 663,879
 565,000 UNITED TECHNOLOGIES CORPORATION 6.13 02/01/2019 651,225
 500,000 UNITED TECHNOLOGIES CORPORATION 6.13 07/15/2038 569,254
 430,000 UNITED TECHNOLOGIES CORPORATION 7.50 09/15/2029 539,273

 7,482,543
 --------------

WHOLESALE TRADE NON-DURABLE GOODS: 0.03%
 300,000 MCKESSON HBOC INCORPORATED 5.25 03/01/2013 323,309
 89,000 SAFEWAY INCORPORATED 5.80 08/15/2012 97,693
 200,000 SYSCO CORPORATION 6.63 03/17/2039 247,881

 668,883
 --------------

WHOLESALE TRADE-DURABLE GOODS: 0.02%
 180,000 JOHNSON & JOHNSON 4.95 05/15/2033 181,242
 25,000 MARTIN MARIETTA MATERIALS INCORPORATED 6.25 05/01/2037 23,446
 125,000 MARTIN MARIETTA MATERIALS INCORPORATED 6.60 04/15/2018 133,938

 338,626
 --------------

TOTAL CORPORATE BONDS & NOTES (COST $459,603,956) 481,236,751
 --------------

FOREIGN CORPORATE BONDS: 2.73%
 150,000 ALBERTA ENERGY COMPANY LIMITED 8.13 09/15/2030 184,877
 180,000 ALCAN INCORPORATED 5.00 06/01/2015 186,374
 600,000 ALCAN INCORPORATED 6.13 12/15/2033 621,134
 800,000 AMERICA MOVIL SAB DE CV 5.63 11/15/2017 856,206
 100,000 AMERICA MOVIL SAB DE CV 6.13 11/15/2037 102,573
 75,000 ANADARKO FINANCE COMPANY SERIES B 6.75 05/01/2011 79,754
 325,000 ANADARKO FINANCE COMPANY SERIES B 7.50 05/01/2031 368,395
 750,000 ARCELORMITTAL 5.38 06/01/2013 788,665
 425,000 ARCELORMITTAL 9.00 02/15/2015 499,057
 250,000 ARCELORMITTAL 9.85 06/01/2019 308,026
 500,000 ASTRAZENECA PLC 5.40 09/15/2012 555,080
 75,000 ASTRAZENECA PLC 5.40 06/01/2014 84,002
 500,000 ASTRAZENECA PLC 5.90 09/15/2017 571,917
 850,000 ASTRAZENECA PLC 6.45 09/15/2037 992,608
 150,000 AXA SA 8.60 12/15/2030 174,378
 65,000 AXIS CAPITAL HOLDINGS LIMITED 5.75 12/01/2014 67,114
 600,000 BARCLAYS BANK PLC 5.20 07/10/2014 643,822
 300,000 BARCLAYS BANK PLC 5.45 09/12/2012 326,370
 250,000 BARCLAYS BANK PLC 6.75 05/22/2019 283,614

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

24

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
FOREIGN CORPORATE BONDS (continued)
$ 700,000 BARRICK GOLD CORPORATION 6.95% 04/01/2019 $ 813,124
 250,000 BHP BILLITON FINANCE USA LIMITED 5.00 12/15/2010 260,789
 150,000 BHP BILLITON FINANCE USA LIMITED 5.25 12/15/2015 166,170
 200,000 BHP BILLITON FINANCE USA LIMITED 5.40 03/29/2017 218,199
 1,150,000 BHP BILLITON FINANCE USA LIMITED 5.50 04/01/2014 1,279,976
 200,000 BHP BILLITON FINANCE USA LIMITED 6.50 04/01/2019 234,566
 250,000 BP CAPITAL MARKETS PLC 1.55 08/11/2011 253,711
 200,000 BP CAPITAL MARKETS PLC 3.63 05/08/2014 209,511
 200,000 BP CAPITAL MARKETS PLC 3.88 03/10/2015 210,759
 150,000 BP CAPITAL MARKETS PLC 4.75 03/10/2019 158,861
 500,000 BRITISH TELECOMMUNICATIONS PLC 5.95 01/15/2018 516,154
 300,000 BRITISH TELECOMMUNICATIONS PLC 9.63 12/15/2030 384,043
 125,000 BROOKFIELD ASSET MANAGEMENT INCORPORATED 5.80 04/25/2017 115,420
 100,000 BURLINGTON RESOURCES FINANCE COMPANY 6.50 12/01/2011 109,850
 500,000 BURLINGTON RESOURCES FINANCE COMPANY 7.20 08/15/2031 591,261
 350,000 CANADIAN NATIONAL RAILWAY COMPANY 6.38 11/15/2037 407,367
 65,000 CANADIAN NATURAL RESOURCES LIMITED 4.90 12/01/2014 69,827
 1,150,000 CANADIAN NATURAL RESOURCES LIMITED 5.70 05/15/2017 1,241,711
 500,000 CANADIAN NATURAL RESOURCES LIMITED 6.25 03/15/2038 531,039
 360,000 CANADIAN PACIFIC RAILWAY COMPANY 5.75 03/15/2033 346,567
 65,000 CANADIAN PACIFIC RAILWAY COMPANY 5.95 05/15/2037 63,791
 65,000 CANADIAN PACIFIC RAILWAY COMPANY 7.25 05/15/2019 76,490
 65,000 CELULOSA ARAUCO Y CONSTITUCION SA 5.63 04/20/2015 67,838
 1,325,000 CONOCO FUNDING COMPANY 6.35 10/15/2011 1,456,954
 150,000 CONOCOPHILLIPS CANADA 5.63 10/15/2016 167,917
 100,000 COVIDIEN INTERNATIONAL FINANCE SA 5.45 10/15/2012 110,527
 350,000 COVIDIEN INTERNATIONAL FINANCE SA 6.00 10/15/2017 391,789
 50,000 COVIDIEN INTERNATIONAL FINANCE SA 6.55 10/15/2037 57,832
 1,200,000 CREDIT SUISSE NEW YORK NY 5.50 05/01/2014 1,316,341
 1,000,000 DEUTSCHE BANK AG LONDON 4.88 05/20/2013 1,075,227
 500,000 DEUTSCHE BANK AG LONDON 6.00 09/01/2017 554,522
 275,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 5.75 03/23/2016 297,573
 830,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 8.75 06/15/2030 1,084,374
 50,000 DIAGEO CAPITAL PLC 5.20 01/30/2013 54,343
 1,050,000 DIAGEO CAPITAL PLC 5.75 10/23/2017 1,159,787
 75,000 DIAGEO CAPITAL PLC 5.88 09/30/2036 82,911
 125,000 DIAGEO FINANCE BV 5.30 10/28/2015 138,719
 500,000 DIAGEO PLC 7.38 01/15/2014 587,992
 100,000 ENBRIDGE INCORPORATED 5.60 04/01/2017 108,084
 400,000 ENCANA CORPORATION 6.50 05/15/2019 452,105
 350,000 ENCANA CORPORATION 6.50 02/01/2038 383,246
 100,000 ENCANA HOLDINGS FINANCE CORPORATION 5.80 05/01/2014 110,501
 100,000 FALCONBRIDGE LIMITED 6.00 10/15/2015 106,983
 500,000 FRANCE TELECOM SA 4.38 07/08/2014 532,048
 750,000 FRANCE TELECOM SA<< 7.75 03/01/2011 809,627
 225,000 FRANCE TELECOM SA 8.50 03/01/2031 309,291
 250,000 GRUPO TELEVISA SA 6.00 05/15/2018 256,972
 1,000,000 HSBC HOLDINGS PLC 6.50 05/02/2036 1,079,144
 850,000 HSBC HOLDINGS PLC 6.50 09/15/2037 904,630
 105,000 HUSKY ENERGY INCORPORATED 5.90 06/15/2014 115,404
 100,000 HUSKY ENERGY INCORPORATED 6.80 09/15/2037 109,017
 65,000 HUSKY ENERGY INCORPORATED 7.25 12/15/2019 75,974
 100,000 LAFARGE SA 6.15 07/15/2011 104,822
 75,000 LAFARGE SA 6.50 07/15/2016 78,679
 100,000 NEXEN INCORPORATED 5.65 05/15/2017 103,364
 80,000 NEXEN INCORPORATED 6.20 07/30/2019 85,625
 100,000 NEXEN INCORPORATED 6.40 05/15/2037 99,867
 310,000 NEXEN INCORPORATED 7.50 07/30/2039 348,717
 250,000 NOBLE HOLDINGS INTERNATIONAL LIMITED CORPORATION 7.38 03/15/2014 273,560
 500,000 NOKIA CORPORATION 5.38 05/15/2019 531,385
 250,000 NORSK HYDRO ASA 6.80 01/15/2028 294,925
 500,000 NOVARTIS SECURITIES INVESTMENT LIMITED 5.13 02/10/2019 540,821
 75,000 ORIX CORPORATION 5.48 11/22/2011 75,740

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

25

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
FOREIGN CORPORATE BONDS (continued)
$ 400,000 PETRO CANADA 6.80% 05/15/2038 $ 440,471
 100,000 PHILIPS ELECTRONICS NV 6.88 03/11/2038 116,708
 50,000 POTASH CORPORATION OF SASKATCHEWAN INCORPORATED 5.25 05/15/2014 54,745
 75,000 POTASH CORPORATION OF SASKATCHEWAN INCORPORATED 5.88 12/01/2036 76,277
 65,000 POTASH CORPORATION OF SASKATCHEWAN INCORPORATED 6.50 05/15/2019 74,104
 750,000 RIO TINTO FINANCE USA LIMITED 6.50 07/15/2018 831,194
 1,225,000 RIO TINTO FINANCE USA LIMITED 8.95 05/01/2014 1,473,080
 130,000 RIO TINTO FINANCE USA LIMITED 9.00 05/01/2019 165,706
 500,000 ROGERS WIRELESS INCORPORATED 7.50 03/15/2015 588,913
 200,000 ROYAL BANK CANADA 5.65 07/20/2011 216,065
 360,000 ROYAL BANK OF SCOTLAND GROUP PLC 5.00 10/01/2014 317,192
 75,000 ROYAL KPN NV 8.38 10/01/2030 95,483
 950,000 SHELL INTERNATIONAL FINANCE 4.00 03/21/2014 1,011,482
 500,000 SHELL INTERNATIONAL FINANCE 4.95 03/22/2012 543,012
 750,000 SHELL INTERNATIONAL FINANCE 6.38 12/15/2038 870,026
 150,000 STATOILHYDRO ASA 3.88 04/15/2014 159,527
 815,000 STATOILHYDRO ASA 5.25 04/15/2019 893,828
 400,000 SUNCOR ENERGY INCORPORATED 5.45 06/10/2019 424,986
 75,000 SUNCOR ENERGY INCORPORATED 5.95 12/01/2034 74,421
 500,000 SUNCOR ENERGY INCORPORATED 6.10 06/01/2018 547,791
 150,000 SUNCOR ENERGY INCORPORATED 6.50 06/15/2038 159,328
 250,000 SUNCOR ENERGY INCORPORATED 6.85 06/01/2039 278,474
 400,000 TALISMAN ENERGY 6.25 02/01/2038 414,028
 65,000 TALISMAN ENERGY INCORPORATED 7.75 06/01/2019 77,831
 200,000 TELECOM ITALIA CAPITAL SA 5.25 10/01/2015 210,469
 150,000 TELECOM ITALIA CAPITAL SA 6.00 09/30/2034 144,010
 350,000 TELECOM ITALIA CAPITAL SA 6.20 07/18/2011 372,408
 1,000,000 TELECOM ITALIA CAPITAL SA 7.18 06/18/2019 1,133,284
 500,000 TELECOM ITALIA CAPITAL SA 7.72 06/04/2038 580,932
 930,000 TELEFONICA EMISIONES SAU 4.95 01/15/2015 995,925
 50,000 TELEFONICA EMISIONES SAU 5.98 06/20/2011 53,307
 150,000 TELEFONICA EMISIONES SAU 6.42 06/20/2016 170,077
 550,000 TELEFONICA EMISIONES SAU 7.05 06/20/2036 644,665
 120,000 TELEFONICA EUROPE BV 8.25 09/15/2030 154,879
 645,000 TELEFONICA SA 5.88 07/15/2019 708,342
 65,000 TELEFONOS DE MEXICO SA DE CV 5.50 01/27/2015 68,455
 180,000 TELUS CORPORATION 8.00 06/01/2011 197,150
 200,000 THOMSON REUTERS CORPORATION 5.70 10/01/2014 225,473
 500,000 THOMSON REUTERS CORPORATION 6.50 07/15/2018 578,441
 65,000 TRANSCANADA PIPELINES LIMITED 4.88 01/15/2015 70,463
 100,000 TRANSCANADA PIPELINES LIMITED 5.60 03/31/2034 101,324
 585,000 TRANSCANADA PIPELINES LIMITED 6.20 10/15/2037 642,102
 600,000 TRANSOCEAN INCORPORATED 6.00 03/15/2018 656,361
 120,000 TRANSOCEAN INCORPORATED 7.50 04/15/2031 143,464
 400,000 TYCO INTERNATIONAL GROUP SA 6.00 11/15/2013 441,929
 1,000,000 UBS AG STAMFORD CT SERIES DPNT 5.88 12/20/2017 1,037,723
 1,000,000 UFJ FINANCE ARUBA AEC 6.75 07/15/2013 1,122,827
 855,000 VALE OVERSEAS LIMITED 6.25 01/23/2017 915,740
 1,010,000 VALE OVERSEAS LIMITED 6.88 11/21/2036 1,030,611
 250,000 VODAFONE GROUP PLC 4.15 06/10/2014 261,247
 180,000 VODAFONE GROUP PLC 4.63 07/15/2018 181,315
 1,000,000 VODAFONE GROUP PLC 5.00 12/16/2013 1,080,383
 75,000 VODAFONE GROUP PLC 5.38 01/30/2015 81,558
 400,000 VODAFONE GROUP PLC<< 6.15 02/27/2037 426,433
 250,000 VODAFONE GROUP PLC 7.88 02/15/2030 310,535
 100,000 WEATHERFORD INTERNATIONAL LTD 6.00 03/15/2018 104,976
 300,000 WEATHERFORD INTERNATIONAL LTD 6.50 08/01/2036 296,225
 50,000 WEATHERFORD INTERNATIONAL LTD 7.00 03/15/2038 51,885
 500,000 WEATHERFORD INTERNATIONAL LTD 9.63 03/01/2019 624,668
 100,000 XL CAPITAL LIMITED 5.25 09/15/2014 100,504
 100,000 XL CAPITAL LIMITED 6.25 05/15/2027 89,186

TOTAL FOREIGN CORPORATE BONDS (COST $54,794,583) 58,362,277
 --------------

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

26

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
FOREIGN GOVERNMENT BONDS@: 24.69%
$ 600,000 AUSTRALIA COMMONWEALTH (AUD) 6.25% 06/15/2014 $ 578,149
 600,000 AUSTRALIA COMMONWEALTH (AUD) 6.50 05/15/2013 578,259
 1,000,000 AUSTRALIA GOVERNMENT BOND SERIES 122 (AUD) 5.25 03/15/2019 916,496
 400,000 AUSTRALIA GOVERNMENT BOND SERIES 217 (AUD) 6.00 02/15/2017 384,546
 748,000 AUSTRALIA GOVERNMENT BOND SERIES 611 (AUD) 5.75 06/15/2011 699,638
 1,000,000 BELGIUM (KINGDOM) (EUR) 3.25 09/28/2016 1,524,225
 1,800,000 BELGIUM (KINGDOM) (EUR) 4.00 03/28/2014 2,876,203
 500,000 BELGIUM (KINGDOM) (EUR) 4.00 03/28/2022 761,211
 2,000,000 BELGIUM (KINGDOM) (EUR) 5.00 09/28/2012 3,269,537
 385,000 BELGIUM GOVERNMENT BOND SERIES 31 (EUR) 5.50 03/28/2028 668,373
 700,000 BELGIUM GOVERNMENT BOND SERIES 40 (EUR) 5.50 09/28/2017 1,212,007
 1,000,000 BELGIUM GOVERNMENT BOND SERIES 43 (EUR) 4.25 09/28/2014 1,615,894
 680,000 BELGIUM GOVERNMENT BOND SERIES 44 (EUR) 5.00 03/28/2035 1,118,198
 1,050,000 BELGIUM GOVERNMENT BOND SERIES 49 (EUR) 4.00 03/28/2017 1,658,724
 500,000 BELGIUM KINGDOM SERIES 56 (EUR) 3.50 03/28/2015 780,221
 1,000,000 BONOS Y OBLIGACIONES DEL ESTADO (EUR) 4.25 01/31/2014 1,606,290
 1,500,000 BONOS Y OBLIGACIONES DEL ESTADO (EUR) 4.60 07/30/2019 2,412,273
 400,000 BOUNI POLIENNALI DEL TES (EUR) 4.50 08/01/2018 639,018
 2,000,000 BUNDESOBLIGATION (EUR) 3.50 04/08/2011 3,103,736
 1,000,000 BUNDESOBLIGATION (EUR) 3.50 10/14/2011 1,565,082
 1,000,000 BUNDESREPUB DEUTSCHLAND (EUR) 3.50 07/04/2019 1,550,126
 1,500,000 BUNDESREPUB DEUTSCHLAND (EUR) 4.00 10/11/2013 2,421,139
 1,500,000 BUNDESREPUB DEUTSCHLAND (EUR) 4.25 07/04/2017 2,467,852
 1,500,000 BUNDESREPUBLIK DEUTSCHLAND (EUR) 4.25 07/04/2014 2,451,185
 500,000 BUNDESREPUBLIK DEUTSCHLAND (EUR) 6.50 07/04/2027 996,279
 1,495,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 00 (EUR) 5.25 01/04/2011 2,351,650
 700,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 00 (EUR) 5.50 01/04/2031 1,272,844
 750,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 00 (EUR) 6.25 01/04/2030 1,475,004
 1,550,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 01 (EUR) 5.00 07/04/2011 2,469,050
 1,400,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 02 (EUR) 5.00 01/04/2012 2,260,003
 1,000,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 02 (EUR) 5.00 07/04/2012 1,632,066
 2,140,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 03 (EUR) 4.25 01/04/2014 3,484,202
 2,200,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 03 (EUR) 4.50 01/04/2013 3,574,557
 660,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 03 (EUR) 4.75 07/04/2034 1,108,817
 1,600,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 04 (EUR) 3.75 01/04/2015 2,564,385
 1,000,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 05 (EUR) 3.50 01/04/2016 1,581,959
 1,100,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 05 (EUR) 4.00 01/04/2037 1,667,761
 1,200,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 06 (EUR) 4.00 07/04/2016 1,947,344
 1,100,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 07 (EUR) 4.25 07/04/2039 1,756,177
 1,700,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 08 (EUR) 4.25 07/04/2018 2,794,754
 1,500,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 09 (EUR) 3.75 01/04/2019 2,375,709
 655,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 94 (EUR) 6.25 01/04/2024 1,263,208
 700,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 98 (EUR) 5.63 01/04/2028 1,277,448
 2,000,000 BUNDESSCHATZANWEISUNGEN (EUR) 1.25 09/16/2011 3,007,427
 1,000,000 BUONI POLIENNALI DEL TES (EUR) 2.50 07/01/2012 1,518,178
 2,000,000 BUONI POLIENNALI DEL TES (EUR) 4.25 09/01/2019 3,101,964
 1,100,000 CANADIAN GOVERNMENT BOND (CAD) 1.00 09/01/2011 1,043,562
 1,800,000 CANADIAN GOVERNMENT BOND (CAD) 1.25 06/01/2011 1,717,743
 600,000 CANADIAN GOVERNMENT BOND (CAD) 2.00 12/01/2014 558,727
 1,500,000 CANADIAN GOVERNMENT BOND (CAD) 3.00 06/01/2014 1,466,885
 1,000,000 CANADIAN GOVERNMENT BOND (CAD) 3.75 06/01/2019 988,725
 1,300,000 CANADIAN GOVERNMENT BOND (CAD) 4.00 06/01/2016 1,327,308
 300,000 CANADIAN GOVERNMENT BOND (CAD) 4.00 06/01/2041 292,956
 500,000 CANADIAN GOVERNMENT BOND (CAD) 4.25 06/01/2018 515,951
 700,000 CANADIAN GOVERNMENT BOND (CAD) 5.00 06/01/2037 794,249
 1,000,000 CANADIAN GOVERNMENT BOND (CAD) 5.25 06/01/2013 1,054,700
 500,000 CANADIAN GOVERNMENT BOND (CAD) 5.75 06/01/2029 590,283
 600,000 CANADIAN GOVERNMENT BOND (CAD) 5.75 06/01/2033 725,884
 1,000,000 CANADIAN GOVERNMENT BOND (CAD) 6.00 06/01/2011 1,021,177
 95,000 CANADIAN GOVERNMENT BOND (CAD) 8.00 06/01/2023 130,697
 593,000 CANADIAN GOVERNMENT BOND (CAD) 8.00 06/01/2027 850,079
 2,925,000 DENMARK GOVERNMENT BOND (DKK) 4.00 11/15/2015 623,797
 1,500,000 DENMARK GOVERNMENT BOND (DKK) 4.00 11/15/2017 317,185

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

27

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
FOREIGN GOVERNMENT BONDS (continued)
$ 3,500,000 DENMARK GOVERNMENT BOND (DKK) 4.00% 11/15/2019 $ 731,510
 3,500,000 DENMARK GOVERNMENT BOND (DKK) 4.50 11/15/2039 758,240
 4,000,000 DENMARK GOVERNMENT BOND (DKK) 5.00 11/15/2013 882,936
 3,450,000 DENMARK GOVERNMENT BOND (DKK) 6.00 11/15/2011 754,235
 500,000 DENMARK GOVERNMENT BOND (DKK) 7.00 11/10/2024 137,201
 1,000,000 FRANCE GOVERNMENT BOND OAT (EUR) 3.00 07/12/2014 1,541,342
 1,500,000 FRANCE GOVERNMENT BOND OAT (EUR) 3.50 07/12/2011 2,336,181
 500,000 FRANCE GOVERNMENT BOND OAT (EUR) 3.75 10/25/2019 768,396
 1,000,000 FRANCE GOVERNMENT BOND OAT (EUR) 3.75 04/25/2021 1,523,098
 1,500,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.00 04/25/2013 2,403,435
 1,500,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.00 10/25/2013 2,408,548
 2,700,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.00 04/25/2014 4,335,508
 2,000,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.00 10/25/2014 3,214,941
 500,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.00 04/25/2055 744,972
 700,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.25 10/25/2018 1,130,243
 2,250,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.25 04/25/2019 3,626,336
 350,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.50 04/25/2041 564,107
 2,100,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.75 10/25/2012 3,419,897
 1,900,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.75 04/25/2035 3,158,155
 2,000,000 FRANCE GOVERNMENT BOND OAT (EUR) 5.00 10/25/2011 3,210,887
 2,000,000 FRANCE GOVERNMENT BOND OAT (EUR) 5.00 04/25/2012 3,250,588
 800,000 FRANCE GOVERNMENT BOND OAT (EUR) 5.00 10/25/2016 1,357,618
 1,800,000 FRANCE GOVERNMENT BOND OAT (EUR) 5.50 04/25/2029 3,224,161
 1,600,000 FRANCE GOVERNMENT BOND OAT (EUR) 6.00 10/25/2025 2,995,054
 1,900,000 FRANCE GOVERNMENT BOND OAT (EUR) 8.50 10/25/2019 4,084,678
 1,000,000 FRANCE GOVERNMENT TREASURY BILL (EUR) 4.25 10/25/2017 1,621,794
 350,000 FRANCE TELECOM SA (EUR) 5.38 07/08/2019 380,148
 1,200,000 FRENCH TREASURY NOTE SERIES 5 (EUR) 3.75 01/12/2013 1,905,378
 1,500,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 3.75 02/01/2011 2,319,671
 2,000,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 3.75 09/15/2011 3,116,049
 1,700,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 3.75 12/15/2013 2,663,133
 1,000,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 3.75 08/01/2015 1,563,130
 1,425,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 3.75 08/01/2016 2,214,686
 1,500,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.00 02/01/2037 2,001,936
 1,300,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.25 08/01/2014 2,084,187
 2,300,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.25 02/01/2015 3,682,781
 3,250,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.25 02/01/2019 5,084,466
 1,000,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.50 02/01/2018 1,608,552
 1,000,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.50 03/01/2019 1,589,677
 800,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.50 02/01/2020 1,258,552
 1,900,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.75 02/01/2013 3,075,391
 2,000,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.75 08/01/2023 3,141,095
 1,317,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 5.00 02/01/2012 2,112,688
 700,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 5.00 08/01/2034 1,088,914
 1,400,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 5.00 08/01/2039 2,181,024
 2,000,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 5.25 08/01/2011 3,187,012
 1,700,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 5.25 11/01/2029 2,753,938
 1,475,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 6.00 05/01/2031 2,586,141
 1,500,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 6.50 11/01/2027 2,767,411
 230,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 9.00 11/01/2023 513,369
 120,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 54 (JPY) 1.10 03/20/2011 1,404,426
 550,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 55 (JPY) 1.40 03/20/2011 6,460,833
 650,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 58 (JPY) 1.50 06/20/2011 7,669,143
 500,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 60 (JPY) 1.20 09/20/2011 5,884,764
 500,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 69 (JPY) 0.90 12/20/2012 5,886,332
 75,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 79 (JPY) 0.70 12/20/2013 876,644
 150,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 81 (JPY) 0.80 03/20/2014 1,760,081
 75,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 82 (JPY) 0.90 03/20/2014 883,355
 150,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 83 (JPY) 0.90 06/20/2014 1,765,867
 500,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 84 (JPY) 0.70 06/20/2014 5,834,301
 200,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 85 (JPY) 0.70 09/20/2014 2,331,134
 550,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 226 (JPY) 1.80 12/20/2010 6,469,754
 470,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 236 (JPY) 1.50 12/20/2011 5,577,623

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

28

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
FOREIGN GOVERNMENT BONDS (continued)
$ 400,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 237 (JPY) 1.50% 03/20/2012 $ 4,759,417
 500,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 240 (JPY) 1.30 06/20/2012 5,934,648
 410,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 243 (JPY) 1.10 09/20/2012 4,849,417
 570,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 248 (JPY) 0.70 03/20/2013 6,670,167
 700,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 253 (JPY) 1.60 09/20/2013 8,463,918
 400,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 256 (JPY) 1.40 12/20/2013 4,803,267
 500,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 259 (JPY) 1.50 03/20/2014 6,033,972
 500,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 261 (JPY) 1.80 06/20/2014 6,117,162
 250,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 264 (JPY) 1.50 09/20/2014 3,021,931
 350,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 265 (JPY) 1.50 12/20/2014 4,231,153
 300,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 269 (JPY) 1.30 03/20/2015 3,592,510
 500,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 276 (JPY) 1.60 12/20/2015 6,092,029
 370,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 277 (JPY) 1.60 03/20/2016 4,508,735
 400,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 280 (JPY) 1.90 06/20/2016 4,962,476
 480,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 284 (JPY) 1.70 12/20/2016 5,883,160
 650,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 285 (JPY) 1.70 03/20/2017 7,961,868
 240,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 289 (JPY) 1.50 12/20/2017 2,887,708
 200,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 292 (JPY) 1.70 03/20/2018 2,438,223
 500,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 293 (JPY) 1.80 06/20/2018 6,131,357
 400,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 296 (JPY) 1.50 09/20/2018 4,780,051
 300,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 298 (JPY) 1.30 12/20/2018 3,516,247
 300,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 299 (JPY) 1.30 03/20/2019 3,511,624
 170,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 301 (JPY) 1.50 06/20/2019 2,015,210
 150,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 302 (JPY) 1.40 06/20/2019 1,762,538
 120,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 303 (JPY) 1.40 09/20/2019 1,397,767
 80,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 304 (JPY) 1.30 09/20/2019 928,465
 140,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 18 (JPY) 2.30 03/20/2035 1,671,395
 190,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 25 (JPY) 2.30 12/20/2036 2,265,675
 60,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 26 (JPY) 2.40 03/20/2037 729,639
 100,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 27 (JPY) 2.50 09/20/2037 1,242,601
 150,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 28 (JPY) 2.50 03/20/2038 1,860,661
 200,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 3 (JPY) 2.30 05/20/2030 2,409,607
 150,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 30 (JPY) 2.30 03/20/2039 1,786,747
 250,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 100 (JPY) 2.20 03/20/2028 2,999,063
 200,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 105 (JPY) 2.10 09/20/2028 2,352,996
 200,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 110 (JPY) 2.10 03/20/2029 2,346,453
 280,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 112 (JPY) 2.10 06/20/2029 3,285,902
 300,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 30 (JPY) 3.70 09/21/2015 4,068,120
 600,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 41 (JPY) 1.50 03/20/2019 7,132,851
 300,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 50 (JPY) 1.90 03/22/2021 3,627,536
 135,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 70 (JPY) 2.40 06/20/2024 1,691,372
 230,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 73 (JPY) 2.00 12/20/2024 2,735,789
 150,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 84 (JPY) 2.00 12/20/2025 1,764,241
 150,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 90 (JPY) 2.20 09/20/2026 1,809,371
 230,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 92 (JPY) 2.10 12/20/2026 2,727,865
 520,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 93 (JPY) 2.00 03/20/2027 6,105,224
 200,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 99 (JPY) 2.10 12/20/2027 2,363,688
 500,000,000 JAPAN GOVERNMENT TWO YEAR BOND (JPY) 0.30 07/15/2011 5,792,411
 500,000,000 JAPAN GOVERNMENT TWO YEAR BOND (JPY) 0.40 04/15/2011 5,799,890
 1,000,000 NETHERLANDS GOVERNMENT BOND (EUR) 2.50 01/15/2012 1,535,922
 2,200,000 NETHERLANDS GOVERNMENT BOND (EUR) 2.75 01/15/2015 3,338,283
 1,500,000 NETHERLANDS GOVERNMENT BOND (EUR) 3.75 07/15/2014 2,386,655
 500,000 NETHERLANDS GOVERNMENT BOND (EUR) 3.75 01/15/2023 749,612
 850,000 NETHERLANDS GOVERNMENT BOND (EUR) 4.00 07/15/2016 1,359,866
 1,000,000 NETHERLANDS GOVERNMENT BOND (EUR) 4.00 07/15/2018 1,583,160
 453,000 NETHERLANDS GOVERNMENT BOND (EUR) 4.00 01/15/2037 677,006
 410,000 NETHERLANDS GOVERNMENT BOND (EUR) 5.50 01/15/2028 730,834
 85,000 NETHERLANDS GOVERNMENT BOND (EUR) 7.50 01/15/2023 176,782
 1,000,000 SPAIN GOVERNMENT BOND (EUR) 2.75 04/30/2012 1,541,552
 350,000 SPAIN GOVERNMENT BOND (EUR) 4.20 01/31/2037 500,369
 752,000 SPAIN GOVERNMENT BOND (EUR) 4.40 01/31/2015 1,220,313
 2,000,000 SPAIN GOVERNMENT BOND (EUR) 4.75 07/30/2014 3,295,124
 800,000 SPAIN GOVERNMENT BOND (EUR) 4.90 07/30/2040 1,277,039

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

29

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
FOREIGN GOVERNMENT BONDS (continued)
$ 1,050,000 SPAIN GOVERNMENT BOND (EUR) 5.00% 07/30/2012 $ 1,709,002
 2,000,000 SPAIN GOVERNMENT BOND (EUR) 5.35 10/31/2011 3,226,233
 1,100,000 SPAIN GOVERNMENT BOND (EUR) 5.50 07/30/2017 1,894,639
 1,250,000 SPAIN GOVERNMENT BOND (EUR) 5.75 07/30/2032 2,207,712
 500,000 SPAIN GOVERNMENT BOND (EUR) 6.00 01/31/2029 902,064
 650,000 SPAIN GOVERNMENT BOND (EUR) 6.15 01/31/2013 1,098,283
 5,300,000 SWEDEN GOVERNMENT BOND SERIES 1041 (SEK) 6.75 05/05/2014 897,151
 1,520,000 SWEDEN GOVERNMENT BOND SERIES 1045 (SEK) 5.25 03/15/2011 231,137
 1,640,000 SWEDEN GOVERNMENT BOND SERIES 1047 (SEK) 5.00 12/01/2020 271,972
 3,500,000 SWEDEN GOVERNMENT BOND SERIES 1050 (SEK) 3.00 07/12/2016 504,822
 9,000,000 SWEDEN GOVERNMENT BOND SERIES 1052 (SEK) 4.25 03/12/2019 1,397,879
 1,000,000 UNITED KINGDOM GILT (GBP) 2.25 03/07/2014 1,631,346
 1,000,000 UNITED KINGDOM GILT (GBP) 3.25 12/07/2011 1,713,568
 500,000 UNITED KINGDOM GILT (GBP) 3.75 09/07/2019 830,685
 1,000,000 UNITED KINGDOM GILT (GBP) 4.00 09/07/2016 1,741,354
 500,000 UNITED KINGDOM GILT (GBP) 4.00 01/22/2060 821,563
 1,000,000 UNITED KINGDOM GILT (GBP) 4.25 03/07/2011 1,718,948
 1,400,000 UNITED KINGDOM GILT (GBP) 4.25 12/07/2027 2,360,603
 1,050,000 UNITED KINGDOM GILT (GBP) 4.25 06/07/2032 1,769,934
 500,000 UNITED KINGDOM GILT (GBP) 4.25 03/07/2036 838,713
 500,000 UNITED KINGDOM GILT (GBP) 4.25 09/07/2039 843,385
 1,600,000 UNITED KINGDOM GILT (GBP) 4.25 12/07/2046 2,736,393
 600,000 UNITED KINGDOM GILT (GBP) 4.25 12/07/2049 1,030,441
 575,000 UNITED KINGDOM GILT (GBP) 4.25 12/07/2055 992,992
 800,000 UNITED KINGDOM GILT (GBP) 4.50 03/07/2013 1,418,247
 1,500,000 UNITED KINGDOM GILT (GBP) 4.50 03/07/2019 2,657,165
 500,000 UNITED KINGDOM GILT (GBP) 4.50 12/07/2042 885,697
 1,275,000 UNITED KINGDOM GILT (GBP) 4.75 09/07/2015 2,312,097
 600,000 UNITED KINGDOM GILT (GBP) 4.75 03/07/2020 1,079,054
 750,000 UNITED KINGDOM GILT (GBP) 4.75 12/07/2030 1,343,512
 1,100,000 UNITED KINGDOM GILT (GBP) 4.75 12/07/2038 2,011,381
 1,000,000 UNITED KINGDOM GILT (GBP) 5.00 03/07/2012 1,777,365
 1,585,000 UNITED KINGDOM GILT (GBP) 5.00 09/07/2014 2,887,031
 2,000,000 UNITED KINGDOM GILT (GBP) 5.00 03/07/2018 3,697,558
 1,000,000 UNITED KINGDOM GILT (GBP) 5.25 06/07/2012 1,792,286
 1,500,000 UNITED KINGDOM GILT (GBP) 6.00 12/07/2028 3,111,706
 100,000 UNITED KINGDOM GILT (GBP) 8.00 12/07/2015 210,750
 1,600,000 UNITED KINGDOM GILT (GBP) 8.00 06/07/2021 3,698,920
 200,000 UNITED KINGDOM GILT (GBP) 8.75 08/25/2017 454,330
 300,000 UNITED KINGDOM GILT (GBP) 9.00 07/12/2011 557,141

TOTAL FOREIGN GOVERNMENT BONDS (COST $474,885,824) 527,688,416
 --------------

AGENCY NOTES - INTEREST BEARING: 6.68%

FEDERAL FARM CREDIT BANK: 0.15%
 250,000 FFCB 1.13 10/03/2011 251,346
 250,000 FFCB 1.88 12/07/2012 253,586
 2,600,000 FFCB 2.63 04/17/2014 2,660,720

 3,165,652
 --------------

FEDERAL HOME LOAN BANK: 0.54%
 1,000,000 FHLB 1.25 09/28/2011 1,000,653
 100,000 FHLB 1.25 10/19/2011 100,139
 1,000,000 FHLB 1.38 09/28/2011 1,000,694
 750,000 FHLB 1.63 11/21/2012 756,742
 500,000 FHLB 2.00 09/24/2012 502,141
 1,500,000 FHLB 3.38 02/27/2013 1,591,400
 1,000,000 FHLB 4.88 09/08/2017 1,081,273
 1,000,000 FHLB 5.00 11/17/2017 1,111,653
 100,000 FHLB 5.13 08/14/2013 112,329
 1,200,000 FHLB 5.38 08/19/2011 1,293,744

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

30

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
FEDERAL HOME LOAN BANK (continued)
$ 100,000 FHLB 5.38% 09/30/2022 $ 111,734
 800,000 FHLB # 363 4.50 11/15/2012 874,011
 400,000 FHLB # 467 5.25 06/18/2014 455,522
 1,250,000 FHLB # 656<< 5.38 05/18/2016 1,432,481

 11,424,516
 --------------

FEDERAL HOME LOAN MORTGAGE CORPORATION: 4.74%
 600,000 FHLMC 1.38 05/16/2011 607,439
 2,500,000 FHLMC 1.63 07/27/2011 2,541,158
 300,000 FHLMC 1.88 06/20/2012 305,927
 600,000 FHLMC 2.00 04/27/2012 609,001
 250,000 FHLMC 2.00 06/15/2012 251,892
 500,000 FHLMC 2.50 04/08/2013 508,840
 800,000 FHLMC 2.50 01/07/2014 819,027
 2,850,000 FHLMC 2.50 04/23/2014 2,899,388
 1,000,000 FHLMC 3.00 07/28/2014 1,035,582
 3,000,000 FHLMC 3.25 02/25/2011 3,097,977
 3,000,000 FHLMC 3.63 09/16/2011 3,158,658
 2,000,000 FHLMC 3.75 06/28/2013 2,146,304
 900,000 FHLMC 3.75 03/27/2019 916,413
 7,500,000 FHLMC%% 4.00 TBA 7,701,563
 2,000,000 FHLMC 4.75 11/17/2015 2,229,212
 700,000 FHLMC 4.88 06/13/2018 773,286
 2,000,000 FHLMC%% 5.00 TBA 7,701,563
 1,000,000 FHLMC 5.13 04/18/2011 1,063,822
 1,200,000 FHLMC 5.13 07/15/2012 1,323,470
 650,000 FHLMC 5.25 04/18/2016 737,259
 1,500,000 FHLMC<< 5.50 08/13/2014 1,727,333
 650,000 FHLMC 5.50 07/18/2016 749,677
 250,000 FHLMC 5.50 07/15/2036 266,982
 150,000 FHLMC 5.55 10/04/2016 160,931
 1,000,000 FHLMC 6.00 06/15/2011 1,082,987
 1,000,000 FHLMC 6.00 04/16/2037 1,025,938
 200,000 FHLMC 6.25 07/15/2032 245,561
 300,000 FHLMC 6.75 03/15/2031 382,491
 2,439,284 FHLMC # A77194 5.50 05/01/2038 2,599,891
 2,015,124 FHLMC # A85718 4.00 04/01/2039 2,023,232
 2,998,653 FHLMC # A87994 5.00 08/01/2039 3,147,941
 19,899,368 FHLMC # A87997 5.00 08/01/2039 20,890,060
 5,034,088 FHLMC # A88483 5.00 09/01/2039 5,284,710
 4,992,011 FHLMC # A88958 4.50 09/01/2039 5,125,099
 3,894,819 FHLMC # G04162 5.50 04/01/2038 4,151,262
 215,003 FHLMC # G05411 6.50 01/01/2039 232,384
 2,285,801 FHLMC # G05669 6.50 04/01/2039 2,470,590
 4,259,015 FHLMC # G05680 6.50 04/01/2039 4,603,323
 998,374 FHLMC # G08368 4.50 10/01/2039 1,024,991
 96,367 FHLMC # G13232 5.00 06/01/2023 102,491
 25,260 FHLMC # J09641 5.00 04/01/2024 26,862
 60,661 FHLMC # J10539 5.00 08/01/2024 64,509
 1,982,202 FHLMC # J10575 4.50 08/01/2024 2,078,319
 954,130 FHLMC # J10903 5.00 10/01/2024 1,014,667
 450,000 FHMLC 1.75 06/15/2012 457,565

 101,367,577
 --------------

FEDERAL NATIONAL MORTGAGE ASSOCIATION: 1.25%
 3,325,000 FNMA 1.38 04/28/2011 3,364,558
 500,000 FNMA 1.75 04/15/2011 502,044
 3,000,000 FNMA<< 1.75 08/10/2012 3,046,683
 350,000 FNMA 1.88 04/20/2012 357,209
 750,000 FNMA 2.00 04/01/2011 754,362

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

31

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued)
$ 250,000 FNMA 2.15% 04/13/2012 $ 251,607
 2,500,000 FNMA 2.50 05/15/2014 2,551,950
 1,000,000 FNMA 3.63 08/15/2011 1,050,394
 1,500,000 FNMA 4.38 09/15/2012 1,629,690
 3,500,000 FNMA 4.38 03/15/2013 3,826,589
 950,000 FNMA 4.88 12/15/2016 1,061,727
 500,000 FNMA 5.00 02/13/2017 561,163
 1,200,000 FNMA<< 5.00 05/11/2017 1,348,915
 1,200,000 FNMA 5.25 08/01/2012 1,292,460
 1,000,000 FNMA 5.38 04/11/2022 1,062,884
 200,000 FNMA 5.45 10/18/2021 221,401
 75,000 FNMA 5.63 11/15/2021 80,289
 150,000 FNMA 5.63 07/15/2037 167,215
 200,000 FNMA 6.21 08/06/2038 236,844
 1,300,000 FNMA 6.63 11/15/2030 1,629,345
 1,300,000 FNMA 7.25 05/15/2030 1,737,863

 26,735,192
 --------------

TOTAL AGENCY NOTES - INTEREST BEARING (COST $133,494,427) 142,692,937
 --------------

AGENCY SECURITIES: 23.02%

FEDERAL HOME LOAN MORTGAGE CORPORATION: 5.95%
 400,000 FHLMC 1.13 12/15/2011 402,315
 150,000 FHLMC 2.00 09/25/2012 150,651
 500,000 FHLMC 2.00 10/01/2012 502,279
 1,000,000 FHLMC 2.00 11/05/2012 1,005,562
 4,000,000 FHLMC 2.13 03/23/2012 4,099,056
 15,000,000 FHLMC%% 4.50 TBA 15,377,340
 5,000,000 FHLMC 4.75 01/18/2011 5,242,660
 800,000 FHLMC 4.88 11/15/2013 893,150
 2,000,000 FHLMC%% 5.00 TBA 2,125,000
 2,000,000 FHLMC 5.50 08/23/2017 2,311,894
 2,000,000 FHLMC%% 5.50 TBA 2,140,624
 2,668,419 FHLMC #1J1139+/- 4.73 06/01/2038 2,805,556
 803,072 FHLMC #1J1368+/- 5.80 10/01/2036 849,332
 2,783,041 FHLMC #1Q0612+/- 5.51 08/01/2038 2,946,508
 513,437 FHLMC #783191+/- 5.65 04/01/2037 543,375
 5,372,552 FHLMC #A11964 5.00 08/01/2033 5,655,135
 1,124,064 FHLMC #A15183 6.00 11/01/2033 1,215,547
 839,125 FHLMC #A15966 5.00 11/01/2033 883,261
 1,182,659 FHLMC #A16693 5.50 12/01/2033 1,265,214
 905,642 FHLMC #A19717 5.00 03/01/2034 952,711
 1,739,670 FHLMC #A24888 6.00 07/01/2034 1,879,082
 2,057,717 FHLMC #A29757 5.50 01/01/2035 2,197,819
 1,430,187 FHLMC #A35253 5.50 06/01/2035 1,527,563
 2,746,879 FHLMC #A35743 5.00 07/01/2035 2,886,208
 959,938 FHLMC #A36541 5.00 08/01/2035 1,008,628
 1,095,759 FHLMC #A41694 5.50 01/01/2036 1,170,364
 2,712,377 FHLMC #A43030 6.00 02/01/2036 2,917,871
 2,454,736 FHLMC #A47041 5.00 09/01/2035 2,579,246
 578,314 FHLMC #A54804 6.50 06/01/2036 625,189
 712,487 FHLMC #A55537 5.00 12/01/2036 748,069
 1,351,311 FHLMC #A56988 5.50 02/01/2037 1,440,360
 2,211,997 FHLMC #A58420 5.50 03/01/2037 2,357,764
 942,733 FHLMC #A75076 6.50 03/01/2038 1,018,946
 720,252 FHLMC #A80659 5.00 02/01/2037 756,222
 1,168,429 FHLMC #A80882 6.00 08/01/2038 1,254,877
 2,384,401 FHLMC #A80985 6.00 08/01/2038 2,560,814
 795,073 FHLMC #A81606 6.00 09/01/2038 853,898
 1,982,863 FHLMC #A86314 4.00 05/01/2039 1,990,841

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

32

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
FEDERAL HOME LOAN MORTGAGE CORPORATION (continued)
$ 495,921 FHLMC #A86755 4.00% 06/01/2039 $ 497,916
 7,924,251 FHLMC #A86951 4.50 06/01/2039 8,135,512
 589,566 FHLMC #C03063 6.50 10/01/2037 637,228
 3,516,642 FHLMC #E01425 4.50 08/01/2018 3,753,430
 4,139 FHLMC #E63170 6.00 03/01/2011 4,458
 336,826 FHLMC #E95352 4.50 04/01/2018 357,895
 1,373,104 FHLMC #G01740 5.50 12/01/2034 1,467,881
 975,552 FHLMC #G02074 5.50 02/01/2036 1,041,973
 414,049 FHLMC #G02184 5.00 04/01/2036 435,051
 1,047,880 FHLMC #G02386 6.00 11/01/2036 1,127,269
 421,261 FHLMC #G02422 6.00 12/01/2036 453,176
 1,658,490 FHLMC #G02478 5.50 12/01/2036 1,769,078
 716,002 FHLMC #G03303 4.50 09/01/2035 737,105
 3,838,426 FHLMC #G03616 6.00 12/01/2037 4,126,832
 785,043 FHLMC #G04173 6.50 12/01/2037 848,507
 1,665,821 FHLMC #G04378 6.50 03/01/2038 1,800,489
 2,224,693 FHLMC #G04385 5.50 07/01/2038 2,371,171
 3,017,582 FHLMC #G04448 5.50 07/01/2038 3,216,267
 241,440 FHLMC #G05204 6.00 01/01/2036 261,090
 409,052 FHLMC #G08190 4.50 01/01/2037 419,999
 320,102 FHLMC #G08192 5.50 04/01/2037 341,196
 733,189 FHLMC #G11950 4.50 10/01/2018 779,052
 267,062 FHLMC #G12697 5.50 05/01/2022 286,260
 35,189 FHLMC #G12741 6.00 08/01/2022 37,933
 633,482 FHLMC #G13032 6.00 09/01/2022 682,880
 1,329,899 FHLMC #G13151 6.00 03/01/2023 1,433,603
 425,969 FHLMC #G13223 4.00 05/01/2023 438,304
 508,991 FHLMC #G18274 6.00 09/01/2023 548,256
 677,366 FHLMC #G18280 5.50 11/01/2023 726,021
 982,352 FHLMC #G18320 4.00 08/01/2024 1,010,493
 8,014 FHLMC #J02886 6.00 06/01/2021 8,661
 652,606 FHLMC #J04533 6.00 03/01/2022 702,949
 13,685 FHLMC #J04871 6.00 05/01/2022 14,741
 405,731 FHLMC #J05191 6.00 07/01/2022 437,030
 24,569 FHLMC #J05194 5.00 07/01/2022 26,151
 212,807 FHLMC #J05195 5.00 07/01/2022 227,041
 630,645 FHLMC #J05228 5.00 07/01/2022 671,250
 284,160 FHLMC #J05243 5.00 07/01/2022 302,456
 249,006 FHLMC #J05408 5.00 08/01/2022 265,038
 404,584 FHLMC #J05455 5.00 09/01/2022 430,633
 537,781 FHLMC #J08096 5.00 06/01/2023 571,955
 58,593 FHLMC #J08112 5.00 06/01/2023 62,316
 56,795 FHLMC #J08719 5.00 10/01/2023 60,404
 2,152,257 FHLMC #Z40003 6.00 11/01/2036 2,311,976

 126,979,857
 --------------

FEDERAL NATIONAL MORTGAGE ASSOCIATION: 13.14%
 300,000 FNMA 0.00 06/01/2017 225,599
 200,000 FNMA 0.00 10/09/2019 115,039
 390,000 FNMA 1.00 11/23/2011 391,833
 500,000 FNMA 1.50 04/26/2012 501,600
 500,000 FNMA 1.88 10/29/2012 503,394
 300,000 FNMA 2.00 09/28/2012 302,697
 500,000 FNMA 2.17 03/21/2013 503,841
 700,000 FNMA 2.63 11/20/2014 712,683
 500,000 FNMA 3.00 09/15/2014 505,315
 2,500,000 FNMA<< 3.00 09/16/2014 2,595,133
 500,000 FNMA 3.00 10/29/2014 504,709
 1,000,000 FNMA%% 4.00 TBA 1,004,375
 6,000,000 FNMA%% 4.50 TBA 1,004,375
 2,750,000 FNMA%% 4.50 TBA 2,880,625
 600,000 FNMA 4.63 10/15/2013 666,036

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

33

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued)
$ 1,500,000 FNMA 5.00% 10/15/2011 $ 1,618,904
 9,500,000 FNMA%% 5.00 TBA 9,963,125
 1,500,000 FNMA 5.38 06/12/2017 1,721,493
 1,000,000 FNMA 6.00 05/15/2011 1,079,999
 700,000 FNMA 6.13 03/15/2012 781,884
 500,000 FNMA 7.13 01/15/2030 658,107
 319,623 FNMA # 830177 6.00 11/01/2038 343,039
 369,913 FNMA # 884631 6.50 06/01/2036 400,481
 488,000 FNMA # 888890 6.50 10/01/2037 528,327
 354,451 FNMA # 899953 6.00 12/01/2037 380,640
 114,748 FNMA # 900959 6.50 09/01/2036 124,230
 194,092 FNMA # 922123 6.50 04/01/2037 209,919
 999,003 FNMA # 930324 6.00 12/01/2038 1,072,192
 2,200,012 FNMA # 931227 4.50 05/01/2039 2,261,414
 1,958,374 FNMA # 931409 4.00 06/01/2024 2,015,086
 6,771,725 FNMA # 933559 5.50 02/01/2038 7,211,623
 493,776 FNMA # 934568 6.00 09/01/2038 529,951
 372,274 FNMA # 934699 6.00 12/01/2038 399,547
 12,506 FNMA # 937055 6.50 05/01/2037 13,526
 485,579 FNMA # 945909 6.00 08/01/2037 521,456
 373,218 FNMA # 946008 6.00 09/01/2037 400,793
 428,313 FNMA # 946045 6.00 09/01/2037 459,960
 979,649 FNMA # 947654 6.00 10/01/2037 1,052,032
 342,514 FNMA # 947992 6.00 11/01/2037 367,821
 312,762 FNMA # 948007 6.50 10/01/2037 338,266
 394,927 FNMA # 949473 6.00 09/01/2037 424,107
 335,799 FNMA # 950929 6.00 11/01/2037 360,610
 663,748 FNMA # 953436 6.50 11/01/2037 717,872
 6,941,748 FNMA # 955488 6.50 10/01/2037 7,507,798
 3,150,606 FNMA # 963318 5.00 05/01/2023 3,351,313
 407,914 FNMA # 964657 6.00 08/01/2038 437,798
 223,825 FNMA # 964796 6.00 08/01/2038 240,223
 432,482 FNMA # 965105 6.00 09/01/2038 464,166
 359,357 FNMA # 965649 6.00 01/01/2038 385,908
 353,591 FNMA # 968280 6.00 02/01/2038 379,496
 427,409 FNMA # 969628 6.00 01/01/2038 458,989
 471,287 FNMA # 969862 6.00 05/01/2038 505,814
 479,917 FNMA # 970535 5.50 10/01/2023 514,540
 102,225 FNMA # 971075 5.50 02/01/2024 109,600
 260,840 FNMA # 972134 6.50 01/01/2038 282,095
 1,732,718 FNMA # 975365 5.00 06/01/2023 1,843,099
 457,764 FNMA # 983111 5.50 09/01/2023 490,788
 1,997,499 FNMA # 985815 6.00 07/01/2038 2,143,840
 368,967 FNMA # 986250 6.00 07/01/2038 395,998
 159,120 FNMA # 987283 6.50 07/01/2038 172,087
 330,038 FNMA # 988044 6.00 08/01/2038 354,217
 328,074 FNMA # 988220 6.50 09/01/2038 355,185
 621,128 FNMA # 988714 6.00 10/01/2038 666,633
 29,466 FNMA # 988953 5.50 08/01/2023 31,592
 498,999 FNMA # 990051 6.00 09/01/2038 535,556
 998,865 FNMA # 990080 6.00 08/01/2038 1,072,044
 380,389 FNMA # 990285 6.00 10/01/2038 408,257
 736,336 FNMA # 990380 6.50 09/01/2038 796,337
 1,230,746 FNMA # 990543 6.00 09/01/2038 1,320,912
 387,182 FNMA # 990741 6.00 09/01/2038 415,548
 312,159 FNMA # 991859 6.00 10/01/2038 335,029
 5,821,208 FNMA # 992235 6.00 11/01/2038 6,247,679
 323,001 FNMA # 992312 6.00 10/01/2038 346,664
 820,528 FNMA # 992490 5.50 11/01/2023 879,722
 440,665 FNMA # 992940 6.00 11/01/2038 472,949
 426,827 FNMA # 993091 6.00 01/01/2039 458,097
 311,451 FNMA # 993164 6.00 11/01/2038 334,268
 39,363 FNMA # 994282 5.50 11/01/2023 42,202

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

34

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued)
$ 404,193 FNMA #994339 6.00% 01/01/2039 $ 433,741
 18,388,885 FNMA #995119 5.50 11/01/2038 19,583,444
 6,894,190 FNMA #995901 4.50 07/01/2024 7,233,872
 362,970 FNMA #AA0731 6.50 02/01/2039 392,510
 436,245 FNMA #AA0781 6.00 04/01/2039 468,137
 4,478,747 FNMA #AA4662 4.50 05/01/2039 4,603,749
 6,003,937 FNMA #AC1258 4.00 08/01/2039 6,037,475
 3,986,136 FNMA #AC2968 4.50 09/01/2039 4,097,390
 11,909,584 FNMA #735141 5.50 01/01/2035 12,716,738
 461,057 FNMA #190360 5.00 08/01/2035 484,515
 4,953,219 FNMA #190396 4.50 06/01/2039 5,091,464
 900,061 FNMA #254950 5.50 11/01/2033 961,484
 485,443 FNMA #255407 5.00 09/01/2024 514,710
 494,661 FNMA #255857 5.50 08/01/2025 531,287
 460,232 FNMA #256702 4.50 03/01/2022 483,771
 217,306 FNMA #256758 4.50 05/01/2022 228,285
 422,051 FNMA #256851 7.00 08/01/2037 464,615
 240,996 FNMA #535733 6.50 08/01/2015 260,758
 761,148 FNMA #545414 5.50 01/01/2017 824,069
 602,198 FNMA #725690 6.00 08/01/2034 650,174
 409,947 FNMA #725773 5.50 09/01/2034 437,731
 1,031,220 FNMA #729333 5.50 07/01/2033 1,101,593
 723,964 FNMA #745627+/- 5.50 04/01/2036 761,075
 141,011 FNMA #753669 6.00 11/01/2033 152,465
 1,437,434 FNMA #767097 4.00 06/01/2019 1,501,520
 785,575 FNMA #775199+/- 4.27 05/01/2034 818,964
 766,142 FNMA #776966 5.00 04/01/2034 806,320
 2,248,442 FNMA #777075 5.00 04/01/2034 2,366,353
 464,503 FNMA #779510 5.00 06/01/2019 496,951
 2,339,302 FNMA #793607 5.00 09/01/2019 2,502,712
 565,571 FNMA #793675 6.00 09/01/2034 610,629
 587,676 FNMA #794514 5.00 10/01/2019 628,727
 454,825 FNMA #795047 5.50 10/01/2034 485,651
 465,451 FNMA #796334 6.00 10/01/2034 502,532
 665,685 FNMA #804666 6.00 11/01/2034 718,719
 1,810,794 FNMA #805412 5.50 01/01/2035 1,932,386
 586,112 FNMA #811460 5.00 06/01/2020 626,505
 382,176 FNMA #812338 6.00 03/01/2035 411,668
 84,090 FNMA #821030 4.50 05/01/2035 86,753
 160,779 FNMA #822651 4.50 04/01/2035 165,869
 2,471,371 FNMA #824601 5.50 12/01/2034 2,638,864
 3,723,519 FNMA #826590 5.00 06/01/2035 3,912,967
 483,516 FNMA #828346 5.00 07/01/2035 508,117
 146,769 FNMA #828698 5.00 07/01/2035 154,237
 529,387 FNMA #829190 5.00 07/01/2035 556,322
 521,380 FNMA #830957 5.50 08/01/2035 556,390
 458,224 FNMA #831406 6.00 03/01/2036 492,725
 661,776 FNMA #831625 7.00 06/01/2036 729,453
 806,286 FNMA #831697 6.00 09/01/2036 866,994
 41,384 FNMA #832199 4.50 07/01/2035 42,694
 1,183,144 FNMA #834657 5.50 08/01/2035 1,262,591
 2,004,848 FNMA #835284 5.50 09/01/2035 2,139,470
 2,489,878 FNMA #835331 5.50 08/01/2035 2,657,070
 289,397 FNMA #836068 4.50 10/01/2020 305,735
 479,246 FNMA #836958 4.50 10/01/2035 494,419
 2,449,857 FNMA #839064 6.00 01/01/2036 2,638,908
 1,157,247 FNMA #843901 4.50 09/01/2035 1,193,886
 4,236,671 FNMA #844158 5.00 11/01/2035 4,452,228
 4,223,753 FNMA #844703 5.50 12/01/2035 4,507,371
 187,492 FNMA #845782 4.50 10/01/2020 198,078
 374,671 FNMA #847926 4.50 12/01/2020 395,824
 1,102,967 FNMA #851264 5.50 05/01/2021 1,184,495
 3,549,662 FNMA #865283 5.50 02/01/2036 3,783,024

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

35

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued)
$ 1,081,345 FNMA #868424+/- 5.76% 03/01/2036 $ 1,146,517
 437,133 FNMA #878198 5.50 09/01/2036 465,872
 1,328,129 FNMA #879094+/- 5.34 05/01/2036 1,390,749
 813,696 FNMA #885593 6.00 09/01/2036 874,961
 642,431 FNMA #888221 5.50 03/01/2037 684,666
 3,271,053 FNMA #888645 5.00 08/01/2037 3,435,763
 512,976 FNMA #888815 4.50 11/01/2022 539,213
 1,969,483 FNMA #895995 6.50 07/01/2036 2,132,234
 836,964 FNMA #897130 6.50 09/01/2036 906,128
 2,182,876 FNMA #902738 5.00 11/01/2036 2,292,915
 156,156 FNMA #904767+/- 5.51 12/01/2036 165,636
 2,402,685 FNMA #907051+/- 5.61 10/01/2037 2,544,543
 456,153 FNMA #907860+/- 5.53 02/01/2037 482,061
 400,571 FNMA #908182 5.50 12/01/2021 430,180
 1,258,409 FNMA #908249 6.50 12/01/2036 1,362,400
 703,016 FNMA #909855 5.50 02/01/2037 748,685
 826,993 FNMA #910093+/- 5.75 03/01/2037 878,800
 181,082 FNMA #910535+/- 5.58 01/01/2037 192,169
 363,865 FNMA #914224+/- 5.45 03/01/2037 384,933
 369,792 FNMA #915356 4.50 05/01/2023 388,243
 582,709 FNMA #917101 5.00 05/01/2037 612,050
 1,482,605 FNMA #917882 5.00 05/01/2037 1,557,260
 428,867 FNMA #918049 6.50 05/01/2037 463,838
 1,507,845 FNMA #918506 5.50 05/01/2037 1,605,796
 1,096,661 FNMA #918619 5.50 06/01/2037 1,167,901
 3,011,692 FNMA #919640 6.00 09/01/2037 3,234,216
 922,952 FNMA #922675+/- 4.81 06/01/2035 964,450
 1,013,588 FNMA #928414 6.50 06/01/2037 1,096,239
 736,424 FNMA #928433 7.00 05/01/2037 810,693
 431,004 FNMA #928507 6.50 06/01/2037 466,149
 2,417,523 FNMA #929723 6.00 07/01/2038 2,594,635
 1,427,328 FNMA #929953 5.50 09/01/2038 1,520,049
 990,875 FNMA #931011 5.00 04/01/2024 1,055,138
 1,350,393 FNMA #933465 5.50 02/01/2038 1,438,116
 3,757,674 FNMA #941164 6.00 10/01/2037 4,035,316
 721,263 FNMA #945074 7.00 08/01/2037 794,003
 488,453 FNMA #949594 6.00 08/01/2022 526,619
 836,384 FNMA #950300 6.00 08/01/2037 900,926
 227,932 FNMA #952033 4.50 05/01/2023 239,305
 24,164 FNMA #953017 6.00 10/01/2037 25,950
 818,277 FNMA #955801 6.00 10/01/2037 878,737
 3,804,155 FNMA #962302 4.50 03/01/2038 3,910,710
 778,018 FNMA #964241 6.00 07/01/2038 835,017
 28,176 FNMA #964924 6.00 09/01/2038 30,241
 549,535 FNMA #965308 6.00 09/01/2038 589,795
 771,596 FNMA #966039 5.50 02/01/2038 821,719
 916,258 FNMA #972172 6.00 02/01/2038 983,385
 1,723,866 FNMA #973827 4.50 03/01/2023 1,810,957
 899,495 FNMA #974571 5.00 11/01/2036 946,665
 554,490 FNMA #974886+/- 4.36 04/01/2038 574,422
 307,567 FNMA #975288 4.50 05/01/2023 322,913
 777,188 FNMA #979639 5.00 06/01/2023 826,698
 933,546 FNMA #982876 5.00 05/01/2023 993,017
 118,198 FNMA #983518 4.50 05/01/2023 124,095
 795,059 FNMA #984260 5.50 05/01/2023 852,461
 496,358 FNMA #985509 6.00 09/01/2038 532,722
 581,872 FNMA #987128 6.00 09/01/2038 624,501
 15,057 FNMA #992042 7.00 10/01/2038 16,555
 891,478 FNMA #994436 6.00 12/01/2038 956,789
 3,920,513 FNMA #994897 5.50 09/01/2033 4,191,733
 854,486 FNMA #A82829 6.00 11/01/2038 917,707
 835,250 FNMA #AA1090 4.50 12/01/2023 876,925
 481,171 FNMA #AA3078 4.50 02/01/2039 494,648

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

36

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued)
$ 2,958,129 FNMA #AA3295 4.00% 02/01/2039 $ 2,974,653
 1,162,552 FNMA #AA7895 4.00 06/01/2024 1,196,218
 1,362,438 FNMA #AC1928 4.00 08/01/2039 1,370,049
 3,613,992 FNMA #AC2181 4.00 08/01/2039 3,634,180

 280,822,103
 --------------

GOVERNMENT NATIONAL MORTGAGE ASSOCIATION: 3.93%
 1,000,000 GNMA%% 4.00 TBA 1,003,750
 4,000,000 GNMA%% 4.50 TBA 4,112,500
 19,750,000 GNMA%% 5.00 TBA 20,759,107
 9,000,000 GNMA%% 5.50 TBA 9,580,779
 7,000,000 GNMA%% 6.00 TBA 7,492,184
 433,273 GNMA # 672938 6.50 08/15/2038 465,286
 302,562 GNMA #676812 6.50 04/15/2038 324,918
 639,822 GNMA #677606 6.50 12/15/2037 687,396
 29,266 GNMA #681324 6.50 05/15/2038 31,428
 58,398 GNMA #691547 6.50 07/15/2038 62,713
 20,805 GNMA #695742 6.50 11/15/2038 22,342
 2,987,466 GNMA #698308 4.50 05/15/2039 3,078,840
 875,341 GNMA #700069 6.50 12/15/2038 940,017
 512,887 GNMA #700821 6.50 10/15/2038 550,782
 766,974 GNMA #702172 4.00 07/15/2039 770,824
 229,962 GNMA #702190 4.00 07/15/2039 231,116
 21,931 GNMA #704277 6.50 02/15/2039 23,552
 1,498,999 GNMA #704439 4.50 03/15/2039 1,544,847
 1,495,232 GNMA #722269 4.50 09/15/2039 1,540,965
 1,658 GNMA #337120 6.50 11/15/2023 1,782
 1,878 GNMA #379192 6.50 12/15/2023 2,017
 1,574,972 GNMA #520782 5.00 03/15/2035 1,664,733
 964,475 GNMA #605373 5.50 09/15/2034 1,033,617
 96,438 GNMA #617417 6.50 02/15/2037 103,608
 807,756 GNMA #617522 6.00 05/15/2037 866,216
 152,177 GNMA #625436 6.50 09/15/2036 163,564
 570,254 GNMA #632007 6.50 10/15/2036 612,923
 1,254,320 GNMA #633305 5.50 12/15/2035 1,342,674
 947,830 GNMA #648391 5.50 11/15/2035 1,014,594
 733,755 GNMA #651722 5.50 02/15/2036 783,835
 491,111 GNMA #651882 6.50 09/15/2036 527,858
 574,124 GNMA #653068 5.50 03/15/2036 613,309
 723,061 GNMA #654920 6.00 06/15/2036 776,182
 180,221 GNMA #658328 4.50 03/15/2037 185,762
 25,140 GNMA #659749 6.50 11/15/2036 27,021
 85,610 GNMA #663342 6.50 12/15/2036 92,015
 75,358 GNMA #664629 7.00 03/15/2037 82,444
 142,531 GNMA #667470 6.00 05/15/2037 152,847
 338,415 GNMA #668585 6.00 08/15/2037 362,907
 451,891 GNMA #669078 6.00 06/15/2037 484,595
 226,108 GNMA #671433 6.00 07/15/2037 242,472
 349,129 GNMA #673220 6.00 10/15/2038 374,178
 460,692 GNMA #677314 5.50 09/15/2038 491,272
 415,422 GNMA #681332 6.50 05/15/2038 446,116
 507,939 GNMA #683124 5.50 03/15/2038 541,655
 52,608 GNMA #684230 6.50 08/15/2038 56,495
 280,067 GNMA #693431 5.50 06/15/2038 298,657
 314,116 GNMA #695746 6.00 11/15/2038 336,654
 271,180 GNMA #696456 5.50 08/15/2038 289,180
 720,066 GNMA #697595 6.50 11/15/2038 773,269
 1,874,750 GNMA #698507 6.00 10/15/2038 2,009,259
 834,049 GNMA #699457 6.00 10/15/2038 893,890
 224,223 GNMA #706004 6.00 10/15/2038 240,310
 2,490,409 GNMA #712488 4.50 06/15/2039 2,566,580
 1,494,355 GNMA #712495 4.50 06/15/2039 1,540,061

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

37

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (continued)
$ 3,219,951 GNMA #716792 4.50% 04/15/2039 $ 3,318,437
 114,933 GNMA #782167 6.00 06/15/2037 123,438
 2,821,997 GNMA #782273 5.50 02/15/2038 3,013,742
 1,628,427 GNMA #782379 6.00 08/15/2038 1,749,089
 546,084 GNMA #782407 5.50 09/15/2038 583,209

 84,005,812
 --------------

TOTAL AGENCY SECURITIES (COST $477,931,290) 491,807,772
 --------------

US TREASURY SECURITIES: 19.26%

US TREASURY BONDS: 9.76%
 5,000,000 US TREASURY BOND 0.75 11/30/2011 5,008,611
 5,000,000 US TREASURY BOND 0.88 02/28/2011 5,032,030
 5,000,000 US TREASURY BOND<< 1.00 08/31/2011 5,040,040
 3,500,000 US TREASURY BOND<< 1.00 09/30/2011 3,526,523
 5,000,000 US TREASURY BOND 1.13 12/15/2011 5,042,580
 5,000,000 US TREASURY BOND 1.13 01/15/2012 5,039,060
 5,000,000 US TREASURY BOND 1.38 03/15/2012 5,065,235
 1,000,000 US TREASURY BOND 1.38 10/15/2012 1,009,417
 3,000,000 US TREASURY BOND<< 1.50 07/15/2012 3,046,407
 5,000,000 US TREASURY BOND 1.75 08/15/2012 5,104,295
 5,000,000 US TREASURY BOND<< 1.88 06/15/2012 5,124,610
 5,000,000 US TREASURY BOND 2.13 11/30/2014 5,029,704
 5,500,000 US TREASURY BOND<< 2.38 09/30/2014 5,613,465
 5,000,000 US TREASURY BOND<< 2.38 10/31/2014 5,094,150
 4,000,000 US TREASURY BOND<< 3.00 09/30/2016 4,092,500
 3,500,000 US TREASURY BOND 3.13 08/31/2013 3,716,563
 3,000,000 US TREASURY BOND 3.38 11/15/2019 3,046,067
 3,600,000 US TREASURY BOND 3.50 02/15/2039 3,173,062
 4,000,000 US TREASURY BOND 4.00 11/15/2012 4,344,064
 3,000,000 US TREASURY BOND 4.13 05/15/2015 3,303,750
 2,500,000 US TREASURY BOND 4.25 08/15/2015 2,765,625
 4,000,000 US TREASURY BOND<< 4.25 11/15/2017 4,382,500
 3,100,000 US TREASURY BOND 4.25 05/15/2039 3,123,734
 1,750,000 US TREASURY BOND 4.38 02/15/2038 1,799,767
 1,800,000 US TREASURY BOND 4.38 11/15/2039 1,856,960
 3,000,000 US TREASURY BOND 4.50 11/15/2015 3,363,516
 3,150,000 US TREASURY BOND 4.50 02/15/2036 3,313,406
 1,100,000 US TREASURY BOND 4.50 05/15/2038 1,155,000
 3,500,000 US TREASURY BOND<< 4.50 08/15/2039 3,677,188
 2,500,000 US TREASURY BOND 4.63 08/31/2011 2,679,200
 5,000,000 US TREASURY BOND 4.63 11/15/2016 5,635,545
 1,550,000 US TREASURY BOND 4.75 02/15/2037 1,691,196
 3,000,000 US TREASURY BOND 4.88 07/31/2011 3,219,609
 4,000,000 US TREASURY BOND 4.88 02/15/2012 4,360,936
 5,000,000 US TREASURY BOND 4.88 08/15/2016 5,715,625
 4,000,000 US TREASURY BOND 5.00 02/15/2011 4,226,092
 800,000 US TREASURY BOND 5.00 05/15/2037 907,250
 1,000,000 US TREASURY BOND 5.25 11/15/2028 1,159,062
 2,000,000 US TREASURY BOND 5.25 02/15/2029 2,314,376
 2,750,000 US TREASURY BOND 5.38 02/15/2031 3,237,696
 2,500,000 US TREASURY BOND 5.50 08/15/2028 2,979,688
 1,150,000 US TREASURY BOND 6.00 02/15/2026 1,439,656
 400,000 US TREASURY BOND 6.13 11/15/2027 508,688
 1,500,000 US TREASURY BOND 6.13 08/15/2029 1,920,234
 1,500,000 US TREASURY BOND 6.25 08/15/2023 1,900,313
 2,250,000 US TREASURY BOND 6.25 05/15/2030 2,927,111
 2,400,000 US TREASURY BOND 6.38 08/15/2027 3,127,500
 2,000,000 US TREASURY BOND 6.50 11/15/2026 2,633,750
 950,000 US TREASURY BOND 6.63 02/15/2027 1,265,875

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

38

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
US TREASURY BONDS (continued)
$ 1,500,000 US TREASURY BOND 6.88% 08/15/2025 $ 2,032,500
 5,000,000 US TREASURY BOND 7.25 05/15/2016 6,401,170
 1,000,000 US TREASURY BOND 7.25 08/15/2022 1,366,562
 2,000,000 US TREASURY BOND 7.50 11/15/2016 2,608,282
 2,000,000 US TREASURY BOND 7.50 11/15/2024 2,840,000
 500,000 US TREASURY BOND 7.88 02/15/2021 704,688
 4,100,000 US TREASURY BOND 8.00 11/15/2021 5,873,890
 2,850,000 US TREASURY BOND 8.13 08/15/2019 4,008,035
 1,700,000 US TREASURY BOND 8.50 02/15/2020 2,464,203
 2,500,000 US TREASURY BOND<< 8.75 05/15/2017 3,496,095
 2,900,000 US TREASURY BOND 8.75 08/15/2020 4,294,720
 1,275,000 US TREASURY BOND 8.88 08/15/2017 1,801,933
 1,200,000 US TREASURY BOND 8.88 02/15/2019 1,747,406
 2,900,000 US TREASURY BOND<< 9.13 05/15/2018 4,237,851

 208,616,566
 --------------

US TREASURY NOTES: 9.50%
 6,000,000 US TREASURY NOTE 0.88 12/31/2010 6,037,266
 5,500,000 US TREASURY NOTE 0.88 03/31/2011 5,536,091
 5,000,000 US TREASURY NOTE<< 0.88 04/30/2011 5,033,010
 4,000,000 US TREASURY NOTE<< 0.88 05/31/2011 4,027,188
 4,350,000 US TREASURY NOTE 1.00 07/31/2011 4,386,022
 4,750,000 US TREASURY NOTE<< 1.13 06/30/2011 4,800,098
 2,000,000 US TREASURY NOTE 1.38 02/15/2012 2,026,250
 5,000,000 US TREASURY NOTE<< 1.38 04/15/2012 5,064,060
 5,000,000 US TREASURY NOTE 1.38 05/15/2012 5,061,330
 6,500,000 US TREASURY NOTE 1.50 12/31/2013 6,471,563
 5,500,000 US TREASURY NOTE 1.75 11/15/2011 5,618,377
 4,500,000 US TREASURY NOTE 1.75 01/31/2014 4,519,337
 5,000,000 US TREASURY NOTE 1.75 03/31/2014 5,007,810
 1,500,000 US TREASURY NOTE 1.88 02/28/2014 1,512,305
 4,400,000 US TREASURY NOTE<< 1.88 04/30/2014 4,419,593
 3,800,000 US TREASURY NOTE 2.00 11/30/2013 3,866,500
 3,500,000 US TREASURY NOTE 2.25 05/31/2014 3,570,546
 5,000,000 US TREASURY NOTE<< 2.38 08/31/2014 5,108,205
 3,500,000 US TREASURY NOTE<< 2.63 06/30/2014 3,624,415
 5,750,000 US TREASURY NOTE 2.63 07/31/2014 5,947,656
 6,375,000 US TREASURY NOTE 2.75 10/31/2013 6,673,828
 3,450,000 US TREASURY NOTE 2.75 02/15/2019 3,335,719
 3,500,000 US TREASURY NOTE 3.00 08/31/2016 3,588,319
 550,000 US TREASURY NOTE 3.13 04/30/2013 584,289
 6,800,000 US TREASURY NOTE 3.13 09/30/2013 7,220,750
 3,000,000 US TREASURY NOTE 3.13 05/15/2019 2,985,234
 4,000,000 US TREASURY NOTE 3.25 05/31/2016 4,176,248
 1,000,000 US TREASURY NOTE 3.25 06/30/2016 1,044,062
 3,500,000 US TREASURY NOTE 3.38 06/30/2013 3,751,563
 2,000,000 US TREASURY NOTE 3.50 05/31/2013 2,150,624
 1,500,000 US TREASURY NOTE 3.50 02/15/2018 1,557,539
 3,000,000 US TREASURY NOTE<< 3.63 08/15/2019 3,104,064
 2,000,000 US TREASURY NOTE 3.75 11/15/2018 2,097,500
 8,500,000 US TREASURY NOTE 3.88 10/31/2012 9,192,614
 2,750,000 US TREASURY NOTE 3.88 02/15/2013 2,983,107
 2,000,000 US TREASURY NOTE 3.88 05/15/2018 2,127,500
 3,500,000 US TREASURY NOTE 4.00 02/15/2015 3,835,234
 2,525,000 US TREASURY NOTE 4.00 08/15/2018 2,702,538
 4,300,000 US TREASURY NOTE 4.25 01/15/2011 4,490,813
 1,600,000 US TREASURY NOTE 4.25 08/15/2013 1,765,501
 2,500,000 US TREASURY NOTE 4.25 11/15/2013 2,764,063
 1,500,000 US TREASURY NOTE 4.25 08/15/2014 1,664,414
 1,870,000 US TREASURY NOTE 4.25 11/15/2014 2,073,508
 5,000,000 US TREASURY NOTE 4.38 12/15/2010 5,212,305
 3,800,000 US TREASURY NOTE 4.50 04/30/2012 4,133,986

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

39

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
US TREASURY NOTES (continued)
$ 2,000,000 US TREASURY NOTE 4.50% 05/15/2017 $ 2,232,344
 3,000,000 US TREASURY NOTE 4.63 10/31/2011 3,230,157
 3,000,000 US TREASURY NOTE<< 4.63 02/29/2012 3,258,516
 6,000,000 US TREASURY NOTE 4.63 07/31/2012 6,588,282
 2,500,000 US TREASURY NOTE 4.75 03/31/2011 2,645,508
 2,000,000 US TREASURY NOTE 4.75 05/15/2014 2,259,062
 2,500,000 US TREASURY NOTE 5.00 08/15/2011 2,693,653
 3,000,000 US TREASURY NOTE 5.13 06/30/2011 3,220,077

 202,980,543
 --------------

TOTAL US TREASURY SECURITIES (COST $401,700,243) 411,597,109
 --------------
SHARES

COLLATERAL FOR SECURITIES LENDING: 4.78%

COLLATERAL INVESTED IN MONEY MARKET FUNDS: 0.86%
 4,580,453 AIM STIT-LIQUID ASSETS PORTFOLIO 4,580,453
 4,580,453 BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO 4,580,453
 4,580,453 DREYFUS CASH MANAGEMENT FUND INSTITUTIONAL 4,580,453
 4,580,453 DWS MONEY MARKET SERIES INSTITUTIONAL 4,580,453

 18,321,812
 --------------

COLLATERAL INVESTED IN OTHER ASSETS: 3.92%
 890,644 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.26 12/07/2009 890,644
 318,087 AMSTEL FUNDING CORPORATION++(P) 1.25 12/18/2009 317,899
 318,087 ANTALIS US FUNDING CORPORATION++(P) 0.18 12/03/2009 318,084
 954,261 ANTALIS US FUNDING CORPORATION++(P) 0.20 12/04/2009 954,245
 763,409 ARABELLA FINANCE LLC++(P) 0.35 12/01/2009 763,409
 1,081,496 ARABELLA FINANCE LLC++(P) 0.40 12/03/2009 1,081,472
 31,809 ARABELLA FINANCE LLC++(P) 0.40 12/04/2009 31,808
 636,174 ASPEN FUNDING CORPORATION++(P) 0.18 12/21/2009 636,110
 1,908,522 BANK OF AMERICA 0.18 12/23/2009 1,908,312
 5,531,533 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED
 BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $ 5,531,558) 0.16 12/01/2009 5,531,533
 954,261 BANK OF IRELAND 0.35 12/01/2009 954,261
 763,409 BANK OF IRELAND 0.50 12/02/2009 763,409
 308,099 BARTON CAPITAL CORPORATION++(P) 0.18 12/01/2009 308,099
 159,044 BELMONT FUNDING LLC++(P) 0.50 12/01/2009 159,044
 827,026 BNP PARIBAS (NEW YORK) 0.21 12/08/2009 827,031
 699,791 BNP PARIBAS (NEW YORK) 0.21 12/14/2009 699,799
 1,908,522 BRYANT BANK FUNDING++ 0.18 12/23/2009 1,908,312
 1,590,435 CAFCO LLC++ 0.17 12/09/2009 1,590,375
 69,979 CALCASIEU PARISH LA+/-SS. 0.40 12/01/2027 69,979
 1,526,818 CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY+/-SS. 0.23 11/01/2026 1,526,818
 203,576 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/- 0.35 06/01/2028 203,576
 1,590,435 CHARTA LLC++(P) 0.17 12/09/2009 1,590,375
 168,745 COLORADO HOUSING & FINANCE AUTHORITY+/-SS. 0.30 10/01/2038 168,745
 318,087 COOK COUNTY IL+/-SS. 0.40 11/01/2030 318,087
 1,930,534 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102%
 COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY
 VALUE $ 1,930,543) 0.17 12/01/2009 1,930,534
 1,081,496 DENVER CO CITY & COUNTY SCHOOL DISTRICT+/-SS. 0.40 12/15/2037 1,081,496
 763,409 DEXIA CREDIT LOCAL DE FRANCE SA 0.26 12/02/2009 763,409
 922,452 DEXIA CREDIT LOCAL DE FRANCE SA 0.26 12/07/2009 922,452
 763,409 DEXIA CREDIT LOCAL DE FRANCE SA 0.27 12/04/2009 763,409
 1,590,435 E.ON AG++ 0.17 12/21/2009 1,590,285
 1,590,435 ENI FINANCE USA INCORPORATED++ 0.17 12/18/2009 1,590,307

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

40

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 1,654,052 FORTIS FUNDING LLC++ 0.20% 12/29/2009 $ 1,653,795
 1,717,670 GDF SUEZ++ 0.17 12/15/2009 1,717,556
 1,272,348 GEMINI SECURITIZATION INCORPORATED++(P) 0.18 12/10/2009 1,272,291
 1,589,163 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED
 BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $ 1,589,171) 0.17 12/01/2009 1,589,163
 1,590,435 GOTHAM FUNDING CORPORATION++ 0.18 12/15/2009 1,590,324
 318,087 GRAMPIAN FUNDING++(P) 0.25 12/03/2009 318,083
 1,335,965 GRAMPIAN FUNDING++(P) 0.28 12/15/2009 1,335,820
 1,973,828 GRYPHON FUNDING LIMITED(A)(I) 0.00 08/05/2010 734,067
 1,045,870 HAMILTON COUNTY OHIO HOSPITALS+/-SS. 0.20 05/15/2037 1,045,870
 104,969 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-SS. 0.30 11/01/2042 104,969
 515,301 HOUSTON TX UTILITY SYSTEM+/-SS. 0.27 05/15/2034 515,301
 181,946 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-SS. 0.30 07/01/2029 181,946
 127,235 INDIANA MUNICIPAL POWER AGENCY+/-SS. 0.29 01/01/2018 127,235
 318,087 ING USA FUNDING LLC 0.18 12/09/2009 318,074
 1,272,348 ING USA FUNDING LLC 0.19 12/07/2009 1,272,308
 4,884,163 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED
 BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $ 4,884,186) 0.17 12/01/2009 4,884,163
 636,174 JUPITER SECURITIZATION CORPORATION++(P) 0.18 12/02/2009 636,171
 318,087 JUPITER SECURITIZATION CORPORATION++ 0.18 12/03/2009 318,084
 190,852 KANSAS CITY MO SPECIAL OBLIGATION+/-SS. 0.29 04/15/2025 190,852
 1,908,522 KBC BANK NV BRUSSELS 0.18 12/01/2009 1,908,522
 381,704 LLOYDS TSB BANK PLC 0.18 12/17/2009 381,674
 1,272,348 LLOYDS TSB BANK PLC (NEW YORK) 0.20 12/07/2009 1,272,348
 508,939 LMA AMERICAS LLC++(P) 0.18 12/11/2009 508,914
 286,278 LMA AMERICAS LLC++(P) 0.18 12/17/2009 286,255
 954,261 LMA AMERICAS LLC++(P) 0.19 12/21/2009 954,160
 286,278 LOUISIANA PUBLIC FACILITIES AUTHORITY+/-SS. 0.19 10/01/2033 286,278
 1,577,712 MASSACHUSETTS HEFA+/-SS. 0.25 10/01/2034 1,577,712
 174,630 MONTGOMERY COUNTY TN PUBLIC BUILDING+/-SS. 0.24 02/01/2036 174,630
 1,335,965 NATIXIS 0.27 12/07/2009 1,335,972
 127,235 NEW JERSEY STATE TURNPIKE AUTHORITY+/-SS. 0.31 01/01/2018 127,235
 1,399,583 NEW YORK STATE DORMITORY AUTHORITY+/-SS. 0.22 07/01/2034 1,399,583
 1,272,348 NEWPORT BEACH CALIFORNIA REVENUE+/-SS. 0.24 12/01/2040 1,272,348
 1,590,435 NEWPORT FUNDING CORPORATION++(P) 0.18 12/15/2009 1,590,324
 311,407 NORTH DAKOTA HOUSING FINANCE AGENCY+/-SS. 0.30 01/01/2034 311,407
 643,490 RBS SECURITIES INCORPORATED REPURCHASE AGREEMENT - 102%
 COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY
 VALUE $ 643,493) 0.18 12/01/2009 643,490
 222,661 REGENCY MARKETS #1 LLC++(P) 0.18 12/04/2009 222,658
 1,057,321 REGENCY MARKETS #1 LLC++(P) 0.20 12/09/2009 1,057,274
 318,087 ROMULUS FUNDING CORPORATION++ 0.30 12/15/2009 318,050
 1,145,113 ROYAL BANK OF SCOTLAND PLC 0.20 12/02/2009 1,145,107
 890,644 SAN ANTONIO TX EDUCATION FACILITIES CORPORATION+/-SS. 0.20 12/01/2028 890,644
 1,272,348 SOCIETE GENERALE NORTH AMERICA 0.19 12/18/2009 1,272,237
 79,522 STARBIRD FUNDING CORPORATION++(P) 0.15 12/01/2009 79,522
 1,272,348 STARBIRD FUNDING CORPORATION++(P) 0.20 12/03/2009 1,272,334
 1,590,435 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED++ 0.18 12/18/2009 1,590,300
 381,704 TICONDEROGA MASTER FUNDING LIMITED++(P) 0.18 12/17/2009 381,674
 1,291,306 TULIP FUNDING CORPORATION++(P) 0.19 12/07/2009 1,291,265
 419,875 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-SS. 0.24 07/01/2032 419,875
 1,272,348 UBS AG (STAMFORD CT) 0.31 12/04/2009 1,272,362
 1,908,522 UNICREDITO ITALIANO (NEW YORK) 0.25 01/04/2010 1,908,531
 190,852 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-SS. 0.29 12/15/2040 190,852
 6,074,669 VFNC CORPORATION++ 0.47 09/30/2010 3,037,335
 79,522 VICTORY RECEIVABLES CORPORATION++(P) 0.15 12/01/2009 79,522
 1,054,077 VICTORY RECEIVABLES CORPORATION++ 0.18 12/16/2009 1,053,998
 318,087 VICTORY RECEIVABLES CORPORATION++(P) 0.19 12/08/2009 318,070

 83,801,852
 --------------

TOTAL COLLATERAL FOR SECURITIES LENDING (COST $101,700,469) 102,123,664
 --------------

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

41

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS -- NOVEMBER 30, 2009 (UNAUDITED)

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
SHORT-TERM INVESTMENTS: 5.40%
 115,440,446 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~++ 0.13 01/05/2050 $ 115,440,446
 --------------

TOTAL SHORT-TERM INVESTMENTS (COST $115,440,446) 115,440,446
 --------------

TOTAL INVESTMENTS IN SECURITIES
(COST $2,219,551,238)* 109.08% $2,330,949,372

OTHER ASSETS AND LIABILITIES, NET (9.08) (194,119,733)
 ------ --------------

TOTAL NET ASSETS 100.00% $2,136,829,639
 ------ --------------

<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN.

++ SECURITIES THAT MAY BE RESOLD TO "QUALIFIED INSTITUTIONAL BUYERS" UNDER RULE 144A OR SECURITIES OFFERED PURSUANT TO SECTION 4(2) OF THE SECURITIES ACT OF 1933, AS AMENDED.

+/- VARIABLE RATE INVESTMENTS.

(L) LONG-TERM SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $10,425,727.

SS. THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE EFFECTIVE MATURITY.

@ FOREIGN BOND PRINCIPAL IS DENOMINATED IN LOCAL CURRENCY.

%% SECURITIES ISSUED ON A WHEN-ISSUED (TBA) BASIS.

(P) ASSET-BACKED COMMERCIAL PAPER.

= THIS SECURITY IS CURRENTLY IN DEFAULT WITH REGARDS TO SCHEDULED INTEREST
AND/OR PRINCIPAL PAYMENTS.

(A) SECURITY FAIR VALUED IN ACCORDANCE WITH THE PROCEDURES APPROVED BY THE
BOARD OF TRUSTEES.

(I) ILLIQUID SECURITY.

~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE WELLS FARGO ADVANTAGE MONEY MARKET FUND DOES NOT PAY AN INVESTMENT ADVISORY FEE.

++ SHORT-TERM SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $115,440,446.

* COST FOR FEDERAL INCOME TAX PURPOSES IS $2,247,382,348 AND NET UNREALIZED APPRECIATION (DEPRECIATION) CONSISTS OF:

GROSS UNREALIZED APPRECIATION $114,738,211
GROSS UNREALIZED DEPRECIATION (31,171,187)
 ------------
NET UNREALIZED APPRECIATION $145,909,398

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT AND SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

42

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS - NOVEMBER 30, 2009 (UNAUDITED)

SHORT TERM INVESTMENT PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
CORPORATE BONDS & NOTES: 1.30%
DOMESTIC BANKS: 0.45%
$ 100,000 ACTS RETIREMENT LIFE COMMUNITIES INCORPORATED+/-SS. 0.29% 11/15/2029 $ 100,000
 500,000 BANK OF AMERICA NA+/- 0.23 02/05/2010 500,000
 400,000 SEARIVER MARITIME INCORPORATED+/-SS.(I) 0.85 10/01/2011 400,000
 1,000,000
 ------------
FOREIGN BANKS: 0.67%
 500,000 BBVA US SENIOR SAU+/-++ 0.35 03/12/2010 500,068
 1,000,000 COMMONWEALTH BANK OF AUSTRALIA+/-++ 0.43 06/04/2010 1,000,000
 1,500,068
 ------------
SPECIAL PURPOSE ENTITY: 0.18%
 100,000 GBG LLC CUSTODY RECEIPTS+/-++SS. 0.45 09/01/2027 100,000
 295,000 LTF REAL ESTATE VRDN I LLC+/-++SS. 0.35 06/01/2033 295,000
 395,000
 ------------
TOTAL CORPORATE BONDS & NOTES (COST $2,895,068) 2,895,068
 ------------
MUNICIPAL BONDS & NOTES: 4.03%
CALIFORNIA: 0.97%
 1,000,000 CALIFORNIA PCFA PCR PACIFIC GAS & ELECTRIC COMPANY (IDR,
 JPMORGAN CHASE BANK LOC)+/-SS. 0.23 11/01/2026 1,000,000
 200,000 CALIFORNIA SERIES H (HFFA REVENUE, BANK OF AMERICA NA LOC)+/-SS. 0.22 07/01/2035 200,000
 200,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES G6 (WATER
 REVENUE, FIRST SECURITY BANK LOC)+/-SS. 0.22 05/01/2017 200,000
 250,000 PASADENA CA COP SERIES A (LEASE REVENUE, BANK OF AMERICA NA
 LOC)+/-SS. 0.22 02/01/2035 250,000
 500,000 RIVERSIDE CA SERIES C (ELECTRIC REVENUE, BANK OF AMERICA NA
 LOC)+/-SS. 0.22 10/01/2035 500,000
 2,150,000
 ------------
COLORADO: 0.45%
 350,000 COLORADO HFA SINGLE TAXABLE CL I SERIES A-2 (HOUSING REVENUE,
 DEXIA INSURED)+/-SS. 0.40 05/01/2038 350,000
 250,000 COLORADO HFA TAXABLE MULTIFAMILY PROJECT B II (HOUSING
 REVENUE, FNMA INSURED)+/-SS. 0.30 05/01/2050 250,000
 400,000 DENVER CO CITY & COUNTY SCHOOL DISTRICT #1 SERIES A (LEASE
 REVENUE, FIRST SECURITY BANK LOC)+/-SS. 0.40 12/15/2037 400,000
 1,000,000
 ------------
FLORIDA: 0.49%
 500,000 FLORIDA MUNICIPAL POWER AGENCY ALL REQUIREMENTS SUPPLY SERIES
 C (ELECTRIC REVENUE, BANK OF AMERICA NA LOC)+/-SS. 0.23 10/01/2035 500,000
 600,000 PALM BEACH COUNTY FL PINE CREST PREPARATORY SCHOOL PROJECT
 (PRIVATE SCHOOL REVENUE, BANK OF AMERICA NA LOC)+/-SS. 0.30 06/01/2032 600,000
 1,100,000
 ------------
KANSAS: 0.22%
 500,000 WICHITA KS FACILITES CHRISTIAN HEALTH SERIES B-2 (HOSPITAL
 REVENUE, JPMORGAN CHASE BANK LOC)+/-SS. 0.19 11/15/2039 500,000
 ------------
MASSACHUSETTS: 0.15%
 340,000 MASSACHUSETTS DEVELOPMENT FINANCE AGENCY BABSON COLLEGE B
 (OTHER REVENUE, CITIBANK NA LOC)+/-SS. 0.30 10/01/2031 340,000
 ------------

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

1

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS - NOVEMBER 30, 2009 (UNAUDITED)

SHORT TERM INVESTMENT PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
MINNESOTA: 0.12%
$ 260,000 MINNESOTA STATE HFA RESIDENTIAL HOUSING SERIES T (HOUSING
 REVENUE, GO OF AUTHORITY INSURED)+/-SS. 0.25% 07/01/2048 $ 260,000
 ------------
NEW JERSEY: 0.09%
 195,000 NEW JERSEY STATE HOUSING & MORTGAGE FINANCE AGENCY TAXABLE
 SERIES 4 (HOUSING REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)+/-SS. 0.40 11/01/2037 195,000
 ------------
OHIO: 0.51%
 485,000 OHIO HFA RESIDENTIAL MORTGAGE SECURITIES PROGRAM (HOUSING
 REVENUE, GNMA INSURED)+/-SS. 0.32 09/01/2029 485,000
 250,000 OHIO STATE HFA RESIDENTIAL MANAGEMENT TAXABLE SERIES I
 (HOUSING REVENUE, GNMA INSURED)+/-SS. 0.30 09/01/2039 250,000
 400,000 PARMA OH COMMUNITY GENERAL HOSPITAL SERIES A (OTHER REVENUE,
 JPMORGAN CHASE BANK LOC)+/-SS. 0.24 11/01/2029 400,000
 1,135,000
 ------------
TENNESSEE: 0.63%
 305,000 CLARKSVILLE TN PUBLIC BUILDING AUTHORITY TENNESSEE MUNICIPAL
 BUILDING FUND (OTHER REVENUE, BANK OF AMERICA NA LOC)+/-SS. 0.24 07/01/2034 305,000
 410,000 CLARKSVILLE TN PUBLIC BUILDING AUTHORITY TENNESSEE MUNICIPAL
 BUILDING FUND (OTHER REVENUE, BANK OF AMERICA NA LOC)+/-SS. 0.24 11/01/2035 410,000
 285,000 MONTGOMERY COUNTY TN PUBLIC BUILDING AUTHORITY (OTHER
 REVENUE, BANK OF AMERICA NA LOC)+/-SS. 0.24 02/01/2036 285,000
 400,000 MONTGOMERY COUNTY TN PUBLIC BUILDING AUTHORITY POOLED
 FINANCING REVENUE (OTHER REVENUE, BANK OF AMERICA NA LOC)+/-SS. 0.23 07/01/2038 400,000
 1,400,000
 ------------
TEXAS: 0.40%
 500,000 HOUSTON TX UTILITY SYSTEM SERIES B1 (WATER REVENUE, BANK OF
 AMERICA NA LOC)+/-SS. 0.27 05/15/2034 500,000
 100,000 TEXAS STATE TAXABLE PRODUCT DEVELOPMENT PROGRAM SERIES A
 (OTHER REVENUE, NATIONS BANK NA LOC)+/-SS. 0.30 06/01/2045 100,000
 300,000 TYLER TX HEALTH FACILITIES DEVELOPMENT CORPORATION MOTHER
 FRANCES HOSPITAL SERIES B (HCFR, BANK OF AMERICA NA LOC)+/-SS. 0.30 07/01/2020 300,000
 900,000
 ------------
TOTAL MUNICIPAL BONDS & NOTES (COST $8,980,000) 8,980,000
 ------------
COMMERCIAL PAPER: 57.80%
 2,000,000 ALPINE SECURITIZATION CORPORATION++(P) 0.18 12/10/2009 1,999,910
 1,000,000 AMSTERDAM FUNDING CORPORATION++~(P) 0.27 01/05/2010 999,738
 1,000,000 AMSTERDAM FUNDING CORPORATION++~(P) 0.30 02/12/2010 999,392
 2,000,000 ANTALIS US FUNDING CORPORATION++~(P) 0.21 12/18/2009 1,999,802
 1,000,000 ANTALIS US FUNDING CORPORATION++~(P) 0.26 01/19/2010 999,646
 1,000,000 ANZ NATIONAL (INTERNATIONAL) LIMITED++~ 0.25 02/08/2010 999,521
 1,000,000 ANZ NATIONAL (INTERNATIONAL) LIMITED+/-++~ 0.39 10/20/2010 1,000,000
 1,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 1.06 07/09/2010 1,000,000
 2,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION++~(P) 0.18 12/11/2009 1,999,900
 2,000,000 ATLANTIS ONE FUNDING++~(P) 0.23 02/10/2010 1,999,093
 700,000 ATLANTIS ONE FUNDING++~(P) 0.29 01/20/2010 699,718
 1,000,000 AUTOBAHN FUNDING COMPANY LLC++~(P) 0.22 12/15/2009 999,914
 1,000,000 AUTOBAHN FUNDING COMPANY LLC++~(P) 0.27 01/26/2010 999,580
 1,000,000 BANCO BIBAO VIZCAYA ARGENTARIA SA/LONDON++~ 0.24 01/19/2010 999,673
 500,000 BANK OF AMERICA NA~ 0.65 02/16/2010 499,305
 500,000 BARTON CAPITAL CORPORATION++~ 0.27 01/14/2010 499,835
 500,000 BASF SE CORPORATION++~ 0.55 01/14/2010 499,664
 500,000 BASF SE CORPORATION++~ 0.60 12/17/2009 499,867
 1,000,000 BG ENERGY FINANCE INCORPORATED++~ 0.26 01/21/2010 999,632

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

2

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS - NOVEMBER 30, 2009 (UNAUDITED)

SHORT TERM INVESTMENT PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COMMERCIAL PAPER (continued)
$ 1,000,000 BG ENERGY FINANCE INCORPORATED++~ 0.27% 12/15/2009 $ 999,895
 1,000,000 BG ENERGY FINANCE INCORPORATED++~ 0.27 01/27/2010 999,573
 1,000,000 BNZ INTERNATIONAL FUNDING++ 0.30 04/09/2010 998,925
 2,000,000 BPCE SA++ 0.25 02/05/2010 1,999,083
 2,000,000 BPCE SA++ 0.26 02/19/2010 1,998,844
 2,000,000 CAFCO LLC++~ 0.25 01/25/2010 1,999,236
 350,000 CAFCO LLC++~ 0.26 12/04/2009 349,992
 1,000,000 CALYON NORTH AMERICA INCORPORATED~ 0.26 02/01/2010 999,552
 1,000,000 CANCARA ASSET SECURITIZATION LLC++~(P) 0.30 01/06/2010 999,700
 1,000,000 CANCARA ASSET SECURITIZATION LLC++~(P) 0.30 01/15/2010 999,625
 1,000,000 CANCARA ASSET SECURITIZATION LLC++~(P) 0.95 12/29/2009 999,261
 750,000 CHARTA LLC++~(P) 0.27 12/09/2009 749,955
 1,000,000 CHARTA LLC++~(P) 0.27 01/15/2010 999,663
 2,000,000 CIESCO LLC++~(P) 0.25 01/12/2010 1,999,417
 1,000,000 CIESCO LLC++~(P) 0.26 01/06/2010 999,740
 2,000,000 CITIBANK CREDIT CARD ISSUANCE TRUST++~(P) 0.26 02/18/2010 1,998,859
 1,000,000 CITIBANK CREDIT CARD ISSUANCE TRUST++~(P) 0.28 12/28/2009 999,790
 500,000 CLIPPER RECEIVABLES COMPANY LLC++~(P) 0.33 02/08/2010 499,684
 1,000,000 CONCORD MINUTEMEN CAPITAL COMPANY LLC++~(P) 0.55 01/13/2010 999,343
 1,000,000 CONCORD MINUTEMEN CAPITAL COMPANY LLC++~(P) 0.55 01/13/2010 999,343
 750,000 CRC FUNDING LLC++~(P) 0.27 12/09/2009 749,955
 1,000,000 CRC FUNDING LLC++~(P) 0.27 01/15/2010 999,663
 2,000,000 CROWN POINT CAPITAL COMPANY++~(P) 0.55 01/08/2010 1,998,839
 1,000,000 DANSKE CORPORATION++~ 0.25 01/11/2010 999,721
 1,000,000 DANSKE CORPORATION++~ 0.25 12/29/2009 999,806
 2,000,000 DNB NOR BANK ASA++~ 0.30 01/25/2010 1,999,083
 2,000,000 E.ON AG++~ 0.25 01/11/2010 1,999,431
 1,000,000 E.ON AG++~ 0.27 01/19/2010 999,633
 1,000,000 EBBETS FUNDING LLC++~(P) 0.52 01/26/2010 999,191
 700,000 EKSPORTFINANS ASA++~ 0.27 01/20/2010 699,738
 450,000 ENTERPRISE FUNDING COMPANY LLC++~(P) 0.27 12/22/2009 449,929
 400,000 ENTERPRISE FUNDING COMPANY LLC++~(P) 0.30 12/22/2009 399,930
 1,000,000 ERASMUS CAPITAL CORPORATION++~(P) 0.29 01/08/2010 999,694
 500,000 FAIRWAY FINANCE LLC++~(P) 0.25 01/14/2010 499,847
 500,000 FAIRWAY FINANCE LLC++~(P) 0.28 01/06/2010 499,860
 1,000,000 GDF SUEZ++~ 0.19 12/02/2009 999,995
 1,000,000 GDF SUEZ++~ 0.19 12/08/2009 999,963
 1,000,000 GDF SUEZ++~ 0.20 12/09/2009 999,956
 1,000,000 GDF SUEZ++~ 0.20 12/30/2009 999,839
 2,000,000 GEMINI SECURITIZATION CORPORATION LLC++~(P) 0.18 12/10/2009 1,999,910
 2,000,000 GOTHAM FUNDING CORPORATION++~(P) 0.18 12/15/2009 1,999,860
 2,000,000 GOVCO LLC++~(P) 0.26 01/20/2010 1,999,278
 1,000,000 GOVCO LLC++~(P) 0.26 01/27/2010 999,588
 400,000 GOVCO LLC++~(P) 0.27 12/22/2009 399,937
 350,000 GOVCO LLC++~(P) 0.28 12/17/2009 349,956
 1,000,000 GRAMPIAN FUNDING LLC++~(P) 0.32 02/17/2010 999,307
 2,000,000 GRAMPIAN FUNDING LLC++~(P) 0.38 01/22/2010 1,998,902
 1,250,000 ING USA FUNDING LLC~ 0.32 01/29/2010 1,249,344
 1,500,000 KITTY HAWK FUNDING CORPORATION++~(P) 0.25 02/08/2010 1,499,281
 250,000 LEXINGTON PARKER CAPITAL++~(P) 0.55 12/18/2009 249,935
 1,000,000 LMA AMERICAS LLC++~(P) 0.21 01/25/2010 999,679
 2,000,000 MATCHPOINT MASTER TRUST++~(P) 0.17 12/29/2009 1,999,736
 1,000,000 MATCHPOINT MASTER TRUST++~(P) 0.24 01/05/2010 999,767
 1,000,000 MATCHPOINT MASTER TRUST++~(P) 0.24 01/13/2010 999,713
 1,000,000 METLIFE SHORT TERM FUND++~ 0.30 01/25/2010 999,542
 1,000,000 METLIFE SHORT TERM FUND++~ 0.45 01/13/2010 999,463
 1,000,000 MONT BLANC CAPITAL CORPORATION++~(P) 0.20 01/26/2010 999,689
 750,000 MONT BLANC CAPITAL CORPORATION++~(P) 0.22 12/14/2009 749,940
 1,000,000 NATIONAL AUSTRALIA FUNDING 0.28 01/11/2010 1,000,000
 1,000,000 NATIONWIDE BUILDING SOCCIETY++~(P) 0.50 03/22/2010 998,458
 250,000 NATIONWIDE BUILDING SOCIETY++~(P) 0.47 01/15/2010 249,853
 1,000,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION++~ 0.26 01/14/2010 999,682
 2,000,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION++~ 0.27 01/22/2010 1,999,220

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

3

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS - NOVEMBER 30, 2009 (UNAUDITED)

SHORT TERM INVESTMENT PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COMMERCIAL PAPER (continued)
$ 500,000 PRUDENTIAL PLC++~ 0.46% 01/20/2010 $ 499,681
 250,000 PRUDENTIAL PLC++~ 0.50 01/04/2010 249,882
 2,000,000 RANGER FUNDING COMPANY LLC++~(P) 0.25 01/22/2010 1,999,278
 500,000 RANGER FUNDING COMPANY LLC++~(P) 0.34 12/02/2009 499,995
 1,000,000 RHEIN-MAIN SECURITY LIMITED++~(P) 0.27 01/11/2010 999,693
 1,000,000 SALISBURY RECEIVABLES COMPANY LLC++(P) 0.21 12/07/2009 999,965
 1,000,000 SALISBURY RECEIVABLES COMPANY LLC++(P) 0.22 12/02/2009 999,994
 2,000,000 SAN PAOLO IMI US FINANCIAL COMPANY~ 0.25 12/23/2009 1,999,701
 500,000 SANTANDER CENTRAL HISPANIC FINANCE~ 0.65 12/02/2009 499,991
 1,000,000 SHEFFIELD RECEIVABLES CORPORATION++(P) 0.21 01/20/2010 999,708
 500,000 SHEFFIELD RECEIVABLES CORPORATION++~(P) 0.23 12/01/2009 500,000
 2,000,000 SOLITAIRE FUNDING LLC++~(P) 0.31 01/19/2010 1,999,156
 1,000,000 SOLITAIRE FUNDING LLC++~(P) 0.33 03/19/2010 999,010
 2,000,000 STARBIRD FUNDING CORPORATION++~(P) 0.24 01/15/2010 1,999,400
 1,000,000 SURREY FUNDING CORPORATION++~(P) 0.24 01/14/2010 999,707
 250,000 SWEDBANK AB++~ 0.54 12/02/2009 249,996
 600,000 SWEDBANK AB++~ 0.55 12/15/2009 599,872
 1,000,000 SWEDBANK AB++~ 0.55 12/22/2009 999,679
 300,000 SWEDBANK AB++~ 0.87 02/09/2010 299,493
 1,000,000 THAMES ASSET GLOBAL SECURITIES++~(P) 0.18 12/18/2009 999,915
 1,000,000 THAMES ASSET GLOBAL SECURITIES++~(P) 0.23 01/15/2010 999,713
 1,000,000 THAMES ASSET GLOBAL SECURITIES++~(P) 0.23 01/29/2010 999,623
 1,000,000 TOYOTA MOTOR CREDIT CORPORATION 0.19 12/07/2009 999,968
 2,000,000 TULIP FUNDING CORPORATION++~(P) 0.25 01/07/2010 1,999,486
 1,000,000 TULIP FUNDING CORPORATION++~(P) 0.27 12/01/2009 1,000,000
 500,000 UBS FINANCE DELAWARE LLC~ 0.62 12/30/2009 499,750
 2,000,000 UNICREDIT DELAWARE INCORPORATED++~ 0.40 01/05/2010 1,999,222
 864,678 VICTORIA FINANCE LLC+/-++=(A)(I) 4.82 01/16/2010 501,513
 1,000,000 WESTPAC SECURITIES NZ LIMITED++~ 0.24 12/23/2009 999,853
 500,000 WESTPAC SECURITIES NZ LIMITED++~ 0.26 02/02/2010 499,773
 1,500,000 WESTPAC SECURITIES NZ LIMITED+/-++ 0.36 11/05/2010 1,500,000
 1,000,000 WINDMILL FUNDING CORPORATION++~(P) 0.28 01/15/2010 999,650
 1,000,000 WINDMILL FUNDING CORPORATION++~(P) 0.30 02/10/2010 999,408
 500,000 WINDMILL FUNDING CORPORATION++~(P) 0.32 02/01/2010 499,724
 1,000,000 YORKTOWN CAPITAL LLC++~(P) 0.25 01/19/2010 999,660
 2,000,000 YORKTOWN CAPITAL LLC++~(P) 0.26 01/20/2010 1,999,278
 300,000 YORKTOWN CAPITAL LLC++~(P) 0.28 12/16/2009 299,965

TOTAL COMMERCIAL PAPER (COST $128,871,649) 128,508,485
 --------------
MEDIUM TERM NOTES: 1.57%
 2,000,000 BNP PARIBAS US MEDIUM-TERM NOTE PROGRAM LLC+/- 0.62 03/10/2010 2,002,037
 500,000 EKSPORTFINANS ASA+/- 0.33 09/22/2010 500,000
 1,000,000 JPMORGAN CHASE & COMPANY+/- 0.32 05/07/2010 1,000,293

TOTAL MEDIUM TERM NOTES (COST $3,502,330) 3,502,330
 --------------
CERTIFICATES OF DEPOSIT: 6.91%
 1,000,000 BANCO BILBAO VIZCAYA ARGENTARIA (NEW YORK) 0.32 01/21/2010 1,000,021
 300,000 BARCLAYS BANK PLC (NEW YORK)+/- 0.23 04/07/2010 300,000
 2,000,000 BARCLAYS BANK PLC (NEW YORK)+/- 0.55 11/08/2010 2,000,000
 500,000 BARCLAYS BANK PLC (NEW YORK)+/- 1.00 06/24/2010 500,000
 400,000 CALYON PUTTABLE (NEW YORK) 0.55 03/22/2010 400,061
 1,000,000 CALYON PUTTABLE (NEW YORK) 0.66 02/01/2010 1,000,000
 2,000,000 DEXIA CREDIT LOCAL SA NY 0.32 01/26/2010 2,000,031
 1,500,000 LLOYDS TSB BANK PLC (NEW YORK)+/- 0.47 11/12/2010 1,500,000
 1,000,000 LLOYDS TSB BANK PLC (NEW YORK)+/- 0.53 07/26/2010 1,000,000
 1,000,000 NORDEA BANK FINLAND PLC (NEW YORK) 1.86 04/28/2010 1,006,075
 1,000,000 RABOBANK NEDERLAND NV (NEW YORK)+/- 0.24 10/19/2010 1,000,000
 600,000 RABOBANK NEDERLAND NV (NEW YORK) 0.29 01/25/2010 600,000
 600,000 ROYAL BANK OF SCOTLAND PLC (NEW YORK) 0.47 01/19/2010 600,000
 2,000,000 ROYAL BANK SCOTLAND PLC (CONNECTICUT)+/-(I) 0.85 07/16/2010 2,000,000

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

4

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS - NOVEMBER 30, 2009 (UNAUDITED)

SHORT TERM INVESTMENT PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
CERTIFICATES OF DEPOSIT (continued)
$ 500,000 SOCIETE GENERALE (NEW YORK)+/- 0.13% 04/05/2010 $ 500,000

TOTAL CERTIFICATES OF DEPOSIT (COST $15,406,192) 15,406,188
 --------------
REPURCHASE AGREEMENTS: 28.39%
 13,300,000 BANK OF AMERICA NA - 102% COLLATERALIZED BY US GOVERNMENT
 SECURITIES (MATURITY VALUE $13,300,055) 0.15 12/01/2009 13,300,000
 25,000,000 BANK OF AMERICA NA - 102% COLLATERALIZED BY US GOVERNMENT
 SECURITIES (MATURITY VALUE $25,000,118) 0.17 12/01/2009 25,000,000
 25,000,000 BANK OF AMERICA NA - 102% COLLATERALIZED BY US GOVERNMENT
 SECURITIES (MUTURITY VALUE $25,000,111) 0.16 12/01/2009 25,000,000

TOTAL REPURCHASE AGREEMENTS (COST $63,300,000) 63,300,000
 --------------
TOTAL INVESTMENTS IN SECURITIES
(COST $222,955,235)* 99.95% $ 222,592,071

OTHER ASSETS AND LIABILITIES, NET 0.05% 106,509
 ------- --------------
TOTAL NET ASSETS 100.00% $ 222,698,580
 ------- --------------

+/- VARIABLE RATE INVESTMENTS.

++ 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.

SS. THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE EFFECTIVE MATURITY.

~ ZERO COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO MATURITY.

(P) ASSET-BACKED COMMERCIAL PAPER.

= THIS SECURITY IS CURRENTLY IN DEFAULT WITH REGARDS TO SCHEDULED INTEREST
AND/OR PRINCIPAL PAYMENTS.

(A) SECURITY FAIR VALUED IN ACCORDANCE WITH THE PROCEDURES APPROVED BY THE
BOARD OF TRUSTEES.

(I) ILLIQUID SECURITY.

* COST FOR FEDERAL INCOME TAX PURPOSES IS $222,955,235 AND NET UNREALIZED APPRECIATION (DEPRECIATION) CONSISTS OF:

GROSS UNREALIZED APPRECIATION $ 0
GROSS UNREALIZED DEPRECIATION (363,164)
 ----------
NET UNREALIZED DEPRECIATION $ (363,164)

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

5

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS

NOTES TO PORTFOLIO OF INVESTMENT

The Funds' portfolio of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the Funds' shareholders. For more information regarding the Funds and their holdings, please see the Funds' most recent prospectus and annual report.

SECURITY 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 the 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, generally are valued at amortized cost which approximates market 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.

As permitted under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair 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.

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.

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.

As of November 30, 2009 outstanding forward contracts were as follows:

Forward Foreign Currency Exchange Contracts to Buy:

 U.S. VALUE AT NET UNREALIZED APPRECIATION
PORTFOLIO EXCHANGE DATE CONTRACTS TO RECEIVE IN EXCHANGE FOR U.S. $ 11/30/2009 (DEPRECIATION)
------------------- ------------- -------------------- ---------------------- -------------- ---------------------------
Diversified Fixed
 Income Portfolio 12/4/2009 325,000 AUD 286,453 297,610 11,157
 3/5/2010 325,000 AUD 298,132 294,870 (3,262)
 12/4/2009 720,000 CAD 672,356 682,205 9,849
 12/4/2009 1,600,000 DKK 316,872 322,821 5,949
 3/5/2010 1,600,000 DKK 323,262 322,344 (918)
 12/4/2009 10,300,000 EUR 15,015,164 15,465,883 450,719
 3/5/2010 250,000 EUR 376,313 375,236 (1,077)
 12/4/2009 3,425,000 GBP 5,578,801 5,634,397 55,596
 12/4/2009 1,335,000,000 JPY 14,595,737 15,444,402 848,665
 3/5/2010 25,000,000 JPY 285,261 289,356 4,095
 12/4/2009 500,000 SEK 70,604 71,721 1,117
 3/5/2010 500,000 SEK 72,568 71,747 (821)

Forward Foreign Currency Exchange Contracts to Sell:

 U.S. VALUE AT NET UNREALIZED APPRECIATION
PORTFOLIO EXCHANGE DATE CONTRACTS TO RECEIVE IN EXCHANGE FOR U.S. $ 11/30/2009 (DEPRECIATION)
------------------- ------------- -------------------- ---------------------- -------------- ---------------------------
Diversified Fixed
 Income Portfolio 12/4/2009 325,000 AUD 300,940 297,610 3,330
 12/4/2009 720,000 CAD 669,975 682,205 (12,230)
 12/4/2009 1,600,000 DKK 323,793 322,821 972
 12/4/2009 10,300,000 EUR 15,128,957 15,465,883 (336,926)
 12/4/2009 3,425,000 GBP 5,580,698 5,634,397 (53,699)
 12/4/2009 1,335,000,000 JPY 14,766,009 15,444,402 (678,393)
 12/4/2009 500,000 SEK 72,547 71,721 826

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 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, the related collateral and the liability to return the collateral at November 30, 2009, are shown on the Statements of Assets and Liabilities.

FUTURES CONTRACTS

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

Futures contracts are valued based upon their quoted daily settlement prices. 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.

At November 30, 2009, the following Fund had long futures contracts outstanding as follows:

 NET UNREALIZED
 INITIAL CONTRACT VALUE AT NOVEMBER 30, APPRECIATION
PORTFOLIO EXPIRATION DATE CONTRACTS TYPE AMOUNT 2009 (DEPRECIATION)
----------------------- --------------- --------- ----------------- ---------------- --------------------- --------------
Diversified Stock
 Portfolio December 2009 281 MidCap 400 FUTURE $ 19,249,391 $ 19,220,400 (28,991)
 December 2009 308 Russell 2000 MINI 18,368,022 17,839,360 (528,662)
 December 2009 336 S&P 500 EMINI 17,730,963 18,392,640 661,677
 December 2009 345 MSCI EAFE EMINI 26,771,916 26,944,500 172,584

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 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 November 30, 2009, the following Funds owned SIVs which are currently in default and valued at fair value in the Portfolio of Investments or have been restructured following default, including the percentage of each Fund's net assets invested in these securities:


 DEFAULTED SIVs % OF NET ASSETS
 (VALUE)
Diversified Fixed Income Portfolio 3,771,402 0.18%
Diversified Stock Portfolio 7,092,200 0.22%
Short Term Investment Portfolio 501,513 0.22%

FAIR VALUATION MEASUREMENTS

Fair value measurements 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 Funds' 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 Funds' 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 November 30, 2009 in valuing the Funds' investments in securities:

 SIGNIFICANT OTHER SIGNIFICANT UNOBSERVABLE
 QUOTED PRICE OBSERVABLE INPUTS INPUTS TOTAL FAIR VALUE AS OF
INVESTMENTS IN SECURITIES (LEVEL 1) (LEVEL 2) (LEVEL 3) 11/30/2009
---------------------------------------------- -------------- ----------------- ------------------------ ----------------------
DIVERSIFIED FIXED INCOME PORTFOLIO

 Corporate debt securities $ 0 $ 604,501,755 $ 3,771,402 $ 608,273,157
 Debt securities issued by foreign
 governments 0 527,688,416 0 527,688,416
 Debt securities issued by states in the U.S.
 and its political subdivisions 0 11,981,862 0 11,981,862
 Debt securities issued by U.S. Treasury and
 U.S. government agencies 0 411,597,109 0 411,597,109
 Mortgage backed securities 0 637,646,574 0 637,646,574
 Short-term investments $ 133,762,254 $ 0 $ 0 $ 133,762,254
 ------------------------------------------------------------------------------------
 $ 133,762,254 $ 2,193,415,716 $ 3,771,402 $ 2,330,949,372
 ------------------------------------------------------------------------------------

DIVERSIFIED STOCK PORTFOLIO
 Equity securities
 Common stock $3,136,017,050 $ 5,916,458 $ 197,397 $ 3,142,130,905
 Preferred stock 32,510,665 0 0 32,510,665
 Rights 559,220 0 0 559,220
 Warrants 9,626 0 0 9,626
 Corporate debt securities 0 68,580,176 7,092,200 75,672,376
 Debt securities issued by states in the U.S.
 and its political subdivisions 0 11,229,626 0 11,229,626
 Short-term investments $ 112,537,571 $ 30,836,354 $ 0 $ 143,373,925
 ------------------------------------------------------------------------------------
 $3,281,634,132 $ 116,562,614 $ 7,289,597 $ 3,405,486,343
 ------------------------------------------------------------------------------------
SHORT TERM INVESTMENT PORTFOLIO
 Commercial paper $ 0 $ 128,006,972 $ 501,513 $ 128,508,485
 Corporate debt securities 0 6,397,398 0 6,397,398
 Debt securities issued by states in the U.S.
 and its political subdivisions 0 8,980,000 0 8,980,000
 Repurchase Agreements 0 63,300,000 0 63,300,000
 Other 0 13,406,188 2,000,000 15,406,188
 ------------------------------------------------------------------------------------
 $ 0 $ 220,090,558 $ 2,501,513 $ 222,592,071
 ------------------------------------------------------------------------------------

As of November 30, 2009 the inputs used in valuing the Fund's other financial instruments, which are carried at fair value, were as follows:*


MASTER PORTFOLIOS LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
Diversified Stock Portfolio $ 581,556 $ 0 $ 0 $ 581,556

* Other financial instruments include futures and forwards.

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

 DIVERSIFIED FIXED DIVERSIFIED STOCK SHORT TERM INVESTMENT
 INCOME PORTFOLIO PORTFOLIO PORTFOLIO
 ----------------- ----------------- ---------------------
EQUITY SECURITIES
 COMMON STOCKS
BALANCE AS OF 02/28/2009 $ 0 $ 621,200 $ 0
 Realized gain (loss) 0 (24,874) 0
 Change in unrealized
 appreciation (depreciation) 0 18,031 0
 Net purchases (sales) 0 159,014 0
 Net transfer in (out) of
 Level 3 0 (575,974) 0
BALANCE AS OF 11/30/2009 $ 0 $ 197,397 $ 0

 RIGHTS
BALANCE AS OF 02/28/2009 $ 0 $ 30,826 $ 0
 Realized gain (loss) 0 (15,230) 0
 Change in unrealized
 appreciation (depreciation) 0 0 0
 Net purchases (sales) 0 0 0
 Net transfer in (out) of
 Level 3 0 (15,596) 0
BALANCE AS OF 11/30/2009 $ 0 $ 0 $ 0

 CORPORATE DEBT SECURITIES
BALANCE AS OF 02/28/2009 $ 4,489,374 $ 10,773,006 $ 4,190,391
 Realized gain (loss) (3,187,523) (4,739,672) 0
 Change in unrealized
 appreciation (depreciation) 2,868,269 3,941,637 51,880
 Net purchases (sales) (135,888) (2,882,771) (3,740,758)
 Net transfer in (out) of
 Level 3 (262,830) 0 0

BALANCE AS OF 11/30/2009 $ 3,771,402 $ 7,092,200 $ 501,513

 OTHER
BALANCE AS OF 02/28/2009 $ 0 $ 0 $ 1,985,336
 Realized gain (loss) 0 0 14,664
 Change in unrealized
 appreciation (depreciation) 0 0 0
 Net purchases (sales) 0 0 0
 Net transfer in (out) of
 Level 3 0 0 0
BALANCE AS OF 11/30/2009 $ 0 $ 0 $ 2,000,000
Change in unrealized appreciation
 (depreciation) relating to
 securities held at the end of
 reporting period. $ 2,570,233 $ 3,523,014 $ 51,880


ITEM 2. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust
(the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no changes in the Trust's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) or in other factors that occurred during the registrant's last fiscal quarter that has materially affected or is reasonably likely to materially affect, the registrant's internal control over financial reporting.


SIGNATURES

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

Wells Fargo Master Trust

 By: /s/ Karla M. Rabusch


 Karla M. Rabusch
 President

Date: January 28, 2010


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Wells Fargo Master Trust

 By: /s/ Karla M. Rabusch


 Karla M. Rabusch
 President

 By: /s/ Kasey L. Phillips


 Kasey L. Phillips
 Treasurer

Date: January 28, 2010